JITTERY: Investors reduced their risk exposure amid concern about problems in the US subprime mortgage sector, sparking sharp falls on global equity markets
The euro soared to a new record high against the US dollar on Friday as the US currency continued to be undermined by housing market worries.

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Oil futures briefly passed US$76 a barrel before settling lower in a volatile session driven by the August contract's expiration.

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The US stock market took a hit over the week to Friday, despite the Dow blue-chip index smashing the 14,000-point barrier for the first time ever, amid renewed fears about the US mortgage and housing market.

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REGIONAL ROUNDUP: In Taipei technology heavyweights helped push the TAIEX to a seven-year high as the market emerged from consolidation around 9,500 points
Asian stocks climbed for a third week, driving a regional benchmark to a high as China reported the fastest economic growth in 12 years. China Mobile Ltd and Nippon Steel Corp, Asia's biggest maker of the alloy, advanced.

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European stocks posted heavy losses on Friday on the coattails of Wall Street amid disappointing corporate results and a new record high for the euro.

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MATCHING OFFER: The proposal includes offering loans to Bancroft family members to buy out others interested in cashing out, thus allowing the family to retain control
An Internet entrepreneur who last month bid for a stake in Dow Jones & Co on Friday made a new offer aimed at helping controlling family shareholders find an alternative to an offer from Rupert Murdoch's News Corp.

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Shell Oil has been ordered to halt its exploratory drilling program off the north coast of Alaska until a court hearing can be held on the possible environmental impact of the venture.

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Creamy risotto in a fluffy seafood souffle and gelato sprinkled with crunchy topping were among the delicacies concocted by master chefs in a cooking contest in Japan for US rice -- a product that is struggling to crack a nation notorious for protecting its rice farmers.

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OPEN ACCESS: Google said its proposal to allow winners to lease a certain portion of the airwaves to others would promote an open wireless market
Google Inc says it will bid at least US$4.6 billion for wireless airwaves being auctioned off by the federal government -- if certain conditions are met.

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A family rift at Viacom Inc and CBS Corp widened as Sumner Redstone, the chairman of both companies, took aim at his daughter Shari, who had been widely expected to succeed him, in a letter faxed to Forbes magazine.

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■ BANKING
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