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H&R Block Shuts Option One, Slashes 620 Jobs

The largest tax preparer in the U.S said on Tuesday that it will shut down its troubled mortgage lending arm and cut 620 jobs as the units sale to Cerberus Capital Management LP has fallen through.

Fannie Mae to Sell $7 Bln in Stock, Cut Dividends

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As Fannie Mae prepares for further drops in housing and credit markets, the company said on Tuesday it will cut its dividends by 30 percent and sell $7 billion of preferred stocks to increase capital.

Dollar Falls on Credit Concerns, Slowing Economy

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The dollar fell against major currencies on Tuesday amid concerns about company earnings, a lower U.S. market, an interest rate cut in Canada and the latest address from the Federal Reserve.
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Prudential Fin, DLF to Foray Into MF Business

Prudential Financial Inc, one of the largest U.S. life insurers, and India's most valuable real estate firm, DLF, are to set up an asset management joint venture, the two firms said in a statement.
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EBay, Yahoo Japan to link up auction services

EBay Inc and Yahoo Japan will link up their auction sites to make cross-border bidding easier, in a deal that gives U.S. auction titan eBay another chance to woo lucrative Japanese consumers.
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Singapore's Temasek Eyes Western Bank Stakes

Singapore's Temasek, Asia's pioneer sovereign wealth fund with stakes in Barclays and Standard Chartered, looks to be calling the top of the China stock boom and is scouting for cheaper targets in the West.
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Credit jitters hit global stocks and dollar

Jitters about the U.S. economy and the credit crisis kept investors away from riskier assets on Tuesday, sending stocks sharply lower and boosting the Japanese yen against higher-yielding currencies.
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Oil slips to near $88

Oil fell more than $1 to stand near $88 a barrel on Tuesday, awaiting a clear signal from OPEC as a chorus of opinion within the exporting group spoke against an output increase.
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Yen climbs as global risk aversion rises

The yen gained against the dollar and higher-yielding currencies for a second day on Tuesday as escalating concerns about credit turmoil prompted investors to cut back on risky positions.
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Dow Chemical to close plants, cut jobs, take charge

Dow Chemical Co said on Tuesday it would shut down a number of plants and eliminate about 1,000 jobs to cut costs and direct capital toward businesses with better growth prospects. The largest U.S. chemical maker said it would incur a related charge of $500 million to $600 million, which includes severance costs and asset write-downs.
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U.S. Iran report is no slam dunk

U.S. intelligence agencies have showed independence from the Bush administration with a skeptical assessment of Iran's nuclear capabilities that is far from the slam dunk case against Iraq before the war.
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Viacom to Sell 1.3 Mln Rock Band Units

U.S. media conglomerate, Viacom Inc plans to ship 1.3 million copies of its MTV-based video game Rock band in the fourth quarter, the company said Monday.
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Holy Smokes! World's worst polluters list is out!

World's two fastest growing economies, China and India, have earned the dubious distinction of being home to some of the biggest polluting firms across the globe, according to a list published by Carbon Monitoring for Action (CARMA), a product of the Confronting Climate Change Initiative at the Center for Global Development, an independent think-tank located in Washington, DC.
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Oil hits 5-week low below $88

Oil plumbed five-week lows below $88 a barrel on Monday as concerns about the health of the U.S. economy extended losses that have cut 10 percent from prices over the past two weeks.
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Ford U.S. November sales up 0.4 pct

Ford Motor Co (F.N) on Monday posted a 0.4 percent increase in U.S. sales in November, up for the first time in 12 months, driven by sales to commercial fleet and government customers. The embattled U.S. automaker said it sold 182,951 vehicles in the United States last month, compared with 182,259 vehicles a year earlier.
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U.S. says Iran halted nuclear weapons program

Iran halted its nuclear weapons development program in the fall of 2003 under international pressure but is continuing to enrich uranium, which means it may still be able to develop a weapon between 2010 and 2015, senior intelligence officials said Monday.

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