AES announced last night that it would restate its past financial results because of accounting “errors” that it said “would likely be material” for 2006, and it notified the Securities and Exchange Commission that it was seeking an extension to March 16 to report results.

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Convicted Exec Denies He’s Hoarding Cash 
The former Cendant Corp. vice chairman convicted in a massive accounting scandal denied he is hoarding cash to avoid paying more than $3 billion in restitution, according to court papers.

Mining stocks drag FTSE 100 down 
Mining stocks bore the brunt of an aggressive sell-off that saw the FTSE 100 register its biggest one-day percentage fall since June last year.

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