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Kerr-McGee to sell Gulf properties
Jan 23 2006 11:35PM (CT)
OKLAHOMA CITY (AP) - Kerr-McGee Corp. announced Monday a plan to sell its oil and natural gas properties on the Gulf of Mexico shelf for an estimated $1.34 billion to Houston-based W&T Offshore Inc.
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Investment co. president pleads not guilty
Jan 23 2006 11:27PM (CT)
NEW YORK (AP) - The Canadian president of a Bahamas-based investment services company pleaded not guilty Monday to charges that he laundered $1 billion in proceeds from drug dealing and financial fraud.
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Ford to cut up to 30,000 jobs, shut plants
Jan 23 2006 11:15PM (CT)
DEARBORN, Mich. (AP) - Ford Motor Co. plans to cut up to 30,000 jobs and shutter 14 plants in a sweeping restructuring that the nation's second biggest automaker hopes will tackle declining market share and rising costs that led to hefty losses in its North American operations.
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Tokyo's U.S. beef halt sours import effort
Jan 23 2006 10:42PM (CT)
TOKYO (AP) - The first shipments of U.S. beef in two years had barely cleared customs last month when American officials were already cooking up their next project _ loosening remaining restrictions on imports and winning back wary Japanese palates.
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Japanese stocks bounce back, dollar higher
Jan 23 2006 10:32PM (CT)
TOKYO (AP) - Japan's benchmark stock index bounced back Tuesday morning after dropping more than 2 percent the previous session amid continuing fallout from a criminal probe into Internet company Livedoor Co. The dollar was higher against the yen and euro.
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Lay, Skilling ask to postpone trial
Jan 23 2006 9:42PM (CT)
HOUSTON (AP) - Enron Corp. founder Kenneth Lay and former CEO Jeffrey Skilling reiterated Monday their request to postpone their fraud and conspiracy trial, saying prosecutors' attempt to streamline the indictment against them without a grand jury's approval isn't legally adequate.
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Livedoor CEO arrested in scandal
Jan 23 2006 9:20PM (CT)
TOKYO (AP) - Takafumi Horie, chief executive of Japanese Internet portal Livedoor, was arrested Monday for alleged securities law violations in a scandal that has caused a week of turmoil in Japan's stock market, where Horie had made his fortune.
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Ford workers upset about plant closures
Jan 23 2006 9:10PM (CT)
HAPEVILLE, Ga. (AP) - Mark Gilmore moved with his teenage son from Ohio to Georgia 18 months ago in a quest for more stable work at the Ford Motor Co. assembly plant outside Atlanta. Now, he's regretting the decision after the automaker announced Monday it is shuttering the plant along with 13 other facilities in a major cost-cutting move.
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Royal Philips 4Q profit falls on charge
Jan 23 2006 9:09PM (CT)
AMSTERDAM, Netherlands (AP) - Royal Philips Electronics NV said Monday its earnings fell 33 percent in the fourth quarter to 332 million euros ($401.2 million) from 498 million euros a year earlier, mostly due to an impairment charge.
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Northwest, union square off over contracts
Jan 23 2006 8:39PM (CT)
NEW YORK (AP) - Northwest Airlines Corp. may be undervaluing some of the benefit cuts its pilots have offered to help the struggling airline emerge from bankruptcy, experts for the pilots union testified on Monday.
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Engelhard board rejects BASF's bid
Jan 23 2006 8:23PM (CT)
DALLAS (AP) - The board of specialty chemicals company Engelhard Corp. on Monday rejected a $4.9 billion hostile bid by the German-based chemical giant BASF AG, and said it was exploring a sale.
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Texas Instruments earnings advance in 4Q
Jan 23 2006 8:07PM (CT)
DALLAS (AP) - Texas Instruments Inc. said Monday that fourth-quarter profit rose 34 percent on strong sales of chips for mobile phones and electronic devices, but the company gave a cautious outlook for the first three months of this year. Its shares tumbled more than 2 percent in after-hours trading.
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Gas cos. said to avoid paying royalties
Jan 23 2006 7:15PM (CT)
WASHINGTON (AP) - Natural gas producers reportedly took advantage of inconsistent federal rules to avoid paying the U.S. government about $700 million in royalties in 2005, but the head of the Interior Department on Monday defended those rules and said taxpayers were not being shortchanged.
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Fla. official sees tomato shortage easing
Jan 23 2006 7:15PM (CT)
TALLAHASSEE, Fla. (AP) - A bountiful winter harvest should ease the nationwide tomato shortage caused by hurricanes that hit Florida last year, a top state official said Monday.
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ThyssenKrupp drops out of Dofasco bidding
Jan 23 2006 7:06PM (CT)
TORONTO (AP) - German steel company ThyssenKrupp AG dropped out of bidding for Dofasco Inc. on Monday, clearing the way for Luxembourg-based Arcelor SA to triumph with its proposal.
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Analysts: Japan needs securities agency
Jan 23 2006 6:55PM (CT)
TOKYO (AP) - The arrest of Japan's most popular startup star Monday has highlighted what some see as an astounding weakness here: The world's second largest economy has no independent body that regulates its stock market.
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Attorneys general praise Ameriquest deal
Jan 23 2006 6:42PM (CT)
LOS ANGELES (AP) - State prosecutors said Monday a $325 million settlement with lending giant Ameriquest will give some 725,000 borrowers in 49 states a chance at recovering some money lost due to what they described as deceptive lending practices.
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Economy's leading indicators tick higher
Jan 23 2006 6:39PM (CT)
NEW YORK (AP) - A closely watched gauge of future economic activity edged higher in December, pointing to continued but, perhaps, uneven growth in the year ahead, a private research group said Monday.
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Former Immucor director settles charges
Jan 23 2006 6:15PM (CT)
WASHINGTON (AP) - A former director at Immucor Inc., a maker of blood-testing equipment, has settled allegations of insider trading, the Securities and Exchange Commission announced Monday.
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Nike chair replaces CEO over differences
Jan 23 2006 6:10PM (CT)
PORTLAND, Ore. (AP) - When William D. Perez left consumer products company S.C. Johnson to replace Phil Knight as Nike CEO a little more than a year ago, industry watchers wondered whether an outsider would be able to fit into the culture of the world's largest athletic shoe maker.
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Canada confirms case of mad cow disease
Jan 23 2006 5:58PM (CT)
TORONTO (AP) - A cow from an Alberta farm has tested positive for mad cow disease, officials said Monday, raising fears for a beef industry still struggling to recover from a U.S. decision in 2003 to ban cattle imports.
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U.S. Treasury market ends little changed
Jan 23 2006 5:53PM (CT)
NEW YORK (AP) - The U.S. Treasury market ended a tepid session Monday with prices little changed on the day, recovering from modest losses earlier in the session.
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Rates rise in weekly Treasury auction
Jan 23 2006 5:51PM (CT)
WASHINGTON (AP) - Interest rates on short-term Treasury bills rose in Monday's auction to the highest levels in nearly five years.
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Monday's commodities roundup
Jan 23 2006 5:16PM (CT)
NEW YORK (AP) - Gold and other precious metals rose Monday, underpinned by weakness in the U.S. dollar and continuing worries about Iran's nuclear program.
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Volkswagen adds 2 independent ombudsmen
Jan 23 2006 5:05PM (CT)
BERLIN (AP) - German automaker Volkswagen AG said Monday it has added two independent ombudsmen to improve its image, which has been tarnished recently by a corruption scandal.
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DaimlerChrysler posts 2005 vehicle sales
Jan 23 2006 5:05PM (CT)
BERLIN (AP) - German-U.S. automaker DaimlerChrysler AG said Monday that 2005 was a record year for commercial vehicle sales, with an increase of 16 percent over 2004.
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Avaya 1Q earnings soar to $71 million
Jan 23 2006 4:44PM (CT)
BASKING RIDGE, N.J. (AP) - Communications-equipment maker Avaya Inc. on Monday said profit for its latest quarter more than doubled, as revenue climbed 8.8 percent.
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Guidant expands pacemaker recall
Jan 23 2006 4:42PM (CT)
INDIANAPOLIS (AP) - Medical device maker Guidant Corp. on Monday expanded its pacemaker recall, saying seals in some models failed at a higher rate than originally reported and that thousands of other devices could have the same problem.
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Deadline looms for J&J reply to Guidant
Jan 23 2006 4:42PM (CT)
TRENTON, N.J. (AP) - With a deadline of Tuesday night looming for Johnson & Johnson to raise its bid or let rival Boston Scientific acquire coveted heart device maker Guidant Corp., many analysts were expecting a J&J move before the stock market opens Tuesday.
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American Express 4Q profit reflects sale
Jan 23 2006 4:41PM (CT)
NEW YORK (AP) - American Express Co., which specializes in travel services and credit cards, said Monday its net income slid in the fourth quarter from year-earlier results that included profits from a financial planning unit it no longer owns.
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Bank of America 4Q earnings miss views
Jan 23 2006 4:40PM (CT)
CHARLOTTE, N.C. (AP) - Bank of America Corp. posted its first profit decline in years on Monday, missing Wall Street's expectations as consumer bankruptcies and weaker trading results cut into its fourth-quarter earnings.
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Investment group to acquire Albertson's
Jan 23 2006 4:34PM (CT)
MINNEAPOLIS (AP) - Supervalu Inc. will more than double in size and become the nation's second-largest traditional grocery store chain after claiming the lion's share of Albertson's Inc. as part of a $9.7 billion buyout. Now it needs to avoid a bellyache from swallowing its larger rival.
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MicroStrategy loses patent case decision
Jan 23 2006 4:33PM (CT)
CAMDEN, N.J. (AP) - A federal judge in Delaware on Monday ruled that Business Objects Americas didn't violate software patents held by MicroStrategy Inc.
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E-Trade posts record profit for 4Q, 2005
Jan 23 2006 4:12PM (CT)
NEW YORK (AP) - Flush with $1 billion of new cash in customer accounts, E-Trade Financial Corp. said its fourth-quarter profits rose 44 percent to a new record. The company surpassed Wall Street's earnings estimates, though revenue fell short of expectations.
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Bristol-Myers puts aside settlement money
Jan 23 2006 4:04PM (CT)
NEW YORK (AP) - Bristol-Myers Squibb Co. said Monday it has put aside $185 million to settle a class-action lawsuit that alleges the company's stock was artificially inflated by false and misleading claims the drugmaker made as it touted the prospects of an experimental heart drug.
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Cal Dive to buy Remington Oil and Gas
Jan 23 2006 3:19PM (CT)
DALLAS (AP) - Energy-services provider Cal Dive International Inc. stepped up its shift into production Monday by agreeing to pay $1.4 billion for Remington Oil and Gas Corp., which has holdings in the Gulf of Mexico.
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Langone asks judge to dismiss complaint
Jan 23 2006 3:18PM (CT)
NEW YORK (AP) - Kenneth Langone, the former New York Stock Exchange director accused of illegally helping former Chairman Richard Grasso obtain a $187.5 million pay package, asked a state judge Monday to dismiss the state attorney general's complaint against him due to lack of evidence.
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SAS strike strands passengers in Denmark
Jan 23 2006 3:10PM (CT)
COPENHAGEN, Denmark (AP) - Hundreds of Scandinavian Airlines pilots went on strike in Copenhagen on Monday, forcing the carrier to cancel 270 flights and leaving thousands of passengers stranded, company officials said.
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Progress Energy weighs site for nuke plant
Jan 23 2006 3:02PM (CT)
RALEIGH, N.C. (AP) - Progress Energy Inc. said Monday it is considering building a new nuclear reactor at its existing plant near Raleigh, in what could become one of the nation's first orders for a nuclear power reactor in more than thirty years.
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PetMed Express shares rise on 3Q results
Jan 23 2006 2:55PM (CT)
NEW YORK (AP) - Shares of PetMed Express Inc. surged Monday after the online veterinarian drug distributor posted strong results for the latest quarter, due to a wave of new customers.
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Greenhouse operator finds green roof niche
Jan 23 2006 2:22PM (CT)
STREET, Md. (AP) - If you're the type that likes to buy plants and forget about them, Ed Snodgrass has a greenhouse full of abuse-loving varieties.
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FTC asked to stop ad program distributor
Jan 23 2006 2:17PM (CT)
NEW YORK (AP) - A nonprofit technology group asked the Federal Trade Commission on Monday to stop a software developer from allowing "deceptive and unfair" methods in distributing products that generate online pop-up ads.
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Regulators nix Springer's takeover plans
Jan 23 2006 12:39PM (CT)
BERLIN (AP) - Antitrust authorities on Monday rejected publisher Axel Springer AG's plans to build a German media colossus by blocking its 3.5 billion euros ($4.2 billion) takeover of broadcaster ProSiebenSat.1 Media AG, Springer said.
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Starwood Capital to launch Crillon brand
Jan 23 2006 12:14PM (CT)
GREENWICH, Conn. (AP) - Real-estate investment company Starwood Capital Group LLC said Monday it plans to launch a new international luxury brand called the Crillon, featuring European-style hotels and serviced residences in major destinations around the world.
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Trinity Mirror says Blank to retire in May
Jan 23 2006 11:59AM (CT)
LONDON (AP) - Newspaper group Trinity Mirror PLC said Monday that chairman Victor Blank will retire from the board at the company's annual general meeting in May.
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Livedoor CEO once viewed as a new breed
Jan 23 2006 11:56AM (CT)
TOKYO (AP) - Livedoor Chief Executive Takafumi Horie appeared often on TV shows and grew into such an celebrity that the Tokyo complex where he lived and worked, "Roppongi Hills," became synonymous in Japan with glitzy swinging-singles glamour.
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Honeywell gets Army pact for up to $1.4B
Jan 23 2006 11:46AM (CT)
LOS ANGELES (AP) - Honeywell International Inc. said Monday it won a U.S. Army contract for as much as $1.4 billion to provide improvements, engineering support and logistics for the turbine engine used on the Abrams tank.
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Ford's 4Q earnings rise on Hertz unit sale
Jan 23 2006 11:27AM (CT)
DEARBORN, Mich. (AP) - Ford Motor Co., the nation's second biggest automaker, said Monday that it earned $124 million in the fourth quarter, up 19 percent from the previous year thanks to the sale of its Hertz Corp. rental division and improved profits for its luxury brands. The company said it earned $2 billion for the year, down 42 percent from a year earlier but still its third consecutive yearly profit.
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Starwood Capital to launch 'Crillon'
Jan 23 2006 11:05AM (CT)
GREENWICH, Conn. (AP) - Real-estate investment company Starwood Capital Group LLC said Monday it plans to launch a new international luxury brand called the Crillon, featuring European-style hotels and serviced residences in major destinations around the world.
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InBev to buy Chinese brewery for $740M
Jan 23 2006 10:53AM (CT)
BRUSSELS, Belgium (AP) - Belgian brewer InBev NV, the world's largest brewery by volume, said Monday it has agreed to buy the largest brewer in China's Fujian province for 614 million euros ($740 million).
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Merrill Lynch hires former Fed bank chief
Jan 23 2006 10:26AM (CT)
NEW YORK (AP) - William J. McDonough, former president of the New York Federal Reserve Bank, has joined Wall Street investment bank Merrill Lynch & Co. as vice chairman and special adviser to the chairman on business development, the company said Monday.
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Canada company finds gold in China
Jan 23 2006 9:36AM (CT)
SHANGHAI, China (AP) - Canadian mining company Magnus International Resources Inc. said it found "encouraging" gold results from drilling samples at a project in western China _ one of many foreign ventures moving ahead as international gold prices soar.
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Saudi Araba in energy deal with China
Jan 23 2006 8:47AM (CT)
BEIJING (AP) - Saudi Arabia and China inked a deal on energy cooperation on Monday, amid efforts by China to secure overseas oil and gas deposits for its power-hungry economy.
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Elan, Biogen anticipate regulators' verdict
Jan 23 2006 8:34AM (CT)
DUBLIN, Ireland (AP) - Drug makers Elan Corp. PLC and Biogen Idec Inc. said Monday they expect U.S. regulators to decide in March whether their suspended multiple-sclerosis treatment Tysabri can return to the American market.
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Group: British economy shows revival signs
Jan 23 2006 7:56AM (CT)
LONDON (AP) - The British economy is showing signs of reviving in 2006, but weak consumer spending is a key risk to the rosier outlook, a leading forecasting group said Monday.
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Group to buy Albertson's in $9.7B deal
Jan 23 2006 7:27AM (CT)
BOISE, Idaho (AP) - Albertson's Inc., the nation's second biggest traditional grocery store, said Monday it has agreed to sell the company for about $9.7 billion in cash and stock to an investment group including supermarket chain Supervalu Inc. and drugstore chain CVS Corp.
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Iconic Fed chief prepares his departure
Jan 23 2006 6:48AM (CT)
WASHINGTON (AP) - America has embraced Alan Greenspan with irrational exuberance. The slight, aging economist with the supersize glasses and claymation facial expressions has inspired a symphonic overture, a country music paean and a red-hot gallery exhibition of "Alan as Art." Queen Elizabeth awarded him honorary knighthood.
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ATA Airlines to expand service
Jan 23 2006 5:31AM (CT)
INDIANAPOLIS (AP) - ATA Airlines will add service to four cities and increase flights to Hawaii, the first sign of the airline's business plan once it emerges from federal bankruptcy protection in the coming weeks.
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Yamaha Motor headquarters raided
Jan 23 2006 5:22AM (CT)
TOKYO (AP) - Japanese police on Monday raided the headquarters of Yamaha Motor Co. on suspicion the company illegally exported to China remote-control helicopters that can be diverted to military use, officials said.
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Japan to inspect all U.S. beef imports
Jan 23 2006 2:14AM (CT)
TOKYO (AP) - Japan has ordered inspections of all U.S. beef imported over the past month, calling for a full explanation of an American violation of the countries' beef pact.
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AtomFilms to launch studio for online
Jan 23 2006 1:01AM (CT)
SAN JOSE, Calif. (AP) - As the Internet has become the people's stage and online video surges in popularity, AtomFilms is launching what could be among the first of many new studios dedicated to the production of video for online audiences.
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