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Saturday, February 26, 2011 12:00 AM PST

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Today's Business News: Wall St rebounds from sell-off, but down for week Fed officials play down oil price risks Economic growth trimmed, consumers more upbeat BofA, Wells, Citi see foreclosure probe fines Boeing basks in glow of tanker win, but risks loom Calm returns to European markets ahead of weekend US growth slows as state reins in spending Penney's 4Q profit rises 36 percent Angry Irish voters turn out for historic election Court OKs $624M payout to Countrywide investors Special report: The biggest company you never heard of Best Buy, Home Depot find tough times in China Wells Fargo could face penalties on foreclosures Iraq's largest oil refinery shut by bombing State budget crisis looms over governors meeting Chrysler CEO receives no cash for 2010: filing Europeans Opting for MBAs Closer to Home Wall St rebounds from sell-off, but down for week Fri, 25 Feb 2011 02:30 pm PST Reuters - U.S. stocks rose on Friday, bouncing back from a three-day sell-off as oil prices stabilized, but unease over the Libyan rebellion could be enough to keep buying in check. Full Story Top Fed officials play down oil price risks Fri, 25 Feb 2011 02:50 pm PST Reuters - The Federal Reserve would react to higher oil prices only if the increases spilled over into broader areas, officials of the U.S. central bank said on Friday, with one policy maker calling the risks "manageable." Full Story Top Economic growth trimmed, consumers more upbeat Fri, 25 Feb 2011 12:30 pm PST Reuters - U.S. consumer confidence hit a three-year high in February, suggesting the economy remained on a solid footing despite soaring gasoline prices. Full Story Top BofA, Wells, Citi see foreclosure probe fines Fri, 25 Feb 2011 06:20 pm PST Reuters - Bank of America, Citigroup and Wells Fargo -- three of the biggest banks in the United States -- said they could face fines from a regulatory probe into the industry's foreclosure practices. Full Story Top Boeing basks in glow of tanker win, but risks loom Fri, 25 Feb 2011 12:21 pm PST Reuters - Boeing Co, its suppliers and investors had good reason to cheer after the company snared a $30 billion Pentagon order this week, but challenges loom as Boeing prepares to fill the historic order on what may be a tight budget. Full Story Top Calm returns to European markets ahead of weekend Fri, 25 Feb 2011 06:24 am PST AFP - European stock rose on Friday as some calm returned to global financial markets after a rocky week driven by Middle East fears while London resumed trading after a technical glitch closed the bourse for the morning. Full Story Top US growth slows as state reins in spending Fri, 25 Feb 2011 12:26 pm PST AFP - US economic growth was slower than thought in the final months of 2010, as federal and local governments slashed spending to forestall looming budget crises, the Commerce Department reported Friday. Full Story Top Penney's 4Q profit rises 36 percent Fri, 25 Feb 2011 03:22 pm PST AP - Cutting costs and selling more exclusive brands like Liz Claiborne drew new customers and helped J.C. Penney Co.'s fourth-quarter profit rise 36 percent, the company said Friday. Full Story Top Angry Irish voters turn out for historic election Fri, 25 Feb 2011 09:50 pm PST AP - Ireland's government prepared for a whopping defeat and the country for more uncertainty as angry voters turned out for a historic election triggered by the humiliating collapse of the "Celtic Tiger" economy. Full Story Top Court OKs $624M payout to Countrywide investors Fri, 25 Feb 2011 05:57 pm PST AP - A federal judge on Friday approved a $624 million settlement in a lawsuit brought by several New York public pension funds against fallen mortgage giant Countrywide Financial Corp. Full Story Top Special report: The biggest company you never heard of Fri, 25 Feb 2011 04:52 am PST Reuters - On Christmas Eve 2008, in the depths of the global financial crisis, Katanga Mining accepted a lifeline it could not refuse. Full Story Top Best Buy, Home Depot find tough times in China Fri, 25 Feb 2011 04:02 am PST AP - Home Depot is no longer open for home improvements in Beijing. Best Buy Inc. decided its brand name electronics stores were not best for China. Full Story Top Wells Fargo could face penalties on foreclosures Fri, 25 Feb 2011 05:09 pm PST AP - Wells Fargo & Co. says that it is being investigated by several government agencies for its foreclosure practices and is likely to face enforcement actions. Full Story Top Iraq's largest oil refinery shut by bombing Fri, 25 Feb 2011 11:19 pm PST Reuters - Militants attacked and shut down Iraq's largest oil refinery on Saturday, killing four workers and setting off bombs near production units that started a raging fire, officials said. Full Story Top State budget crisis looms over governors meeting Fri, 25 Feb 2011 06:05 pm PST AP - Confronting crushing budget woes, many of the nation's governors are calling for painful spending cuts. But beyond that, their approaches are diverging drastically, from union-cramping proposals in Wisconsin and other states to higher taxes in Illinois and elsewhere. Full Story Top Chrysler CEO receives no cash for 2010: filing Fri, 25 Feb 2011 05:00 pm PST Reuters - Chrysler CEO Sergio Marchionne led an overhaul of the company's staid lineup of cars and trucks and revived interest in the automaker that was once left for dead-- and he didn't get paid any cash for it. Full Story Top Europeans Opting for MBAs Closer to Home Fri, 25 Feb 2011 05:08 am PST BusinessWeek - Scottish business school student Steven Renwick used to harbor what he called a "vague aspiration" to get his MBA from an American institution such as the Stanford Graduate School of Business. Then he took a closer look at the price tag. The cost of a two-year degree at a top U.S. business school would easily set him back more than $150,000, an investment of time and money he was not comfortable making. Says Renwick: "It seemed like a massive opportunity cost." Full Story Top

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