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Japanese stocks move higher Thursday
Feb 8 2006 10:39PM (CT)
TOKYO (AP) - Japanese stocks rose Thursday morning as investors bought a broad range of issues following steep losses the day before. The dollar was unchanged against the yen.
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Judge orders Delta to pay $2M monthly
Feb 8 2006 10:38PM (CT)
NEW YORK (AP) - A bankruptcy judge on Wednesday tentatively ordered Delta Air Lines Inc. to pay a bondholders' trustee $2 million a month as a cushion against any drop in the value of jets the carrier pledged as collateral.
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Iraq delegates seek greater oil investment
Feb 8 2006 8:35PM (CT)
HOUSTON (AP) - Iraqi delegates visiting the United States on a trade mission said Wednesday they desperately need U.S. investment to begin rebuilding their oil and gas infrastructure.
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Sun-Times launches 24-hour news wire
Feb 8 2006 8:06PM (CT)
CHICAGO (AP) - The Chicago Sun-Times is picking up where the shuttered City News Service left off, launching a 24-hour news wire scheduled to begin Monday.
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Univision board explores possible sale
Feb 8 2006 8:05PM (CT)
LOS ANGELES (AP) - Spanish-language broadcaster Univision Communications Inc. said Wednesday that its board of directors has decided to explore a possible sale of the company.
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UBS to pay $89M to settle overtime suits
Feb 8 2006 7:48PM (CT)
NEW YORK (AP) - Swiss financial services giant UBS AG has reached an agreement to settle class-action suits brought in several federal courts by current and former employees who charged that the bank underpaid them for overtime work, the company said in a statement.
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Napster denies rumors as it posts 3Q loss
Feb 8 2006 7:46PM (CT)
LOS ANGELES (AP) - Music download service Napster Inc. sought Wednesday to counter rumors that it was for sale or on the verge of shutting down.
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Oil prices slip on rising gasoline stocks
Feb 8 2006 7:40PM (CT)
NEW YORK (AP) - Crude-oil prices slipped below $63 a barrel Wednesday after the U.S. government reported that crude stocks fell slightly in the last week, but gasoline inventories increased sharply.
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EDS 4Q profit more than doubles to $112M
Feb 8 2006 7:30PM (CT)
PLANO, Texas (AP) - Electronic Data Systems Corp. said fourth-quarter profit doubled even though revenue was virtually flat, as thousands of recent layoffs and other steps helped the technology-services company cut costs.
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Venezuela state oil co. to pay off debt
Feb 8 2006 7:23PM (CT)
CARACAS, Venezuela (AP) - Venezuela's state oil company plans to avoid having to file detailed financial reports to the U.S. Securities and Exchange Commission by paying off its debt traded in U.S. markets, the company's president said.
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Radio conglomerates eyed in 'payola' probe
Feb 8 2006 7:10PM (CT)
ALBANY, N.Y. (AP) - New York Attorney General Eliot Spitzer said Wednesday he has subpoenaed many of the nation's largest radio conglomerates in his "payola" investigation of major artists and songs that he claims got air time because of payoffs by recording companies.
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Fannie Mae gives 4 execs restricted cash
Feb 8 2006 7:06PM (CT)
WASHINGTON (AP) - Embattled mortgage finance company Fannie Mae recently made an unusual change to its long-term bonus plan, awarding four of its five highest-paid executives $5.2 million in restricted cash instead of stock as part of their total compensation last year, the company said in a securities filing Wednesday.
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Pfizer sues Teva, Sandoz over Zithromax
Feb 8 2006 7:00PM (CT)
NEW YORK (AP) - Pfizer Inc. has filed a patent infringement suit against generic drug makers Teva Pharmaceutical Industries Ltd. and Sandoz Inc. concerning generic versions of the antibiotic Zithromax.
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General Cable shares jump on 4Q results
Feb 8 2006 6:59PM (CT)
NEW YORK (AP) - Shares of General Cable Corp., which makes cables for the electric utility and communications industries, rose Wednesday after the company reported adjusted quarterly earnings and offered a first-quarter outlook that beat Wall Street's expectations.
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GM shares drop on Deutsche Bank rating
Feb 8 2006 6:54PM (CT)
NEW YORK (AP) - General Motors Corp. shares fell on Wednesday after the company received more bad news _ this time from Deutsche Bank, which advised shareholders to sell the stock because of continued uncertainty over the company's financial future.
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Investors questioned strength of Enron
Feb 8 2006 6:53PM (CT)
HOUSTON (AP) - Nine months before Enron Corp. flamed out in bankruptcy, some investors were questioning the strength of its businesses despite public assurances from company founder Kenneth Lay and former CEO Jeffrey Skilling that all was well, jurors in their fraud and conspiracy trial learned Wednesday.
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Berkshire Hathaway to buy underwriting co.
Feb 8 2006 6:49PM (CT)
OMAHA, Neb. (AP) - Berkshire Hathaway Inc. on Wednesday announced that it is buying Applied Underwriters, a San Francisco-based underwriting company.
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Morgan Stanley names co-presidents
Feb 8 2006 6:48PM (CT)
NEW YORK (AP) - Morgan Stanley on Wednesday named Zoe Cruz and Robert Scully as co-presidents of the financial services company.
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Prudential reports 4Q earnings of $377M
Feb 8 2006 6:46PM (CT)
TRENTON, N.J. (AP) - Life insurance and investment giant Prudential Financial Inc. on Wednesday reported fourth-quarter profit rose nearly 20 percent from a year ago despite a loss in its investment division.
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News Corp. 2Q profit soars on asset sale
Feb 8 2006 6:45PM (CT)
NEW YORK (AP) - News Corp. reported a sharply higher second-quarter profit Wednesday on an asset sale and improving results in its Fox broadcast network and cable network programming, which includes the Fox News Channel.
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Regulators seen announcing AIG settlement
Feb 8 2006 6:35PM (CT)
NEW YORK (AP) - Federal and state regulatory authorities are expected to announce a $1.6 billion settlement on Thursday with American International Group Inc., which has been accused of involvement in an insurance bid-rigging case and the use of deceptive accounting practices, according to people familiar with the settlement terms.
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Investors seek detailed plan from Pfizer
Feb 8 2006 6:26PM (CT)
NEW YORK (AP) - Pfizer Inc. Chairman Henry McKinnell will have some good things to tell analysts and investors when he meets them on Friday to lay out the company's future _ but what they really want to hear is a detailed strategy for growing sales.
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Sinclair posts loss on lower ad spending
Feb 8 2006 6:24PM (CT)
BALTIMORE (AP) - Sinclair Broadcast Group Inc. posted a fourth-quarter loss on lower auto and political advertising spending, the broadcaster reported Wednesday.
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NRC OKs Duke Energy acquisition of Cinergy
Feb 8 2006 6:22PM (CT)
CHARLOTTE, N.C. (AP) - The U.S. Nuclear Regulatory Commission has approved Duke Energy Corp.'s planned $9 billion acquisition of Cincinnati-based Cinergy Corp., both companies said Wednesday.
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Icahn: Time Warner should become 4 cos.
Feb 8 2006 6:21PM (CT)
NEW YORK (AP) - Carl Icahn called for Time Warner Inc. to split into four separate companies, citing a report he commissioned that accused the media conglomerate of mismanaging for the short term.
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Starbucks shareholders cheer executives
Feb 8 2006 6:07PM (CT)
SEATTLE (AP) - A sold-out crowd Wednesday gave Starbucks Corp. Chairman Howard Schultz something you rarely see at a straight-laced shareholders meeting _ many boisterous rounds of applause.
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Nortel reaches tentative deal on 2 suits
Feb 8 2006 6:04PM (CT)
NEW YORK (AP) - Telecom-equipment maker Nortel Networks Corp. said Wednesday it has reached a tentative agreement to pay $2.47 billion in cash and stock to settle two shareholder class-action lawsuits over the company's accounting scandal.
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IAC/InterActiveCorp earns $113.1M in 4Q
Feb 8 2006 6:02PM (CT)
NEW YORK (AP) - Internet conglomerate IAC/InterActiveCorp swung to a profit in the fourth quarter, as acquisitions and strong growth at Ticketmaster and LendingTree boosted results above expectations.
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Allianz expects operating profit in 2005
Feb 8 2006 6:00PM (CT)
FRANKFURT, Germany (AP) - Insurer Allianz AG said Wednesday it expects to post a 2005 operating profit of approximately 7.6 billion euros ($9 billion), up 11.8 percent from the 6.8 billion euros it recorded in 2004.
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Press: Automakers must address oil usage
Feb 8 2006 5:59PM (CT)
CHICAGO (AP) - Toyota Motor Corp.'s top U.S. executive praised President Bush's emphasis on alternative fuels in his recent State of the Union address, but said the auto industry must devise solutions to the country's dependence on oil.
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Wednesday's commodities roundup
Feb 8 2006 5:56PM (CT)
NEW YORK (AP) - Oil prices fell Wednesday as weekly inventory data encouraged traders to take profits.
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DirecTV returns to profit in 4th quarter
Feb 8 2006 5:37PM (CT)
LOS ANGELES (AP) - DirecTV Group Inc., the nation's largest satellite TV provider, returned to a profit in the fourth quarter as modest subscriber growth helped lift revenue.
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Lazard shares jump on 4Q earnings report
Feb 8 2006 5:35PM (CT)
NEW YORK (AP) - Investment bank Lazard Ltd., which went public last May, on Wednesday posted fourth-quarter earnings that were well above analysts' expectations as revenue from asset management and mergers and acquisitions helped boost results.
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Reynolds American 4Q profit up to $297M
Feb 8 2006 5:22PM (CT)
CHARLOTTE, N.C. (AP) - Reynolds American Inc. posted fourth-quarter profits Wednesday that were sharply higher than the same period last year, as the nation's second-largest cigarette company benefited from sales of premium brands Kool and Camel and improved operating efficiencies. The company's shares soared nearly 5 percent.
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Umpqua Holdings to buy Western Sierra
Feb 8 2006 5:20PM (CT)
PORTLAND, Ore. (AP) - Regional banking company Umpqua Holdings Corp. said Wednesday that it is buying California's Western Sierra Bancorp for about $355 million in stock.
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Morningstar: SEC ends investigation
Feb 8 2006 5:20PM (CT)
CHICAGO (AP) - Morningstar Inc., the mutual-fund and stock research company, said Wednesday the Securities and Exchange Commission has ended an investigation related to erroneous data published by the company in 2004.
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Nuance to buy Dictaphone for $357 million
Feb 8 2006 5:18PM (CT)
BURLINGTON, Mass. (AP) - Speech recognition-software maker Nuance Communications Inc. said Wednesday it will buy Dictaphone for $357 million, enabling Nuance to expand further into the $15 billion global market for health care transcription services.
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Blockbuster plans to eliminate 300 jobs
Feb 8 2006 5:16PM (CT)
DALLAS (AP) - Blockbuster Inc. plans to cut 300 jobs as part of a $75 million cost-cutting campaign, the second round of layoffs in less than a year for the nation's largest chain of video stores.
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Cisco Systems shares climb on 2Q results
Feb 8 2006 5:08PM (CT)
SAN JOSE, Calif. (AP) - Shares of Cisco Systems Inc. rose more than 7 percent Wednesday after the networking gear provider posted quarterly earnings-per-share that topped Wall Street's expectations by a penny.
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Co. to offer helicopter rides to JFK gate
Feb 8 2006 5:05PM (CT)
NEW YORK (AP) - In about a month, Wall Street executives will be able to leapfrog this city's gnarly traffic, taking an eight-minute helicopter from lower Manhattan to Kennedy International Airport. But there's a twist for those who can afford the pricey ride: federal screeners will be patting down passengers at the heliport, allowing them to fly directly to a JFK gate.
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FEI shares decline 14 percent on 4Q loss
Feb 8 2006 5:00PM (CT)
NEW YORK (AP) - Shares of FEI Co., which makes microscopes to analyze semiconductors, fell Wednesday after the company swung to a fourth-quarter loss and said it broke off talks with Germany's Carl Zeiss SMT, which had expressed interest in buying FEI.
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PepsiCo 4Q earnings up on Gatorade sales
Feb 8 2006 4:50PM (CT)
NEW YORK (AP) - Snack and beverage giant PepsiCo Inc. reported a 13 percent jump in fourth-quarter profit Wednesday, as strong sales of snacks like Doritos and Ruffles and noncarbonated drinks such as Gatorade offset high fuel costs and continued sluggishness in the North American soda business.
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Corporate Executive Board shares rise
Feb 8 2006 4:46PM (CT)
NEW YORK (AP) - Shares of Corporate Executive Board Co. rose sharply Wednesday after the corporate-strategy research company posted strong fourth-quarter results.
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Vonage files for $250M IPO, names new CEO
Feb 8 2006 4:05PM (CT)
NEW YORK (AP) - Vonage Holdings Corp., the country's largest Internet telephone service, on Wednesday filed for an initial public offering worth up to $250 million.
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Aspen Technology shares up on 2Q results
Feb 8 2006 3:06PM (CT)
NEW YORK (AP) - Shares of Aspen Technology Inc. jumped Wednesday after the maker of software for the oil and gas industries posted core results for the latest quarter that trounced Wall Street's expectations.
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Grupo Ferrovial weighs making bid for BAA
Feb 8 2006 2:51PM (CT)
LONDON (AP) - Spanish infrastructure company Grupo Ferrovial SA said Wednesday it is considering making a takeover bid for BAA PLC, the owner and operator of major British airports such as Heathrow and Gatwick.
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Cigna's profit drops almost 60 percent
Feb 8 2006 2:33PM (CT)
PHILADELPHIA (AP) - Health insurer Cigna Corp. reported an almost 60 percent drop in fourth-quarter net income from a year-ago figure that was bolstered by hefty gains.
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Univision shares soar on sale report
Feb 8 2006 2:20PM (CT)
NEW YORK (AP) - Shares of Spanish-language broadcaster Univision Communications Inc. shot higher on Wednesday after a news report said the company was considering a possible sale.
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Winn-Dixie committee motion is denied
Feb 8 2006 2:07PM (CT)
JACKSONVILLE, Fla. (AP) - Shareholders of supermarket chain Winn-Dixie Stores Inc. will likely lose most of their investment in the company after a federal bankruptcy judge denied a motion to reappoint a committee representing their interests.
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EU refuses Microsoft's plea for documents
Feb 8 2006 1:58PM (CT)
BRUSSELS, Belgium (AP) - Microsoft Corp. said Wednesday the European Commission had refused its plea to see documents it claims are necessary to defend itself against antitrust charges.
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U.S., EU again at loggerheads on trade
Feb 8 2006 1:52PM (CT)
GENEVA (AP) - The U.S. and EU were again at loggerheads over trade issues Wednesday, with each claiming a World Trade Organization report had favored its position on Brussels' curbs on imports of genetically modified foods.
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Bolivia moving to exert more control on gas
Feb 8 2006 1:29PM (CT)
SAO PAULO, Brazil (AP) - In fits and starts, Bolivian President Evo Morales is moving his country closer to "nationalizing" South America's second-largest natural gas reserves and reviving a state-owned petroleum company that now amounts to little more than a collection of bureaucrats and decrepit gas stations.
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Africa a frontier of opportunity for China
Feb 8 2006 1:09PM (CT)
LAGOS, Nigeria (AP) - When Chinese companies flooded the Nigerian market with cheaper versions of the generators Rex Nwankwu once imported from Italy, he said his business was imperiled.
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Crocs leaps in Nasdaq trading debut
Feb 8 2006 1:03PM (CT)
WASHINGTON (AP) - Crocs Inc. put its best foot forward Wednesday, when shares of the shoe manufacturer leaped in their trading debut on the Nasdaq Stock Market.
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GlaxoSmithKline posts gains in 4Q profit
Feb 8 2006 12:54PM (CT)
LONDON (AP) - Pharmaceutical company GlaxoSmithKline PLC said Wednesday its fourth-quarter profit rose 45 percent and said it expects sales growth of its key drugs to continue this year.
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Culture clash cited in Mittal's Arcelor bid
Feb 8 2006 12:08PM (CT)
PARIS (AP) - Many cringed when Arcelor SA's French chief executive compared his company's steel to perfume and that of rival Mittal Steel Co. to mere eau de cologne.
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Nymex electronic trade in pit hours gets OK
Feb 8 2006 11:59AM (CT)
NEW YORK (AP) - The board of directors of the New York Mercantile Exchange has voted to offer electronic trading of its energy futures contracts during pit trading hours beginning sometime in the second quarter, the exchange said late Tuesday.
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Bernanke policymaking session end of March
Feb 8 2006 11:27AM (CT)
WASHINGTON (AP) - Newly installed Federal Reserve Chairman Ben Bernanke need not fear The Ides of March: his first meeting to preside over a Fed policymaking session on interest rates won't happen until March 27.
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EU to boost use of green energy sources
Feb 8 2006 11:06AM (CT)
BRUSSELS, Belgium (AP) - The European Union on Wednesday proposed boosting the production of alternative fuels like biodiesel and ethanol through additional aid and investment, aimed at reducing Europe's heavy dependence on polluting oil and natural gas, but acknowledged it would be a challenge to make biofuels viable.
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FedEx makes deal on tobacco shipments
Feb 8 2006 10:39AM (CT)
MEMPHIS, Tenn. (AP) - FedEx Corp. said it has reached an agreement with attorneys general in several states to further curb interstate shipments of cigarettes and other tobacco products.
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IG Metall starts wage talks with employers
Feb 8 2006 10:28AM (CT)
FRANKFURT, Germany (AP) - One of Germany's biggest unions on Wednesday began wage talks with employers, striving for a 5 percent increase in salaries that could set the agenda for labor in Europe's biggest economy.
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EU urges free movement of workers
Feb 8 2006 9:36AM (CT)
BRUSSELS, Belgium (AP) - The European Commission called Wednesday for an end to restrictions on the movement of workers within the European Union, arguing that old EU members who open their labor markets will not face an influx of migrants.
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Banco Santander sees profit on asset sales
Feb 8 2006 9:10AM (CT)
MADRID, Spain (AP) - Banco Santander Central Hispano SA on Wednesday posted a fourth-quarter profit of 2.34 billion euros ($2.8 billion) from a loss a year earlier, helped by gains from asset sales and loan growth in Spain and Latin America.
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Airbus tests A380 in extreme cold of Nunavut
Feb 8 2006 8:00AM (CT)
IQALUIT, Nunavut (AP) - Frozen smiles have returned to the faces of engineers putting the world's largest passenger airplane through its cold-weather paces after typical Arctic weather returned to Baffin Island and ended concerns about a warm spell.
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Toshiba: Westinghouse purchase to pay off
Feb 8 2006 7:24AM (CT)
TOKYO (AP) - Toshiba Corp. is confident the purchase of U.S. nuclear power company Westinghouse Electric Co. will pay off, and the Japanese electronics maker is in talks with several possible minority-stake partners, the president said Wednesday.
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German exports rise 0.8 percent in Dec.
Feb 8 2006 7:20AM (CT)
FRANKFURT, Germany (AP) - German exports rose in December for the first time in three months, lifting overall annual foreign sales to a new record, the Federal Statistics Office said Wednesday.
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ABB tells U.S. of suspect Mideast payment
Feb 8 2006 5:54AM (CT)
ZURICH, Switzerland (AP) - Electrical engineering company ABB Ltd. said Wednesday that it had advised U.S. authorities of suspect payments made by an ABB unit in a Middle Eastern country.
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Price war dents Peugeot's 2005 profit
Feb 8 2006 5:43AM (CT)
PARIS (AP) - PSA Peugeot Citroen reported a 37 percent drop in 2005 net profit as fierce price competition and weaker car sales in Europe, higher raw material prices and an unfavorable product mix ate into profitability.
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Dollar rises against euro, yen
Feb 8 2006 5:41AM (CT)
FRANKFURT, Germany (AP) - The dollar rose Wednesday against the euro and the yen amid strong economic reports from Washington and weak news from Europe.
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Hay shortage sending prices up
Feb 8 2006 4:09AM (CT)
GRANDVIEW, Texas (AP) - As the hay-filled pickup turns onto the gravel road by the parched pasture that hasn't been green since spring, the cows get up and start running behind the truck. They know it's dinnertime.
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Reports: Bank of China to launch IPO
Feb 8 2006 1:03AM (CT)
SHANGHAI, China (AP) - China's No. 2 lender, Bank of China, will likely launch an $8 billion initial public offering in Hong Kong by May, and also plans to list in Shanghai, reports said Wednesday.
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Group files challenge to Wal-Mart law
Feb 8 2006 12:48AM (CT)
ANNAPOLIS, Md. (AP) - Retailers are concerned that state and local laws requiring companies to spend more on workers' health care could become a trend. Now they're seeking to send a message to elected officials around the country who are considering such bills.
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Toyota to expand output capacity in Canada
Feb 8 2006 12:36AM (CT)
TOKYO (AP) - Toyota Motor Corp., whose solid growth could soon put it ahead of General Motors as the world's largest automaker, said Wednesday it will increase output capacity at a new assembly plant it is building in Canada.
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Ford offers severance option to workers
Feb 8 2006 12:27AM (CT)
DETROIT (AP) - Ford Motor Co. is offering buyouts of $100,000 each to workers who lose their jobs to plant closures if they agree to give up all benefits except their pensions.
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JPMorgan agrees to sell Chase Insurance
Feb 8 2006 12:03AM (CT)
CHICAGO (AP) - JPMorgan Chase & Co. said late Tuesday it has agreed to sell its life insurance and annuity underwriting business to Protective Life Corp. for about $1.2 billion in cash.
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