UNITED STATES

Oil falls towards $41 after 4 percent rise

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Oil edged down toward $41 on Wednesday, after surging nearly 4 percent overnight in anticipation that producer group OPEC would cut supply further at its next meeting.

Asia stocks slip on bank fears

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Asian stocks edged lower for a fifth day while the U.S. dollar rose to a three-year high against a basket of currencies on Wednesday, after Federal Reserve Chairman Ben Bernanke gave a grim view on the financial sector.
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AIG's AIA Gets Pru, Manulife Offers; China Life Out

Prudential and Manulife Financial made preliminary offers for American International Group's Asian unit, but Prudential's offer fell short for what AIG wants for the business, sources familiar with the matter said.
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U.S. home sales and auto sales plunge

Sales of previously owned U.S. homes tumbled 7.7 percent in January and auto sales plunged to an almost 30-year low last month, according to reports on Tuesday that indicated the economy's downward spiral was gathering speed.
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Blockbuster hires advisers for debt overhaul

Top U.S. movie rental chain Blockbuster said on Tuesday it has enlisted lawyers to help it raise capital and refinance debt, but stressed it has no plans to file for bankruptcy.
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Oil rises nearly 4 percent on OPEC

Oil prices rose nearly 4 percent on Tuesday on expectations producer group OPEC will cut output again and as stock markets traded higher.
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Geithner: will work with Congress on bailout costs

Acknowledging that U.S. financial bailout costs may rise, Treasury Secretary Timothy Geithner on Tuesday said the Obama administration will work with Congress to determine the size and shape of future rescue efforts
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U.S. auto sales plunge as recession deepens

U.S. auto sales dropped by more than 40 percent in February to the lowest level in almost three decades as Americans pulled back from taking on more debt in an economy showing signs of spiraling from bad to worse.
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GM's U.S. sales tumble 53 percent in February

General Motors Corp reported a bigger-than-expected 53 percent drop in February U.S. sales on Tuesday and announced a steep reduction in targeted second-quarter production compared with a year ago.
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GM U.S. sales tumble 53 percent in February

General Motors Corp reported a bigger-than-expected 53 percent drop in February U.S. sales on Tuesday and announced a steep reduction in targeted second-quarter production compared with a year ago.
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Ford February sales plunge 48 percent

Ford Motor Co. reported a 48% drop in February sales on Tuesday and outlined sharply lower production targets for the second quarter compared with a year ago in the face of a deep slump in demand.
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Wall St mostly inches up after Obama's comments

U.S. stocks mostly edged higher on Tuesday after President Barack Obama said share prices are potentially a good deal at current levels, offsetting persistent uncertainty about plans to shore up the financial system.
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Bernanke defends AIG rescue, says U.S. had no choice

U.S. Federal Reserve Chairman Ben Bernanke on Tuesday defended the government's latest bailout of insurer AIG, telling irate lawmakers that he, too, was angry, but that failure to act could have triggered an economic disaster.
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Brazil struggles with human drug train from Bolivia

Bolivian street vendor Bigmar Arancibia says he became desperate as business went so bad that he could no longer feed his wife and children. Now he sits in jail in this Brazilian border town and probably won't see them for years.
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U.S. home sales plumb record low in January

Sales of previously owned U.S. homes tumbled to a record low in January, reversing the prior month's gains, according to a report on Tuesday that indicated the economy's downward spiral was gathering speed.

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