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Group nyse ABK news people Inc. could be announced Monday or Tuesday. Ambac shares jumped on the report and finished up . or percent at . . The market s turnaround came after nearly two full days of selling. The Dow Jones industrial average had been down nearly points but by the close showed a point reversal from its lows of the session. NEW YORK AP A plan to bail out the struggling bond insurer Ambac Financial Group Inc. could be announced Monday or Tuesday CNBC reported Friday citing bankers working on the deal. There is a consortium of banks including Citigroup Inc. nyse C news people UBS nyse UBS news people AG Wachovia Corp. nyse WB news people and Royal Bank of Scotland Group other otc RBSQY.PK news people PLC working with the New York State Insurance Department on a possible solution to the Ambac s problems a person familiar with the discussions told The Associated Press. Ambac shares jumped late Friday and finished up . or percent at . . WASHINGTON AP A drug made b! y Genentech nyse DNA news people received federal approval on Friday to treat breast cancer a decision that could represent a major shift in standards for assessing the effectiveness of cancer medicines. Going against the recommendation of its advisory panel the Food and Drug Administration cleared Genentech s Avastin which is already approved for treating lung and colon cancer based on findings that it slowed tumor growth. Advocates for breast cancer patients applauded the ruling. Genentech said FDA granted the drug preliminary approval and the company will have to submit additional data. HOUSTON AP Three British bankers were sentenced Friday to just over three years in prison for their roles in a fraudulent scheme with former Enron Chief Financial Officer Andrew Fastow and they re hoping to serve some of that time back home. A federal judge sentenced David Bermingham Giles Darby and Gary Mulgrew each to months. They each pleaded guilty in November to one count of wire fraud as part of a plea agreement after initially saying they were innocen! t of colluding with Fastow in a secret financial scam in to enrich themselves at their employer s expense. VANCOUVER British Columbia AP A U.S. private equity fund will buy CHC Helicopter Corp. nyse FLI news people for . billion Canadian dollars . billion in what the companies described Friday as the largest oilfield services buyout ever. First Reserve Corp. a private equity firm that invests in energy companies said CHC s board unanimously approved the all cash deal. Shares of CHC soared nearly percent or . to . after the deal was announced. DETROIT AP The United Auto Workers and General Motors Corp. nyse GM news people have taken a big legal step toward shifting billions in retiree health care costs from the automaker to an independent trust fund. The union and attorneys representing several retirees sued GM on Thursday in U.S. District Court in Detroit in an effort to get court approval of the change. It would cover about GM retirees and spouses plus current UAW workers ! when they retire. The lawsuit is not a hostile action. GM will not oppose its major points and joined the UAW and retirees in filing a settlement agreement that would govern how the trust would be run. NEW YORK AP Gas prices jumped Friday to their highest level since June a possible preview of what many analysts believe will be a record spike in pump prices this spring. But the current price surge could be short lived. While gasoline has risen sharply in recent days in response to oil s dramatic climb to a new record above a barrel gas supplies have quietly grown to their highest level in years. At the pump gas prices rose . cents overnight to a national average of . a gallon according to AAA and the Oil Price Information Service. That was the highest since June . MONTEREY Calif. AP U.S. Agriculture Secretary Ed Schafer said Friday the nation s largest beef recall has set back negotiations to ship U.S. beef to Japan and South Korea. Those markets closed to the U.S. cattle industry in after a scare over mad cow disease. Schafer said at a conven! tion of meat packers and processors that he is hopeful trade talks will continue but that the Westland Hallmark Meat Co. recall has diplomats asking why the U.S. can t ship safe meat. Copyright Associated Press. All rights reserved. This material may not be published broadcast rewritten or redistributed. Neither the Subscriber nor AFX News warrants the completeness or accuracy of the Service or the suitability of the Service as a trading aid and neither accepts any liability for losses howsoever incurred. 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