IBT Staff Reporter

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Oil falls to near $86 as U.S. fuel inventories mount

Oil recovered from lows to hover near six-week lows above $86 a barrel on Thursday as a build-up in U.S. oil product stocks and receding geopolitical concerns outweighed OPEC's decision not to increase crude oil production.

Bush set to unveil mortgage relief plan

President George W. Bush is expected to unveil a plan on Thursday to prevent a wave of home loan foreclosures that has threatened to knock the U.S. economy into recession and rattled investors worldwide. The plan hammered out by the U.S. Treasury Department in talks with mortgage industry leaders.

Bush set to unveil plan to battle mortgage crisis

President George W. Bush is expected to unveil a plan on Thursday to help struggling American homeowners avoid foreclosure, addressing a mortgage crisis that risks tipping the U.S. economy into recession and has shaken financial markets around the world.

Apple Mac, iPhone no longer Immune to Hacks

Apple products, including the Mac and the iPhone, are increasingly being targeted by computer hackers according to new research, shattering years of relative safety for the Apple camp.

White House names Filip Deputy Federal Judge

The White House on Wednesday nominated a federal judge for deputy attorney general. Mark Filip of Chicago, and three other people were nominated to fill the vacant top positions in the judiciary, but they will wait for final formal approval from the senate.

France sells 30,000 iPhones

France Telecom's Orange unit sold about 30,000 smartphones in the first five days. Orange is the sole provider of iPhones in France due to the country's regulations that outlaw marketing practices tieing product sales.

Will Golden Compass Change Box Office Direction?

The holiday box office season kicked off this week to a slower pace than last year - both in the U.S and internationally - putting hopes on Mirimax's controversial The Golden Compass film to rescue the winter.

Apple's iPhone Gets Optimized Google Apps

Google is releasing a new application for the iPhone that combines all of the search giant's online tools into one simple interface, optimized for Apple's venerable portable device.

Iran Report in Line with Nuclear Watchdog's Statements

The International Atomic Energy Agency said Tuesday that the new U.S. intelligence report on Iran’s nuclear program is in agreement with its previous statements noting that the Agency has no evidence of an ongoing weapons plan or nuclear facilities.

Chavez: Venezuelans Not Politically Mature

Venezuelan President Hugo Chavez said on Wednesday his supporters can expect him to introduce a reform plan in a new offensive which will turn the country into a socialist state before his term ends in 2013.

Clinton's aide quits over false Obama information

Iowa county coordinator for Hillary Clinton's presidential campaign quit on Wednesday for allegedly sendind several e-mails naming Barack Obama as a muslim seeking to destroy the U.S. when elected as president.

Gold Declines as Dollar Gains

Gold futures fell on Wednesday, as the U.S. dollar gained following reports showing strong job growth, lowering demand for the precious metal.

U.S. Stocks Rise on Report

U.S. stocks rose on Wednesday after a government report said the labor market is strong, easing some worry about a looming economic slowdown.

Crude oil lower after gasoline inventories rise

Crude oil fell on Wednesday after a government report showed that U.S. fuel stockpiles rose last week, erasing earlier gains when the Organization of Petroleum Exporting Countries agreed not to boost oil production.

Bristol to cut jobs, close plants to save $1.5 bln

Bristol-Myers Squibb Co, as part of an expected major restructuring, on Wednesday said by 2010 it would cut its work force 10 percent and slash the number of its manufacturing plants by more than half, to generate an additional $1.5 billion in savings. The company is also planning to sell its medical imaging business and reviewing strategic alternatives for its wound healing unit. Sales would bring the company cash to boost its core pharmaceuticals business.

Kosovo backers seek tough NATO security pledge

The United States and other backers of Kosovo's drive for independence will seek a firm pledge from NATO allies on Friday to maintain peacekeeping troops at current levels and deal robustly with any violence.

Regulators, lenders eye 5-year freeze: report

Federal regulators and lenders are homing in on five years as the length of an interest-rate freeze on subprime mortgages, Bloomberg reported, citing a source familiar with the negotiations.

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