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Business News

• Cisco beats estimates with 2Q earnings, sales (AP)
  AP - Cisco, the world's largest maker of computer networking equipment, on Wednesday said that its net income jumped 44 percent in the latest quarter as it continues to put last year's slump behind it. […]
• GOP targets child tax break for illegal immigrants (AP)
  AP - Republicans are looking to deny child tax credits to illegal immigrants — refund checks averaging $1,800 a family — in an effort that has roused anger among Hispanics and some Democratic lawmakers. […]
• Greek austerity talks stall on pension cuts (AP)
  AP - The political leaders backing Greece's coalition government have ended their meeting after seven-and-a-half hours without an agreement on the austerity proposals of the so-called "troika" of bailout creditors — the European Union, the European Central Bank and the International Monetary Fund. […]
• Groupon loss and weak sales clobber shares (Reuters)
  Reuters - Groupon Inc reported a loss on Wednesday as user growth slowed from the breakneck pace of past quarters, potentially signaling consumer fatigue with daily deals and wiping 13 percent off its shares. […]
• BP wins exclusion of emails from oil spill trial (Reuters)
  Reuters - BP Plc won a court order keeping several potentially damaging emails out of a scheduled trial to determine responsibility for the 2010 Gulf of Mexico oil spill. […]
• Cisco Q3 revenue outlook strong after Q2 beat (Reuters)
  Reuters - Network equipment maker Cisco Systems Inc promised further revenue growth after its second quarter results beat estimates, thanks to a restructuring, leading to a dividend increase. […]
• Wall Street ends flat; Cisco gains after the bell (Reuters)
  Reuters - Stocks closed flat in another thinly traded session on Wednesday as Greece remained in a standstill over accepting tough reforms in exchange for a bailout critical to avoiding a chaotic default. […]
• Watchdog fines Ernst & Young $2 million over audits (Reuters)
  Reuters - The watchdog board for corporate auditors on Wednesday said it has imposed a $2 million penalty, its largest fine ever, on accounting and consulting firm Ernst & Young LLP in a settlement involving past audits of Medicis Pharmaceutical Corp. […]
• Greek deal prospects rise, euro ministers to meet (Reuters)
  Reuters - Prospects for a deal on a second international bailout for Greece brightened on Wednesday when euro zone finance ministers were summoned to talks in Brussels while Greek political leaders met to approve a tough new reform and austerity program. […]
• US oil and gas M&A jumps in 2011 (AP)
  AP - Interest in U.S. energy companies spiked in 2011 as buyers clamored for more access to oil-rich layers of North American shale, a consulting and accounting firm said Wednesday. […]