UNITED STATES

Obama announces $5 billion for new medical research

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President Barack Obama announced a plan on Wednesday to spend $5 billion on medical and scientific research, medical supplies and upgrading laboratory capacity, which he said would create tens of thousands of new jobs.

Chrysler execs to meet auto task force this week

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Executives from Chrysler Group LLC will meet the U.S. Treasury Department's auto task force this week, but no public statement is expected after the meeting, a Treasury official said on Tuesday.
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Pay or be blamed for son's death, Travolta told

Actor John Travolta testified in a Bahamian extortion trial on Wednesday that he was told that unless he paid $25 million, stories would be sold to the news media implying his son's death was intentional and he was to blame.
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Agco to pay $20 mln to settle kickback charges

Farm equipment maker Agco Corp has agreed to pay $20 million to settle charges it made inappropriate payments to the former Iraqi government under the United Nation's Oil-for-Food Program, U.S. officials said on Wednesday.
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BofA to sell asset management unit for $1 billion

Bank of America Corp's deal to sell part of its Columbia Management business for about $1 billion is a boost for its effort to unload unwanted assets and raise capital, but the low price suggests it is still facing a buyers' market.
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Verizon discontinues Internet Hub phone

Verizon Wireless, the No. 1 U.S. mobile service, quietly stopped selling the Verizon Hub on Tuesday, just eight months after it launched the experimental device which combined a home telephone and Web applications.
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EIA Report 30/09/2009

One of the critical factors energy analysts focus on each fall, ahead of the rise in demand for heating fuels, is the pre-winter build-up of fuel inventories. This year, inventories are unusually high for all winter fuels, including distillates (which includes heating oil), natural gas, propane, and coal used for electricity generation.
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Oil jumps over 5 percent, eyes gasoline demand

Oil prices surged more than 5 percent to settle above $70 a barrel on Wednesday, buoyed by a drop in U.S. gasoline inventories last week that hinted at rising demand in the world's largest energy consumer.
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Fed may boost rates while economy still weak: Kohn

The Federal Reserve may need to begin to pull back its extensive support for the weak U.S. economy before it has healed enough to substantially lower the jobless rate and get factories working again, Fed Vice Chairman Donald Kohn said on Wednesday.
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US jobless rate to hit 10 percent-Macro.Advisers

U.S. payroll employment will turn positive in the early months of 2010 but the jobless rate is still likely to hit 10 percent before the cutting spree ends, Joel Prakken, chairman of Macroeconomic Advisers, said on Wednesday.
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USD Rallies on Soft Manufacturing Data

The greenback advanced against its major rivals in the Wednesday trading session, edging higher against the euro toward the 1.46-level, while pushing the pound sterling to beneath the 1.60-figure and briefly dragging the Swiss franc to a 3-week low at 1.0447. The catalyst for the dollar's gains was a sharply weaker than forecast report on Chicago PMI.
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Tsunami deaths likely to rise in Pacific islands

Relief workers in American and Western Samoa on Thursday searched for survivors after a series of tsunamis smashed into the tiny Pacific islands, killing possibly more than 100 people and flattening villages.
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Clean technology top U.S. venture investment: group

Clean technology has for the first time become the top category in U.S. venture capital investment, eclipsing biotech and software, as private money follows the government's lead, the Cleantech group reported.
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Two U.S. House panels take aim at credit raters

A U.S. congressional panel is expanding its probe of credit rating agencies to look at why securities regulators ignored warnings from former Moody's Corp executives about the company's weak compliance department and ratings process.
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Daimler Trucks sees Brazil upturn, keeps U.S. plant

Daimler (DAIGn.DE) will hire 800 more staff for its Brazilian commercial vehicles business and keep open a U.S. truck plant as the two key markets show signs of reviving, the world's biggest truckmaker said.
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10 Miniature City Marvels Around the World

If you've ever read the book Gulliver's Travels, and wondered how Gulliver felt when he was washed ashore from his shipwreck and woke up in a land of tiny people called Lilliput, here's your opportunity to find out.
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Distracted driving blamed for 5,800 U.S. deaths

Transportation Secretary Ray LaHood Wednesday called distracted driving a serious epidemic with more than 5,800 annual U.S. traffic deaths tied to motorists who failed to keep their eyes on the road.
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Chevron taps executive Watson for top job

Chevron Corp said on Wednesday David O'Reilly would retire as chairman and chief executive of the second-largest U.S. oil company at the end of the year and be replaced by Vice Chairman John Watson.
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Dow, S&P flat as tech offsets weak PMI reading

U.S. stocks were mostly flat on Wednesday, on a volatile last day of a strong third quarter, as a disappointing report on Midwest business activity was offset by gains in commodities and tech.

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