MARKETS / FINANCE

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Congress passes Obama tax deal

The U.S. Congress gave final approval late on Thursday to the deal President Barack Obama and Republicans made to extend expiring tax cuts -- a high-stakes gamble to create jobs at a cost of deepening the U.S. debt.
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Commerce Deptartment seeks Web privacy enforcement

The Commerce Department should have its own privacy office and develop voluntary, enforceable codes of conduct for data companies and advertisers that track people on the Internet, said a report by the department's Internet Policy Task Force.
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IMF approves Ireland loan; open to re-negotiation

The International Monetary Fund approved a 22.5 billion euro loan for Ireland on Thursday and said it was open to renegotiating parts of the bailout package with a new government provided its overall targets were adhered to.
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CFTC issues position limits, SEF rules

The following are highlights from a U.S. Commodity Futures Trading Commission hearing on Thursday that introduced rules for swap execution facilities, and limits for speculative positions held by commodity traders.
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Industry embraces CFTC's swap trading plan

The chief derivatives regulator on Thursday proposed making trading in the most popular swaps as transparent as stock exchanges, while trying to ensure that requirements for less popular swaps do not end up killing them.
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EU sets up post-2013 crisis fund; ECB ups capital

European Union leaders have agreed to create a permanent financial safety net from 2013 and the European Central Bank moved to increase its firepower to fight the debt crisis that has rocked the euro zone.
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Geithner urges Fannie, Freddie to do loan write-downs

Fannie Mae and Freddie Mac should make use of Obama administration programs to help borrowers who owe more than their home is worth by writing down principal, U.S. Treasury Secretary Timothy Geithner said on Thursday.
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U.S. arrests 4 in widening hedge fund probe

Three technology company executives and a salesman for an expert network firm were arrested and charged with leaking confidential tips to hedge funds, including secret details about Apple Inc's iPad ahead of its launch.
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CFTC takes another shot at swap trading plan

The chief U.S. derivatives regulator on Thursday proposed a new plan to make trading in the most popular swaps as transparent as stock exchanges, while trying to ensure that requirements for less popular swaps don't end up killing them.
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EU leaders set crisis fund; ECB boosts capital

European Union leaders agreed on Thursday to create a permanent financial safety net from 2013 and the European Central Bank moved to increase its firepower to fight the debt crisis that has rocked the euro zone.
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Moody's may cut Greek credit rating, now on review

Moody's Investors Service put Greece's sovereign foreign currency credit rating on review for possible downgrade on Thursday, citing uncertainty over the country's ability to cut debt to sustainable levels.
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Upbeat data buoys growth view; housing lags

The U.S. economy showed new signs the recovery was gaining traction, with data on Thursday that new claims for jobless aid fell last week and factory activity in the Mid-Atlantic region grew at its quickest pace in more than 5-1/2 years this month.
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MySpace and Google reach new search, ad deal

News Corp's social networking site MySpace and Google Inc have reached a multiyear search and advertising agreement, ending months of uncertainty surrounding the partnership.
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Congress close to approving Obama's tax cut bill

Congress was set to approve President Barack Obama's massive tax-cut bill on Thursday that is expected to boost the economy but pile onto a federal debt that some fear is nearing dangerous levels.
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ECB boosts capital; EU leaders set crisis fund

The European Central Bank moved to increase its financial firepower to fight the euro zone debt crisis on Thursday, and European Union leaders agreed to change the EU treaty to create a permanent crisis resolution system.
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Financial rescue cheap vs past crises: Geithner

The price of corporate bailouts in 2008 and 2009 looks cheap compared to past crises, U.S. Treasury Secretary Timothy Geithner said on Thursday, while urging more drastic action from housing finance giants Fannie Mae and Freddie Mac to help homeowners.
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Wall Street gains ground as FedEx rises

U.S. stocks were modestly higher on Thursday after bellwether FedEx offered a bullish forecast, while trade was tight as investors continued to adjust toward year-end.
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CFTC tries to force swap trading into the light

The chief U.S. derivatives regulator proposed on Thursday that swaps could be traded on venues as transparent as stock markets, a second attempt at rules to establish where big swap transactions will be brokered.
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Commerce Department urged to open Web privacy office

The U.S. Commerce Department should open a privacy office and work to develop voluntary but enforceable codes of conduct for data companies and advertisers tracking consumers on the Internet, said a report by the department's Internet Policy Task Force.
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IMF approves loan for Ireland

The International Monetary Fund approved a 22.5 billion euros loan for Ireland on Thursday and said it was open to re-negotiating parts of the bailout package with a new Irish government provided the overall targets were adhered to.
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House wrangles over Obama tax cut bill

House of Representatives Democrats demanding a chance to blast the tax cut deal President Barack Obama struck with Republicans delayed a vote on the massive tax measure on Thursday, but House leaders said they still expected to pass the bill.

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