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UPDATE 2-IBM revenue misses as server, software sales slow

IBM Corp reported a bigger-than-expected drop in revenue on Tuesday, hit by slowing software sales and wavering demand for mainframe servers, pointing to a bumpy recovery for the technology services giant that is in the midst of a turnaround.

Vale expects to devote EBITDA to dividends, acquisitions

Brazilian iron ore miner Vale said on Tuesday that it plans to use its cash flow cautiously going forward, devoting about 30 percent of its earnings before interest, taxes, depreciation and amortization (EBITDA) to regular dividends.