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Oil falls to $87 on U.S. economy concerns

Oil fell nearly $2 to below $87 a barrel on Monday as financial markets tumbled on growing concerns over the health of the U.S. economy, triggering a correction from recent record highs.

Countrywide's Mozilo shouldn't be chairman: AFSCME

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Countrywide Financial Corp Chief Executive Angelo Mozilo should give up his role as chairman, and the largest U.S. mortgage lender should overhaul its practices for granting stock options, a union-affiliated pension plan urged on Monday.

Turkey to exhaust diplomacy before striking

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Turkey said on Monday it will exhaust diplomatic channels before launching any military strike into northern Iraq to root out Kurdish rebels, who killed at least a dozen Turkish soldiers in fighting over the weekend.
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Futures fall on earnings jitters

Stock futures declined on Monday, suggesting a lower opening for Wall Street, hit by weakness in global markets and concern that credit problems may be having a wider impact on earnings.
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Greenback hits new lows

The dollar hit a record low against the euro on Monday as traders seized on Group of Seven finance officials' apparent indifference toward dollar weakness as a cue to dump the ailing greenback.
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Iran's hawks winning nuclear policy argument

A change in Iran's top nuclear negotiator indicates President Mahmoud Ahmadinejad and those who oppose any compromise in an atomic standoff with the West are winning the policy argument in the Islamic Republic.
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Economic, credit worries rattle investors

Worries about the world-leading U.S. economy and fears over bank credit rippled across financial markets on Monday, sending stocks sharply lower and dragging the dollar to a record low against the euro.
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Oil extends fall to $88

Oil prices fell on Monday, extending the previous session's decline on profit taking from record highs, but clung to $88 on violence between Turkish soldiers and Kurdish guerrillas and a record-low dollar.
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Group of Seven fail to address dollar decline

Fiscal policy makers from the Group of Seven meeting this week in Washington this week did not specifically address the issue of the dollar trading near all-time lows versus the euro in recent weeks.
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Chrysler deal vote mixed in early results

United Auto Workers members at a major Chrysler LLC assembly plant in St. Louis have overwhelmingly rejected a proposed contract with Chrysler, delivering a setback to union leadership in early voting on the four-year deal.
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AT&T says plans to participate in wireless auction

AT&T Inc said on Friday it plans to participate in an upcoming government auction of airwaves in the 700-Megahertz spectrum band, but it is still deciding whether to bid for a portion of the spectrum reserved for open access.
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Bush expands sanctions against Myanmar rulers

President George W. Bush expanded U.S. sanctions against Myanmar's rulers on Friday, accusing them of "vicious persecution" of democracy protesters, and urged China and India to step up pressure on their neighbor.
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Wall Street sinks on Black Monday's anniversary

Caterpillar Inc.'s warning that the housing slump was infecting the wider economy sent U.S. stocks tumbling by the most in more than two months on Friday, spooking investors on the 20th anniversary of the 1987 market crash.
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G7 finance chiefs aim to calm uneasy global markets

With global economic growth waning and a credit crunch threatening, finance chiefs from rich nations were gathering on Friday to mull how to control strains in financial markets and keep expansion going.
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Wachovia profit falls on write-downs

Wachovia Corp posted on Friday a 10 percent decline in third-quarter profit, missing forecasts, as the fourth-largest U.S. bank suffered $1.3 billion of write-downs at its investment banking unit.
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Caterpillar net misses expectations

Caterpillar Inc, the world's top maker of earth-moving equipment, diesel engines and gas turbines, posted disappointing quarterly earnings on Friday and cut its full-year forecast, sending its shares down 3.5 percent.
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Dollar sets fresh lows

The dollar slid to a fresh record low against the euro and a basket of currencies on Friday, pressured by the growing view that a slowdown in the U.S. economy will force another cut in interest rates this month.
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Oil breaks through $90

Oil surged beyond $90 to a new peak on Friday as tight fuel stocks ahead of winter and a softening dollar spurred investor buying. Oil's rally -- which has seen six straight days of record highs for U.S. crude -- has been fuelled by unprecedented weakness in the dollar, a factor that has supported all dollar-denominated commodities.

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