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Stocks, currencies subdued, await Fed meeting

Asian stocks took a breather on Monday after four straight weeks of gains, with expectations of a U.S. interest rate cut this week helping to offset renewed worries about a global credit squeeze.

GM, union resume talks, deal seen likely

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Negotiators from General Motors Corp and the United Auto Workers were making significant progress on Saturday on a new labor contract, but major issues remained unresolved, a person close to the talks said.
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Greenspan criticizes Bush policies in memoir

Former Federal Reserve Chairman Alan Greenspan sharply criticizes President George W. Bush's administration and Republican congressional leaders in his memoir for putting political imperatives ahead of sound economic policies, several newspapers reported on Friday.
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Iraq leaders failing to meet key goals: White House

A day after President George W. Bush cited enough progress in Iraq to justify U.S. troop reductions, the White House told Congress on Friday that Iraqi leaders had failed to meet half of their key goals.
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U.S. launches flash memory price fixing probe

Flash memory makers, whose products are used in some some of the most popular consumer electronics devices - including cell phones, video cameras and digital music players - are are once again in the sights of federal prosecutors.
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Solar industry sees boom in sunny Italy

Italy may soon become Europe's next frontier for solar energy as new incentives prompt investors to bet on higher returns than in Germany, which has less sun but is currently the hub of a growing global market.
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Northern Rock Plunges on Emergency Funding

Shares of Northern Rock Plc's plunged after the mortgage lender said it was unable to line up short-term loans from other financial institutions, and received emergency funding from the Bank of England.
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Dollar edges up but Fed rate cut remains in focus

The dollar edged up against the yen on Friday but remained near a record low against the euro as consumers braced for what is expected to be the first reduction in U.S. interest rates in four years next week.
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Hovnanian shares rise on weekend sale buzz

Shares of U.S. new home builder Hovnanian Enterprises rose nearly 10 percent on Friday amid an ongoing housing downturn on buzz about a weekend sale which starts today.
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iPhone headed for Germany: source

Deutsche Telekom has clinched an exclusive deal with Apple Inc to sell the coveted iPhone in Germany, an industry source told Reuters.
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Bank of America latest to tap Japan for funds

Bank of America sold 230 billion yen ($2 billion) of global bonds on Friday, sources said, joining a handful of major banks that have sought to raise cash in Japan's stable credit markets.
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Paulson predicts economic growth to continue

Treasury Secretary Henry Paulson said on Friday that it will take time to work through the problems contributing to current financial market turmoil but expressed confidence U.S. growth will not be derailed.
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Merrill warns of securities value adjustments

Merrill Lynch & Co warned on Friday that shaky credit markets forced the world's largest brokerage to adjust the value of securities linked to risky subprime mortgages and other products, a move that could hurt third-quarter profit.
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British mortgage bailout worries investors

Wall Street grew anxious on Friday after news that Britain's central bank was forced to rescue mortgage lender Northern Rock, suggesting a global credit crisis was spreading.
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British banks turn to ECB for extra funds-paper

British banks have been borrowing unusually large amounts from the European Central Bank due to the Bank of England's reluctance to make extra funds available, a German newspaper reported on Friday.
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August retail sales disappoint

Retail sales and industrial output eked out smaller-than-expected gains in August, according to data on Friday that kept in place expectations the Federal Reserve will cut interest rates next week. The reports showed signs of economic softness but the picture was not uniformly bleak. A drop in gasoline prices helped curb the sales retail gain, but helped hold a gauge of consumer confidence steady in early September.
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U.S.-China end safety talks

China will work with the United States to ensure the safety of exported toys and other goods, a top Chinese official said, but Beijing still insists it is not solely to blame in recent safety scandals.

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