Income surged in December, amid fiscal cliff fears

NEW YORK (CNNMoney) Personal income rose 2.6%, the biggest one-month gain since December 2004, the Commerce Department said Thursday. Americans decided to sock away that extra income more than spend it. While consumer spending ticked up only 0.2%,...

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A couple's 5-year plan to pay off $93,600 in debt

Larry and Lynn Mantanona, 56 and 54, Fairview, Ore. NEW YORK (Money Magazine) They had no qualms about taking a $12,000 loan for college tuition for Savanah, 22, and borrowing $20,000 for wedding expenses for Chanelle, 28. "We want to do for...

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ANA: Dreamliner trouble costs reach $15 million

All Nippon Airways says the grounding of its 17 Boeing 787 Dreamliners has cost the carrier $15 million in lost revenue so far. LONDON (CNNMoney) ANA, the world's biggest Dreamliner operator with a third of the 50 aircraft delivered so far, said...

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AutoNation to become McDonald's of car dealers

Most of AutoNation's 265 car dealerships will now operate under the AutoNation name. NEW YORK (CNNMoney) Currently, AutoNation (AN, Fortune 500) dealerships operate under individual names such as Champion Chevrolet and Dobbs Nissan. This will be...

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Jobless claims bounce higher

NEW YORK (CNNMoney) First-time claims for unemployment benefits rose by 38,000 last week to 368,000, from 330,000 the previous week. Claims have been volatile all month, falling by a whopping 40,000 one week and then two weeks later, rising again...

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U.K. banks' next $1 billion payout

U.K. officials are examining the sale of complex hedging products to small business by HSBC, Barclays and two other major banks. LONDON (CNNMoney) Following an investigation, HSBC (HBC), Barclays (BCS), Royal Bank of Scotland and Lloyds have agreed...

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Red state, blue state: Where Detroit can (and can't) sell cars

(Fortune) But underneath the gauzy good news lies an unpleasant fact. The brands of the Big Three are in danger of becoming regionalized, their appeal strong in some parts of the country and weak in others. What's more, demographic trends and population...

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As firearm sales soar, Wal-Mart rations sale of ammunition

Gun and ammunition sales soared at following the presidential election, and kept pace in the wake of Sandy Hook. NEW YORK (CNNMoney) The nation's largest retailer is limiting ammunition sales at its stores across the country to three boxes per...

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America's brain drain dilemma: immigrant students who leave

Shailesh Deshpande is a Virginia Tech grad who lost his fight to stay after working for several U.S. consulting firms. He was forced to return home to India and is now launching a company there. NEW YORK (CNNMoney) Smart foreigners who study at...

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Stocks waver below all-time highs

Click for more market data. NEW YORK (CNNMoney) The Dow Jones industrial average was up 0.1%, while the S&P 500 lost nearly 0.1%. The Nasdaq rose 0.2%. The mixed trading comes on the final day of a strong month. The Dow is up more than...

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Inside the Fed's fight

Chicago Fed president Charles Evans wants to keep the federal funds rate at zero until the unemployment rate improves. (Money Magazine) As chairman of the Federal Reserve, Ben Bernanke takes questions from Congress and at press conferences; markets...

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UK to tax cheats: 'Wake up and smell the coffee!'

Davos, Switzerland (CNNMoney) Setting out his agenda for the U.K.'s chairmanship of the G8 group of leading industrial nations this year, Cameron said he was looking for progress on tax and trade and greater disclosure by companies and governments...

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Airbus CEO says A350 on track

Airbus CEO Fabrice Bregier says the A350 is on schedule for a first flight this year. Davos, Switzerand (CNNMoney) Fabrice Bregier, CEO of the European aircraft maker, said Airbus had learned lessons from its troubled launch of the A380 superjumbo,...

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Stocks: Apple to drag market down

Click for more market data. NEW YORK (CNNMoney) After the closing bell Wednesday, Apple (AAPL, Fortune 500) said it earned $13.1 billion in its latest quarter, the second highest profit ever earned by a U.S. corporation. But shares of Apple...

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Jobless claims fall to another 5-year low

Initial claims for unemployment benefits fell for a second week in a row, and are hovering at their lowest level since January 2008. NEW YORK (CNNMoney) First-time claims for unemployment benefits fell by 5,000 last week to 330,000, down from 335,000...

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Great credit score? Think again

Depending on the credit score, a 790 could mean your credit is excellent or just mediocre. NEW YORK (CNNMoney) For example, while a FICO score of 790 out of 850 is considered excellent, it's merely mediocre on the VantageScore model -- which tops...

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Europe must push on with reform - Merkel

Davos, Switzerland (CNNMoney) "Experience has shown you need pressure to pursue structural reforms," she said at the World Economic Forum in Davos, Switzerland. "Unemployment had to hit five million in Germany before there was a readiness to pursue...

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Apple weighs on Nasdaq

Click for more market data. NEW YORK (CNNMoney) Apple (AAPL, Fortune 500) shares fell nearly 11% after the company said sales in the current quarter would come in below analysts' expectations, even though earnings in the most recent quarter rose...

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Apple stock plunges 10%

Apple's stock has dropped more than 35% since its all-time high hit in late September. NEW YORK (CNNMoney) Shares of Apple (AAPL, Fortune 500) plunged more than 10% in early trading, as investors grew skeptical about the iPhone maker's growth...

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Obama to name Mary Jo White to head SEC

WASHINGTON (CNNMoney) The nomination will be announced later Thursday, an administration official told CNN. In addition, Obama will nominate Richard Cordray to a full term as director of the Consumer Financial Protection Bureau. Cordray has already...

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Home building surges 12%

Latest housing data is yet another sign of the market picking up steam, as record-low mortgage rates have spurred demand for homes. NEW YORK (CNNMoney) Builders started construction at an annual pace of 954,000 home last month, the Census Bureau...

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The high cost of raising the Medicare age

Raising the Medicare eligibility age is a controversial proposal. NEW YORK (CNNMoney) If seniors were not allowed to enroll in Medicare until 67 starting next year, federal spending would drop by $5.7 billion in 2014, according to the Kaiser Family...

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Exxon's big plans for offshore drilling

The Hebron oil field, off the coast of Newfoundland, is thought to contain up to a billion barrels of oil. NEW YORK (CNNMoney) Seeing Exxon develop oil fields for Canada is reviving calls for the United States to do the same off its Atlantic Coast...

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Rio Tinto drops CEO after $14 billion writedown

Rio Tinto's investment in Mozambique coal mining has run into problems LONDON (CNNMoney) Most of the charge -- $10-11 billion -- relates to the falling value of Rio Tinto (RIO)'s aluminum assets, primarily Rio Tinto Alcan and Pacific Aluminum....

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Jobless claims drop to 5-year low

NEW YORK (CNNMoney) First-time claims for unemployment benefits plummeted by 37,000 in just one week, falling to 335,000 from 372,000 the previous week, the Labor Department said Thursday. That's the lowest since January 2008. The weekly number...

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Stocks: Boeing and earnings in focus

Click on chart for more premarkets data. NEW YORK (CNNMoney) Regulators in Europe, India and Japan joined the Federal Aviation Administration after it grounded all Dreamliner planes. They cited worries about onboard lithium-ion batteries that...

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Boeing's clout in Washington may face test

Last year, President Obama toured a plant that builds Dreamliners along with Boeing CEO Jim McNerney (right). WASHINGTON (CNNMoney) Boeing (BA, Fortune 500) has deep ties with the federal government as a top supplier of aircraft to the U.S. Air...

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Stocks lifted by economic data

Click for more market data. NEW YORK (CNNMoney) The Dow Jones industrial average and the S&P 500 gained about 0.4%. The Nasdaq rose 0.5%. Before the market opened, the government reported a 5-year low for weekly jobless claims in the latest...

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