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Dollar woes, supply drop spur new rise in oil prices (Finance, 17 articles)
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The US warned on Thursday that a hastily called weekend oil summit needed to produce concrete results as the world economy suffered the impact of a recent surge in global crude prices. CHICAGO - Commodity prices went wild on Wednesday, with the price of corn shooting through the $7 barrier for the first time, soybeans and wheat moving up sharply and oil jumping more than $5 a barrel. Corn prices, which have been hitting new highs for a week, are reacting to six weeks of heavy rains and cool weather in the Midwest. While the market remains concerned about the effect of high prices on demand, several weeks of falling oil inventories and the dollar's inability to make headway against the euro have combined to turn market sentiment decidedly bullish. The price of a barrel of light sweet crude oil for delivery in July jumped $4.40 to $135.81 in earlier trading, below the $139 a barrel record set on Friday. Oil fell for a second session on Tuesday even as the International Energy Agency warned higher crude prices were needed to choke off demand to balance the market. Gas prices rise to new record over $4.04 a gallon; oil falls 03:51 PM CDT on Tuesday, June 10, 2008.
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Other stories about oil, prices and energy:
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Yahoo ends talks with Microsoft and strikes deal with Google (Finance, 15 articles)
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Google and Yahoo said Thursday that they had reached an agreement under which Google would deliver ads next to some of Yahoo's search results and on some of its Web sites in the United States and Canada. Yahoo Inc. said Thursday that any chance of a deal with Microsoft is dead, even as reports emerged that the internet portal could be headed for an agreement with rival Google. Yahoo Inc.'s efforts to revive takeover talks with Microsoft Corp. have reached a dead end, prompting the Internet pioneer to hire online search leader Google Inc. to handle some of its advertising sales.
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Other stories about Microsoft, Google and search:
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World Bank sees inflation threat to poor nations (Finance, 15 articles)
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HARWICH - Allowing inflation and unemployment to rise in the short-term would be an "appropriate" response by policy makers to soaring oil prices, Donald L. Kohn said yesterday. Kohn, speaking here at a conference sponsored by the Boston Federal Reserve Bank, said that moving quickly to bring down inflation in the face of oil and commodity price shocks could produce a sharp increase in unemployment. The corporate bond market sprang to life on Wednesday amid soothing comments from central bankers over inflation and market expectations that interest rates would not rise as aggressively as feared.
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Politics may hinder InBev's bid to buy Anheuser-Busch (Finance, 13 articles)
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ST. LOUIS - Belgian brewer InBev is offering a big payday to shareholders of Anheuser-Busch Cos. Inc., but its bid to create the world's largest beer company is already facing a major obstacle - US election-year politics. The so-called King of Beers may be moving its throne overseas as the Anheuser-Busch Corp., which produces Budweiser beer, considers a takeover offer from Belgium-Brazilian beer company InBev. Anheuser-Busch reported late Wednesday that InBev SA gave it an unsolicited bid to buy the company for roughly $46 billion - about 11 per cent more than the market price just before the announcement.
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Almost 75 per cent of Canadians use the Internet; teens drive up its use (Finance, 9 articles)
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More Canadians are connecting to the internet through faster broadband connections, leading to an increase in activities such as downloading music or movies, according to a new study from Statistics Canada. Almost half of Canadians surveyed fail to see signs of a stroke as a medical emergency, says a report from the Heart and Stroke Foundation of Canada. The poll, conducted last fall and released Thursday, found that 49 per cent of Canadians aged 18 and over said they would call 9-1-1 if they or a friend or colleague exhibited symptoms of a stroke.
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Review: Sprint's phone is iPhone clone done right (Finance, 8 articles)
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Shares of Palm, a maker of mobile phones and hand-held computers, jumped 9 percent in early trading after the company said Centro would be sold through a third American carrier, Verizon Wireless, starting Friday. Brodie Keast said that Centro's touchscreen and full keyboard were popular with consumers upgrading from traditional mobile phones. Fido joined parent carrier Rogers Communications on Thursday in offering the iPhone in Canada in July, but was equally silent on pricing and availability details.
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Lehman's president helped lead the firm into a painful bust (Finance, 7 articles)
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The move, announced Thursday morning, claimed Erin Callan, whose rise to chief financial officer seven months ago made her the public face of Lehman and one of the most senior female executives in an industry dominated by men. The shakeup at Wall Street's smallest surviving major investment bank also raised questions about whether Chief Executive Richard Fuld could survive investors' dismay over a wider-than-expected quarterly loss and accompanying news of a move to raise $6 billion. Two of the most senior executives at Lehman Brothers are to step down just days after the US investment bank announced a huge quarterly loss.
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U.S. retail sales surge in May on stimulus cheques (Finance, 6 articles)
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The full percentage point gain in retail sales in May reported by the Commerce Department on Thursday surprised financial markets and bolstered bets the Federal Reserve would begin to bump up interest rates within a few months to tamp down inflation. Higher gasoline prices gave a lift to service station sales last month, but even with those stripped out, sales rose 0.8 percent, the biggest gain in a year. WASHINGTON- Retail sales jumped by the largest amount in six months in May as 57 million economic stimulus payments helped offset the headwinds buffeting consumers.
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blaster@cs.columbia.edu
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