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FedEx reports larger loss, gives low outlook

FedEx Corp on Wednesday reported a larger fourth-quarter loss, due to charges at two units that have been hit by the recession, but gave a low outlook for the current quarter, citing the continued downturn and rising fuel prices.

Daily Commentary - 17/06/2009

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The local market was caught by surprise yesterday following the release of the minutes to this month's Australian Reserve Bank meeting.
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Mousavi calls day of mourning for Iran dead

Defeated presidential candidate Mirhossein Mousavi urged supporters to stage protests or gather in mosques to mourn those killed after disputed elections that set off Iran's worst unrest since the 1979 Islamic Revolution.
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Stock futures mixed before CPI, FedEx results

Stock index futures were little changed on Wednesday as caution prevailed ahead of key inflation data for May and quarterly results from package delivery company FedEx Corp that may shed light on the strength of the economic recovery.
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GM's Saab Auto secures debt writedown

Swedish carmaker Saab secured a key court ruling on Wednesday to cut billions of crowns in debt, paving the way for its proposed takeover by local sportscar maker Koenigsegg.
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Verizon and AT&T deny collusion on texting prices

U.S. wireless carriers Verizon Communications and AT&T took issue with assertions that they colluded in setting prices for text messages, saying on Tuesday that prices for most customers had fallen and the market was competitive.
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Trump makes bid for namesake casino company: report

Real estate tycoon Donald Trump has made a bid to buy New Jersey casino operator Trump Entertainment Resorts Inc, which in February logged its third bankruptcy filing, the Wall Street Journal reported on Tuesday.
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Backers of Iran's Mousavi plan more protests

Supporters of Iran's defeated presidential candidate Mirhossein Mousavi aim to keep pressure up with new protests on Wednesday over a disputed poll which has led to the biggest upheaval since the 1979 Islamic revolution.
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Saab Auto secures debt writedown as takeover looms

Swedish carmaker Saab Automobile secured a key court ruling on Wednesday allowing it to cut billions of crowns of debt and paving the way for a takeover of the General Motors unit by local sportscar maker Koenigsegg.
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Asia ex-Japan shares down 4th day; outlook foggy

Asian stocks outside Japan fell for a fourth day on Wednesday, weighed by resource-related shares and doubts about a global economic recovery, while U.S. Treasuries eased on profit taking after a surge overnight.
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Oil slides 4th day; resource shares fall

Most stocks in Asia edged lower on Wednesday, weighed down by resource-related shares and doubts about a global economic recovery, while oil slipped below $70 a barrel ahead of U.S. inventory data that could reflect slowing energy demand.
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Obama to unveil plans for financial rules overhaul

President Barack Obama will unveil on Wednesday his plans for reshaping U.S. financial regulation, with proposals to close one bank regulator and create new overseers for big-picture economic risk and consumer financial product safety.
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Obama to axe bank agency in financial overhaul

The Obama administration plans to streamline U.S. bank oversight and put the Federal Reserve in charge of monitoring big-picture economic risks in a sweeping regulatory overhaul to be formally unveiled on Wednesday, a senior administration official said.
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Oil slides 4th day; resource shares fall in Asia

Most stocks in Asia edged lower on Wednesday, weighed down by resource-related shares and doubts about a global economic recovery, while oil slipped below $70 a barrel ahead of U.S. inventory data that could reflect slowing energy demand.
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Carlyle, Blackstone bid for First Republic: report

Carlyle Group and Blackstone Group LP are leading an investor group that is bidding to acquire First Republic Bank, a private banking unit of Bank of America Corp , Bloomberg News said on Tuesday, citing three people familiar with the matter.

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