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Hugh Jackman, the Australian actor known to film audiences will be host of the 81st incarnation of the Oscars, the Academy of Motion Picture Arts and Sciences announced on Friday.

Crude oil rose, touching $49 in New York, after OPEC’s Secretary-General Abdalla El-Badri said the group needs to make a “sizeable” production cut at this week’s meeting in Algeria.

Georgia and Texas banks with $544 million in deposits were shut by state regulators, raising the failure toll to 25 for this year, as mortgage delinquencies and home foreclosures climb in a deepening U.S. recession.

A group of laid-off Chicago workers have taken matters into their own hands and in the process become a national symbol for thousands of employees who have lost their jobs as the economy continues to sour.

Thais marked King Bhumibol Adulyadej's 81st birthday on Friday in a solemn mood, concerned for the health of the aging monarch and worried as well over Thailand's debilitating political deadlock.

Shaquille O'Neal and Shawn Marion both had strained relationships with their former teams -- relationships that ended when they were dealt for each other last season.

Three months ago, crude had rocketed to a record $147 a barrel because investors were confident the world's thirst for oil would only continue to grow.