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washingtonpost.com - Business
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Bargains by the Beach
Posted: July 4th, 2009, 12:00am EDT by Jonathan Starkey
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Rich and Debbie Sulkovsky of Herndon had been looking for months for a place near the ocean when they saw a yellow house with green shutters in a creek-front community not far from Rehoboth Beach.
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Landfill Worries Cloud Hope for New Orleans Gardens
Posted: July 4th, 2009, 12:00am EDT by Kari Lydersen
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Urban gardens were key to helping New Orleans's Vietnamese population return and reestablish their close-knit community just weeks after Hurricane Katrina.
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Advocacy Groups Should Halt Attacks on Moderate Democrats, Obama Says
Posted: July 4th, 2009, 12:00am EDT by Ceci Connolly
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President Obama, strategizing yesterday with congressional leaders about health-care reform, complained that liberal advocacy groups ought to drop their attacks on Democratic lawmakers and devote their energy to promoting passage of comprehensive legislation.
NYT > Business
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Back to Business: For Banks, Wads of Cash and Loads of Trouble
Posted: July 3rd, 2009, 11:36pm EDT by By ERIC LIPTON and ANDREW MARTIN
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Once flush with cash, Security Bank in Macon, Ga., built a sprawling new headquarters. As the bank struggles to survive, the office is empty and in need of a tenant.Bulk deposits from brokers, known as hot money, fueled growth at smaller banks across the country, but also led some to the brink, and beyond.
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British Study Madoff Payments to Austrian Banker
Posted: July 3rd, 2009, 11:34pm EDT by By JULIA WERDIGIER
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Prosecutors are investigating reports that companies owned by the banker, Sonja Kohn, received more than $40 million.
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Talking Business: Ire at Madoff Swings Toward the Referee
Posted: July 3rd, 2009, 11:30pm EDT by By JOE NOCERA
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Ever since the scandal broke, many victims have felt aggrieved at the process itself, directing their anger at a lawyer caught in a no-win situation.
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The Media Equation: A Publisher Stumbles Publicly at the Post
Posted: July 3rd, 2009, 11:29pm EDT by By DAVID CARR
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Katharine Weymouth, the publisher of The Washington Post, has drawn criticism for a plan to hold sponsored salons at her home.
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For Australian Winemakers, More Turns Out to Be Less
Posted: July 3rd, 2009, 11:22pm EDT by By MERAIAH FOLEY
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Australian winemakers are selling more wine but making less money per bottle.
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Europe Tests Banks, and Worries
Posted: July 3rd, 2009, 10:47pm EDT by By MATTHEW SALTMARSH
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Germany and Spain are reluctant to publish the results, but other nations favor releasing an overview of the data.
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Winner of Lunch With Warren Buffett Gets a Windfall
Posted: July 3rd, 2009, 10:41pm EDT by By DAVID BARBOZA
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A Chinese businessman mentioned a Chinese company ahead of a meeting with Warren Buffett, and watched the shares soar.
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European Union Proposes to Police Derivatives Trading
Posted: July 3rd, 2009, 10:41pm EDT by By BLOOMBERG NEWS
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The European Commission said moving trades onto exchanges would improve price transparency and strengthen risk management.
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Internet Companies and Ad Agencies Go From Old Enemies to New Friends
Posted: July 3rd, 2009, 9:58pm EDT by By ERIC PFANNER
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The slowing growth in online advertising is pushing traditional ad agencies and Internet companies to work together.
Yahoo! News: Business
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Stanford clients sue insurance broker Willis Group (Reuters)
Posted: July 3rd, 2009, 4:48pm EDT
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Reuters - Several Mexican clients of Stanford Financial Group have sued insurance broker Willis Group Holdings Ltd , contending it was a willing participant in a $7 billion fraud at the Texas-based investment company.
NYT > Business
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Your Money: A Day to Tackle the Financial To-Do List
Posted: July 3rd, 2009, 3:14pm EDT by By RON LIEBER
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Taking time, 10 or 12 hours, to tackle ever-postponed money tasks and clear the books can be lucrative.
Yahoo! News: Business
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Dollar status unlikely to be in G8 communique: G8 source (Reuters)
Posted: July 3rd, 2009, 2:13pm EDT
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Reuters - The dollar's status as the top global reserve currency is unlikely to be mentioned explicitly in the final communique at next week's Group of Eight summit, a European G8 source involved in preparations for the meeting said on Friday. -
Teck to sell 17 percent stake to China for C$1.7 billion (Reuters)
Posted: July 3rd, 2009, 1:39pm EDT
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Reuters - Teck Resources (TCKb.TO) said on Friday it will sell a 17.2 percent equity stake to state-owned China Investment Corp in a deal that will help the Canadian miner pay down its debt while expanding China's portfolio of commodity investments.
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Medici lawyer says Kohn didn't get Madoff payments (Reuters)
Posted: July 3rd, 2009, 1:17pm EDT
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Reuters - Austrian fund manager Sonja Kohn did not receive any kickbacks from Bernard Madoff to steer Bank Medici customer funds to the swindler's investment business, a Medici lawyer said on Friday. -
Dollar climbs after poor European retail sales (AFP)
Posted: July 3rd, 2009, 12:38pm EDT
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AFP - The dollar climbed against the euro Friday after eurozone retail figures slipped back into a rut and as fresh worries about the health of the US economy supported the "safe-haven" greenback.
NYT > Business
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A Subdued Trading Day in Asia and Europe
Posted: July 3rd, 2009, 11:26am EDT by By BETTINA WASSENER
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Trading has been subdued as the United States has a day off and many in London focused on the Wimbledon tennis semifinals.
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Shortcuts: Raising Children Who Care in Times That Need It
Posted: July 3rd, 2009, 10:34am EDT by By ALINA TUGEND
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Philanthropy is not only for the wealthy. You can bring children into the fold by letting them figure out how they would like to contribute.
Yahoo! News: Business
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Major nations should back dollar as key currency: Japan (Reuters)
Posted: July 3rd, 2009, 10:31am EDT
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Reuters - Major countries should support the dollar as the key international currency, although emerging nations may discuss a new global reserve currency on the sidelines of the G8 summit next week, a Japanese official said on Friday.
NYT > Business
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Unauthorized Trades Cost London Oil Broker Millions
Posted: July 3rd, 2009, 10:24am EDT by By JULIA WERDIGIER
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An employee at the London oil broker made the transactions, which also contributed to a spike in prices.
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Patient Money: Weight Loss on a Sliding Financial Scale
Posted: July 3rd, 2009, 10:17am EDT by By LESLEY ALDERMAN
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A dieter’s commitment to weight loss can sometimes be linked to how much money he or she is willing to spend.
Yahoo! News: Business
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China moves on Opel with BAIC bid (Reuters)
Posted: July 3rd, 2009, 10:15am EDT
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Reuters - A Chinese automaker has offered to buy a stake in General Motors unit Opel, challenging a deal from Canadian auto parts supplier Magna, sources said on Friday.
NYT > Business
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Neighbor’s Shadow Still Large in Slovakia
Posted: July 3rd, 2009, 9:35am EDT by By DAN BILEFSKY
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Slovakia still exudes uncertainty 16 years after its “velvet divorce” from the Czech Republic.
Yahoo! News: Business
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Oil brokerage PVM names rogue trader behind oil spike (Reuters)
Posted: July 3rd, 2009, 8:40am EDT
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Reuters - PVM Oil Futures Limited said on Friday Steve Perkins, a senior broker based at the firm's London office, was responsible for unauthorized trades earlier this week which landed the firm with a loss of nearly $10 million.
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Global stocks dip as investors cautious on recovery (Reuters)
Posted: July 3rd, 2009, 7:22am EDT
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Reuters - World stocks fell on Friday after a disappointing U.S. jobs report and a sluggish euro zone services sector survey reinforced expectations that the process of recovery in the global economy would be long and slow.
NYT > Business
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Coffers Empty, California Pays With I.O.U.’s
Posted: July 3rd, 2009, 3:04am EDT by By JENNIFER STEINHAUER
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Vendors and taxpayers awaiting refunds will get i.o.u.’s as the governor and state lawmakers continue to wrangle over how to close a $27 billion budget gap.
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Pay-for-Chat Plan Falls Flat at Washington Post
Posted: July 3rd, 2009, 2:59am EDT by By RICHARD PÉREZ-PEÑA
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A plan to bring editors and lobbyists to the publisher’s home brought a critical reaction from the newsroom.
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Joblessness Hits 9.5%, Deflating Recovery Hopes
Posted: July 3rd, 2009, 2:44am EDT by By PETER S. GOODMAN
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The pace of job losses quickened last month with the American economy shedding 467,000 jobs, as unemployment rose to its highest level in 26 years.
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Green Power Takes Root in the Chinese Desert
Posted: July 3rd, 2009, 2:36am EDT by By KEITH BRADSHER
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Beijing is steering a push toward wind and solar power, while the U.S. is just starting.
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Combative Union Leader Steps From the Shadows
Posted: July 3rd, 2009, 2:09am EDT by By STEVEN GREENHOUSE
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Richard Trumka, who is running to become the next president of the A.F.L.-C.I.O., is expected to bring a more combative style to Big Labor.
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Transcript Service Sues Congressional Quarterly
Posted: July 3rd, 2009, 1:36am EDT by By REUTERS
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A transcript service accuses Congressional Quarterly of corporate espionage and theft of information.
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Exelon Makes a Higher Offer in Its Long Pursuit of NRG
Posted: July 3rd, 2009, 1:31am EDT by By PETER EDMONSTON
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Exelon raised its bid for NRG to $7.43 billion, citing cost savings and NRG’s recent acquisition of Reliant Energy’s retail business.
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F.D.I.C. Closes Seven More Banks
Posted: July 3rd, 2009, 1:28am EDT by By THE ASSOCIATED PRESS
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Six Illinois banks and one bank in Texas were closed by federal regulators on Thursday.
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U.S. Gets Tough on Funds Trying to Buy Failed Banks
Posted: July 3rd, 2009, 1:27am EDT by By EDMUND L. ANDREWS
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Under new rules, private equity funds buying failed banks at bargain prices will need three times as much capital as solvent banks.
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Markets in China Fly High Once More
Posted: July 3rd, 2009, 1:25am EDT by By DAVID BARBOZA
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In a rise reminiscent of an earlier expansion, before the bubble burst in 2008, the Shanghai composite index is up 68 percent so far this year.
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In Drive for Wind Power, Man Who Led Coal Plant Seeks Atonement
Posted: July 3rd, 2009, 1:25am EDT by By KEITH BRADSHER
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Min Deqing says he delayed installing pollution controls at his coal plant, and hopes to redeem himself by promoting clean energy.
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Senator Grassley Asks Aetna About Limited Health Policy
Posted: July 3rd, 2009, 1:23am EDT by By REED ABELSON
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The Iowa Republican is seeking details about insurance the company sold to a man in Texas that left him owing nearly $200,000 in medical bills.
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Sanofi Drug for Heart Rhythm Disorder Is Approved
Posted: July 3rd, 2009, 1:22am EDT by By DUFF WILSON
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Sanofi plans to begin marketing Multaq, generically known as dronedarone, in the United States this summer.
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Johnson & Johnson Buys Access to an Alzheimer’s Drug
Posted: July 3rd, 2009, 1:21am EDT by By DAVID JOLLY
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The American health care giant will pay $1 billion to the Irish drug maker Elan to gain access to Alzheimer’s disease treatments.
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Factory Orders Rise for Third Time in Four Months
Posted: July 3rd, 2009, 1:19am EDT by By BLOOMBERG NEWS
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A bleak jobs report somewhat offsets a moderating trend in manufacturing.
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Europe Releases $1.7 Billion to Ailing Latvia
Posted: July 3rd, 2009, 1:17am EDT by By DAVID JOLLY
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The European Commission said that it would unblock the funds to help the Baltic nation head off a collapse of its economy and maintain its currency link to the euro.
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Chicago Computer Problem Stalls United Airlines Flights
Posted: July 3rd, 2009, 1:16am EDT by By ANAHAD O’CONNOR
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United Airlines struggled to repair a computer problem at O’Hare International Airport in Chicago, causing delays that rippled across the country.
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S.E.C. May Reinstate Rules for Short-Selling Stocks
Posted: July 3rd, 2009, 1:12am EDT by By GERRY SHIH
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They have been reviled as the bad hats of Wall Street, nefarious traders who cashed in on the market collapse and, some insist, helped precipitate it.
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Weekend Decision Is Possible in G.M. Sale
Posted: July 3rd, 2009, 12:17am EDT by By MICHAEL J. de la MERCED
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Lawyers for creditors opposing the G.M. bankruptcy plan say the government’s July 10 deadline is “not credible.”
washingtonpost.com - Business
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Stocks Fall as Jobs Report Dampens Recovery Hopes
Posted: July 3rd, 2009, 12:00am EDT by Renae Merle
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Wall Street closed the week with a sharp decline yesterday after a weak labor report stoked investor concerns of a prolonged recession.
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In Pakistan, Generations of Brickmakers See Few Changes
Posted: July 3rd, 2009, 12:00am EDT by Pamela Constable
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TARLAHI, Pakistan -- At the end of a village road, behind a grassy bluff, lies a hidden valley carpeted with thick red dust and canyoned with craggy mounds of earth. At the bottom, clay-colored figures squat barefoot all day, shaping balls of mud into bricks. In the distance, a dozen scattered...
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New White House Office to Redefine Urban Policy
Posted: July 3rd, 2009, 12:00am EDT by Robin Shulman
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NEW YORK -- Once upon a time, when cities were poor and suburbs were rich, "urban policy" meant programs to alleviate poverty.
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Obama, Party Tout Lower Figure for Health Reform
Posted: July 3rd, 2009, 12:00am EDT by Ceci Connolly
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Senate Democrats and President Obama, trying to assuage fears about the cost of health reform, yesterday touted new estimates that put the price tag for one bill at $611 billion over the next decade.
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FTC Urged to Require Liability Warnings on Chryslers
Posted: July 3rd, 2009, 12:00am EDT by Kendra Marr
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Consumer groups petitioned the Federal Trade Commission yesterday to require that Chrysler vehicles display stickers warning prospective buyers of liability risks.
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What 'Organic' Really Means Under the Law
Posted: July 3rd, 2009, 12:00am EDT by Post
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What "organic" really means under federal law: "100 Percent Organic" products must show an ingredient list, the name and address of the handler (bottler, distributor, importer, manufacturer, packer, processor) of the finished product, and the name and seal of the organic certifier. These products...
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Integrity of Federal 'Organic' Label Questioned
Posted: July 3rd, 2009, 12:00am EDT by Kimberly Kindy and Lyndsey Layton
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Three years ago, U.S. Department of Agriculture employees determined that synthetic additives in organic baby formula violated federal standards and should be banned from a product carrying the federal organic label. Today the same additives, purported to boost brainpower and vision, can be found...
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DHS Cybersecurity Plan Will Involve NSA, Telecoms
Posted: July 3rd, 2009, 12:00am EDT by Ellen Nakashima
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The Obama administration will proceed with a Bush-era plan to use National Security Agency assistance in screening government computer traffic on private-sector networks, with AT&T as the likely test site, according to three current and former government officials.
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Job Losses Dampen Hopes for Economic Recovery
Posted: July 3rd, 2009, 12:00am EDT by Neil Irwin
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Mounting job losses rattled hopes yesterday that the economy is on track to grow later this year, showing that prospects for American workers are terrible -- and still getting worse.
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U.S. Joins Whistleblower Suit Alleging SAIC Rigged Contract
Posted: July 3rd, 2009, 12:00am EDT by Amit R. Paley
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SAIC, one of the Pentagon's largest contractors, conspired with federal officials to rig a $3.2 billion technology contract and tried to cover up the scheme by destroying documents and electronic records, federal prosecutors said in newly unsealed court documents.
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Alexandria's Landmark Mall Languishes as General Growth Properties Struggles
Posted: July 3rd, 2009, 12:00am EDT by Ylan Q. Mui
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This is what a dying mall looks like: Long stretches of vacant storefronts and blank walls. A department store with empty shelves preparing to shut down for good. A little boy running around the children's play area alone.
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GM Bondholders Try to Block Firm's Sale
Posted: July 3rd, 2009, 12:00am EDT by Tomoeh Murakami Tse
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NEW YORK, July 2 -- One of the main challengers to the proposed sale of General Motors on Thursday urged a federal bankruptcy judge to act as a check on an "overbearing" government and reject the restructuring plan pursued by the Obama administration.
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Featured Advertiser
Posted: July 3rd, 2009, 12:00am EDT
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NYT > Business
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Bank and Film Financing Company Agree to Dismiss Lawsuits
Posted: July 2nd, 2009, 11:14pm EDT by By REUTERS
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Citigroup and Relativity Media filed lawsuits against each other in November over a five-year, $550 million film deal involving Sony Pictures.
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Marshals Take Control of Madoff Apartment
Posted: July 2nd, 2009, 10:57pm EDT by By BLOOMBERG NEWS
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Federal marshals took possession of the $7 million Manhattan apartment of the disgraced financier Bernard L. Madoff, an action that has forced his wife to move.
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Europe’s Central Bank Holds Rate Steady
Posted: July 2nd, 2009, 10:56pm EDT by By MATTHEW SALTMARSH
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Having lowered its main refinancing rate to 1 percent, the bank appears to have adopted a wait-and-see approach to additional stimulus.
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U.S. Inquiry Is Confirmed Into Google Books Deal
Posted: July 2nd, 2009, 10:45pm EDT by By MIGUEL HELFT
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The Justice Department confirmed it was conducting an antitrust investigation into a settlement of a class action between Google and groups representing authors and publishers.
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Merkin’s Lawyers Say He Invested Openly With Madoff
Posted: July 2nd, 2009, 10:05pm EDT by By BLOOMBERG NEWS
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The financier is seeking dismissal of a lawsuit accusing him of operating a secret feeder fund to a Ponzi scheme.
Yahoo! News: Business
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Web retailers, states tussle over tax rules (AP)
Posted: July 2nd, 2009, 9:07pm EDT
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AP - In a big break for online shoppers, Web retailers generally don't have to charge sales taxes in states where they lack a store or some other physical presence. -
Earnings to set tone for stocks in week ahead (Reuters)
Posted: July 2nd, 2009, 7:02pm EDT
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Reuters - With Wall Street stuck in a range since May, the start of second-quarter earnings season next week could prove to be a decisive factor for determining how much faith investors should have in an economic recovery.
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World stocks slip before U.S. jobs report (Reuters)
Posted: July 2nd, 2009, 4:08am EDT
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Reuters - World stocks slipped from the previous day's two-week high while the dollar rose broadly on Thursday as investors looked to a closely-watched U.S. employment report to gauge the state of economic recovery.
NYT > Business
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Crabtree & Evelyn Files for Bankruptcy Protection
Posted: July 2nd, 2009, 4:05am EDT by By REUTERS
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The retailer’s soaps and other scented products, sold mostly in malls, are moving more slowly in a recession.
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James Frey and Co-Writer Sell Series to HarperCollins
Posted: July 2nd, 2009, 4:00am EDT by By MOTOKO RICH
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The first book is about a group of alien teenagers who hide on earth after their planet is attacked by hostile invaders.
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Breakingviews.com: Beware of Rallies in Uneasy Times
Posted: July 2nd, 2009, 3:59am EDT by By EDWARD HADAS and ROBERT CYRAN
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Investors should hope for a boring stretch in the markets. Until the fundamentals improve, more excitement could be dangerous.
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Finding Debt a Bigger Hurdle Than Bar Exam
Posted: July 2nd, 2009, 3:49am EDT by By JONATHAN D. GLATER
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Robert Bowman, an aspiring lawyer, was refused entry to the New York bar because of $400,000 in student debt.
Yahoo! News: Business
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Beijing Automotive plans Opel bid: report (Reuters)
Posted: July 2nd, 2009, 3:31am EDT
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Reuters - Beijing Automotive Industry Holding Co plans to present a detailed bid for General Motors Corp's Opel unit in Europe within the next few days, The Wall Street Journal reported, citing a person familiar with the matter.
NYT > Business
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Bank Fees Rise as Lenders Try to Offset Losses
Posted: July 2nd, 2009, 2:32am EDT by By ERIC DASH
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Some institutions quietly and creatively charge people more to save and spend their own money.
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Phone Smart: A Convenient Way to Track Your Struggling Investments
Posted: July 2nd, 2009, 2:12am EDT by By BOB TEDESCHI
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E*Trade’s mobile application lets you buy and sell stock with ease, while Bank of America’s application provides a basic way to keep an eye on your bank accounts.
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Official Calls for British Banks to Shrink
Posted: July 2nd, 2009, 2:00am EDT by By THE NEW YORK TIMES
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Neelie Kroes, the European competition commissioner, says the Royal Bank of Scotland and the Lloyds Banking Group should sell some assets and reduce liabilities.
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Facebook to Offer New Features to Allow Users to Control Privacy of Information
Posted: July 2nd, 2009, 1:55am EDT by By JENNA WORTHAM
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The company is testing new controls that will allow members to specify which groups or individuals are able to see each text update, photo or video they post on the site.
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Gizmodo, Engadget, and Now GDGT
Posted: July 2nd, 2009, 1:55am EDT by By BRAD STONE
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The creator of two successful Web sites that catered to fans of electronic equipment like cameras and cellphones is helping to start a third, featuring reviews written by consumers.
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A Day With 400 Tweets Starts With Simplicity
Posted: July 2nd, 2009, 1:54am EDT by By PAUL BOUTIN
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Users who are always on the Internet share advice for streamlining your Web habits.
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Advertising: Industry Tightens Its Standards for Tracking Web Surfers
Posted: July 2nd, 2009, 1:53am EDT by By STEPHANIE CLIFFORD
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Before the government steps in, a group of advertisers is announcing a set of stricter rules for the data collected on consumers when they surf the Web or shop online.
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Pension Funds to Lead Suit Against Bank
Posted: July 2nd, 2009, 1:52am EDT by By REUTERS
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Investors in the class-action lawsuit say the bank misled them about Merrill Lynch’s health ahead of the banks’ merger.
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F.D.I.C. to Issue Rules for Private Equity Deals
Posted: July 2nd, 2009, 1:51am EDT by By EDMUND L. ANDREWS
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The agency plans to make it slightly easier for private equity firms to buy failed banks, but require them to provide support if the banks get into trouble.
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Liquor Company Beats Forecasts
Posted: July 2nd, 2009, 1:50am EDT by By REUTERS
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Constellation Brands, the wine and spirits company, is working to remain competitive as customers battling a recession turn to cheaper drinks.
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Beazer Homes Reaches Deal on Fraud Charges
Posted: July 2nd, 2009, 1:50am EDT by By DIANA B. HENRIQUES
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Federal prosecutors filed fraud conspiracy charges against Beazer Homes but agreed to dismiss them if the firm accepts responsibility for certain wrongdoing and pays millions to victims.
Yahoo! News: Business
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SEC lawyer raised alarm about Madoff: report (Reuters)
Posted: July 2nd, 2009, 1:48am EDT
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Reuters - A U.S. Securities and Exchange Commission lawyer warned about irregularities at Bernard Madoff's financial management firm as far back as 2004, The Washington Post reported on Thursday, citing agency documents and sources familiar with the investigation.
NYT > Business
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Risk Cuts at Morgan May Lead to a Loss
Posted: July 2nd, 2009, 1:42am EDT by By LOUISE STORY
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Late last year, after the financial crisis, Morgan Stanley made a decision that its biggest rivals avoided: burned by the crisis, it would take far fewer risks in its trading.
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State of the Art: A Router So Complete, and Vexing
Posted: July 2nd, 2009, 1:40am EDT by By DAVID POGUE
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From D-Link comes a device that offers virtually every home router feature you can think of, and then some. Too bad it’s so user-unfriendly.
washingtonpost.com - Business
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SEC Moves to Make Companies More Accountable to Shareholders
Posted: July 2nd, 2009, 12:00am EDT by Zachary A. Goldfarb
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The Securities and Exchange Commission yesterday announced steps to give shareholders new powers to shape corporate boards as well as more information about how companies pick their directors and pay their management.
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The Color of Money: Michael Jackson's Money Woes and the Dangers of Entitlement
Posted: July 2nd, 2009, 12:00am EDT by Michelle Singletary
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Long before his death, we heard more about Michael Jackson's financial troubles than his incredible music. The singer was reportedly more than $300 million in debt.
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Biden Announces $4 Billion in Grants and Loans in First Round of Funding for Broadband Expansion
Posted: July 2nd, 2009, 12:00am EDT by Cecilia Kang
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Vice President Biden yesterday announced guidelines for $4 billion in stimulus funds to expand high-speed Internet access across the nation, jump-starting a program that has been criticized for taking too long to get off the ground.
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Featured Advertiser
Posted: July 2nd, 2009, 12:00am EDT
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GM Says Approval of Restructuring Is Urgent
Posted: July 2nd, 2009, 12:00am EDT by Tomoeh Murakami Tse
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NEW YORK, July 1 -- General Motors mounted a final push for its historic restructuring plan, arguing before a federal bankruptcy judge Wednesday that the U.S. government would cut off funding -- in effect risking liquidation of the automaker -- unless it won quick approval for the turnaround prop...
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SEC Investigator Raised Madoff Concerns Years Ago, Was Asked to Look Elsewhere
Posted: July 2nd, 2009, 12:00am EDT by Zachary A. Goldfarb
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An investigator at the Securities and Exchange Commission warned superiors as far back as 2004 about irregularities at Bernard L. Madoff's financial management firm, but she was told to focus on an unrelated matter, according to agency documents and sources familiar with the investigation.
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Credit Card Issuers Raising Rates, Fees Ahead of New Law
Posted: July 2nd, 2009, 12:00am EDT by Nancy Trejos
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Credit card companies are raising interest rates and fees seven months before new rules go into effect that will limit their ability do so, much to the irritation of Congress and consumer advocates.
Yahoo! News: Business
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Treasury to name up to 9 managers for toxic-asset plan: source (Reuters)
Posted: July 1st, 2009, 11:20pm EDT
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Reuters - The Treasury Department is expected to name as many as nine fund managers to operate the long-awaited Public-Private Investment Program (PPIP) to cleanse banks of toxic assets, a person familiar with the plan said on Wednesday.
NYT > Business
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Lear, the Auto Parts Maker, to File for Chapter 11
Posted: July 1st, 2009, 6:09pm EDT by By REUTERS
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The maker of car seats, the Lear Corporation, said it would file for bankruptcy protection and that it had obtained $500 million in bankruptcy financing.
Yahoo! News: Business
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Fannie, Freddie ease terms for mortgage refinance (Reuters)
Posted: July 1st, 2009, 5:57pm EDT
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Reuters - The Obama administration on Wednesday expanded its foreclosure prevention efforts to help a greater number of underwater homeowners refinance their mortgages.
NYT > Business
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Suicide Warnings for 2 Anti-Smoking Drugs
Posted: July 1st, 2009, 5:55pm EDT by By GARDINER HARRIS
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Federal drug regulators warned that patients should be watched closely for signs of serious mental illness.
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Muted Recovery Seen in Asia, With a Long Way to Go
Posted: July 1st, 2009, 5:52pm EDT by By BETTINA WASSENER
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In Japan, the closely watched Tankan survey of big manufacturers bounced back from a record low it hit in March, coming in at minus 48 in its June survey.
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Stanford Executive to Plead Guilty, Lawyer Says
Posted: July 1st, 2009, 5:40pm EDT by By CLIFFORD KRAUSS
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James Davis, the main lieutenant to R. Allen Stanford, plans to plead guilty to fraud and conspiracy after reaching a deal to cooperate against the Texas billionaire, his lawyer said.
Yahoo! News: Business
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Wall St gains on recovery hopes, but job data looms (Reuters)
Posted: July 1st, 2009, 5:33pm EDT
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Reuters - Stocks rose on Wednesday, the start of the third quarter, as reassuring manufacturing data from China, Europe and the United States reinforced hopes that the world's economy is on the road to recovery.