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Oil prices inch back up after 3-day decline (Finance, 10 articles)
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Prices at the pump pulled back from record highs yesterday as another slide in the price of oil capped crude's biggest one-week drop in more than three years. Drivers could see gasoline prices below $4 by Labor Day, and even a nickel decline within days, after oil prices fell again Friday. In the last four days, oil prices have dropped more than $16 a barrel, as the market looked optimistically at calm weather, U.S.-Iran negotiations, failing bank rescues and lower demand for gasoline. Oil prices saw a fourth consecutive losing session on Friday as crude finished a week that saw it tumble more than $16 US a barrel. Oil prices rebounded modestly Friday as news of an output cut in Nigeria helped end a sharp decline that began three days ago. Crude futures were also bolstered by traders who saw an opportunity to buy into the market after prices fell nearly 11 per cent earlier in the week. Concerns about a slowing economy and rising inflation pushed oil prices down sharply for a second day on Wednesday, an unusual dip in the oil price rally that began more than six years ago.
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Bank Report and Oil’s Fall Lift Shares (Finance, 10 articles)
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The major stock indexes finished mixed on Friday, and the broader market was nearly unchanged, as stocks ended a noisy week on a quiet note. Stocks surged higher for a second day on Thursday as oil prices continued to plunge and Wall Street embraced an encouraging earnings report from a banking stalwart, JPMorgan Chase. NEW YORK - Wall Street shot higher Thursday, extending its rally into a second session as tumbling energy prices bolstered an already upbeat mood that followed stronger-than-expected quarterly reports from big names like JPMorgan Chase and United Technologies.
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New indicators back Bank of Canada's positive upbeat economic news (Finance, 10 articles)
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National Australia Bank lost 1.2 per cent to A$27.01, while Macquarie Group fell 3.8 per cent to A$45.92 and ANZ shed 1 per cent to A$18.21. BHP Billiton led the market lower, dropping 2.4 per cent to A$36.65, while Rio Tinto shed 2.1 per cent to A$115.50 and Oil Search sank 8.1 per cent A$5.00. The buy-to-let specialist said on its website that loans in arrears of more than three months were 2 per cent of the total, up from 1.78 per cent in June, as late payments rose by 12.4 per cent.
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Outraged Icahn refocuses on ousting Yahoo board (Finance, 10 articles)
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Yahoo got a show of support on Friday from one of its biggest shareholders for its efforts to defend itself against a proxy fight by the activist investor Carl C. Icahn. NEW YORK - Legg Mason Capital Management Inc. chairman Bill Miller is backing Yahoo Inc. chief executive Jerry Yang in a fight for control of the board, saying a proxy contest with Carl Icahn would be disruptive. Icahn filed the final nominating papers for a slate of candidates that will oppose Yahoo's current nine directors in a showdown scheduled for an Aug. 1 shareholder vote.
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Citigroup Posts $2.5 Billion Loss on Write-Downs (Finance, 8 articles)
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The Citi Field sign above the main scoreboard at the Mets new ballpark, the first of several to be raised by April, is nearly complete. Rising defaults on home loans led Citigroup to post a $2.5 billion loss today, but the earnings report still beat Wall Street expectations and shares for the company were expected to advance to today. The biggest US bank by assets lost $2.5bn ($1.3bn) in the three months to the end of June, weighed down by another $11.7bn of write-downs.
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Intel marks 40 years of chip making (Finance, 8 articles)
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The European Commission said Thursday it has added three new charges against Intel, warning that it may order Intel to change its behavior under threat of large fines that can total 10 percent of its global revenue. Mr. Ruiz will remain as chairman of the chip maker, based in Sunnyvale, Calif. " A.M.D. has not been living up to expectations said Nathan Brookwood a technology consulting firm. An Intel spokesman, Chuck Mulloy, said these charges did not reflect any major change to the first set of charges sent in July 2007.
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Jury rules in favour of Mattel in Bratz case (Finance, 6 articles)
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Mattel, whose brands include Barbie dolls and Hot Wheels, won a convincing win Thursday in a copyright infringement suit against Bratz doll maker MGA Entertainment Inc over ownership of the original drawings for the $1 billion-plus Bratz franchise. Mattel, the world's top toymaker, said second-quarter net income fell 48 percent to $11.8 million, or 3 cents a share, from $22.8 million, or 6 cents a share, a year earlier. EL SEGUNDO, Calif. Toy maker Mattel Inc. said Friday its second-quarter profit fell by nearly half, hurt by lower global demand for Barbie toys and higher costs, but results still beat Wall Street expectations.
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Google forced to reveal users' YouTube viewing habits (Finance, 5 articles)
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A relatively small number of places - all in wealthy countries or in China and India - create nearly every important technological advance. SAN FRANCISCO - Google Inc. shares plunged nearly 10 per cent Friday after the Internet search leader's second-quarter earnings missed analysts' expectations. Management said economic turmoil in the United States and parts of Europe appears to be causing consumers to click less frequently on the ads that generate virtually all its profits.
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New York construction boosts US housing (Finance, 4 articles)
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Builders started work on single-family homes at an annual rate of 647,000 units last month, a drop of 5.3 percent from the previous month, the Commerce Department reported Thursday. With the big surge in apartments in New York, total construction rose by 9.1 percent to a seasonally adjusted annual rate of 1.066 million units, still 26.8 percent below the level of a year ago. New US housing starts rose an unexpected 9.1 per cent in June, but economists cautioned against interpreting the jump as evidence of a bottoming of the US residential property market.
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Airline Qantas to cut 1,500 jobs (Finance, 5 articles)
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The plan to cut 1,500 of its 36,000 workers and scrap plans to hire another 1,200 was Qantas's fifth belt-tightening in three months. As part of the latest measures, Qantas also cut its forecast capacity growth for 2008/09 to nil, from 8 percent before, and said it would shut call-centers in Tucson, Arizona and London. Chief executive Geoff Dixon said the cuts represent 4 percent of the airline's total work force and include closing call centers in Tucson, Arizona and London, causing the loss of 99 jobs.
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Venture capital deals fall in 2nd quarter (Finance, 5 articles)
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Venture investments nationally slipped 0.8 percent to $7.38 billion in the second quarter of this year from $7.49 billion in the first quarter, the report said. Venture capital investments in startups fell in the second quarter both in the United States and the Bay Area, leading to concerns that the U.S. economy is depressing the health of the industry. In the U.S., venture capitalists invested some $7.4 billion, unchanged from last year, according to the MoneyTree Report from PricewaterhouseCoopers and the National Venture Capital Association, based on data provided by Thomson Reuters.
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blaster@cs.columbia.edu
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