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TV sales boost Samsung's profit
Jan 12 2006 11:58PM (CT)
SEOUL, South Korea (AP) - Samsung Electronics Co. said Friday its fourth-quarter net profit surged a stunning 40 percent, thanks to strong demand for flat panel TVs and semiconductors.
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Pfizer to obtain rights to inhaled insulin
Jan 12 2006 11:42PM (CT)
NEW YORK (AP) - Pfizer Inc. said Thursday it will pay $1.3 billion to Sanofi-Aventis Group to obtain full worldwide rights to the inhaled insulin the companies developed jointly and were planning to co-market. U.S. regulators are expected to rule upon the drug later this month.
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Crude oil prices hover near $64 a barrel
Jan 12 2006 11:40PM (CT)
SINGAPORE (AP) - Crude futures inched lower Friday as traders focused on unseasonably balmy weather in the U.S. Northeast, a key heating oil market. Signs of ample oil supplies are also causing prices to sag.
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Federated to sell Lord & Taylor by year-end
Jan 12 2006 11:23PM (CT)
NEW YORK (AP) - Lord & Taylor _ which once defined American classic designer styling but lost its cachet amid fierce competition _ is on the block.
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Wendy's facing tomato shortage
Jan 12 2006 11:23PM (CT)
DUBLIN, Ohio (AP) - Tomatoes are available by request only at Wendy's restaurants, a short-term policy that began in late December because of crop damage from hurricanes in Florida.
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Enron jury won't hear tapes of co. traders
Jan 12 2006 11:22PM (CT)
HOUSTON (AP) - The upcoming fraud and conspiracy trial of Enron Corp. founder Kenneth Lay and former CEO Jeffrey Skilling won't feature audio tapes of Enron traders discussing how they gamed California's power system for high profits when the state was plagued by rolling blackouts and skyrocketing power prices in 2000 and 2001, a judge ruled Thursday.
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Japanese stocks flat; dollar up vs. yen
Jan 12 2006 11:21PM (CT)
TOKYO (AP) - Japan's benchmark stock index was down slightly at midday Friday after weaving in and out of positive territory most of the morning. The dollar was up against the yen.
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Md. Senate overrides veto of Wal-Mart bill
Jan 12 2006 10:55PM (CT)
ANNAPOLIS, Md. (AP) - Maryland legislators voted Thursday to enact a first-in-the-nation requirement that Wal-Mart Stores Inc. spend more on employee health care. The measure, touted as a money-saver for the state-supported Medicaid program, takes effect despite the governor's veto of the bill.
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Boston Scientific increases Guidant bid
Jan 12 2006 10:38PM (CT)
BOSTON (AP) - Boston Scientific Corp. further raised the stakes Thursday in a bidding war to buy rival medical device maker Guidant Corp., boosting its offer by about $330 million in hopes of ousting rival suitor Johnson & Johnson.
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Stakes high for Boston Scientific in bid
Jan 12 2006 10:37PM (CT)
BOSTON (AP) - Boston Scientific's increased bid Thursday night for Guidant Corp. was little surprise to many industry analysts who know how badly Boston Scientific wants to buy the rival medical device maker.
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SEC opens formal investigation of IBM
Jan 12 2006 10:27PM (CT)
BOSTON (AP) - Federal investigators have racheted up their probe of how International Business Machines Corp. advised Wall Street about stock option expenses in the first quarter of 2005, the technology giant disclosed Thursday.
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Thursday's Commodities Roundup
Jan 12 2006 9:54PM (CT)
NEW YORK (AP) - Gold and silver futures recovered from early weakness to finish with only tiny losses in New York Thursday. Speculative buying returned after an early profit-taking pullback that was blamed largely on a stronger U.S. dollar.
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Calif. energy regulators OK solar program
Jan 12 2006 8:17PM (CT)
SAN FRANCISCO (AP) - Hoping to make California a world leader in solar power, state energy regulators Thursday approved some $3 billion in customer rebates over the next decade to encourage people to install solar panels on their roofs.
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Automakers estimate diesel sales will grow
Jan 12 2006 8:12PM (CT)
DETROIT (AP) - Europeans prize diesel engines for their fuel efficiency and power, but U.S. buyers have been slow to embrace them because of environmental concerns and bad memories of the belching diesels of the 1980s. Only about 3 percent of the vehicles sold in the United States last year had diesel engines, compared to half the vehicles in Europe.
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Court OK of Netflix settlement delayed
Jan 12 2006 8:06PM (CT)
SAN FRANCISCO (AP) - A proposed legal settlement affecting more than 6 million current and former Netflix Inc. subscribers has been delayed to address complaints that the deal unfairly favors the online DVD rental service and lawyers who sued the company.
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Solar tech companies up on Calif. measure
Jan 12 2006 8:05PM (CT)
NEW YORK (AP) - Shares of solar-energy technology companies rose sharply Thursday, with several chalking up 52-week highs, as California regulators approved a solar-energy package.
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New nickel to have Jefferson face forward
Jan 12 2006 7:15PM (CT)
WASHINGTON (AP) - Coming soon to a cash register near you _ a smiling Thomas Jefferson looking straight at you from a new nickel that will end nearly a century of tradition for U.S. coins.
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United resolves disputes with creditors
Jan 12 2006 7:02PM (CT)
CHICAGO (AP) - United Airlines' parent company on Thursday said it had resolved its differences with a committee representing unsecured creditors, moving the airline one step closer to its planned exit from bankruptcy next month.
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Trade deficit narrows, jobless claims up
Jan 12 2006 6:51PM (CT)
WASHINGTON (AP) - The U.S. trade deficit narrowed slightly in November as the price of foreign oil fell and U.S. exports hit an all-time high. Some economists predicted the country may soon start to see sustained improvements in its trade performance.
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Army may end Lockheed spy plane contract
Jan 12 2006 6:41PM (CT)
BALTIMORE (AP) - The Army canceled Lockheed Martin Corp.'s contract to build a new spy plane Thursday, saying the defense contractor's design for the plane for the expected $8 billion program would be too costly.
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Big movers in the stock market
Jan 12 2006 6:28PM (CT)
NEW YORK (AP) - Stocks that were moving substantially or trading heavily Thursday on the New York Stock Exchange and Nasdaq Stock Market.
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Starbucks in movie deal with Lions Gate
Jan 12 2006 6:28PM (CT)
SEATTLE (AP) - Starbucks Corp. is moving into the movie promotion business, partnering with the film studio Lions Gate Entertainment Corp. to market the upcoming film "Akeelah and the Bee."
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Brazil's Varig wins bankruptcy extension
Jan 12 2006 6:17PM (CT)
SAO PAULO, Brazil (AP) - Brazil's struggling airline Viacao Aerea Rio-Grandense SA, or Varig, said Thursday it paid $56 million to U.S. aircraft leasing companies and won an extension of its bankruptcy protection.
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Treasurys rally amid deluge of supply
Jan 12 2006 6:00PM (CT)
NEW YORK (AP) - Treasurys prices rallied late Thursday as the market digested a deluge of supply _ including a $9 billion sale of 10-year inflation indexed notes _ with relative ease.
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BlackBerry devices to offer Mac support
Jan 12 2006 5:45PM (CT)
SAN JOSE, Calif. (AP) - Research in Motion Ltd. said Thursday it will offer for the first time a Macintosh-based e-mail and calendar application for its BlackBerry handheld devices.
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UBS fined $49.5M for market-timing
Jan 12 2006 5:33PM (CT)
NEW YORK (AP) - The New York Stock Exchange said it and the state of New Jersey fined UBS Financial Services $49.5 million for failing to supervise deceptive market-timing activities by brokers in at least seven branches.
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Northwest pilots vote to freeze pensions
Jan 12 2006 5:20PM (CT)
MINNEAPOLIS (AP) - Northwest Airlines Corp. pilots voted overwhelmingly to approve a freeze in their pensions as the company shifts to a plan based on employee contributions, their union said Thursday.
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Money funds rose in latest week
Jan 12 2006 4:57PM (CT)
NEW YORK (AP) - Assets of the nation's retail money market mutual funds rose by $3.41 billion in the latest week to $846.71 billion, the Investment Company Institute said Thursday.
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Corning shares boosted by flat-screen TVs
Jan 12 2006 4:51PM (CT)
ROCHESTER, N.Y. (AP) - Soaring demand for flat-panel televisions is driving up shares of Corning Inc., which first devised a way of making unvaryingly flat, ultra-thin glass back in the 1960s.
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New judge gets Delta bankruptcy case
Jan 12 2006 4:51PM (CT)
NEW YORK (AP) - The judge overseeing Delta Air Lines Inc.'s bankruptcy case is permanently stepping away from the case, days after the court announced she was taking a medical leave of absence, a court official said Thursday.
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Viisage acquiring Identix in $770M deal
Jan 12 2006 4:44PM (CT)
BOSTON (AP) - Viisage Technology Inc. is paying about $770 million in stock for rival biometrics provider Identix Inc. in hopes of creating a full-service homeland security company and grabbing a bigger chunk of a market that has blossomed since 9/11.
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SEC opens informal probe into Home Depot
Jan 12 2006 4:43PM (CT)
ATLANTA (AP) - The Securities and Exchange Commission has opened an informal inquiry into how The Home Depot Inc., the nation's largest home improvement store chain, records credits it receives from vendors for defective merchandise, a company spokesman said Thursday.
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RadioShack confirms 2005 profit shortfall
Jan 12 2006 4:41PM (CT)
FORT WORTH, Texas (AP) - RadioShack Corp. says revenue rose in the fourth quarter, but sales of wireless phones and highly profitable accessories were disappointing, and the electronics retailer still expects to miss earnings targets for all of 2005.
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Apollo Group to pay departed CEO $18M
Jan 12 2006 4:40PM (CT)
WASHINGTON (AP) - Apollo Group Inc., the parent of the University of Phoenix, Thursday said Todd S. Nelson, who resigned Wednesday as chairman, chief executive and president, will receive $18 million in severance pay.
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HMV chief executive Giles to step down
Jan 12 2006 4:39PM (CT)
LONDON (AP) - The chief executive of music and books retailer HMV announced Thursday he is stepping down as the company reported disappointing Christmas sales and sharply lower half-year results. The company's shares plunged after the news.
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BB&T to buy Tenn. bank for nearly $143M
Jan 12 2006 4:30PM (CT)
CHARLOTTE, N.C. (AP) - BB&T Corp., the nation's ninth-largest bank, said Thursday it will buy First Citizens Bancorp for nearly $143 million in a deal to strengthen its presence in eastern Tennessee.
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Ex-Biogen exec. settles insider trade case
Jan 12 2006 4:25PM (CT)
BOSTON (AP) - A former executive at Biogen Idec Inc. who resigned last spring amid an insider trading investigation has reached a $3 million settlement with federal securities regulators.
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Air One to buy 30 Airbus A320s worth $1.8B
Jan 12 2006 4:14PM (CT)
ROME (AP) - Italy's Air One will buy 30 Airbus A320 passenger jets for delivery by 2008 in a deal worth $1.8 billion and plans to exercise an option to buy 10 more planes this year, the company said Thursday.
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Berlusconi, prosecutors discuss Unipol case
Jan 12 2006 4:11PM (CT)
ROME (AP) - Prime Minister Silvio Berlusconi and prosecutors on Thursday discussed the Unipol Assicurazioni SpA takeover, part of a larger banking scandal that has damaged Italy's credibility abroad, Berlusconi's office said.
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Drought, fire threaten winter grains
Jan 12 2006 2:52PM (CT)
WASHINGTON (AP) - Intense drought in the southern Plains stressed pastures and winter grains last month and pushed the risk of fire to critical levels, the Agriculture Department said Thursday.
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Corporate taxes, gov't spending hit records
Jan 12 2006 2:33PM (CT)
WASHINGTON (AP) - The federal government posted the first budget surplus for December in three years as corporate tax payments hit an all-time high, helping offset a record level for spending, the Treasury Department reported Thursday.
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Norway sees dip in 2006 oil production
Jan 12 2006 1:44PM (CT)
OSLO, Norway (AP) - Oil production from Norway's offshore fields is expected to decline by almost 5 percent this year, although natural gas exports continue to set new records, the Norwegian Petroleum Directorate said Thursday.
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Fidelity revamps fund management
Jan 12 2006 1:33PM (CT)
BOSTON (AP) - Fidelity Investments is turning 60 this year, but the more important milestone may be the changes the nation's largest mutual fund company is making to restore investor confidence in some of its big-name funds after lagging returns and a stormy 2005.
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Bottled water test positive for chemical
Jan 12 2006 1:23PM (CT)
MARIETTA, Ohio (AP) - Bottled water provided to about 1,000 southeast Ohioans whose tap water contained a chemical used by DuPont Co. to make Teflon has tested positive for trace amounts of the same substance, the company providing the water said Thursday.
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Stewart to test new lifestyle magazine
Jan 12 2006 12:51PM (CT)
NEW YORK (AP) - Martha Stewart Living Omnimedia Inc., which said last September that it was studying whether to launch a lifestyle magazine aimed at young women, confirmed plans Thursday for a two-issue test that will debut this spring. The magazine, titled "Blueprint: Design Your Life," aims to teach and inspire women on how to decorate, dress, entertain and organize their lives.
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EEOC files lawsuit against Oppenheimer
Jan 12 2006 12:45PM (CT)
NEW YORK (AP) - The U.S. Equal Employment Opportunity Commission said Thursday that it has filed a sex discrimination lawsuit against Oppenheimer & Co. Inc. in federal court in Manhattan, alleging discriminatory behavior in its hiring practices.
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JPMorgan Chase gets antitrust OK from FTC
Jan 12 2006 12:43PM (CT)
WASHINGTON (AP) - JPMorgan Chase Bank received antitrust clearance from the Federal Trade Commission to buy Collegiate Funding Services Inc. for about $663 million.
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Jarden sees earnings short of Street views
Jan 12 2006 12:07PM (CT)
NEW YORK (AP) - Jarden Corp., whose consumer-products brands include Coleman and Sunbeam, Thursday said it will miss fourth-quarter earnings expectations because of weakness in its FoodSaver and newly acquired Holmes businesses.
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Germany's economy grows by 0.9 percent
Jan 12 2006 12:06PM (CT)
FRANKFURT, Germany (AP) - Germany's economic growth slowed last year to 0.9 percent amid perniciously high unemployment and consumers reluctant to spend _ and may have even stagnated in the final quarter, the government said Thursday.
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British government to float QinetiQ
Jan 12 2006 11:46AM (CT)
LONDON (AP) - British defense research company QinetiQ Group PLC said Thursday it will make an initial public offering on the London Stock Exchange.
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ECB holds key interest rate steady
Jan 12 2006 11:29AM (CT)
FRANKFURT, Germany (AP) - The European Central Bank held its key interest rate steady at 2.25 percent on Thursday and said conditions for sustained growth in the euro zone remain in place, but made no indication about future rate increases.
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Viisage to buy Identix in $770M stock deal
Jan 12 2006 11:27AM (CT)
NEW YORK (AP) - Viisage Technology Inc. is paying about $770 million in stock for Identix Inc. in a deal that it said will create a powerhouse in technology used by law enforcement agencies and businesses to authenticate documents and identify people.
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Boeing reaches $30M settlement in suit
Jan 12 2006 11:26AM (CT)
EL SEGUNDO, Calif. (AP) - Boeing Co. has agreed to pay $30 million to settle a lawsuit by residents who alleged that pollutants from a company lab caused them to get cancer.
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NASD names Mary Schapiro as next chairman
Jan 12 2006 11:22AM (CT)
NEW YORK (AP) - The NASD, the securities industry's self-regulatory group, said longtime regulator Mary Schapiro will succeed Robert Glauber as chairman and chief executive in December.
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Tata Consultancy 3Q net profit up on orders
Jan 12 2006 11:11AM (CT)
BOMBAY, India (AP) - India's biggest software company, Tata Consultancy Services Ltd., on Thursday posted a 5.6 percent increase in third-quarter net profit, boosted by outsourcing orders from manufacturing and telecommunication clients.
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EU refuses market economy status for some
Jan 12 2006 11:10AM (CT)
BRUSSELS, Belgium (AP) - EU governments on Thursday refused to ascribe market-economy status to 13 Chinese shoemakers, opening the way for duties to be imposed on their imports to Europe.
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Toyota resumes car production in India
Jan 12 2006 10:52AM (CT)
BANGALORE, India (AP) - Toyota Motor Corp. resumed production Thursday at its car factory in southern India using managers and non-unionized workers, a company official said, even as managers and labor leaders met separately with a mediator over the dispute that idled the plant last week.
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DaimlerChrysler wins trademark battle
Jan 12 2006 10:43AM (CT)
BRUSSELS, Belgium (AP) - DaimlerChrysler AG won a legal battle at the European Union's highest court on Thursday over a trademark dispute with the heirs of artist Pablo Picasso.
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LG.Philips' profit up on TV screen demand
Jan 12 2006 10:31AM (CT)
SEOUL, South Korea (AP) - LG.Philips LCD Co. said Thursday fourth-quarter profit increased exponentially on demand for liquid crystal displays used in televisions.
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Volkswagen ends partnership with Proton
Jan 12 2006 10:25AM (CT)
FRANKFURT, Germany (AP) - Automaker Volkswagen AG said Thursday it was ending its strategic partnership with Proton Holdings BHD, abandoning their plan to build cars in Malaysia.
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British government to float QinetiQ
Jan 12 2006 10:09AM (CT)
LONDON (AP) - British defense research company QinetiQ Group PLC said Thursday it will make an initial public offering on the London Stock Exchange.
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Bridgestone picks new president, CEO
Jan 12 2006 7:47AM (CT)
TOKYO (AP) - Bridgestone Corp., the world's top tiremaker, picked the former head of its European operations as its president and chief executive Thursday.
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The Bank of England holds rates steady
Jan 12 2006 7:28AM (CT)
LONDON (AP) - The Bank of England held interest rates at 4.5 percent on Thursday, leaving the cost of borrowing unchanged for the fifth month in a row.
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Posco's 4Q net profit plunges 68 percent
Jan 12 2006 5:33AM (CT)
SEOUL, South Korea (AP) - Posco, the world's fifth-biggest steel maker by output, said Thursday that its fourth-quarter profit plunged 68 percent on lower steel prices dragged down by Chinese overproduction.
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United CEO could get $15M in incentives
Jan 12 2006 5:12AM (CT)
CHICAGO (AP) - United Airlines CEO Glenn Tilton could receive stock and options worth $15 million, base pay of more than $600,000 annually and a bonus that could double his salary when the carrier emerges from bankruptcy next month, according to company documents.
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China property sales expected to rise
Jan 12 2006 3:26AM (CT)
SHANGHAI, China (AP) - Property sales in China are expected to rise by 20 percent in 2006, slowing from 30 percent annual growth last year, the state planning agency said in a report published Thursday.
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Australia, E. Timor sign oil, gas treaty
Jan 12 2006 3:25AM (CT)
SYDNEY, Australia (AP) - Australian and East Timorese foreign ministers signed a treaty Thursday allowing the two countries to share billions of dollars in revenues from oil and gas reserves beneath the sea that divides them.
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USDA pulls funding for citrus canker fight
Jan 12 2006 3:17AM (CT)
' TALLAHASSEE, Fla. (AP) - In a major setback to Florida's battle against citrus canker, the U.S. Department of Agriculture argued that the fight is hopeless and yanked its funding for current eradication efforts.
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Disney paid Eisner $10.1 million in 2005
Jan 12 2006 2:32AM (CT)
LOS ANGELES (AP) - Michael Eisner, former chief executive of The Walt Disney Co., received $10.1 million in compensation last year, including a $9.1 million cash bonus, according to the company's annual proxy statement filed Wednesday.
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Moody's lowers Ford's credit ratings
Jan 12 2006 2:31AM (CT)
DETROIT (AP) - Moody's Investors Service lowered Ford Motor Co.'s credit rating further into junk status Wednesday, predicting the company will remain under considerable financial stress through 2007 even with a pending restructuring.
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Judge: Wal-Mart workers can sue over hours
Jan 12 2006 2:29AM (CT)
PHILADELPHIA (AP) - A judge approved a class-action lawsuit against Wal-Mart Stores Inc. by employees in Pennsylvania who say the company pressured them to work off the clock, claims that mirror those in suits filed around the country.
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Heavy snow boosts Vail Resorts' prospects
Jan 12 2006 12:30AM (CT)
NEW YORK (AP) - Bolstered by record snowfalls, Vail Resorts Inc., the largest ski resort operator in Colorado, is on a run that market experts believe will allow the company to carve out strong returns over the next few years.
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Best Buy shuffles top management
Jan 12 2006 12:13AM (CT)
RICHFIELD, Minn. (AP) - Best Buy Co. Inc. named Brian Dunn as president and chief operating officer on Wednesday, and named a chief executive for the expanding international operation of the nation's largest consumer electronics retailer.
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Gap to redesign stores, improve styling
Jan 12 2006 12:11AM (CT)
NEW YORK (AP) - Gap Inc. vowed Wednesday to redesign its stores and sharpen its sense of style, part of a sweeping makeover aimed at boosting flagging sales at the world's largest specialty clothing retailer.
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