UN Secretary-General Kofi Annan has formally suspended Benon Sevan , the head of the UN oil-for-food program , and Joseph Stephanides, a senior official who dealt with contracts. The suspensions come after an interim report by an inquiry commission conducted by former US Federal Reserve Chairman Paul Volcker accused the pair of misconduct . Sevan [...]

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Israeli Prime Minister Ariel Sharon and Palestinian leader Mahmoud Abbas will sign a truce on Tuesday at a summit being held in Egypt, according to reports. The truce will end four years of fighting and signals the revival of the US-backed "road map" for the creation of a Palestinian state. Palestinian negotiator Saeb Erekat said [...]

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Leading Monday's corporations and securities law news, the Justice Department is investigating as many as 20 individual specialists on the floor of the New York Stock Exchange (NYSE) over allegations of using illegal trading practices to cheat customers. The investigation is an extension of one started by the SEC into trading practices of specialists, the [...]

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In its annual budget recommendations to Congress, the White House stated Monday that repealing the Continued Dumping and Subsidy Offset Act , also known as the Byrd amendment, would save an estimated $1.608 billion in the 2006 budget year. The measure gives money collected from anti-dumping duties on imports to the US companies that initially [...]

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The White House's proposed 2006 budget of $2.5 trillion released Monday allocates $18.7 billion for the Department of Justice. Among the key changes in the DOJ budget: a 19% increase in anti-terrorism funding, a moratorium on new Bureau of Prisons construction, and a reallocation to restore "drug war" staffing to its pre-September 11th level. Additionally, [...]

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