UNITED STATES

U.S. recession over, unemployment seen at 10 percent

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The worst U.S. recession since the Great Depression has ended, but weak household spending as the labor market struggles to create jobs will slow the pace of the economy's recovery, according to a survey released on Monday.

A Dismal Commercial Market Recovery

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The Mortgage Bankers Association's second-quarter data book on commercial real estate showed an uptick in commercial loan originations. Yet high unemployment, coupled with disappointing gross domestic product and building transaction totals, tempered any enthusiasm.
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California heats up incentives for solar power

California is heating up its push for clean energy, as Governor Arnold Schwarzenegger approved a new subsidy for solar power on Monday and joined forces with the federal government to fast-track renewable energy projects.
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Obama policies averted economic abyss: Summers

The Obama administration has helped pull the U.S. economy back from the abyss with aggressive efforts to spur growth and stabilize financial markets, a top White House adviser said on Monday.
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Summers: Obama policies averted economic abyss

The Obama administration has helped pull the U.S. economy back from the abyss with aggressive efforts to spur growth and stabilize financial markets, a top White House adviser said on Monday.
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Obama's climate-change hopes get a boost

Official Washington sounded more upbeat on Monday than it has for weeks in sizing up U.S. President Barack Obama's chances of progress on a climate-change bill in Congress this year.
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Worst of the U.S. recession over: survey

The worst U.S. recession since the Great Depression has ended, but weak household spending as the labor market struggles to create jobs will slow the pace of the economy's recovery, according to a survey released on Monday.
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Oil jumps nearly 2 percent on optimism

Oil jumped nearly 2 percent on Monday on optimism about the pace of global economic recovery and as cold weather across the United States boosted fuel demand.
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Citi fined $600,000 for lax trade monitoring

Citigroup Inc has been fined $600,000 by the Financial Industry Regulatory Authority for failing to police derivatives transactions, including those that helped foreign clients avoid taxes on dividends.
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Blue Source, Goldman in $12 million carbon deal

The president of carbon offset developer Blue Source said his company and Goldman Sachs Group have completed a transaction of carbon credits worth $12 million that he called the largest publicly announced U.S. offset deal.
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Oil jumps on optimism, colder U.S. weather

Oil jumped more than 2 percent on Monday to touch a six-week high on optimism about the pace of global economic recovery and as cold weather across the United States boosted fuel demand.
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Suicide bomber kills 41 near Pakistan's Swat

A suicide bomber killed 41 people in an attack on a Pakistani military convoy passing through a market on Monday as the Taliban claimed responsibility for a weekend raid on the army's headquarters.
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North Korea missile tests puzzle outside world

North Korea test-fired short-range missiles on Monday, South Korean media reported, sparking consternation just as the reclusive state had been signaling to the outside world it might return to nuclear talks.
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Philips pins recovery hopes on holiday sales

Philips Electronics said it had still not seen a recovery in most of its markets and the Thanksgiving and Christmas holidays would be a key test of whether shoppers' confidence has returned.

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