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AP Executive Morning Briefing

AP - Tuesday, June 30

The top business news from The Associated Press for the morning of Monday, June 29, 2009:

Day of reckoning comes for Bernard Madoff

NEW YORK (AP) _ It was a crime of epic proportions: a multibillion dollar Ponzi scheme that wiped out fortunes, drained retirement nest eggs, ruined charities and foundations, and even pushed some investors to commit suicide. Six months after the scandal came to light, the battle lines over Bernard Madoff's punishment have been drawn. His lawyer insists 12 years in prison is enough. Prosecutors demand a 150-year sentence that would guarantee the 71-year-old spends his final days behind bars.

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Asian markets drop, but Europe opens higher

BANGKOK (AP) _ Major Asian markets drifted lower Monday and European stocks gained as investors awaited key data later this week for clues on whether hopes for a global economic recovery are justified. Japanese stocks, up in early trading, fell on reports that the country's second-biggest bank and brokerage plan to sell new shares, potentially diluting their value. The Nikkei 225 index slid 93.92 points, or 1 percent, to 9,783.47, while Hong Kong's Hang Seng index declined 71.75 points, or 0.4 percent, to 18,528.51..

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Oil hovers above $69 as traders eye US economy

SINGAPORE (AP) _ Oil prices hovered above $69 a barrel Monday in Asia as traders look to macroeconomic indicators this week for signs of improvement in the U.S. economy. Benchmark crude for August delivery rose 23 cents to $69.39 a barrel by late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. On Friday, it fell $1.07 to settle at $69.16.

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For modest earners, relief repaying student loans

NEW YORK (AP) _ Repaying a student loan could soon be a little less painful. Starting this week, anyone with a federal student loan can apply for a program, run by the Department of Education, that caps monthly payments based on income, and forgives remaining balances after 25 years. Those choosing to work in public service could have their loans forgiven after just 10 years.

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Madoff sentencing nears, but victims' pain goes on

NEW YORK (AP) _ Bernard Madoff will get one last creature comfort before he is sentenced Monday, probably to serve out the rest of his days in prison. The judge has given him permission to don his own clothes for the hearing, rather than a jail uniform. Jack Cutter is wearing something special, too, these days: a butcher's smock.

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Spears, DeGeneres Twitpic accounts hacked

LOS ANGELES (AP) _ Hackers have broadcast bogus information about celebrities including Britney Spears and Ellen DeGeneres after breaking into their Twitpic accounts. The Internet messaging system shut down part of its service after the hacking was discovered Sunday because of what the Charleston, S.C.-based company described as a "vulnerability" in the mobile posting system.

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Investors await earnings as 2Q comes to a close

NEW YORK (AP) _ Markets have replaced big gains with little change. Stocks entered a period of relative calm in recent weeks as a powerful spring rally born of optimism about the economy's revival began to sputter. With the second quarter wrapping up Tuesday and earnings reports looming next month, there appears to be little coming up in this holiday-shortened week that could exert a strong pull on the market one way or another.

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Consulting firms Towers Perrin, Watson Wyatt merge

STAMFORD, Conn. (AP) _ Management consulting firms Towers, Perrin, Forster & Crosby Inc. and Watson Wyatt Worldwide Inc. said Sunday they will merge to form Towers Watson & Co. in an all-stock deal the companies value at $3.5 billion. The move will create a consultancy with 14,000 employees across more than two dozen countries. Watson Wyatt and Towers Perrin shareholders will each receive 50 percent of the combined company, which is expected to have annual revenue of more than $3 billion.

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Obama adviser: No ultimatums on health care

WASHINGTON (AP) _ Presidential adviser David Axelrod on Sunday said the White House hasn't issued ultimatums over its proposed health care overhaul because that approach kills grand ideas. Axelrod said the White House has made progress on a health care plan and is working with Congress. He also said President Barack Obama isn't going to issue demands on what a final plan should look like.

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`Transformers' takes to sky with $112M weekend

LOS ANGELES (AP) _ Alien robots have transformed into box-office superstars with $200 million in domestic ticket sales in just five days. "Transformers: Revenge of the Fallen" took in $112 million in the sequel's first weekend and $201.2 million since opening Wednesday, according to Sunday estimates from Paramount, which is distributing the DreamWorks movie.

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Japan Markets

TOKYO (AP) _ The benchmark Nikkei 225 stock average lost 93.92 points, or 1 percent, to 9,783.47.

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Dollar-Yen

TOKYO (AP) _ The dollar was trading at 95.36 yen from 95.25 yen late Friday.

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