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Google earnings disappoint; shares plunge
Jan 31 2006 10:53PM (CT)
SAN FRANCISCO (AP) - Google Inc.'s rapid financial growth decelerated in the fourth quarter as the online search engine leader's profit fell below analyst expectations for the first time since its August 2004 initial public offering.
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Lawyer: Enron never infested with fraud
Jan 31 2006 10:48PM (CT)
HOUSTON (AP) - Lawyers for former Enron Corp. chiefs Kenneth Lay and Jeffrey Skilling insisted Tuesday the men were guilty of no crimes, arguing the company was never infested with fraud and instead fell victim to a sudden crisis of market confidence.
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Japanese stocks slip, breaking streak
Jan 31 2006 10:45PM (CT)
TOKYO (AP) - Japanese stocks slipped Wednesday morning after six straight sessions of gains, as investors sold retailers, banks and telecommunications issues. The dollar was little changed against the yen and fell against the euro.
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FTC clears acquisition of Adelphia assets
Jan 31 2006 10:44PM (CT)
WASHINGTON (AP) - The Federal Trade Commission Tuesday cleared the acquisition of Adelphia Communications Corp.'s cable assets by Comcast Corp. and Time Warner Cable Inc., amid objections that the purchase would raise the cost of sports programming.
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Cisco appoints Capellas to board
Jan 31 2006 10:20PM (CT)
SAN JOSE, Calif. (AP) - Network equipment maker Cisco Systems Inc. on Tuesday said Michael Capellas, the former president and CEO of MCI Inc., has joined its board of directors.
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Boeing launches longer-range 737
Jan 31 2006 10:11PM (CT)
SEATTLE (AP) - Boeing Co. said Tuesday it had launched a new version of its single-aisle, twin-engine 737 after All Nippon Airways Co. converted a previous 737 order to take two of the new airplanes.
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Amerindo's Vilar, Tanaka Face New charges
Jan 31 2006 7:55PM (CT)
NEW YORK (AP) - Philanthropist and money manager Alberto Vilar and business partner Gary Tanaka are facing two additional charges in their fraud case under a new indictment unsealed in federal court in Manhattan on Tuesday.
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Huntsman confirms discussions of buyout
Jan 31 2006 7:54PM (CT)
NEW YORK (AP) - Global chemical manufacturer Huntsman Corp. confirmed late Tuesday that it has talked with multiple suitors about a possible acquisition of the company.
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FCC proposes fining AT&T, Alltel
Jan 31 2006 7:43PM (CT)
WASHINGTON (AP) - The Federal Communications Commission has proposed fining AT&T Inc. and Alltel Corp. $100,000 each for apparently failing to certify that they have procedures to protect customers' personal phone records.
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U.S. Steel CEO highlights growth in 4Q
Jan 31 2006 7:42PM (CT)
PITTSBURGH (AP) - United States Steel Corp. said Tuesday higher tubular steel sales softened the impact of falling prices for the commodity overall on profit in the latest quarter.
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Ex-Wal-Mart exec pleads guilty to charges
Jan 31 2006 7:22PM (CT)
FORT SMITH, Ark. (AP) - A former Wal-Mart Stores Inc. vice chairman who was a protege of founder Sam Walton pleaded guilty to fraud and tax charges Tuesday, admitting that he stole money, gift cards and merchandise from the world's largest retailer.
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Siebel shareholders OK takeover by Oracle
Jan 31 2006 7:19PM (CT)
NEW YORK (AP) - Shareholders in Siebel Systems Inc. Tuesday voted in favor of the software maker's acquisition by Oracle Corp., clearing the way for the deal to close, according to a Webcast of the meeting in San Mateo, Calif.
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Volterra shares rise on upbeat forecast
Jan 31 2006 7:18PM (CT)
NEW YORK (AP) - The stock of Volterra Semiconductor Corp. leaped Tuesday after the chip maker posted fourth-quarter results that beat expectations and gave an encouraging first-quarter outlook.
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RightNow Technologies shares decline
Jan 31 2006 7:16PM (CT)
NEW YORK (AP) - The stock of RightNow Technologies Inc. fell sharply Tuesday amid worries the customer-management software company's bookings had begun to slow, despite an upbeat 2006 forecast.
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Greenspan bids farewell to leading Fed
Jan 31 2006 7:14PM (CT)
WASHINGTON (AP) - Alan Greenspan, a die-hard sports fan as well as chairman of the Federal Reserve, got a baseball glove on his last day at the central bank. And a standing ovation.
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ATA to end bankruptcy protection in Feb.
Jan 31 2006 7:12PM (CT)
INDIANAPOLIS (AP) - ATA Airlines and its parent company ATA Holdings Corp. will end their federal bankruptcy protection by Feb. 28, ending 14 months of the carrier slashing routes and cutting its labor force by half to save money.
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Ex-Merck exec to testify at Vioxx trial
Jan 31 2006 7:10PM (CT)
NEW YORK (AP) - Former Merck & Co. Chairman and Chief Executive Raymond Gilmartin has agreed to a plaintiff lawyers' request that he testify at a Vioxx trial slated to begin in Atlantic City in late February, both sides said.
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Symantec 3Q income declines on charges
Jan 31 2006 7:04PM (CT)
CUPERTINO, Calif. (AP) - Internet security company Symantec Corp. said income in the latest quarter fell on charges related to its acquisition of storage software maker Veritas.
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Forte steps down as Zale CEO, president
Jan 31 2006 7:03PM (CT)
DALLAS (AP) - The president and chief executive of Zale Corp., the largest U.S. specialty jewelry retailer, has resigned and been replaced temporarily by a member of the company's board.
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Bond prices up after Fed changes statement
Jan 31 2006 6:54PM (CT)
NEW YORK (AP) - Bond prices rose Tuesday, after the Federal Reserve's Open Market Committee tightened policy and kept the door open for another rate hike.
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Chiron posts 4Q earnings of $144 million
Jan 31 2006 6:53PM (CT)
SAN FRANCISCO (AP) - Chiron Corp. swung to a profit in the fourth quarter after re-entering the flu shot market in 2005, the biotechnology company reported Tuesday.
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Archipelago Holdings posts 4Q loss
Jan 31 2006 6:52PM (CT)
NEW YORK (AP) - Stock exchange operator Archipelago Holdings Inc., which has absorbed millions in merger costs, reported a loss in its last full quarter as an independent company.
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Allstate reports 4th-quarter income falls
Jan 31 2006 6:50PM (CT)
CHICAGO (AP) - Allstate Corp. on Tuesday said fourth-quarter earnings dropped nearly 9 percent on sizable catastrophe losses from Hurricane Wilma, which battered south Florida in October.
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Bernanke gets OK to lead Federal Reserve
Jan 31 2006 6:49PM (CT)
WASHINGTON (AP) - The Senate on Tuesday approved the nomination of Ben Bernanke to be the next chairman of the Federal Reserve, the most influential economic policy job in the world.
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Fed raises rates; another hike possible
Jan 31 2006 6:17PM (CT)
WASHINGTON (AP) - The Federal Reserve, in the last major piece of business for retiring chairman Alan Greenspan, pushed borrowing costs to the highest point in nearly five years Tuesday and hinted that another rate increase was possible.
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Valero Energy 4Q profit soars to $1.35B
Jan 31 2006 6:06PM (CT)
SAN ANTONIO (AP) - Valero Energy Corp., the nation's biggest independent oil refiner, reported Tuesday that its profit more than doubled in the fourth quarter, due in large part to increased output following last year's purchase of Premcor Inc. and higher gasoline prices due to hurricane damage to Gulf Coast refineries.
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AEP files plans to build power line
Jan 31 2006 6:04PM (CT)
COLUMBUS, Ohio (AP) - American Electric Power Co. filed plans Tuesday to build a 550-mile power line stretching from West Virginia to New Jersey intended to increase the availability of electricity at lower costs in the eastern United States.
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Kellogg 4Q profit up; co. raises outlook
Jan 31 2006 5:54PM (CT)
GRAND RAPIDS, Mich. (AP) - Kellogg Co., the world's largest cereal maker, reported a moderate increase in fourth-quarter profits as sales climbed in North America and Latin America but slowed in Europe and Asia.
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Kraft Foods shares fall in wake of plans
Jan 31 2006 5:48PM (CT)
CHICAGO (AP) - Shares of Kraft Foods Inc., the nation's biggest food company, fell more than 3 percent Tuesday after disclosing plans to broaden the cost-cutting effort it launched two years ago to boost profits.
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LM Ericsson 4Q earnings soar to $1.18B
Jan 31 2006 5:46PM (CT)
STOCKHOLM, Sweden (AP) - LM Ericsson, a Swedish maker of wireless telecommunications equipment, said Tuesday its fourth-quarter earnings grew 52 percent, boosted by increased sales in North America and a strong growth in services.
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Excerpts from AP interview with United CEO
Jan 31 2006 5:42PM (CT)
CHICAGO (AP) - The restructuring of UAL Corp.'s United Airlines, which was in danger of going under in 2002, was put in the hands of an oilman.
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Tilton: United in strong financial shape
Jan 31 2006 5:41PM (CT)
CHICAGO (AP) - High fuel prices make it difficult to predict when United Airlines will return to profitability, but the carrier is in strong shape financially after a three-year restructuring, CEO Glenn Tilton said Tuesday on the eve of the company's exit from bankruptcy.
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Eastman Kodak cuts projected 2006 losses
Jan 31 2006 5:34PM (CT)
ROCHESTER, N.Y. (AP) - Eastman Kodak Co. said Tuesday it may lose up to $850 million this year instead of $900 million to $1.1 billion, a forecast it mistakenly reported a day earlier in its fourth-quarter earnings results.
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Tuesday's commodities roundup
Jan 31 2006 5:27PM (CT)
NEW YORK (AP) - Gold rushed to a fresh 25-year high on Tuesday in New York as precious metals reaped the benefits of strong fund buying paired with support from ongoing tensions with Iran.
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GM's top communications exec to resign
Jan 31 2006 5:25PM (CT)
DETROIT (AP) - General Motors Corp.'s top communications executive, who steered the company's public relations during times of dismal earnings and bankruptcy rumors, will resign March 1, the automaker said Tuesday.
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Altria 4th-quarter profit up 18 percent
Jan 31 2006 5:23PM (CT)
RICHMOND, Va. (AP) - Altria Group Inc., parent of the world's largest cigarette business and controlling shareholder of Kraft Foods, said Tuesday its fourth-quarter profit rose 18 percent on strong international tobacco results.
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Merck, Wyeth 4th-quarter earnings climb
Jan 31 2006 5:22PM (CT)
NEW YORK (AP) - Merck & Co. said Tuesday its profit edged up 2 percent in the fourth quarter as drug sales leveled off and it set aside an additional $295 million for legal defense costs related to its withdrawn painkiller Vioxx.
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Ex-Citigroup exec to settle SEC charges
Jan 31 2006 5:22PM (CT)
WASHINGTON (AP) - A former senior executive of Citigroup Inc. has agreed to pay some $2.7 million to settle insider trading charges brought by the Securities and Exchange Commission, the agency announced Tuesday.
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Entergy 4Q earnings decline to $90.2M
Jan 31 2006 5:20PM (CT)
NEW ORLEANS (AP) - Power producer Entergy Corp., which sustained about $1.5 billion in damages from hurricanes Katrina and Rita, said Tuesday its fourth-quarter earnings dropped, reflecting a loss from the planned sale of its competitive retail business.
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ABN Amro 4Q profit up 3 percent to $1.57B
Jan 31 2006 5:16PM (CT)
AMSTERDAM, Netherlands (AP) - Dutch bank ABN Amro NV on Tuesday booked a 3 percent rise in net profit for the fourth quarter of 2005, citing improved business in wholesale and Brazilian banking activities.
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Elan reports 4th-quarter loss of $58.3M
Jan 31 2006 5:13PM (CT)
DUBLIN, Ireland (AP) - Ireland's leading drug maker Elan Corp. PLC, which is awaiting a verdict from U.S. regulators on a key suspended drug, reported narrower net losses Tuesday and expressed hopes of a rebound this year.
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Knight Ridder 4Q earnings fall to $83.3M
Jan 31 2006 5:12PM (CT)
NEW YORK (AP) - Newspaper publisher Knight Ridder Inc., which is seeking a buyer under pressure from its largest shareholders, reported a 22 percent decline in fourth-quarter earnings Tuesday from a year ago, when it owned other newspapers.
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ADM 2nd-quarter earnings rise; shares up
Jan 31 2006 5:06PM (CT)
DECATUR, Ill. (AP) - Shares in Archer Daniels Midland Co. surged Tuesday after the agricultural processor said second-quarter earnings rose 17 percent as profit nearly doubled in its corn processing business.
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Chicago Merc eyes role in energy market
Jan 31 2006 4:31PM (CT)
CHICAGO (AP) - Chicago Mercantile Exchange Holdings Inc. wants to use its fast-growing electronic trading platform to challenge exchanges in New York and London in the lucrative energy market, its chief executive said Tuesday.
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OPEC agrees to keep oil production steady
Jan 31 2006 4:25PM (CT)
VIENNA, Austria (AP) - OPEC will keep production of crude oil steady, deciding Tuesday that its current output was enough to fuel an energy-hungry world as Iran pledged that it would not withhold its oil because of a standoff with the West over its nuclear program.
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AT&T sees profit growth in next 3 years
Jan 31 2006 4:19PM (CT)
SAN ANTONIO (AP) - AT&T Inc. said Tuesday that merger-related efficiencies and growth in its wireless, DSL and business services will produce strong profit growth in each of the next three years.
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Bombardier drops long-range jet project
Jan 31 2006 3:40PM (CT)
TORONTO (AP) - Canada's Bombardier Inc. said Tuesday it has dropped plans to produce a new, long-range jet aircraft, blaming poor market conditions on its decision to shelve the $2.1 billion CSeries project.
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Oil prices fall below $68 per barrel
Jan 31 2006 3:31PM (CT)
LONDON (AP) - Crude oil prices fell below $68 a barrel Tuesday after OPEC ministers said the group had decided to hold production steady.
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Judge allows Northwest to freeze plan
Jan 31 2006 2:48PM (CT)
NEW YORK (AP) - A New York bankruptcy judge Tuesday allowed Northwest Airlines Corp. to freeze its pilot pension plan and approved the carrier's request to negotiate lower lease and loan payments for certain aircraft.
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Wyeth posts 4Q profit of $731.7 million
Jan 31 2006 2:46PM (CT)
TRENTON, N.J. (AP) - Pharmaceutical maker Wyeth swung to a profit in the fourth quarter as sales grew for drugs that prevent inflammation and infant pneumonia, the company reported Tuesday.
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H&E Equipment, IncrediMail IPOs show gains
Jan 31 2006 2:16PM (CT)
WASHINGTON (AP) - Construction-equipment seller H&E Equipment Services Inc. and email-software maker IncrediMail Ltd. rose in their trading debuts on the Nasdaq Stock Market Tuesday.
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Merck profit up, adds to Vioxx legal funds
Jan 31 2006 2:08PM (CT)
NEW YORK (AP) - Merck & Co. said Tuesday its profit edged up 2 percent in the fourth quarter on flat sales as the drug company set aside an additional $295 million for legal defense costs related to its withdrawn painkiller Vioxx.
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Consumer confidence higher than expected
Jan 31 2006 1:28PM (CT)
NEW YORK (AP) - Americans became more optimistic about the economy in January, sending a widely followed measure of consumer confidence to the highest level in about three and a half years, a private research group said Tuesday.
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Luxembourg PM rejects bid for Arcelor
Jan 31 2006 12:59PM (CT)
BRUSSELS, Belgium (AP) - Mittal Steel Co.'s surprise 18.6 billion euros ($22.5 billion) offer for Arcelor SA drew scathing criticism from French officials Tuesday and an outright rejection from the Luxembourg government _ Arcelor's largest shareholder.
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European stock markets may consolidate
Jan 31 2006 12:31PM (CT)
LONDON (AP) - The New York Stock Exchange wants "a leadership role," Euronext is "keeping all its options open," and Australia's Macquarie Bank Ltd. sees clear potential in getting a slice of the market _ European stock markets are hot properties again.
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Stock prices fall in London
Jan 31 2006 12:25PM (CT)
LONDON (AP) - Share prices were down on the London Stock Exchange at close on Tuesday.
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Goodyear shares drop on weak 4Q forecast
Jan 31 2006 12:07PM (CT)
DETROIT (AP) - Shares of Goodyear Tire & Rubber Co. slid Tuesday, following the release of fourth-quarter projections indicating earnings will fall short of expectations.
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Chicago business activity index declines
Jan 31 2006 12:05PM (CT)
CHICAGO (AP) - The Purchasing Management Association of Chicago said its index of area business activity fell to 58.5 in January on a seasonally adjusted basis from a revised 60.8 in December.
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SGX Pharmaceuticals cuts IPO price
Jan 31 2006 11:44AM (CT)
WASHINGTON (AP) - SGX Pharmaceuticals Inc. Tuesday cut the estimated, per-share price range for its pending initial public offering to $6 to $7 from $7 to $8.
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Euro gains ahead of U.S. rate decision
Jan 31 2006 11:34AM (CT)
BERLIN (AP) - The euro rose above $1.21 on Tuesday before a meeting of the U.S. Federal Reserve, while Washington reported wages and benefits grew the smallest amount in 2005 in nine years.
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Reebok's Fireman takes on advisory role
Jan 31 2006 11:33AM (CT)
CANTON, Mass. (AP) - Reebok International Ltd.'s longtime top executive is stepping down immediately with Tuesday's closing of the sneaker and athletic apparel maker's $3.8 billion buyout by Adidas-Salomon AG.
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Archer Daniels 2Q profit up 17 percent
Jan 31 2006 11:33AM (CT)
DECATUR, Ill. (AP) - Shares in Archer Daniels Midland Co. surged Tuesday after the agricultural processor said second-quarter earnings rose 17 percent as profit nearly doubled in its corn processing business.
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Tamiflu gets additional EU approval
Jan 31 2006 10:45AM (CT)
BASEL, Switzerland (AP) - The European Union has granted approval of Tamiflu for the prevention of influenza in children ages 1 through 12, the drug's manufacturer Roche Holding AG said Tuesday.
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Chief: Microsoft must prove innovation
Jan 31 2006 10:36AM (CT)
BRUSSELS, Belgium (AP) - The European Union's antitrust chief says Microsoft cannot charge licensing fees for software blueprints that it is offering to share with competitors unless it can prove the computer code is innovative.
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Tokyo bourse to review trading system
Jan 31 2006 10:28AM (CT)
TOKYO (AP) - The Tokyo Stock Exchange will address weaknesses in its computer system following its failure last month to intercept a massive trading error, the bourse said in a report submitted Tuesday to Japan's financial watchdog.
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Cable & Wireless: core earnings to stagnate
Jan 31 2006 10:23AM (CT)
LONDON (AP) - Cable & Wireless Group PLC, Britain's second-largest telecommunications company, Tuesday said its chief executive will step down and warned that earnings at its main British business will stagnate in the fiscal year starting in April.
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Mellon taps Wachovia executive as CEO
Jan 31 2006 10:21AM (CT)
PITTSBURGH (AP) - Mellon Financial Corp. has tapped Wachovia Corp. finance chief Robert Kelly to be the financial services company's next chairman and chief executive, succeeding Martin McGuinn, who is set to retire in February, the company said Tuesday.
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Toshiba profit surges, Fujitsu also up
Jan 31 2006 9:44AM (CT)
TOKYO (AP) - Toshiba Corp.'s profit surged by more than 13 times during the latest quarter, and recovering demand for mobile phones and chips helped Fujitsu Ltd. report earnings for the October-December quarter compared with a loss a year ago.
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Altria 4Q profit rises on tobacco gains
Jan 31 2006 8:53AM (CT)
NEW YORK (AP) - Altria Group Inc., parent of the world's largest cigarette business, on Tuesday said fourth-quarter profit grew 18 percent as strong income growth in its tobacco operations overcame weaker results in food.
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Iraq may pump 1.57M barrels of oil a day
Jan 31 2006 8:45AM (CT)
VIENNA, Austria (AP) - Iraq's deputy prime minister said Tuesday that his country will pump 1.57 million barrels of oil a day in 2006, according to forecasts.
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InterContinental to sell seven hotels
Jan 31 2006 8:30AM (CT)
LONDON (AP) - InterContinental Hotels Group PLC said Tuesday it is putting seven hotels across Europe up for sale as part of its strategy to reduce its asset ownership.
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Firms cleared to buy Cadbury drinks unit
Jan 31 2006 7:55AM (CT)
BRUSSELS, Belgium (AP) - EU regulators on Tuesday cleared private equity firms Blackstone Group and Lion Capital LLP to buy Cadbury Schweppes PLC's European soft drinks business.
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German unemployment rate rises in January
Jan 31 2006 6:56AM (CT)
BERLIN (AP) - German unemployment jumped to 12.1 percent on an unadjusted basis in January, as cold weather cut into hiring and a change in benefits laws spurred layoffs, according to government figures released Tuesday.
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Tons of U.S. beef piled up in Japan
Jan 31 2006 6:15AM (CT)
TOKYO (AP) - More than 2,000 tons of U.S. beef has piled up at Japanese customs warehouses after this month's renewed import ban, an industry official said Tuesday.
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Fuji Photo Film to cut 5,000 jobs
Jan 31 2006 5:50AM (CT)
TOKYO (AP) - Fuji Photo Film Co. said it plans to cut 5,000 jobs in Japan and abroad due to declining sales and weakening demand in the color film business as the company downgraded its revenue and profit forecasts for the fiscal year ending in March.
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Fujitsu reports 3.3 billion yen profit
Jan 31 2006 5:47AM (CT)
TOKYO (AP) - Recovering demand for computer chips and mobile phones helped Fujitsu Ltd. report Tuesday a 3.3 billion yen ($28.1 million) profit for the latest quarter, reversing a loss from a year ago.
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Toshiba profit surges in latest quarter
Jan 31 2006 5:47AM (CT)
TOKYO (AP) - Toshiba's net profit surged by more than 13 times during the October-December quarter compared to the same period a year ago and raised its full-year earnings forecast Tuesday on strong chip sales.
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Honda's net profit drops 12 percent
Jan 31 2006 5:46AM (CT)
TOKYO (AP) - Honda's net profit dropped 12 percent in the most recent quarter on losses unrelated to its auto business as Japan's No. 3 carmaker reported booming sales and raised its earnings forecast for the full fiscal year.
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ISU supercomputer to help with corn genome
Jan 31 2006 4:35AM (CT)
AMES, Iowa (AP) - Scientists at Iowa State University are using one of the nation's 10 most powerful computers to help decipher the corn genome, a project that could allow them to expand the plant's uses in plastics, fuel and fiber.
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Airlines grapple with Chapter 11 status
Jan 31 2006 1:01AM (CT)
ATLANTA (AP) - While United Airlines is about to emerge from more than three years of bankruptcy reorganization, two of its biggest rivals, Delta and Northwest, are still in the early stages of restructuring their own finances under Chapter 11.
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Oil giants seen in Nigeria for long haul
Jan 31 2006 12:55AM (CT)
LAGOS, Nigeria (AP) - Oil giants are likely to continue investing billions of dollars in Nigeria, even though a rash of recent militia attacks and kidnappings could mean violence is on the rise.
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