According to Reuters, H&R Block posted a large quarterly loss.

Reuters writes that the service sector slump is pulling down the economy.

Reuters writes that Ambak (ABK) raised at least $1.5 billion.

Reuters reports that Alan Greenspan said the credit market recovery depends on the housing market.

Reuters reports that Cleveland Federal Reserve President Sandra Pianalto said the the Fed must act to avoid a sharp downturn in the economy.

Reuters reports that Singapore state investor Temasek told the US Congress that its investment goals are purely commercial.

The Wall Street Journal writes that OPEC blamed surging oil prices on the weak U.S. dollar and "mismanagement" of the U.S. economy..

The Wall Street Journal reports that Southwest (LUV) could face a fine of at least $3 million for allegedly failing to properly inspect 46 older planes

The Wall Street Journal writes that GM (GM) will give Delphi financial help to get the parts company out of Chapter 11.

The Wall Street Journal reports that Yahoo! (YHOO) extended a deadline for nominating new board members, giving it more time to explore alternatives to Microsoft’s unsolicited bid.

The Wall Street Journal writes that the head of Intel (INTC) said he would repair the company’s flash-chip business.

The Wall Street Journal said that Exxon (XOM) will increase spending and expand exploration.

The New York Times writes that Ford’s (F) sale of Jaguar and Rover leaves Volvo as the company’s only foreign brand.

The FT reports that the Ambac rescue plan drove its stock down almost 20%

The FT also reports that Washington slammed OPEC’s decision not to raise production.

The FT reports that Defence Secretary Gates defended giving a tanker contract to a group including French company EADS.

Bloomberg writes that Warren Buffett topped the Forbes list of richest people.

Douglas A. McIntyre

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