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Unemployment rate in rich countries edges down

The unemployment rate across rich countries eased slightly to 8.0 percent in March, the OECD said on Wednesday but this meant that 48.3 million people were officially without work in the downdraught of the financial and eurozone debt crises. The figures and trends for the 34-nation OECD area varied widely. The eurozone rate rose to a record 12.1 percent, the rate in the United States eased slightly to 7.6 percent, and went down further to 7.5 percent in April, and in Japan to 4.1 percent in March.

US on track to cut deficit by 40% in 2013

The US budget deficit will fall to $642 billion this year from $1.1 trillion in fiscal 2012, helped by surging revenues and repayments from housing agencies rescued in the 2008 crisis, the Congressional Budget Office forecast Tuesday. That was more than $200 billion lower than the deficit projected by the CBO in February. The decline to the smallest US fiscal shortfall since 2008 was "mostly as a result of higher-than-expected revenues and an increase in payments to the Treasury by Fannie Mae and Freddie Mac."

Walmart to inspect all Bangladesh factories

US retail giant Walmart announced Tuesday that it would conduct in-depth safety inspections at all 279 of its Bangladesh suppliers, in the wake of the building collapse that killed more than 1,100. The firm said it would release the names of and inspection information on each of the factories, and meanwhile also issued a list of more than 200 factories that it has blacklisted for failing to meet its standards. But Walmart said it was not yet prepared to join an industry-wide pact on safety -- the IndustriALL Accord on Fire and Building Safety in Bangladesh.

Sharply lower 2013 deficit estimate could put damper on further deficit-cutting this year

WASHINGTON - The budget deficit for the current year is projected to come in well below what was estimated just a few months ago, a development that could further curb the already slowing momentum for a budget pact this year.

More than a dozen retailers sign on to safety pact; most US brands look for alternatives

NEW YORK, N.Y. - While several more global clothing chains on Tuesday were announcing that they agreed to a historic pact to improve factory conditions in Bangladesh, U.S. retailers were scrambling to come up with their own safety plans. A total of more than a dozen brands this week announced plans to sign a five-year, legally binding contract that requires that they help pay for fire safety and building improvements in Bangladesh. Notably missing from the pact are U.S. firms, except for PVH, the New York-based parent company of Calvin Klein and Tommy Hilfiger.

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International credit agency Standard & Poor's on Tuesday affirmed mining-driven Australia's AAA rating with a stable outlook despite a planned return to a budget surplus being pushed back. Australia is one of only a handful of nations to hold the top rating, although the government slashed growth forecasts for 2013/14 from 3.0 percent to 2.75 percent and scaled up unemployment from 5.5 to 5.75 percent.

Dell board committee asks for more details on Icahn-Southeastern takeover plan

Dell board members say they need more details from investor Carl Icahn if he wants them to seriously consider his latest challenge to Michael Dell's $24.4 billion plan to take the computer maker private. Icahn and prominent Dell shareholder Southeastern Asset Management said last week they want to keep Dell Inc. publicly traded and give shareholders $12 in cash or more shares.

Carl Icahn nominates himself and 11 others for positions on Dell board in proxy fight

NEW YORK, N.Y. - Carl Icahn is nominating himself and 11 other candidates for spots on the Dell Inc. board of directors. The billionaire investor and Southeastern Asset Management own a combined 13 per cent of the computer maker's shares. They want to keep Dell public, and oppose a $24.4 billion offer from an investment group led by company founder and Chairman Michael Dell.

General Motors says in-house supercomputers should save money, keep recalls in check

WARREN, Mich. - General Motors Co. says a new supercomputing data centre and a fledgling shift to bring software development in-house should help it limit the size of future safety recalls. The Detroit automaker, which formally opened the giant data storage centre in suburban Warren, Mich., on Monday, said the changes are examples of how it is moving faster to cut costs and serve its customers better by bringing more computer technology inside the company.

CBOE keeps index franchise as justices stay out of dispute

By Lawrence Hurley WASHINGTON (Reuters) - CBOE Holdings Inc <CBOE.O> won a long-running legal battle to prevent rival International Securities Exchange from listing options on two key U.S. stock-market indexes, after the U.S. Supreme Court on Monday declined to consider their dispute.
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