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As of 12:29:00 PM EDT Fri, September 21, 2007
MATTEL ISSUED an apology to China over its toy recall, saying most of the items were defective because of the toymaker's design flaws rather than faulty manufacturing.  11:44 a.m.
Stocks advanced, helped by upbeat results from Oracle and Nike. The euro broke through $1.41 to a new high, renewing calls from France's Sarkozy for an ECB rate cut.  12:29 p.m.
HSBC will close its standalone U.S. subprime-mortgage business and take $945 million in charges, becoming the latest lender to retrench amid the credit- and housing-market turmoil.  12:25 p.m.
Middle Eastern governments are demonstrating their clout in global financial markets through a burst of deal activity as oil prices soar.  10:53 a.m.
Viacom is engaged in a behind-the-scenes battle over the future of DreamWorks with founders Stephen Spielberg and David Geffen, who have hinted they may leave the film studio next year.
SK Telecom agreed to invest up to $270 million in Helio, its wireless joint venture with EarthLink that has been hemorrhaging funds.  10:45 a.m.
Columbia University doesn't plan to call off a speech by Iran's president during his New York City visit despite pressure from critics.  12:24 p.m.
KKR and Goldman Sachs are balking at completing the $8 billion purchase of audio-equipment maker Harman International.  10:56 a.m.
Bausch & Lomb shareholders approved a takeover offer by private-equity firm Warburg Pincus for $3.7 billion.  11:20 a.m.
Shell said its Motiva joint venture has formally committed to doubling capacity at its refinery in Port Arthur, Texas, making it the largest refinery in the U.S.  12:00 p.m.
Middle Eastern governments are demonstrating their clout in global financial markets through a burst of deal activity as oil prices soar.
 

 
Freedom, Pa., is home to two friends' bold idea -- the simultaneous, nationwide waving on July 4 of a red, white and blue "Official Uniting Towel of America." They even have a spokesman: Hulk Hogan.
 

 
Prime Minister Gordon Brown's open investment policy runs counter to more protectionist stances in the U.S. and much of Europe. Backers credit it with spurring growth, but critics question the long-term cost.
 

 
Money launderers are using small ATM transactions to move large amounts of money around the globe without detection. The strategy has emerged as a vexing challenge for officials charged with stanching the illegal movement of money by drug traffickers, terrorists and organized-crime rings.
 
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ReligonAncient Rite: Churches have reinvented confession.
EyechartSpace Squinters: NASA is loosening its vision standards.
Numbers GuyNumbers Guy: The Web shows how politicians massage statistics.
GunHold Up: Democrats shoot themselves in the foot over gun control.
HSUPonzi Scheme: The U.S. alleges Hsu used his role to lure investors.
QODQuestion of the Day: Should a foreign state own part of a U.S. market?
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Source:Dow Jones, Reuters* at close
28,238,300
25,029,031
24,625,375
WALL STREET JOURNAL ARTICLES  
• The Invasion of the Renters

In another manifestation of the housing slump, thousands of property owners across the country are now renting out homes they cannot sell. As a result, developments and condos are filling up with renters who some neighbors say are less engaged in their communities and less concerned about maintenance. Fearful of declining property values, some homeowners are fighting back.

• City Life
• Un-Confounding Compounding

Terri Cullen's 8-year-old son's passbook savings account has swelled past $1,000. So this month he graduated to a "big boy" account -- a certificate of deposit. Terri explains how she introduced the joy of compound interest.

• Confession Makes a Comeback

Sin never goes out of style, but confession is undergoing a revival. Aggressive marketing by churches has helped reinvent confession as a form of self-improvement rather than a punitive rite.

Heiresses Get Down to Business

A new generation of heiresses is redefining what it means to be a socialite. Rather than trying to climb the social ladder through charity work and elaborate parties, today's rich and restless want to make their mark in the business world.

• Volvo Takes Aim at the Mini Cooper

Urban hipsters and the like, take note: Volvo's new C30 goes on sale Oct. 1. A jaunty hatchback with a turbocharged engine, this dramatic three-door will all but beg you to take it for a spin.

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•  After the Boom: The U.S. housing market has skidded since a years-long boom peaked in the fourth quarter of 2005. See mortgage-delinquency rates from recent quarters. 09/20/2007
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• Car Cast: WSJ's David Patton discusses why more motorcycle riders are dying and takes a look at the talks between Detroit auto makers and the UAW.
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