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Tuesday, December 28, 2010 12:01 AM PST

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Today's Business News: Japan, China shares fall after rate rise Dai-ichi to take over Australia's Tower for $1.2 billion Japan output up on Asia demand U.S. gas price tops $3 a gallon, highest since Oct '08 H&R Block's refund loans hit regulatory hurdle Santa rally continues as China hikes rates Republican senator offers dire view of economy Cal-Maine Foods 2Q net income down on feed costs Russian tycoon Khodorkovsky again found guilty Baby boomers near 65 with retirements in jeopardy Ally Financial Wal-Mart invests in China e-commerce retailer 360buy.com Ally Financial in $462 million settlement with Fannie Oil holds at $91 per barrel Musselshell County turns down coal mine tax break Ford to expand fuel-saving tech For Business Schools, Culture Matters Japan, China shares fall after rate rise Mon, 27 Dec 2010 10:11 pm PST Reuters - Shares in Japan and China eased on Tuesday as concerns that further Chinese monetary tightening will cool the engine of world economic growth overshadowed Japanese data that pointed to improving demand. Full Story Top Dai-ichi to take over Australia's Tower for $1.2 billion Mon, 27 Dec 2010 11:20 pm PST Reuters - Japan's Dai-ichi Life Insurance Co said it would buy the shares it does not already own in Tower Australia Group Ltd for 99.6 billion yen ($1.2 billion) as it seeks expansion overseas. Full Story Top Japan output up on Asia demand Mon, 27 Dec 2010 08:07 pm PST Reuters - Japanese factory output rose for the first time in six months in November and manufacturers expect to boost production in coming months, suggesting that firm demand in Asia will help the economy resume a recovery early next year. Full Story Top U.S. gas price tops $3 a gallon, highest since Oct '08 Mon, 27 Dec 2010 11:48 pm PST Reuters - The average price of U.S. gasoline rose above $3 a gallon over the past week, reaching its highest level since October 2008, the Energy Department said on Monday. Full Story Top H&R Block's refund loans hit regulatory hurdle Mon, 27 Dec 2010 11:15 am PST Reuters - H&R Block Inc, the largest U.S. tax preparer, said it will not be able to help customers borrow money against their tax refunds in the coming months, as the bank that was supposed to provide the loans is under a regulatory directive not to. Full Story Top Santa rally continues as China hikes rates Sun, 26 Dec 2010 03:01 pm PST Reuters - Wall Street will see the year-end rally carry into the last week of 2010, but the question on everyone's mind is, "what's next?" Full Story Top Republican senator offers dire view of economy Sun, 26 Dec 2010 07:44 am PST AP - Republican Sen. Tom Coburn says confidence in the country's economy and currency will be "undermined significantly" in the next several years if the government doesn't find a way to cut federal spending. Full Story Top Cal-Maine Foods 2Q net income down on feed costs Mon, 27 Dec 2010 12:39 pm PST AP - Second-quarter net income at Cal-Maine Foods Inc. fell nearly 6 percent, the company said Monday, citing higher feed costs. Full Story Top Russian tycoon Khodorkovsky again found guilty Mon, 27 Dec 2010 07:15 am PST AP - Mikhail Khodorkovsky was convicted of theft and money laundering charges Monday, a verdict that will likely keep the jailed oil tycoon who was once Russia's richest man behind bars for several more years. Full Story Top Baby boomers near 65 with retirements in jeopardy Mon, 27 Dec 2010 06:33 pm PST AP - Through a combination of procrastination and bad timing, many baby boomers are facing a personal finance disaster just as they're hoping to retire. Starting in January, more than 10,000 baby boomers a day will turn 65, a pattern that will continue for the next 19 years. Full Story Top Ally Financial Mon, 27 Dec 2010 03:33 pm PST Investor's Business Daily - Ally Financial, once known as GMAC Mortgage, will pay $462 mil to settle claims on $292 bil in home loans that it sold to Fannie Mae (OTCBB:FNMA.ob - News) prior to the '08 financial crisis. Full Story Top Wal-Mart invests in China e-commerce retailer 360buy.com Mon, 27 Dec 2010 10:00 pm PST AFP - US chain Wal-Mart has invested in Chinese e-commerce consumer electronics seller 360buy.com, as the world's largest retailer steps up its presence in China, a report said Tuesday. Full Story Top Ally Financial in $462 million settlement with Fannie Mon, 27 Dec 2010 03:00 pm PST Reuters - Ally Financial Inc, the lender formerly known as GMAC, on Monday said it agreed to pay $462 million to Fannie Mae (FNMA.OB) to avoid having to repurchase poorly underwritten mortgages sold to the housing finance giant. Full Story Top Oil holds at $91 per barrel Mon, 27 Dec 2010 12:49 pm PST AP - Oil prices slid to $91 per barrel in light trading Monday, the first day after the Christmas break, as traders focused on efforts in china to to ease inflation. Full Story Top Musselshell County turns down coal mine tax break Mon, 27 Dec 2010 04:21 pm PST AP - Musselshell County commissioners on Monday turned down a requested tax break for an underground coal mine that would have cost the county between $7.5 million and $10 million over the next five years. Full Story Top Ford to expand fuel-saving tech Mon, 27 Dec 2010 03:33 pm PST Investor's Business Daily - The carmaker plans to install a fuel-saving technology into a wider range of vehicles in N. America starting in 2012. Auto Start-Stop shuts off the engine when a car stops while keeping other systems on, promising to improve fuel economy by 4% or more. It is now available in the Fusion Hybrid and Escape Hybrid as well as some models sold in Europe. But Ford (NYSE:F - News) will install it in additional cars, crossovers and SUVs. It rose 0.5% to 16.87. Full Story Top For Business Schools, Culture Matters Fri, 24 Dec 2010 05:08 am PST BusinessWeek - Have business schools contributed to creating overconfident and self-focused leaders? I suspect many of you will nod your head in agreement. You might even declare that, by extension, business schools share blame for the economic crisis. As a business school dean, I take these perceptions seriously; there is enough in them to warrant careful reflection. Full Story Top

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