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Oil surges 6 percent on Fed plan

Oil jumped more than 6 percent on Thursday to top $51 a barrel after the U.S. Federal Reserve announced a new plan to fight recession and a weak dollar boosted the appeal of commodities to investors.

Ross sees many more bank failures

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Investor Wilbur Ross, who made a fortune snapping up distressed companies, said on Thursday that he expects as many as 800 more U.S. banks to fail in the next few years.
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Barnes & Noble profit tops estimates

Barnes & Noble Inc , the No 1 U.S. traditional bookseller, posted better-than-expected quarterly profit on Thursday as it cut expenses and its shares rose 2 percent.
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More debt: A curious solution to a credit crisis

A nagging question haunts U.S. government efforts to revive a dormant financial system: Can a crisis that started because of excess credit be solved with more debt? The typical answer from economists is a qualified no. That is, No, more credit will not make the problem go away. But yes, the government should do its best to restore bank lending to prevent an even worse economic outcome.
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Stocks slide on Fed unease, financials

Stocks extended losses on Thursday, and the Dow slid 1 percent, as investors fretted about the implications of the U.S. Federal Reserve's action to flood the financial system with cash.
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Discover posts loss, cuts dividend

Discover Financial Services , the fourth-largest U.S. credit card network, posted a deeper-than-expected quarterly operating losses on Thursday, cut its dividend and set aside more money to cover bad loans as credit defaults mounted.
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Cisco flips for 'flip'

Cisco Systems Inc is buying digital camcorder-maker Pure Digital Technologies as it seeks to push further into the consumer market.
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FedEx says taking market share despite slump

Package delivery giant and U.S. economic bellwether FedEx Corp said on Thursday it was taking market share despite a recession that drove its profit down 75 percent, and its shares jumped.
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Citigroup eyes reverse split

Citigroup Inc on Thursday said it may conduct a reverse stock split as part of an exchange offer that could give U.S. taxpayers a 36 percent stake in the bank.
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Wall Street set to open up on oil, banks

Stocks headed for a higher open on Thursday as resurgent oil prices lifted energy shares and sentiment was underpinned by optimism about the Federal Reserve's push to lower borrowing costs.
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Obama grappling with AIG bonus fallout

President Barack Obama is grappling with the AIG bonus furor by both accepting responsibility for the government's failure to head off the payments and blaming it on the big mess he inherited.
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EU plans puts climate finance at risk: industry

European Union plans to re-write the rules of a $6 billion scheme that pays developing nations to cut greenhouse gas emissions risks stalling climate investment, policymakers and industry leaders said on Wednesday.
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EDF wind arm sees M&A bonanza in crisis

The global financial crisis should offer EDF Energies Nouvelles opportunities to acquire assets on favourable terms, the head of the French wind and solar power company said in an interview with Reuters.
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Palin defends natural-gas pipeline strategy

Amid economic jitters and worries about diminished investor interest in a massive North Slope natural gas pipeline, Alaska Gov. Sarah Palin on Wednesday defended her efforts to secure the mega-project that has been pursued for decades and that has been a centerpiece of her political career.
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Internet could become environmental watchdog

The Internet could provide an early warning system for environmental damage, imitating an online watchdog that gives alerts about outbreaks of disease, scientists said on Thursday.
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FedEx profit tumbles on global slump

Package delivery company FedEx Corp reported a 75 percent drop in profit due to the global recession, gave a low quarterly outlook and said it was taking fresh actions to cut costs.
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RBS, Citigroup cancel jets for top executives

Royal Bank of Scotland and Citigroup have canceled orders for private jets for top executives in the wake of the financial crash and a public backlash over corporate perks, French planemaker Dassault Aviation said on Thursday.
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U.S. workers on jobless benefits hit record high

The number of U.S. workers drawing state unemployment benefits scaled another record high early this month, government data showed on Thursday, highlighting the difficulties of getting new jobs as the economy battles a severe recession.
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Fed says let's Twist again after 48 years

The Federal Reserve on Wednesday flashed back almost 50 years to a campaign code-named Operation Twist, as it announced the purchase of longer-dated Treasury securities to help end a deepening U.S. recession.
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Citigroup may do reverse stock split

Citigroup Inc on Thursday said it may conduct a reverse stock split as part of an exchange offer that could give the U.S. government a 36 percent stake in the bank.
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Oil up more than 6 percent on Fed bond move

Oil jumped more than 6 percent to above $51 a barrel on Thursday after a move by the Federal Reserve to buy government bonds hit the dollar and revived expectations the U.S. economy could soon begin its recovery.
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Global downturn hits FedEx profit

Package delivery company FedEx Corp reported a sharply lower quarterly profit due to the global economic downturn and said it was taking fresh actions to cut costs.

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