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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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Secret Recordings Expose Cozy Relationship Between Goldman Sachs And The NY Fed

Carmen SegarraThe New York Fed had become too risk-averse and deferential to the banks it supervised. Its examiners feared contradicting bosses, who too often forced their findings into an institutional consensus that watered down much of what they did.

The report didn't only highlight problems. Beim provided a path forward. He urged the New York Fed to hire expert examiners who were unafraid to speak up and then encourage them to do so. It was essential, he said, to preventing the next crisis.

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Treasury to unveil steps to curb tax inversions

Jacob LewTreasury Secretary Jacob Lew says he'll announce new steps on Monday to prevent American companies from reincorporating overseas to shirk U.S. taxes.

Lew says so-called "tax inversions" are an unfair practice and a glaring loophole in the U.S. tax code.

President Barack Obama has denounced inversions as unpatriotic and has urged Congress to stop them. But with quick action in Congress unlikely, the Treasury Department has been reviewing potential actions the administration could take without Congress. Treasury is also examining ways to reduce the tax benefits for companies that pursue inversions.

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