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GM's profit falls on recall costs, victims' compensation fund

DETROIT - General Motors Co reported a much lower second-quarter profit on Thursday due to numerous recalls and the expected cost of at least $400 million for a compensation fund for those killed or injured by a defective ignition switch linked to at least 13 deaths.

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Bank of America to pay $16.6 million to resolve U.S. sanctions violations

WASHINGTON - Bank of America Corp's banking unit agreed to pay $16.6 million to resolve allegations that it processed transactions for drug traffickers who are subject to U.S. sanctions, the U.S. Treasury Department said on Thursday.

Wall St. edges up at open on earnings, data

NEW YORK - U.S. stocks opened slightly higher on Thursday, following a record close on the S&P 500 index, lifted by strong job market data in the United States and overseas factory readings, while better than forecast results sent Facebook shares rallying.

9:34am EDT

U.S. factory activity expands in July: Markit

NEW YORK - The U.S. manufacturing sector expanded in July, though the pace of expansion eased as new orders and employment also grew at slower paces, an industry report showed on Thursday.

9:48am EDT

China probes food businesses; Hong Kong bans imports in meat safety scare

SHANGHAI - China's food regulator has visited close to 600 restaurants, businesses and food distributors as it investigates a fast-spreading food safety scare that has dragged in a number of global brands and hit food outlets as far away as Japan.

6:42am EDT

Caterpillar posts higher second-quarter profit; sales fall

- Caterpillar Inc reported higher-than-expected second-quarter earnings on Thursday but said sales fell as a continued slump in the global mining industry offset a rebound in the North American building sector.

9:31am EDT

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