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Daily Wrap-Up - July 8 - Energy

Senators Harry Reid, Robert Menendez and Orrin Hatch, accompanied by Texas oilman T Boone Pickens on Wednesday introduced newly proposed a Natural gas legislation. The G8 agreed on Wednesday to try to limit global warming to 2 degrees Celsius. The head of the American Petroleum Institute Jack Gerard called for more drilling to bring additional domestic energy supplies to the marketplace
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U.S. consumer credit edges down $3.23 billion in May

Total U.S. consumer credit fell by an unexpectedly slight $3.23 billion in May, Federal Reserve data showed on Wednesday, although the previous month's drop was revised to a steeper decline than initially thought.
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Unwind policy once growth sustainable: Fed's Evans

The U.S. recession should end in the second half of 2009 but the Federal Reserve needs clearer signs of sustainable growth to start reversing course on policy, Chicago Fed president Charles Evans said on Wednesday.
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Oil falls 4 percent on EIA report, economic doubts

Oil dropped over 4 percent to under $61 a barrel on Wednesday after a U.S. government report showed that distillate stocks have risen near a 25-year high, reinforcing worries about a potential economic rebound.
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Deal with hospitals to save gov't $155 bln: W.House

The Obama administration announced a deal with three hospital groups on Wednesday that will save $155 billion in healthcare spending over 10 years, mainly by lowering charges for health services to the poor and elderly.
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Rothschild reviewing possible YRC bond deals: source

Struggling No. 1 U.S. trucking company YRC Worldwide Inc has asked investment bank Rothschild to evaluate potential bond exchanges as part of its restructuring plans, according to a source familiar with the matter.
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New York indicts 13 in $100 million mortgage fraud

New York prosecutors on Wednesday said 13 people and a mortgage origination company have been indicted on charges of running a multimillion-dollar real-estate fraud that cheated lenders through sham sales.
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Massachusetts sues U.S. over gay marriage rights

Massachusetts' attorney general filed a lawsuit on Wednesday against the U.S. government that seeks federal marriage benefits for about 16,000 gay and lesbian couples who have legally wed in Massachusetts.
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Americans doubt insurance plans will cover cancer

Fewer than half of all Americans trust that their health insurance plans would pay for the full costs of cancer treatment and nearly two-thirds falsely believe Medicare would not pay anything, according to a survey released on Wednesday.
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Pickens' pullback could signal shift in the wind

Oil billionaire T. Boone Pickens' step back from his plan to build the world's largest wind farm in Texas shows how a brutal recession could change the way the United States invests in renewable energy.
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Recession should end in 2nd half 2009: Fed's Evans

The U.S. recession should end in the second half of 2009, but the Federal Reserve needs clearer signs of sustainable growth to start reversing course on policy, Chicago Fed president Charles Evans said on Wednesday.
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North Korea suspected in Web attack

More than two dozen Internet sites in South Korea and the United States, including the White House, were attacked in recent days by hackers that South Korea's spy agency said may be linked to North Korea.
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Pepsi Bottling beats Street despite light volume

Pepsi Bottling Group Inc reported a higher-than-expected quarterly profit as price increases and stronger U.S. sales of carbonated soft drinks helped offset declining demand for pricier beverages.
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Market falls on recovery concerns, ahead of earnings

U.S. stock indexes fell on Wednesday on lingering worries about the state of the economy and the uncertain outlook for second-quarter earnings, though surprisingly strong demand for a Treasury auction limited losses.
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Pickens's pullback could signal shift in the wind

Oil billionaire T. Boone Pickens's step back from his plan to build the world's largest wind farm in Texas shows how a brutal recession could change the way the United States invests in renewable energy.
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Midday Minute - Tech July 8

Google said Wednesday it will launch an operating system for personal computers next year, taking direct aim at the dominance of Microsoft Corp's Windows franchise. The system, based on Google's Chrome web browser, is designed for all classes of PCs, from small netbooks to full-sized desktop systems, and will be available in machines from multiple PC makers in the second half of next year, the company said.

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