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Wednesday, Mar 01st

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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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Amazon says it will create 100,000 full-time jobs in U.S. by 2018

AmazonAmazon will create 100,000 full-time jobs in the United States with full benefits over the next 18 months, the tech giant announced in a statement Thursday.

The company says the positions are for workers across the country and across all skill and experience levels. Most of the positions will be at fulfillment centers, including new ones under construction in California, Florida, New Jersey and Texas.

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Jobless claims fall to near 43-year low

Jobless claims at 43 year lowThe number of Americans filing for unemployment benefits fell to near a 43 year-low last week, pointing to further tightening in the labor market.

Initial claims for state unemployment benefits dropped 28,000 to a seasonally adjusted 235,000 for the week ended Dec. 31, the Labor Department said on Thursday. That was close to the 233,000 touched in mid-November, which was the lowest level since November 1973.

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Macy's cutting 6,200 jobs, closing 68 stores

Macy's cutting 6,200 jobsAfter seeing sales drop during the holidays, Macy's said Wednesday it has either closed or will shutter 68 stores and cut an additional 6,200 positions at a time when shoppers are going online to buy everything from scarves to lipstick.

Of the 68 stores out of 730 in total, nine closings had been previously announced and three locations have already shut down. But the retail giant revealed the locations of the remaining 59 stores, which will be shuttered by the middle of this year and affect 3,900 employees, some of whom may be offered jobs at other locations.

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