The U.S. bad loan crisis swept global markets to wide losses on Wednesday as it tainted the earnings of some of America's best-known companies and sparked moves in Washington to fight a spreading financial epidemic. Asian and European investors overnight dumped stocks and bought safe government bonds on fears of deepening troubles in U.S. housing loans known as "subprimes," which triggered a record number of home loans entering foreclosure at the end of last year. Tokyo's Nikkei fell 2.9 percent, its second biggest daily percentage fall this year, while European markets lost 1 percent to 2 percent. In volatile trading, Wall Street attempted to rally from its 2 percent decline on Tuesday, though it encountered heavy selling at midday and the Dow briefly dropped below 12,000 for the first time since November. Leading to weakness was a report that No. 1 global carmaker General Motors Corp.'s profit was hurt by a massive loss on bad housing loans in its housing unit, even ...
http://news.yahoo.com
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Editor - 12:01:00 03-14-07
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 Boy, 6, Stays in Home Two Days With Dead Father |
A 6-year-old boy stayed in an apartment with the body of his father for two days after the man died on their sofa, obeying instructions to never leave without permission, firefighters said.The boy, whose name was not released, didn't want to leave even after firefighters arrived, fearing punishment if he left, fire department Maj. Noble Lee said."He wasn't as distraught as one might think," Lee said. "I don't think he understands the gravity of the past few days. He wasn't as upset at the situation as he was about being outside the residence without permission."...
http://www.foxnews.com/story/0,2933,258765,00.html
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Editor - 11:57:00 03-14-07
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| EXODUS TO SYRIA Iraqis Find Peace Across the Border |
The horrors of everyday life in Iraq are prompting hundreds of Iraqis to escape to Syria and Jordan. There, Shiites and Sunnis live together in peace. But authorities worry that may change. Film-maker Rasim Al Jumeili found his death sentence on the Internet and printed it out. The stout, elderly Iraqi sits on a chair in front of a kebab stand in Damascus and begins reading the three-page list of 150 artists to be killed. His own name appears on page two. The list is the reason why the Iraqi actor can't spend his retirement in Baghdad, living in dignity and prosperity. Instead, he lives as a refugee in neighboring Syria. And he is far from alone. Hundreds of thousands have fled Iraqi violence like Al Jumeili. The result is a Middle East exodus of Biblical proportions: one that even surpasses the stream of refugees that left Palestine after the creation of the state of Israel in 1948....
http://www.spiegel.de/international/0,1518,471706,00.html
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Editor - 11:11:00 03-14-07
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| Texas House could override HPV vaccine requirement |
Texas lawmakers are fighting to block the governor's order requiring that sixth-grade girls be vaccinated against the virus that causes cervical cancer, with the House giving key approval to a bill to make the shots strictly voluntary.Gov. Rick Perry's executive order has inflamed conservatives who say it contradicts Texas' abstinence-only sexual education policies and intrudes into family lives. Some critics also have questioned whether the vaccine has been proven safe.The House voted 119-21 on Tuesday to approve a bill that would keep the vaccine off the list of required shots for school attendance. The measure was likely to get a final House vote Wednesday to send it on to the state Senate.The 119 votes for the bill Tuesday would be more than enough to override a veto by the governor....
http://www.usatoday.com/news/health/2007-03-14-hpv-vaccine_N.htm?csp=34
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Editor - 09:37:00 03-14-07
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| Lord Black fraud trial to begin |
Media tycoon Lord Conrad Black has arrived at a US federal court in Chicago ahead of his trial. Lord Black faces fraud and racketeering charges, including claims he diverted $84m (£44m) from the company he once ran to fund an extravagant lifestyle. If convicted, the former boss of media group Hollinger International and one-time owner of the Daily Telegraph could be jailed for up to 101 years. Lord Black, 62, and three co-defendants have denied the charges against them. He arrived amid a frenzy of media interest - but eluded most of the journalists and photographers by using a security entrance. Court officials are now preparing to begin the process of jury selection. Along with Lord Black, federal prosecutors have issued charges against Jack Boultbee, 63, the former chief financial officer of Hollinger Inc, the firm which controlled and managed Hollinger International; ...
http://news.bbc.co.uk/2/hi/business/6449157.stm
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Editor - 09:32:00 03-14-07
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| Ecuador Investors Owe a Debt to Argentine on Warning |
Ecuador bondholders have Argentina's Finance Secretary to thank for convincing President Rafael Correa to back away from his threat to default on $10 billion of debt. Ecuador's dollar bonds have surged 19 percent this year, more than triple the increase for any other emerging market bond tracked by JPMorgan Chase & Co. The securities plunged 12.4 percent in 2006 as Correa said he would halt payments when he took office in January. Argentine Finance Secretary Sergio Chodos warned Ecuadorean officials in a private meeting on Jan. 27 that a default would damage the economy, according to a person who attended the session, whose details haven't been disclosed by the government. Two days later, Ecuador's Finance Minister Ricardo Patino said he wanted a ``friendly negotiation'' with investors. Correa pledged during his campaign that the country would follow the example set by Argentina when it defaulted on $95 billion in 2001. ...
http://www.bloomberg.com/apps/news?pid=20601109&sid=a5sWQtXFceQ4&refer=exclusive
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Editor - 09:29:00 03-14-07
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