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  • *Model's revamp may cost up to 650 mln euros- analyst. BERLIN, Jan 28- With Volkswagen having embarked on a big cost-cutting drive, industry experts are baffled why the "people's car" maker plans to spend millions of euros upgrading a loss-making luxury saloon. The 76,000- euro Phaeton, a pet project of Chairman Ferdinand Piech, has never met VW's original sales...

  • After setting iPhone record, what does Apple do next? Wednesday, 28 Jan 2015 | 3:05 AM ET

    SAN FRANCISCO— Apple CEO Tim Cook says consumer demand for new iPhones has been "staggering" and "hard to comprehend." But after selling a record 74.5 million iPhones in three months that ended in December, what can Apple do next? Some analysts worry that Apple depends too much on the iPhone, which contributes two-thirds of its sizable revenue— leaving the company...

  • WASHINGTON— As the Federal Reserve ends its latest policy meeting Wednesday, it is widely expected to repeat the pledge it made in December: That it will be "patient" in raising interest rates from record lows. The stronger dollar makes foreign goods cheaper in the United States. The statement that Chair Janet Yellen and her colleagues will issue after the meeting...

  • SHANGHAI, Jan 28-- The financial services affiliate of Alibaba launched on Wednesday a system that will use the e-commerce giant's data trove to assess the creditworthiness of Chinese consumers and businesses with little or no history at traditional lenders. The credit-scoring system, Sesame Credit, will mine user data as well as payment histories from...

  • Between the 2009 and 2013 fiscal years, funding for a wide swath of discretionary grant programs, from Head Start preschool education to anti drug initiatives, fell by an average of 40 percent in Republican-leaning states like Texas and Mississippi. By contrast, funding to Democratic-leaning states such as California and politically competitive swing...

  • OTTAWA, Jan 28- Justin Trudeau, the man with the best shot at replacing Stephen Harper as Canada's prime minister, will spend this year's election campaign trying to convince voters that he is more than just a pretty face. Trudeau, 43, a relative political novice, took over Canada's storied but struggling Liberal Party in 2013 and quickly hauled it into first place...

  • WASHINGTON, Jan 28- The Federal Reserve is expected to signal it remains on track to begin raising interest rates later this year, as the central bank shows confidence that low inflation and rising risks from abroad have yet to derail the U.S. economic recovery. Fed Chair Janet Yellen faces growing skepticism that the central bank can tighten monetary policy by...

  • Alibaba spinoff likely to increase scrutiny on Yahoo CEO Wednesday, 28 Jan 2015 | 12:08 AM ET

    SAN FRANCISCO— Yahoo CEO Marissa Mayer is losing a precious security blanket now that she is spinning off the Internet company's prized stake in China's Alibaba Group. Investors viewed Yahoo as another way to own a piece of Alibaba, a rapidly growing e-commerce company that is expected to become even more successful during the next decade as more of China's...

  • Poll: Most say restore health aid if court kills subsidies Wednesday, 28 Jan 2015 | 12:03 AM ET

    WASHINGTON— More than 6 in 10 Americans would want Congress to restore federal financial assistance for millions buying health care coverage under President Barack Obama's health care law if the Supreme Court invalidates some of those government subsidies, a poll said Wednesday. Should the court strike down the subsidies, Obama and Congress would have to...

  • U.S. FCC warns against blocking personal Wi-Fi access Tuesday, 27 Jan 2015 | 9:05 PM ET

    It said it was "aggressively investigating and acting against such unlawful intentional interference," and advised consumers who suspected such activities to file a complaint with the FCC. The paper said the Marriott had petitioned the FCC to change its policy. Marriott's request seeking the FCC's blessing to block guests' use of non-Marriott networks is...

  • BOSTON/ NEW YORK, Jan 27- A powerful blizzard struck Boston and surrounding New England on Tuesday, leaving some 4.5 million people grappling with as much as three feet of snow and coastal flooding but sparing New York City residents who had braced for a significant blast. Snow was forecast to keep falling into early Wednesday in eastern New England, possibly...

  • WASHINGTON, Jan 27- An employee of a U.S. spy agency has confessed to operating a small drone that crashed on the grounds of the White House, the agency said on Tuesday, the latest in a series of incidents that raised questions about the president's security. A spokesman for the National Geospatial Intelligence Agency said that an off-duty employee had told the U.S.

  • SEOUL, Jan 28- U.S. crude futures fell over 1.5 percent towards $45 a barrel in early Asian trade on Wednesday after data showed U.S. crude stocks surged by nearly 13 million barrels last week, with a global supply glut accumulating in storage tanks. *U.S. crude futures had dropped 73 cents to $45.50 a barrel by 0000 GMT after finishing the previous session finishing...

  • SAN FRANCISCO, Jan 27- Freescale Semiconductor Ltd gave a revenue forecast for the current quarter above Wall Street's expectations, and its shares rose 12 percent in extended trade as its chief executive pointed to growing demand from automobile makers for its chips. Freescale makes chips used in a broad range of markets, including consumer products,...

  • BOSTON/ NEW YORK, Jan 27- A powerful blizzard struck Boston and surrounding New England on Tuesday, leaving some 4.5 million people grappling with as much as three feet of snow and coastal flooding, but sparing New York City residents who had braced for a significant blast. Snow was forecast to keep falling into early Wednesday in eastern New England, possibly...

  • Jan 27- Apple Inc quarterly results smashed Wall Street expectations with record sales of big-screen iPhones in the holiday shopping season and a 70 percent rise in China sales, powering the company to the largest profit in corporate history. Apple's cash pile is now $178 billion, enough to buy IBM or the equivalent to $556 for every American.

  • Jan 27- Canadian business-software maker Open Text Corp's quarterly revenue fell short of market expectations, hit by a strong U.S. dollar and weaker-than-expected revenue from its emerging markets business. U.S.-listed shares of Open Text, whose software helps companies manage documents and workflows, fell 11 percent in extended trading on Tuesday.

  • Customers Bancorp beats Street 4Q forecasts Tuesday, 27 Jan 2015 | 6:40 PM ET

    WYOMISSING, Pa. _ Customers Bancorp Inc. on Tuesday reported fourth-quarter net income of $13.2 million. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 44 cents per share. Customers Bancorp shares have declined slightly more than 1 percent since the beginning of the year.

  • WASHINGTON, Jan 27- U.S. states for years have asked Congress for federal legislation easing the way for them to collect sales taxes on Internet purchases, but now that a bill has been drafted, state lawmakers are resisting. The National Conference of State Legislatures on Tuesday released a letter it sent to House of Representatives Speaker John Boehner on...

  • United Financial posts 4Q profit Tuesday, 27 Jan 2015 | 6:31 PM ET

    GLASTONBURY, Conn. _ United Financial Bancorp Inc. on Tuesday reported fourth-quarter net income of $1.4 million. The holding company for United Bank posted revenue of $44.9 million in the period. For the year, the company reported profit of $6.8 million, or 16 cents per share.