Britain, Italy include drugs and sex in GDP

NEW YORK (CNNMoney) The U.K.'s Office of National Statistics announced Thursday that paying for drugs and sex adds about £10 billion ($16.7 billion) a year to the economy. The British government is now including prostitution and narcotics sales in...

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Here is ousted RadiumOne CEO Gurbaksh Chahal's letter to the board

(CNNMoney) To the Board of Directors of RadiumOne: As you all know, I resigned from the board of directors on Tuesday. In light of recent events and to stay transparent and forthright, you give me no other vehicle than an open letter to communicate...

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Ousted RadiumOne CEO: 'What did I do to deserve this?'

Ousted RadiumOne CEO Gurbaksh Chahal plans to sue his board, claiming wrongful termination. NEW YORK (CNNMoney) The ad-startup executive was accused of hitting his girlfriend 117 times in a span of less than a half hour last August. The former...

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Apple buying Beats for $3 billion

Dr. Dre, who co-founded Beats, will join Apple. NEW YORK (CNNMoney) Apple (AAPL, Fortune 500) will pay $2.6 billion up front, plus another $400 million over time. Apple's getting stylish hardware from Beats Electronics and a streaming service...

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Why Snowden waited a whole year for his TV close-up

Edward Snowden appeared by videoconference at SXSW, but an interview with NBC is his first television sit-down. NEW YORK (CNNMoney) How long, they wondered, might he wait to have his first sit-down television interview, to speak out about why...

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Qatar, UAE about to get major upgrade

NEW YORK (CNNMoney) But these two Persian Gulf countries are starting to make a name for themselves for their economies and stock markets. Both countries will soon be upgraded to "emerging market" status, a step up from their classification as...

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Did Piketty get it wrong? Analysis questions author's data

NEW YORK (CNNMoney) On one side is Thomas Piketty, author of the best-selling tome "Capital in the Twenty-First Century." He argues that wealth inequality is growing and "threatens to generate extreme inequalities that stir discontent and undermine...

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How celebrity hacker 'Sabu' helped feds thwart 300 cyber-attacks

NEW YORK (CNNMoney) That's according to new U.S. government documents that for the first time provide extensive detail about what they call the "extremely valuable and productive" undercover cooperation of Hector Monsegur. Monsegur used the Sabu...

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Production halt for India's iconic Ambassador

An Ambassador taxi on the streets during monsoon rain in Kolkata. HONG KONG (CNNMoney) Once the vehicle of choice for Indian politicians and bureaucrats, the Ambassador's design was borrowed from Britain's Morris Oxford. The car's look hasn't...

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Federal workers owe IRS the $3.3 billion

When it comes to unpaid taxes, Treasury Department employees have the lowest tax delinquency rate among all federal departments. NEW YORK (CNNMoney) The IRS released data this week showing that roughly 3.3% of federal employees and retirees owed...

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I sold my startup to Cisco. Here's why

Dov Yoran, CEO and co-founder of ThreatGRID, talks about why he sold his company to Cisco Systems. NEW YORK (CNNMoney) Yoran had grown accustomed to refusing countless tech companies and investors who wanted a piece of his firm's sophisticated...

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GM faulty ignition crashes now 47

This is the 57-cent part at the center of GM's recall crisis. NEW YORK (CNNMoney) GM (GM, Fortune 500) has raised the number of frontal-impact crashes linked to the problem ignitions to 47 from 32, according to company spokesman Greg Martin....

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Federal workers owe IRS the $3.3 billion

When it comes to unpaid taxes, Treasury Department employees have the lowest tax delinquency rate among all federal departments. NEW YORK (CNNMoney) The IRS released data this week showing that roughly 3.3% of federal employees and retirees owed...

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Just 2% of GM cars have ignition switch fix

A mechanic at a GM dealership in Michigan replaces an ignition switch on a recalled car. NEW YORK (CNNMoney) GM (GM, Fortune 500) began repairing the 2.6 million recalled vehicles six weeks ago. The automaker says that dealers have made such...

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Seinfeld's 'Comedians in Cars' adding 24 new episodes

Seinfeld's 'Comedians in Cars Getting Coffee' premiers June 19 and now has a sponsor for the next four seasons. Click the image for a gallery of some of the cars, and stars, that have appeared on the show so far. NEW YORK (CNNMoney) This will...

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Army of robots to invade Amazon warehouses

These robots scoot around warehouse floors picking up items to fulfill customers' orders. NEW YORK (CNNMoney) CEO Jeff Bezos told investors at a shareholder meeting Wednesday that he expects to significantly increase the number of robots used...

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GM recalls may continue, says Barclays

According to a new report GM may continue recalling cars into the summer. NEW YORK (CNNMoney) That's according to a research report from Barclays Capital. Auto analyst Brian Johnson says he met with senior management at GM (GM, Fortune 500)on...

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Can Modi make India the new China?

Narendra Modi will be sworn in as prime minister on Monday. HONG KONG (CNNMoney) But is he the leader to haul India out of its funk, and put the world's second most populous nation back on track to rival China? Investors think so. The prospect...

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Are GM cars safe? Yes, they are

NEW YORK (CNNMoney) You can rest assured that GM cars are about as safe as any others on the road. Why are there so many GM related recalls lately? GM has cranked up its recall machine. Having been caught needlessly delaying a recall for years,...

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China's factories show signs of life

China's factories have turned in weak performances to start 2014. HONG KONG (CNNMoney) HSBC said its "flash" measure of sentiment among manufacturing purchasing managers was 49.7 in May. The rebound from the index's final reading of 48.1 in April...

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Europe's own 'tea party' risk

Far-right parties such as France's National Front are expected to make gains in elections to the European Parliament this week. LONDON (CNNMoney) Polls open Thursday for voters to elect members of the European Parliament, representing 500 million...

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Koch brothers' group fights Detroit bankruptcy aid

NEW YORK (CNNMoney) A political group backed by the Koch brothers wants to stop the state from providing $195 million in aid. The money would be used to limit deep cuts to retirees' pensions and avoid selling off the artwork in the city-owned museum....

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McDonald's scary Happy Meal mascot

Meet "Happy," McDonald's new ambassador for Happy Meals. NEW YORK (CNNMoney) But within hours, the new square-faced red and yellow mascot with big white teeth was scaring away people on Twitter and had become the butt of jokes. @DrZombield...

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Europe's top employers for new grads

LONDON (CNNMoney) For the third year in a row, Google is the most attractive employer among European business students, the Universum study found, while engineering and IT students most want to work at the German conglomerate Siemens (SI). Universum,...

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What were China's hacker spies after?

NEW YORK (CNNMoney) That's what Chinese hackers were looking for, according to federal prosecutors who have charged members of the Chinese military with cyber theft and more. The 31-count indictment, revealed Monday, marks a dramatic escalation...

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Extreme IPO! GoPro plans $100 million offering

GoPro rose to fame with its action cams - small, weatherproof, mountable video cameras that offer excellent video quality and battery life. NEW YORK (CNNMoney) The camera maker revealed plans Monday to raise $100 million in an initial public...

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Silicon Valley workers are saving more than you

NEW YORK (CNNMoney) On average, workers in San Jose and San Francisco save close to 15% of their annual pay in 401(k)s -- the highest average savings rate in the country, according to a Fidelity analysis of 13 million savers in 100 metro areas. ...

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Fired Times editor to give commencement speech

Jill Abramson, pictured at an event in April, is set to break her silence Monday in a speech at Wake Forest University.. WASHINGTON (CNNMoney) But she is set to break her silence Monday with a commencement address at Wake Forest University. ...

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Kraft recalls cottage cheese citing illness risk

Kraft is recalling 1.2 million cases of cottage cheese that could spoil prematurely and cause illness. WASHINGTON (CNNMoney) The recall, announced Saturday, includes the Knudsen, Breakstone, Simply Kraft and Daily Chef brands. Ingredients...

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Pfizer sweetens offer in final bid for AstraZeneca

Pfizer's efforts to merge with British rival AstraZeneca has attracted significant political opposition. HONG KONG (CNNMoney) Pfizer's new offer of £55.00 ($95.52) per share values AstraZeneca at nearly $120 billion, and is a 45% premium over...

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