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MID-DAY UPDATE: Oil prices rise again, LVMH eyes something shiny at Bulgari

Katharine Crnko Mar 7, 2011

Oil is trading above $106 a barrel today on news of the continued unrest in Libya. Here in the U.S., gas prices have topped $3.50 a gallon — that’s 33 cents more than just two weeks ago. And the White House says it’s considering tapping into the nation’s strategic oil reserve.

Things are slowing down today in Spain, as the government enacts new speed limits to curb oil use. Spanish drivers must now obey the 68 miles per hour speed limit.

Jury selection begins tomorrow in the insider trading trial of Raj Rajaratnam. The founder of hedge fund giant Galleon Group faces up to 25 years in prison. More than two dozen other traders are charged as well. Goldman Sachs CEO Lloyd Blankfein could to testify at the trial.

LVMH – the maker of brands like Louis Vuitton, Hennessy and Veuve Cliquot — is buying some more bling. There’s news this morning of a $5 billion takeover of the Italian watch and jewelry maker Bulgari.

Computer hackers everywhere are preparing for the fifth annual hacking contest – Pwn2Own. These computer whiz kids target some of the world’s most power tech companies — including Apple and Google — in hopes of exposing their software’s weaknesses for coveted prize money..

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