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Lawyers oppose moving Lay, Skilling trial
Jan 18 2006 11:45PM (CT)
HOUSTON (AP) - Federal prosecutors said Wednesday the upcoming fraud and conspiracy trial of Enron Corp. founder Kenneth Lay and former CEO Jeffrey Skilling should stay in Houston despite defense concerns about the ability to choose a fair jury.
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Brokerage exec. dead in apparent suicide
Jan 18 2006 11:37PM (CT)
TOKYO (AP) - An executive of a securities firm allegedly involved in corporate takeover deals by Internet startup Livedoor Co. was found dead in an apparent suicide, police said Thursday. Livedoor again denied any financial misdeeds.
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Neighbors sue Ford over N.J. waste site
Jan 18 2006 11:26PM (CT)
RINGWOOD, N.J. (AP) - Hundreds of current and former New Jersey residents sued Ford Motor Co. Wednesday over industrial waste the company left behind 30 years ago.
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American Airlines CEO defends bonuses
Jan 18 2006 11:21PM (CT)
DALLAS (AP) - Bonuses for about 1,000 executives at American Airlines could be worth more than $70 million at the parent company's current stock price, and the airline's chief executive publicly defended the payments, which drew howls of protest from union leaders this month.
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Tokyo stocks rebound in morning session
Jan 18 2006 11:19PM (CT)
TOKYO (AP) - Japan's main stock market posted a strong recovery in the morning session Thursday, surging more than 2 percent on bargain hunting following two days of heavy losses sparked by an investigation into Internet portal Livedoor.
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Witt sells risk management firm
Jan 18 2006 10:50PM (CT)
LITTLE ROCK, Ark. (AP) - James Lee Witt, who headed the Federal Emergency Management Agency under President Clinton, said Wednesday he is selling his risk management firm to another company in the field of risk assessment and protection.
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AIG chief operating officer Kanak resigns
Jan 18 2006 10:28PM (CT)
NEW YORK (AP) - American International Group Inc. said Wednesday that Donald P. Kanak, the company's executive vice chairman and chief operating officer, resigned for personal reasons.
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Washington Mutual 4Q earnings miss views
Jan 18 2006 9:55PM (CT)
SEATTLE (AP) - Washington Mutual Inc. said Wednesday that its earnings rose nearly 30 percent in the fourth quarter despite a slowdown in its home loan business. But the results were below the projections of Wall Street analysts.
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Former GM chief Thomas Murphy dies at 90
Jan 18 2006 9:51PM (CT)
DETROIT (AP) - Thomas A. Murphy, who was General Motors Corp.'s chairman and CEO as the company shifted to smaller, more fuel-efficient cars in the 1970s, died Wednesday in Boynton Beach, Fla., the automaker said.
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Southwest posts gains; American takes loss
Jan 18 2006 9:05PM (CT)
DALLAS (AP) - Southwest Airlines Co. reported a 54 percent jump in fourth-quarter profit as the bets it made on fuel prices allowed it to dodge for a little longer the spiraling costs that led to a $604 million loss for the parent of American Airlines, the nation's biggest carrier.
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Court OKs United management stock plan
Jan 18 2006 8:23PM (CT)
CHICAGO (AP) - United Airlines moved to the brink Wednesday of getting a final go-ahead to leave bankruptcy, winning court approval for its controversial management stock plan and resolving differences with its combative flight attendants' union.
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EBay 4th-quarter profit rises 36 percent
Jan 18 2006 8:21PM (CT)
SAN JOSE, Calif. (AP) - Online auctioneer eBay Inc. Wednesday said earnings rose 36 percent rise in the fourth quarter, beating analysts' expectations, but its forecast that profit and sales for the year would fall short of estimates pushed shares down in late trade.
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IPod revenue boosts Apple 1Q net income
Jan 18 2006 7:35PM (CT)
SAN JOSE, Calif. (AP) - Building on continued momentum of its iPod players, Apple Computer Inc. nearly doubled its net income on record revenue and easily topped Wall Street expectations. But a soft forecast for the coming quarter drove Apple's shares down more than 3 percent in extended trading Wednesday.
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Microsoft to buy Safeco office campus
Jan 18 2006 6:53PM (CT)
REDMOND, Wash. (AP) - Microsoft Corp. has agreed to pay $209.5 million for the Redmond office campus of Safeco Corp., the insurance company said in a regulatory filing Wednesday.
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AMD posts 4Q earnings of $95.6 million
Jan 18 2006 6:35PM (CT)
SAN JOSE, Calif. (AP) - Advanced Micro Devices Inc. swung to a fourth-quarter profit Wednesday on record microprocessor sales and success in swiping a slice of the market from its much larger rival, Intel Corp.
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Northwest executive seeks labor cost cuts
Jan 18 2006 6:20PM (CT)
NEW YORK (AP) - Northwest Airlines Corp. will lose more than $1 billion in 2006 if it does not get $1.4 billion in annual labor-cost savings from pilots, flight attendants and other employees as it seeks to emerge from bankruptcy, a company official testified Wednesday.
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Insurers work to aid seniors on Medicare
Jan 18 2006 6:14PM (CT)
HARTFORD, Conn. (AP) - Health insurers are scrambling to address some senior citizens' inability to fill their prescriptions under the brand new Medicare drug program.
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Marcus shares up on dividend declaration
Jan 18 2006 6:12PM (CT)
NEW YORK (AP) - Marcus Corp. shares climbed sharply Wednesday, after the company declared a special dividend of $7 a share and boosted its regular quarterly dividend by 36 percent.
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Seagate Technology 2Q profit up to $287M
Jan 18 2006 6:03PM (CT)
SCOTTS VALLEY, Calif. (AP) - Disk-drive maker Seagate Technology Inc. said its income rose in the latest quarter, boosted by a higher average selling price for its products.
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Prosecutors probe DaimlerChrysler exec
Jan 18 2006 5:42PM (CT)
BERLIN (AP) - German prosecutors said Wednesday they are investigating DaimlerChrysler AG supervisory board chief Hilmar Kopper for suspected insider trading.
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Boston Scientific bid concerns investors
Jan 18 2006 5:41PM (CT)
BOSTON (AP) - Boston Scientific Corp. now has the upper hand over Johnson & Johnson in a bidding war to acquire Guidant Corp., but the rich offer the Massachusetts company made to gain front-runner status has left some investors worried Boston Scientific may be overreaching.
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Wal-Mart hires Roehm for marketing post
Jan 18 2006 5:37PM (CT)
BENTONVILLE, Ark. (AP) - Wal-Mart Stores Inc. said Wednesday it has hired an auto-industry veteran to help drive shoppers from the retailer's grocery and sundries aisles into the fashions and electronics departments.
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Intuit agrees to change TurboTax ads
Jan 18 2006 5:32PM (CT)
KANSAS CITY, Mo. (AP) - Intuit Inc. agreed Wednesday to change statements in an ongoing advertising campaign for its popular tax-preparation software TurboTax that competitor H&R Block Inc. said was misleading.
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Burlington Coat Factory agrees to buyout
Jan 18 2006 5:31PM (CT)
TRENTON, N.J. (AP) - After 34 years as a family-run business, Burlington Coat Factory Warehouse Corp. has agreed to a $2.06 billion cash buyout offer from private equity firm Bain Capital Partners LLC.
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Wednesday's commodities roundup
Jan 18 2006 5:30PM (CT)
NEW YORK (AP) - Gold fell Wednesday as traders took profits from Tuesday's fresh 25-year high of $565.50 an ounce.
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Puma shares up; Mayfair denies sale talk
Jan 18 2006 5:30PM (CT)
FRANKFURT, Germany (AP) - Shares of athletic apparel and shoe maker Puma AG briefly rose nearly 3 percent Wednesday before retreating later in the day, after one of its biggest shareholder denied rumors it was looking to unload its stake in the company.
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Clementi to head services unit at IBM
Jan 18 2006 5:00PM (CT)
BOSTON (AP) - A day after a quarterly earnings report from International Business Machines Corp. showed weakness in the company's key services arm, IBM rejiggered the unit Wednesday by bringing in a manager from the hardware division.
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IBM offers optimistic forecast for 2006
Jan 18 2006 4:57PM (CT)
BOSTON (AP) - Despite softness in its core services business, International Business Machines Corp. beat Wall Street's expectations for its fourth-quarter earnings and presented a moderately optimistic outlook for 2006.
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Intel shares drop on lower 2006 forecast
Jan 18 2006 4:54PM (CT)
SAN JOSE, Calif. (AP) - Shares of Intel Corp. plunged in early trading Wednesday after the chipmaker scaled back expectations for the new year and posted earnings and sales that missed Wall Street expectations for the last quarter of 2005.
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Oil prices finish below $66 per barrel
Jan 18 2006 4:52PM (CT)
NEW YORK (AP) - Crude oil prices fell Wednesday, as traders took profits from a recent surge in prices over supply worries spurred by possible sanctions against Iran, OPEC's second largest producer, and political unrest in Nigeria.
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Charles Schwab 4Q earnings soar to $187M
Jan 18 2006 4:51PM (CT)
SAN FRANCISCO (AP) - Charles Schwab Corp.'s fourth-quarter earnings more than tripled as the discount brokerage slashed fees, capping the most profitable year in its 30-year history.
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Cos. launch all-exercise cable network
Jan 18 2006 4:48PM (CT)
PHILADELPHIA (AP) - Comcast Corp. and partner Time Warner Cable on Wednesday launched an all-exercise, on-demand cable network that will use product placements, branded graphics and sponsored segments rather than traditional commercials.
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Yahoo shares drop on 4Q earnings report
Jan 18 2006 4:47PM (CT)
SAN FRANCISCO (AP) - Yahoo Inc.'s shares dropped more than 12 percent Wednesday as investors expressed their disappointment with the Internet powerhouse's inability to reap bigger gains as advertisers shift more of their spending to the Web.
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JPMorgan Chase, SunTrust 4Q profits rise
Jan 18 2006 4:43PM (CT)
NEW YORK (AP) - JPMorgan Chase & Co., the nation's third-largest bank, said Wednesday its profits grew more than 60 percent in the fourth quarter from the year-earlier period despite disappointing trading results and charge-offs related to higher consumer bankruptcy filings.
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Vioxx lawyers to question Journal editors
Jan 18 2006 4:41PM (CT)
TRENTON, N.J. (AP) - A current editor and former editor of the New England Journal of Medicine, which last month criticized drug maker Merck & Co. for withholding data from a published study on its withdrawn painkiller Vioxx, will be grilled next week by the company's lawyers.
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Anxiety surrounds upcoming Google report
Jan 18 2006 4:40PM (CT)
SAN FRANCISCO (AP) - Investors whipped Yahoo Inc. Wednesday for missing analysts' fourth-quarter earnings target, raising worries about a similar backlash later this month if online search engine rival Google Inc. doesn't meet Wall Street's lofty expectations.
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Hedge fund manager revamps McDonald's plan
Jan 18 2006 4:26PM (CT)
NEW YORK (AP) - An activist hedge fund manager issued a revamped restructuring proposal Wednesday for McDonald's Corp. that would partially spin off company-owned restaurants into a separate company that would focus on emerging international markets.
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Winchester rifles to be discontinued
Jan 18 2006 4:06PM (CT)
NEW HAVEN, Conn. (AP) - The traditional Winchester rifles carried by pioneers, movie stars and Wild West lawmen will be discontinued in March, a Belgian manufacturer said Wednesday, confirming the end of an American icon that became known as "The Gun that Won the West."
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Fed notes expansion of economic activity
Jan 18 2006 3:25PM (CT)
WASHINGTON (AP) - The economy chugged ahead as the new year opened with manufacturing picking up, employment improving and retail sales rising, the Federal Reserve reported Wednesday.
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LifeCell stock down on competitor's move
Jan 18 2006 3:09PM (CT)
NEW YORK (AP) - LifeCell Corp. stock fell Wednesday after implant-product maker Tutogen Medical Inc. sold its distribution rights of a product that may compete with LifeCell's lead product AlloDerm, a human tissue-based product used in hernia repair.
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DirecTV to offer family-friendly programs
Jan 18 2006 2:46PM (CT)
NEW YORK (AP) - DirecTV Inc., a major satellite TV broadcaster, said Wednesday that it would become the latest pay-TV provider to offer a family-friendly package of programming.
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Bank of Italy announces moves by new gov.
Jan 18 2006 2:41PM (CT)
ROME (AP) - The Bank of Italy said Wednesday that its new governor, Mario Draghi, a former managing director at Goldman Sachs, won't make decisions that directly concern the U.S. investment bank for one year.
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Co. appeals court order to change name
Jan 18 2006 2:35PM (CT)
SHANGHAI, China (AP) - A Chinese company locked in a trademark dispute with Starbucks has appealed a court order to change its name for sounding too similar to that of the world's top specialty coffee retailer.
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Southwest 4Q profit up despite expense
Jan 18 2006 2:10PM (CT)
DALLAS (AP) - Low-cost carrier Southwest Airlines Inc. said Wednesday that its fourth-quarter profit rose 54 percent despite an unexpected security expense, driven by higher revenue and its cost control efforts. Its shares rose more than 4 percent.
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AMR Corp.'s 4Q losses widen on competition
Jan 18 2006 1:58PM (CT)
FORT WORTH, Texas (AP) - American Airlines parent AMR Corp. on Wednesday said its fourth-quarter loss widened as the nation's biggest airline company wrestled with high fuel costs and competition with low-cost rivals.
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Yukos oil producer reports new tax claim
Jan 18 2006 1:55PM (CT)
MOSCOW (AP) - Russia's stricken Yukos oil company said Wednesday that it had received a new claim for unpaid taxes and fines totaling 107 billion rubles ($3.79 billion).
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London share prices fall
Jan 18 2006 1:18PM (CT)
LONDON (AP) - Share prices fell Wednesday on the London Stock Exchange.
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European stocks down after Tokyo sell-off
Jan 18 2006 1:00PM (CT)
LONDON (AP) - European stocks ended lower Wednesday after a chaotic session in Japan compounded gloom over earnings reports from the United States, where Intel Corp., Yahoo Inc. and Wells Fargo & Co. failed to meet expectations.
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Harley-Davidson plans China dealership,
Jan 18 2006 12:57PM (CT)
MILWAUKEE (AP) - For Ray Ma, freedom on the open road means riding his Harley-Davidson motorcycle behind two police cars through the Chinese countryside.
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Ex-CEO of Impath is jailed three months
Jan 18 2006 12:52PM (CT)
NEW YORK (AP) - The former chief executive of Impath Inc. was sentenced Tuesday to three months in prison in connection with improperly charging personal expenses to the company, including purchases of furniture, artwork and beauty products.
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Payments by Freeport McMoRan trigger probe
Jan 18 2006 12:24PM (CT)
JAKARTA, Indonesia (AP) - Payments by U.S. mining company Freeport McMoRan to troops guarding its massive gold mine in Indonesia have sparked an inquiry by U.S. government agencies, the company said. The company's shares fell Wednesday after the news.
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U.S. securities buys total $89.1B in Nov.
Jan 18 2006 11:53AM (CT)
WASHINGTON (AP) - Foreigners recorded net purchases of U.S. securities totaling $89.1 billion in November, according to the latest data from the Treasury Department.
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Australia agency opposes transport merger
Jan 18 2006 11:52AM (CT)
SYDNEY, Australia (AP) - Australian transport company Toll Holdings Ltd.'s multibillion dollar hostile takeover offer for stevedore Patrick Corp. faced a major setback Wednesday when the national competition watchdog opposed the bid because the combined group would have too much power.
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Buffett: U.S. trade deficit is a threat
Jan 18 2006 11:41AM (CT)
RENO, Nev. (AP) - The U.S. trade deficit is a bigger threat to the domestic economy than either the federal budget deficit or consumer debt and could lead to "political turmoil," billionaire investor Warren Buffett warned.
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British unemployment claims up in Dec.
Jan 18 2006 11:28AM (CT)
LONDON (AP) - The number of people out of work and claiming benefits in Britain rose in December for the 11th consecutive month, the government said Wednesday.
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Ranbaxy sees fourth-quarter profit drop
Jan 18 2006 11:19AM (CT)
NEW DELHI (AP) - Ranbaxy Laboratories Ltd., India's largest pharmaceutical company, on Wednesday reported a 56 percent drop in its fourth-quarter profit and a 63 percent drop in full-year profit, attributing it mostly to pricing pressure in the U.S. market.
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JPMorgan Chase posts strong fourth quarter
Jan 18 2006 11:15AM (CT)
NEW YORK (AP) - JPMorgan Chase & Co., the nation's third-largest bank, said Wednesday that its profits grew more than 60 percent in the fourth quarter from the year-earlier period despite disappointing trading results and charge-offs related to higher consumer bankruptcy filings.
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Britain being probed on role in crisis
Jan 18 2006 11:05AM (CT)
STRASBOURG, France (AP) - European lawmakers agreed Wednesday to investigate whether British authorities were partly to blame for a financial crisis at a British insurer which led to losses for more than a million customers.
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McDermott asbestos settlement approved
Jan 18 2006 10:31AM (CT)
NEW ORLEANS (AP) - A judge has approved McDermott International Inc.'s plan to settle as many as 300,000 asbestos injury claims ranging from $375 million to $955 million in costs for the company, depending on whether Congress creates a national trust fund to handle all such cases.
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Reports: Gazprom cuts European supplies
Jan 18 2006 10:27AM (CT)
MOSCOW (AP) - Russian natural gas monopoly Gazprom has reduced supplies to European customers because of a cold snap at home, the Interfax news agency reported Wednesday.
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Citigroup to launch own trading network
Jan 18 2006 10:24AM (CT)
NEW YORK (AP) - Citigroup Inc., one of the world's largest financial services companies, on Wednesday said it plans to launch its own electronic stock-trading network, a service that could draw some traffic away from the New York Stock Exchange and Nasdaq Stock Market.
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Euronext still considering 'all options'
Jan 18 2006 10:14AM (CT)
PARIS (AP) - Euronext NV said Wednesday it is still considering "all options" after a major shareholder urged the European stock exchange operator to revive stalled merger talks with German rival Deutsche Boerse AG.
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Bank of NY profits climb 15 percent in 4Q
Jan 18 2006 9:44AM (CT)
NEW YORK (AP) - The Bank of New York reported Wednesday that stronger securities servicing fees helped boost fourth-quarter profit by 15 percent.
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DaimlerChrysler plans Malaysia facility
Jan 18 2006 9:31AM (CT)
FRANKFURT, Germany (AP) - Automaker DaimlerChrysler AG plans to establish a production facility for its Mercedes-Benz S-Class in Malaysia next year, the company said Wednesday.
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Swiss Re to cut work force over 3 years
Jan 18 2006 8:57AM (CT)
ZURICH, Switzerland (AP) - Swiss Reinsurance Co. said Wednesday it would cut its staff by 10 percent to 15 percent over the next three years, or by more than 1,000 jobs, as part of its acquisition of most of General Electric Co.'s insurance operations.
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Brewer SABMiller's 3Q sales fall in U.S.
Jan 18 2006 8:32AM (CT)
LONDON (AP) - Brewer SABMiller PLC reported Wednesday that third-quarter sales fell in the U.S. and grew less than analysts had expected in South Africa.
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German Cabinet OKs $30.5B investment plan
Jan 18 2006 8:14AM (CT)
BERLIN (AP) - The German Cabinet on Wednesday approved a 25 billion euros ($30.5 billion) investment package aimed at boosting economic growth and employment in Europe's largest economy, government officials said.
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Dispute with supplier could hurt Delphi
Jan 18 2006 8:08AM (CT)
TROY, Mich. (AP) - A dispute with an Israeli maker of precision machine parts has threatened to hamper financially struggling Delphi Corp.'s ability to supply its No. 1 customer, General Motors Corp.
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Profit at India's Wipro grows on orders
Jan 18 2006 7:50AM (CT)
BANGALORE, India (AP) - Brisk outsourcing orders helped boost net profit by 25 percent at India's third-largest software exporter, Wipro Ltd., in the October-December quarter, surpassing market expectations.
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GM unveils three new models in India
Jan 18 2006 7:33AM (CT)
NEW DELHI (AP) - General Motors Corp. on Wednesday unveiled three new cars in India, including a hatchback model, in a bid to boost sales in one of the world's fastest growing automobile markets.
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AstraZeneca loses ruling on 2 patents
Jan 18 2006 7:31AM (CT)
LONDON (AP) - Pharmaceutical company AstraZeneca PLC lost a U.S. court ruling over two patents covering the heart drug Toprol-XL but intends to appeal the decision, the company said Wednesday.
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Sony Ericsson 4Q earnings nearly triple
Jan 18 2006 7:24AM (CT)
STOCKHOLM, Sweden (AP) - Mobile phone maker Sony Ericsson's earnings nearly tripled in the fourth quarter, boosted by strong sales of Walkman phones, the company said Wednesday.
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ASML profits halve in fourth quarter
Jan 18 2006 5:22AM (CT)
AMSTERDAM, Netherlands (AP) - Dutch semiconductor equipment maker ASML Holding NV reported its profits were cut in half in the fourth quarter of 2005, blaming a dip in the volatile global chip market.
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Farmers giving up on farmland protection
Jan 18 2006 5:04AM (CT)
CLOVIS, Calif. (AP) - The march of subdivisions across the state is trampling farmland and leading some farmers to sell out, testing the effectiveness of California's main cropland protection program.
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Smaller jets may transform flying
Jan 18 2006 3:57AM (CT)
WASHINGTON (AP) - America's already crowded skies are about to become more congested. Taking off for the first time this year will be small, speedy, cheap jets that big airlines worry will cause traffic jams around major metropolitan areas.
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China's major banks see bad loans decline
Jan 18 2006 2:06AM (CT)
SHANGHAI, China (AP) - Nonperforming loans at China's major commercial banks fell by 498.5 billion yuan ($61.8 billion) last year, reducing their share of total lending by 4 percentage points, the official Xinhua News Agency reported Wednesday.
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