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Thursday, July 30, 2009 12:00 AM PDT

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Today's Business News: Yahoo comes full circle with retreat from search Asia markets fall a second day; Shanghai off 1 pct Oil hovers near $63 amid weak US crude demand Delphi judge indicates plan to approve lender bid NYC council votes for mayor's Coney Island renewal Watchdog: SEC fulfilled duty in Stanford case Fed survey: Stabilization seen in some regions Shell profit falls 67 percent in 2Q UK believes 2 British hostages in Iraq are dead Senate probes Goldman, Deutsche: report Report: Kohlberg Kravis plans Dollar General IPO New Federal Housing Administration loan assistance Shell profit falls 70 percent but beats forecast U.S. durable goods orders slump, mortgage demand wanes Economy - Wednesday Weyerhaeuser's Financial Education Minimum Wage Is Set to Rise Yahoo comes full circle with retreat from search Wed, 29 Jul 2009 10:08 pm PDT AP - Yahoo Inc. invested billions of dollars in its Internet search engine during the past six years before realizing it made more sense to entrust the job to an outsider — hearkening back to a conclusion the company's co-founders reached shortly after they started their Web directory in the mid-1990s. Full Story Top Asia markets fall a second day; Shanghai off 1 pct Wed, 29 Jul 2009 10:12 pm PDT AP - Asian stock markets fell Thursday, with Chinese shares leading the decline amid concerns the recent rally was overdone. Full Story Top Oil hovers near $63 amid weak US crude demand Wed, 29 Jul 2009 10:13 pm PDT AP - Oil prices paused near $63 a barrel Thursday in Asia after signs of weak U.S. crude demand triggered a sharp sell-off this week. Full Story Top Delphi judge indicates plan to approve lender bid Wed, 29 Jul 2009 09:01 pm PDT AP - The judge overseeing Delphi Corp.'s bankruptcy case is expected to rule Thursday on the auto supplier's plan to hand control of the company to its lenders and eventually end its nearly four-year stay in Chapter 11. Full Story Top NYC council votes for mayor's Coney Island renewal Wed, 29 Jul 2009 06:06 pm PDT AP - Summer on Coney Island was sweetness by the sea for generations who reveled in the tacky splendor of the Brooklyn beachfront. Full Story Top Watchdog: SEC fulfilled duty in Stanford case Tue, 28 Jul 2009 06:40 pm PDT AP - The Securities and Exchange Commission had been actively investigating the banking business of billionaire R. Allen Stanford for more than three years before Bernard Madoff's Ponzi scheme came to light last December and has fulfilled its duty to pursue alleged wrongdoing by the financier, the agency's inspector general has found. Full Story Top Fed survey: Stabilization seen in some regions Wed, 29 Jul 2009 03:26 pm PDT AP - The economy is finally showing signs of stabilizing in some regions of the country — especially in parts of the Northeast and Midwest — bolstering hopes of a broader-based recovery this year. Full Story Top Shell profit falls 67 percent in 2Q Wed, 29 Jul 2009 11:40 pm PDT AP - Royal Dutch Shell PLC said Thursday its net profit fell 67 percent in the second quarter to $3.82 billion, reflecting a sharp decline in oil prices and worse refining margins. Full Story Top UK believes 2 British hostages in Iraq are dead Wed, 29 Jul 2009 01:19 pm PDT AP - Two hostages captured in a daring raid on Iraq's Finance Ministry two years ago have very likely died, Britain's prime minister said Wednesday. Full Story Top Senate probes Goldman, Deutsche: report Wed, 29 Jul 2009 10:37 pm PDT Reuters - Goldman Sachs Group Inc (GS.N) and Deutsche Bank AG (DBKGn.DE) were issued subpoenas by a U.S. Senate panel looking for evidence of fraud in the 2008 mortgage-market meltdown, the Wall Street Journal said, citing people familiar with the matter. Full Story Top Report: Kohlberg Kravis plans Dollar General IPO Wed, 29 Jul 2009 02:33 pm PDT AP - Private equity firm Kohlberg Kravis Roberts & Co. is preparing for an initial public offering of discount retailer Dollar General Corp., according to the Wall Street Journal, which cited people familiar with the matter. Full Story Top New Federal Housing Administration loan assistance Wed, 29 Jul 2009 09:01 pm PDT AP - Loans backed by the Federal Housing Administration will be eligible for payment reductions similar to the Obama administration's loan modification program, the government will announce Thursday. Full Story Top Shell profit falls 70 percent but beats forecast Wed, 29 Jul 2009 11:26 pm PDT Reuters - Royal Dutch Shell Plc (RDSa.L) posted a 70 percent fall in net profit in the second quarter compared with the same period of 2008, as oil prices and refining margins tumbled. Full Story Top U.S. durable goods orders slump, mortgage demand wanes Wed, 29 Jul 2009 06:03 am PDT Reuters - New orders for long-lasting U.S. manufactured goods notched their biggest decline in five months in June, while applications for mortgages fell last week in a sign that economic conditions remain fragile. Full Story Top Economy - Wednesday Wed, 29 Jul 2009 04:08 pm PDT Investor's Business Daily - Home loan demand fell 6.3% in the week ended July 24, the first decline in four weeks, the Mortgage Bankers Assoc. said. The refi index fell 10.9% as the average 30-year fixed mortgage rate rose 5 basis points to 5.36%. A gauge of purchase applications was unchanged. Rising interest rates sapped demand for refinancing, and the lack of interest for purchase loans does not bode well for the U.S. housing market that has seen signs of stabilization recently. Full Story Top Weyerhaeuser's Financial Education Wed, 29 Jul 2009 05:16 am PDT BusinessWeek Online - More than a century ago, Weyerhaeuser (NYSE:WY - News) began operations in America's Northwest as a logging company. Like many other frontier businesses, the job was hazardous. When a logger got hurt, the company took care of his family. (Most loggers were men.) Full Story Top Minimum Wage Is Set to Rise Wed, 29 Jul 2009 05:16 am PDT BusinessWeek Online - Minimum-wage workers will see a bump in their pay come July 24, when the federal minimum rises by 11%, to $7.25 an hour from $6.55. It will put an extra $120 per month in the pockets of the more than 2 million janitors, cafeteria workers, and child-care providers, among others, who rely on incomes of less than $15,000 annually. Full Story Top

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