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Yahoo! News: Business


Alcoa to slash jobs and sell 4 units (Reuters)

Alain Belda, chairman of Alcoa Inc. speaks to the media during a news conference in Montreal, Quebec, May 7, 2007. (Shaun Best/Reuters)Reuters - Alcoa Inc said on Tuesday it would slash more than 15,000 jobs, halve capital spending and sell four businesses as it reduces aluminum production in the face of the global economic downturn.
Bank of America sells $2.8 billion CCB stake (Reuters)

A building is reflected in the window of a Bank Of America branch in New York, October 6, 2008. (Lucas Jackson/Reuters)Reuters - Top U.S. lender Bank of America , raising cash to weather a dismal market at home, sold a $2.83 billion chunk of its holding in China Construction Bank (0939.HK) on Wednesday, dragging the Chinese bank's stock 5 percent lower.
Asia stocks at 2-month high (Reuters)

A man gestures in front of an electronic board displaying stock prices at a brokerage house in Shanghai January 5, 2009. C (Aly Song/Reuters)Reuters - Asian stocks rose on Wednesday, extending their recent rally into an eighth straight day, inspired by hopes massive U.S. government spending and tax cuts will continue to support the dollar and stimulate demand for exports.
U.S. budget deficit seen topping $1 trillion in 2009 (Reuters)

A copy of the President George W. Bush's FY 2009 Budget inside the Senate Budget Committee hearing room on Capitol Hill in Washington February 4, 2008. (Larry Downing/Reuters)Reuters - Politicians want American consumers to resume spending to pull the economy out of its tailspin, and the U.S. government is leading by example with a potential $1 trillion deficit in 2009 -- even before a massive stimulus plan.
Fed and other agencies to join U.S. fraud task force (Reuters)

A foreclosed home is shown in Corona, California, December 18, 2008. (Lucy Nicholson/Reuters)Reuters - The U.S. government is beefing up a task force to fight mortgage crimes and safeguard federal financial bailouts, the U.S. Justice Department said on Tuesday.
World stocks advance as oil rises to near $50 (AP)

An investor looks at the stock price monitor at a private securities company Tuesday Jan. 6, 2009 in Shanghai, China. Chinese shares rose for a second day Tuesday on investor hopes about government pledges to boost economic growth. The benchmark Shanghai Composite Index jumped 3 percent, or 56.43 points, to close at 1937.05. (AP Photo/Eugene Hoshiko)AP - World stock markets rose Tuesday as the New Year optimism continued amid relatively positive corporate news, particularly from the struggling British retailing sector, and despite some dismal U.S. economic data.
Leading Democrat offers mortgage aid bill (Reuters)

Reuters - The second-ranking Democrat of the U.S. Senate on Tuesday introduced legislation that would let bankruptcy judges erase some mortgage debt in an effort to stem foreclosures.
Madoff scandal, SEC role under scrutiny (AP)

Allan Goldstein, a retiree and investor with Bernard L. Madoff Investment Securities, testifies before the House Committee on Financial Services, Monday, Jan. 5, 2009, on Capitol Hill in Washington. (AP Photo/Haraz N. Ghanbari)AP - Two more months of mortgage payments and retiree Allan Goldstein says he'll be broke, just another victim in what may be the biggest Ponzi scheme in history.
Reports: Chinese tycoon's wife detained in probe (AP)

AP - The wife of billionaire Chinese appliance retailer Wong Kwong-yu has been detained as police investigate Wong for possible financial offenses, according to news reports.
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