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  • CARACAS, Dec 7- Venezuela's opposition vowed on Monday to revive the OPEC nation's troubled economy and free jailed political activists after winning control of the legislature for the first time in 16 years of Socialist rule. "It's a great opportunity for us, this protest vote," prominent opposition leader Henrique Capriles said following a win attributed...

  • CHICAGO, Dec 7- Illinois has bent or broken every sound budgeting practice and should adopt reforms to help dig its way out of a huge pile of debt, according to a report released by the University of Illinois on Monday. The report by the Fiscal Futures Project at the university's Institute of Government& Public Affairs said the fifth-largest U.S. state "is badly in...

  • WASHINGTON, Dec 7- The Federal Trade Commission has filed a complaint aimed at stopping Staples Inc, the nation's largest office supply store, from buying its top rival, Office Depot Inc, the agency said on Monday. "The commission has reason to believe that the proposed merger between Staples and Office Depot is likely to eliminate beneficial competition that...

  • NEW YORK, Dec 7- Oil prices skidded to their lowest level in nearly seven years on Monday, hurting the shares of major oil companies on Wall Street as a global glut showed no signs of abating, while European stocks benefited from a weaker euro. Brent crude prices fell to $41.20, their lowest since February 2009, after a meeting of members of the Organization of the...

  • Dec 7- A federal appeals court on Monday upheld a decision rejecting claims of fraud by Harbinger Capital Partners, the equity owner of bankrupt wireless venture LightSquared, against Deere& Co and other GPS firms. Hedge fund Harbinger had accused Deere, Garmin International, Trimble Navigation Ltd, and a GPS industry group of misleading LightSquared about...

  • Dec 7- Carl Icahn's Icahn Enterprises LP offered to buy auto parts company Pep Boys- Manny, Moe& Jack in a deal valued at about $834 million. Japanese tire maker Bridgestone Corp said in October that it would buy Pep Boys for $835 million. "We believe our proposal is clearly superior to the $15.00 per share Bridgestone transaction," Icahn Enterprises' Chief Executive...

  • Osborne, in a wide-ranging series of remarks to the U.S. Council on Foreign Relations in New York, also criticised the U.S. Congress for blocking reform of the International Monetary Fund and said progress was being made in negotiations on European Union political reform.

  • Marvell had said it has been contacted by the Securities and Exchange Commission and the U.S. Attorney's Office regarding the probe. Marvell's accounting and legal troubles may have kept away potential suitors at a time of record consolidation in the semiconductor sector. Marvell estimated revenue of $674.1 million for the third quarter ended Oct. 31, a 27.5...

  • NEW YORK, Dec 7- A Florida man has been indicted for scheming to make illicit payments to an official at a credit union that prosecutors say facilitated an illegal bitcoin exchange owned by an Israeli linked to cyber attacks on companies including JPMorgan Chase& Co.. Lebedev was arrested in July along with a Florida man, Anthony Murgio, for engaging in a...

  • WASHINGTON, Dec 7- Republican presidential candidate Ted Cruz has taken the lead in the early-voting state of Iowa, surpassing both Donald Trump, who holds the lead in most national surveys, and Ben Carson, who has scored strongly in the state in recent months, according to a Monmouth University poll released on Monday. The poll of likely caucus-goers in Iowa, which...

  • NEW YORK, Dec 7- The former chairman of U.S. law firm Dewey& LeBoeuf is nearing a deal with New York prosecutors to avert a retrial on fraud charges stemming from the firm's collapse, and prosecutors have extended plea offers to three other defendants. A potential deferred prosecution agreement for Dewey leader Steven Davis was confirmed by his lawyer after a...

  • Hellman& Friedman said it would buy a majority of the Italian provider of accounting software from London- based private equity house HgCapital, which has agreed to retain a minority stake. Rothschild advised HgCapital on the deal while Mediobanca acted as financial adviser to Hellman& Friedman. U.S. buyout firm Bain Capital first secured control of the...

  • NEW YORK, Dec 7- As Wall Street readies for the first Federal Reserve interest rate increase in nearly a decade, some mutual fund managers and strategists are aiming at a trade that many see as a lonely bet- higher inflation. Most measures of inflation remain subdued. "The market is too benign in terms of pricing inflation right now," said Erin Browne, portfolio manager...

  • Dec 7- Netflix Inc will focus on developing its own content next year and nearly double the number of original shows to 31 from 16, Chief Content Officer Ted Sarandos said on Monday. The video-streaming company has 10 feature films, 30 kids' series, about a dozen feature documentaries, 10 stand-up specials and two documentary series in various stages of...

  • WASHINGTON, Dec 7- The Federal Trade Commission has filed a complaint aimed at stopping Staples Inc, the nation's largest office supply store, from buying its top rival, Office Depot Inc, the agency said on Monday. "The Commission has reason to believe that the proposed merger between Staples and Office Depot is likely to eliminate beneficial competition that...

  • Dec 7- Viacom Inc Chief Executive Philippe Dauman said he speaks with Executive Chairman Sumner Redstone several times a week and that the 92- year-old media mogul is in charge of his own healthcare. Dauman's comments, at a UBS conference on Monday, come after a lawsuit filed by one of Redstone's former girlfriends raised new questions about the billionaire's...

  • MILAN, Dec 7- U.S. investment bank JP Morgan has built up a long position equivalent to a 10.134 percent stake in Telecom Italia, a filing by Italian market watchdog Consob showed on Monday. That would make him Telecom Italia's second biggest shareholder, behind French group Vivendi, which has gradually built up a 20.1 percent stake in the company.

  • ABUJA, Dec 7- Nigeria's government is breaking up an all-encompassing oil bill that has been stuck in parliament for years, replacing it first with a law to overhaul the state sector which aims to close loopholes that bred corruption, according to a draft seen by Reuters. Under the draft legislation, the state oil giant NNPC will be split in two- rather than a series...

  • *Brent crude nears 7- year low after OPEC meeting. Dec 7- Wall Street fell on Monday as energy and raw material stocks took a hit, with oil prices falling to their lowest in nearly seven years. Brent crude and U.S. crude extended their decline and fell as much as 5 percent, after OPEC's meeting last week failed to address a growing supply glut.

  • Dec 7- A federal appeals court on Monday upheld a decision rejecting claims of fraud by bankrupt wireless venture LightSquared and its equity owner Harbinger Capital Partners against Deere& Co and other GPS firms. Hedge fund Harbinger had accused Deere, Garmin International, Trimble Navigation Ltd, and a GPS industry group of misleading LightSquared about...