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Thursday, May 23, 2013 | 11:08 p.m.

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In this Wednesday, Sept. 12, 2012 photo, Apple CEO Tim Cook speaks during an introduction of the new iPhone 5 in San Francisco. Cook is scheduled to testify on Capitol Hill Tuesday May 21, 2013, to explain the company’s tax strategy, which a Senate subcommittee says lets it avoid paying billions of dollars in taxes. (AP Photo/Eric Risberg, File)

Apple case seen as possible spur to tax action

Now that tech darling Apple Inc. has been dragged front and center into the debate over the U.S. tax code, lawmakers are hoping that the spotlight on such a high-profile company could be the catalyst for Congress to take action to close loopholes or reform the law. At a hearing ...

FILE - In this May 10, 2013 file photo, Federal Reserve Chairman Ben Bernanke waves goodbye after speaking during a banking conference in Chicago. When Bernanke testifies about the U.S. economy Wednesday, May 22, 2013, the Federal Reserve chairman’s words will be examined for any clues that the Fed might soon taper _ or increase _ its support for the economy. (AP Photo/Paul Beaty, File)

Bernanke testimony to be studied for policy clues

When Ben Bernanke testifies about the U.S. economy Wednesday, the Federal Reserve chairman's words will be examined for any clues that the Fed might soon taper — or increase — its support for the economy. The Fed is pursuing an aggressive program of bond purchases to try to keep long-term ...

Senate Judiciary Committee Chairman Sen. Patrick Leahy, D-Vt., right, confers with the committee's ranking Republican, Sen. Chuck Grassley, R-Iowa, on Capitol Hill in Washington, Monday, May 20, 2013, as the committee assembles to work on a landmark immigration bill to secure the border and offer citizenship to millions. The panel is aiming to pass the legislation out of committee this week, setting up a high-stakes debate on the Senate floor.  (AP Photo/J. Scott Applewhite)

Senate panel approves immigration bill

Far-reaching legislation that grants a chance at citizenship to millions of immigrants living illegally in the United States cleared the Senate Judiciary Committee on a solid bipartisan vote Tuesday night after supporters somberly sidestepped a controversy over the rights of gay spouses. The 13-5 vote cleared the way for an ...

Senate panel approves immigration bill

Far-reaching legislation to grant a chance at citizenship to millions of immigrants living illegally in the United States cleared the Senate Judiciary Committee on a solid bipartisan vote Tuesday night after supporters somberly sidestepped a controversy over the rights of gay spouses. The 13-5 vote cleared the way for an ...

Shannon Hartman, a medical assistant for the University of California,Davis Medical system in Carmichael, joined hundreds of other UC medical workers picketing the UC Davis Medical Center in Sacramento, Calif., Tuesday, May 21, 2013.  The union representing more than13,000 workers of the Davis Medical Center and four other University of California hospitals began the two-day statewide strike to protest what they say is inadequate staffing and misplaced financial priorities. (AP Photo/Rich Pedroncelli)

UC hospitals say patients safe despite strike

Thousands of workers at University of California medical centers began a two-day strike on Tuesday that prompted the postponement of dozens of surgeries amid reassurances that patients were safe. A union representing some 13,000 hospital pharmacists, nursing assistants, operating room scrubs and other health care workers began the walkout at ...

Law enforcement stand guard as stockholders arrive for the JPMorgan annual meeting Tuesday, May 21, 2013, in Tampa, Fla.  Jamie Dimon, the chairman and CEO of JPMorgan Chase, said Tuesday that last year's $6 billion trading loss had been expensive and "extremely embarrassing" but he also asked shareholders not to fixate on the issue. (AP Photo/Chris O'Meara) (AP Photo/Chris O'Meara)

JPMorgan's Dimon survives shareholder referendum

Jamie Dimon, the CEO and chairman of JPMorgan Chase, easily survived a vote Tuesday that would have called on him to give up his role as chairman of the nation's largest bank. But shareholders sent a message that the bank needs better oversight by giving only narrow approval to three ...

In this photo taken Friday, Apr. 26, 2013, Miele Account Manager Natasha Feldman showcases a Miele steam oven at the Pacific Sales at the Best Buy store in Glendale, Calif. Best Buy Co. Inc. reports quarterly financial results before the market opens on Tuesday, May 21, 2013. (AP Photo/Damian Dovarganes)

Best Buy reports 1Q loss on restructuring costs

Best Buy Co. on Tuesday reported a loss for its fiscal first quarter as it sold its stake in Best Buy Europe and works on a turnaround plan that includes cutting costs and closing some stores. Its adjusted earnings beat Wall Street expectations, as cost cuts helped offset tough pricing ...

AP News in Brief at 5:58 a.m. EDT

Grappling with loss and uncertain future, Okla. residents return to area devastated by tornado MOORE, Okla. (AP) — With her son holding her elbow, Colleen Arvin walked up her driveway to what was left of her house for 40 years. It was the 83-year-old grandmother's first time back at her ...

JPMorgan Directors Glance: How shareholders voted

Shareholders at JPMorgan Chase voted to let Jamie Dimon, the chairman and CEO of the nation's largest bank, keep both his jobs Tuesday. Dimon also received strong support to be re-elected to the bank's board. Three directors — James Crown, David Cote and Ellen Futter — received the backing of ...

The sun sets over the Nile River and the historical site of the Giza Pyramids as seen from Cairo, Egypt, Tuesday, May 21, 2013.  Egypt's president has signed a new tax law that cuts the amount paid by poorer Egyptians while increasing taxes on small and medium-sized businesses. The measure is among many economic reforms the government is trying to impose to control its burgeoning budget deficit. Egypt is negotiating a $4.8 billion loan from the International Monetary Fund, which is pushing for economic revisions.(AP Photo/Amr Nabil)

New Egypt tax law: cuts for poor, business hikes

Egypt's president signed a new tax law Tuesday that cuts the amount paid by poorer Egyptians in the latest move aimed at reforming the country's economy. The changes, which are more favorable than the previous tax law for the country's most vulnerable, could boost Islamists in parliamentary elections slated for ...

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