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Lockheed Fears Budget Setback for F-35 Jet

Lockheed Martin Corp.'s $276.5 billion F-35 Joint Strike Fighter program, the costliest U.S. arms acquisition project, may be set back by moves in Congress to slow initial production, a top company official said on Wednesday.

IMF and World Bank to pursue internal reforms

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As the International Monetary Fund embarks on a second round of reforms to give developing countries more say in the institution, the World Bank signalled on Wednesday that it was ready to go the same route.

Boeing wins border security contract: report

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Defense giant Boeing Co. has won a $2.1 billion contract to help the Department of Homeland Security beef up security along more than 7,500 miles of U.S. borders with Mexico and Canada, The Washington Post reported.
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IMF to pursue internal reforms, World Bank to follow

An agreement to boost the voting power of emerging nations in the International Monetary Fund is just the start of a difficult process, the IMF's head said on Wednesday, as the World Bank signaled it was ready to go the same route.
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Drought shrivels worldwide wheat supply

From Australia to Argentina, erratic weather is slashing wheat crops of the major producers, which is threatening to push up prices to multi-year highs and making it difficult for countries to replenish stocks.
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Russian aluminum merger creates world leader

Russia's leading aluminum firm, RUSAL, will take over its main competitor SUAL and the aluminum industry assets of Glencore to create the world market leader, a source close to the deal told Reuters on Wednesday.
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Inco rejects CVRD offer

Inco Ltd. on Tuesday urged shareholders to reject a C$19.35-billion ($17.4 billion) all-cash offer from Brazilian firm Companhia Vale do Rio Doce., and said it still backed a friendly offer from U.S.-based Phelps Dodge Corp.
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Friendster looks to recover lost glory

Friendster Inc. said on Monday it received $10 million in new funding to expand abroad and help its pioneering social-networking site survive in a market dominated by younger successors who stole its thunder.
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Teck Withdraws Offer for Inco

Teck Cominco, the world's largest zinc producer, has withdrawn its offer for mining giant Inco, after failing to raise enough cash to fund the acquisition. Teck Cominco, the world's largest zinc producer, has withdrawn its offer for mining giant Inco, after failing to raise enough cash to fund the acquisition.
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Potential Diamond Jackpot Found in Angola

Resource Company BHP Billiton said on Tuesday it foresees great potential for a large discovery of diamonds in Angola as well as forming a partnership with the government.
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Metallica Places Songs on iTunes

After three years of holding out, hard rockers Metallica are now allowing individual song downloads from their albums on Apple's iTunes Music Store.
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Sliding C$, outflows signal Canada market weakness

The quickening flow of capital out of the country may be a sign that recent weakness in Canadian markets could deepen, particularly if, as looks likely, the Canadian dollar's four-year upward charge is losing steam.
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Pepsi Bottling Profits Up in 2Q

Pepsi Bottling Group Inc., the largest Pepsi bottler, announced Tuesday that profits were up in its second quarter, attributing the growth to strong sales of its non-carbonated drinks.
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Canada Dollar Drops After China Ups Reserve Policy

The Canadian dollar fell hard against the the U.S. dollar on Friday after China's central bank decided to increase its reserve requirement, which triggered concerns about future demand for commodities.
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Goldman Group to Buy AB Ports for $4.6 Bln

A group including Goldman Sachs agreed to buy Associated British Ports, Britain's largest ports group, for 2.5 billion pounds ($4.6 billion) on Wednesday, the latest in a string of UK port takeovers.
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Real Estate Heavyweights Agree to Buyout Deal

Brookfield Properties Corp. said Monday that it will buy Trizec Properties Inc. and its Canadian investment arm in a $4.8 billion deal that pairs two of the largest commercial real estate companies in North America.
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Microsoft adds traffic reports to online maps

Microsoft Corp. launched on Tuesday a new version of its Windows Live Local online mapping service with real-time traffic reports and features to make it easier to share maps and information.

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