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Friday, March 4, 2011 12:00 AM PST

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Today's Business News: Asia stocks head for biggest weekly rise in 3 months Jobs seen at 9-month high in February Goldman's Blankfein to testify at Galleon insider-trading PIMCO's Gross urges slow pace of deficit cuts Banks receive proposals on troubled mortgages: report FTSE climbs 0.34% at open Kocherlakota: Fed should complete current bond buys Grocer Kroger cautiously upbeat, says 4Q profit up Eurozone at critical juncture in debt crisis Funds ride the bull market rebound, and then some Highlights: Geithner's testimony to Senate panel Sears aims to poach Amazon affiliate Summary Box: Fixed mortgage rates drop this week Oil hovers near $102 as Libya conflict escalates Business entertainment deductions can be complex GM cancels shifts due to Mich. parts supplier fire Where the Richest People Live Asia stocks head for biggest weekly rise in 3 months Thu, 3 Mar 2011 11:47 pm PST Reuters - Asian stocks are heading for their biggest weekly gain in three months on bargain-hunting after their recent drop while the euro perked up after the central bank signaled a rate hike as early as next month. Full Story Top Jobs seen at 9-month high in February Thu, 3 Mar 2011 09:13 pm PST Reuters - Employers probably hired more workers in February than in any month since May last year, recovering from extreme winter weather and raising hopes the economic recovery has gathered critical momentum. Full Story Top Goldman's Blankfein to testify at Galleon insider-trading Thu, 3 Mar 2011 08:01 pm PST Reuters - Goldman Sachs Group (GS.N) Chief Executive Lloyd Blankfein has agreed to testify for the U.S. government at the upcoming trial of Galleon hedge fund founder Raj Rajaratnam, the Wall Street Journal reported, citing people familiar with the matter. Full Story Top PIMCO's Gross urges slow pace of deficit cuts Thu, 3 Mar 2011 12:23 pm PST Reuters - Bill Gross, co-chief investment officer of PIMCO, the world's biggest bond fund manager, on Thursday urged lawmakers to cut the massive federal deficit but not so swiftly as to choke off the nascent economic recovery. Full Story Top Banks receive proposals on troubled mortgages: report Thu, 3 Mar 2011 09:29 pm PST Reuters - U.S. banks received a proposal from state attorneys general and several federal agencies that could require them to reduce loan balances of troubled mortgage borrowers, the Wall Street Journal said, citing people familiar with the matter. Full Story Top FTSE climbs 0.34% at open Thu, 3 Mar 2011 12:48 am PST AFP - London's leading shares climbed in opening trade on Thursday following upbeat US economic news, but optimism was tempered by the crisis in the Middle East and North Africa. Full Story Top Kocherlakota: Fed should complete current bond buys Thu, 3 Mar 2011 01:17 pm PST Reuters - The U.S. Federal Reserve Bank should complete its $600 billion bond-buying program, but should only extend it if inflation continues to fall, a top Fed official said on Thursday. Full Story Top Grocer Kroger cautiously upbeat, says 4Q profit up Thu, 3 Mar 2011 04:32 pm PST AP - The nation's largest traditional grocery chain says more households are buying most of their groceries at its stores while stretching out their spending over more trips as they face higher food and gas prices. Full Story Top Eurozone at critical juncture in debt crisis Thu, 3 Mar 2011 04:49 pm PST AP - The next three weeks will be crucial for Europe to finally get a grip on the debt crisis that has crippled its currency union and to set up stronger foundations for when it is past the storm. Full Story Top Funds ride the bull market rebound, and then some Thu, 3 Mar 2011 03:17 pm PST AP - The pain of the stock market meltdown is becoming a more distant memory thanks to the stunning rebound of mutual fund returns. Full Story Top Highlights: Geithner's testimony to Senate panel Thu, 3 Mar 2011 01:14 pm PST Reuters - The following are highlights from testimony by Treasury Secretary Timothy Geithner on Thursday before the Senate Foreign Relations Committee on turbulence in the global economy and implications for the United States. Full Story Top Sears aims to poach Amazon affiliate Thu, 3 Mar 2011 04:03 pm PST AP - Another competitor of Amazon.com Inc. is looking to take advantage of the retailer's disputes over sales taxes. Full Story Top Summary Box: Fixed mortgage rates drop this week Thu, 3 Mar 2011 10:28 am PST AP - MORTGAGE RATES FALL: Freddie Mac said the average rate on the 30-year loan slipped to 4.87 percent this from 4.95 percent last week. The average rate on the 15-year fixed home loan fell to 4.15 percent from 4.22 percent. Full Story Top Oil hovers near $102 as Libya conflict escalates Thu, 3 Mar 2011 09:31 pm PST AP - Oil prices hovered near $102 a barrel Friday in Asia as Libyan government and rebel forces dug in amid fierce fighting, raising investor fears of protracted oil output cuts in the OPEC nation. Full Story Top Business entertainment deductions can be complex Thu, 3 Mar 2011 02:32 pm PST AP - Taking a customer to lunch, dinner or the theater is part of doing business. And often, a lot of fun. But company owners may find that claiming such entertainment expenses as income tax deductions is complicated, and maybe painful. Full Story Top GM cancels shifts due to Mich. parts supplier fire Thu, 3 Mar 2011 07:31 pm PST AP - General Motors Co. canceled production shifts at assembly plants in Flint, Mich., and Lordstown, Ohio, and made changes at several others because of a fire at an auto parts plant in Michigan that makes interior components for a number of automakers, the company said Thursday. Full Story Top Where the Richest People Live Wed, 2 Mar 2011 05:08 am PST BusinessWeek - Beverly Hills famously has some of the country's most valuable real estate. On the western end of the city, between the Los Angeles Country Club and North Beverly Drive, the median home value is about $3 million, according to real estate website NeighborhoodScout.com, and many properties cost far more. This posh neighborhood in the 90210 zip code is lined with pristine single-family homes, most with at least four bedrooms. Full Story Top

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