`PREPARED TO ACT': In a letter to Senator Charles Schumer, the Federal Reserve chairman called for a wider range of mortgages geared for low-income borrowers
US Federal Reserve Chairman Ben Bernanke suggested that policymakers look for ways to encourage a wider range of mortgages geared for low-income and other borrowers who have been hard hit by the housing slump and credit crunch.

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The US could face a prolonged economic downturn as a result of its subprime mortgage troubles, but it is unlikely to plunge into a recession, Nobel Prize laureate in economics Joseph Stiglitz said yesterday.

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At the converted 19th-century fish market where Apple announced the European introduction of its iTunes music store three years ago, Nokia said on Wednesday that it would soon introduce its own digital music service, along with an easier-to-use Apple-style mobile interface and an Apple-style touchscreen handset.

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■ OIL
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