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Financial News

Stocks Fall for Third Week, Longest Drop Since March, on Recession Concern U.S. stocks fell for a third straight week, the longest losing streak since March, on concern deeper- than-estimated job cuts and a drop in consumer confidence will prolong the recession.

India Joins Russia, China in Questioning Dominance of U.S. Dollar Reserves Suresh Tendulkar, an economic adviser to Indian Prime Minister Manmohan Singh, said he is urging the government to diversify its $264.6 billion foreign-exchange reserves and hold fewer dollars.

U.S. Regulators Seize Seven Banks in Busiest Year for Closures Since 1992 Six banks in Illinois and one in Texas were seized by regulators as the deepening financial crisis pushed the toll of failed U.S. lenders this year to 52, the most since 1992.

Stanford's Antigua Liquidators Win Control of $196 Million in U.K. Assets R. Allen Stanford’s liquidators from Antigua were awarded control of 120 million pounds ($196 million) in U.K. assets seized in a fraud probe in a London court battle with U.S. receivers.

Private-Equity Firms Say FDIC Rules Will Thwart Takeovers of Failed Banks Private-equity firms said the Federal Deposit Insurance Corp. may be diminishing the appetite for future bank takeovers by demanding buyout groups put more capital at risk.

GM Says Beijing Auto Submitted Opel Bid as Magna Talks Remain `On Track' General Motors Corp. said Beijing Automotive Industry Holding Co. submitted an offer for its Opel division, giving the bankrupt U.S. automaker more options in the event negotiations with Magna International Inc. fail.

Google's $125 Million Book-Scanning Settlement Draws U.S. Antitrust Probe Google Inc.’s $125 million agreement to settle copyright issues with book publishers is being investigated by U.S. antitrust regulators.

Blackstone Sells Carmel Golf Resort to John Pritzker for About $20 Million Blackstone Group LP, the buyout firm that owns Hilton Hotels Corp., sold a golf resort near Carmel, California, to an investment firm led by John Pritzker for $20 million.

General News

B+H Ocean, Constellation Energy, Matrixx, Sepracor: U.S. Equity Preview Shares of the following companies may have unusual moves in U.S. trading on July 6. Markets will be closed tomorrow for the Independence Day holiday. Stock symbols are in parentheses, and prices are as of 5:40 p.m. in New York.

Palin to Quit as Alaska Governor This Month, Giving No Reason for Decision Alaska Governor Sarah Palin, the 2008 Republican Party vice-presidential nominee, said she is resigning her office by the end of the month.

Marines Push Into Taliban Stronghold in Operation to Stabilize Afghanistan U.S. troops pushed deeper into a Taliban stronghold in southern Afghanistan in a bid to root out insurgents and stabilize the region, after one Marine was killed on the operation’s first day.

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