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US consumer products giant Procter & Gamble Tuesday reported a sharp drop in quarterly earnings and warned of a tough year due to the strengthening dollar. P&G, which sells Bounty paper towels, Gillette razors and other consumer staples, said second-quarter earnings were $2.4 billion, down about 31 percent from last year. P&G's net sales dropped four percent in raw dollars. "The October-December 2014 quarter was a challenging one with unprecedented currency devaluations," said P&G chief executive A.G. Lafley.
WASHINGTON (AP) — The Kurdish recapture of Kobani in northern Syria appears to have provided a blueprint for defeating the Islamic State, bringing together U.S. air power with an effective ground force and protected routes for the movement of fighters and weaponry. Taking back the key Iraqi city of Mosul may be an entirely different matter.