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Wednesday, Mar 29th

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Trump touts Charter hiring that was in works for two years

Charter hiring goes back two yearsU.S. President Donald Trump on Friday touted Charter Communications Inc's decision to invest $25 billion in the United States and a plan the company announced before he was elected to hire 20,000 workers over four years.

At a White House event with the second-largest U.S. cable company's Chief Executive Thomas Rutledge and Texas Governor Greg Abbott, Trump praised Charter for planning to close its offshore call centers and move them to the United States.

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Fed hikes interest rates, signals two more increases for 2017

Interrest rates increaseThe Federal Reserve’s top policymaking body on Wednesday pulled the trigger on another increase in interest rates, the first since Donald Trump became president, and signaled there will be two more hikes this year.

The Federal Open Market Committee, which sets the key borrowing rate that affects interest payments on everything from mortgages to savings accounts, raised rates one-quarter of a percentage point. Still, the FOMC emphasized that it plans to nudge up interest rates gradually. The key rate now stands at between 3/4 of a percent and 1 percent.

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GM to lay off 1,100 at Michigan plant, move Acadia

GM to lay off 1,000General Motors Co. will lay off as many as 1,100 workers at its Lansing Delta Township Assembly plant when it phases out production of the first generation GMC Acadia in May.

Lansing Delta Township Assembly plant will lose its third shift and about a third of its workers as the automaker shifts production of the next generation of the SUV to Spring Hill, Tenn., Erin Davis, GM's Lansing spokeswoman, said in a statement.

The Michigan workers were given a 60-day notice of the layoffs Monday. The plant employs roughly 3,000 hourly workers and 250 salaried workers.

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Deutsche Bank plunges back into the red with $2 billion loss

Deutsche Bank in the redDeutsche Bank is firmly back in the red.

Germany's biggest bank posted a net loss of €1.9 billion ($2.1 billion) for the fourth quarter of last year, hit by charges that included its costly settlement with the U.S. government over toxic mortgage assets.

Shares in the bank dropped by nearly 6% in early trade.

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Dow hits 20,000 following solid open for US stocks

DOW tops 20,000The Dow Jones industrial average crossed the 20,000 mark for the first time Wednesday, the latest milestone in a record-setting drive for the stock market. The other major U.S. stock indexes were also moving higher in morning trading, led by banks and other financial companies. Strong earnings from Boeing and other big companies drove the rally, extending gains from the day before.

KEEPING SCORE: The Dow gained 162 points, or 0.8 percent, to 20,075 as of 11:04 a.m. Eastern Time. The Standard & Poor's 500 index rose 16 points, or 0.7 percent, to 2,296. The Nasdaq composite index added 47 points, or 0.9 percent, to 5,648. The S&P 500 and Nasdaq each closed at record highs on Tuesday.

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Trump budget plan could add $6tn to public debt in a decade, analysts say

Trump budgetDonald Trump’s tax-cutting and spending plans could add another $6tn to the US public debt over the next 10 years, independent budget analysts have calculated, as the Congressional Budget Office warned the US’s current spending plans alone could trigger a financial crisis.

The CBO released its latest assessment of the US budget and economic outlook on Tuesday. The CBO reported that Trump would inherit a $559bn deficit for 2017 and still-sluggish economy that will, on its current course, add another $10tn to the public debt over the next decade.

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Oxfam: Eight men are as rich as half the world

Oxfam : 8 men richer than half the worldThe gap between the super-rich and the poorest half of the world's population is starker than previously thought, with just eight men, including Bill Gates and Michael Bloomberg, owning as much wealth as 3.6 billion people, according to an analysis by Oxfam released Monday.

Presenting its findings on the dawn of the annual gathering of the global political and business elites in the Swiss ski resort of Davos, anti-poverty organisation Oxfam says the gap between the very rich and poor is far greater than just a year ago. It's urging leaders to do more than pay lip-service to the problem.

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