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On Day 1 in power, House Democrats challenge Trump on shutdown

WASHINGTON (Reuters) - Democrats wasted no time flexing their new power in the U.S. House of Representatives on Thursday as they maneuvered to pass legislation that would end a 13-day partial government shutdown while ignoring President Donald Trump’s demand for $5 billion for a border wall. Thursday marks the first day of divided government in Washington since Trump took office in January 2017, as Democrats took control in the House from his fellow Republicans, who remain in charge of the Senate. The 2019-2020 Congress convened with roughly a quarter of the federal government closed, affecting 800,000 employees, in a shutdown triggered by Trump’s demand last month for…

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Wall Street sinks as Apple warning and factory data hint at slowdown

NEW YORK (Reuters) - Wall Street was pummeled on Thursday after a revenue warning from Apple Inc (AAPL.O) and slowing U.S. factory activity stoked fears of a global economic slowdown. The magnitude of Apple’s holiday quarter revenue shortfall sent shockwaves through the technology sector, which pulled all three major U.S. stock indexes down about 2 percent or more. S&P Technology companies .SPLRCT were down 4.3 percent, and the Philadelphia SE Semiconductor index .SOX was 5.3 percent lower. In a letter to investors on Wednesday after the bell, Apple chief executive Tim Cook said the company had not foreseen the scale of China’s economic deceleration, which was exacerbated…

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New York governor blocks full shutdown of subway line for repairs

NEW YORK (Reuters) - More than two years after the announcement that one of New York City’s busiest subway lines would stop running between Manhattan and Brooklyn to allow for repairs, New York Governor Andrew Cuomo said on Thursday that service would not be halted after all. Democratic New York Governor Andrew Cuomo gives a news conference after casting his vote for the midterm elections, at the Presbyterian Church in Mt. Kisco, New York, U.S., November 6, 2018. REUTERS/Caitlin Ochs/File PhotoThe expected closure of the L train tunnel under the East River for at least 15 months had dismayed residents of the Brooklyn communities of Williamsburg, Bushwick…

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U.S. warns Iran on space launches, Tehran rejects concerns

WASHINGTON (Reuters) - The United States issued a pre-emptive warning to Iran on Thursday against pursuing three planned space rocket launches that it said would violate a U.N. Security Council resolution because they use ballistic missile technology. FILE PHOTO: U.S. Secretary of State Mike Pompeo speaks at a news conference during the NATO foreign ministers' meeting at the Alliance's headquarters in Brussels, Belgium, December 4, 2018. REUTERS/Yves HermanIran rejected the warning, issued by U.S. Secretary of State Mike Pompeo, saying its space vehicle launches and missile tests were not violations. Pompeo said Iran planned to launch in the coming months three rockets, called Space Launch Vehicles (SLV),…

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Bristol-Myers bulks up with $74 billion deal to buy Celgene

(Reuters) - Bristol-Myers Squibb Co (BMY.N) said on Thursday it would buy Celgene Corp (CELG.O) for about $74 billion, creating one of the biggest pharmaceutical companies and combining two significant cancer drug businesses. Yet the deal comes as both Bristol-Myers and Celgene face separate challenges, and some Wall Street analysts questioned if the combination - which the companies said would create $2.5 billion in cost savings and raise earnings - would solve them. Bristol’s most important cancer immunotherapy and growth driver, Opdivo, has lost much of its luster as Merck & Co’s (MRK.N) rival drug Keytruda seized dominance in advanced lung cancer, the most lucrative oncology market.…

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Cost to insure Bristol-Myers debt jumps as leverage balloons

FILE PHOTO: Logo of global biopharmaceutical company Bristol-Myers Squibb is pictured at the headquarters in Le Passage, near Agen, France March 29, 2018. REUTERS/Regis DuvignauNEW YORK (Reuters) - The cost to insure Bristol-Myers Squibb (BMY.N) debt hit its highest point since May 2010 on Thursday, following the announcement that the U.S. pharmaceutical company would acquire rival Celgene Corp (CELG.O) in a deal worth about $74 billion. As the price of long-dated Bristol-Myers bonds fell, the associated credit default swap BMY5YUSAX=MG jumped 66 percent, bringing the cost to insure $1 million of the company’s debt to $23,000. The moves happened because a portion of the acquisition will be…

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Google shifted $23 billion to tax haven Bermuda in 2017: filing

FILE PHOTO: An illuminated Google logo is seen inside an office building in Zurich, Switzerland December 5, 2018. REUTERS/Arnd WiegmannAMSTERDAM (Reuters) - Google moved 19.9 billion euros ($22.7 billion) through a Dutch shell company to Bermuda in 2017, as part of an arrangement that allows it to reduce its foreign tax bill, according to documents filed at the Dutch Chamber of Commerce. The amount channeled through Google Netherlands Holdings BV was around 4 billion euros more than in 2016, the documents, filed on Dec. 21, showed. “We pay all of the taxes due and comply with the tax laws in every country we operate in around the…

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U.S. issues China travel advisory amid increased tensions

FILE PHOTO: Chinese and U.S. flags are set up for a meeting during a visit by U.S. Secretary of Transportation Elaine Chao at China's Ministry of Transport in Beijing, China April 27, 2018. Picture taken April 27, 2018. REUTERS/Jason Lee/File PhotoWASHINGTON (Reuters) - The U.S. State Department on Thursday renewed its warning for U.S. citizens traveling in China to exercise increased caution due to “arbitrary enforcement of local laws” amid heightened diplomatic tensions over the arrest in Canada of a Chinese technology company executive. The updated travel advisory maintains the warning at “Level 2” but also warns about extra security checks and increased police presence in the…

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U.S. government shutdown further strains immigration system

WILMINGTON, Del. (Reuters) - The partial U.S. government shutdown is showing signs of straining the country’s immigration system and has been blamed for worsening backlogs in courts and complicating hiring for employers. Migrants from Honduras, part of a caravan of thousands from Central America trying to reach the United States, look through fence at a dead migrant who drown trying to swim across to the United States illegally from Mexico at International Friendship Park, in San Diego county, U.S., December 28, 2018. REUTERS/Mohammed Salem/File PhotoU.S. President Donald Trump has vowed to continue the shutdown until he gets the $5 billion he is seeking for a wall on…

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Judge blocks New York City law requiring Airbnb to hand over user data

NEW YORK (Reuters) - A federal judge on Thursday blocked a New York City law requiring Airbnb to hand over data each month about people who use its apartment listing service from taking effect while the company challenges the law in court. FILE PHOTO: The logos of Airbnb are displayed at an Airbnb event in Tokyo, Japan, June 14, 2018. REUTERS/Issei KatoThe preliminary ruling, handed down by U.S. District Judge Paul Engelmayer in Manhattan, could be a boon to the San Francisco-based company as it prepares for a widely anticipated initial public offering later this year. The judge will not enter a final ruling until later in…

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