SECURITIES FRAUD? : The agency is probing whether the company misrepresented its financial condition. Bank of America will buy the lender for about US$4 billion
US federal authorities have opened a criminal inquiry into Countrywide Financial for suspected securities fraud as part of the continuing fallout over the mortgage crisis, government officials with knowledge of the case said on Saturday.

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If it succeeds in its lofty aims, the first shop in Palermo showcasing goods from businesses who refuse to pay Mafia extortion fees will eventually be forced out of business.

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PASSIVELY MANAGED: Japan's foreign reserves topped US$1 trillion last month, the second-largest in the world, but 95 percent of the funds are invested in US Treasuries
As sovereign wealth funds ride to the rescue of ailing Western banks, Japan is considering investing some of its trillion-dollar currency reserves to help revitalize its own economy.

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China's labor minister said yesterday that he was confident the country could keep urban unemployment this year below 4.5 percent, despite the challenges of finding jobs for millions of college graduates and a potential downturn in exports.

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Protesters from the Landless Rural Workers Movement invaded a pig iron plant in northeastern Brazil belonging to Brazilian mining giant Vale, the company said on Saturday.

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■ STEEL

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