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Good Morning. Your are watching The Financial News Network on FNNO.com. Here's what's in the news today, July 27th. The Wall Street Journal reports that New York Senator Schumer will ask Treasury Secretary Geithner to use Cnoocs' (CEO) proposed $15B purchase of Canada's Nexen (NXY) as leverage to open the Chinese market for U.S. companies. Also Fiat (FIATY) CEO Marchionne accused Volkswagen (VLKAY) of fueling an automobile price war that is contributing to deep industry losses, prompting a Volkswagen executive to call for him to resign as head of Europe's top auto-industry trade group, the Wall Street Journal reports...according to REUTERS The Justice Department and SEC are considering an examination of the retail industry for violations of an anti-foreign bribery law, after Wal-Mart (WMT) and other retailers have come forth with their own potential offenses, sources say... Reuters also said that Amgen (AMGN) offered to acquire Human Genome Sciences (HGSI) for $35 per share two years ago, but the preliminary $7B bid was rejected according to sources. Last week, Human Genome agreed to be bought by GlaxoSmithKline (GSK) for $14.25 per share, or or $3B. Bloomberg reported that A Russian court ordered BP (BP) to pay TNK-BP, its venture with a group of billionaires, $3.1B in damages over BPs failed tie-up with OAO Rosneft...Additionally, John Paulson may have lost $48.9M on his hedge funds stake in NovaGold Resources (NG) as the stock fell the most in over three years after Barrick Gold (ABX) said its Donlin Gold joint venture with NovaGold doesnt meet the companys investment criteria. NovaGold, is 13% owned by Paulson & Co., Bloomberg reports. For More updates you may head over to FNNO.COM or follow us on Twitter, @fnnonline.
|What's In The News: July 27, 2012|
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