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NY fund manager admits multimillion dollar fraud

A jailed New York hedge fund manager whose fraud was revealed in the wake of the Madoff scandal, admitted in court on Friday to fabricating client account statements and overstating asset values by hundreds of millions of dollars.

Strong sales boost recovery hope

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Consumers stepped up their spending in November and grew more optimistic this month, unexpectedly strong data showed on Friday, raising hopes a self-sustaining economic recovery was starting to unfold.
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Business struggles to sway U.N. climate talks

Industry has struggled to sway U.N. climate talks in Copenhagen because of a remote negotiating process and a lobby split between climate policy winners and losers, executives said on Friday.
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U.S. House rejects mortgage cramdown measure

In a win for the banking industry, the U.S. House of Representatives voted on Friday to reject a measure that would have allowed bankruptcy judges to change the terms of mortgages for distressed homeowners.
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Lehman close to sale of two real estate funds

Lehman Brothers Holdings Inc (LEHMQ.PK) is close to selling two of its real estate private equity funds to real estate investment firm PCCP, a spokeswoman for Lehman said on Friday.
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Iraq auctions fields to move up oil's big league

Iraq could challenge Russia's number two spot among world oil producers after auctioning two prized oilfields on Friday, although it failed to attract companies to bid for deals in its most dangerous areas.
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Draft deal gives lift to flagging climate talks

A draft climate pact unveiled on Friday revived hopes that U.N. talks might be able to pin down an international deal to fight global warming, but developing nations said they needed more cash from the rich.
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Job outlook, discounts lift U.S. consumer mood

U.S. consumers felt better in December, as the job market shows signs of improvement and retailers dangle steep discounts to goose up holiday sales, a survey released on Friday showed.
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U.S. consumer mood improves in early December

U.S. consumer sentiment improved in early December on signs of stabilization in the labor market and widespread discounts to entice holiday shoppers, a survey released on Friday showed.
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Governor Sanford's wife files for divorce

The wife of South Carolina Governor Mark Sanford said on Friday that she was filing for divorce, six months after Sanford traveled secretly to Argentina for what he later confessed was an extramarital affair.
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Swine flu has killed 10,000 Americans since April

Swine flu has killed nearly 10,000 Americans, including 1,100 children and 7,500 younger adults, and infected one in six people in the United States since arriving last April, health officials said on Thursday.
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Private equity firm to buy auto supplier Dura

* Patriarch Partners to acquire majority stake in DuraMergers & Acquisitions | Funds News | ETFs News | Private Capital | Cyclical Consumer Goods | Financials* Patriarch to invest up to $125 mln capital* Dura emerged from bankruptcy in June 2008DETROIT, Dec 11 (Reuters) - Private equity firm Patriarch Partners has agreed to take a controlling stake in U.S. auto parts supplier Dura Automotive Systems by investing up to $125 million of capital, the investment company said...
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North Korea hints ready to return to nuclear talks

North Korea indicated on Friday it was ready to end its year-long boycott of nuclear negotiations, following talks in the reclusive state this week with a U.S. envoy trying to revive a disarmament-for-aid deal.

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