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Tuesday, October 27, 2009 12:00 AM PDT

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Today's Business News: Asian stocks track Wall Street lower; oil near $79 Oil hovers below $79 after 3-day slide Stocks slide as rising dollar hits oil prices 3 former Marsh executives acquitted of bid-rigging Madoff associate had heart attack, drowned in pool Barrage of earnings, economic data to drive market Caterpillar cuts 2,500 workers, recalls others Baidu 3Q profit climbs 42 percent, outlook soft Iceland says goodbye to the Big Mac U.S. judge appoints trustee to run Thornburg Mortgage Ethan Allen shares plummet on outlook Torture charged in L.A.-area mortgage rescue case Utah bidder asserts oil auction was illegal PHH Corp. names chief executive officer U.S. schools homeowners to spot loan rescue scams Philips' Bright Future for Lightbulbs A Home Office That Does the Job Asian stocks track Wall Street lower; oil near $79 Mon, 26 Oct 2009 10:13 pm PDT AP - Asian stocks retreated Tuesday, following losses on Wall Street amid rising concerns the markets have gotten ahead of economic realities. Full Story Top Oil hovers below $79 after 3-day slide Mon, 26 Oct 2009 10:11 pm PDT AP - Oil prices lingered below $79 a barrel Tuesday in Asia after three days of losses as investors eyed a volatile U.S. dollar. Full Story Top Stocks slide as rising dollar hits oil prices Mon, 26 Oct 2009 02:51 pm PDT AP - A strengthening dollar and worries about an overheated market pounded stocks. Full Story Top 3 former Marsh executives acquitted of bid-rigging Mon, 26 Oct 2009 07:58 pm PDT AP - Three former executives of insurance broker Marsh Inc. were acquitted Monday of bid-rigging, price-fixing and other charges following an 11-month trial in Manhattan. Full Story Top Madoff associate had heart attack, drowned in pool Mon, 26 Oct 2009 06:37 pm PDT AP - A man accused of making more than $7 billion off the investment schemes of jailed financial manager Bernard Madoff drowned after having a heart attack, authorities said Monday. Full Story Top Barrage of earnings, economic data to drive market Mon, 26 Oct 2009 01:50 am PDT AP - Investors would like a definitive answer to the question: Is the economy in fact in recovery? The answers this week may not be conclusive, but they might remove some of the uncertainty that has made stock trading choppy lately. Full Story Top Caterpillar cuts 2,500 workers, recalls others Mon, 26 Oct 2009 08:07 am PDT Reuters - Caterpillar Inc, the world's biggest maker of heavy machinery, said on Monday it plans to permanently cut 2,500 workers even as increasing demand will allow it to recall some employees who were laid off during the economic downturn. Full Story Top Baidu 3Q profit climbs 42 percent, outlook soft Mon, 26 Oct 2009 04:52 pm PDT AP - Baidu Inc., which runs China's leading Internet search engine, said Monday that its third-quarter profit jumped 42 percent as revenue from online marketing services climbed. Full Story Top Iceland says goodbye to the Big Mac Mon, 26 Oct 2009 11:39 am PDT AP - The Big Mac, long a symbol of globalization, has become the latest victim of this tiny island nation's overexposure to the world financial crisis. Full Story Top U.S. judge appoints trustee to run Thornburg Mortgage Mon, 26 Oct 2009 06:08 pm PDT Reuters - A bankruptcy judge appointed a trustee to take over the liquidation of Thornburg Mortgage after it was discovered former executives were using staff and equipment to launch a start-up venture. Full Story Top Ethan Allen shares plummet on outlook Mon, 26 Oct 2009 11:05 am PDT AP - Shares of home-furnishings retailer Ethan Allen Interiors Inc. fell 14 percent on Monday after the company said last week that it expects a wider loss in its first quarter than analysts had predicted. Full Story Top Torture charged in L.A.-area mortgage rescue case Mon, 26 Oct 2009 05:24 pm PDT Reuters - As Los Angeles housing advocates launched a campaign warning of mortgage rescue scams, a couple hit by foreclosure are charged with torturing two loan-modification agents they suspected of fraud, authorities said on Monday. Full Story Top Utah bidder asserts oil auction was illegal Mon, 26 Oct 2009 06:02 pm PDT AP - Defense lawyers for a college student who disrupted the auction of oil and gas drilling leases on land around some of Utah's national parks outlined in court papers Monday a plan to put global warming on trial instead of their client. Full Story Top PHH Corp. names chief executive officer Mon, 26 Oct 2009 04:29 pm PDT AP - Mortgage originator PHH Corp. said Monday that it named Jerome J. Selitto as president and CEO and a director, effective immediately. Full Story Top U.S. schools homeowners to spot loan rescue scams Mon, 26 Oct 2009 04:58 pm PDT Reuters - Sun Valley, a sun-baked and struggling corner of Los Angeles, is fertile ground for mortgage rescue scams with its high proportion of subprime borrowers, Spanish speakers and a sharp drop in home values. Full Story Top Philips' Bright Future for Lightbulbs Mon, 26 Oct 2009 05:08 am PDT BusinessWeek - In the 19th century, Dutch consumer electronics giant Philips (NYSE:PHG - News) made its name as one of the first manufacturers of lightbulbs. Almost 120 years later, new lighting technologies and increased global demand for energy-efficient goods is offering a unique opportunity for growth. And Philips, the world's biggest lighting company with $10 billion in annual sales, is at the forefront of what Philips Lighting CEO Rudy Provoost calls "the most profound change the industry has witnessed since the invention of the electric light." Full Story Top A Home Office That Does the Job Mon, 26 Oct 2009 05:08 am PDT BusinessWeek - A year ago, my bosses at BusinessWeek (NYSE:MHP - News) gave me a year off to write a book. It was a terrific opportunity, but it also meant that after two decades of working in the comfortable confines of an employer's office, I'd be on my own. I had to set up an office in my home, without the luxury of company-owned technology, a built-in support network, and all that top-notch office furniture. Full Story Top

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