UNITED STATES

World needs coordinated response to crisis: IMF

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Countries must keep their promises to coordinate measures to revive the global economy rather than pleasing voters with protectionist policies, the International Monetary Fund said on Tuesday.

GM bondholders propose debt swap deal: source

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Representatives of bondholders with some $28 billion in General Motors Corp debt have outlined specific proposals to the automaker on how to swap the debt for equity in a restructured company, a person with knowledge of the talks said on Monday.
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Capital One US card delinquencies rise in January

Capital One Financial Corp, one of the largest issuers of MasterCard and Visa credit cards, said on Tuesday that credit card defaults rose in January in the United States as job losses accelerated and unemployment soared to a 16-year peak.
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Japan's economy slumps as global gloom spreads

TOKYO - Japan sank deeper into recession with its worst quarterly contraction since the oil crisis in the 1970s, its reliance on exports and soft domestic demand dragging down the world's second-largest economy. Hillary Clinton, in Tokyo on her first trip abroad as U.S. secretary of state, said Asia and the United States must fight the global crisis together. The U.S.-Japanese relationship was...
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GM, UAW talks progress, race toward deadline

suggesting they still have an immediate need for another $5 billion. Brad Coulter, director of the Detroit-based turnaround firm Okeefe & Associates, said the final price tag for a GM bailout could approach $50 billion if the market remains depressed. My real interest in this is how much cash has to be put in, Coulter said. A parallel set of talks have been under way at GM's smaller r...
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Pakistan restores sharia in Swat; U.S. missile kills 26

PESHAWAR, Pakistan (Reuters) - Pakistan agreed on Monday to restore strict Islamist law in the Swat valley to pacify a revolt by Taliban militants, and a suspected U.S. drone fired missiles in the region killing at least 26 people.
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Stocks, euro fall on banking fears, Japan data

World stocks and the euro fell on Monday while safer government bonds rose as dismal Japanese growth data and fresh concerns about the financial sector fanned worries about the deteriorating global economy.
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Obama could announce auto task force Monday

ABOARD AIR FORCE ONE - President Barack Obama could announce his new auto task force later on Monday, his spokesman said. I think the unveiling will come later today, Robert Gibbs told reporters on board Air Force One when asked when the president would formally announce his new strategy. He said the announcement would likely be in a written statement. Obama has decided to launch a governm...
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U.S. oil slips towards $37 on economic gloom

LONDON - U.S. oil prices slipped toward $37 a barrel on Monday as a raft of bearish economic data focused attention on declining global oil demand. Japan's economy shrank in the last quarter by its most since the first oil crisis in 1974, hit by an unprecedented slump in exports, which is likely to lead to more calls for extra stimulus steps to fight the deepening recession. The impact of the ...
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Stimulus 1st step in Obama's broadband goals: aide

WASHINGTON - The $7.2 billion in funding to promote high-speed Internet in the stimulus package is just the first step in the Obama administration's effort to fuel expansion of telecommunications services, an adviser to the president said on Monday. Despite new federal money, the amount is but a fraction of what is needed to establish the United States in terms of broadband versus other dev...
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United States is not protectionist, Pelosi says

ROME - U.S. House Speaker Nancy Pelosi defended the United States against accusations of protectionism during a trip to Italy on Monday, following concerns about a Buy American provision in the U.S. stimulus plan. Somewhere in the mix of things, someone has decided that America has become, is becoming, more protectionist. I don't think that is the case, Pelosi told reporters at the Ital...
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GM, UAW in talks racing toward Tuesday deadline

Negotiators for General Motors Corp and the United Auto Workers union, staring down a Tuesday deadline for the struggling automaker to submit a plan for its survival to the U.S. government, were making progress in high-stakes talks aimed at cutting GM's costs and debt, a person familiar with the matter said.
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U.S. oil nears $38 after IEA talk of supply crunch

LONDON - U.S. oil prices climbed toward $38 a barrel on Monday after the International Energy Agency said there could be an oil market supply crunch from next year once global oil demand begins to recover. The IEA warning gave upward momentum to a market undermined by a raft of bearish economic data from Asia. Japan's economy shrank in the last quarter by its most since the first oil crisis i...
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Japan's economy slumps as global crisis widens

TOKYO - Japan sank deeper into recession with its worst quarterly contraction in 35 years, data showed on Monday, its reliance on exports and soft domestic demand dragging down the world's second-largest economy. The grim Japanese figures, coupled with disappointment over the lack of coordinated action from the G7 and worries about bank rescue plans pushed European shares down by 0.6 percent in...
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China papers bask in G7 praise, pillory Buy American

BEIJING - Chinese official media on Monday welcomed the relatively mild line on the yuan currency from a G7 meeting as vindication for its policies, while continuing to pillory Buy American provisions in U.S. rescue plans. Chinese government officials have so far avoided public comment on the Group of Seven industrialized nations meeting on the weekend that praised China's fiscal measures...
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U.S. oil holds above $37 after weak Asian data

LONDON - U.S. oil prices stayed above $37 a barrel on Monday, as bearish economic data from Asia slowed the upward momentum after a sharp rally at the end of last week. Japan's economy shrank in the last quarter by its most since the first oil crisis in 1974, hit by an unprecedented slump in exports, which is likely to lead to more calls for extra stimulus steps to fight the deepening recession...
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U.S. oil above $38 after IEA talk of supply crunch

U.S. oil prices climbed above $38 a barrel on Monday after the International Energy Agency (IEA) said there could be an oil market supply crunch from next year once global oil demand begins to recover.
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Visa, MasterCard cut costs amid slowing revenue growth

As cash-strapped U.S. consumers think twice before buying a coffee or a newspaper, and banks fight for survival, Visa Inc and MasterCard Inc are cutting costs to sustain earnings. In their latest quarterly results, the world's largest payment networks beat expectations by slashing expenses and increasing prices.
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White House dampens stimulus expectations

President Barack Obama's aides warned Americans on Sunday not to expect instant miracles from the $787 billion economic stimulus bill he will sign this week, but said it would help eventually.
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Mobile data demand up despite economy: survey

Consumer demand for data services on mobile phones, such as accessing email or browsing the Web on the go, is rising despite the global economic downturn, a survey released Monday found.
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Japan GDP slumps, leaders look for alternatives

Japan sank deeper into recession with its worst quarterly contraction in 35 years, data showed on Monday, its reliance on exports and soft domestic demand dragging down the world's second-largest economy.

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