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By Bill Rigby SEATTLE (Reuters) - Microsoft Corp said it aims to get its loss-making Nokia phone unit to break even within two years, helping its stock rise in after-hours trade. Microsoft's chief financial officer said in a call with analysts that the company plans to take $1 billion in costs out of the Nokia operation and stop its losses by fiscal 2016 - which ends in June 2016 - following massive job cuts announced last week. "The expense guidance around Nokia was much better than feared," said Daniel Ives, an analyst at FBR Capital Markets. "While there is still some heavy lifting ahead, it appears brighter days are on the horizon for Microsoft after a decade of pain and frustration." Microsoft shares hit new 14-year highs over the past week, and were up 1.1 percent at $45.33 after hours.

ATLANTA (AP) — Businessman David Perdue has defeated longtime Rep. Jack Kingston in the Republican runoff for Georgia's U.S. Senate nomination, setting up a matchup against Democratic nominee Michelle Nunn that will help determine which party controls the Senate for the final years of the Obama administration.

By Nidal al-Mughrabi and Dan Williams GAZA/JERUSALEM (Reuters) - The Palestinian decision-making body led by U.S.-backed President Mahmoud Abbas on Wednesday endorsed demands by Hamas for halting Gaza hostilities with Israel, a closing of ranks that may help Egyptian-mediated truce efforts. With Israeli and U.S. encouragement, Egypt has tried to get both sides to hold fire and then negotiate terms for protracted calm in the Palestinian enclave where officials said 624 people, mostly civilians, have been killed in 15 days of fighting. Hamas, the Gaza Strip's dominant Islamists, and other armed factions had baulked at Cairo's offer, saying they wanted assurances of relief from an Israeli-Egyptian blockade and other concessions. The dispute was further complicated by distrust between Egypt under President Abdel Fattah al-Sisi and Hamas.