Senate confirms Jack Lew as Treasury Secretary

The Senate confirmed Jack Lew to be the next Treasury secretary. WASHINGTON (CNNMoney) Lew, 57, most recently served as the White House chief-of-staff. As a former budget director for Presidents Obama and Bill Clinton, Lew has overseen budget...

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It's official: Kuroda nominated to BoJ's top spot

Haruhiko Kuroda has been nominated to lead the Bank of Japan. HONG KONG (CNNMoney) Kuroda, the current president of the Asian Development Bank, has years of experience in international finance and monetary prescriptions that largely mirror those...

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Struggling homeowners turned to short sales in 2012

NEW YORK (CNNMoney) There were nearly three times as many short sales as there were sales of foreclosed homes in 2012, according to RealtyTrac. Foreclosures accounted for 11% of all sales, down from 13% a year before. Meanwhile, short sales rose 5%...

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Wealth inequality between blacks and whites worsens

Whites have accumulated far more wealth than blacks, according to a new Brandeis University study. NEW YORK (CNNMoney) That type of inequality can be a drag on economic growth for everyone, said Thomas Shapiro, director of the university's Institute...

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The myth of the Great Rotation

While investors have started to add money to the stock market this year, they are also still plowing into bonds. U.S. stock mutual funds have raked in nearly $20 billion in 2013, while bond funds have attracted more than $40 billion, according to ICI...

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Americans still aren't saving enough

Of those surveyed, 38% said they were saving less than last year. NEW YORK (CNNMoney) Only half of respondents reported good savings habits, including having a spending and/or saving plan in place, according to the Consumer Federation of America...

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HP sells off the last scraps of Palm: webOS

HP bought Palm for its webOS, but it left the software for dead after HP killed off its TouchPad tablet and webOS smartphone line. NEW YORK (CNNMoney) LG is buying all of the assets associated with webOS: the source code, engineering talent, patents,...

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Italian election rattles world markets

HONG KONG (CNNMoney) The Hang Seng in Hong Kong fell 0.9%, while the Nikkei in Tokyo dropped 2.3% and the Shanghai Composite lost 0.1% The Japanese yen, a safe-haven currency, strengthened overnight as investors sought refuge. European markets...

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HP takes cautious step into Android waters with new tablet

BARCELONA (CNNMoney) HP's bid to rejuvenate its flagging business is the Slate 7 -- which is not a premium-grade tablet, nor a remarkably cheap device. Instead, the $169 Slate 7 packs a 7-inch screen, 1024x600 resolution, a 1.6 GHz dual-core processor,...

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China's manufacturing sector stumbles

The pace of manufacturing expansion has slowed in China, according to HSBC. HONG KONG (CNNMoney) Global bank HSBC said its "flash" index of purchasing managers' sentiment fell to 50.4 in February from January's final reading of 52.3. Any reading...

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Spending cuts showdown may drag on

With just days before the spending cuts begin, there is little expectation President Obama and House Speaker John Boehner will make a deal. NEW YORK (CNNMoney) But there's no telling when. Funding for numerous federal agencies and programs will...

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Judge rules against Apple in Einhorn cash fight

NEW YORK (CNNMoney) Einhorn's Greenlight Capital filed a lawsuit earlier this month seeking to "unbundle" a number of shareholder proposals that would have been voted on as a group, including one that would have made it difficult for the company to...

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Moody's downgrades United Kingdom from AAA

God save the AAA rating. NEW YORK (CNNMoney) The U.K. was knocked down one notch to Aa1, with its ratings outlook at stable. Moody's said the key drivers of the downgrade included the country's rising debt burden and tepid growth outlook over the...

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Samsung stuffs a phone in new Galaxy Note 8.0 tablet

t-ts-samsung-galaxy-note-8_00000111.jpg NEW YORK (CNNMoney) It runs Android 4.1, has a 1.6 GHz quad-core CPU, 2 gigabytes of RAM, and an 8-inch, 1280 x 800 display that you can control with Samsung's S-Pen stylus. But on the international version...

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Fed officials: Don't worry if we lose money

NEW YORK (CNNMoney) But that's okay, Fed officials say. After years of record profits, the Fed is likely to be saddled with losses starting in 2017 or 2018, economists predict in a paper that was presented Friday at the U.S. Monetary Policy Forum,...

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Judge rules against Apple in Einhorn cash fight

NEW YORK (CNNMoney) Einhorn's Greenlight Capital filed a lawsuit earlier this month seeking to "unbundle" a number of shareholder proposals that would have been voted on as a group, including one that would have made it difficult for the company to...

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Moody's downgrades United Kingdom from AAA

God save the AAA rating. NEW YORK (CNNMoney) The U.K. was knocked down one notch to Aa1, with its ratings outlook at stable. Moody's said the key drivers of the downgrade included the country's rising debt burden and tepid growth outlook over the...

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Tesla stock tumbles 9%

Click on chart for more stock data. NEW YORK (CNNMoney) But he couldn't overcome criticism from investors Thursday who drove the stock sharply lower after the company posted a bigger than expected loss. Shares of Tesla (TSLA) ended about 9%...

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HP profit falls 16%, beating super-low expectations

HP's first-quarter earnings were weak, but expectations are so low that the figures came in above analysts' estimates. NEW YORK (CNNMoney) Sales fell in every HP business unit last quarter -- save one measly 1% gain in its relatively tiny financial...

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China's property market heats up

Prospective buyers at a property sale in Beijing. HONG KONG (CNNMoney) Prices jumped in 54 of the 70 cities tracked by the government in January, according to data released Friday by the National Bureau of Statistics. The average price change...

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New York Times looks to sell Boston Globe

Boston Globe for sale. NEW YORK (CNNMoney) The firm has hired Evercore Partners to lead the search for a buyer and manage the sale. New York Times CEO Mark Thompson said the company is "proud of our association" with the Globe, as well as Worcester...

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Americans in love-hate relationship with payday loans

Many borrowers say payday loans take advantage of them, but most would use one again, Pew found. NEW YORK (CNNMoney) Payday loans are advertised as short-term credit lines, typically extended for two weeks to help consumers get through to their...

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Crunched consumers are cutting back

NEW YORK (CNNMoney) Nearly three-quarters of respondents said they were cutting back to cope with tax changes this year -- including dining out less, limiting travel plans and skipping everyday indulgences, according to the National Retail Federation,...

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Millions expect to outlive retirement savings

LONDON (CNNMoney) Hard times are looming for millions of people who haven't saved enough for their retirement, according to a new global study by HSBC (HBC). With household incomes under pressure from the recession, unemployment and tax increases,...

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Bank of America boosts pay of CEO Brian Moynihan

Bank of America is giving CEO Brian Moynihan a nice raise. HONG KONG (CNNMoney) The CEO was granted $11.1 million in restricted shares for 2012, according to a regulatory filing made Tuesday by the bank. Moynihan's base salary is reportedly $950,000,...

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Bonds are riskier than stocks

The 10-year Treasury yield has been falling since the early 1980s, but experts are predicting interest rates will turn higher, creating a challenging market. Click the chart for more bond market data. NEW YORK (CNNMoney) "Bonds are not the safe...

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A $160,000 jewelry heist at the Four Seasons

Bling, like these pieces from designer Jacob & Company, was taken from the midtown Manhattan Four Season Hotel early Saturday. NEW YORK (CNNMoney) The men walked out of the hotel with two high-end wrist watches, a diamond chain and a pendant...

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Burger King Twitter gets McHacked

Burger King's Twitter account was hacked by an apparent fan of McDonald's. NEW YORK (CNNMoney) Two weeks after traces of horse meat were found in beef patties at a European Burger King (BKW) supplier, the burger chain's Twitter account was hacked....

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Report: Chinese military engaged in 'extensive cyber espionage campaign'

A cybersecurity firm has linked one of the world's most prolific groups of computer hackers to the Chinese military. HONG KONG (CNNMoney) The security firm, Mandiant, detailed the allegations in a 60-page report published Tuesday that describes...

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