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Spam-scam crackdown nets $2 billion in fake checks

An international crackdown on Internet financial scams this year has yielded more than $2.1 billion in seized fake checks and 77 arrests in the Netherlands, Nigeria and Canada, U.S. and other authorities said on Wednesday.

Electronics companies press free trade deals

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U.S. electronic companies with combined annual sales of $160 billion urged Congress on Wednesday to approve four pending free trade agreements, which they said were vital to continued economic growth.

Wal-Mart Opens Bank in Mexico

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Wal-Mart has finalized preparations for opening its own bank in Mexico, according to latest reports, with branches in the region to be called Banco Walmart de Mexico Adelante.
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Congress calls for mortgage czar

Lawmakers called on Wednesday for a 'mortgage czar' to help cope with an expected wave of foreclosures from the U.S. housing slump but Alan Greenspan said the credit crunch was past the worst. Fallout from a global credit squeeze, sparked by problems in the U.S. subprime mortgage market, have rattled markets in recent weeks, threatening economic growth and bank earnings.
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EchoStar shares jump on more buyout speculation

Shares in EchoStar Communications Corp jumped more than 11 percent before retreating on Wednesday as investors speculated further on the possibility the satellite operator might sell its DISH pay-TV network.
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Synnex bets on China to drive sales growth

Taiwan's Synnex Technology, the world's No.3 electronics distributor, forecasts its annual sales will grow by a fifth in 2007 and 2008, a touch below market estimates, as it aims to sell more products in China's fast-growth market.
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India's Ranbaxy ups Zenotech stake to 45 pct

Ranbaxy Laboratories Ltd, India's top drugmaker by sales, will raise its stake in Zenotech Laboratories Ltd to 45 percent to expand into the global biogenerics market, it said on Wednesday.
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Dollar hits 1-month high vs yen

The dollar rose to a one-month high against the yen on Wednesday after economic reports reflected growth in U.S. employment in September, boding well for Friday's non-farm payrolls data.
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UAW locals starting to back tentative GM deal

United Auto Workers members at several locals have backed a ground-breaking tentative contract with General Motors Corp that may serve as a pattern for talks with Ford Motor Co and Chrysler LLC.
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Bankrupt Interstate Bakeries' borrowing cut

Interstate Bakeries Corp, the bankrupt maker of Wonder Bread and Twinkies snacks, said on Wednesday its lenders reduced the amount the company can borrow as it struggles to stay in business.
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FDA considers behind-the-counter drug sales

The Food and Drug Administration said on Wednesday it was exploring whether to let certain drugs be available to consumers without a prescription but only after consulting with a pharmacist.
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North Korea agrees to disable reactor by year-end

North Korea has agreed to disable its Yongbyon nuclear reactor and provide a complete declaration of all nuclear programs by the end of the year, in a deal that won praise from U.S. President George W. Bush.
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Greenspan says odds of recession a third to half

The odds of a recession in the United States is between a third and half due to the credit crisis sparked by problems in the U.S. subprime mortgage sector, former Federal Reserve chief Alan Greenspan said on Wednesday.
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Crude stocks up, distillates fall: EIA

Crude oil inventories rose unexpectedly last week in the United States while distillates posted a surprising draw, according to weekly government data issued on Wednesday.
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JC Flowers, Cerberus eyeing Northern Rock: sources

Northern Rock's advisers are in talks with U.S. buyout firm JC Flowers over a rescue bid for the stricken UK mortgage bank, as U.S. firm Cerberus also considers a move, sources familiar with the matter said.
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Services growth slips in Sept: ISM survey

U.S. service sector growth fell more than expected in September, according to a report released on Wednesday that painted a mixed picture of the economy, with prices rising but employment improving.
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Gold bounces after fall, investors await U.S. data

Gold bounced and gained as much as $5 on Wednesday after falling to a one-week low the previous day, suggesting that fundamentals still favored the metal used as an alternative investment to bonds and currencies.
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Oil above $80, investors eye U.S. crude stocks

Oil climbed further above $80 a barrel on Wednesday after three days of losses as investors expected weekly U.S. data to show crude stocks declining and raising the prospects for a winter supply crunch.
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Private sector adds 58,000 jobs in September

U.S. private employers likely added 58,000 jobs in September, in line with expectations, a report by a private employment service said on Wednesday. The report's makers said it was the third consecutive weak reading and confirms the recent deceleration of employment.
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Global stocks set fresh high as dollar slips

Global stocks hit a fresh peak for a third straight session on Wednesday as worries about a credit squeeze continued to recede, while the dollar pared recent gains as investors awaited upcoming major U.S. economic data. Caution ahead of U.S. non-manufacturing numbers and retail sales in Europe due later in the day were seen keeping a lid on European markets.

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