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Submitted by MT Bureau on Wed, 11/12/2008 - 00:48. ::

Chicago -- Grains closed mixed on the Chicago Board of Trade Tuesday as a two-day sell-off continued on Wall Street and crude oil prices held under $60 per barrel.

Corn was off 9 1/4 to off 10 1/4, soybeans were off 32 to off 33, wheat was up 3 to up 3 1/2 and oats were unchanged.

Corn opened lower with mostly favorable harvest forecasts predicted through the central and eastern Midwest. Wheat buyers rallied as Japan scheduled a 100,000 metric ton purchase this week. Rain is forecast for U.S. soybean areas as the harvest comes close to completion.

The prices:

Corn: Dec 3.74 1.4, off 9 1/4; Mar 3.91 3/4, off 9 3/4; May 4.03 3/4, off 10; Jul 4.15, off 10 1/4.

Soybeans: Nov 9.08, off 32; Jan 9.16, off 32; Mar 9.24 1/2, off 32 3/4, May 9.34 1/4, off 33.

Submitted by MT Bureau on Mon, 11/10/2008 - 05:47. ::

Washington -- U.S. officials were working Sunday night on a new rescue plan for the financially troubled American International Group, The Washington Post reported.

Citing sources familiar with the planning, the newspaper said the new package -- reported to be worth $150 billion -- was being developed because it had become clear the $143 billion rescue package offered in September has not stabilized the insurance giant.

Government officials told the Post the Treasury Department planned to announce the new package Monday before AIG is scheduled to release its third-quarter report.

Lee Wolosky, an attorney for Starr International, one of AIG's largest shareholder, said last week the $143 billion bailout was not working.

"AIG is nothing more than a pass-through being charged 14 percent interest," Wolosky told the Post. "Company assets are eroding on a daily basis; asset sales have not begun and can only be at fire-sale prices in the current market."

Submitted by MT Bureau on Mon, 11/10/2008 - 05:28. ::

Cupertino, Calif.-- Brisk sales of Apple's iPhone have catapulted it to the No. 2 position in so-called smart phone sales, jumping ahead of the Blackberry, industry analysts say

With huge initial sales of the iPhone 3G, which came out in July, and its expansion into more countries outside the United States, Apple shipped 6.9 million iPhones in the third quarter, surpassing Blackberry's 6.1 million in sales, Information Week reported Saturday.

Apple's 17.3 percent worldwide market share boosted it above Blackberry, made by Research in Motion, or RIM, which recorded a 15.3 percent share. The No. 1 smart phone maker remained Nokia with 18.9 percent of the third-quarter market.

Apple will quickly face a new challenge from RIM, however. Smart phone retailers say they expect two new Blackberry models, called "Bold" and "Storm," to post impressive sales when they debut this month, Information Week reported.

Submitted by MT Bureau on Sun, 11/09/2008 - 06:23. ::

Washington -- House Speaker Nancy Pelosi, D-Calif., and Senate Majority Leader Harry Reid, D-Nev., say the auto industry should get help under the U.S. economic rescue plan.

In a letter to Treasury Secretary Henry Paulson, Pelosi and Reid urged a review of the rescue plan to determine whether it can provide "temporary assistance to the automobile industry during the current financial crisis," The Washington Post reported Saturday.

The letter came one day after General Motors Corp. said its financial resources are rapidly dwindling and it might not have enough cash to operate in 2009.

The letter from Pelosi and Reid noted that the rescue plan enacted by Congress granted the Treasury secretary discretion to use bailout funds to "restore financial market stability."

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