May 21, 2013

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China: 'Out Of Control' Dairy System Led To Abuse

China's agriculture minister acknowledged Tuesday that the country's milk-gathering system was "out of control" and led to abuses that put contaminated dairy products in stores across Asia, sickening some 54,000 babies and killing four.

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Iranian President Blames US Market Collapse On US

Iran's president blamed U.S. military interventions around the world in part for the collapse of global financial markets and said the campaign against his country's nuclear program was solely due to the Bush administration "and a couple of their European friends."

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Bush: World Must Stand United Against Terrorism

President Bush, who once expressed disdain for the United Nations, says multinational organizations are now "needed more than ever" to combat terrorists and extremists who are threatening world order.

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Oil Prices Fall on Profit-taking after Huge Rally

Oil prices swung lower Tuesday, falling below $109 a barrel as traders cashed in profits a day after crude rocketed to its biggest one-day gain ever — an epic rally apparently triggered in part by a technical fluke.

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Dodd: 'No Second Act' to Fixing Financial Mess

The Bush administration urgently pressed Congress in public and private Tuesday to move quickly on a $700 billion bailout of the financial industry as Democratic and Republican lawmakers attacked Wall Street over a crisis that pushed the nation's economy to the brink.

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Stocks Rise as Investors Track Hearing on Bailout

Financial markets appeared somewhat more upbeat Tuesday, with stocks showing a partial rebound from a huge sell-off as top economic officials updated Congress about efforts to hammer out a $700 billion financial rescue plan.

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Iranian President Blames US for Market Collapse

In an interview before his address to the U.N., President Ahmadinejad blamed U.S. military interventions around the world in part for the collapse of global financial markets; defended Iran's right to establish a nuclear program.

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Bernanke and Paulson: Congress Must Move Now

Treasury Secretary and Fed Chairman urge Congress to pass its $700 billion financial bailout proposal quickly to avert a further financial meltdown, testify before Senate Tuesday.

Gunman Kills 9 at School in Finland, Shoots Self

Police had questioned shooter just a day before the attack at a western Finland trade school based on his violent YouTube postings. Shooting was second school massacre in Finland in the past year.

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Millions Spend Half of Income on Housing

Traditionally, the government and most lenders consider a homeowner spending 30 percent or more of their income on housing costs to be financially burdened. But that definition now covers almost 38 percent of American homeowners with a mortgage — 19 million of them.

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Stock Futures Mixed ahead of Hearing on Bailout

Financial markets appeared somewhat steadier early Tuesday, with Wall Street heading for a narrowly mixed open as top economic officials prepared to update Congress and investors about efforts to hammer out a $700 billion financial rescue plan.

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Hong Kong Cake found with Melamine

The Hong Kong government says melamine has been detected in a locally sold cake and two more children there have been diagnosed with kidney stones after drinking tainted milk.

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Poll: Clinton Supporters Still Think Less of Obama

Just 31 percent of Clinton supporters still not backing Barack Obama say they find the Democratic presidential nominee likable. That compares with 76 percent of Democrats overall, and 65 percent of all Clinton backers.

Bush Team, Congress Haggle Over $700 Billion Bail Out

Congressional leaders and the Bush administration are haggling over details of the massive rescue plan, including Democrats' demand that executives at failing financial firms that receive the government help can't get "golden parachutes" on their way out the door.

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Angst Returns to Wall St.: Stocks Dive, Oil Soars

After a brief spell of elation, angst has returned to Wall Street. Financial markets' initial relief over a $700 billion U.S. government bailout plan has given way to concerns the rescue package may cost too much, drive up inflation, swell the already-bloated deficit and hurt the ailing economy.

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Activists Blast Iran, Note Rights Abuses Elsewhere

Though human rights activists are denouncing Iran's government for their right's record, they also acknowledge that it's slightly better than some other Middle Eastern Nations. The U.N.'s human rights department has condemned the Iranian government for allowing the executions of juveniles.

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Brazilian Woman Finds Fame as McCain's Old Flame

A former Brazilian model and ballerina is making headlines after being identified as John McCain's lover 51 years ago. McCain says he met a "Brazilian fashion model'' as a young Navy sailor in Rio de Janeiro when his ship, the destroyer USS Hunt, docked in the city for a week in 1957.

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