UNITED STATES

Airlines can't catch a break

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Major U.S. carriers are profitable for first time after years of financial ruin but their share prices keep dropping.

Citigroup CEO Prince to resign: reports

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Citigroup Inc Chief Executive Charles Prince plans to resign this weekend, the Wall Street Journal said, as the widening subprime mortgage crisis deals a final blow to a reign long under attack. The largest U.S. bank by assets plans to hold an emergency board meeting on Sunday, at which Prince will step down, the newspaper said on Friday, citing people familiar with the situation.
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Mortgage foreclosures seen staying high: Treasury

The rate of foreclosures in the United States will remain higher than normal for the next 18 months as the current home loan crisis plays itself out, a senior U.S. Treasury official said on Friday.
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European banks drop on fresh subprime concerns

Leading European bank stocks tumbled on Friday as worries mounted that the U.S. subprime crisis has taken a sharp turn for the worse and will force another round of hefty writedowns of bank exposures.
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Casio to launch W-CDMA phones in Japan

Japan's Casio Computer Co Ltd said it planned to launch W-CDMA cell phones in Japan sometime during the six months from October 2008 to March 2009, reaching out for a wider range of potential customers.
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PetroChina tipped to double in Shanghai debut

Shares in PetroChina, which raised $9 billion in the world's biggest initial public offer this year, are set to double their price when they list in Shanghai on Monday, buoyed by the company's position in the world's second biggest energy market.
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Dollar drops to record low as credit concerns nag

The dollar dropped to a record low against the euro and a major currency basket on Friday, on persistent worries about credit and unreported losses at financial firms, which overshadowed a strong U.S. payrolls report.
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Stocks fall as doubt cast on banks

Stocks fell on Friday as gains from an unexpectedly strong jobs report were quickly overwhelmed by fears of more fallout from the credit crisis.
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Banks to write down another $10 bln-plus: analyst

Large U.S. banks and brokerages will suffer additional write-downs of more than $10 billion in the fourth quarter as deteriorating credit trends continue to undercut the value of subprime mortgages and related securities, a Deutsche Bank analyst said.
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Export, consumer-led economic growth to fade

The economy grew at a healthy clip in the third quarter despite a heavy weight from housing, but the strong consumer spending and export performance that held it aloft now look set to fade.
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Oil climbs towards $95

Oil climbed $1 on Friday, heading towards $95 as concerns over tight fuel supplies in the run up to winter returned to the fore.
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Stocks set to gain on job growth

Wall Street looked set to open on the upside on Friday after government data showed that more than twice as many jobs were created in October as economists had expected.
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Ford and UAW bargaining intensifies as progress seen

Negotiators for Ford Motor Co and the United Auto Workers talked into Friday morning as the two sides closed in on a labor deal that would cap a historic round of bargaining between the union and the embattled U.S. auto industry.
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Mazda Q2 profits rise, keeps forecasts on weak yen

Mazda Motor Corp posted a 1.5 percent rise in quarterly operating profit as a weaker yen, cost cuts and sales growth offset a cutback in shipments to North America, and kept its full-year profit forecast unchanged.
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Rice promises Turkey effective action on PKK

The United States on Friday promised effective action against Kurdish rebels launching attacks on Turkey from northern Iraq, but cautioned Ankara against military moves that might destabilize the area.
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Euro Shares down on US subprime crisis

European shares weakened again on Friday, as investors continued to sell down the banking and financial services sector as worries about the extent of exposure to U.S. home loans continued to weigh.
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Chrysler, Ford tumble as U.S. auto sales drop

Chrysler LLC and Ford Motor Co on Thursday reported double-digit drops in October sales, lagging rivals in a slumping U.S. market widely expected to remain under pressure into next year. Chrysler, which also announced plans to slash one-fifth of its factory work force and cut four slow-selling models, posted a 12 percent drop in monthly sales that was deeper than analysts had forecast.
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Dell reveals environmentally friendly desktop

Dell Inc., yesterday revealed an Energy Star 4.0 compliant desktop that helps consumers reduce their carbon footprint, in an effort to extend its commitment to becoming the greenest technology company in the world.
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Market sinks on credit concerns

Financials led a sharp drop on Wall Street on Thursday, wiping out the previous session's Fed-fueled gains, after brokerages downgraded the two biggest U.S. banks, sparking fears of more credit crisis fallout. Adding to the gloom, Exxon Mobil reported profits that fell short of analysts' expectations due to slim margins from gasoline production and lower natural gas prices.
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Chrysler to cut up to 10,000 factory jobs

Chrysler LLC said on Thursday it would cut up to 10,000 hourly jobs through 2008 as it slashes production capacity in North America and eliminates four slow-selling vehicles.

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