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Singapore port operator PSA confirms bid
Jan 10 2006 11:10PM (CT)
SINGAPORE (AP) - Singapore port operator PSA International Pte. Ltd. confirmed Wednesday it has bid for British shipping company Peninsular & Oriental Steam Navigation Co., a move that will pit it against a rival bid from Dubai Ports World. Terms of the bid were not disclosed.
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Japanese stocks drop, dollar edges higher
Jan 10 2006 11:04PM (CT)
TOKYO (AP) - Japanese stocks dropped for a second day Wednesday as traders sold shares of companies tied closely to domestic economy, such as real estate and brokerages. The dollar edged higher against the yen and euro.
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Ex-broker agrees to pay $153M settlement
Jan 10 2006 10:58PM (CT)
LAS VEGAS (AP) - A former Las Vegas securities broker has agreed to pay $153 million to settle charges alleging he defrauded mutual fund investors through improper late trading and market timing, the Securities and Exchange Commission said Tuesday.
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GM plans to cut prices on most vehicles
Jan 10 2006 10:56PM (CT)
DETROIT (AP) - General Motors Corp. said Tuesday it is lowering sticker prices on three-quarters of its U.S. vehicles, a move meant to wean buyers off incentives and take aim at competitors that have been sapping its market share.
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China says 2005 trade surplus near $102B
Jan 10 2006 10:50PM (CT)
SHANGHAI, China (AP) - China's trade surplus surged to $101.88 billion last year, more than triple the $32 billion surplus recorded the year before, according to customs figures released Wednesday.
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China state planner forecasts 2006 growth
Jan 10 2006 9:08PM (CT)
SHANGHAI, China (AP) - China's economy will slow to a still sizzling growth rate of 8.5 percent to 9 percent this year, the state planning agency said in a report published Wednesday.
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NBTY up on strong earnings, acquisitions
Jan 10 2006 7:52PM (CT)
NEW YORK (AP) - NBTY Inc. stock closed up Tuesday after the maker of nutritional supplements reported strong sales, largely as a result of acquisitions.
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Home Depot to pay $3.2B for Hughes Supply
Jan 10 2006 6:45PM (CT)
ATLANTA (AP) - The Home Depot Inc., the nation's largest home-improvement store chain, said Tuesday it will buy Hughes Supply Inc., a distributor of construction, repair and maintenance products, for about $3.2 billion.
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N.J. casino revenues top $5B for first time
Jan 10 2006 6:41PM (CT)
NEWARK, N.J. (AP) - Gaming revenues at New Jersey's casinos topped the $5 billion mark for the first time in 2005, bolstered by a strong December and the popularity of the Borgata Hotel Casino & Spa in its second full year of operation.
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Genentech's 4Q earnings meet expectations
Jan 10 2006 6:38PM (CT)
SAN FRANCISCO (AP) - Genentech Inc.'s robust earnings growth continued during 2005's final quarter amid strong demand for its cancer-fighting drugs, but the performance merely matched analyst expectations _ a letdown for investors who have become accustomed to bigger things from the biotechnology bellwether.
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Loews names two chairmen
Jan 10 2006 6:26PM (CT)
NEW YORK (AP) - Loews Corp. said Tuesday it named Andrew H. Tisch and Jonathan M. Tisch co-chairmen, succeeding Preston R. Tisch, who died in November.
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Kerkorian aide says GM should cut dividend
Jan 10 2006 6:21PM (CT)
DETROIT (AP) - An aide to billionaire investor Kirk Kerkorian on Tuesday laid out a plan to further streamline General Motors Corp. and return the world's largest automaker to profitability with cuts that would hit investors, top executives and others all the way down to the factory floors.
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Analysts: Disney deal with Pixar likely
Jan 10 2006 6:17PM (CT)
LOS ANGELES (AP) - The more time that passes without a new distribution deal between The Walt Disney Co. and Pixar Animation Studios, the greater the speculation, including a theory that Disney is angling to buy Pixar and install its chief executive, Steve Jobs, as Disney's chairman.
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Clarification: Wyeth Outlook story
Jan 10 2006 6:05PM (CT)
TRENTON, N.J. (AP) - In a Jan. 9 story on drug maker Wyeth's earnings forecast for 2006, The Associated Press incorrectly said the company's prediction fell short of Wall Street expectations.
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Clarification: Wyeth Outlook story
Jan 10 2006 6:05PM (CT)
TRENTON, N.J. (AP) - In a Jan. 9 story on drug maker Wyeth's earnings forecast for 2006, The Associated Press incorrectly said the company's prediction fell short of Wall Street expectations.
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Gift cards boost January retail sales
Jan 10 2006 6:02PM (CT)
NEW YORK (AP) - Chris Nobles _ armed with a $150 Banana Republic gift card _ is facing a dilemma. "Should I go for a sale, or hold out for something big?" said the 41-year-old Charleston, S.C., resident, who already spent $350 of her holiday gift card money at other stores. "I think I might hold out for a nice (spring) dress."
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Brokerage owner to pay $153M to settle
Jan 10 2006 5:58PM (CT)
WASHINGTON (AP) - The majority owner of Security Brokerage Inc. of Las Vegas agreed to pay $153 million to resolve civil charges that he defrauded investors from 2001 to 2003 through a series of abusive mutual-fund trades, regulators said on Tuesday.
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Treasury bond prices decline steadily
Jan 10 2006 5:52PM (CT)
NEW YORK (AP) - The prospect of new bonds on the way had the U.S. Treasury market under pressure Tuesday, sending prices steadily lower.
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Late credit card payments stay near high
Jan 10 2006 5:48PM (CT)
WASHINGTON (AP) - The proportion of consumers behind on their credit card bills remained near record-high levels in the July-September period as high gasoline prices and rising interest rates continued to put stress on personal budgets.
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Automakers put forward new safety features
Jan 10 2006 5:30PM (CT)
DETROIT (AP) - Every day across America, cars rear-end the vehicle in front. Drowsy drivers drift into the wrong lane. Motorists are tossed from an open window in a rollover.
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Europe's bird ban hurts business in Africa
Jan 10 2006 5:29PM (CT)
BAMAKO, Mali (AP) - For these caged Senegalese parrots, chirping away their morning in captivity, a European ban to combat an Asian virus may mean freedom.
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Energy prices slip on worries about Iran
Jan 10 2006 5:27PM (CT)
WASHINGTON (AP) - Energy futures prices slipped on Tuesday despite a nerve-rattling move by Iran to resume nuclear research, and some analysts said it could signal a fading of bullish sentiment.
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Tuesday's commodities roundup
Jan 10 2006 5:21PM (CT)
NEW YORK (AP) - Gold and silver futures fell sharply Tuesday after gold rose to quarter-century highs on Monday.
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Court revives $4.6B claim against PG&E
Jan 10 2006 5:10PM (CT)
SAN FRANCISCO (AP) - A federal appeals court on Tuesday cleared the way for California to seek $4.6 billion that the state's attorney general alleges was illegally transferred from Pacific Gas and Electric Co. to its corporate parent before the power utility's 2001 bankruptcy.
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SEC to vote on exec. pay disclosure plan
Jan 10 2006 4:58PM (CT)
WASHINGTON (AP) - Companies would have to disclose far more details about their executives' pay packages and perks under a proposal coming before the Securities and Exchange Commission.
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Mayor: Harrah's to invest in Biloxi casinos
Jan 10 2006 4:52PM (CT)
BILOXI, Miss (AP) - Harrah's Entertainment Inc., the world's largest gaming company, will invest more than $1 billion to build two casinos in Biloxi, according to Mayor A.J. Holloway.
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Guidant adjusts 4Q revenue outlook upward
Jan 10 2006 4:51PM (CT)
INDIANAPOLIS (AP) - Guidant Corp. raised its fourth-quarter 2005 revenue outlook to approximately $828 million Tuesday because of higher-than-expected sales of its recall-plagued defibrillators in the U.S.
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Alcoa shares decline after profit slips
Jan 10 2006 4:50PM (CT)
PITTSBURGH (AP) - Shares of Alcoa Inc. fell Tuesday after the aluminum producer said energy costs and impaired refinery activity from Gulf Coast hurricanes trimmed its quarterly income by 16 percent, causing it to miss analyst forecasts despite robust product prices.
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Oracle to add 1,400 jobs in India
Jan 10 2006 4:44PM (CT)
BOMBAY, India (AP) - U.S. business-software maker Oracle Corp. plans to add 1,400 employees to its sales, consulting and support operations in India as it focuses on expanding business among small and mid-sized companies in the country's towns and rural areas, a company executive said Tuesday.
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Tiffany reports increase in holiday sales
Jan 10 2006 4:43PM (CT)
NEW YORK (AP) - Tiffany & Co. projected 2006 earnings below Wall Street forecasts, while reporting a 6 percent gain in same-store sales at its U.S. stores during the holiday period. The New York-based upscale jewelry retailer also narrowed its full-year profit range for fiscal 2005
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Phelps Dodge slashes 4Q profit forecast
Jan 10 2006 4:39PM (CT)
PHOENIX (AP) - Phelps Dodge Corp., one of the world's largest copper producers, said Tuesday that fourth-quarter earnings will fall well below previous expectations despite higher copper prices because of shortfalls in production and sales and higher than expected one-time costs.
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Lottomatica offers $4.65 billion for Gtech
Jan 10 2006 4:37PM (CT)
PROVIDENCE, R.I. (AP) - Italian lottery company Lottomatica SpA struck a deal Tuesday to purchase U.S.-based Gtech Holdings Corp. for $4.65 billion in cash to create one of the world's largest gaming technology operators.
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OfficeMax closing 110 U.S. retail stores
Jan 10 2006 4:34PM (CT)
CHICAGO (AP) - OfficeMax Inc., struggling to keep up with its competition in the crowded office supplies business, said Tuesday it will close 110 retail superstores across the United States and make other restructuring moves in the first quarter.
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Boeing reports 290 plane deliveries in '05
Jan 10 2006 4:29PM (CT)
CHICAGO (AP) - Boeing Co. said Tuesday it delivered 73 commercial airplanes in the fourth quarter for a full-year total of 290, up slightly from 2004 but still behind Airbus for a third straight year in the category that determines the world's No. 1 plane maker.
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Gov't to examine Jeep Liberty complaints
Jan 10 2006 4:10PM (CT)
DETROIT (AP) - The government has opened an investigation of the 2004 Jeep Liberty after receiving complaints about a front suspension ball joint separating.
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London Stock Exchange angry at takeover bid
Jan 10 2006 4:06PM (CT)
LONDON (AP) - The London Stock Exchange reacted with fury Tuesday after Australian investment bank Macquarie Bank Ltd. made a second 1.5 billion pound ($2.65 billion) bid for the exchange.
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Mortgage watchers worry about China
Jan 10 2006 3:55PM (CT)
NEW YORK (AP) - China's recent signal that it may diversify its foreign investments in 2006 has mortgage industry watchers concerned that if China buys fewer U.S. Treasury securities this year, it may drive interest rates higher and pour more cold water on the real estate market.
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'Gen P' leading credit, debit card charge
Jan 10 2006 3:53PM (CT)
SAN FRANCISCO (AP) - Erica Jostedt loves to shop, but she hates paying with cash or a check. There's rarely more than $20 in her wallet and she doesn't carry around her checkbook because she usually needs it just once a month to cover the rent at her San Francisco apartment.
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Panama's agricultural minister resigns
Jan 10 2006 3:43PM (CT)
PANAMA CITY, Panama (AP) - Panama's agricultural minister resigned Tuesday, accusing the United States of pressuring the Central American country to accept lower agricultural inspection standards.
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Report: IRS freezes refunds without telling
Jan 10 2006 3:40PM (CT)
WASHINGTON (AP) - The Internal Revenue Service freezes tens of thousands of tax refunds it deems questionable without telling people that they're suspected of fraud, the nation's taxpayer advocate said Tuesday.
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Chinese automaker sets sights on exports
Jan 10 2006 3:27PM (CT)
DETROIT (AP) - China's Geely Automobile Co. said Tuesday that the biggest challenge to its plan to sell a low-priced family sedan in the United States by 2008 will be overcoming the negative image of Chinese manufacturing.
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Former CFO pleads guilty in $4M theft
Jan 10 2006 3:02PM (CT)
BUFFALO, N.Y. (AP) - The former chief financial officer of manufacturer Servotronics Inc. has pleaded guilty to stealing nearly $4 million over more than 20 years.
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Bank of Italy rejects Unipol's $6B bid
Jan 10 2006 3:01PM (CT)
ROME (AP) - The Bank of Italy said Tuesday it had rejected Italian insurer Unipol Assicurazioni SPA's $6 billion bid for Banca Nazionale del Lavoro SPA.
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Planar Systems stock up on raised outlook
Jan 10 2006 2:29PM (CT)
NEW YORK (AP) - The stock of Planar Systems Inc. rose Tuesday after it tripled its earnings forecast for the latest quarter due to unexpectedly strong sales of its high-margin flat-panel displays.
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Realtors' group predicts more normal growth
Jan 10 2006 1:55PM (CT)
WASHINGTON (AP) - The nation's largest real estate trade group says the housing market will likely return to a more normal rate of growth this year.
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JDA Software sees revenue down on delays
Jan 10 2006 1:39PM (CT)
NEW YORK (AP) - JDA Software Group Inc. stock fell Tuesday in the first day of trading after the company said fourth-quarter sales would come in below the previous year's numbers because a "significant number" of deals were delayed.
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Atkins Nutritionals out of bankruptcy
Jan 10 2006 1:36PM (CT)
NEW YORK (AP) - Atkins Nutritionals has emerged from bankruptcy with a revised business model that hinges less on the popularity of the low-carb diet espoused by its founder.
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Watchdog blocks Axel Springer takeover
Jan 10 2006 1:21PM (CT)
FRANKFURT, Germany (AP) - Germany's media watchdog blocked publisher Axel Springer AG's planned 3.5 billion euros ($4.23 billion) acquisition of the nation's biggest television company ProSiebenSat.1 on Tuesday, saying the combined company would have too much sway over public opinion.
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New hybrids unveiled, but cost still a worry
Jan 10 2006 1:17PM (CT)
DETROIT (AP) - Automakers introduced several new hybrids at the North American International Auto Show, but several remain skeptical that the vehicles will make a profit anytime soon because of the high cost of development.
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Northwest gets more time for its plan
Jan 10 2006 1:08PM (CT)
NEW YORK (AP) - A New York bankruptcy court judge on Tuesday allowed management of Northwest Airlines Corp. six more months to develop a reorganization plan.
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Variety seen as theme of this year's show
Jan 10 2006 1:08PM (CT)
DETROIT (AP) - Lexus and Chrysler are debuting luxurious sedans at this year's North American International Auto Show. Ford is offering a chiseled new crossover. Honda is hyping a subcompact. As the age of the SUV comes to an end in the United States, the world's automakers are engaged in a race to figure out the next hot trends.
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U.S. hails China for no antidumping duty
Jan 10 2006 1:00PM (CT)
WASHINGTON (AP) - U.S. trade officials on Tuesday praised China for scrapping an order that levied antidumping duties on U.S.-produced Kraft linerboard, a paper product used to make corrugated boxes.
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Crossovers gaining ground on SUVs
Jan 10 2006 12:58PM (CT)
DETROIT (AP) - Dampened by high gas prices, the auto industry has faced tough times selling large sport utility vehicles lately. But with demand still high from families wanting plenty of space, carmakers may have an antidote: the crossover.
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GM, Ford focus on auto show amid troubles
Jan 10 2006 12:54PM (CT)
DETROIT (AP) - The union picketers outside this year's North American International Auto Show will be one sign that all is not well in Detroit. The show comes at a difficult time for General Motors Corp. and Ford Motor Co., who are in the midst of restructuring after billions of dollars in losses in 2005.
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Young drivers wooed with customized cars
Jan 10 2006 12:52PM (CT)
DETROIT (AP) - When it came to buying his Scion xB two years ago, David Fotheringham didn't exactly check out a few dealerships and kick the tires.
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Toyota redesigns America's No. 1 car
Jan 10 2006 12:46PM (CT)
DETROIT (AP) - Seeking to put an end to the idea that the No. 1 selling car in the United States is too vanilla for many who drive it, Toyota on Monday unveiled the fully redesigned 2007 Camry.
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Toyota chairman: U.S. gov't may help GM
Jan 10 2006 12:41PM (CT)
TOKYO (AP) - Toyota Motor Corp. Chairman Hiroshi Okuda said Tuesday that he believes General Motors Corp. will likely receive support from the U.S. government if it faces further trouble.
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Ford hopes to revive Lincoln nameplate
Jan 10 2006 12:41PM (CT)
DETROIT (AP) - The Ford Motor Co. division that gave the world both the stodgy Town Car and the urban-chic Navigator introduced a new crossover and a sedan concept Monday that it hopes will help it establish a reputation for "distinctly American," cutting-edge luxury design.
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Simpler tax rules proposed for small cos.
Jan 10 2006 12:33PM (CT)
BRUSSELS, Belgium (AP) - The European Commission on Tuesday proposed simplifying tax reporting for small companies, allowing them to use the rules of their own country instead of conforming to up to 25 different national rules.
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Alitalia pilots may strike at Olympics
Jan 10 2006 12:27PM (CT)
ROME (AP) - Alitalia pilots and flight attendants plan to strike on the eve and the first day of next month's Turin Olympics, creating possible havoc for arriving fans.
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EU clears Spain's Telefonica to buy O2
Jan 10 2006 11:49AM (CT)
BRUSSELS, Belgium (AP) - European regulators on Tuesday cleared a $31.5 billion deal by Telefonica SA to buy British wireless operator O2 PLC after the Spanish acquirer agreed to exit an international roaming alliance.
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SAP sees sales up 13 percent in 2005
Jan 10 2006 11:30AM (CT)
FRANKFURT, Germany (AP) - SAP AG, the world's biggest software maker, said Tuesday it expects to report a 13 percent increase in sales for 2005 following strong gains in the fourth quarter.
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Matsushita, Toray invest in Japanese plant
Jan 10 2006 11:20AM (CT)
TOKYO (AP) - Matsushita and Toray said Tuesday they will invest 180 billion yen ($1.6 billion) in a new plasma display-panel plant, boosting their joint venture's production capacity to the largest in the world.
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Nokia settles patent dispute with Kyocera
Jan 10 2006 11:10AM (CT)
HELSINKI, Finland (AP) - Nokia Corp. said Tuesday it has resolved a dispute with Kyocera Corp., allowing the Japanese company to use some of the world's largest mobile-phone maker's patents.
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Magellan Health extends pact with Tenn.
Jan 10 2006 10:55AM (CT)
WASHINGTON (AP) - Magellan Health Services Inc. said Tuesday it extended its service contract with TennCare, Tennessee's expanded Medicaid program, through mid-2007.
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International Flavors to cut 300 jobs
Jan 10 2006 10:55AM (CT)
WASHINGTON (AP) - International Flavors & Fragrances Inc. said Tuesday it will eliminate 300 jobs, or 6 percent of its work force, mainly in its European and North American operations.
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China's central bank denies dollar plans
Jan 10 2006 9:28AM (CT)
BEIJING (AP) - China said Tuesday it has no plans to sell dollars from its $800 billion-plus foreign reserves, rejecting speculation that had jolted financial markets and fed speculation about the possible impact on the U.S. dollar.
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EU: Airlines must compensate passengers
Jan 10 2006 8:34AM (CT)
BRUSSELS, Belgium (AP) - European airlines lost a legal bid Tuesday that aimed to strike down new EU rules guaranteeing passengers compensation for flight delays or cancellations.
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Hugo Boss to cease Baldessarini production
Jan 10 2006 8:31AM (CT)
FRANKFURT, Germany (AP) - Apparel maker and fashion designer Hugo Boss AG said Tuesday it will discontinue the production and sales of its Baldessarini menswear line after its 2007 spring and summer collection.
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Survey: German economic outlook improving
Jan 10 2006 8:27AM (CT)
FRANKFURT, Germany (AP) - German finance professionals expressed more optimism about growth in Europe's largest economy because of increased foreign demand for domestic goods, a research group's latest survey released Tuesday showed.
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Dollar climbs against the euro
Jan 10 2006 8:01AM (CT)
FRANKFURT, Germany (AP) - The dollar rose against the euro on Tuesday, a brief gain in an otherwise lackluster start of the year for the dollar.
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India, China to sign pact on cooperation
Jan 10 2006 6:36AM (CT)
NEW DELHI (AP) - India and China, competing worldwide in their search for oil and gas reserves, will jointly bid for, explore and produce energy under an agreement to be signed this week, India's oil minister said Tuesday.
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U.S. lawmaker urges China to cut trade gap
Jan 10 2006 6:21AM (CT)
BEIJING (AP) - A leading U.S. lawmaker warned Chinese officials Tuesday that Beijing is risking a protectionist backlash in Washington if it doesn't take steps to cut its $200 billion trade surplus with the United States.
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Florida reviewing canker law after storms
Jan 10 2006 6:16AM (CT)
TALLAHASSEE, Fla. (AP) - Agriculture officials are reviewing a state law requiring the destruction of citrus trees within a 1,900-foot radius of one infected with canker after the devastating 2005 hurricane season.
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Judge declines to dismiss Enron charges
Jan 10 2006 6:12AM (CT)
HOUSTON (AP) - The judge overseeing the fraud and conspiracy trial of Enron Corp. founder Kenneth Lay and former CEO Jeffrey Skilling declined Monday to dismiss the case based on defense allegations of prosecutorial misconduct.
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General Motors unveils new Camaro concept
Jan 10 2006 6:10AM (CT)
DETROIT (AP) - Following a parade of classic Chevrolet Camaros, General Motors Corp. rolled out a concept version of the once-popular sport coupe that is testing the waters for a possible revived production model.
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Investors cheer Abbott's $4B Guidant deal
Jan 10 2006 6:09AM (CT)
CHICAGO (AP) - Abbott Laboratories Inc.'s deal to buy part of Guidant Corp. for about $4 billion was applauded Monday by investors and analysts, who said it would give the manufacturer of drugs and diagnostic tests new clout in medical devices.
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Report: Canada meat inspections deficient
Jan 10 2006 2:54AM (CT)
WASHINGTON (AP) - Two years ago, U.S. food safety officials warned that Canadian meat and poultry inspections were lacking, yet the Agriculture Department refused to stop the flow of imports from Canada, a department investigation found.
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Chryler to produce new Jeep model in Ill.
Jan 10 2006 1:44AM (CT)
BELVIDERE, Ill. (AP) - The Belvidere Assembly Plant will produce the new Jeep Compass alongside the five-door Dodge Caliber beginning this summer, the Chrysler Group announced Monday.
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Chinese automaker plans exports to U.S.
Jan 10 2006 1:38AM (CT)
SHANGHAI, China (AP) - China's Geely Automobile Co. has become the latest Asian automaker to aim for the U.S. market, announcing plans to sell low-priced cars there by 2008.
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