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Promises kept, problems remain after 30 years of casinos 9 May 08, 23:22 ET AP - The ads were titled "Help Yourself, Help Atlantic City, Help New Jersey," and they made a series of promises, if only voters would pull the "yes" lever to legalize casino gambling. more FedEx cuts 4Q profit forecast, blames fuel costs 9 May 08, 18:23 ET AP - FedEx Corp. cut its fourth-quarter earnings expectations Friday, blaming continuing increases in fuel costs. more Citigroup to slash 400 bln dlrs in assets 9 May 08, 17:34 ET AFP - Citigroup, reeling from the subprime mortgage crisis, said Friday it plans to sell roughly 400 billion dollars in assets in a streamlining reorganization aimed at restoring the US banking giant to profit. more Circuit City allows Blockbuster, Icahn to review books 9 May 08, 17:23 ET AP - Circuit City Stores Inc. on Friday gave in to pressure from activist shareholders, essentially putting itself up for sale and agreeing to nominate dissident directors to its board. more Countrywide falls on worry over B of A merger 9 May 08, 15:39 ET Reuters - Countrywide Financial Corp shares fell nearly 6 percent on Friday on renewed speculation that Bank of America Corp will renegotiate or cancel its agreement to buy the largest U.S. mortgage lender. more Mortgage credit losses could total $500 bln: Goldman 9 May 08, 15:25 ET Reuters - Goldman Sachs economists expect a total of $500 billion in residential mortgage credit losses, a renewed slowdown in economic activity after the near-term boost from fiscal stimulus, and no monetary policy tightening in 2008 or 2009, according to a research note from the firm. more Microsoft Telescope Will Bring Universe to the Desktop 9 May 08, 13:26 ET NewsFactor - Having conquered much of planet Earth, Microsoft is turning at least some of its attention to the sky. WorldWide Telescope (WWT), a free tool that allows users to explore images of the night sky, will become available at the end of this month. more On Wall St: The elephant in the room 9 May 08, 13:20 ET FT.com - Fannie Mae (NYSE:FNM), the biggest buyer of US mortgages, this week demonstrated why it is the elephant in the room when it comes to the ranks of financial institutions deemed too big to fail. more AIG says rating cuts to raise costs 9 May 08, 10:48 ET Reuters - American International Group said on Friday two rating agency downgrades will likely increase funding costs for some of its businesses, and has required it to post $1.6 billion more in collateral. more Citigroup to shed $500B in assets 9 May 08, 10:20 ET AP - Citigroup Inc. said Friday it aims to shed about $500 billion in assets and grow revenue by 9 percent over the next few years, as it tries to rebound from massive losses tied to deterioration in the mortgage and credit markets. more Clear Channel posts weaker-than-expected profit 9 May 08, 10:06 ET Reuters - Clear Channel Communications Inc posted a weaker-than-expected quarterly profit on Friday and the U.S. radio station operator said it was unclear whether a proposed buyout would be completed. more Icahn prepared to buy Circuit City if Blockbuster can't 9 May 08, 09:57 ET AP - Consumer electronics retailer Circuit City Stores said Friday that it will allow Blockbuster to review its books in connection with the video-rental chain's bid to buy the company. more U.S. crude futures jump more than $2, above $126 9 May 08, 09:36 ET Reuters - U.S. crude futures jumped more than $2 to a record high above $126 on Friday, fueled by fund buying and surging distillate prices on both sides of the Atlantic, according to traders. more Circuit City to let Blockbuster conduct diligence 9 May 08, 09:25 ET Reuters - Circuit City Stores Inc said on Friday that it will allow Blockbuster Inc and the movie-rental company's largest shareholder, Carl Icahn, to conduct due diligence in connection with Blockbuster's proposed acquisition of Circuit City. more March trade deficit drops by bigger-than-expected amount 9 May 08, 09:24 ET AP - The U.S. trade deficit narrowed sharply in March as demand for imports fell by the largest amount since the last recession was ending. more Citigroup targeting 9 percent revenue growth 9 May 08, 09:02 ET AP - Citigroup Inc. said Friday it is aiming for 9 percent revenue growth as it looks to rebound from recent struggles tied to deterioration in the mortgage and credit markets. more March trade gap narrows more than expected 9 May 08, 08:48 ET Reuters - The trade deficit narrowed more than expected in March on a record plunge in the value of imports, even as average oil prices surged to a new record, a Commerce Department report on Friday showed. more Sanofi hit by ge 9 May 08, 08:41 ET Reuters - French drugmaker Sanofi-Aventis , which briefly encountered generic competition to its second-biggest product Plavix in the United States in 2006 and 2007, now faces a similar threat in Europe. more Guinness brewing ops being consoldiated in Irleand 9 May 08, 08:29 ET AP - Diageo PLC said Friday it will close two Irish breweries, reduce operations at a third facility and cut its staff in the country by more than half as it consolidates Guinness brewing operations in Ireland. more Foreclosure Bargains on the Block 9 May 08, 08:08 ET BusinessWeek Online - At the end of 2006 a new 4,000-square-foot home with a three-car garage in a small gated subdivision in Las Vegas sold for $1 million. On May 6 the bank that owns the now foreclosed property at 7604 Noche Oscura Circle agreed to sell it for $500,000 ($32,900 below the already discounted asking price). more European equities sapped by runaway oil prices 9 May 08, 07:51 ET AFP - European stock markets fell sharply on Friday as record high crude prices above 125 dollars per barrel hurt oil-exposed airlines and heightened concerns about inflation and rising costs, dealers said. more Clear Channel Communications reports profit, revenue jump 9 May 08, 07:28 ET AP - Radio broadcaster Clear Channel Communications Inc. says its profit soared in the first quarter while revenues rose 4 percent. more Stock head for lower open after AIG reveals need for cash 9 May 08, 07:28 ET AP - Wall Street headed for a lower open Friday after the world's largest insurer reported a wider-than-expected loss for the first quarter, rekindling investors' anxiety about the strained state of the global financial system. more China fund sees opportunity in global instability 9 May 08, 07:22 ET Reuters - Global economic instability has created huge investment opportunities for China Investment Corp (CIC), but the sovereign wealth fund will be careful not to destabilize countries where it operates, its head said on Friday. more Euro rallies against dollar in European trade 9 May 08, 07:15 ET AFP - The euro rebounded against the dollar on Friday as the market focused on the interest rate outlook for the United States and eurozone, traders said. more Oil surpasses $125 per barrel ahead of US driving season 9 May 08, 06:52 ET AP - Oil prices surged past $125 per barrel Friday on the eve of the U.S. driving season as a weakening U.S. dollar drove investors to snap up commodities. more Britain's Blinkx flies on Google, Newscorp bid talk 9 May 08, 06:46 ET Reuters - Shares of British video search engine firm Blinkx surged 50 percent to a seven-month high on Friday, on talk that Internet giant Google and media conglomerate NewsCorp may bid for the firm. more Chunk of Chevron's job cuts seen in 2008: filing 9 May 08, 05:15 ET Reuters - Pointing at a slew of job cuts, Chevron Corp said in a regulatory filing that about 1,100 employees were eligible for severance payments, after it implemented a restructuring plan in 2007. more Futures signal fall on Wall Street; AIG, Citi in focus 9 May 08, 05:14 ET Reuters - Stock index futures fell on Friday after the world's largest insurer, American International Group , posted record quarterly losses, and as the oil price hit new heights. more Toyota shares slide after bleak profit forecasts 9 May 08, 03:40 ET Reuters - Shares in Toyota Motor Corp skidded on Friday after the world's biggest automaker forecast its first annual net profit decline in seven years as it faces a triple blow of a stronger yen, rising materials prices and a slowing U.S. economy. more More shoppers seeking shelter from economy in discounters 9 May 08, 02:50 ET AP - Caught in the maelstrom of higher gas and food prices, Americans - even more affluent ones - are seeking shelter in wholesale clubs and discount apparel chains. more AIG posts 1Q loss of $7.8B, plans to raise $12.5B 9 May 08, 02:47 ET AP - American International Group Inc. says it will raise $12.5 billion in the coming months as the insurer looks to shore up a capital base that has been rocked by deterioration in the credit markets. more Oil surges to record high as funds march in 9 May 08, 01:45 ET Reuters - Oil rose to a fresh record near $125 a barrel on Friday, as a strong performance over the last week and a surge in heating oil futures convinced investment funds to push prices higher. more Survey says executives see oil prices falling 9 May 08, 00:05 ET AP - Even as oil prices ascended to new highs of more than $124 a barrel this week, many oil and gas industry executives say they expect the price to fall significantly by year's end, a new survey shows. more

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