NYT > Business
A bill that would outlaw flavored cigarettes — except for a type many black smokers choose — has opened a rift.

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Blacks in Congress Split Over Menthol Cigarettes
Comcast is reaching out to customers who complain about its service online. Some like it; others say it’s an annoying, sometimes eerie version of “Big Brother.”

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Complaining Bloggers Have a Cable Company’s Ear
The automaker, stunned by abysmal sales of its most profitable vehicles and a sudden shift in consumers’ tastes, suffered its worst quarter ever.

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Ford Posts Loss of $8.7 Billion
Widespread fear about the financial sector brought an end to a stock rally, sending the Dow Jones industrials down 283 points.

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Stocks Drop Sharply; Banks Lead Decline
A Dutch company is accused of making about $1 million in illegal profits by manipulating oil prices last year.

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Regulators Say Company Manipulated Oil Market
New York attorney general Andrew Cuomo announced a case against Swiss banking giant UBS over its conduct in the auction-rate securities market.

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New York Sues UBS for Securities Fraud
Southwest Airlines, the largest U.S. low-fare airline, saw profits rise and beat Wall Street expectations by relying on hedge arrangements that lowered fuel costs.

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Southwest Turns a Profit for 69th Straight Quarter
Europe’s Food Safety Authority pulled back from giving milk and meat from cloned animals a clean bill of health, reducing the chances such products will reach stores soon.

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Europe Fails to Endorse Milk and Meat From Clones
In another sign of stress for automakers, Daimler and Renault reduced their outlooks in the face of higher steel and oil prices and an economic slowdown.

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Warnings From Daimler and Renault
The head of the S.E.C. urged Congress to give his agency power to oversee investment banks, even as a top Federal Reserve official said the Fed needed similar powers.

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Fed and S.E.C. Push for Tougher Bank Rules
The F.C.C was set to approve a merger between XM and Sirius and end a nearly 18-month review of a deal that would essentially create a monopoly in satellite radio.

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Merger of XM and Sirius a Step Closer to Approval
Citing the need to restore confidence in the mortgage giants Fannie Mae and Freddie Mac, the president said he would set aside his objections to the legislation.

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House Approves Sweeping Effort to Help Housing
The Arctic may contain as much as a fifth of the world’s yet to-be-discovered oil and natural gas reserves, according to a new U.S. Geological Survey forecast.

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Oil Survey Says Arctic Has Riches
The fall of one of Russia’s most prominent foreign investors points to the official corruption that afflicts the country.

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Kremlin Rules: An Investment Gets Trapped in Kremlin’s Vise
After years of false starts, a new industry selling motor fuel made from waste is getting a big push in the U.S., with the first commercial sales possible within months.

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The Energy Challenge: Gassing Up With Garbage
Ray Leach leads a nonprofit called Jumpstart that aims to boost growth in the Cleveland area by providing seed money to promising local ventures.

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Shifting Careers: Venture Financing With a Mission Beyond Profit
Credit Suisse posted a smaller-than-expected fall in earnings as it managed more cash for the world’s wealthy and its investment banking unit returned to profit.

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Credit Suisse Earnings Fall 62% but Top Expectations
With gas at $4, Ford is redirecting billions of dollars to build more small cars in a move that Alan R. Mulally, Ford’s chief, hopes will help the automaker thrive, not just survive.

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The Road Ahead for Ford Is Full of Smaller Cars
At its annual conference for developers, the company announced Facebook Connect, a way that other Web sites can integrate parts of Facebook’s service.

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New Tool From Facebook Extends Its Web Presence
The former boxing champion is out to sell his name once again, pitching more products and starring in a reality series.

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Advertising: In This Corner, New Products From George Foreman
The agency said patients with a variation in an immune system gene should not be given the drug abacavir because they are at a far higher risk of a severe allergic reaction.

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F.D.A. Urges Genetic Test Before Giving AIDS Drug
Millions of dollars in federal contracts intended for small businesses reportedly were awarded to companies that had not qualified or had won the contracts fraudulently.

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Reports Find Errors and Fraud in Small Business Administration Contracts
Zimmer Holdings, the nation’s biggest producer of orthopedic devices, says it will suspend sales of an artificial hip component that some doctors have complained was failing at a high rate.

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Complaints Undermine Hip Device
Kevin Johnson’s exit comes as Steven A. Ballmer, Microsoft’s chief executive, is shaking up top-level staff in a bid to improve Microsoft’s Internet search and ad business.

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Head of Microsoft’s Online Efforts Departs
Under the terms of the agreement, Nokia can use all of Qualcomm’s patents in its mobile phones and network equipment, and in return it agreed not to use its patents against Qualcomm.

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In Settlement, Nokia Will Pay Royalties to Qualcomm
Based on sales for the first half of 2008, Toyota appears to be on its way to surpassing G.M. as the largest automaker.

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Toyota Ahead of G.M. in Auto Sales
Stocks advanced for the second consecutive session Wednesday as another decline in oil prices and upbeat profit reports eased Wall Street’s worries about the economy.

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Stocks & Bonds: Drop in Oil Prices Helps to Ease Anxiety
The German auto parts giant Continental warily embraced a takeover approach from the Schaeffler Group, but it rejected the current offer as inadequate.

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Auto Parts Maker Warily Embraces Offer From Rival
SportsNet New York will carry Big East football and basketball for the next five years in a deal that gives the conference a major TV presence in the region.

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SNY Teams Up With Big East
Sigma develops a compact camera with a huge sensor. Let the euphoria begin? Not so fast...

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State of the Art: Big Sensor a Small Step for Cameras
National City, a large regional bank, posted $1.76 billion in losses, hurt by soaring losses on mortgage and construction loans and a write-down for acquisitions.

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National City Posts $1.8 Billion Loss
GRAND RAPIDS, Mich. (AP) -- Dow Chemical Co. said Thursday that despite record sales and two double-digit price increases unveiled in the second quarter, its profit for the period fell 27 percent, in large part because of sharply higher costs for energy and raw materials.

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Dow Chemical Reports Profit Decline
HOUSTON (AP) -- Oil producer Occidental Petroleum Corp. said Thursday its second-quarter profit rose 62 percent, as record crude prices and higher production boosted results.

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Occidental Petroleum Profit Rises
Union Pacific, the largest U.S. railroad company reported better-than-expected profit as strong pricing offset rising fuel costs and lower freight volumes.

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Union Pacific Profit Rises, Beats Estimates
INDIANAPOLIS (AP) -- Drug maker Eli Lilly & Co. posted a 44 percent increase in second-quarter earnings as sales growth was helped in part by the weaker dollar.

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Eli Lilly Earnings and Sales Rise
NEW YORK (Reuters) - Bristol-Myers Squibb Co on Thursday reported second-quarter earnings that beat expectations, fueled by higher sales of its prescription drugs, including blood-clot preventer Plavix.

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Bristol Profit Beats Forecasts, Helped by Plavix
ST. PAUL, Minn. (AP) -- 3M, maker of Post-its and Scotch tape, said Thursday its second-quarter profit rose slightly on double-digit growth in international markets.

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International Sales Boost 3M Results
Xerox’s profit fell 19 percent, but matched Wall Street’s forecast, as the office-equipment maker was hurt by restructuring charges.

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Xerox Profit Declines, but Meets Expectations
Sharply rising gas and raw materials costs led to a 10 percent drop in second-quarter profit at Kleenex maker Kimberly-Clark Corp., which said Thursday it may raise prices again in the U.S. and other markets.

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Kimberly-Clark Profit Falls 10 Percent
E.W. Scripps says profit fell 48 percent on a sharp revenue decline at its newspaper properties and costs related to splitting off its digital businesses.

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Scripps Profit Drops by Almost Half
RadioShack reported higher-than-expected profit on a surprise increase in sales, but the electronics retailer said the economic environment continues to be challenging.

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RadioShack Profit Falls, Sales Rise
SEOUL, South Korea (AP) -- South Korea's Hyundai Motor said Thursday that its second-quarter net profit declined nearly 11 percent despite higher sales, and vowed to fight high oil prices by aggressively exporting more fuel efficient vehicles.

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Hyundai Motor Profit Slips as Sales Rise
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