MARKETS / FINANCE

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Oil rises above $74 on dollar weakness

Oil rose above $74 a barrel on Wednesday, bouncing from earlier losses, as the euro extended gains against the dollar on hopes for a bailout for Greece.

Markets give Greece respite on rescue hopes

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Financial markets gave heavily indebted Greece a breather on Wednesday on growing expectations of a European Union rescue as civil servants staged the first major strike against Athens' crisis-driven austerity measures.

Stocks rise on Greek bailout hopes; euro dips

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World stocks rose on Wednesday and Greece's borrowing costs fell on the prospects of a Greek bailout, while safe-haven German government bond prices dipped and the euro eased after the previous session's hefty gains. Oil prices fell after data showed a large build in U.S. inventories but gold prices were flat, taking a pause from Tuesday's rise.
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Nikkei rises 0.5 percent on hopes of Greece aid plan

Japan's Nikkei average rose 0.5 percent on Wednesday, with blue-chip shares that had been sold off on concerns about fiscal stability in Europe regaining ground with news of potential aid for heavily indebted Greece.
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New charges in Rajaratnam insider trading case

Additional criminal charges were filed on Tuesday against Galleon hedge fund founder Raj Rajaratnam as prosecutors alleged he and his co-defendant reaped $49 million from illegal insider trading, up from an earlier claim of $40 million.
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Paulson, Buffett say US needed tough medicine

Former Treasury Secretary Henry Paulson and billionaire investor Warren Buffett, from different sides of the political spectrum, expressed support on Tuesday for the U.S. government's aggressive steps in 2008 to keep the nation's banks and economy from a complete meltdown.
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Paulson, Buffett say U.S. needed tough medicine

Former Treasury Secretary Henry Paulson and billionaire investor Warren Buffett, from different sides of the political spectrum, expressed support on Tuesday for the U.S. government's aggressive steps in 2008 to keep the nation's banks and economy from a complete meltdown.
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Why gold price will plunge to $800 per ounce

In the last few months, we have been reading predictions and forecasts from bullion analysts who insisted and argued that gold price is booming to touch $2,000, $3,000, $5,000, $10,000 per ounce in the coming years. These forecasts have caught people's attention who have been pouring money into gold and other precious metals all these months. But after the big surge of gold price to $1,227 per ounce some two months back, the yellow metal has been climbing down the ladder of speculation.
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Google says very hard to operate in China

Google Inc co-founder Sergey Brin said on Tuesday it has become very hard to operate in China, but he is optimistic that the Internet company can continue to open up information for everyone everywhere, free of political censorship.
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Daily Forecast Feb 10

The Aussie dollar entered offshore exchange edging closer to the 87 cent handle with the market keeping a keen eye on developments in Europe.
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Rajaratnam to provide SEC with wiretaps

Galleon hedge fund founder Raj Rajaratnam and co-defendant Danielle Chiesi, indicted in a sweeping insider trading case, must hand over wiretap evidence to U.S. market regulators, a judge ruled on Tuesday.
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European governments agree to help Greece: source

European governments have agreed in principle to help heavily indebted Greece, a senior German coalition source said on Tuesday, in what would be the first rescue of a euro zone member in the currency's 11-year history.
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MetLife may pay AIG in stock, cash for unit: source

MetLife Inc plans to pay American International Group Inc in stock and cash for American Life Insurance Co , as the two sides negotiate what could be a roughly $15 billion deal, a source familiar with the matter said on Tuesday.
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Obama courts Republican support on jobs, deficit

President Barack Obama sought common ground with Republicans on Tuesday on his top policy priorities of job creation and deficit reduction, winning hints of support in both areas but a rebuke on healthcare reform.
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Obama hopes to see jobs package in coming weeks

President Barack Obama, reaching out to lawmakers in both U.S. political parties, said on Tuesday he hoped Congress would soon deliver a package of measures to boost U.S. employment and economic growth.
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U.S. consumer confidence falls in February

U.S. consumer confidence fell in February to near a level seen at the beginning of the recession, as high unemployment and some stock market weakness sapped January's optimism, a research group said on Tuesday.
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Wall St higher on Greece hopes as commodities lead

U.S. stocks rose on Tuesday, led by commodity-related stocks, as speculation Greece would get help from the European Union to cut the country's deficit weakened the U.S. dollar, lifting prices of oil and basic materials.
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Niger Delta oil reserves to disappear by 2040

Africa's largest oil producer, Nigeria is concerned on reports that its oil reserves in the Niger Delta region will dry and disappear by the year 2040. Studies by country's Regulatory and monitoring organs blamed activities of militant groups in the region, ineptitude leadership and rapid depletion of ore, a major component for the exploration are contributory factors that may see the end of Nigeria's oil.
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Commodity prices to shoot up: Jim Rogers

Globally renowned commodities expert and investor Jim Rogers says world's focus in the coming years is going to be on agricultural commodities and food prices. According to him, the prices of agricultural commodities and food are going to continuously rise in the coming years. Commodity prices are going to shoot up. The challenge is that people are eating more foods these days. But the supply of food products is coming down, he said.
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Wall Street set to rise on industrials, Greece talk

Wall Street eyed a higher open on Tuesday as speculation that debt-burdened Greece would get help from the European Union bolstered sentiment, and positive broker comments looked set to boost industrial companies.

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