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Financial News

German Billionaire Adolf Merckle, `Broken' by Money Woes, Commits Suicide German billionaire Adolf Merckle committed suicide by throwing himself under a train, “broken” as his business empire crumbled under a growing burden of debt, his family said.

Fed Officials Saw `Substantial' Risk to Economy Last Month as Rate Slashed Federal Reserve policy makers saw “substantial” risks to the slumping economy last month as they cut the benchmark interest rate to a record low and pledged to expand emergency loans if necessary.

Stocks in U.S. Climb on Prospects for Obama Stimulus Package; Disney Rises U.S. stocks gained, recovering yesterday’s losses, on speculation President-elect Barack Obama’s $775 billion package of tax cuts and government spending will revive the economy.

Bank of America's Lewis Won't Recommend Bonus for Himself, Top Executives Bank of America Corp. Chief Executive Officer Kenneth Lewis is recommending to the bank’s board that he and other senior executives not receive bonuses after a year in which the bank performed below expectations, according to a memo sent today to employees.

NYU Wins Order Extending Ban on Merkin Transferring Madoff-Related Assets New York University obtained a court order extending a ban on J. Ezra Merkin transferring millions of dollars of the university’s funds related to investments with Bernard Madoff.

Apple Offers All ITunes Songs Without Copy Protection, Changes Price Model Apple Inc., the most popular source of music in the U.S., stripped copy protection from all the songs in its iTunes music store and announced plans to charge as little as 69 cents a track.

Skilling's Fraud Conviction Upheld in Enron Collapse; Resentencing Ordered A U.S. appeals court upheld the conviction of former Enron Corp. Chief Executive Officer Jeffrey Skilling for spearheading the fraud that destroyed the world’s largest energy trader, while finding defects in his sentence.

General News

Obama Says Federal Deficit Is Likely to Approach $1 Trillion `for Years' President-elect Barack Obama said the U.S. will soon face a $1 trillion budget deficit and similar shortfalls are in store “for years to come” as the government grapples with a recession and other spending demands.

Shells Strike UN's School in Gaza, Killing 30 Palestinians, Official Says Israeli forces fighting Hamas in the Gaza Strip struck a school run by the United Nations, killing at least 30 Palestinians hiding in the compound, a UN official said. Israel said it was returning fire from the school.

Democrats Vow to Cut Pet Projects, Boost Transparency as Congress Convenes Democrats announced plans to reduce federal spending this year on congressional pet projects known as earmarks and make the process for doling out the funds more transparent to the public.

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