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Oil falls from record high above $96

Oil fell more than $1 on Thursday as investors cashed in on a new peak of $96 a barrel struck following a sharp decline in U.S. crude stocks and the U.S. Federal Reserve's interest rate cut the previous day.

Dollar slides versus yen

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The dollar retreated against the yen while other high-yielding currencies tumbled on Thursday, as investors backed out of riskier assets on renewed worries about troubles in the global financial sector.

Militancy spirals as court keeps Musharraf in limbo

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A suicide attack on an Air Force bus killed eight people on Thursday as security forces said they wiped out up to 70 militants in northwest Pakistan, fuelling talk President Pervez Musharraf would invoke emergency powers to put off elections.
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Market drops on Citigroup downgrade

Stocks sank on Thursday after a confidence-shaking downgrade of Citigroup by a brokerage that put the No. 1 U.S. bank's dividend in question and added to concern the mortgage crisis may claim more casualties. Adding to pressure, Exxon Mobil reported earnings that fell short of expectations.
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HK banks cut rates, currency retreats from ceiling

Hong Kong banks on Thursday said they would cut their prime lending rates in line with a reduction in U.S. borrowing costs, while the Hong Kong dollar eased away from the ceiling of its trading band with the U.S. dollar.
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Credit Suisse writedowns hit investment bank

Credit Suisse said third-quarter profit at its investment bank was all but wiped out by writedowns, leading to a 31 percent fall in group net earnings to 1.3 billion Swiss francs ($1.12 billion).
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Global stocks off highs

World stocks dropped from earlier all-time highs on Thursday while the dollar rebounded from a record low after the Federal Reserve made a widely-expected U.S. interest rate cut and moderated expectations of further easing.
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Oil leaps to $96 high on U.S. inventory drop

Oil on Thursday above $96 for the first time, extending the previous day's 5 percent jump after an unexpected sharp fall in U.S. crude stocks and data showing strong economic growth. Crude oil's inflation adjusted prices is approaching an all-time of $101.70 seen in 1980. The price also includes reaction to a weak U.S. dollar, a Federal Reserve interest rate cut, and andOPEC statement saying prices were out of its control.
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Japan orders navy ships home from Afghan mission

Japan ordered its naval ships on Thursday to withdraw from a refueling mission in support of U.S.-led operations in Afghanistan as a political deadlock kept the government from meeting a deadline to extend the activities.
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Turk PM says sanction on N.Iraq not yet in force

Prime Minister Tayyip Erdogan said on Thursday that economic sanctions agreed against groups backing Kurdish rebels were not yet in force, denying a report that Turkey had closed its airspace to flights to northern Iraq.
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Russia, China have blocked tough Iran sanctions: U.S.

A senior U.S. official said on Thursday Russia and China had been blocking tough U.N. sanctions against Iran for months but there would be a push to impose them if Tehran had not suspended nuclear activity within two weeks.
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Bank of Japan keeps rates on hold

The Bank of Japan today lowered its forecasts for growth and inflation this year, and held interest rates steady, but maintained its view that the country's economy was likely to continue its sustained expansion.
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U.S. stocks rise on Fed rate cut, economic strength

U.S. stocks rose on Wednesday after signs that the economy is showing strong growth and expectations that today’s Federal Reserve quarter-point cut for its benchmark interest rate will promote growth.
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Oil surges to record at over $95 a barrel

U.S. oil hit a record over $95 a barrel on Wednesday, posting the biggest gain in 10 months after a steep drop in U.S. inventories fueled winter supply concerns and the U.S. Federal Reserve cut interest rates.
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Auto sales seen dipping in October

U.S. auto sales are expected to have dipped slightly in October, as stepped-up incentive spending by automakers could not totally offset the drag from continued turmoil in the U.S. housing market, analysts said.
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Sprint in talks with Google on mobile apps: source

Sprint Nextel Corp, the No. 3 U.S. mobile service, is in talks to put applications from Web search leader Google Inc on its cell phones, a person familiar with the matter said on Wednesday. Google is in talks with some of the largest U.S. wireless carriers to make a deeper move into the mobile industry, an area it views as key to future growth.
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Fed cuts key rate by quarter point, notes housing downturn

The Federal Reserve cut its benchmark interest rate by a quarter point on Wednesday, hoping to forestall what policy makers see as further slowing of the economy in the near term due in part to the U.S. housing downturn. The Federal Open Market Committee cut the key federal funds rate to 4.5 percent on Tuesday in a bid to forestall damage to the broader economy from turmoil in financial markets.
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Oil hits record $94 on U.S. inventory slump

Oil rallied to a record $94 a barrel on Wednesday after weekly data showed U.S. crude inventories unexpectedly slumped by 3.9 million barrels, countering expectations for an increase.
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Iraq, warily eyeing Turkey, says tackling PKK

Iraq said on Wednesday it had set up more checkpoints to restrict the movement of Kurdish guerrillas and cut supply lines to their mountain hideouts following Turkey's demands for firm action against the rebels.
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Nipping into Argentina

Canadian lobster and tuna fisherman Everett Condon had never traveled further south than the United States until this year, when he spent his off-season going to tango shows and getting plastic surgery in Argentina.
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Wal-Mart starting big holiday deals this week

Wal-Mart Stores Inc said on Wednesday it will begin offering this week the type of holiday discounts it typically reserves for Black Friday -- the day after Thanksgiving that typically marks the start of the ultra-competitive holiday shopping season. Wal-Mart has said it intends to be aggressive this holiday season to boost sales at its U.S. stores.
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Markets to take time to recover - StanChart chief

Financial markets will take a few more months to recover from the credit crisis but the global economy was likely to withstand the shock, Standard Chartered Bank's Mervyn Davies said on Wednesday.
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India's Ranbaxy may get partner for research unit

India's Ranbaxy Laboratories may get a strategic partner for its research unit that will be listed next year, and expects deals to sell products of global firms in emerging markets, its chief executive said.
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Citi says subprime crisis impact limited in Asia

The impact of the U.S. subprime mortgage crisis has been limited in Asia and will be limited because of ample cash in the region's banking systems, a top Citigroup official said on Wednesday.

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