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Mid-Day Minute - August 17

Wall Street tumbles on global recovery concerns, Fed, Treasury extend TALF to mid-2010 for CMBS; CIT completes debt tender, buys time to restructure

Telecom operators hurt selling iPhones

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Heavy subsidies shelled out by telecom operators around the world to lure consumers to buy an Apple iPhone have done nothing to increase profits, and have even dented them in some cases, a research report showed on Monday.

Oil falls 3 percent on recovery jitters

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Oil fell over 3 percent to below $66 a barrel on Monday, its lowest this month, as investors became more cautious about the pace of global economic recovery and a potential revival in energy demand.
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N.Y. manufacturing growth emerges in August

A gauge of the New York state factory sector showed growth for the first time since April 2008, signaling manufacturers could lead the U.S. economy out of the worst downturn in 70 years.
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Cellcom Q2 profit up boosted by value-added services

Telephone operator Cellcom Israel Ltd said it posted a forecast-beating rise in second-quarter net profit as an increase in content and value-added services offset a decline in roaming revenue from tourism.
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Global recovery concerns sink Wall Street

Stocks fell broadly on Monday as ongoing concerns about the speed of a global economic recovery were compounded by data from Japan, which showed that while the world's No.2 economy returned to growth, the recovery may be shaky.
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North Korea reopens to South as economy weakens

North Korea said on Monday it would reopen its border with the South, ending a self-imposed 9-month blockade on a vital source of cash for its leaders as their ravaged economy is squeezed by tightening U.N. sanctions.
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U.S. videogame sales down 29 percent in July

U.S. videogame equipment and software sales fell 29 percent in July to $848.9 million, research group NPD said on Thursday, as the gaming industry limps through the economic downturn.
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China's CIC to buy U.S. mortgages: sources

China's $200 billion sovereign wealth fund, which made big paper losses on stakes in Morgan Stanley and Blackstone, is set to invest up to $2 billion in U.S. mortgages as it eyes a property market recovery, two people with direct knowledge of the matter said on Monday.
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TomTom iPhone App Review Video

TomTom's much anticipated turn by turn app for the iPhone was released on Monday on iTunes for $99. The app uses the iPhone's built-in GPS chip to provide users with real-time navigation directions
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Stock futures point lower as Japan data weighs

Stock index futures pointed to a steep fall at the open on Monday as global equities sold off after data from Japan showed that while the world's No. 2 economy returned to growth, a recovery may be shaky.
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Wall Street slightly pares losses after data

Stock futures slightly trimmed losses but still pointed to a steep drop at the open on Monday after a regional gauge of manufacturing suggested growth was returning to the sector.
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Struggling Sony Ericsson taps new head

Sony Ericsson on Monday entrusted the head of Ericsson's U.S. technology division with the task of leading the struggling cellphone maker back to profit and reversing a sharp decline in market share.
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Japan pulls out of recession, but outlook shaky

Japan's economy returned to growth in the second quarter, pulling out of its longest recession since World War Two, but analysts warned of a rocky road ahead as the nascent recovery was based on short-term stimulus efforts around the world.
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China study urges greenhouse gas caps, peak in 2030

China should set firm targets to limit greenhouse gas emissions so they peak around 2030, a study by some of the nation's top climate change policy advisers has proposed ahead of contentious talks on a new global warming pact.
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Pakistan seeks U.S. backing for energy projects

Pakistan has told the United States it hopes to ease power shortages by renting electricity-generating plants over the next three to five years but wants Washington's backing in a longer-term upgrade and diversification of the country's antiquated power sector.
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Cuomo likely to file suit against Schwab: report

New York Attorney General Andrew Cuomo, probing illegal marketing and sales of auction rate securities , is likely to file a lawsuit on Monday against Charles Schwab Corp for civil fraud, the Wall Street Journal said, citing people familiar with the matter.

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