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General Electric Co (GE.N: Quote, Profile, Research) posted an unexpected 6 percent drop in first-quarter profit on Friday, the biggest shock yet to an American industrial bellwether from the credit crisis and the latest sign the U.S. economy may be in a recession.
The second-largest U.S. company by market capitalization said profit fell about […]

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Not too long ago, there wasn’t much reason for Bob Scocozzo to venture to downtown Wilkes-Barre, Pa. Retail shops and restaurants were scarce, the streets were dark and the area was usually deserted after 5 p.m.
One Friday night last month, however, the Wilkes-Barre native couldn’t find a parking space near the downtown performing arts […]

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Billionaire George Soros said the seizure in global credit markets caused by the subprime collapse will get worse before it gets better.
Lack of oversight is partly responsible for problems in the financial markets, Soros told reporters on a teleconference today. He said regulators and the U.S. administration “failed to perform their job'' in […]

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Retail gasoline prices pulled back slightly from record levels Tuesday and gave some consumers a small break, but a new government forecast said gas could reach as high as $4 a gallon during the summer driving season.
Oil futures prices, meanwhile, fell as the dollar stabilized, giving investors an opportunity to lock in profits from […]

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For the first time since December, the bond market is closing the credibility gap with Ben S. Bernanke and signaling its agreement with the Federal Reserve chairman that an economic collapse has been averted and that interest rates are bottoming.
Treasury yields rose 0.33 percentage point on average through April 4 from this year's […]

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Nearly a third of domestic flights failed to arrive on time in February, continuing a period of historically poor performance for an industry plagued with safety concerns and pinched by fuel costs.
More than 31% of commercial flights in the U.S. arrived late, were canceled or were diverted in February, according to Transportation Department data […]

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Citigroup named a veteran retail banker Monday to head its North American consumer banking unit, splitting it off from its credit-card business as Citi struggles to become profitable again after suffering its biggest quarterly loss in its 196-year history.
The latest move is the biggest sign yet that CEO Vikram Pandit, appointed in December, wants […]

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A congressional committee, investigating whether the makers of cholesterol drug Vytorin withheld data that would hurt sales, released new evidence supporting such suspicions Monday.
The Senate Finance Committee said even the researcher who led a crucial study of the drug accused Vytorin makers Merck & Co. and partner Schering-Plough Corp. of withholding negative results to […]

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