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Macy's is closing another 100 stores

Macy's In a sign of how dramatically the retail shopping landscape is changing, Macy's is closing 100 of its stores nationwide.

Macy's (M) announced the closures Thursday. They represents about 15% of all Macy's department stores. The iconic retailer did not disclose the locations of stores, but said most of them will be shut down in early 2017.

The Macy's move is the latest in a wave of store closures amid the rise and success of Amazon (AMZN, Tech30) and other online shopping options.

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Microsoft to cut about 2,850 more jobs

MicrosoftMicrosoft's costly bet on Nokia will mean more job losses than previously expected.

The software giant will layoff about 2,850 people over the next year as it continues to unwind its smartphone hardware business. Microsoft (MSFT, Tech30) disclosed the news in a regulatory filing on Thursday.

The new cuts come on the heels of 1,850 layoffs announced two months ago, and about 7,800 losses a year ago.

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FBI arrests senior HSBC banker accused of rigging multibillion-dollar deal

HSBCA senior HSBC banker has been arrested by the FBI as he attempted to board a transatlantic flight and charged him with fraudulently rigging a multibillion-dollar currency exchange deal.

Mark Johnson, a British citizen and HSBC’s global head of foreign exchange trading, and a colleague are accused of “defrauding clients” and alleged to have “corruptly manipulated the foreign exchange market to benefit themselves and their bank”.

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Puerto Rico Defaults on Constitutionally Guaranteed Debt

Puerto Rico defaults The Puerto Rican government failed to pay almost half of $2 billion in bond payments due Friday, marking the commonwealth’s first-ever default on its constitutionally guaranteed debt.

Gov. Alejandro García Padilla defended the historic decision by highlighting the island’s tense relationship with Wall Street firms that own its debt.

Some of these firms stand to lose money as a result of Friday’s nonpayment. Major insurers backing Puerto Rico’s debt could also be forced to pay out as much as hundreds of millions of dollars to bondholders.

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Stocks rebound after Brexit sell-off; Dow closes up more than 250 points

NYSEU.S. stocks closed higher Tuesday, lifted by gains in oil prices, as investors looked for bargains after the Brexit sell-off.

Analysts also noted improved sentiment after initial fears of significant negative spillover from the U.K. vote to leave the European Union.

The major averages extended gains into the close, with the Dow Jones industrial average closing about 269 points higher and the Nasdaq composite up 2.1 percent. The S&P 500 closed nearly 1.8 percent higher.

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Poll: Two-thirds of U.S. would struggle to cover $1,000 crisis

One thousand dollars emergency out of reach for two thirds of AmericansTwo-thirds of Americans would have difficulty coming up with the money to cover a $1,000 emergency, according to an exclusive poll released Thursday, a signal that despite years of recovery from the Great Recession, Americans' financial conditions remain precarious as ever.

These financial difficulties span all income levels, according to the poll conducted by The Associated Press-NORC Center for Public Affairs Research. Seventy-five percent of people in households making less than $50,000 a year would have difficulty coming up with $1,000 to cover an unexpected bill. But when income rose to between $50,000 and $100,000, the difficulty decreased only modestly to 67 percent.

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US corporations have $1.4tn hidden in tax havens, claims Oxfam report

US corporations hide 1.4t in tax havensUS corporate giants such as Apple, Walmart and General Electric have stashed $1.4tn (£980bn) in tax havens, despite receiving trillions of dollars in taxpayer support, according to a report by anti-poverty charity Oxfam.

The sum, larger than the economic output of Russia, South Korea and Spain, is held in an “opaque and secretive network” of 1,608 subsidiaries based offshore, said Oxfam.

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