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Tuesday, National City Corp. (NCC), one of the victims of the deepening financial crisis, reported wider-than-expected third quarter loss, driven primarily by continued actions to build loan loss reserves. The company also said it plans to reduce approximately 4,000 positions or 14% of its total workforce, over the next three years.
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PNC Financial Services said it agreed to acquire National City in a $5.58 billion deal that would make PNC the fifth largest bank in U.S. by deposits. Related to this acquisition, PNC will receive $7.7 billion in capital through the government's recently passed bailout plan.
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Monday, Circuit City Stores, Inc. (CC) said it has voluntarily filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code in view of its financial position and deteriorating liquidity position. The company noted that its Canadian operations will also be seeking protection under the Companies' Creditors Arrangement Act in Canada, or CCAA.
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OK, pull up the blinds in your sleeping tween-ager's room and show her this ... OK, PULL up the blinds in your sleeping tween-ager's room and show her this column. I promise she will not shoot daggers your way. Vanessa Hudgens Vanessa Hudgens of "High School Musical" fame has bought her first house. It's in Studio City, it cost $2.75 million, and she isn't out of her teens yet.
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For months, shares of Lighthouse, the financial management group, held up well, seemingly largely immune from the money crisis rocking the world. The No Pain, No Gain portfolio alighted on them at 17.5p in the summer of 2006. At one time, the price hit 35p; it then suffered a relapse. Even so, as the credit crunch continued to spread despondency, the shares bobbed around the lower 20s, suggesting that the company was performing quite well.
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KANSAS CITY, Mo. (AP) -- The Kansas City Royals are raising prices on most of their tickets for 2009....
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Leaders of many of New York City’s largest companies gathered at the New York Stock Exchange to discuss how they and government officials should respond to the financial crisis.
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Special D1scourse Challenge update
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The president and chief executive of CareFirst BlueCross BlueShield defended the regional insurance giant as a "generous" benefactor to the community at a D.C. Council committee hearing yesterday, and a parade of nonprofit organizations backed up his claim.
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The lights went out suddenly at the Fashion Centre at Pentagon City last night, catching some customers in mid-transaction.
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Israel's PM-designate urges calm as police clash with Israeli protesters in Acre on the third day of violence between Jews and Arabs.
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A late Danny Hone equaliser salvages a point for Lincoln at home to Rochdale.
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City fat cats will receive 'megabucks' bonuses totalling more than £3.5bn this year despite the financial crisis, analysts predicted yesterday.
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Japanese department store operators Takashimaya Co. and H2O Retailing Corp. said Friday they have agreed to form an alliance in a move that will lead to a merger within three years. The two companies will acquire a stake of around
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Japanese department store operators Takashimaya Co. and H2O Retailing Corp. said Friday they have agreed to integrate operations as early as 2011. Takashimaya, the third largest chain in Japan, and H2O Retailing, the fifth largest, will acquire a stake of
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The US technology colossus IBM spent more than three years working on a virtual version of the Chinese capital's forbidden city. The project, called "Forbidden City: Beyond Space & Time" is a 720,000 square-meter 3-dimensional replica.
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Starting in the '50s, the vocal enclave pushed for parks, schools and a better life. IT WAS the 1950s, and developer Stone & Stone began building the first homes in an area that had been an oil field. At the nearby ranch of Will Rogers Jr., actors and actresses learned to rope and ride for the many westerns that Culver City studios were churning out. Racial integration, a fight for schools and park space and the desire for a better life played out in newly established Blair Hills, as it did in many other communities across the country.
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Jamie Livingston started taking one picture a day in 1979. The project ended 18 years and more than 6,000 photos later with a self-portrait on his deathbed on his 41st birthday.
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Supporters of a torture survivor from Burundi demonstrate in Nottingham against his deportation.
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Up to 150 students and members of the Socialist Workers Party protest in London's Square Mile.
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Wakefield city centre is to get a new £3.5m public library, which will form part of the £210 Trinity Walk development.
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Woking have two sent off late on in a Blue Square Premier home defeat to York City
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Barracuda Networks has detected and begun blocking a malicious "backdoor" virus distributed through a socially engineered email made to look like it was coming from Microsoft.Barracuda Flags Virus Sent Via Fake Microsoft Email Update The virus, categorized by Barracuda Central as "Trojan. Backdoor Haxdoor," is delivered as an attachment to an email allegedly from the Microsoft Security Assurance team and utilizes several social engineering techniques, such as using Microsoft KnowledgeBase naming conventions for the file attachment, as well as the inclusion of a PGP signature block at the bottom of the email message. The email informs the recipient "Microsoft company has recently issued a Security Update for OS Microsoft Windows. The update applies to the following OS versions: Microsoft Windows 98, Microsoft Windows 2000, Microsoft Windows Millenium, Microsoft Windows XP, Microsoft Windows Vista." The bogus email also "strongly" recommends that the recipient install an "update" to protect your computer agai ...
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Dragon Robert Herjavec is on the cover of this month's Post City Magazine. The article covers the history of Herjavec's first company BRAK which he went on to sell for $100 million. Herjavec says of his business success: “You can’t be successful unless you have money,” he says. “Money is the scorecard in business." Read the article here.
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Why visit? This underrated port is about to become a film star. A new thriller, simply entitled "Genova" and starring Colin Firth, uses the winding alleys and gothic atmosphere of this Ligurian city to great effect and puts the spotlight on its rich 16th and 17th-century architecture.
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When Robert Peston became business editor of the BBC in February 2006, his future stardom could hardly have been foreseen. After a 23-year career in newspapers, including stints at both Independent titles, The Sunday Telegraph and the Financial Times, he had never worked in television. He suffered from a speech impediment and was filling the seat of Jeff Randall, a maverick who had first served in the post five years earlier.
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There is something vaguely unreal about the unfolding global crisis. We are at ground level watching mighty towers fall at a distance. We know that the debris is spreading and the dust may smother us. But we do not feel it – yet. But when taxes start shooting through the roof, public services suffer swingeing cuts, unemployment jags upwards and collapsing house prices result in a wave of repossessions, the search will be on for someone's blood. For history tells us that the most predictable response to disaster is a need for expiation and revenge.
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The Women’s National Republican Club is one of the nation’s oldest organizations of female Republicans and the only one with a clubhouse for its members.
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FIVE people were taken to hospital yesterday after high winds blew over stalls at an Italian market in Edinburgh's city centre.
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Little is being built in Japan's stagnant economy, and many of the men left in the Airin district of Osaka, on average just shy of 60 years old and with no family ties, are waiting to die.
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The Women's National Republican Club is one of the nation's oldest organizations of female Republicans and the only one with a clubhouse for its members.
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The Women’s National Republican Club is one of the nation’s oldest organizations of female Republicans and the only one with a clubhouse for its members.
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A 26-year-old man is stabbed several times in Londonderry, and a man has been stabbed in the neck in Portadown.
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