MARKETS / FINANCE

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Industrywide digital locker beta to launch in fall

A consortium of 55 entertainment and technology giants hoping to standardize digital formats for video playback said on Monday it will start beta testing in the fall as it added two more companies to its ranks and unveiled its brand name, Ultraviolet.

Earnings compete with economy to drive assets

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Financial markets juggled with competing drivers on Tuesday as investors generally boosted stocks in the hope of more good earnings reports and the dollar slipped on concerns about the U.S. economy.

Oil rises to $77 on expected U.S. inventory drop

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Oil climbed to $77 on Tuesday as forecasts for a fourth consecutive weekly drop in U.S. crude inventories bolstered the positive influence of rising stock markets in most of Asia. Shares of resource firms and banks clawed back some of their recent losses, helping to boost U.S. crude for August by 47 cents to $77.01 a barrel at 0644 GMT (2:44 a.m. EDT) for a second straight day of gains.
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Shift to U.S. dollar shorts not a sell signal

Investors should take data showing currency speculators started to bet against the U.S. dollar this month for the first time since March with a big grain of salt. While the turnaround in positioning from long to short on the dollar shows that sentiment on the U.S. currency has deteriorated sharply, analysts say it should not be interpreted as a sign the greenback is about to collapse.
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China downcast on exports as EU debt woes bite

China sounded a gloomy note on Tuesday about its export prospects, warning in particular that belt-tightening by deeply indebted European Union governments would dampen demand for the country's goods.
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Goldman executive denies fraud

Goldman Sachs executive Fabrice Tourre denied fraud and other accusations by U.S. regulators for his role in marketing a subprime mortgage product and asked a court on Monday to dismiss the case.
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Goldman's Tourre asks court to dismiss SEC case

Goldman Sachs Vice President Fabrice Tourre denied accusations made against him by U.S. regulators for his role in marketing a subprime mortgage product at the center of a fraud case against the bank and asked a court on Monday to dismiss the case.
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Baidu promotes fake drug sites-Chinese TV station

A report by China's state-run television station accusing Baidu Inc of promoting counterfeit drugs through its Web search engine should not prove as damaging as a 2008 TV critique that triggered a 40 percent decline in Baidu's shares, analysts said on Monday.
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Ex-media mogul Conrad Black to be freed on bond

Convicted former media mogul Conrad Black will be released from prison on bond pending the outcome of his appeal, following a favorable U.S. Supreme Court decision on a law used to convict him, an appeals court ruled.
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Wall Street up on tech

Stocks rose on Monday, spurred by optimism ahead of earnings from key technology companies and after Dow component Boeing announced strong orders.
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A $12 billion leasing spree lifts air show

Aircraft leasing firms made a major comeback on Monday, as industry veteran Steve Udvar-Hazy dropped $4 billion on A320s and former arch-rivals at General Electric doubled his efforts.
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Asset manager earnings up on year, flows mixed

U.S. asset managers are expected to post strong quarterly results compared with last year's dismal showings, but still face challenges from erratic stock markets that have encouraged many retail investors to focus on less risky products.
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Firms want to rehire; skilled workers scarce

Fifty-four percent of large U.S. businesses that laid off employees in the past year want to rebuild their workforces but some will have trouble finding sufficiently skilled people to hire, a study said on Monday.
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Onex, CPPIB eye $4.5 billion bid for Britain's Tomkins

Onex Corp and the Canada Pension Plan Investment Board are considering a $4.5 billion takeover bid for UK car parts maker Tomkins Plc as the weak British pound encourages two more North American investors to snap up assets.
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Euro higher versus dollar after U.S. housing data

The euro rose against the dollar on Monday after a fall in U.S. home-builder sentiment to its lowest level in more than a year added to worries about the U.S. economy. The euro traded near its recent two-month high against the dollar, rebounding from early lows hit after a downgrade of Ireland's sovereign ratings and the suspension of talks between Hungary and international lenders.
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Global stocks ease after weak US data, euro rises

The euro hovered near a two-month high while U.S. stocks moved sideways on Monday as worries about the pace of a U.S. economic recovery kept markets cautious. After Friday's worst one-day drop since late June, the S&P and other U.S. stock indexes opened higher as earnings season kicked into high gear, but weak homebuilding data reminded investors of the delicate state of the economic recovery.
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U.S. debt prices slip in light trading

U.S. Treasury debt prices slipped on Monday, but volume was scant and analysts said the day's market action would be driven mostly by the stock market. The yield on the benchmark 10-year Treasury note, which had fallen to 2.93 percent by Friday's close as stocks suffered their worst one-day drop since June, was trading at 2.95 percent, while its price was off by 6/32.
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Hungary under pressure to agree with IMF

Hungary's markets sold off on Monday after the government rebuffed lenders' calls for tougher austerity measures, bringing weekend talks on further aid to a premature end and rattling investor confidence.
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Management Tip of the Day: How to ask for a reference letter

Asking someone to take the time and energy to write down all the ways in which you're great can feel like an inconvenience at best and a true imposition at worst. Here are three ways to ease the process and ensure your mentor, boss, or colleague writes a rave review.
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Moody's cuts Ireland on bank, growth worries

Moody's cut Ireland's credit rating on Monday, warning the country still faces a slow climb out of recession after nearly two years of austerity as the cost of rescuing its banking sector mounts.
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Tomkins gets $4.5 billion bid approach

Car parts maker Tomkins Plc received a $4.5 billion bid approach from a Canadian consortium, the latest example of North American buyers eager to capitalize on sterling weakness to snap up British assets.

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