AP Executive Morning Briefing
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Friday, February 8, 2008; 5:29 AM
-- The top business news from The Associated Press for the morning of Friday, Feb. 8, 2008:
Police Question Second Bank Trader
PARIS (AP) _ French police had a second trader in custody Friday in their probe of trades that led to massive losses at bank Societe Generale, respected daily Le Monde reported. Police were unavailable to immediately confirm the report that they were questioning the trader. The newspaper reported, citing unspecified sources, that the trader was being questioned about his relationship with Jerome Kerviel, a futures trader accused by Societe Generale of massive unauthorized bets on European markets.
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Consumer Confidence Sinks Even Lower
WASHINGTON (AP) _ People's confidence in the economy sank even lower amid heightened fears about shrinking job opportunities and the possibility the country is falling into recession. According to the RBC Cash Index, confidence dropped to a mark of 48.5 in early February, from 56.3 last month. The new reading was the worst since the index began in 2002 and surpassed the previous low reached in January.
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Congress Sends Economic Aid Plan to Bush
WASHINGTON (AP) _ Congress, facing the prospect of an election-year recession, passed an emergency plan that rushes rebates of $600 to $1,200 to most taxpayers and $300 checks to disabled veterans, the elderly and other low-income people. President Bush indicated he would sign the measure. House passage by a 380-34 vote Thursday came a few hours after Senate leaders ended a drawn-out stalemate over the bill. Still, by congressional standards, lawmakers approved the legislation with exceptional speed to jolt the weak economy. The plan, which adds $168 billion to the deficit over two years, is intended to provide cash for people to spend and tax relief for businesses to make new investments _ boosts for an economy battered by a housing downturn and credit crunch.
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Microsoft Helps Nab $900M Piracy Ring
SEATTLE (AP) _ Near-perfect knockoffs of 21 different Microsoft programs began surfacing around the world just over a decade ago. Soon, PCs in more than a dozen countries were running illegal copies of Windows and Office, turning unwitting consumers into criminals and, Microsoft says, exposing them to increased risk of malicious viruses and spyware. The case began to turn in 2001 when U.S. Customs officers seized a shipping container in Los Angeles filled with $100 million in fake software, including 31,000 copies of the Windows operating system.
