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Countrywide in $16bn subprime salvage plan

Countrywide Financial Corp, the largest U.S. mortgage lender, on Tuesday offered to refinance or restructure up to $16 billion of adjustable-rate mortgages through the end of 2008. The lender said its program may help about 82,000 borrowers who face higher payments stay in their homes.

Wildfires rage in California, more winds expected

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Wildfires burned unchecked on Tuesday in Southern California, with hundreds of thousands of people forced to evacuate, at least 700 homes destroyed, and little hope for relief from the hot desert winds fanning the flames.

Massive California wildfires burn through the night

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Firefighters hoped for high winds to abate on Tuesday, enabling them to start containing the fast-moving fires that have engulfed a massive swath of Southern California, claimed some 700 homes and sent thousands fleeing.
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Countrywide's Mozilo shouldn't be chairman: AFSCME

Countrywide Financial Corp Chief Executive Angelo Mozilo should give up his role as chairman, and the largest U.S. mortgage lender should overhaul its practices for granting stock options, a union-affiliated pension plan urged on Monday.
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Pfizer names new research chief

Pfizer Inc on Thursday named Martin Mackay, one of its senior research executives, as its new research chief, and selected a Merck & Co Inc research officer to head clinical development of its medicines.
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Wal-Mart told to pay more in worker suit

Wal-Mart Stores Inc must pay an additional $62.3 million in damages to Pennsylvania workers who were forced to work "off the clock" or during rest breaks, a judge ruled on Wednesday.
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Judge allows class action against Target website

A federal judge in California certified a class action lawsuit against Target Corp (TGT.N) brought by plaintiffs claiming the discount retailer's website is inaccessible to the blind, according to court documents.
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Blackwater on defensive in Congress

U.S. security contractor Blackwater defended its role in Iraq on Tuesday but skeptical lawmakers took aim at the company over a series of incidents, including a September 16 shooting that killed 11 Iraqis.In a testy, partisan hearing, Democrats denounced the contractor for aggressive behavior. The State
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Bush signs law cutting student lender subsidies

President George W. Bush signed student loan legislation on Thursday that slashes federal subsidies to lenders such as Sallie Mae, Citigroup, Bank of America and many others.Bush, who had originally called for smaller subsidy cuts, backed the more aggressive legislation drafted by Democrats that will see $11.4 billion in savings go to federal grants for college students.
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Depressed? The company just may want to help

Work is likely the last place an employee might go to seek help for depression, but employees who took part in a workplace intervention program had fewer symptoms and were far more productive, U.S. researchers said on Tuesday.
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NY subpoenas Facebook over safety from predators

New York State Attorney General Andrew Cuomo said on Monday his office has subpoenaed Facebook, accusing the social networking site of not keeping young users safe from sexual predators and not responding to user complaints.
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Unathorized Software can Damage iPhone: Apple

Apple said on Monday that unauthorized programs, or hacks, available though the internet that allow the phone to be used with unauthorized service providers could irreparably damage the device.
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House bill would let courts alter mortgages

Bankruptcy courts would be allowed to alter mortgages written by predatory lenders in moves that could save 600,000 Americans from foreclosure, according to the author of a bill introduced in the U.S. Representatives on Friday.
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Nvidia aims at Intel with integrated graphics chip

Nvidia Corp is rolling out a graphics microchip that will be embedded in the main collection of components that make up a personal computer, as the company goes toe to toe with Intel Corp in the integrated graphics chip market.
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No housing woes in booming Washington state

While California suffers in the housing crisis, the economy of nearby Washington state is flourishing with strong job growth and some of the highest appreciation in home prices in the nation.
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Apple CEO subpoenaed in backdating case: report

Apple Inc Chief Executive Steve Jobs was asked by U.S. securities regulators to give a deposition in a lawsuit against the company's former general counsel involving stock options backdating, Bloomberg reported, citing two people familiar with the matter.
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Mortgage applications rise in latest week

Applications for home mortgages climbed for a third straight week as more borrowers sought to refinance loans on which payments may be about to rise, an industry group said on Wednesday.
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Mortgage crisis deepens at Impac, Accredited

The mortgage lending crisis deepened on Tuesday, as Impac Mortgage Holdings Inc said it will quit most lending and cancel its dividend, while Accredited Home Lenders Holding Co posted a big quarterly loss and said its survival remained in doubt.
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'Maestro's' legacy to endure

Criticism of Greenspan's policies rose as his memoir was released but observers say he will endure as one of the best central bankers.

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