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  • The latest survey on hedge fund salaries shows that, for the first time, founding executives at three major hedge funds took home well over $1 billion last year. And the average pay for the top 25 hedge fund managers rose a staggering 57% to $570 million in 2006 from 2005, according to industry publication Alpha Magazine.

  • U.S. mortgage applications fell for the fifth consecutive week, largely reflecting a drop in demand for home purchase loans, an industry trade group said Wednesday.

  • In this undated photo released by the Virginia State Police, Cho Seung-Hui is shown. Seung-Hui, 23, of South Korea, is identified by police as the gunman suspected in the massacre that left 33 people dead at Virginia Tech in Blacksburg, Va., Monday, April 16, 2007, the deadliest shooting in modern U.S. history. (AP Photo/Virginia State Police)

    A Virginia Tech senior from South Korea killed at least 30 people locked inside a classroom building in the deadliest shooting rampage in modern U.S. history, the university and police said.

  • Hundreds of passengers remain stranded at airports and dozens of homeowners are grappling with flood damage on Monday, as a nor'easter batters the Northeast with strong wind and record rainfall for a second day, after already grounding hundreds of flights, blanketing areas in snow, downing power lines and flooding coastal areas.

  • Pharmaceutical maker Shire said Monday that its shareholders approved the proposed acquisition of New River Pharmaceuticals.

  • A nor'easter battered the East with strong wind and pouring rain Sunday, grounding hundreds of airline flights, downing power lines and threatening severe coastal flooding overnight.

  • A gauge of U.S. online labor demand rose in March from February, as hirings grew broadly, but year-over-year growth moderated, global online careers and recruiting firm Monster said on Thursday.

  • British airline bmi and United Airlines of the United States have applied to the U.S. government to form an alliance that would effectively merge their transatlantic operations, the Times reported on Wednesday.

  • The U.S. Securities and Exchange Commission and the U.S. Department of Justice have summoned the chief executive of French energy giant Total to explain the group's activities in Iran, a French newspaper said on Tuesday.

  • Xerox said on Monday it would acquire office technology products provider Global Imaging Systems for about $1.5 billion in an effort to expand its reach in the small and mid-sized business markets.

  • U.S. mortgage applications declined last week as refinancing dipped while purchase activity barely budged, an industry group said Wednesday.

  • Delta Air Lines, which plans to emerge from bankruptcy in late April, said on Tuesday that it expected to swing to a profit this year on cost reductions and higher revenue.

  • Telecom equipment maker Alcatel-Lucent signed a $6 billion (4.52 billion euro) contract with Verizon Wireless on Monday to help the U.S.-based mobile phone service provider expand its network and offer new services.

  • A senior staffer for the Federal Reserve said the Fed is not seeing signs that problems in the subprime mortgage market are spreading to other other market segments.

  • General Electric said on Friday it would launch a $1.14 billion tender offer for Sanyo Electric Credit, a Japanese leasing company whose main shareholder is Goldman Sachs Group.

  • Some executives within Citigroup are pushing for the U.S. banking giant to make a bid for ABN AMRO, which is in discussions about a possible merger with Barclays, the Wall Street Journal reported on Friday.

  • The European Union approved an aviation deal with the United States that opens up restricted trans-Atlantic routes to new rivals, but bowed to British concerns in delaying when the agreement takes effect.

  • Brazil's President Luiz Inacio Lula da Silva.

    Bookseller Borders Group, in a significant strategy shift, said on Thursday that it would close nearly half of its Waldenbooks stores, weigh options for its international units, and start selling books through its own Web site.

  • The battle for control of the second-largest U.S. futures exchange took its latest twist Tuesday as CBOT Holdings postponed a shareholder vote on its planned merger with Chicago Mercantile Holdings.

  • Virgin America, the low-cost start-up airline with ties to British entrepreneur Richard Branson, will have to ditch its chief executive and restructure its ownership to win final approval to operate, U.S. officials said Tuesday.