NEW YORK (Reuters) – American International Group Inc got a new slate of government-backed directors at a subdued annual meeting on Tuesday, effectively revamping its board after the insurer’s $180 billion taxpayer bailout.

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AIG gets new directors at subdued annual meeting

NEW YORK (Reuters) – Oil fell more than 2 percent to below $70 a barrel on Tuesday after a steep drop in U.S. consumer confidence data in May added to concerns over a potential economic rebound.

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Oil falls 2 percent on drop in consumer confidence

NEW YORK (Reuters) – Consumer and labor groups demanded Bank of America Corp and other lenders reform their sales practices so that workers under pressure to meet sales quotas do not saddle customers with costly and unnecessary products.

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Bank of America accused of anti-consumer practices

Farmers planted an unexpectedly large crop of corn and soybeans this year, easing some fears of rising food costs. The U.S. Department of Agriculture said Tuesday a record 77.5 million acres of soybeans were planted through June, up 1.8 million acres from…

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Agriculture – United States Department of Agriculture – Soybean – Plant – Acre

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Farmers plant more corn than expected in 2009

PHILADELPHIA (Reuters) – Very accommodative Federal Reserve monetary policy will stay for an extended period and a premature exit from this strategy could thwart U.S. economic recovery, a top Fed official said on Tuesday.

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Fed’s Bullard says policy to stay loose for awhile

A union official says the St. Paul Pioneer Press has begun laying off employees. Mike Bucsko (BUSS’-koh), executive officer of the Minnesota Newspaper Guild Typographical Union, says the affected employees began getting the word Tuesday morning. He declined…

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St. Paul Pioneer Press – Minnesota – United States – Norm Coleman – Pioneer Press

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Union official says Pioneer Press begins layoffs

Police say many buildings in downtown Newark have lost power after a transformer explosion and underground fire. Officials say three people were injured Tuesday but their conditions aren’t yet known. Newark police say Public Service Electric & Gas was working…

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Power outage – New Jersey – Downtown Newark – Transformer – Technology

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NJ transformer blast causes fire, power failure

A Yemeni jetliner carrying 153 people crashed into the Indian Ocean as it came in for a landing during howling winds on the island nation of Comoros. There were conflicting reports about whether a child survived. The crash came two years after aviation…

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Indian Ocean – Yemen – Arabian Peninsula – Middle East – Comoros

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Yemeni plane with 153 crashes off Comoros Islands

The Obama administration on Tuesday imposed financial sanctions on a company accused of involvement in North Korea’s missile proliferation network. The Treasury Department moved against Hong Kong Electronics, a company located in Kish Island, Iran. The action…

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North Korea – Hong Kong – Asia – Iranian peoples – United States

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Treasury cracks down on firm linked to North Korea

A former Washington, D.C., employee has been sentenced to 17 1/2 years in prison for leading a scheme that stole nearly $50 million from the city using fraudulent property tax refund checks. Former D.C. tax office manager Harriette Walters pleaded guilty in…

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Tax refund – Business – Fraud – Harriette Walters – Tax

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DC tax fraud ringleader gets 17 years in prison

BOSTON (Reuters) – Cisco Systems Inc is considering offering Web-based alternatives to Microsoft Corp’s popular Office software as the networking giant expands on the Internet.

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Cisco may take on Microsoft’s Office

Shares of barge shipper American Commercial Lines Inc. plunged Tuesday after an analyst downgraded the company’s stock due in part to continued weakness in the company’s transportation business. Morgan Keegan & Co. downgraded shares of American Commercial…

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Business – Stock – American Commercial Lines Inc – Investing – Stocks and Bonds

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American Commercial Lines shares fall on downgrade

U.S. farmers planted their fewest cotton acres since 1983 _ just over 9 million _ amid a continued swapping of acres for better priced and less-costly-to-produce crops such as corn and soybeans. The U.S. Department of Agriculture also reported Tuesday that…

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United States – Agriculture – United States Department of Agriculture – Cotton – U.S. Department of Agriculture

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Report: Cotton acres hit lowest level since 1983

Major indexes slumped Tuesday after a lower-than-expected reading on June consumer sentiment. Trading was slow

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Stocks Fall on Disappointing Data

Despite a world recession, the North’s performance perked up. But the communist regime’s economy remains tiny, and last year was an anomaly

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North Korea’s GDP Growth Better Than South Korea’s