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BC-US--Business News Digest, US

AP photos.

â¿¿ TV MILENNIAL NETWORK â¿¿ Pivot is the name of a TV channel aimed at 15-to-34-year-olds who want to change the world. In the process, they could help Pivot change the television business.

â¿¿ FREE WIFI CITY â¿¿ The city of Santa Clara flipped on a big Internet switch this week, becoming what it says is the first in the country to use wireless, digital "smart meters" on homes as channels for free citywide outdoor Wi-Fi.



BRUSSELS â¿¿ The European Union's executive arm says it needs 11.2 billion euros ($14.4 billion) in additional funding, mainly to pay outstanding bills from last year. Britain, France, Italy and others will have to find more than a billion euros each at a time when they are trying to trim high deficits through spending cuts or tax raises and their economies are struggling. By Juergen Baetz.

AP photo.

â¿¿ BRITAIN-BANKS â¿¿ Britain's new banking regulator is recommending that the nation's lenders increase their capital buffers by 25 billion pounds ($37.9 billion) by the end of the year to ensure they can cover potential losses and keep lending in the event of future crises.

â¿¿ BRITAIN-PRUDENTIAL â¿¿ Britain's financial services regulator has fined insurer Prudential 30 million pounds (45.5 million) and censured its CEO over its handling of a failed bid to acquire rival AIA in 2010.

â¿¿ BRITAIN-FOOD STAMPS â¿¿ Local governments in Britain plan to scrap cash loans and instead issue vouchers for food and other essentials to the poor.

â¿¿ PHILIPPINES-CREDIT RATINGâ¿¿ Credit rating agency Fitch Ratings gives the Philippines its first-ever investment grade, allowing the Southeast Asian nation greater access to low-cost funds.

â¿¿ CHINA-EARNS-ICBCâ¿¿ ICBC, China's biggest state-owned commercial lender, posted slower profit growth last year as the economy slowed and the government reformed interest rates.


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