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Vincent Padois, head tutor at the Pierre and Marie Curie University who teaches robotics and is babysitting the Paris ICub, makes a demonstration with ICub robot, a ?hybrid embodied cognitive system for a humanoid robot" about 1 metre (3.2 feet) high, at the Pierre and Marie Curie University in Paris September 4, 2009. Six versions of ICub exist in laboratories across Europe, where scientists are painstakingly tweaking its electronic brain to make it capable of learning, just like a human child and hoping it will learn how to adapt its behaviour to changing circumstances, offering new insights into the development of human consciousness. REUTERS/Philippe Wojazer

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    Time Warner's credit protection costs rise: Markit

    NEW YORK
    Thu Apr 10, 2008 9:24am EDT

    NEW YORK (Reuters) - The cost of protecting Time Warner's debt with credit default swaps rose nearly 15 percent on Thursday after a report that it is closing in on a deal to combine Internet operations with Yahoo Inc.

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    Five-year credit default swaps on Time Warner rose by about 20 basis points to about 156 basis points, or $156,000 a year for five years to protect $10 million of debt, according to data from Markit Intraday.

    The deal would fold Time Warner's AOL business, excluding its legacy dial-up Internet access operations, into a combined Yahoo company and would value AOL at $10 billion, a person familiar with the talks said. Yahoo would receive cash from Time Warner in exchange for 20 percent of a combined Yahoo-AOL, the source said.

    News Corp is also considering joining Microsoft Corp in a bid for Yahoo, newspaper reports said.

    (Reporting by Dena Aubin; Additional reporting by Eric Auchard and Anupreeta Das; Editing by James Dalgleish)
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