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First-quarter growth revised down to 3.0 percent

The economy grew at a slower pace than previously estimated in the first quarter as businesses investment slackened, while hard-hit state and local governments curbed spending at the steepest rate since 1981, a government report showed on Thursday.

For some people, CDOs aren't a four-letter word

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Collateralized debt obligations are as hard to love as they are to fathom. The scourge of the financial world, these complex subprime mortgage-linked securities caused hundreds of billions of dollars in losses for banks, hedge funds and insurers.

Stock futures jump on China euro-zone comments

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Stock index futures pointed to a rise of about 2 percent at the open on Thursday after China denied a report it was reviewing its holdings in euro-zone sovereign bonds due to the region's debt crisis.
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Pru pressing ahead with AIA deal: sources

Prudential Plc is pushing ahead with its bid for U.S. rival AIG's Asian unit, two sources close to the deal said, rebutting market talk of a derailment which boosted Pru's shares as well as the pound.
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Stock futures signal strong bounce

Stock index futures pointed to a strong rebound on Wall Street on Thursday, with futures for the S&P 500 up 2.5 percent, Dow Jones futures up 2 percent and Nasdaq 100 futures up 1.9 percent at 0930 GMT (5:30 a.m. ET).
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Fed's Bullard says extended period vow bears risks

A Federal Reserve policymaker warned that the central bank's vow to keep rates unusually low for a long time could, if misread, perpetuate the boom and bust cycle that plunged the United States and the world into recession.
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Euro up as stocks gain on China FX comments

The euro rebounded from near four-year lows against the dollar and European shares rose on Thursday after China denied a report it was reviewing its investments in euro zone debt.
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China: path of FX diversification is unchanged

China remains committed to its long-standing goal of diversifying its foreign exchange reserves, a government official said on Thursday, helping to soothe markets unnerved by a report that the country was reviewing its euro-zone bond holdings.
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Euro nears 4-year low vs dollar

The euro approached a four-year low against the dollar on Thursday on a newspaper report that China was examining its investments in euro zone debt, while bargain-hunting gave some support to Asian stocks.
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Two charged with Disney insider trading plot

A Walt Disney Co employee and her boyfriend have been charged with a brazen insider trading scheme in which they said the media conglomerate was in advanced talks to sell its ABC TV network.
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Yahoo forecasts revenue growth up to 10 percent

Yahoo Inc said it could return to double-digit revenue growth in the next few years, as the Internet pioneer revamps its network of websites to attract users and advertisers in a shifting Internet industry.
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California court cases against Toyota consolidated

A judge has ordered the pretrial merger of at least 40 California state court lawsuits filed against Toyota over cars that have raced out of control, including a case stemming from the fatal crash that sparked the automaker's recall crisis.
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Lawmakers want more Google Street View info

Three U.S. lawmakers, concerned that Google Inc may have violated U.S. privacy laws, want to know how much personal data the company has gathered through its project to photograph streets across the country and how it plans to use that information.
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Lehman sues JPMorgan for billions in damages

Lehman Brothers Holdings Inc on Wednesday sued JPMorgan Chase & Co , accusing the second-largest U.S. bank of illegally siphoning billions of dollars of desperately-needed assets in the days leading up to its record bankruptcy.
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FBI arrests two on Disney insider trading charges

A Walt Disney Co employee and her boyfriend have been charged with an insider trading scheme in which they said Disney was in advanced talks to sell its ABC network -- a claim that Disney said was false.
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U.S. probes Apple digital music dominance

The U.S. Justice Department is making preliminary inquiries into whether Apple Inc unfairly dominates the digital music market, according to three people whose companies have been contacted by regulators.
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Facebook boosts privacy controls amid criticism

Facebook is beefing up privacy protections on the world's most popular online social network, addressing mounting pressure to better secure personal data exchanged among its nearly 500 million members.
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Consumers skeptical of Congress on regulation

Small investors angry with Wall Street about their battered portfolios see little relief coming from the U.S. Congress as it attempts the most sweeping overhaul of financial regulation since the 1930s.
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Wealthy clients looking for plans they can trust

Warren Buffett has a great saying, that when the tide goes out, we get to see who's been swimming naked, said Adam Butler, a director of wealth management and associate portfolio manager at Richardson GMP.
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Daily forex forecast - 27/5/2010

The Australian Dollar opens lower today at 0.8210 after another turbulent session. A positive lead from local equities helped to support the currency above US82 cents on Wednesday.
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AIG on path to repay taxpayers; loss risk seen

American International Group is on its way to repaying government bailout money, its chief executive said on Wednesday, but a Treasury official warned taxpayers could still face losses.
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Distressed debt cycle not over for firms: PIMCO

The end is not near for the distressed debt cycle, as many middle-market U.S. companies will still have to be restructured because of debt taken on during the credit boom, fund manager PIMCO said on Wednesday.

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