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Business News

• Stocks rise on economic hopes ahead of payrolls (Reuters)

  Reuters - Stocks rose on low volume on Thursday as data showed improvement in housing and the job market a day ahead of the critical monthly payrolls figures.

  
  

• China approached Canadian fund on rival Potash bid (Reuters)

  Reuters - Chinese and other investors have approached at least one big Canadian pension manager about a bid for Canada's Potash Corp to rival BHP Billiton's $39 billion hostile offer.

  
  

• Heavy in dollars, China warns of depreciation (Reuters)

  Reuters - China on Friday offered a rare glimpse into its foreign exchange reserves, confirming that they are overwhelmingly allocated in dollars, while a central banker said the mountain of cash could face depreciation risks.

• Payrolls seen falling, private hiring tepid (Reuters)

  Reuters - U.S. employment likely fell for a third straight month in August as more temporary census jobs ended and cautious businesses scaled back hiring, an outcome that could pressure the Federal Reserve to prop up growth.

  
  

• BP Gulf of Mexico oil spill costs hit $8 billion (Reuters)

  Reuters - BP Plc said on Friday the cost of dealing with its oil spill in the Gulf of Mexico had risen to $8 billion and that it was two weeks away from sealing the well for good.

• Some BofA shareholders can apply to tap $150M fund (AP)

  AP - Investors who lost money when Bank of America Corp. bought Merrill Lynch without disclosing Merrill's problems can start applying to tap a $150 million compensation fund.

  
  

• Oil prices rise after mixed economic news (AP)

  AP - Oil prices ended higher Thursday after an initial retreat as investors put a positive spin on reports about jobs, manufacturing and home sales.

  
  

• Take-Two posts profit, raises outlook (Reuters)

  Reuters - Video game maker Take-Two Interactive Inc on Thursday smashed Wall Street expectations for its fiscal third quarter and raised its forecast for the current fourth quarter, citing strong sales for its "Red Dead Redemption" title.

• EU reaches deal on cross-border financial supervisors (AFP)

  AFP - Europe took a big step closer on Thursday to its goal of creating cross-border financial supervisors, reaching a "crucial milestone" in efforts to reform a sector blamed for the global recession.

  
  

• 5 Tax Moves to Make Now (U.S. News & World Report)

  U.S. News & World Report - It may seem a bit strange to be talking about income taxes in September. There are, however, good reasons to think about taxes well before April 15. For starters, there are some big changes in the tax code that go into effect in 2011. Depending on your income tax bracket and investments, some simple planning now could save you a bundle later.

• IMF to give Pakistan $450 mln in flood aid (Reuters)

  Reuters - The International Monetary Fund will give Pakistan $450 million in emergency flood aid and disburse funds in September to help the country's economy cope with the devastation, the head of the IMF said on Thursday.

  
  

• Business Highlights (AP)

  AP - Discounts spur surprising Aug. retail sales gains

• Con man could get life under Calif. 3-strikes law (AP)

  AP - A man accused of bilking elderly South Los Angeles residents out of their homes in a foreclosure scam is facing a potential life sentence in a rare use of California's three-strikes law for a white-collar crime.

• Oil lingers near $75 in Asia as stock markets gain (AP)

  AP - Oil prices lingered near $75 a barrel Friday in Asia, largely holding onto a big gain the day before as investors put a positive spin on U.S. economic reports and Asian stock markets rose.

  
  

• Stranded actor Paul Hogan in Australia tax deal (Reuters)

  Reuters - Actor Paul Hogan, star of the "Crocodile Dundee" movies, has struck a deal with Australia's tax office which will allow him to return home to his family in Los Angeles, his lawyer said on Friday.

• S.Korea's Kia to recall 35,000 cars in US (AFP)

  AFP - South Korea's second largest carmaker Kia Motors said Friday it is recalling about 35,000 vehicles sold in the United States due to faulty wiring in interior lights that could cause fires.

  
  

• A Dearth of Work for China's College Grads (BusinessWeek)

  BusinessWeek - The job hunt came as a shock. The 23-year-old job seeker graduated in June from a good school -- Beijing University of Technology -- with a bachelor's degree in materials science, a subject he figured would appeal to employers. Yet he had to go through scores of interviews and comb the online job sites endlessly before landing a job at a local trading company. Happy ending? Barely. The pay, $368 a month, is meager by Beijing standards, so he has had to move back in with his parents and he's too ashamed about the outcome of his job search to give his name. ...