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One-Fifth of Detroit's Population Could Lose Their Homes

Detroiters to lose homesEvone Brown, a 55-year-old former machine operator, survives on $850 a month from retirement and disability checks, which wasn't enough to cover the roughly $8,000 she owed in property taxes on her home on the east side of Detroit.

This year, because she was at least three years behind on her tax payments (most of which she inherited when she bought the house in 2011), Wayne County's treasurer foreclosed on her. As a result, her house is up for sale this week in Wayne County’s online foreclosure auction, at a starting bid of just $500. She will most likely be evicted this January.

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Hundreds Give Up U.S. Passports After New Tax Rules Start

New tax lawsThe number of Americans renouncing U.S. citizenship increased 39 percent in the three months through September after rules that make it harder to hide assets from tax authorities came into force.

People giving up their nationality at U.S. embassies increased to 776 in the third quarter, from 560 in the year-earlier period, according to Federal Register data published today.

Tougher asset-disclosure rules that started July 1 under the Foreign Account Tax Compliance Act, or Fatca, prompted more of the estimated 6 million Americans living overseas to give up their passports. The appeal of U.S. citizenship for expatriates faded further as more than 100 Swiss banks began to turn over data on American clients to avoid prosecution for helping tax evaders.

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Yellen says US experiencing widening inequality

Janet YellenFederal Reserve Chair Janet Yellen said Friday that the last several decades have seen the most sustained rise in income inequality in a century.

In a speech to a Boston conference on economic opportunity, Yellen said this problem is of great concern to her and she pointed to increased education and ownership of small businesses as two ways to deal with the problem.

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Banks accept derivatives rule change to end 'too big to fail' scenario

London financial districtThe $700 trillion financial derivatives industry has agreed to a fundamental rule change from January to help regulators to wind down failed banks without destabilising markets.

The International Swaps and Derivatives Association (ISDA) and 18 major banks that dominate the market will now allow financial watchdogs to apply temporary stays to prevent a rush to close derivatives contracts if a bank runs into trouble, the ISDA said on Saturday.

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German downturn casts shadow over world economy

German economy turns downwardAs if the global economy didn't have enough troubles, it looks like Germany, Europe's traditional growth engine, risks falling into recession — or growth so weak it holds back the entire euro currency union's weak recovery.

Europe's largest economy has seen a run of lousy numbers for factory orders, industrial production, exports and business confidence. All that's bad news because exporting industrial goods such as machines and cars is the heart of Germany's globally linked economy.

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Hewlett-Packard to split into two public companies, lay off 5,000

hewlett packardHewlett-Packard Co (HPQ.N) said it would split into two listed companies, separating its computer and printer businesses from its faster-growing corporate hardware and services operations, and eliminate another 5,000 jobs as part of its turnaround plan.

HP said its shareholders would own a stake in both businesses through a tax-free transaction next year. Each business contributes about half of HP's revenue and profit.

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U.S. Special Ops Readied Syria Attack in June

Special OpsMonths before the U.S. started bombing Syria, American commandos made detailed plans to hit al Qaeda planners there. But the targeting packages weren’t even sent to the White House.

In late June, the U.S. military and the U.S. intelligence community had concluded that a shadowy network of al Qaeda veterans in Syria were planning to attack airliners flying to the United States.  

Within the American government, the threat was considered serious enough that the U.S. Joint Special Operations Command—the Pentagon’s elite hunter-killers—prepared detailed targeting packages for the group, with the specific locations of the group’s leaders. But those plans never made it to the White House, according to senior U.S. intelligence and Pentagon leaders.

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