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"Top chip gear maker Applied Materials Inc has reduced its full-year targets due to a sudden decline in orders from its biggest market towards the end of the current quarter. Concern about a declining trend in global technology spending has also hit Asian chip firms. "

"Concerns regarding the global slowdown were heightened when Cummins lowered its full-year sales projections attributing it to weak demand for its heavy machinery. It expects sales to remain flat at last year's level of $18 billion."

"Another round of 350 job cuts has been announced by J.C. Penney, reducing the headquarters workforce by nearly 30 percent. Penney's shares dropped nearly 8 percent Tuesday, showing that investors have lost faith in its new strategy. As J.C. Penney Co is struggling with a transformation, the workers of the department store chain are feeling the heat as its new CEO announced Tuesday another round of job cuts at its headquarters in Plano, Texas."

"Intel Corp has decided to invest $4.1 million to acquire 15 percent stake in Dutch chip-equipment maker ASML Holding NV with the intention of reducing the time needed to adopt new production techniques by two years."

"The Bank of Japan has held back increase of monetary stimulus with the result that stocks dropped. This has resulted in the bank increasing its asset-purchase fund and reducing a credit-loan facility by the same amount."

Ministers and high-level officials from 76 countries and jurisdictions have signed or formally expressed their intention to sign an innovative multilateral convention that will swiftly implement a series of tax treaty measures to update the existing network of bilateral tax treaties and reduce opportunities for tax avoidance by multinational enterprises.