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Daily Wrap Up â€“ July 26

Job woes despite recovery, Accused CEO dies, Top Five at Box Office

Contador wins Tour de France 2009 (Top 10 Standings)

Spain's Alberto Contador won this year's Tour de France on Sunday, his second win in cycling's premier event by more than four minutes, ahead of Luxembourg's Andy Schleck and beating out seven-time winner Lance Armstrong of the U.S. who was making a comeback three and a half years after retiring.

U.S. gasoline prices fall to $2.48/gallon

The average price of a gallon of gasoline in the United States fell again over the last two weeks, but prices seem to be bottoming out, an industry analyst said.

Kuwait financier facing U.S. fraud suit found dead

A brash Kuwaiti financier facing a fraud suit by U.S. authorities was found dead Sunday in an apparent suicide that sent shockwaves through the Gulf Arab financial sector.

More news

U.S. probe targets UBS banker visits: report

U.S. authorities are targeting client visits by Swiss-based bankers from UBS in their efforts to identify U.S. citizens with accounts at the bank who may have evaded tax, a Swiss newspaper said on Sunday.

Kuwait's Al-Raya denies violations in SEC case

Kuwait's Al-Raya Investment Co said on Saturday it has committed no violations after the U.S. Securities and Exchange Commission sued its CEO financier Hazem Khalid Al-Braikan over suspicious stock trades.

Nortel auction: Ericsson to buy N.America wireless unit for $1.1 billion

Phone maker Ericsson AB has won the auction for part of bankrupt Nortel Networks Corp's wireless unit with a bid of $1.13 billion in cash, the companies said today.

Kuwait's Al Raya denies violations in SEC case

Kuwait's Al Raya Investment said on Saturday it has committed no violations after the U.S. Securities and Exchange Commission sued its CEO financier Hazem Khalid Al-Braikan over suspicious stock trades.

High Speed Trading Under Pressure from Senator

High speed trading for stocks is under pressure from a senior Senator who has called on the top U.S. securities regulator to ban a certain type of orders which he says gives and advantage to some traders over others.

Swine flu spreads; health officials plan vaccines

Global health officials stepped up efforts to prepare for quick vaccination against the H1N1 pandemic virus, saying on Friday it appeared now to be affecting older age groups spared earlier in the pandemic.

Mitsubishi Motors to post 20 bln yen qtrly loss

Mitsubishi Motors Corp is expected to report a group operating loss of around 20 billion yen for the April-June quarter, marking a second straight quarterly loss, the Nikkei business daily said.

EU considers billions for poor before climate talks

Rich countries should immediately mobilize billions of dollars in development aid to the poorest nations to win their trust in the run-up to global climate talks in Copenhagen, a draft EU report says.

Alaska Gov. Palin to leave office with cloudy future

Sarah Palin, the former Republican U.S. vice presidential candidate, will step down as Alaska's governor on Sunday with her political future clouded by ethics probes, legal bills and dwindling popularity.

Iran vows to hit Israel's atomic sites if attacked: report

The Revolutionary Guards said on Saturday that Iran would strike Israel's nuclear facilities if the Jewish state attacked it, state television reported.

Obama touts healthcare plan for small businesses

President Barack Obama said Saturday that Democratic plans to revamp the U.S. healthcare system would benefit small businesses, an argument that quickly drew criticism from his Republican opponents.

Goldman upping the ante for rivals on bonuses

Bankers and traders, no matter where they work, might have Goldman Sachs Group Inc to thank for heftier bonuses this year.

U.S. regulators close seven small banks

U.S. regulators closed seven small banks on Friday, a pace matching a one-day total seen earlier in July and bringing the number of failures so far this year to 64.

Guaranty Financial, No.2 Texas bank, says may fail

Guaranty Financial Group Inc , the second-largest publicly traded bank in Texas, said it will probably fail after loan losses and write-downs

Obama's remark on arrest of Harvard scholar angers police nationwide

President Barack Obama's remark on Wednesday that police acted stupidly in arresting Harvard professor angered police force nationwide.

CIT courts creditors, plans large debt exchange

CIT Group Inc , a 101-year-old lender fighting for survival, is planning a large debt exchange offer within weeks and may not sell any assets before fixing its capital structure, a source close to the company said on Friday.

More delays for Obama's healthcare overhaul

The leader of a group of Democratic fiscal conservatives in the House of Representatives said talks on a U.S. healthcare overhaul bill fell apart on Friday and that he saw no possibility of a deal now.

Nasdaq ends 12-day run of gains; Dow, S&P 500 rise

The Nasdaq fell on Friday, halting a 12-day run-up, following Microsoft Corp's disappointing quarterly results, but gains in pharmaceutical and energy shares lifted the Dow and the S&P 500 to fresh 8-month closing highs.

Investors dump brokers to go it alone online

The collapse of Lehman Brothers last September marked the start of a downward spiral for big investment banks. For a smaller fraternity of Internet brokerages, it has set off a dramatic spurt of growth.

Microsoft proposes letting users in EU choose browser

Microsoft sought on Friday to end a long-running dispute with EU antitrust regulators as it offered to let users choose their own browser and to provide more interoperability information to third parties.