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E3 seen returning to glitz

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The interactive videogame industry's biggest convention in Los Angeles promising a return to its glitzy past, but on the heels of weak sales and the slumping economy, the future of this fun and games business is no laughing matter.

Wall Street advances on economic hopes, GM relief

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U.S. stocks rose on Monday, sending the S&P 500 to a seven-month high, as reassuring economic data reinforced hopes of economic stabilization, while General Motor's long-expected bankruptcy petition lifted uncertainty about the automaker's fate.
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GM files for bankruptcy, Chrysler sale cleared

General Motors Corp filed for bankruptcy on Monday, forcing the 100-year-old automaker once seen as a symbol of American economic might and dynamism into a new and uncertain era of government ownership.
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GMAC bank unit denies paying unfair interest rates

Ally Bank, the banking unit of auto and mortgage lender GMAC, on Monday denied competitors' complaints that it is paying excessive interest rates to attract deposits while on a government-funded lifeline.
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Upbeat economic data boosts Wall Street

Stocks rallied on Monday as reassuring economic data spurred optimism the recession is abating, overshadowing a long-expected bankruptcy filing by General Motors.
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Wall Street jumps as economic data boosts optimism

Stocks rose sharply on Monday as strong economic data bolstered optimism the worst of the global recession was past, even as General Motors filed for bankruptcy and was removed from the Dow industrial index.
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Geithner questioned why Cubans’ Instant Messaging access was cut off

U.S. Treasury secretary, Timothy Geithner, has been questioned by the Center for Democracy in the Americas (CDA) asking the Department to launch inquiry into actions by Microsoft, and possibly other Instant Messaging (IM) providers after access to IM was cut off to Cubans and other persons living in countries under U.S. sanctions.
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U.S. manufacturing shrinks at slower rate

The U.S. manufacturing sector contracted at a slower rate in May, while consumer spending fell modestly in April, according to reports on Monday that were further evidence the deep recession was easing.
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Freddie to conduct tender offer for up to $30 billion

Freddie Mac this week is offering to buy back from investors up to $30 billion principal amount of its debt to reduce its effective short-term debt, the second-largest U.S. home funding provider said on Monday.
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Oil jumps to $68 on equities, dollar

Oil rose more than 2 percent to a seven-month high on Monday, extending its biggest monthly gain in a decade due to rallying stock markets and sustained expectations for a global economic recovery.
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Settlers seek takeover of East Jerusalem area

Israeli settlers are waging court battles to evict dozens of Palestinians from homes in an East Jerusalem neighborhood, a move threatening to widen Israel's rift with U.S. President Barack Obama over settlements.

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