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Cisco to Pay $8.6 Million to Settle Government Claims of Flawed Tech

WASHINGTON — Cisco Systems agreed on Wednesday to pay $8.6 million to settle claims that it sold video surveillance technology that it knew had a significant security flaw to federal, state and local government agencies.Cisco will pay civil damages in connection with software that it sold to various government agencies, including Homeland Security, the Secret Service, the Army, the Navy, the Marines, the Air Force and the Federal Emergency Management Agency, according to a government complaint unsealed on Wednesday.Fifteen states, including New York and California, and the District of Columbia joined the Justice Department in the claim against Cisco, one of the world’s largest sellers of software…

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S&P 500 posts biggest drop since May after Fed cut, Powell comments

A chart tracks the Dow Jones Industrial Average following the U.S. Federal Reserve interest rates announcement as traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 31, 2019. REUTERS/Brendan McDermidNEW YORK (Reuters) - The Dow and S&P 500 suffered their biggest daily percentage drops since May 31 on Wednesday after the Federal Reserve cut interest rates for the first time in a decade, but remarks by Fed Chair Jerome Powell dampened expectations for further cuts going forward. Based on the latest available data, the Dow Jones Industrial Average .DJI fell 336.26 points, or 1.24%, to 26,861.76, the S&P 500…

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Fed cuts rates, signals it may not need to do more

WASHINGTON (Reuters) - The Federal Reserve cut interest rates on Wednesday to shore up the economy against risks including global weakness, but the head of the U.S. central bank said he did not view the move as the start of a lengthy series of rate cuts. Fed Chairman Jerome Powell cited global weakness, simmering trade tensions and a desire to boost too-low inflation in explaining the central bank’s decision to lower borrowing costs for the first time since 2008 and move up plans to stop winnowing its massive bond holdings. Financial markets had widely expected the Fed to reduce its key overnight lending rate by a quarter…

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Text of the FOMC statement

Federal Reserve Chair Jerome Powell holds a news conference following the Federal Reserve's two-day Federal Open Market Committee Meeting in Washington, U.S., July 31, 2019. REUTERS/Sarah SilbigerWASHINGTON, July 31 - (Reuters) - Following is the full text of the statement released by the Federal Reserve’s Federal Open Market Committee on Wednesday following a two-day meeting: Information received since the Federal Open Market Committee met in June indicates that the labor market remains strong and that economic activity has been rising at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Although growth of household spending has…

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U.S. markets gyrate after Fed cuts rates, stocks fall

NEW YORK (Reuters) - Wall Street turned negative after Federal Reserve Chairman Jerome Powell in a press conference after the Fed announced its first rate cut since 2008 characterized it as a mid-cycle policy adjustment, adding that the decision was different from the beginning of a lengthy cutting cycle. FILE PHOTO: Federal Reserve Board Chairman Jerome Powell testifies before a Senate Banking, Housing and Urban Affairs Committee hearing on the "Semiannual Monetary Policy Report to Congress" on Capitol Hill in Washington DC, U.S., July 11, 2019. REUTERS/Leah Millis/File PhotoPowell then clarified that Wednesday’s cut will not be a cycle of just one cut, helping steady markets. U.S.…

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Is Trump the reason the Fed cut rates?

WASHINGTON (Reuters) - U.S. President Donald Trump’s repeated calls for easier monetary policy may not be what drove the Federal Reserve to cut interest rates on Wednesday. FILE PHOTO: U.S. President Donald Trump speaks to the news media after returning from a quick trip to Williamsburg, Virginia, in Washington, U.S., July 30, 2019. REUTERS/Leah MillisBut Trump’s policies did set the table for it. His aggressive tactics on trade, including 25% tariffs on $200 billion of Chinese goods that prompted retaliatory duties on U.S. exports, have made companies uncertain about the future and more hesitant to invest. The Fed’s beige book, a collection of economic anecdotes from around…

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Dollar up, stocks fall after Fed cut; pound rebound stalls

NEW YORK (Reuters) - The dollar index rose on Wednesday and stocks tumbled even as the Federal Reserve cut interest rates after Fed Chairman Jerome Powell said the 25-basis-point cut was not the same as the beginning of a lengthy rate cutting cycle. Traders look on as a screen shows the U.S. Federal Reserve interest rates announcement on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 31, 2019. REUTERS/Brendan McDermidSome were expecting the Fed to leave the door open for further cuts or even a 50 basis point cut after Wednesday’s meeting, so the less dovish stance sent U.S. stocks to…

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Dollar at two-year high after Fed cuts rates as expected

FILE PHOTO: An employee of a bank counts US dollar notes at a branch in Hanoi, Vietnam May 16, 2016. REUTERS/Kham/File PhotoNEW YORK (Reuters) - The U.S. dollar rose as high as $1.063 against the euro EUR= on Wednesday, its strongest level since May 2017, after the Federal Reserve cut interest rates by 25 basis points as expected. The dollar index .DXY, which measures the currency against a basket of six rivals, also rose to its highest since May 2017 at 98.683. It was last up 0.47% to 98.510. Although interest rate cuts are intended to weaken the currency, the dollar jumped as Fed Chair Jerome Powell…

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London Lab Advances Use of A.I. in Health Care, but Raises Privacy Concerns

SAN FRANCISCO — Each year, one out of every five patients admitted to a hospital in the United States for serious care develops acute kidney injury.For a variety of reasons, these patients’ kidneys suddenly stop functioning normally and become unable to properly remove toxins from the bloodstream. The condition can permanently damage the kidneys, cause other illnesses or even lead to death. Acute kidney disease, or A.K.I., contributes to nearly 300,000 deaths in the United States each year, according to a 2016 study.But if the condition is identified in its early stages and properly treated, it can be stopped or reversed.In a paper published on Wednesday in…

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Trump administration opens door to importing medicine from Canada

(Reuters) - The Trump administration took a first step on Wednesday toward allowing the importation of medicines from Canada, an action the president has advocated as a way to bring cheaper prescription drugs to Americans. A pharmacist counts pills in a pharmacy in Toronto in this January 31, 2008 file photo. REUTERS/Mark Blinch/Files The U.S. Department of Health and Human Services said it and the Food and Drug Administration will propose a rule that will allow it to authorize states and other groups to pursue pilot projects related to importing drugs from Canada. The agency also said that it would allow drugmakers to bring drugs that they…

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