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Wednesday, July 1, 2009 12:01 AM PDT

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Today's Business News: General Motors' sale hearing set to continue Asian markets gain on positive Chinese data Oil rises above $70 as US crude inventories drop Strong quarter ends cautiously as earnings loom Consumer confidence falls in June State Street may face SEC charges over mortgages Housing, auto fallout lifts metro jobless rates H&R Block reports better-than-expected 4Q profit Old airliners scrapped due to economics, not age Treasury OKs 3 firms for mortgage relief program Retailer Tesco mulls bid for British bank: report Program saves 60 percent of homes from foreclosure Chinese Energy Giant CNOOC Mixes State, Shareholder Owners Obama admin. sets wide scope for consumer agency Home Sales Perk Up, but Expensive Houses Languish The Family Doctor: A Remedy for Health-Care Costs? Fed Holds Rates Steady General Motors' sale hearing set to continue Tue, 30 Jun 2009 09:45 pm PDT AP - A hearing to determine General Motors' fate will continue Wednesday, with the automaker expected to face more objections to its plan to sell the bulk of its assets to a new company and quickly emerge from bankruptcy protection. Full Story Top Asian markets gain on positive Chinese data Tue, 30 Jun 2009 10:34 pm PDT AP - Most Asian stock markets clawed higher Wednesday after data showed the region's two biggest economies are inching toward economic recovery. Full Story Top Oil rises above $70 as US crude inventories drop Tue, 30 Jun 2009 09:26 pm PDT AP - Oil prices rose above $70 a barrel Wednesday in Asia as a drop in U.S. crude inventories suggested demand may be picking up. Full Story Top Strong quarter ends cautiously as earnings loom Tue, 30 Jun 2009 03:10 pm PDT AP - Investors carried Wall Street to a remarkable second-quarter performance even though stocks' big spring rally stalled weeks ago. Full Story Top Consumer confidence falls in June Tue, 30 Jun 2009 09:06 am PDT AP - Americans — whose hope for the economy had been rising since March — unexpectedly lost faith this month, pushing down a widely watched barometer. Full Story Top State Street may face SEC charges over mortgages Mon, 29 Jun 2009 07:33 am PDT Reuters - Asset management and servicing giant State Street Corp (STT.N) said it might face civil charges by U.S. securities regulators for exposing investors to losses on subprime mortgages. Full Story Top Housing, auto fallout lifts metro jobless rates Tue, 30 Jun 2009 01:17 pm PDT AP - Layoffs tied to the troubled housing and autos industries clobbered the West and Midwest in May and helped raise unemployment rates in all the largest metropolitan areas for the fifth straight month. Full Story Top H&R Block reports better-than-expected 4Q profit Mon, 29 Jun 2009 03:41 pm PDT AP - H&R Block Inc., the nation's largest tax preparer, reported better-than-expected profit for its fiscal fourth quarter on Monday as higher fees and more consumer financial services income offset a decline in the number of tax returns it prepared. Full Story Top Old airliners scrapped due to economics, not age Tue, 30 Jun 2009 11:25 am PDT AP - The Airbus 310 that crashed Tuesday was 19 years old, yet experts say older planes can keep going strong for years as long as companies are willing to invest what it takes to keep them sky-worthy. Full Story Top Treasury OKs 3 firms for mortgage relief program Tue, 30 Jun 2009 02:11 pm PDT AP - The Treasury Department said Tuesday that it has approved three more firms for its mortgage relief program. Full Story Top Retailer Tesco mulls bid for British bank: report Tue, 30 Jun 2009 05:34 pm PDT AFP - Britain's biggest retailer Tesco is a potential bidder for nationalised bank Northern Rock, which the government is reportedly considering selling later this year, The Times newspaper has reported. Full Story Top Program saves 60 percent of homes from foreclosure Tue, 30 Jun 2009 02:00 pm PDT Reuters - A program to avert residential mortgage foreclosures has saved almost 60 percent of its participants from losing their homes in a sheriff's sale, officials said on Tuesday. Full Story Top Chinese Energy Giant CNOOC Mixes State, Shareholder Owners Tue, 30 Jun 2009 04:15 pm PDT Investor's Business Daily - China National Oil Co. is usually viewed as a tool of government interests -- a state-owned entity that hungrily seeks overseas oil and exploration contracts to meet China's burgeoning energy needs. Full Story Top Obama admin. sets wide scope for consumer agency Tue, 30 Jun 2009 12:55 pm PDT Reuters - The Obama administration sent Congress a draft bill on Tuesday to create a new agency with sweeping powers to impose tough consumer protection rules for banks, mortgage lenders and other financial firms, setting up a summer-long political brawl over the plan. Full Story Top Home Sales Perk Up, but Expensive Houses Languish Tue, 30 Jun 2009 01:05 pm PDT Time.com - Home sales are improving lately, but it's the small starter homes that sell, while big expensive houses go unloved Full Story Top The Family Doctor: A Remedy for Health-Care Costs? Tue, 30 Jun 2009 05:08 am PDT BusinessWeek Online - The primary-care doctor is gaining new respect in Washington. Battles may be breaking out left and right over the various health-care bills emerging from Congress, but reformers on both sides agree that general practitioners should be given a central role in uniting the fragmented U.S. medical system. Full Story Top Fed Holds Rates Steady Tue, 30 Jun 2009 05:08 am PDT BusinessWeek Online - With signs the economy is improving but still fragile, Federal Reserve policymakers held the Fed funds rate steady -- at zero to 0.25% -- on June 24, and maintained its pace of purchases of government debt at mortgage-backed securities. Full Story Top

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