NYT > Business (344 unread)
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DealBook: As Schwartz Exits JPMorgan, What’s Next for Bear’s Former Chief?
Posted: July 31st, 2008, 6:33pm EDT by By DEALBOOK
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Where will Alan D. Schwartz go next, now that the former Bear Stearns chief executive is leaving JPMorgan Chase?
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Star-Ledger Warns of Sale
Posted: July 31st, 2008, 6:09pm EDT by By RICHARD PÉREZ-PEÑA
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The Star-Ledger’s publisher told its staff saying the paper must have 200 non-union workers take buyouts and win concessions from trade unions to stay afloat.
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UBS to Pay Massachusetts $1 Million in Settlement
Posted: July 31st, 2008, 6:05pm EDT by By REUTERS
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The settlement is part of an agreement to settle the state’s investigation into the bank’s sale of auction-rate securities to 17 cities and towns.
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In China, Low-End Industries Give Way to High-Tech
Posted: July 31st, 2008, 5:40pm EDT by By DAVID BARBOZA
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China’s companies are trying to match the world’s biggest companies in power, business and prestige.
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For Stock Exchanges, a Tumble Along With Markets
Posted: July 31st, 2008, 5:35pm EDT by By LOUISE STORY
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The share price of the company that owns the venerable New York Stock Exchange has tumbled even more than the stock market, losing 45 percent of its value this year.
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The Flair of John Thain Is Evident at Merrill
Posted: July 31st, 2008, 5:23pm EDT by By FLOYD NORRIS
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Is the fear that John A. Thain, chief of Merrill Lynch, showed in dumping securities for pennies on the dollar an indication that the stock market bottom has been reached?
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G.D.P. Grows at Tepid 1.9% Pace Despite Stimulus
Posted: July 31st, 2008, 5:19pm EDT by By PETER S. GOODMAN and MICHAEL M. GRYNBAUM
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Stocks dropped sharply as the government reported the economy grew less than expected from April to June and shrank in late 2007.
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Orders for New Planes Delayed by Soaring Fuel Costs
Posted: July 31st, 2008, 5:10pm EDT by By MICHELINE MAYNARD
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Despite a multiyear backlog of airplane orders at both Airbus and Boeing, aircraft manufacturers are seeing troubling signs among their customers.
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Bristol-Myers Offers $4.5 Billion for Rest of ImClone
Posted: July 31st, 2008, 5:05pm EDT by By STEPHANIE SAUL and ANDREW POLLACK
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Bristol-Myers Squibb, the pharmaceutical company, said that it had offered to buy the part of ImClone Systems, the biotechnology company, that it did not already own for $60 a share.
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Medvedev Says Russia Should End Business ‘Nightmares’
Posted: July 31st, 2008, 5:05pm EDT by By CLIFFORD J. LEVY
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The Russian president is pressing ahead with a national plan to combat corruption, noting that business had become infuriated by corrupt bureaucrats.
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Rising Oil Prices Swell Profits at Exxon and Shell
Posted: July 31st, 2008, 4:07pm EDT by By CLIFFORD KRAUSS and JULIA WERDIGIER
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Exxon Mobil reaped $11.68 billion in second-quarter profits, the most ever by an American company, and Royal Dutch Shell also reported a strong quarter.
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Altria Profit Falls 58 Percent
Posted: July 31st, 2008, 3:10pm EDT by By THE ASSOCIATED PRESS
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The company, which spun off the international business in March, said earnings from continuing operations rose 15 percent. It also confirmed its full-year profit forecast.
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GMAC Posts $2.48 Billion Loss on Big Write Downs
Posted: July 31st, 2008, 2:29pm EDT by By REUTERS
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GMAC posted a $2.48 billion loss, as rising gas prices forced write-downs of truck and SUV leases, and losses in its mortgage lending unit soared.
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An Unexpected Profit for Motorola
Posted: July 31st, 2008, 1:46pm EDT by By LAURA M. HOLSON
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Motorola announced better-than-expected earnings, but the company is still plagued by declining revenue and losses in its cellphone unit, which it expects to spin off.
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House Votes to Let FDA Regulate Tobacco
Posted: July 31st, 2008, 1:44pm EDT by By STEPHANIE SAUL
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The House overwhelmingly approved legislation that would give the F.D.A. new power to regulate tobacco products.
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Marathon Profit Falls by Half
Posted: July 31st, 2008, 1:10pm EDT by By THE ASSOCIATED PRESS
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HOUSTON (AP) -- Marathon Oil Corp. said Thursday it may split itself into two separate companies, one focused primarily on exploration and production and the other on refining and marketing.
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MasterCard Posts Loss After AmEx Settlement Charge
Posted: July 31st, 2008, 12:21pm EDT by By THE ASSOCIATED PRESS
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MasterCard said it posted a second-quarter loss because of a charge related to a settlement with rival American Express.
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Goodyear’s Reports Profit
Posted: July 31st, 2008, 12:19pm EDT by By THE ASSOCIATED PRESS
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Goodyear reported record sales in the second quarter, earning $75 million on the strength of international markets and higher-priced tires.
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Revlon Posts Profit
Posted: July 31st, 2008, 12:18pm EDT by By REUTERS
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Revlon reported second-quarter profit that was in line with market estimates, helped by higher shipments of Revlon color cosmetics.
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Profit Declined 21% in Quarter for Unilever
Posted: July 31st, 2008, 11:14am EDT by By THE ASSOCIATED PRESS
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Unilever, the maker of Dove soap, Lipton tea and Ben & Jerry’s ice cream, said net profit fell 21 percent, hurt by a strong euro, higher taxes and restructuring costs.
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Sale of Sundance Channel Lifts CBS in Quarter
Posted: July 31st, 2008, 11:08am EDT by By THE ASSOCIATED PRESS
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The company’s second quarter earnings topped analysts’ estimates, on gains from asset sales amid a weak advertising market.
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A Dance of Environment and Economics in the Everglades
Posted: July 31st, 2008, 10:29am EDT by By DAMIEN CAVE
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In a plan to save the Everglades, Florida officials and a family-run sugar company are seeking a delicate balance.
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Cablevision Posts Drop in Earnings
Posted: July 31st, 2008, 9:59am EDT by By THE ASSOCIATED PRESS
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Cablevision said profits fell 69 percent, but earnings in the year-ago period were boosted by the sale of the company’s stake in a regional sports network.
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Tyco International Profit Tops Expectations
Posted: July 31st, 2008, 9:51am EDT by By REUTERS
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Tyco International reported higher-than-expected profit as operating income increased in each of its five divisions, and the conglomerate raised its full-year forecast.
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Newell Rubbermaid Profit Slips on Charges
Posted: July 31st, 2008, 9:49am EDT by By THE ASSOCIATED PRESS
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Newell Rubbermaid posted a 35 percent drop in profit as restructuring charges and higher raw material costs weighed down results.
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Strong Economy Propels Brazil to World Stage
Posted: July 31st, 2008, 9:41am EDT by By ALEXEI BARRIONUEVO
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Brazil, South America’s largest economy, is finally poised to realize its potential as a global player, economists say.
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China’s Shift on Food Was Key to Trade Impasse
Posted: July 31st, 2008, 9:40am EDT by By STEPHEN CASTLE and KEITH BRADSHER
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The negotiations foundered on the right of developing countries to protect critical agricultural products from competition in exchange for cutting tariffs on imported industrial goods.
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International Paper Earnings Jump
Posted: July 31st, 2008, 9:29am EDT by By THE ASSOCIATED PRESS
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MEMPHIS, Tenn. (AP) -- International Paper says its second-quarter profit jumped 20 percent, beating Wall Street's estimates, as strong international sales helped offset rising raw material costs.
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Kodak Posts Quarterly Profit Fall
Posted: July 31st, 2008, 8:59am EDT by By REUTERS
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Photography company Eastman Kodak said net income fell and sees its 2008 earnings at the lower end of its previous forecast.
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Aetna Profit Rises on Membership
Posted: July 31st, 2008, 8:51am EDT by By THE ASSOCIATED PRESS
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HARTFORD, Conn. (AP)-- Health insurer Aetna says its second-quarter profit rose 6.4 percent on membership growth and a hike in premium rates.
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A Hidden Toll on Employment: Cut to Part Time
Posted: July 31st, 2008, 3:24am EDT by By PETER S. GOODMAN
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The number of Americans who have had their hours chopped is the largest since record keeping began.
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Advertising: A Jeweler Joins Its Friends on MySpace
Posted: July 31st, 2008, 3:15am EDT by By ERIC PFANNER
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Cartier is one of the first luxury brands to hang out its shingle on a social networking site.
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EADS Plans More Cost Cuts as Weak Dollar Hurts Position
Posted: July 31st, 2008, 2:58am EDT by By CAROLINE BROTHERS and DAVID JOLLY
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Under continuing pressure from a sagging dollar, EADS, the parent of the aviation giant Airbus, said that it would extend a restructuring program and step up outsourcing.
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Connecticut Accuses 3 Ratings Firms of Slighting Government Debt
Posted: July 31st, 2008, 2:45am EDT by By VIKAS BAJAJ
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The attorney general of Connecticut accused the nation’s three big ratings firms of systematically underrating debt issued by local and state governments.
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Deutsche Bank’s Writedowns Swell Beyond $11 Billion
Posted: July 31st, 2008, 2:30am EDT by By REUTERS
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Deutsche Bank made a further $3.6 billion of writedowns in the second quarter, taking its bill from the global financial crisis beyond $11 billion.
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Terrible Timing for a Hotel Boom
Posted: July 31st, 2008, 2:26am EDT by By ABHA BHATTARAI and FRED A. BERNSTEIN
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High gasoline prices and a slumping economy have put a damper on leisure and business travel, yet a record number of hotels are opening this year.
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$70 Million Effort Seeks New Safety Net for Workers
Posted: July 31st, 2008, 1:51am EDT by By STEVEN GREENHOUSE
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The Rockefeller Foundation has begun to focus on globalization’s effects closer to home, specifically on the way it has increased economic insecurity for many American workers.
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Delta Redoes Mileage Plan for Its Fliers
Posted: July 31st, 2008, 1:34am EDT by By MICHELINE MAYNARD
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Delta Air Lines introduced a three-tier system that will require as many as 60,000 miles for a last-minute domestic coach ticket.
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Clay T. Whitehead, Guide of Policy That Helped Cable TV, Is Dead at 69
Posted: July 31st, 2008, 1:09am EDT by By DENNIS HEVESI
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Mr. Whitehead laid the groundwork for Open Skies, the policy that led to the creation of the domestic satellite system that brought cable television into millions of American homes.
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Amgen Told to Reword Drug Label
Posted: July 31st, 2008, 1:05am EDT by By ANDREW POLLACK
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The Food and Drug Administration has ordered Amgen to change the labels for its flagship anemia drugs in a way that could further restrict their use in treating patients with cancer.
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Amid Salmonella Case, Food Industry Seems Set to Back Greater Regulation
Posted: July 31st, 2008, 12:38am EDT by By BINA VENKATARAMAN
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Industry leaders are questioning whether the weak produce-tracking rules that many of them once championed are more a curse than a blessing, several food safety experts say.
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Practically Speaking: The Nimble Exploit Little Efficiencies
Posted: July 31st, 2008, 12:38am EDT by By MICKEY MEECE
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Small and midsize businesses that rely on driving to make money are adapting to a volatile energy landscape in different ways.
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German Court Overturns Smoking Bans in 2 States
Posted: July 31st, 2008, 12:22am EDT by By NICHOLAS KULISH
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The Federal Constitutional Court in Karlsruhe found that regional smoking bans discriminated against small one-room bars.
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Nissan Offering Buyouts to Cut About 1,200 Jobs in Tennessee
Posted: July 31st, 2008, 12:21am EDT by By THE ASSOCIATED PRESS
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The automaker said rising fuel prices and the economic downturn have slowed sales of trucks and sport utility vehicles.
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Bush Signs Sweeping Housing Bill
Posted: July 31st, 2008, 12:18am EDT by By DAVID M. HERSZENHORN
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The bill offers protections for the nation’s mortgage finance giants and help for troubled homeowners.
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Fed Extends Emergency Borrowing Program
Posted: July 31st, 2008, 12:17am EDT by By THE ASSOCIATED PRESS
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The program, which allows investment houses to tap the central bank for a quick source of cash, is intended to help ease a tight credit market.
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United Sues Pilots, Saying Job Action Canceled Hundreds of Flights
Posted: July 31st, 2008, 12:17am EDT by By MICHELINE MAYNARD
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United Airlines filed suit in federal court against its pilots’ union, asking it to stop pilots from engaging in slowdowns it said led to the cancellation of hundreds of flights.
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Convictions of Supervisors at Stock Exchange Overturned
Posted: July 30th, 2008, 11:54pm EDT by By THE ASSOCIATED PRESS
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A federal appeals court overturned the securities fraud convictions of two of the floor supervisors, likely to be the final blow to the ill-fated prosecution of 15 New York Stock Exchange specialists.
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House Passes Ban on Lead in Toys
Posted: July 30th, 2008, 11:48pm EDT by By THE ASSOCIATED PRESS
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The House voted overwhelmingly to ban lead and some dangerous chemicals from toys and other items that could end up in children’s mouths.
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Law Firm Seeks Publicity for Société Générale Class-Action Suit
Posted: July 30th, 2008, 11:48pm EDT by By KATRIN BENNHOLD
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American lawyers seeking to bring a class-action lawsuit against the French bank Société Générale over its billions of euros in unexpected losses came to France on Wednesday looking for publicity, and plaintiffs.
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Accounting Board Delays an Asset Rule
Posted: July 30th, 2008, 11:45pm EDT by By FLOYD NORRIS
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The Financial Accounting Standards Board voted unanimously to delay a new accounting rule aimed at forcing banks to put more assets on their balance sheets rather than hide them.
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Advertising: In This Corner, New Products From George Foreman
Posted: July 23rd, 2008, 11:55pm EDT by By STEPHANIE CLIFFORD
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The former boxing champion is out to sell his name once again, pitching more products and starring in a reality series.
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The Energy Challenge: Gassing Up With Garbage
Posted: July 23rd, 2008, 11:54pm EDT by By MATTHEW L. WALD
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After years of false starts, a new industry selling motor fuel made from waste is getting a big push in the U.S., with the first commercial sales possible within months.
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Everything’s Fine! My T-Shirt Says So.
Posted: July 23rd, 2008, 11:48pm EDT by By ERIC WILSON
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Life is good T-shirts have caught on among people who feel the products are spreading a positive message in a troubled world.
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In Settlement, Nokia Will Pay Royalties to Qualcomm
Posted: July 23rd, 2008, 11:44pm EDT by By MATT RICHTEL
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Under the terms of the agreement, Nokia can use all of Qualcomm’s patents in its mobile phones and network equipment, and in return it agreed not to use its patents against Qualcomm.
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Profit at McDonald’s
Posted: July 23rd, 2008, 11:44pm EDT by By THE ASSOCIATED PRESS
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McDonald’s earned $1.19 billion, including a gain from the sale of its stake in the sandwich chain Pret A Manger, solidly topping Wall Street estimates.
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Merger of XM and Sirius Appears Close to Approval
Posted: July 23rd, 2008, 11:42pm EDT by By TIM ARANGO
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F.C.C. approval of the union would end a nearly 18-month government review of a deal that would essentially create a monopoly in satellite radio.
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Health Insurer’s Profit Falls, but Stock Rises
Posted: July 23rd, 2008, 11:40pm EDT by By THE ASSOCIATED PRESS
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The company reported a second-quarter profit of $750.5 million, or $1.44 a share, for the three months that ended June 30. Revenue edged up 3 percent, to $15.67 billion.
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Glaxo, Pfizer and Wyeth Exceed Wall Street’s Expectations
Posted: July 23rd, 2008, 11:39pm EDT by By REUTERS
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Although all three firms face major threats from generic competition, results show that demand for medicines is holding up well at a time of economic downturn.
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Fed Report Says Economy Continued to Slow
Posted: July 23rd, 2008, 11:39pm EDT by By MICHAEL M. GRYNBAUM
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The Fed’s “beige book” report showed that the country slogged through slower economic growth and rising prices during the summer.
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Strong Quarter for Sales at Amazon
Posted: July 23rd, 2008, 11:37pm EDT by By LAURIE J. FLYNN
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The online retailer Amazon.com reported that net income for the second quarter more than doubled on strong sales.
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Kremlin Rules: An Investment Gets Trapped in Kremlin’s Vise
Posted: July 23rd, 2008, 11:37pm EDT by By CLIFFORD J. LEVY
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The fall of one of Russia’s most prominent foreign investors points to the official corruption that afflicts the country.
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House Passes Housing Bill After Bush Says He Will Sign It
Posted: July 23rd, 2008, 11:36pm EDT by By DAVID M. HERSZENHORN
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Citing the need to restore confidence in the mortgage giants Fannie Mae and Freddie Mac, the president said he would set aside his objections to the legislation.
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Complaints Undermine Hip Device
Posted: July 23rd, 2008, 11:34pm EDT by By BARRY MEIER
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Zimmer Holdings, the nation’s biggest producer of orthopedic devices, says it will suspend sales of an artificial hip component that some doctors have complained was failing at a high rate.
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Oil Survey Says Arctic Has Riches
Posted: July 23rd, 2008, 11:31pm EDT by By JAD MOUAWAD
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The Arctic Circle holds enough recoverable oil supplies to meet current world demand for nearly three years, according to a new U.S. Geological Survey forecast.
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State of the Art: Big Sensor A Small Step For Cameras
Posted: July 23rd, 2008, 11:28pm EDT by By DAVID POGUE
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Sigma develops a compact camera with a huge sensor. Let the euphoria begin? Not so fast...
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For Ford, the Road Ahead Is Full of Smaller Cars
Posted: July 23rd, 2008, 11:28pm EDT by By BILL VLASIC
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With gas at $4, Ford is redirecting billions of dollars to build more small cars in a move that Alan R. Mulally, Ford’s chief, hopes will help the automaker thrive, not just survive.
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New Tool From Facebook Extends Its Web Presence
Posted: July 23rd, 2008, 11:24pm EDT by By BRAD STONE
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At its annual conference for developers, the company announced Facebook Connect, a way that other Web sites can integrate parts of Facebook’s service.
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SNY Teams Up With Big East
Posted: July 23rd, 2008, 11:24pm EDT by By RICHARD SANDOMIR
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SportsNet New York will carry Big East football and basketball for the next five years in a deal that gives the conference a major TV presence in the region.
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ConocoPhillips Earnings Set Record, but Lag Forecast
Posted: July 23rd, 2008, 11:11pm EDT by By REUTERS
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The oil company said that profit rose 13 percent from last year, excluding a $4.5 billion charge taken in the year-earlier quarter related to Venezuela’s takeover of Conoco’s operations there.
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Shifting Careers: Venture Financing With a Mission Beyond Profit
Posted: July 23rd, 2008, 11:10pm EDT by By MARCI ALBOHER
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Ray Leach leads a nonprofit called Jumpstart that aims to boost growth in the Cleveland area by providing seed money to promising local ventures.
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Profit at General Dynamics Increases 25%
Posted: July 23rd, 2008, 11:10pm EDT by By REUTERS
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General Dynamics reported a 25 percent rise in quarterly profit on Wednesday, helped by strong sales of its combat systems and business jets.
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Head of Microsoft’s Online Efforts Departs
Posted: July 23rd, 2008, 11:06pm EDT by By STEVE LOHR
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Kevin Johnson’s exit comes as Steven A. Ballmer, Microsoft’s chief executive, is shaking up top-level staff in a bid to improve Microsoft’s Internet search and ad business.
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Delayed Plane Lowers Boeing’s Profit
Posted: July 23rd, 2008, 11:05pm EDT by By REUTERS
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The aircraft maker held to its financial forecasts for this year and next, citing strong global demand for its commercial planes and military equipment.
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Global Growth Helps Improve PepsiCo Results
Posted: July 23rd, 2008, 11:05pm EDT by By THE ASSOCIATED PRESS
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U.S. sales of Pepesico’s soft drinks sagged, but growth in its international and Frito-Lay snack businesses led the company to a 9 percent rise in second-quarter profit.
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Reports Find Errors and Fraud in Small Business Administration Contracts
Posted: July 23rd, 2008, 11:05pm EDT by By ELIZABETH OLSON
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Millions of dollars in federal contracts intended for small businesses reportedly were awarded to companies that had not qualified or had won the contracts fraudulently.
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Earnings Decline at the Times Company
Posted: July 23rd, 2008, 11:05pm EDT by By RICHARD PÉREZ-PEÑA
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Earnings for The New York Times Company were flat after one-time gains, and the company announced price increases for its flagship newspaper.
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Northwest Airlines Reports a $377 Million Loss
Posted: July 23rd, 2008, 11:03pm EDT by By THE ASSOCIATED PRESS
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Northwest Airlines, which plans to cut flights through the end of the year, could shrink more and keep raising fares if fuel prices do not come down, its chief executive said.
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Anheuser’s Profit Rises, Helped by Price Increases
Posted: July 23rd, 2008, 10:59pm EDT by By REUTERS
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Anheuser-Busch, which has agreed to be acquired by a rival Belgian brewery, InBev, reported higher quarterly profit, helped by price increases and sales of Bud Light Lime.
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Hershey Reports Sharply Higher Profit
Posted: July 23rd, 2008, 10:57pm EDT by By THE ASSOCIATED PRESS
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Hershey said it earned $41.5 million, or 18 cents a share, for the three months that ended June 29, compared with last year’s second-quarter profit of $3.6 million, or a penny a share.
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Whirlpool’s Profit Falls, but Beats Expectations
Posted: July 23rd, 2008, 10:57pm EDT by By THE ASSOCIATED PRESS
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Whirlpool said profit in the quarter was $117 million, or $1.53 a share, compared with $161 million, or $2 a share, in the period a year ago.
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Toyota Ahead of G.M. in Auto Sales
Posted: July 23rd, 2008, 9:57pm EDT by By NICK BUNKLEY
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Based on sales for the first half of 2008, Toyota appears to be on its way to surpassing G.M. as the largest automaker.
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Sidney Craig, 76, a Founder of Jenny Craig, Dies
Posted: July 23rd, 2008, 9:35pm EDT by By DENNIS HEVESI
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Craig, with his wife, Genevieve, founded Jenny Craig Inc., a successful weight-loss chain operating 600 centers in four countries.
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Stocks & Bonds: Drop in Oil Prices Helps to Ease Anxiety
Posted: July 23rd, 2008, 9:29pm EDT by By THE ASSOCIATED PRESS
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Stocks advanced for the second consecutive session Wednesday as another decline in oil prices and upbeat profit reports eased Wall Street’s worries about the economy.
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Earnings Rose at AT&T, but Revenue Misses Forecast
Posted: July 23rd, 2008, 8:17pm EDT by By THE ASSOCIATED PRESS
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AT&T said its second-quarter earnings rose 30 percent, but its revenue missed analysts’ estimates.
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EMC Profit Rises on Overseas Growth
Posted: July 23rd, 2008, 6:23pm EDT by By REUTERS
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EMC, the world’s biggest maker of corporate storage equipment, posted higher profit as international sales grew 27 percent and U.S. sales rose 10 percent.
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Auto Parts Maker Warily Embraces Offer From Rival
Posted: July 23rd, 2008, 3:52pm EDT by By CARTER DOUGHERTY
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The German auto parts giant Continental warily embraced a takeover approach from the Schaeffler Group, but it rejected the current offer as inadequate.
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Diesel Owner Adds Viktor & Rolf to Portfolio
Posted: July 23rd, 2008, 2:22pm EDT by By SUZY MENKES
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In a move that makes him the emperor of designer cool, Renzo Rosso, the owner of Diesel and of hip young denim brands, has taken a controlling stake in Viktor & Rolf, the label of the Dutchmen Viktor Horsting and Rolf Snoeren.
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Costco Lowers Outlook, Citing Energy Costs
Posted: July 23rd, 2008, 10:57am EDT by By THE ASSOCIATED PRESS
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The warehouse retailer said its profit would miss Wall Street expectations and that it planned to expand its stock repurchase plan by $1 billion.
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Pricing, Weaker Dollar Lift Philip Morris
Posted: July 23rd, 2008, 10:00am EDT by By THE ASSOCIATED PRESS
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Philip Morris International says net income rose 23 percent to $1.8 billion, boosted by higher prices and a weaker dollar.
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Peabody Profit Jumps, Beats Forecasts
Posted: July 23rd, 2008, 9:40am EDT by By REUTERS
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NEW YORK (Reuters) - Coal producer Peabody Energy Corp said on Wednesday its second-quarter profit more than doubled, easily beating Wall Street forecasts, as soaring global demand drove prices higher.
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Travelers Profit Down Due to Fewer Premiums
Posted: July 23rd, 2008, 9:36am EDT by By THE ASSOCIATED PRESS
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SAINT PAUL, Minn. (AP) -- Property casualty insurer The Travelers Cos. says its second-quarter profit declined as it wrote fewer premiums, took higher catastrophe losses and recorded fewer investment gains.
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To Starbucks, a Closing; To Newark, a Trauma
Posted: July 23rd, 2008, 2:19am EDT by By KAREEM FAHIM
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The planned closing of a Starbucks in Newark pains those who saw it as a welcome sign of normalcy.
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Woes Afflicting Mortgage Giants Raise Loan Rates
Posted: July 23rd, 2008, 1:27am EDT by By VIKAS BAJAJ
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The troubles at Fannie Mae and Freddie Mac could deal another blow to the housing market, as higher interest rates make it harder to refinance existing debts.
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Bank Investors Redefine Bad News
Posted: July 23rd, 2008, 1:20am EDT by By ERIC DASH
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Results that would have once been viewed as disastrous are now seen as good, even great, by some.
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U.S. Offers a Subsidy Concession at Trade Talks
Posted: July 23rd, 2008, 12:53am EDT by By THE ASSOCIATED PRESS
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In global trade talks, the United States offered to cut $1.4 billion more in subsidies to American farmers than in its previous offer.
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A Mortgage Rescue Strains Calculations
Posted: July 23rd, 2008, 12:52am EDT by By DAVID M. HERSZENHORN
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The Congressional Budget Office said a proposed rescue of Fannie Mae and Freddie Mac could appear on the federal budget as a $25 billion cost to taxpayers, but the figure is, at best, a rough estimate.
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Vodafone Cuts Revenue Forecast
Posted: July 23rd, 2008, 12:51am EDT by By DAVID JOLLY
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Vodafone, the world’s largest cellphone operator, said it was cutting its revenue forecast for the year to around $79.6 billion, the lower end of its previous estimate.
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Uprising Against the Ethanol Mandate
Posted: July 23rd, 2008, 12:47am EDT by By DAVID STREITFELD
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The Texas governor is leading a coalition seeking to waive the federal ethanol mandate because of costly grain.
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Building’s Sale at a Loss Reflects Market Travails
Posted: July 23rd, 2008, 12:39am EDT by By TERRY PRISTIN
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The office building at 1372 Broadway is changing hands at a loss of $41 million compared to its sales price a year ago.
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Stocks and Bonds: Stocks Surge as Investors Cheer Drop in Oil Prices
Posted: July 23rd, 2008, 12:30am EDT by By MICHAEL M. GRYNBAUM
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A modest rally on Wall Street accelerated in late trading on Tuesday, as another steep drop in oil prices sent the Dow Jones industrial average surging 135 points to its highest close in a month.
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Schwab Names Chief to Succeed Founder
Posted: July 23rd, 2008, 12:29am EDT by By THE ASSOCIATED PRESS
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The nation’s largest discount brokerage Charles Schwab said that it had appointed Walter W. Bettinger II as president and chief executive, to succeed its founder.
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Profit at U.P.S. Meets Forecast
Posted: July 23rd, 2008, 12:29am EDT by By REUTERS
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United Parcel Service reported profit in line with analysts’ expectations on Tuesday, despite high fuel costs and a weak national economy.
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Nissan Says Electric Cars Will Be Quickly Profitable
Posted: July 23rd, 2008, 12:27am EDT by By NICK BUNKLEY
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The capabilities of Nissan’s electric cars, to be introduced in 2010, will vary by country but none will have range-extending gasoline engines, the company’s chief executive said.
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BP Will Withdraw Its Engineers in Russia
Posted: July 23rd, 2008, 12:27am EDT by By ANDREW E. KRAMER
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BP is fending off a corporate raid by its Russian partners backed by Russian regulatory authorities, part of the strategy of which is to expel expatriate staff members from their joint venture.
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Drug Firm’s Profit Surpasses Estimates
Posted: July 23rd, 2008, 12:27am EDT by By REUTERS
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Biogen Idec reported a higher-than-expected second-quarter profit on Tuesday as sales of its closely watched multiple sclerosis drug Tysabri surged past Wall Street estimates.
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New Law Turns Brown Into Green for New York State
Posted: July 23rd, 2008, 12:27am EDT by By J. ALEX TARQUINIO
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A planned law change would reward developers for undertaking particularly demanding environmental cleanups.
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Speculators Aren’t Driving Up Oil Prices, Report Says
Posted: July 23rd, 2008, 12:25am EDT by By JAD MOUAWAD and DIANA B. HENRIQUES
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A preliminary study by a federal task force concluded that the rise in oil prices over the last five years was “largely due” to rising demand for oil, rather than speculation.
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Prices of Food and Gas Take a Toll in Asia
Posted: July 23rd, 2008, 12:25am EDT by By KEITH BRADSHER
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With large price increases for commonly used commodities, countries like India and Vietnam are already having to deal with double-digit inflation.
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Advertising: Direct Mail Tries to Go Green. No, Really.
Posted: July 23rd, 2008, 12:21am EDT by By CLAUDIA H. DEUTSCH
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A group of direct-marketing companies, along with a handful of their corporate clients, are banding together to make an inherently unsustainable practice at least a little bit greener.
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Talk of Chief’s Health Weighs on Apple’s Share Price
Posted: July 23rd, 2008, 12:19am EDT by By JOHN MARKOFF
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Despite reassurances that he is cancer free four years after he was treated for pancreatic cancer, analysts are worried that Steven P. Jobs might be sick again.
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Earnings at Caterpillar Climb 34%
Posted: July 23rd, 2008, 12:18am EDT by By REUTERS
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The construction and mining equipment company widely beat expectations, as strong growth in emerging economies offset weakness in North America, Western Europe and Japan.
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Lockheed Martin’s Earnings Increase 13%
Posted: July 23rd, 2008, 12:18am EDT by By THE ASSOCIATED PRESS
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Earnings rose as higher sales in its space, electronic systems and information technology units offset a drop in its fighter jet business.
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Veto Seems More Likely in Battle Over Tobacco Bill
Posted: July 23rd, 2008, 12:18am EDT by By STEPHANIE SAUL
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The Bush administration has said it “strongly” opposes the effort to give the Food and Drug Administration regulatory authority over tobacco.
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G.E. and Abu Dhabi Fund Form Financial Partnership
Posted: July 23rd, 2008, 12:11am EDT by By ABHA BHATTARAI
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General Electric said it would partner with Mubadala Development Company, an Abu Dhabi-based sovereign wealth fund, to create an $8 billion commercial finance fund.
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Phone Giants Fight to Keep Subscribers
Posted: July 23rd, 2008, 12:08am EDT by By LAURA M. HOLSON
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Telecommunication companies in the U.S. have to juggle the financial effect of customers dropping their landlines, and increased competition between wireless operators.
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Feeling Powerless, India Blames Oil Speculation
Posted: July 23rd, 2008, 12:02am EDT by By HEATHER TIMMONS
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India’s finance minister, Palaniappan Chidambaram, said speculation in the market was a greater factor in rising oil prices than offer and demand alone.
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Losses Mount, and Airlines Plan Steeper Spending Cuts
Posted: July 22nd, 2008, 11:59pm EDT by By MICHELINE MAYNARD
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Three airlines — U.S. Airways, JetBlue and United — all blamed high jet fuel prices in reporting losses.
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A Private, Blunter Bush Declares, ‘Wall Street Got Drunk’
Posted: July 22nd, 2008, 11:58pm EDT by By SHERYL GAY STOLBERG
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Despite the president’s request that those at a closed fund-raiser turn their cameras off, his comments made their way into the hands of a reporter.
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Yahoo’s Revenue Rises a Bit, but Profit Falls 18%
Posted: July 22nd, 2008, 11:57pm EDT by By MIGUEL HELFT
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Yahoo said that its revenue in the second quarter grew a sluggish 6 percent from the same period a year earlier as profits fell.
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Loss at E*Trade Is Bigger Than Expected
Posted: July 22nd, 2008, 11:45pm EDT by By REUTERS
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E*Trade posted a net loss of $94.6 million, or 19 cents a share, in contrast to a profit of $159.1 million, or 37 cents a share, a year earlier.
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Lexmark Profit Up Despite Lower Sales
Posted: July 22nd, 2008, 11:45pm EDT by By REUTERS
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The company said that its second-quarter net income rose 30 percent from the same period a year earlier while inkjet printer sales fell 49 percent.
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UnitedHealth Beats Wall St. Expectations
Posted: July 22nd, 2008, 11:45pm EDT by By THE ASSOCIATED PRESS
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The UnitedHealth Group beat Wall Street expectations on Tuesday, and its shares rose despite a sharp drop in second-quarter profit.
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Demand Sends AK Steel Profit Up 32%
Posted: July 22nd, 2008, 11:45pm EDT by By THE ASSOCIATED PRESS
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The company reported a jump in second-quarter profit, but said it expected third-quarter shipments to decline and costs were expected to increase.
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SemGroup Files for Bankruptcy
Posted: July 22nd, 2008, 11:26pm EDT by By DOW JONES
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SemGroup, an oil marketing company based in Tulsa, Okla., filed for Chapter 11 bankruptcy protection on Tuesday, brought under by the increasing cost of trading oil in a time of record prices.
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DuPont Is Lifted by Agricultural Sales
Posted: July 22nd, 2008, 11:22pm EDT by By REUTERS
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DuPont posted higher-than-expected earnings as strong demand for its corn and soybean seeds offset weakness in other areas.
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Hoping Two Drugs Carry a Side Effect: Longer Life
Posted: July 21st, 2008, 8:49pm EDT by By NICHOLAS WADE
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Sirtris, a drug company, has two drugs in clinical trials that it hopes will avert degenerative diseases of aging like diabetes, heart disease, cancer and Alzheimer’s.
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TiVo and Amazon Team Up
Posted: July 21st, 2008, 8:47pm EDT by By BRAD STONE
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The two companies want to turn the television remote control into a tool for buying the products being advertised and promoted on commercials and talk shows.
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Stocks & Bonds: Shares Decline Modestly as Oil Prices Rise Again
Posted: July 21st, 2008, 8:47pm EDT by By THE ASSOCIATED PRESS
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Wall Street closed modestly lower on Monday as the price of oil regained ground and investors cashed in some gains from the stock market’s rally last week.
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Hasbro, Reporting a Profit Above Expectations, Says It Will Raise Prices
Posted: July 21st, 2008, 8:47pm EDT by By REUTERS
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The company was helped by sales of toys tied to movies like the latest “Indiana Jones” film, but its shares fell after it said it would raise prices.
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Leading Indicators Fell 0.1% in June
Posted: July 21st, 2008, 8:47pm EDT by By THE ASSOCIATED PRESS
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The index of leading economic indicators slipped 0.1 percent in June as expected, showing that the limping economy is still far from being on the mend.
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Frequent Flier: Chasing the Big Game, All Around the World
Posted: July 21st, 2008, 8:47pm EDT by By JOAN RAYMOND
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One of my personal goals is to see as many major sporting events as is humanly possible before I die. So far my journeys have taken me across the globe.
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Poor Economy Slows Women in Workplace
Posted: July 21st, 2008, 8:46pm EDT by By LOUIS UCHITELLE
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Women in their prime earning years, struggling with an unfriendly economy, are retreating from the work force, either permanently or for long stretches.
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Earnings Fall 44% at Bank of America
Posted: July 21st, 2008, 8:38pm EDT by By ERIC DASH
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Real estate-related losses at the country’s largest retail bank overwhelmed record revenue across its businesses.
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In Reversal, Ford Veers From S.U.V.’s
Posted: July 21st, 2008, 8:34pm EDT by By BILL VLASIC
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The company, which devoted itself for nearly 20 years to pickup trucks and sport-utility vehicles, is about to drastically alter its focus to building more small cars.
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Brocade to Buy Network Firm
Posted: July 21st, 2008, 8:29pm EDT by By REUTERS
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Brocade said the deal was more about growth than cost savings, and that it would provide a broader range of networking technologies to support increasing Web traffic.
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With Offer, Europe Tries to Spur Trade Talks
Posted: July 21st, 2008, 8:23pm EDT by By STEPHEN CASTLE
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The European Union offered to reduce its farm tariffs by 60 percent — the highest figure it has yet offered — in a challenge to developing countries to make concessions.
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PC Sales Help Apple in Quarter
Posted: July 21st, 2008, 8:21pm EDT by By JOHN MARKOFF
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Apple, the third-largest personal computer maker in the United States, continued to benefit from the significant market share gains of its Macintosh computer line.
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Texas Instruments Disappoints And Predicts Weak 3rd Quarter
Posted: July 21st, 2008, 8:18pm EDT by By REUTERS
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The chipmaker posted lower quarterly profit and revenue as growth in analog chips was offset by weakness in its wireless chip business.
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Earnings Decline at Boston Scientific
Posted: July 21st, 2008, 8:00pm EDT by By THE ASSOCIATED PRESS
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The medical device maker said on Monday that its second-quarter was hurt by acquisition, restructuring and other charges.
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Profit Declined 38% at American Express
Posted: July 21st, 2008, 7:46pm EDT by By THE ASSOCIATED PRESS
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The company said it was no longer on track to increase earnings per share by 4 percent to 6 percent this year because the economy has slowed, particularly in June.
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On the Road: Hostility at the Gate Makes for a Wary Crew
Posted: July 21st, 2008, 7:34pm EDT by By JOE SHARKEY
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Even as passengers grimace at each new charge the airlines impose, they have generally been sympathetic toward pilots and flight attendants — until recently.
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Date Is Set for Leno’s ‘Tonight’ Finale
Posted: July 21st, 2008, 7:33pm EDT by By BILL CARTER
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Jay Leno’s last night on the “Tonight” show will be in May of 2009, with Conan O’Brien taking over the show a few days later.
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Putin Orders Restored Oil Flow to Czechs
Posted: July 21st, 2008, 6:40pm EDT by By ANDREW E. KRAMER
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The Czech Republic’s flow of oil from Russia was reduced after the Czechs signed an agreement with the U.S. to base a missile defense radar on their territory.
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Settlement Puts Icahn on Yahoo Board
Posted: July 21st, 2008, 6:39pm EDT by By MIGUEL HELFT
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Yahoo averted a proxy contest with Carl Icahn by agreeing to appoint him and two others to its board.
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Court Throws Out Super Bowl Fine
Posted: July 21st, 2008, 6:38pm EDT by By ANAHAD O'CONNOR
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A court called an F.C.C. fine against CBS over the 2004 Super Bowl halftime show arbitrary and capricious.
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Cholesterol Drug Fails Main Goal in Heart Study
Posted: July 21st, 2008, 5:57pm EDT by By REUTERS
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Merck and Schering-Plough said new test results show that their heart drug Vytorin failed to meet its main goal of improving cardiovascular outcomes.
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Bank Sues Analyst for Defamation
Posted: July 21st, 2008, 4:32pm EDT by By REUTERS
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BankAtlantic said it has sued Richard X. Bove, a prominent banking analyst, accusing him of defamation and negligence over a recently published research report.
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As Travel Costs Rise, More Meetings Go Virtual
Posted: July 21st, 2008, 4:02pm EDT by By STEVE LOHR
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As travel costs rise and airlines cut back service, companies large and small, are rethinking the face-to-face meeting — and business travel as well.
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Roche Offers $43.7 Billion for Rest of Genentech
Posted: July 21st, 2008, 11:20am EDT by By DAVID JOLLY
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The Swiss drug maker Roche Holding said it was offering about $43.7 billion to acquire the 44 percent of Genentech that it did not already own.
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Sports Business: Citigroup Puts Its Money Where Its Name Will Be
Posted: July 20th, 2008, 2:15am EDT by By RICHARD SANDOMIR
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With high name recognition and a place among the world’s banking leaders, Citigroup hardly needed the Citi name plastered on a ballpark.
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Giuliani Firm Plans Real Estate Investment Fund
Posted: July 20th, 2008, 2:01am EDT by By MARC SANTORA
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Entering the real estate market at a time of profound turmoil, Rudolph W. Giuliani’s company is planning an investment fund based on commercial and residential properties.
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Double Edge to Brooklyn’s Success
Posted: July 20th, 2008, 2:00am EDT by By PATRICK McGEEHAN
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Profitable residential development is thwarting the Brooklyn Brewery’s desire to expand while staying in the neighborhood.
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Given a Shovel, Digging Deeper Into Debt
Posted: July 20th, 2008, 1:53am EDT by By GRETCHEN MORGENSON
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Practices that produced record profits for many banks have led millions of Americans to the brink.
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Work Out Problems With Lenders? Try to Find Them
Posted: July 20th, 2008, 1:47am EDT by By GRETCHEN MORGENSON
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Today’s lenders often sell the loans they make to investors, making it nearly impossible for homeowners to discover whom they should contact about a delinquency.
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Western Olympic Ads Cheerlead for China
Posted: July 20th, 2008, 12:41am EDT by By DAVID BARBOZA
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Global corporations are appealing to nationalism in an advertising blitz the likes of which China has never seen.
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The Nation: Too Big to Fail?
Posted: July 19th, 2008, 11:38pm EDT by By PETER S. GOODMAN
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The ultimate reassurance about the national economy: If debt stopped Americans from consuming, the pain would go global.
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The Nation: Whispering With Intent
Posted: July 19th, 2008, 11:28pm EDT by By JONATHAN D. GLATER
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Market chatter is one thing, malign rumor that distorts the market quite another.
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Needing a Star, CNBC Made One
Posted: July 19th, 2008, 10:40pm EDT by By BRIAN STELTER
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Erin Burnett’s meteoric rise is the most recent example of how television networks try to transform fresh-faced hosts into household names.
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Ventures: Landlords, if Only by Accident
Posted: July 19th, 2008, 8:29pm EDT by By VIVIAN MARINO
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The housing market morass has created a new class of real estate investors: the unintentional landlords.
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Career Couch: Another Meeting? Say It Isn’t So
Posted: July 19th, 2008, 8:26pm EDT by By PHYLLIS KORKKI
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You’re expected to attend many meetings at your company, and most of them are a big waste of time. It’s excruciating. Can anything be done?
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The Boss: It’s Clearly Not Retirement
Posted: July 19th, 2008, 8:25pm EDT by By VIKRAM TALWAR; As told to PATRICIA R. OLSEN
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Mr. Talwar is the executive chairman of EXL Service Holdings, a business process outsourcer.
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As Oil Slides, Rallies for Dow and S.& P.
Posted: July 19th, 2008, 8:24pm EDT by By JEFF SOMMER
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Oil prices dropped sharply last week, and the stock market rallied after four weeks of losses.
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Off the Shelf: Who Wants to Retire Later? (Don’t Laugh)
Posted: July 19th, 2008, 8:22pm EDT by By HARRY HURT III
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In their new book, Alicia H. Munnell and Steven A. Sass argue that we may have to work longer and retire later if we want to avoid a decline in our standard of living.
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Economic View: Means Testing, for Medicare
Posted: July 19th, 2008, 8:14pm EDT by By TYLER COWEN
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No matter who sits in the Oval Office next year, there won’t be many degrees of freedom in the federal budget. The main problem: Medicare.
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Novelties: Sweeping Panoramas, Courtesy of a Robot
Posted: July 19th, 2008, 8:12pm EDT by By ANNE EISENBERG
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Robots already cut the grass and vacuum rugs. Now they are helping with a more artistic job: creating vast photographic panoramas with ordinary cameras.
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Ping: Inside Nairobi, the Next Palo Alto?
Posted: July 19th, 2008, 8:09pm EDT by By G. PASCAL ZACHARY
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A relatively small number of places — all in wealthy countries or in China and India — create nearly every important technological advance. But some in Nairobi are hoping to change that.
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The Count: Internet Banking Is No Fun Without Money
Posted: July 19th, 2008, 8:04pm EDT by By PHYLLIS KORKKI
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When it comes to online banking services, Generation Y has not adopted them as aggressively as Generation X.
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Suits: At an Air Show, Competing With the Roars and the Ringtones
Posted: July 19th, 2008, 7:59pm EDT by By MICHELINE MAYNARD, ELIZABETH OLSON, PATRICIA R. OLSEN and MICHELLE LEDER
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With jet fighters overhead, it was easy to be distracted at the Farnborough International Airshow last week. But for executives, there were distractions on the ground, too.
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Can Si Newhouse Keep Condé Nast’s Gloss Going?
Posted: July 19th, 2008, 7:56pm EDT by By RICHARD PÉREZ-PEÑA
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Si Newhouse, the chairman of Condé Nast Publications, defies the image of the media baron driven by love of limelight, political influence or money.
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Fair Game: Borrowers and Bankers: A Great Divide
Posted: July 19th, 2008, 7:27pm EDT by By GRETCHEN MORGENSON
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The credit crisis has exacerbated a dangerous division between average borrowers and an elite slice of corporations, banks and executives enriched by the mortgage mania.
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Putting Your House to Work in Film
Posted: July 19th, 2008, 1:26pm EDT by By VIVIAN S. TOY
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New Yorkers love to complain about television or film crews that descend on their neighborhoods. But some are renting their homes to those crews, and making up to $10,000 a day.
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Consumed: Mash-Up Model
Posted: July 19th, 2008, 12:28am EDT by By ROB WALKER
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Music you could never buy on iTunes tests the pay-what-you-want business model.
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Practical Traveler | Booking Trips and Flights: For Some, Next Year Is Already Here
Posted: July 18th, 2008, 5:38pm EDT by By MICHELLE HIGGINS
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Whether prompted by rising airfares or the specter of fewer available flights, tour operators say travelers have been booking unusually early this year.
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Mortgages: Struggling, but Staying in a Home
Posted: July 18th, 2008, 2:46pm EDT by By BOB TEDESCHI
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Two recent initiatives allow struggling homeowners who lose their mortgages to stay in their homes and work their way back to financial solvency.
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The Way We Live Now: In Vitro We Trust
Posted: July 18th, 2008, 2:31pm EDT by By PEGGY ORENSTEIN
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Thirty years on, the fertility business could use some rethinking.
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Posting: Attention, First-Time Renters
Posted: July 18th, 2008, 2:13pm EDT by By C. J. HUGHES
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A company called Insurent offers to insure the rent on an apartment, helping freshly minted college graduates and professionals relocating from overseas get apartments in New York.
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Protected by Washington, Fannie and Freddie Grew
Posted: July 12th, 2008, 7:50pm EDT by By JULIE CRESWELL
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Helped by their lobbying, the imperiled mortgage finance companies resisted stronger oversight as they expanded.
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Warning: Habits May Be Good for You
Posted: July 12th, 2008, 6:33pm EDT by By CHARLES DUHIGG
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Social scientists have learned that there is power in tying certain behaviors to habitual cues through relentless advertising.
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Digital Domain: So the iPhone Has Problems. What About the Stock Options?
Posted: July 12th, 2008, 6:27pm EDT by By RANDALL STROSS
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Straightening out the new iPhone’s systems problems will surely be accomplished more quickly than will fully banishing the problem of Apple’s stock options imbroglio.
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Spotlight: In Search of Better (and Greener) Building Blocks
Posted: July 12th, 2008, 6:21pm EDT by By AMY CORTESE
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As energy prices have skyrocketed and concerns have mounted about greenhouse gas emissions, there is a new urgency in developing alternatives to traditional building products.
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Letters
Posted: July 12th, 2008, 6:17pm EDT
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Missed Chances.
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The Count: Watching That Balance Grow . . . and Grow
Posted: July 12th, 2008, 6:07pm EDT by By PHYLLIS KORKKI
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It’s a tried-and-true piece of financial advice: try not to make too many purchases on credit.
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Fair Game: The Fannie and Freddie Fallout
Posted: July 12th, 2008, 5:58pm EDT by By GRETCHEN MORGENSON
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The advantages that the mortgage giants gained from their unique arrangement with the federal government were huge. Now it looks as if the bill is coming due.
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Preoccupations: Expressing Passions (Just Not Your Own)
Posted: July 12th, 2008, 4:00pm EDT by By CHRISTINE LARSON
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When I mention that I’m writing a book for a doctor or an executive, I sense a certain discomfort, as if I’d said that I write term papers for a living.
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Data Bank: Fannie and Freddie Skid, and Markets Slide
Posted: July 12th, 2008, 3:41pm EDT by By JEFF SOMMER
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Concern about the stability of Fannie Mae and Freddie Mac, the two mortgage-lending giants, weighed on the markets and sent stocks down again last week.
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The Boss: Money Isn’t Everything
Posted: July 12th, 2008, 3:40pm EDT by By DEBORAH C. WRIGHT; As told to AMY ZIPKIN
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Ms. Wright is the chief executive of Carver Bancorp in New York.
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Fresh Starts: Baby Cries at 2 A.M.? No Need to Get Up
Posted: July 12th, 2008, 3:29pm EDT by By EILENE ZIMMERMAN
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For some dual-income parents, the arrival of the night nanny is making the late-night slog with a newborn a thing of the past.
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Everybody’s Business: Lessons in Love, by Way of Economics
Posted: July 12th, 2008, 3:16pm EDT by By BEN STEIN
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If economics is the study of the allocation of scarce goods and services, what could be scarcer or more precious than love?
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The Feed: The Man Who Dared to Question Ethanol
Posted: July 12th, 2008, 3:09pm EDT by By ANDREW MARTIN
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Has the push for ethanol led farmers to grow more corn and less of other food crops and how much has that influenced rising prices for commodities like wheat?
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Strategies: The Prescient Are Few
Posted: July 12th, 2008, 2:49pm EDT by By MARK HLBERT
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How many mutual fund managers can consistently pick stocks that outperform the broad stock market averages — as opposed to just being lucky now and then?
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Economic View: What if the Candidates Pandered to Economists?
Posted: July 12th, 2008, 2:37pm EDT by By N. GREGORY MANKIW
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Imagine that those running for office tailored their economic positions to attract the experts in the field. What would it take to put the nation’s economists solidly behind a candidate?
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Slipstream: On a Small Screen, Just the Salient Stuff
Posted: July 12th, 2008, 2:24pm EDT by By JOHN MARKOFF
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It seems counterintuitive, but small really is beautiful; and stripping down to basic functions helps remove distractions.
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Travel Bug: Fewer Flights to America’s Playgrounds
Posted: July 12th, 2008, 2:10pm EDT by By JOE SHARKEY
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Orlando and Las Vegas are facing alarming reductions in commercial air service as airlines whack away at markets where fares are traditionally cheap.
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Suits: Living in Houses Fit for a Museum
Posted: July 12th, 2008, 2:06pm EDT by By JANE L. LEVERE PHYLLIS KORKKI PATRICIA R. OLSEN ELIZABETH OLSON
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Exhibition on Modernist architecture; GE’s plan to invest in wind farms; Charming Shoppes expands its board; diversity monitor to oversee Morgan Stanley; and taste testers sue sweetener manufacturer.
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The Silence of the Lenders
Posted: July 12th, 2008, 1:32pm EDT by By GRETCHEN MORGENSON
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While big lenders and loan servicers maintain that they’re doing all they can to help imperiled borrowers, critics contend that homeowners routinely meet roadblocks.
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Regulators Seize Mortgage Lender
Posted: July 11th, 2008, 9:53pm EDT by By LOUISE STORY
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IndyMac Bancorp, one of the country’s largest mortgage lenders, was a star in the subprime era.
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F.C.C. Chief Backs Sanctions Against Comcast Over Blocking
Posted: July 11th, 2008, 9:48pm EDT by By SAUL HANSELL
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Kevin J. Martin’s recommendation is a strong statement in favor of network neutrality, the idea that Internet access providers should not be allowed to favor some uses of their networks over others.
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Weak Dollar Helps Shrink Trade Deficit
Posted: July 11th, 2008, 9:33pm EDT by By THE ASSOCIATED PRESS
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The United States trade deficit narrowed in May as exports, including industrial supplies and consumer goods, climbed to records.
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Talking Business: Apple’s Toy, and Other Thoughts
Posted: July 11th, 2008, 9:29pm EDT by By Joe Nocera
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Thoughts about the new iPhone, an eye-popping, all-electric roadster and the self-serving gripes and paranoia of the Bear Stearns brass.
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iPhone Users Plagued by Software Problems
Posted: July 11th, 2008, 9:25pm EDT by By JOHN MARKOFF
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Apple suffered network gridlock as the first buyers of the iPhone 3G tried to activate their purchases.
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Citigroup to Sell Unit in Germany
Posted: July 11th, 2008, 9:23pm EDT by By MARK LANDLER
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Citigroup’s sale of its German banking operations to Crédit Mutuel of France for 4.9 billion euros ($7.7 billion) in cash sets the stage for what could be a wave of mergers in German banking.
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InBev Raises Its Offer for Anheuser-Busch
Posted: July 11th, 2008, 9:23pm EDT by By MICHAEL J. de la MERCED
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The brewers are said to be in friendly talks as InBev has raised its offer to $70 a share from $65.
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G.E. Profit Declines 5.8%
Posted: July 11th, 2008, 9:23pm EDT by By NELSON D. SCHWARTZ
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The results were in line with Wall Street expectations, reassuring investors who feared a repeat of the earnings disappointment that sent General Electric shares tumbling in April.
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Woes at Loan Agencies and Oil-Price Spike Roil Markets
Posted: July 11th, 2008, 7:41pm EDT by By MICHAEL M. GRYNBAUM
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Worries about the prospects for Fannie Mae and Freddie Mac and a run-up in energy prices made for a rocky day on Wall Street.
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Shares of Lehman Brothers Take a Beating
Posted: July 11th, 2008, 5:52pm EDT by By JENNY ANDERSON
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Investors fretted over problems at home-loan giants Fannie Mae and Freddie Mac and absorbed regulators’ statements that they would not bail out all financial institutions.
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UAL Sees Second-Quarter Charges Near $2.7 Billion
Posted: July 11th, 2008, 3:48pm EDT by By REUTERS
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The parent of United Airlines cited record fuel prices and the company’s reduced market capitalization.
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Leaders of Actors’ Union Call Offer Unacceptable
Posted: July 11th, 2008, 1:52pm EDT by By BROOKS BARNES
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Leaders of the Screen Actors Guild declined a final offer for a new labor contract and an alliance of Hollywood production companies demanded a vote by the union’s members.
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Toyota Scales Back Production of Big Vehicles
Posted: July 11th, 2008, 1:34pm EDT by By BILL VLASIC and NICK BUNKLEY
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Toyota acknowledged that, like its rival automakers in Detroit, it misjudged the drastic swing in the American market away from larger vehicles.
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Practical Traveler | Frequent Flier Programs: The Miles Pile Up; Their Value Declines
Posted: July 11th, 2008, 1:08pm EDT by By MICHELLE HIGGINS
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When free airline tickets aren’t really free, hotel rooms may be a better bet.
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High Cost of Driving Ignites Online Classes Boom
Posted: July 11th, 2008, 11:02am EDT by By SAM DILLON
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As fuel prices rise, thousands of students nationwide have suddenly decided to take college classes over the Internet.
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Ashland to Acquire Hercules for $2.6 Billion
Posted: July 11th, 2008, 9:21am EDT by By REUTERS
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The acquisition would give Ashland, which makes that services the pulp and paper industry. chemicals and Valvoline motor oil, a major presence in the water treatment arena
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Loan-Agency Woes Swell From a Trickle to a Torrent
Posted: July 11th, 2008, 8:45am EDT by By CHARLES DUHIGG
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The rapid erosion of investors’ confidence has become a crisis for Fannie Mae and Freddie Mac, the two main backers of mortgage financing.
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Longer Walk for Lattes? Starbucks Plan Resonates
Posted: July 11th, 2008, 4:50am EDT by By JENNIFER 8. LEE
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Perhaps New York, much in the way its housing market has largely been able to withstand the downdrafts of national real estate trends, also has its own Starbucks economics.
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Gerald Tsai, Innovative Investor, Dies at 79
Posted: July 11th, 2008, 3:37am EDT by By BRIAN STELTER
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Mr. Tsai pioneered the creation of performance funds in the 1950s and ’60s and later turned a canning company into the financial services giant Primerica.
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Government Rule Makers Looking at Pensions
Posted: July 11th, 2008, 2:49am EDT by By MARY WILLIAMS WALSH
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Accounting rule makers started an ambitious project to force state and local governments to reveal the true cost of their pension promises.
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Amid Political Uncertainty, Total Cancels Investments in Iran
Posted: July 11th, 2008, 2:44am EDT by By DAVID JOLLY
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Total, the French oil giant, has decided to back away from planned investments in Iran because of political uncertainty, a company official said.
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Rethinking Money Market Funds
Posted: July 11th, 2008, 2:08am EDT by By ERIC DASH
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Lately money market funds have become dangerous — not for investors, but for the financial companies that run them.
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Some Retailers Post Solid Gains
Posted: July 11th, 2008, 2:00am EDT by By STEPHANIE ROSENBLOOM
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Retailers said that sales at stores open at least a year rose higher than expected in June thanks to aggressive summer promotions, government stimulus checks and warm weather.
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Advertising: Olympic Sponsors to Benefit Under a Tougher Stance in China
Posted: July 11th, 2008, 1:54am EDT by By STEPHANIE CLIFFORD
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The Chinese government will begin restricting advertising space in Beijing, giving preference to the official sponsors of the Olympic Games.
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Stocks & Bonds: In Erratic Session, Giant Chemical Deal Lifts Shares
Posted: July 11th, 2008, 1:11am EDT by By THE ASSOCIATED PRESS
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Wall Street stumbled but ended with a respectable gain on Thursday after a multibillion-dollar deal in the chemicals sector helped offset concerns about the financial sector and energy costs.
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G.E. May Spin Off Its Consumer and Industrial Unit
Posted: July 11th, 2008, 12:55am EDT by By MICHAEL J. de la MERCED
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As it seeks to bolster its flagging share price, General Electric may be willing to dispense with the business from which it sprang: the light bulb.
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Britain Leaves Interest Rate at 5%
Posted: July 11th, 2008, 12:55am EDT by By DAVID JOLLY
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Seeking to maneuver between accelerating inflation and a slowing economy, the Bank of England left its main interest rate target at 5 percent on Thursday.
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For Short Sellers, It Doesn’t Get Much Better
Posted: July 11th, 2008, 12:53am EDT by By LANDON THOMAS Jr.
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As shareholders of Fannie Mae and Freddie Mac watched their investments plunge in value, short sellers, who bet against stocks, could count their winnings.
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Sustained Weakness in Jobs Market, Despite Fewer Claims for Benefits
Posted: July 10th, 2008, 11:39pm EDT by By THE ASSOCIATED PRESS
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Fewer people signed up for unemployment benefits last week, but the drop was not enough to overcome continuing weakness in the country’s labor market.
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Guilty Plea in Case of Illegal Shelters
Posted: July 10th, 2008, 11:39pm EDT by By BLOOMBERG NEWS
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The former owner of the American Financial Capital Corporation, a business that raised money for hedge funds, pleaded guilty to a tax shelter conspiracy and agreed to cooperate in a federal investigation.
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In Deepening Ad Decline, Sales Fall 8% at Magazines
Posted: July 10th, 2008, 11:38pm EDT by By RICHARD PÉREZ-PEÑA
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Magazine ad sales fell more than 8 percent in the second quarter, with the steepest drops in ads for vehicles and for computers and related equipment.
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Chevron Reports Oil Output Slips
Posted: July 10th, 2008, 11:34pm EDT by By BLOOMBERG NEWS
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The Chevron Corporation said that second-quarter oil output fell to the lowest level since 2005 as record energy prices reduced the company’s share of output in countries like Nigeria and Indonesia.
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Housing-Rescue Bill Advances in Senate
Posted: July 10th, 2008, 11:20pm EDT by By DAVID STOUT and DAVID M. HERSZENHORN
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The White House has threatened a veto of the bill, and differences between the Senate and House must still be worked out.
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G.M. Chief Dismisses Crisis Talk as Inaccurate
Posted: July 10th, 2008, 11:17pm EDT by By BILL VLASIC
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The chief executive of General Motors did his best to strike down rumors that the automaker might seek bankruptcy protection soon.
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Marriott Says Profit Fell 24 Percent
Posted: July 10th, 2008, 10:59pm EDT by By THE ASSOCIATED PRESS
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The hotel operator Marriott International said that second-quarter earnings dropped 24 percent as the deteriorating economy dragged down demand.
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State of the Art: For iPhone, the ‘New’ Is Relative
Posted: July 9th, 2008, 9:47am EDT by By DAVID POGUE
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Apple’s iPhone 3G, which will go on sale on Friday, comes with just a few new bells and whistles.
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Market Place: To Avoid Stalling Out, G.M. Plumbs Its Resources
Posted: July 9th, 2008, 9:03am EDT by By BILL VLASIC
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General Motors’ cash cushion seems far from comfortable given the extraordinary drop in auto sales.
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Google Introduces a Cartoonlike Method for Talking in Chat Rooms
Posted: July 9th, 2008, 8:22am EDT by By BRAD STONE
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Google’s new online tool allows people to embody a cartoonish online avatar and have text-based conversations with other Internet users in virtual chat rooms.
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WPP Group Seeks to Buy Taylor Nelson Sofres
Posted: July 9th, 2008, 5:33am EDT by By DAVID JOLLY
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WPP Group, the advertising and marketing company, said it had made a hostile bid for the British market research company Taylor Nelson Sofres.
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Study Finds Flawed Practices at Ratings Firms
Posted: July 9th, 2008, 4:57am EDT by By MICHAEL M. GRYNBAUM
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A blistering report issued by the S.E.C. found that major rating firms flouted conflict of interests guidelines and considered their own profits when ratings securities.
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Split of Rooney Brothers Could Force Steelers’ Sale
Posted: July 9th, 2008, 4:40am EDT by By MICHAEL S. SCHMIDT
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The Rooney family’s attempts to divest from its gambling interests to satisfy the N.F.L. commissioner may lead to the family losing control of one of football’s storied franchises.
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Aftra Votes for Deal With Hollywood Producers
Posted: July 9th, 2008, 3:26am EDT by By MICHAEL CIEPLY and BROOKS BARNES
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The American Federation of Television and Radio Artists dealt a blow to the efforts of another actors’ union.
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Stocks & Bonds: Oil Decline and Fed Talk Buoy Investors
Posted: July 9th, 2008, 2:20am EDT by By THE ASSOCIATED PRESS
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Wall Street finished sharply higher Tuesday as oil prices dropped for a second day and the Federal Reserve hinted at more help for the ailing financial system.
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John Templeton, Investor, Dies at 95
Posted: July 9th, 2008, 2:10am EDT by By ROBERT D. MCFADDEN
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Sir John was an investor who founded the Templeton Prize for “progress in religion” and “research or discoveries.”
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Dean of Harvard Business School May Join Citigroup’s Board
Posted: July 9th, 2008, 12:26am EDT by By ERIC DASH
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Jay O. Light, an expert in asset and risk management who has led the business school for the last three years, is one of at least three candidates being recruited as directors by the embattled bank.
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Nickelback Signs Up With Live Nation
Posted: July 9th, 2008, 12:19am EDT by By BEN SISARIO
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By signing the Canadian rock band, Live Nation took another step toward expanding its role at the center of the music industry.
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Retail Chain Said to Face Bankruptcy
Posted: July 9th, 2008, 12:18am EDT by By ERIC WILSON
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Steve & Barry’s, the clothing chain made famous for its cheap celebrity fashion, is preparing to file for bankruptcy protection, according to people briefed on the talks.
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Abuses Are Found in Online Sales of Medication
Posted: July 9th, 2008, 12:00am EDT by By ERIK ECKHOLM
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A majority of Internet sites that advertise or sell controlled medications are offering to supply the drugs without a proper prescription, according to a new study.
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EMC Replaces the Chief and Co-Founder of VMware, Silencing Talk of a Spinoff
Posted: July 8th, 2008, 11:39pm EDT by By STEVE LOHR
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Diane Greene, the former chief executive and co-founder of VMware, had been pushing hard for the company to be spun off early next year.
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Wholesale Inventories Rise, Led by Computers, Metals and Farm Goods
Posted: July 8th, 2008, 11:34pm EDT by By BLOOMBERG NEWS
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While consumer borrowing increased in May, a decline in stockpiles puts distributors in a good place for scaling back production slowly in the face of a struggling economy.
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Alcoa Profit Tops Estimates After Price Rise
Posted: July 8th, 2008, 11:31pm EDT by By BLOOMBERG NEWS
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Alcoa, the aluminum producer, reported second-quarter profit that topped analyst estimates as the company raised prices.
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Pepsi Bottling Cuts Full-Year Outlook
Posted: July 8th, 2008, 11:10pm EDT by By REUTERS
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The Pepsi Bottling Group posted better-than-expected quarterly profit on Tuesday as a result of price increases and cost-cutting, but trimmed its full-year outlook for revenue and operating profit.
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A Landmark Theater in Need of a Sequel
Posted: July 8th, 2008, 11:10pm EDT by By J. ALEX TARQUINIO
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The Metro Theater, a landmark 1930s Art Deco movie theater on the Upper West Side, is for sale ... and for lease.
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Diamond District Tenants Worry About Spate of Building Deals
Posted: July 8th, 2008, 11:08pm EDT by By TERRY PRISTIN
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Developers’ plans to transform the area’s skyline with new spaces for residential and office use cause existing tenants to fear they will be priced out.
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Fox Network Adds Journal Columnist
Posted: July 8th, 2008, 11:00pm EDT by By BRIAN STELTER
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The Wall Street Journal’s personal technology columnist Walt Mossberg will contribute regularly to its corporate sibling the Fox Business Network.
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Many Movie Theaters Decide to Leave the Bat Signal on Till Dawn
Posted: July 8th, 2008, 10:39pm EDT by By MICHAEL CIEPLY
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Fans of “The Dark Knight” have bought so many late-night tickets for the July 18 opening, some theaters are scheduling 6 a.m. screenings.
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Siemens to Cut 4% of Work Force
Posted: July 8th, 2008, 8:28pm EDT by By MARK LANDLER
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In a sign that the global economy is catching up with Germany, Siemens said that it would cut 16,750 jobs across its operations as it struggles to bolster profits.
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Bits: One Video Game Union Is Celebrated, While Another Struggles to Get to the Altar
Posted: July 8th, 2008, 8:28pm EDT by By MATT RICHTEL
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Activision shareholders approved the company’s merger with Vivendi’s Blizzard Entertainment, as Electronic Arts started federal antitrust review of its hostile offer for Take Two Interactive.
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Mortgage Lender Faces Rush to Withdraw
Posted: July 8th, 2008, 8:25pm EDT by By ERIC DASH
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Depositors of IndyMac were rushing to withdraw cash on Tuesday after a prominent senator questioned the mortgage lender’s ability to survive the housing crisis.
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Oil Prices Plunge for Second Day
Posted: July 8th, 2008, 8:24pm EDT by By CLIFFORD KRAUSS
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Analysts said it was too soon to predict an outright collapse in prices, and some were puzzled by the drop.
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Designing Cars for Low-Carbon Chic
Posted: July 8th, 2008, 8:22pm EDT by By SIMON MARKS
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Automakers and designers are mapping out a new generation of lighter, sleeker vehicles that could give a radical new look to urban streets.
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Fed Concludes Economic Woes Likely to Spill Into 2009
Posted: July 8th, 2008, 8:17pm EDT by By STEPHEN LABATON
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Ben S. Bernanke outlined a series of steps the Fed is considering to stem the housing and financial crises.
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Advertising: Ad Spending Forecast Lowered Again
Posted: July 8th, 2008, 7:58pm EDT by By STUART ELLIOTT
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A leading forecaster of advertising spending has again cut his prediction for growth this year amid weakness in the U.S. economy and difficulties among media like newspapers and radio.
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Alcoa’s Profit Falls on Higher Costs
Posted: July 8th, 2008, 7:41pm EDT by By REUTERS
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Surging costs at the aluminum producer more than offset a jump in prices, sending second-quarter profit lower. The results beat Wall Street expectations, however.
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Report Faults Credit-Rating Agencies
Posted: July 8th, 2008, 5:30pm EDT by By THE ASSOCIATED PRESS
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The three main credit-rating agencies failed to rein in conflicts of interest in giving high ratings to risky securities backed by subprime mortgages, federal regulators said.
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Sir John M. Templeton, Philanthropist, Dies at 95
Posted: July 8th, 2008, 4:57pm EDT by By ROBERT D. McFADDEN
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Sir John was an investor who founded the Templeton Prize for “progress in religion” and “research or discoveries.”
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VMware Replaces Chief Executive
Posted: July 8th, 2008, 2:23pm EDT by By REUTERS
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The business software maker warned that 2008 revenue growth will fall short of expectations and said it has replaced its chief executive, sending its shares tumbling 30 percent.
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Bedeviled by the Churn, Sprint Tries to Win Back Disgruntled Customers
Posted: July 8th, 2008, 2:24am EDT by By LAURA M. HOLSON
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Sprint’s new chief executive, Daniel R. Hesse, has much to do to repair the cellphone operator’s corporate culture and to stem the losses of customers to rivals.
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High Fuel Costs Lead AirTran to Cut 480 Jobs
Posted: July 8th, 2008, 2:11am EDT by By MICHELINE MAYNARD
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The airline said it would cut its pilot and flight attendant ranks, joining a growing list of airlines that have reduced their work forces in the face of high fuel prices.
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Microsoft Is Icahn’s Ally in Pursuit of Yahoo
Posted: July 8th, 2008, 2:10am EDT by By MIGUEL HELFT
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Microsoft said on Monday that it was still interested in a deal, as long as Yahoo replaces its board.
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Loan Pains Turned Site Into a Hit
Posted: July 8th, 2008, 2:08am EDT by By LOUISE STORY
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The Mortgage Lender Implode-O-Meter, a Web site, is gleefully tallying the number of lenders that run into trouble.
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Washington Post Signals Shift With a New Editor
Posted: July 8th, 2008, 2:03am EDT by By RICHARD PÉREZ-PEÑA
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The choice of Marcus W. Brauchli as the new top editor of The Washington Post represents a generational change.
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DealBook: Psst! Hear the Rumor of the Day?
Posted: July 8th, 2008, 2:01am EDT by By ANDREW ROSS SORKIN
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Amid the desperation of the bear market, the art of the rumor has become increasingly powerful.
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Europeans Reconsider Biofuel Goal
Posted: July 8th, 2008, 2:00am EDT by By JAMES KANTER
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European officials proposed scaling back drastically on their goal of increasing Europe’s use of biofuels, a major about-face on a central environmental and energy issue.
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Belgian Brewer in Pursuit of Anheuser-Busch Plans to Replace the Directors
Posted: July 8th, 2008, 1:43am EDT by By DAVID JOLLY
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InBev said that it would seek to remove the entire board of Anheuser-Busch as part of its attempt to buy the U.S. brewer for $46 billion.
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Nose Cone of Northwest Jet Dented in Flight
Posted: July 8th, 2008, 1:40am EDT by By MICHELINE MAYNARD
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The cause of the damage is unknown, but pilots heard a bang when the plane was at 18,000 feet during its descent into Tampa, Fla.
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German Health Care Company Buying Intravenous Drug Firm
Posted: July 8th, 2008, 1:38am EDT by By THE ASSOCIATED PRESS
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The German health care company Fresenius said it had agreed to buy the American generic drug maker APP Pharmaceuticals for $3.7 billion.
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Chinese Offshore Oil Company to Acquire Competitor in Norway
Posted: July 8th, 2008, 1:38am EDT by By REUTERS
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China’s largest offshore oil services group agreed to buy a Norwegian rival, Awilco Offshore, for about $2.5 billion to increase its drilling capacity and tap overseas markets.
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Federal Financial Regulators Agree to Share Information
Posted: July 8th, 2008, 1:38am EDT by By THE ASSOCIATED PRESS
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The agreement is aimed at better detecting risks to the U.S. financial system, regulators said.
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Advertising: Whichever Screen, People Are Watching
Posted: July 8th, 2008, 1:37am EDT by By BRIAN STELTER
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The time spent in front of the television screen and in front of the computer screen continues to increase, a report found.
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On the Road: Boss in the Corporate Jet Is Likely to Be a Woman
Posted: July 8th, 2008, 1:34am EDT by By JOE SHARKEY
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There is less and less truth to the stereotype of the typical user of the private jet as a well-off guy in a big corporate jet.
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Advice From Strangers
Posted: July 8th, 2008, 1:32am EDT by By CLAIRE ATKINSON
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Word of mouse is the latest trend in online travel planning, and a variety of corporate travel companies are setting up networking sites in hopes of becoming the Facebook of corporate travel.
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Mortgage Fears Depress Shares at Two Agencies
Posted: July 8th, 2008, 1:31am EDT by By CHARLES DUHIGG
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Shares in Freddie Mac and Fannie Mae fell sharply, reflecting a consensus among investors that the housing slump will be more severe than initially feared.
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BP Thwarts Ouster of Oil Venture’s Chief
Posted: July 8th, 2008, 1:30am EDT by By ANDREW E. KRAMER
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The Russian partners in BP’s joint venture tried to fire the chief executive at a board meeting on Monday, but they were outvoted by directors nominated from the British side.
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Large Solar Energy Array Set for G.M. in Spain
Posted: July 8th, 2008, 1:30am EDT by By MATTHEW L. WALD
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The solar electric system on the roof of a G.M. assembly plant in Spain will be the largest in the world, a thousand times larger than most projects.
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Stocks Mixed in a Volatile Wall Street Session
Posted: July 8th, 2008, 1:28am EDT by By THE ASSOCIATED PRESS
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Investors recoiled at a cautious economic outlook from a Federal Reserve official and the possibility of more financial troubles of Fannie Mae and Freddie Mac, but oil prices retreated.
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News Analysis: McCain Plan for Budget: Fiscal Hawks vs. Tax Foes
Posted: July 8th, 2008, 1:25am EDT by By MICHAEL COOPER
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Some of the underlying tensions between the two schools that guide John McCain’s economic thinking remain unresolved.
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IndyMac Bancorp Quits Making New Loans
Posted: July 8th, 2008, 1:12am EDT by By THE ASSOCIATED PRESS
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The company, which is struggling to raise capital to stay in business, is also planning to cut 3,800 jobs, or more than half of its work force.
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Energetic Rabbits, Melt-Proof Candies and Other Advertising Coups
Posted: July 8th, 2008, 12:53am EDT by By PATRICIA COHEN
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The new exhibition on advertising at the Science, Industry and Business Library wants to give a twist to the “Mad Men” series.
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Frequent Flier: In First Class With Catherine Deneuve, but Seated Next to a Drinking Nun
Posted: July 7th, 2008, 11:41pm EDT by By JOHN HAGEN; as told to JOAN RAYMOND
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The experience of flying may have changed over the years, but you can still find happiness in getting from here to there if you keep yourself primed for some simple pleasures.
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Economy Takes Nascar Along for Ride
Posted: July 7th, 2008, 10:24pm EDT by By THE ASSOCIATED PRESS
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These are tough economic times, and the sagging market is affecting Nascar in nearly every facet of the sport.
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Fugitive Hedge Fund Manager Surrenders
Posted: July 2nd, 2008, 11:29am EDT by By ABHA BHATTARAI
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The surrender of Samuel Israel III to law enforcement officials on Wednesday ended a manhunt that began shortly after he faked his suicide on the day that he was to report to prison.
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Deepening Cycle of Job Loss Seen Lasting Into ’09
Posted: July 2nd, 2008, 11:25am EDT by By PETER S. GOODMAN
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Experts say the troubles dogging the economy will be stubborn, leaving in place tight credit and scant job opportunities perhaps well into next year.
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U.S. May Factory Orders Beat Expectations
Posted: July 2nd, 2008, 11:09am EDT by By REUTERS
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New orders at U.S. factories rose by a sharper-than-expected 0.6 percent on a boost in orders for new aircraft, the Commerce Department reported.
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Bank Takes Environmental Step Into Rural Town
Posted: July 2nd, 2008, 11:02am EDT by By LONG HWA-SHU
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HSBC has moved its North American headquarters to a sprawling facility that it bills as carbon neutral in a hamlet about 30 miles north of Chicago.
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UnitedHealth Settles Options Suit and Lowers Outlook
Posted: July 2nd, 2008, 10:54am EDT by By THE ASSOCIATED PRESS
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The health insurer lowered its 2008 profit outlook on Wednesday, and it announced an agreement to pay $895 million to settle a class-action lawsuit.
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Kroger Expands Voluntary Recall of Ground Beef
Posted: July 2nd, 2008, 10:51am EDT by By REUTERS
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Kroger said on Wednesday it expanded its voluntary recall of ground beef products sold in two states because the meat had been linked to recent outbreaks of E. coli bacteria.
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Clay Felker, Magazine Pioneer, Dies at 82
Posted: July 2nd, 2008, 10:18am EDT by By DEIRDRE CARMODY
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At New York magazine, Mr. Felker was credited with inventing a widely imitated formula for glossy weeklies.
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Walgreen Same-Store Sales Up in June
Posted: July 2nd, 2008, 9:49am EDT by By REUTERS
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The drugstore operator said on Wednesday that sales at stores open at least one year rose 3.4 percent, led by general merchandise purchases.
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Wanted: Skilled Workers for a Growing Economy in Brazil
Posted: July 2nd, 2008, 3:15am EDT by By ANDREW DOWNIE
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Many experts say the dearth of highly skilled labor, particularly engineers and tradesmen, will jeopardize Brazil’s economic and political rise.
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Economic Scene: Dispelling the Myths of Summer
Posted: July 2nd, 2008, 12:56am EDT by By DAVID LEONHARDT
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The current economic downturn has no one dominant mythology, and several are making the rounds. Many of these fictions will get good air time this summer.
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Judge Clears U.S. Request for UBS Clients’ Names
Posted: July 2nd, 2008, 12:55am EDT by By LYNNLEY BROWNING and JULIA WERDIGIER
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A federal judge on Tuesday cleared the way for prosecutors to force the Swiss bank UBS to turn over the names of clients as part of an investigation of its offshore private banking practices.
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Fuselage Damage May Slow Boeing
Posted: July 2nd, 2008, 12:49am EDT by By BLOOMBERG NEWS
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Already facing a delay of at least 14 months on its new 787 Dreamliner aircraft, damage to the fourth of six test planes could have an effect on the full program.
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Advertising: Speaking to Women, With Firsthand Experience
Posted: July 2nd, 2008, 12:49am EDT by By STUART ELLIOTT
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The Omnicom Group, the largest advertising holding company, is forming the consultancy to help marketers reach women, the largest consumer group.
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Blockbuster Drops Bid for Circuit City
Posted: July 2nd, 2008, 12:45am EDT by By THE ASSOCIATED PRESS
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Blockbuster said on Tuesday that it was withdrawing its proposal to acquire Circuit City Stores.
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CIT Group Is Selling Off Bad Loans
Posted: July 2nd, 2008, 12:45am EDT by By REUTERS
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The CIT Group said it had agreed to sell nearly $10 billion of mortgage assets in a deal that would remove problem loans from its balance sheet. Its shares rose almost 30 percent.
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Microsoft Buys Online Concern
Posted: July 2nd, 2008, 12:36am EDT by By DOW JONES
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Microsoft said on Tuesday that it would buy Powerset Inc., an Internet search company, the latest in a string of acquisitions aimed at bolstering its position online.
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A.I.G. Pays Its Ex-Chief $47 Million
Posted: July 2nd, 2008, 12:35am EDT by By REUTERS
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The resignation of the company’s former chief executive, Martin J. Sullivan, took effect on Tuesday.
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Constellation’s Profit Rises 50% in First Quarter
Posted: July 1st, 2008, 11:38pm EDT by By THE ASSOCIATED PRESS
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Constellation Brands said Tuesday that its fiscal first-quarter profit jumped 50 percent, lifted by price increases as well as strong sales of its new higher-margin wine brands.
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Profit at Apollo Group
Posted: July 1st, 2008, 9:25pm EDT by By THE ASSOCIATED PRESS
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The Apollo Group, an education company that owns the University of Phoenix, says it earned $139.1 million in the third quarter as enrollment grew by 11 percent.
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Oil Demand Will Grow, Despite Prices, Report Says
Posted: July 1st, 2008, 7:53pm EDT by By CLIFFORD KRAUSS
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The International Energy Agency said that demand for oil should continue to climb, despite the doubling of oil prices and the weakening economic growth.
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U.S. Markets Follow Europe and Asia Lower
Posted: July 1st, 2008, 7:51pm EDT by By MICHAEL M. GRYNBAUM and DAVID JOLLY
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The 32-point gain in the Dow ended a volatile day that offered few clues about where the market may be headed.
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Sales Plunge as Automakers Are Hit Hard by High Gas Prices
Posted: July 1st, 2008, 7:49pm EDT by By NICK BUNKLEY
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Sales of new vehicles plunged in June, as high gas prices and a weak economy kept consumers away from showrooms.
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New York Ends Pay Suit Against Grasso
Posted: July 1st, 2008, 7:43pm EDT by By THE ASSOCIATED PRESS
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Richard A. Grasso will keep the $139.5 million he was paid as the former New York Stock Exchange chief.
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Mall Developer Seeks Advice From Women
Posted: July 1st, 2008, 7:12pm EDT by By SANA SIWOLOP
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Listening to female shoppers may seem like a logical thing to do, yet many developers and consultants say such input is often missing in the early stages of shopping center development.
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Another Setback for UBS in Tax Inquiry
Posted: July 1st, 2008, 6:48pm EDT by By LYNNLEY BROWNING
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A federal judge on Tuesday cleared the way for prosecutors to force the Swiss bank UBS to turn over the names of clients as part of an investigation of its offshore private banking practices.
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Starbucks to Close 500 More U.S. Stores
Posted: July 1st, 2008, 5:42pm EDT by By REUTERS
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The company said Tuesday it would close 600 stores in the United States and lay off as many as 12,000 full- and part-time employees, the most in its history.
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Rhode Island Court Rejects Lead Paint Ruling
Posted: July 1st, 2008, 5:25pm EDT by By ABHA BHATTARAI
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The state’s top court overturned a landmark jury decision that would have forced three paint manufacturers to pay billions of dollars to clean up contaminated homes.
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Microsoft Buys Linguistic Web Search Firm Powerset
Posted: July 1st, 2008, 4:55pm EDT by By REUTERS
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Microsoft said it had agreed to buy Powerset, a start-up that is working on a new class of Web search that relies on insights from linguistics rather than simple keyword strings.
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BP Staff in Russia May Have to Leave
Posted: July 1st, 2008, 3:51pm EDT by By ANDREW E. KRAMER
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BP appeared to be in danger of losing control of its Russian joint venture after learning that local authorities had refused to issue work permits to critical expatriates on its staff.
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Paulson, in Europe, Finds Misery Loves Company
Posted: July 1st, 2008, 3:26pm EDT by By MARK LANDLER
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With both sides of the Atlantic suffering from sagging growth, soaring inflation and shaky banks, the Treasury secretary tries to reassure Europe that the U.S. will right its economy.
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Moody’s Says Workers Overrated Some Securities
Posted: July 1st, 2008, 2:12pm EDT by By VIKAS BAJAJ
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Already under scrutiny for its role in the credit crisis, the Moody’s Corporation said that some employees violated its code of conduct in rating some complex European securities.
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Wal-Mart Faces Fine in Minnesota Suit
Posted: July 1st, 2008, 12:53pm EDT by By STEVEN GREENHOUSE
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A state judge has ruled that the discount store chain violated state laws on rest breaks and other wage matters more than two million times and could face more than $2 billion in fines.
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Bits: A Cringing Quarter for Venture Capitalists
Posted: July 1st, 2008, 2:28am EDT by By MATT RICHTEL
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In the second quarter, 50 merger and acquisition deals of venture-backed companies were completed. That’s down from 70 in the first quarter.
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Promise of Biofuel Clouded by Weather Risks
Posted: July 1st, 2008, 2:26am EDT by By JAD MOUAWAD
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Recent storms and floods have highlighted the risks of an economy that has grown more dependent on corn for fuel.
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Some Glimmers of Good News in Crop Forecast
Posted: July 1st, 2008, 1:32am EDT by By DAVID STREITFELD
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Recent floods were likely to have damaged the corn and soybean harvest less than feared and farmers have planted more corn than previously expected, the government said.
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Kenneth Macke, Who Led Target, Dies at 69
Posted: July 1st, 2008, 12:52am EDT by By DENNIS HEVESI
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Mr. Macke was a former chairman and chief executive of the Dayton Hudson Corporation, the forerunner of the retail giant Target Corporation.
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State of Florida Sues Countrywide
Posted: July 1st, 2008, 12:46am EDT by By REUTERS
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Florida sued Countrywide Financial and its chief executive, Angelo R. Mozilo, on Monday, accusing it of engaging in unfair and deceptive trade practices in mortgage lending.
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Midwest Business Activity Remained Weak in June
Posted: July 1st, 2008, 12:46am EDT by By REUTERS
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Business activity in the Midwest contracted for a fifth consecutive month but at a less severe rate, as production and new orders both slipped, a report showed Monday.
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Stocks & Bonds: Markets End Flat as Energy Shares Offset Financials
Posted: July 1st, 2008, 12:46am EDT by By REUTERS
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The Dow and the Standard & Poor’s 500-stock index were little changed on Monday on the final trading day of the second quarter as record oil prices lifted energy shares.
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Inflation in Europe Stirs Debate Over Rates
Posted: July 1st, 2008, 12:45am EDT by By CARTER DOUGHERTY
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Inflation in the euro area surged to a record 4 percent for the 12 months ending in June, fueling a debate about whether several interest rate hikes are now necessary.
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Niche Between Business and Economy
Posted: July 1st, 2008, 12:44am EDT by By SUSAN STELLIN
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European and Asian airlines have carved out “premium economy” sections with better seats, legroom and food.
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Frequent Flier: An Etiquette Expert vs. the Annoying Seatmate
Posted: July 1st, 2008, 12:43am EDT by By SUSAN FITTER; as told to JOAN RAYMOND
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He had had too much to drink, he wanted to chat, he was afraid of flying, he wanted more drinks and he just got louder and louder.
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Memo Pad
Posted: July 1st, 2008, 12:43am EDT by By JOE SHARKEY
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News about airlines and airports.
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India Offers 8 Ideals on a Climate Change Policy, but Few Details
Posted: July 1st, 2008, 12:42am EDT by By HEATHER TIMMONS
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How much the Indian government will spend on these goals, who will run the efforts and how they will be evaluated was unclear.
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Georgia Judge Cites Carbon Dioxide in Denying Coal Plant Permit
Posted: July 1st, 2008, 12:41am EDT by By MATTHEW L. WALD
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Both opponents of coal use and the company that wants to build the plant said it was the first time a court decision had linked carbon dioxide to an air pollution permit.
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Myriad Genetics Stops Work on Alzheimer’s Drug
Posted: July 1st, 2008, 12:38am EDT by By ANDREW POLLACK
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Flurizan, a drug developed by Myriad Genetics to treat Alzheimer’s disease, failed in a closely watched late-stage clinical trial, dealing another blow to efforts to combat the illness.
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France Télécom Moves On as Bid Fails
Posted: July 1st, 2008, 12:37am EDT by By DAVID JOLLY
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France Télécom that it would turn its attention to acquiring smaller companies in Africa, Asia and the Middle East after dropping its $42 billion offer for TeliaSonera.
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U.S. Seeks Names of UBS Clients
Posted: July 1st, 2008, 12:37am EDT by By LYNNLEY BROWNING
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U.S. authorities asked a federal court to force the Swiss bank to turn over the names of wealthy American clients suspected of evading taxes through secret offshore accounts.
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Black Lawmakers Seek Restrictions on Menthol Cigarettes
Posted: July 1st, 2008, 12:37am EDT by By STEPHANIE SAUL
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The Congressional Black Caucus is demanding that menthol cigarettes not be exempted from a bill that would ban flavored cigarettes.
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Chrysler Plans to Close a Minivan Plant and Reduce Output of a Truck
Posted: July 1st, 2008, 12:36am EDT by By NICK BUNKLEY
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About 2,400 of the company’s 3,500 hourly jobs at the two plants affected by the announcement will be eliminated within four months, Chrysler said.
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On the Road: Bag Helps Laptop Pass Air Security
Posted: July 1st, 2008, 12:35am EDT by By JOE SHARKEY
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New laptop bags approved by the Transportation Security Administration make it possible to go through X-ray inspection without having to take the laptop out.
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Financier Starts Sentence in Prostitution Case
Posted: July 1st, 2008, 12:35am EDT by By LANDON THOMAS Jr.
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Jeffrey E. Epstein, adviser to billionaires, on Monday left his Caribbean island home and turned himself in to Florida authorities to begin serving an 18-month sentence.
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EBay Ordered to Pay $61 Million in Sale of Counterfeit Goods
Posted: July 1st, 2008, 12:33am EDT by By DOREEN CARVAJAL
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The luxury giant LVMH for the second time successfully challenged eBay in a French court, arguing that 90 percent of the Louis Vuitton bags and Dior perfumes sold on eBay are fakes.
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Advertising: The Force Lives On, as Do the Toys
Posted: July 1st, 2008, 12:16am EDT by By DOUGLAS QUENQUA
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The retailer Toys “R” Us is counting down to July 26, when it begins selling toys from the latest “Star Wars” film, “The Clone Wars,” an animated movie that opens in August.
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Blackstone to Sell a Business It Has Held for a Decade
Posted: July 1st, 2008, 12:15am EDT by By MICHAEL J. de la MERCED and PETER EDMONSTON
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Holding an investment for ten years is an unusually long time in the private equity world.
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Market Place: At Midyear, the Economic Pain Persists
Posted: July 1st, 2008, 12:12am EDT by By VIKAS BAJAJ
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More than a year after the credit crisis first flared, the financial industry seems to be caught in a vicious circle.
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Dealbook: Are Bean Counters to Blame?
Posted: July 1st, 2008, 12:10am EDT by By ANDREW ROSS SORKIN
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For Stephen A. Schwarzman, the co-founder of the Blackstone Group, an accounting rule partly explains why the American financial system looks so wobbly these days.
