UNITED STATES

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Oil hits record over $80 on tight supply

Crude oil prices vaulted to a record high $80 a barrel on Wednesday as dealers focused on tight inventories in top consumer the United States ahead of peak winter demand. The surge in oil prices came a day after OPEC agreed to a small production hike in an effort to soothe consumer nations' fears that soaring crude costs could slow economic growth.

U.S. Stocks flat as oil data looms

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Stocks were little changed on Wednesday as investors awaited U.S. data on oil inventories, while oil prices extended a rise to record highs, potentially straining consumer spending and corporate profits.

Wireless carriers sued for patent infringement

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NTP Inc, which last year won a $612.5 million settlement from the maker of Blackberry, has sued four of the top U.S. mobile service providers for infringing eight patents related to wireless e-mail.
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Japan PM Abe resigns over anti-terrorism policy

Japan's Prime Minister Shinzo Abe announced his resignation, Wednesday, over his failure to win backing from politicians for an extension to a Japanese naval mission providing refueling support to US-led operations in Afghanistan.
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Buffett further reduces stake in PetroChina

U.S. investor Warren Buffett's Berkshire Hathaway Inc continued to shed its stake in top Chinese oil producer PetroChina Inc, selling about 92.66 million shares in late August for US$136 million, according to a regulatory filing in Hong Kong.
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S&P says company loan defaults could accelerate

Corporate default rates could accelerate from next year as the recent turmoil in credit markets has erased the appetite for risky investments, ratings agency Standard & Poor's said in a report.
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Gold flat, weak yen on Japan PM news helps TOCOM

Gold stayed near a 16-month high on Wednesday as Tokyo futures hit their highest in nearly seven weeks on a falling yen, after media reports that Prime Minister Shinzo Abe would resign sparked fears of political uncertainty.
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Dollar hits record lows as rate cut expected

The dollar fell to a record low against the euro on Wednesday as an expected interest rate cut next week from the Federal Reserve continued to erode the U.S. currency's appeal.
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Japanese stocks close down after PM resignation

Japanese stocks ended in negative territory on Wednesday after the shock resignation of Prime Minister Shinzo Abe, with the Nikkei average down 0.5 percent as thin trade and political uncertainty took their toll.
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Japan PM Abe quits after year of scandal

Japanese Prime Minister Shinzo Abe abruptly announced his resignation on Wednesday after a year in power dogged by scandals, an election rout and a crisis over Japan's support for U.S.-led operations in Afghanistan.
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Most broker customers couldn't refinance: poll

Some 57 percent of mortgage broker customers were unable to refinance their adjustable-rate loans to avoid higher monthly payments in August, suggesting the U.S. housing slump may worsen, according to a national survey on Tuesday.
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OPEC agrees to raise output

Saudi Arabia persuaded OPEC to raise oil output by 500,000 barrels per day on Tuesday in a gesture to consumer nations worried by the economic impact of $77 oil and rapidly diminishing fuel stocks.
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U.S. remembers 9/11 attacks in silence

Americans stood in silence to remember the nearly 3,000 people killed in the September 11 attacks on Tuesday as Osama bin Laden resurfaced to praise the suicide hijackers who carried them out six years ago to the day.
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Carmakers paint it green for the environment

Reducing emissions and raising fuel efficiency are the magic words at the Frankfurt International Motor show (IAA) as manufacturers and suppliers go all out to out-do each other -- or at least out-talk each other.
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Mexico pipeline attacks raise fear of new Nigeria

A series of attacks on Mexico's fuel pipelines this summer has raised fears the key energy supplier could slide into a Nigeria-style struggle to keep its oil and gas flowing, experts said on Tuesday.
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U.S. and China promise Americans lead-free toys

U.S. and Chinese officials agreed on Tuesday to take immediate steps to stop the use of lead paint in toys made in China following toy recalls that have scared American parents ahead of holiday shopping.
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Dollar nears record low vs euro

The dollar neared a record low against the euro on Tuesday as expectations of a Federal Reserve interest rate cut continued to erode the greenback's appeal to global investors.

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