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Concerns of another global economic meltdown are growing after another round of downgrades to some of the world’s top banks. Credit rating agency Fitch has downgraded Goldman Sachs, Barclays, Bank of America, and other prominent financial institutions around the globe. This has lead some to believe that another credit crunch is on the horizon.

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Authorities in the US and across Europe have arrested more than 20 people suspected of major cyber hacking crimes. Fourteen of the suspects were detained for alleged involvement in the hacking of PayPal last December. Notorious hacking group “Anonymous” claimed credit for that attack. In addition, one suspect was nabbed in London and four others were detained in the Netherlands.

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World business leaders gather in Switzerland for economic summit. The global economy is the topic of discussion amongst major business leaders in Davos Switzerland at the World Economic Forum. Topics including surging global food prices and geopolitical tensions between North and South Korea. Israel and Iran are also at the top of the agenda. Overall, the outlook there is one of cautious optimism for future global economic growth.

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