UNITED STATES

Musharraf's rivals win Pakistan election

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Pakistani President Pervez Musharraf's opponents won a big election victory on Tuesday after voters rejected his former ruling party, raising questions about the future of the U.S. ally who has ruled since 1999. Counting was continuing with results still awaited in less than 20 seats, but no party was expected to win a majority in the 342-seat National Assembly.
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Oil Prices Gain on Weak Supplies Outlook

Crude rose on Monday for a fourth day as Venezuela's dispute with Exxon Mobil Corp. and comments from an Iranian OPEC official increased concern of a shortage of oil supplies in the United States.
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Platinum Breaks Through $2,100 on Tight Supply, Gold Steady

Platinum surged over $2,100 an ounce for the first time, gaining more than 20 percent since late January after South Africa, the largest producing nation, continues to be hard hit by power cuts that forced mines to shut down operations. Gold remained steady.
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Looming end to DVD war cheers consumers

An impending end to a format war over next-generation DVDs boosted shares in both victorious Sony, in the Blu-ray corner, and Toshiba, in the losing HD DVD camp, on Monday as consumers cheered an end to confusion over which discs will carry high-definition movies.
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Disney to raise stake in India's UTV

Walt Disney Co has reached a deal to more than double its stake in Indian TV and movie content maker UTV, the two firms said, underscoring the U.S. entertainment firm's efforts to expand globally.
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Asian shares may shudder at consumer chill

Asian stocks, which have been jittery this year at any ill omen from the U.S. market, are likely to take note on Monday of Wall Street's latest fall, while investors continue to keep an eye out for bargains.
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Kosovo declares its independence from Serbia

Kosovo Albanians declared independence on Sunday, confidently awaiting Western recognition for their state despite the anger its secession provoked in Serbia and Russia's warnings of fresh Balkan unrest.
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Northern Rock Nationalized; U.K. Rejects Virgin Bid

The U.K. government will nationalize Northern Rock Plc bank after a bid by Virgin Group Ltd. was rejected, Chancellor of the Exchequer Alistair Darling said today. The government did not select either of two bids by a Virgin consortium and an in-house proposal.
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US Will Compensate Damages from Satellite

The United States said that it will shoot down a dying U.S spy satellite earlier this week, and on Friday government officials promised to compensate other nations for any debris that lands in their territory.Whether the engagement succeeds or fails, the U.S. is prepared to offer assistance to governments to mitigate the consequences of any satellite debris impacts on their territory, Ambassador Christina Rocca told the Conference on Disarmament.The satellite is carrying more than 1,...
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Bush Goes to Africa

President George W. Bush set-off on Friday for a five-nation tour, touting American compassion for the poor on the continent.
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Wal-Mart Chooses Blu-ray, Will Phase Out HD-DVD

Wal-Mart, the world's largest retailer, has decided that it will exclusively sell second generation DVDs in the Blu-Ray format, dealing one in a series of blows to the rival HD DVD format.
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Wal-Mart dumps HD DVDs to back Blu-ray

Wal-Mart Stores Inc has decided to exclusively sell high-definition DVDs in the Blu-Ray format, dealing what could be a crippling blow to the rival HD DVD technology backed by Toshiba Corp.
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Many more job cuts ahead for Street banks

Wall Street investment banks, stung by debt losses, have cut tens of thousands of jobs, but even more significant cuts are coming in the months ahead amid a bleaker earnings outlook.

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