UNITED STATES

Hopes dampened between U.S.-Cuba relations

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U.S. President Barak Obama, speaking at the close of the Summit of the Americas on Sunday said the relations between U.S. and Cuba need to be backed up by action not simply words.

Wall Street sinks on banks' woes

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U.S. stocks slid more than 3 percent on Monday after weak results from Bank of America reignited concerns over the state of the banking industry and the economy.
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Fannie Mae names insider Williams as CEO

Fannie Mae , the largest provider of U.S. residential mortgage funding, on Monday named Michael Williams, an 18-year veteran of the government-controlled company, as president and chief executive officer.
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Obama seeks agency spending cut by $100M

President Obama convenes his first formal Cabinet meeting Monday and asked department and agency chiefs to find way to cut $100 million out of the federal budget over the next 90 days, a senior administration official said.
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Chemical companies' outlook to trump weak earnings

Investors are expected to look past a weak crop of earnings reports from U.S. chemical companies this quarter and focus on whether a potential economic upturn can keep shares on an upswing, analysts said.
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Bank of America net up, shares sink on bad loans

A surge of troubled loans overshadowed better-than-expected earnings at Bank of America Corp, and the largest U.S. bank said it expects the credit situation to worsen, driving its shares down 24.3 percent.
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Iran urged to reciprocate U.S. moves

Iran should reciprocate recent overtures by the Obama administration to discuss its nuclear program, Mohamed ElBaradei, chief of the International Atomic Energy Agency (IAEA), said on Monday.
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U.S. calls Iranian speech vile

A speech by Iranian President Mahmoud Ahmadinejad calling Israel a racist state was vile and fed racial hatred but did not preclude U.S.-Iranian diplomatic contacts, the United States said on Monday.
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Wall Street sinks as bank shares tumble

Stocks slid on Monday on concerns over the sustainability of recent better-than-expected results from banks after Bank of America Corp reported a big increase in troubled loans.
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GM cutting 1,600 U.S. salaried positions

General Motors Corp said on Monday it is telling about 1,600 salaried U.S. employees this week to leave by May 1 as it scrambles to reduce costs under a restructuring mandated by the U.S. government.
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Wall Street falls as bank shares tumble

Stocks slid on Monday on concerns over the sustainability of recent better-than-expected results from banks after Bank of America Corp reported a big increase in troubled loans. Wall Street's tumble follows a six-week winning streak, the longest for the S&P 500 since 2007, with the Dow scoring its biggest gain over the period since 1938.
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PepsiCo bids $6 billion for bottlers

PepsiCo Inc offered $6 billion to buy the remaining stakes in its two largest bottlers, Pepsi Bottling Group and PepsiAmericas Inc, as it seeks to secure more control of its distribution and cut costs.

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