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Bush Hails G-8 summit's work on climate change
TOYAKO, Japan - President Bush on Wednesday hailed the move by G-8 leaders to coalesce behind a broad climate-change strategy, claiming in a summit valedictory that "significant progress" has been made on global warming.
Oil prices rebound on Iran missile tests
BANGKOK, Thailand - Oil prices rebounded Wednesday in Asia from a tumble of more than $5 in the previous session after Iran test-fired nine missiles, renewing fears of a conflict that could cut global oil supplies.
Alcoa's 2Q profit sinks 24 percent on higher costs
PITTSBURGH - Alcoa Inc., the world's third-largest aluminum producer, ushered in the second-quarter earnings season by posting a 24 percent earnings decline as rising production costs eroded profits, but the results still exceeded analysts' expectations.
Fed to curb shady home-lending practices
WASHINGTON - The Federal Reserve will issue new rules next week aimed at protecting future homebuyers from dubious lending practices, its most sweeping response to a housing crisis that has propelled foreclosures to record highs.
Developing economies don't back G-8 climate goal
TOYAKO, Japan - A joint gathering of major developed and developing nations on Wednesday agreed that climate change was "one of the great global challenges of our time" and pledged to back a United Nations effort to conclude new climate pact by 2009. The major economies said they supported longterm and midterm goals for greenhouse-gas reductions, but endorsed no targets.
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Actors union ratifies deal with Hollywood studios
LOS ANGELES - The labor drama gripping Hollywood is now entering its final act after one actors group said its members ratified a new deal and the other prepared to turn down the major studios' final offer.
Dow ends up 152 on decline in oil, Bernanke talk
NEW YORK - Wall Street finished sharply higher Tuesday as oil prices dropped for the second straight day and investors were encouraged by the possibility of more help for the ailing financial system. The Dow Jones industrials gained more than 150 points, and all the major indexes were up more than 1 percent.
Anheuser-Busch calls InBev takeover bid illegal
ST. LOUIS - Anheuser-Busch claims that Belgian brewer InBev's unsolicited takeover bid isn't just bad for the bottom line, but is an "illegal scheme" that threatens to defraud Anheuser-Busch shareholders if a federal judge doesn't step in.
Pending home sales fall 4.7 percent
WASHINGTON - A measurement of pending home sales fell to the third-lowest reading on record in May as the housing market's recovery continued to prove elusive.
Siemens cutting 17K jobs worldwide to cut costs
FRANKFURT, Germany - Industrial conglomerate Siemens AG said Tuesday it will cut 16,750 jobs, or 4.2 percent of its global work force, to streamline operations and slice nearly $2 billion in costs in the face of a slowing economy.
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