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Musharraf says elections by February 15

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Pakistani national elections will take place before February 15, President Pervez Musharraf said on Thursday, after Western allies and opponents had demanded polls be held on time and emergency rule scrapped.
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Morgan Stanley sees $3.7 billion subprime hit

Morgan Stanley on Wednesday said it has suffered a $3.7 billion loss stemming from its U.S. subprime mortgage exposure, which it expects will reduce fourth-quarter earnings by about $2.5 billion. The Wall Street investment bank said the loss occurred in September and October, and might change before its fiscal quarter ends this month.
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Nasdaq to buy Philadelphia exchange

Nasdaq Stock Market Inc on Wednesday confirmed it would acquire the Philadelphia Stock Exchange for $652 million, a move that will let the No. 2 U.S. stock exchange expand its presence in the fast-growing equity options business.
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Georgia declares state of emergency in capital

President Mikhail Saakashvili declared a state of emergency in the Georgian capital Tbilisi on Wednesday after police fought pitched battles with protesters, and the prime minister said there had been an attempt at a coup.
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NY subpoenas Fannie and Freddie in mortgage probe

New York Attorney General Andrew Cuomo announced on Wednesday that his office was sending subpoenas to Fannie Mae and Freddie Mac as part of his expanding probe of the home mortgage industry. The subpoenas seek information on the mortgage loans that the two companies purchased from banks, including Washington Mutual, Cuomo said.
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China FX reserve comments push dollar to new lows

The dollar dropped to record lows versus the euro on Wednesday after comments by a Chinese official stoked fears the central bank of the world's fourth largest economy would reduce its holdings of U.S. assets.
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Sliding dollar and huge GM loss hit stock markets

The dollar hit record lows versus the euro on Wednesday, knocking major stock markets as General Motors posted its biggest quarterly loss ever which rattled investors already concerned about the U.S. economy.
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$100 oil in Asia adds to exports worry

Does Asia have more to fear from rising petrol prices as crude oil hurtles towards $100 a barrel than it does from slowing growth in its biggest export market of the United States?
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NY probes Fannie, Freddie appraisals roles-sources

New York Attorney General Andrew Cuomo is expected to announce on Wednesday he is examining what role Fannie Mae and Freddie Mac might have played in an alleged scheme to inflate appraisals of home values, sources familiar with the investigation said.
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Nasdaq to buy Philadelphia exchange for $652 million

Nasdaq Stock Market Inc said on Wednesday it would acquire the Philadelphia Stock Exchange for $652 million, a move that will let the No. 2 U.S. stock exchange expand its presence in the fast-growing options business.
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Bhutto threatens Musharraf with long march

Former Pakistan prime minister Benazir Bhutto threatened on Wednesday to lead a mass protest march to the capital unless President Pervez Musharraf quits as army chief, holds elections and restores the constitution.
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Gold eyes record $850 as oil nears $100

Oil was on the cusp of the landmark $100 a barrel level on Wednesday, helping push gold towards a record $850 an ounce as an embattled dollar hit new lows.
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Boot's on the other foot for executive job seekers

A global shortage of executive talent is forcing companies to be much more accommodating as increasingly restless senior managers demand less travel and more flexibility, executive search firms say.
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Fed's Lacker: Credit turmoil assessment takes time

Federal Reserve Bank of Richmond President Jeffrey Lacker said on Wednesday that assessing the credit market turmoil that started this summer may take more time and that the Fed did the right thing in making funds available, albeit at a cost.
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Homes brace for heating oil highs

When the first snow falls this winter, 61-year-old Grace Murphy won't be turning on the heat in her Dorchester, Massachussetts home. With her heating oil tank at empty, she'll be huddled around her gas oven with her husband Paul, 66, and her 88-year old mother.
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GM posts record loss after $39 billion charge

General Motors Corp posted its largest quarterly net loss on Wednesday, reflecting a $39-billion charge related to unclaimed tax credits and a loss at its former finance subsidiary GMAC. The largest U.S. automaker posted a third-quarter net loss of $39 billion, or $68.85 per share, compared with a loss of $147 million, or 26 cents per share a year earlier.
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Toyota profit up on weak yen

Toyota Motor Corp, the world's most profitable automaker, posted a 2.7 percent rise in quarterly operating profit thanks to a weaker yen, stronger sales and cost cuts and nudged up its full-year forecasts.
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Time Warner Cable posts lower profit

Time Warner Cable Inc, the second-largest U.S. cable television operator, said on Wednesday that third-quarter profit fell due to a large year-earlier gain.
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Six in 10 U.S. consumers see recession: survey

Six in 10 U.S. consumers say a recession is likely in the next three to six months, a new survey on holiday spending said on Wednesday. A telephone survey found 45.7 percent of 1,000 respondents say a recession is somewhat likely, 14.3 percent said very likely and Forty percent said a recession was not likely
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Oil races to record high above $98 a barrel

Oil sped above $98 a barrel for the first time on Wednesday, closing in on the landmark $100 level, driven by a slumping U.S. dollar and worries over a winter fuel supply crunch.

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