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Cautious U.S. consumers cut spending, boost savings

WASHINGTON - U.S. consumer spending unexpectedly fell in July as savings rose to their highest level in more than 1-1/2 years, indicating that households remain cautious despite an acceleration in economic growth.

Recent Business News

Tesco slashes dividend after second profit warning in two months

LONDON - Tesco will slash its dividend and investment spending to give its new boss more firepower to rebuild Britain's biggest retailer, after a second profit warning in two months showed the scale of the task he faces. | Video

9:36am EDT

SoftBank's first Sony smartphone deal takes aim at U.S. market

TOKYO - Japan's SoftBank Corp and its U.S. mobile carrier Sprint Corp will offer a Sony smartphone for the first time, sources with knowledge of the matter said, as the two technology titans confront daunting challenges in the U.S. market.

Tech, Media, Japan 9:08am EDT

Tragedy-hit Malaysia Airlines to lose 6,000 jobs in bold revamp

KUALA LUMPUR - Malaysia Airlines (MAS) will slash nearly a third of its 20,000 workforce and cut back its global route network as part of a radical 6 billion ringgit ($1.9 billion) restructuring following the devastating impact of two jetliner disasters.

6:03am EDT

Special Report: The billion-dollar fall of the house of Espirito Santo

LISBON - On June 9, with his 150-year-old Portuguese corporate dynasty close to collapse, patriarch Ricardo Espirito Santo Salgado made a desperate attempt to save it.

Exclusive: Morgan Stanley plans natural gas export plant in new commodities foray

NEW YORK - Morgan Stanley has quietly filed plans to build and run one of the first U.S. compressed natural gas export facilities, the first sign the bank is plunging back into physical commodity markets even as it sells its physical oil business.

1:07am EDT

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