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Sharp announces $1.86 billion loss, plans thousands of job cuts

Sharp  electronicsJapanese electronics giant Sharp on Thursday said it was cutting thousands of jobs in a fresh turnaround plan to keep it afloat as the struggling firm posted a bigger-than-expected $1.86 billion annual loss.

The net loss — much larger than the $251 million forecasted — came as Sharp said it would cut about 10 percent of its 49,000-strong global workforce, including 3,500 jobs in Japan.

The firm said it hoped to swing a $670 million operating profit in the current fiscal year, but it did not give a net profit forecast.

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12 percent jump in homelessness in LA County

LA homelessThe number of homeless people in Los Angeles County jumped 12 percent in the past two years to more than 44,000 amid a sluggish economic recovery that has left the poorest residents of the second-largest U.S. metropolitan area falling farther behind, a study released on Monday found.

Most of those counted weren't staying in homeless shelters. The study also found that the number of tents, makeshift encampments and vehicles with people living in them jumped by 85 percent to around 9,500.

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I am a cook in the US Senate but I still need food stamps to feed my children

Bertrand OlotaraBertrand Olotara has two college degrees, works two jobs and is on public assistance.

The 44-year-old divorced father of five gets up five days a week at 4.30am to commute nearly an hour each way to the US Capitol. There, he works at the deli station in the Senate cafeteria as an employee of a multinational conglomerate called Compass. He comes home weary but ready to cook dinner for his school-aged children and eager to check their homework, which he insists gets done right after school.

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Deutsche Bank to plead guilty to wire fraud, pay $2.5B in fines

Deutsche BankDeutsche Bank will pay U.S. and British authorities $2.5 billion and its London subsidiary will plead guilty to wire fraud for manipulation of benchmark interest rates, U.S. authorities said on Thursday.

As part of the deal, Germany's largest bank also entered into a deferred prosecution agreement with the U.S. Justice Department and admitted its role in manipulating the London Interbank Offered Rate (Libor).

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Fight for $15 goes global: Workers set to launch worldwide protest

fast food workers set to go world wideOn Wednesday morning, the fast-food labor campaign known as Fight for $15 will stage what organizers say will be its largest ever protest — spanning 40 countries, including actions in 200 U.S. cities. In addition to fast-food restaurant employees, workers from a number of other industries are expected to participate and, in many cases, walk off the job.

The other participants will include airport service and retail workers as well as adjunct professors. Activists from outside of labor circles have also said they will join in on the protests, including the racial justice group #BlackLivesMatter and the environmental advocacy campaign 350.org.

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How Wall Street captured Washington’s effort to rein in banks

Wall StreetIn the aftermath of the 2008 financial crisis, Keith Higgins was certain: Banks weren’t to blame.

Higgins, a top attorney at prominent law firm Ropes & Gray LLP, was chairman of an American Bar Association committee on securities regulation. As such, he lobbied strenuously against a rule U.S. regulators were drafting that would require banks to disclose a lot more about asset-backed securities like those that had just torpedoed the economy.

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11 big profitable companies pay no tax

11 big profit companies pay no taxYou’re probably figuring out how much you owe the tax man for 2014 about now. The answer for a handful of big profitable companies is zilch.

There are 11 companies in the Standard & Poor’s 500, including tire maker Goodyear Tire & Rubber (GT), electronic component maker Eaton (ETN) and restaurant chain operator Darden Restaurants (DRI) that paid no income tax in calendar 2014 despite reporting a profit during the year, according to a USA TODAY review of data from S&P Capital IQ.

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