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Venezuela sells Argentine bonds to banks
Jan 3 2006 10:55PM (CT)
CARACAS, Venezuela (AP) - The Venezuelan government has sold $600 million in Argentine bonds to local banks, a profitable business that has helped the country diversify its investments away from U.S. debt, the finance minister said Tuesday.
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Tokyo stocks advance; Dollar lower
Jan 3 2006 10:23PM (CT)
TOKYO (AP) - Tokyo stocks rallied at the year's first trading session Wednesday, with the market's main index extending its five-year high. The dollar dipped against the yen and euro.
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World's biggest bank opens in Japan
Jan 3 2006 9:44PM (CT)
TOKYO (AP) - The Bank of Tokyo-Mitsubishi UFJ, which just became the world's largest bank, opened for business Wednesday with a tape-cutting ceremony at Tokyo headquarters.
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Beverly sets Feb. 14 vote on company sale
Jan 3 2006 9:16PM (CT)
FORT SMITH, Ark. (AP) - Beverly Enterprises Inc. said Tuesday its shareholders will vote Feb. 14 on the nursing home company's pending acquisition by Pearl Senior Care.
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Ford to announce restructuring plans
Jan 3 2006 9:15PM (CT)
DETROIT (AP) - Ford Motor Co. said Tuesday it will announce details of its restructuring plan, including job cuts and plant closures, on Jan. 23. The No. 2 U.S. automaker also plans to release its fourth-quarter and full-year earnings then.
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U.N. panel orders halt to caviar exports
Jan 3 2006 8:43PM (CT)
GENEVA (AP) - A U.N. panel ordered a temporary halt to caviar exports by the world's major producers Tuesday, buying time for experts to find ways to reverse dwindling populations of threatened sturgeon _ whose eggs provide the culinary delicacy.
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Nintendo sells 10M handheld game systems
Jan 3 2006 7:55PM (CT)
REDMOND, Wash. (AP) - Nintendo Co. said Tuesday that it has sold about 10 million of its Nintendo DS handheld game systems worldwide, including about 4 million in North America and more than 5 million in Japan.
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Penske: Too many dealers hurt automakers
Jan 3 2006 7:44PM (CT)
DETROIT (AP) - U.S. automakers suffer from dealer networks that are too big and bogged down by weak performers, said Roger Penske, the racing legend and billionaire businessman who heads one of the largest chains of auto dealerships.
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Ex-stockbroker indicted on fraud charges
Jan 3 2006 7:37PM (CT)
NEW YORK (AP) - A former stockbroker made nearly $23,000 on a pending acquisition by a Silicon Valley company after using insider knowledge he learned from his girlfriend, an attorney involved in the deal, prosecutors said Tuesday.
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U.S. regulators OK sale of Romanian 4x4s
Jan 3 2006 7:18PM (CT)
MIAMI (AP) - Federal regulators gave a Miami automaker the go-ahead Tuesday to sell a bare-bones, Romanian off-road vehicle in the U.S. without air bags until May 2008.
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Pilgrim's Pride reduces earnings outlook
Jan 3 2006 7:14PM (CT)
PITTSBURG, Texas (AP) - Pilgrim's Pride Corp., the second-largest poultry producer in the United States and Mexico, cut its short-term profit outlook by more than half and withdrew guidance for its current fiscal year, blaming the fear of avian flu in export markets.
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Retailers on track for modest Dec. sales
Jan 3 2006 6:41PM (CT)
NEW YORK (AP) - Tepid December sales at Wal-Mart Stores Inc. made Wall Street uneasy Tuesday, but many analysts don't expect disappointing results from other retailers _ most merchants are expected to meet their modest holiday expectations.
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Dow Jones & Co. names Richard Zannino CEO
Jan 3 2006 6:34PM (CT)
NEW YORK (AP) - Dow Jones & Co., publisher of The Wall Street Journal, named chief operating officer Richard Zannino on Tuesday to become its new CEO, replacing Peter Kann, who will remain as chairman until 2007. The company's shares rose sharply on the news.
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SEC accuses 6 ex-Putnam execs of fraud
Jan 3 2006 6:29PM (CT)
WASHINGTON (AP) - Federal regulators have accused six former executives of Putnam Fiduciary Trust Co., the transfer agent for a big mutual fund company, of defrauding several funds and a 401(k) plan client of some $4 million in 2001.
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Southwest flights lift off from Denver
Jan 3 2006 6:29PM (CT)
DENVER (AP) - Amid cheers and confetti, Southwest Airlines Co. launched its first Denver flights in 20 years Tuesday as the discount carrier officially opened a fresh challenge to United, Frontier and other dominant airlines at the region's largest airport.
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Group wants Sovereign hearings on deals
Jan 3 2006 6:17PM (CT)
PHILADELPHIA (AP) - A community group has asked the Federal Reserve Board to force Sovereign Bancorp Inc. to hold public hearings on its two acquisition deals, claiming that the thrift has a poor lending record to blacks and Latinos.
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Automakers end holiday discount programs
Jan 3 2006 6:14PM (CT)
DETROIT (AP) - U.S. automakers ended their holiday discount programs Tuesday as scheduled but hinted that more deals could be on the way.
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Treasurys rally on release of Fed minutes
Jan 3 2006 5:58PM (CT)
NEW YORK (AP) - Shorter-dated U.S. Treasury prices were boosted at the expense of longer-dated maturities Tuesday after the Federal Reserve released the minutes of its December policy meeting and hinted rate hikes are nearly finished.
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Walgreen 1Q earnings climb to $345.6M
Jan 3 2006 5:45PM (CT)
CHICAGO (AP) - Higher sales of generic drugs helped Walgreen Co. increase first-quarter profit by 5 percent as the nation's largest drugstore chain by revenue surpassed the 5,000-store mark en route to its target of 7,000.
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Argentina repays $9.57B debt to IMF
Jan 3 2006 5:40PM (CT)
BUENOS AIRES, Argentina (AP) - President Nestor Kirchner's government on Tuesday repaid $9.57 billion in debt to the International Monetary Fund, a measure officials depicted as a means to help reclaim Argentina's economic independence.
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BASF makes unsolicited bid for Engelhard
Jan 3 2006 5:39PM (CT)
TRENTON, N.J. (AP) - BASF AG, one of the world's largest chemical companies, said Tuesday it has made an unsolicited $4.9 billion cash bid for Engelhard Corp., a New Jersey-based surface and materials science company. Engelhard shares climbed 26 percent.
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Under Armour stock falls on comments
Jan 3 2006 5:35PM (CT)
NEW YORK (AP) - Under Armour Inc. stock fell Tuesday after Goldman Sachs and Piper Jaffray both initiated coverage of the company at "hold," citing its rich valuation.
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Federal Reserve releases meeting minutes
Jan 3 2006 5:33PM (CT)
WASHINGTON (AP) - Federal Reserve policymakers differed last month on how much higher interest rates would need to rise to keep the economy and inflation on an even keel, but most believed the end of the nearly two-year rate-hike campaign probably wasn't far off.
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Symantec to acquire IMlogic
Jan 3 2006 5:17PM (CT)
BOSTON (AP) - Symantec Corp. is bolstering its computer security offerings by acquiring IMlogic Inc., which helps companies secure and store instant-messaging traffic by employees.
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Cisco deal proceeds as deadline passes
Jan 3 2006 5:13PM (CT)
SAN JOSE, Calif. (AP) - Network equipment maker Cisco Systems Inc. said the federal waiting period for its acquisition of cable television technology company Scientific-Atlanta Inc. has expired without regulators taking any action.
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Mirant emerges from Chapter 11
Jan 3 2006 5:13PM (CT)
ATLANTA (AP) - Energy supplier Mirant Corp. said Tuesday it has emerged from Chapter 11 bankruptcy after filing for protection nearly 30 months ago.
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News Corp. promotes Philips to exec VP
Jan 3 2006 5:11PM (CT)
NEW YORK (AP) - News Corp., the media conglomerate controlled by Rupert Murdoch, said Tuesday it had promoted Jeremy Philips to the position of executive vice president.
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Yellow Roadway becomes YRC Worldwide
Jan 3 2006 5:04PM (CT)
OVERLAND PARK, Kan. (AP) - Yellow Roadway Corp. has changed its name to YRC Worldwide Inc., the company announced Tuesday.
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FAA: Atlanta airport is busiest in U.S.
Jan 3 2006 4:56PM (CT)
ATLANTA (AP) - Hartsfield-Jackson Atlanta International Airport has topped Chicago O'Hare International Airport as the nation's busiest in terms of takeoffs and landings, the Federal Aviation Administration said Tuesday.
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Viacom, CBS complete business separation
Jan 3 2006 4:55PM (CT)
NEW YORK (AP) - Viacom Inc. and CBS Corp. rang in 2006 as two separate companies, completing a breakup of a major media conglomerate in hopes of winning back friends on Wall Street.
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Occidental Petroleum stock up on upgrade
Jan 3 2006 4:54PM (CT)
LOS ANGELES (AP) - Shares of Occidental Petroleum Co. jumped Tuesday after Citigroup upgraded the stock, citing a strong pipeline of projects going into 2006.
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Chicago Mercantile contracts pass 1B mark
Jan 3 2006 4:52PM (CT)
CHICAGO (AP) - The Chicago Mercantile Exchange, the world's largest futures market, said Tuesday its yearly trading volume in 2005 topped 1 billion contracts for the first time.
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Tuesday's commodities roundup
Jan 3 2006 4:47PM (CT)
NEW YORK (AP) - Precious metals began the new year with a bang, rallying to three-week highs Tuesday as funds and speculators turned up the buying pace after laying low during the holiday season.
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Oil prices climb on speculative buying
Jan 3 2006 4:44PM (CT)
WASHINGTON (AP) - Oil futures jumped by more than $2 a barrel Tuesday to settle at their highest level since mid-October. Traders said speculative buying was the main force behind the rally.
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United wins reorganization plan support
Jan 3 2006 4:07PM (CT)
CHICAGO (AP) - United Airlines' parent company has entered the homestretch of its more than three-year stay in bankruptcy, well-positioned to emerge from Chapter 11 next month now that it has won creditors' support for its reorganization plan.
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Interest rates on Treasury bills rise
Jan 3 2006 3:58PM (CT)
WASHINGTON (AP) - Interest rates on short-term Treasury bills rose in Tuesday's auction to the highest levels in nearly five years.
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Manufacturing sector grows at slower pace
Jan 3 2006 2:13PM (CT)
NEW YORK (AP) - The nation's manufacturing sector grew at a slower pace in December than in November as prices paid for raw materials such as fuel declined.
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PricewaterhouseCoopers to settle suit
Jan 3 2006 1:50PM (CT)
MILWAUKEE (AP) - Accounting firm PricewaterhouseCoopers LLP agreed to settle a class-action lawsuit over how it audited two collapsed mutual funds.
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ThyssenKrupp meets Arcelor's Dofasco bid
Jan 3 2006 1:26PM (CT)
FRANKFURT, Germany (AP) - Germany's ThyssenKrupp AG said Tuesday it raised its bid for the Canadian steelmaker Dofasco Inc. to $4.2 billion, matching the latest competing offer from steel rival Arcelor SA.
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Rambus up after AMD patent-licensing deal
Jan 3 2006 1:09PM (CT)
NEW YORK (AP) - Rambus Inc. stock rose Tuesday after the developer of semiconductor technology agreed to a five-year patent-licensing deal with Advanced Micro Devices Inc. worth $75 million.
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Northwest seeks extension to file plan
Jan 3 2006 1:08PM (CT)
MINNEAPOLIS (AP) - Northwest Airlines Corp. is asking for more time to file its plan to emerge from bankruptcy. The nation's fourth-largest airline said it hopes to have a plan by the end of 2006.
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Starz to offer download movie service
Jan 3 2006 11:20AM (CT)
LOS ANGELES (AP) - Starz Entertainment Group is launching a movie download service that allows consumers to view full-length studio films, concerts and TV shows on portable devices powered by Microsoft Corp. software.
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Europe frets about Russian energy reliance
Jan 3 2006 11:15AM (CT)
VIENNA, Austria (AP) - Russian natural gas surged through Ukraine to countries across Europe on Tuesday, banishing the specter of immediate and prolonged shortages because of Moscow's price dispute with Kiev.
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Morgans Hotel raises IPO size to $350M
Jan 3 2006 10:54AM (CT)
WASHINGTON (AP) - Morgans Hotel Group Co. Tuesday increased the offering size of the company's pending initial public offering to $350 million in common stock from $300 million.
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French economy grows 0.7 percent in 3Q
Jan 3 2006 10:48AM (CT)
PARIS (AP) - France's economic growth accelerated in the third quarter as a rebound in exports and consumer spending helped lift gross domestic product after an anemic second quarter.
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China's 2005 growth rate lifted on survey
Jan 3 2006 8:38AM (CT)
SHANGHAI, China (AP) - China's economy grew by an unexpectedly strong 9.8 percent in 2005, as a new survey showed that authorities had previously underestimated the economy's size, the official Xinhua News Agency said Tuesday.
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ABN Amro to launch takeover bid for bank
Jan 3 2006 7:12AM (CT)
ROME (AP) - Dutch bank ABN Amro Holding NV said Monday it will soon launch another takeover bid for Banca Antonveneta SpA after its earlier attempt spawned a scandal that prompted the resignation of Italy's central bank chief.
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Independence Air to shut down on Thursday
Jan 3 2006 6:16AM (CT)
CHANTILLY, Va. (AP) - Independence Air, which won fans with its low fares, announced plans Monday to cease operations just days into the new year.
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Storms make mess in Calif. wine country
Jan 3 2006 4:42AM (CT)
NAPA, Calif. (AP) - Winter storms made a mess in California's wine country, but the rains were not expected to wash out the region's valuable grape crop, officials said.
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Hong Kong Bank of East Asia to acquire NAB
Jan 3 2006 4:15AM (CT)
HONG KONG (AP) - Bank of East Asia Ltd. said Tuesday it has agreed to acquire National American Bancorp., a small U.S. commercial bank, for an undisclosed amount to expand its network in northern California.
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