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Sell-off leaves S&P in negative territory for year

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Stocks suffered their worst one-day loss in two months, dropping the S&P 500 back into negative territory for the year on Monday in a broad-based sell-off, as investors reconsidered the health of the economy.
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Nokia hopes to close Nortel deal by Q3

Nokia Siemens Networks said on Monday it hopes to close its $650 million acquisition of Nortel Networks' advanced wireless technology business by the third quarter of this year.
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Wall St drops on economic worries

U.S. stocks slid on Monday as investors fretted about the strength of an economic recovery, and falling commodity prices hit shares of energy and other natural resource companies.
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iPhone 3GS sales top 1 million

Apple Inc said it had sold more than 1 million of its newest iPhone in the first three days of launch, beating analysts' expectations for the 3GS smartphone's debut.
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Thousands leave Waziristan before new Pakistan battle

About 40,000 Pakistanis are on the move even before a military offensive begins in the Taliban stronghold of South Waziristan, U.N. officials said on Monday, and are headed for communities already stretched to the limit.
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40,000 leave Waziristan before new Pakistan battle

About 40,000 Pakistanis are on the move even before a military offensive begins in the Taliban stronghold of South Waziristan, U.N. officials said on Monday, and are headed for communities already stretched to the limit.
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Echo boomers a lifeline for embattled U.S. housing

The children of baby boomers will eventually resuscitate the pummeled U.S. housing market, Harvard University said on Monday, but in the meantime, limits on income and credit are sustaining the three-year bust.
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Recession takes bite out of brand loyalty: study

The U.S. recession is taking a bite out of national brand loyalty in products ranging from Advil pain reliever and Green Giant frozen vegetables to Jif peanut butter, according to a study released on Monday.
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World Bank cuts forecasts

The Organization for Economic Cooperation and Development added to a grim outlook from the World Bank on Monday, saying major economies will contract throughout 2009 and the problem of unemployment will linger.
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Walgreen profit slips

Walgreen Co posted a slightly lower quarterly profit as shoppers remained focused on buying only necessities.
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Oil falls below $69 on stronger dollar

Oil dropped below $69 a barrel on Monday pressured by a stronger dollar and weaker European equities, but attacks on the oil industry in top African exporter Nigeria limited losses.
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World stocks slip

World stocks slipped on Monday while government bonds and the dollar rose as a decline in oil prices below $70 a barrel and caution ahead of this week's data and Federal Reserve meeting weighed on risky assets.
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Internet boycott calls to mark China filter debut

Chinese Internet users are calling on fellow web surfers to stay offline on July 1, the debut of a controversial software filter that critics say the Chinese government is using to tighten censorship.
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Fed mulling revamp of repo market: report

The Federal Reserve is considering creating a utility to replace the Wall Street banks that handle U.S. repo market transactions, the Financial Times reported on Monday, citing people familiar with the matter.
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Employers cutting back 401(k) plans

A quarter of U.S. employers have eliminated matching contributions to employee 401 retirement plans since September to save money amid the economy's downturn, according to research released on Monday.
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Asia stocks rise, U.S. bonds flat ahead of Fed

Asian stocks rose on Monday, with Chinese bank stocks getting a boost on hopes lending will stay strong, while U.S. Treasury yields were flat before a weekly record of $104 billion in new debt hits the market.
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Blavatnik to sue JPMorgan over investment losses: report

U.S. billionaire Len Blavatnik is planning to file a lawsuit against JPMorgan Chase on Monday, accusing the bank of mismanaging an investment account that held $1 billion in assets owned by Blavatnik's industrial holding company, Access Industries, the New York Times said.

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