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Wendy's to shut original restaurant
Feb 23 2007 10:31PM (CT)
COLUMBUS, Ohio (AP) - Wendy's International Inc. said Friday that sagging sales will force it to close the restaurant where the nation's third-largest hamburger chain began in 1969. The iconic restaurant, filled with memorabilia and photographs of the late Wendy's founder, Dave Thomas, will close March 2.
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Private firms talking about TXU purchase
Feb 23 2007 10:31PM (CT)
DALLAS (AP) - Private-buyout firms Kohlberg Kravis Roberts & Co. and Texas Pacific Group were in advanced talks Friday to buy utility TXU Corp. in one of the largest private-equity deals ever, according to a person close to the situation.
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DOJ launches KB Home stock options probe
Feb 23 2007 10:30PM (CT)
LOS ANGELES (AP) - The Department of Justice has launched a probe into the handling of stock options at KB Home, one of the nation's largest homebuilders, although it is not targeting the company directly, KB Home said Friday. As part of its inquiry, the Justice Department is interviewing current and former executives of KB Home, a company spokesman said.
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Judge won't stop Caremark-CVS deal
Feb 23 2007 10:29PM (CT)
WILMINGTON, Del. (AP) - A Delaware judge on Friday refused to invalidate a $675 million breakup fee aimed at protecting the proposed acquisition of pharmacy benefits manager Caremark Rx Inc. by drugstore giant CVS Corp.
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Lowe's 4Q profit drops 11.5 percent
Feb 23 2007 10:28PM (CT)
CHARLOTTE, N.C. (AP) - Profit at Lowe's Cos. fell 11.5 percent in the fourth quarter but beat analysts' expectations, and investors Friday rewarded the home improvement retailer. Wall Street sent shares of the nation's second-largest home improvement chain higher. In fact, some analysts made bets Friday that Lowe's might have borne the worst of a slowdown from the slumping housing sector.
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Morgan Stanley CEO earned $41.4M in 2006
Feb 23 2007 10:28PM (CT)
NEW YORK (AP) - John Mack's 2006 pay package for his work as Morgan Stanley's CEO totaled $41.4 million, according to a Friday filing by the nation's No. 2 investment house. Mack, who was swept back into power at the second-largest U.S. investment house in 2005, received a base salary of $800,000 in 2006. He was not given a cash bonus, like many of his counterparts on Wall Street, but was compensated through the award of restricted stock and options based on the company's performance.
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Oil prices rise above $61 per barrel
Feb 23 2007 10:27PM (CT)
NEW YORK (AP) - Oil prices reached a new high for the year during a volatile session Friday, driven by tensions with oil-producing Iran and expectations of continued pressure on U.S. petroleum product supplies
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Feb. may be tough on Detroit automakers
Feb 23 2007 10:27PM (CT)
DETROIT (AP) - February may be another tough month for Detroit's automakers, with several industry analysts predicting year-over-year declines for Ford Motor Co., General Motors Corp. and DaimlerChrysler AG's Chrysler Group.
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Chrysler seeks balance amid sale rumors
Feb 23 2007 10:26PM (CT)
DETROIT (AP) - Whatever was normal inside Chrysler's Auburn Hills headquarters is normal no more as top executives simultaneously try to manage a major restructuring plan while selling cars _ and possibly their company.
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Fannie Mae to close its foundation
Feb 23 2007 8:18PM (CT)
WASHINGTON (AP) - Remaking itself as it emerges from an accounting scandal, mortgage giant Fannie Mae said Friday it will shut down its high-profile charitable foundation this year and begin disclosing its corporate contributions.
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Subprime mortgage fix will take time
Feb 23 2007 7:18PM (CT)
KANSAS CITY, Mo. (AP) - While the subprime lending industry's woes have kicked up dust in the past few weeks, observers say the problems underlying the bad news have been percolating for much longer.
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Nymex registers to sell more stock
Feb 23 2007 6:46PM (CT)
NEW YORK (AP) - The New York Mercantile Exchange, the world's largest energy market, on Friday took the first step in a share sale that would allow its owners to unwind positions at a steep profit.
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Lockheed Qualifies for FAA Deal
Feb 23 2007 6:45PM (CT)
WASHINGTON (AP) - The Federal Aviation Administration on Friday said three defense companies have qualified to compete in one portion of a multibillion-dollar contract to upgrade the nation's air traffic control system.
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Clear Channel 4Q profit slumps
Feb 23 2007 6:44PM (CT)
SAN ANTONIO (AP) - Clear Channel Communications Inc., the nation's largest operator of radio stations, said Friday its fourth-quarter earnings tumbled 54 percent as expenses rose ahead of an $18.7 billion planned buyout by a group of private equity firms.
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Magistrate suggests tossing Ratner suit
Feb 23 2007 4:29PM (CT)
NEW YORK (AP) - A federal magistrate has recommended tossing out a lawsuit brought by a group of Brooklyn property owners and tenants facing eviction for developer Bruce Ratner's Atlantic Yards project.
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Taxpayers not seeking phone tax refund
Feb 23 2007 3:03PM (CT)
WASHINGTON (AP) - Taxpayers have already received almost $87 billion in income tax refunds this year, but many are neglecting to ask for a modest refund from a now defunct telephone tax.
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Girl Scouts cut cookie trans fats
Feb 23 2007 2:47PM (CT)
NEW YORK (AP) - For much of the country, it's Girl Scout cookie time again. And this year, all those cookies, not just the Thin Mints and a few others, will come nearly free of harmful trans fats.
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Rats invade NY fast-food restaurant
Feb 23 2007 2:43PM (CT)
NEW YORK (AP) - A dozen rats were caught on video scurrying around the floor of a New York City KFC/Taco Bell restaurant early Friday, running between counters and tables and climbing on children's high chairs.
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UPS, Airbus revise A380 super-jumbo deal
Feb 23 2007 1:29PM (CT)
ATLANTA (AP) - Despite a two-year delay in the rollout of the new A380 double-decker jet, UPS Inc. continued Friday to focus on the new plane's potential by working out an agreement with Airbus revising delivery dates for its 10-plane order and allowing either party to terminate the purchase order later this year.
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UPS, Airbus revise A380 super-jumbo deal
Feb 23 2007 1:29PM (CT)
ATLANTA (AP) - Despite a two-year delay in the rollout of the new A380 double-decker jet, UPS Inc. continued Friday to focus on the new plane's potential by working out an agreement with Airbus revising delivery dates for its 10-plane order and allowing either party to terminate the purchase order later this year.
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Voice of America shifts area priorities
Feb 23 2007 12:24PM (CT)
WASHINGTON (AP) - Voice of America has announced plans to stop broadcasting in Uzbek and Cantonese and use the savings to increase programming to the Middle East, North Korea and Cuba.
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Sanyo probed over false earnings reports
Feb 23 2007 12:07PM (CT)
TOKYO (AP) - Sanyo Electric Co. said Friday it was fully cooperating with an investigation by securities authorities into suspected window-dressing of earnings at the struggling Japanese electronics maker.
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Tokyo, London exchanges cooperate
Feb 23 2007 10:15AM (CT)
LONDON (AP) - The London and Tokyo stock exchanges announced plans Friday to develop jointly traded products and share technology, marking the latest cross-border deal between stock market operators as international competition heats up.
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Xinhua unit plans IPO in New York
Feb 23 2007 10:13AM (CT)
SHANGHAI, China (AP) - A media company with ties to China's government-run Xinhua News Agency plans to raise up to $371.5 million in an initial public offering in New York, according to documents filed with the Securities and Exchange Commission.
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Xinhua unit plans IPO in New York
Feb 23 2007 10:13AM (CT)
SHANGHAI, China (AP) - A media company with ties to China's government-run Xinhua News Agency plans to raise up to $371.5 million in an initial public offering in New York, according to documents filed with the Securities and Exchange Commission.
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Domino's 4Q profit falls 23 percent
Feb 23 2007 10:12AM (CT)
DETROIT (AP) - Domino's Pizza Inc. said Friday fourth-quarter profit fell 23 percent from year-ago results that included a gain on the sale of an investment in a franchise operation in Mexico.
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Domino's 4Q profit falls 23 percent
Feb 23 2007 10:12AM (CT)
DETROIT (AP) - Domino's Pizza Inc. said Friday fourth-quarter profit fell 23 percent from year-ago results that included a gain on the sale of an investment in a franchise operation in Mexico.
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TSE and LSE to develop new businesses
Feb 23 2007 7:37AM (CT)
LONDON (AP) - The London and Tokyo stock exchanges announced plans Friday to develop jointly traded products and share technology, marking the latest cross-border deal among bourses as international competition heats up.
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TSE and LSE to develop new businesses
Feb 23 2007 7:37AM (CT)
LONDON (AP) - The London and Tokyo stock exchanges announced plans Friday to develop jointly traded products and share technology, marking the latest cross-border deal among bourses as international competition heats up.
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Jury orders Microsoft to pay $1.52B
Feb 23 2007 6:07AM (CT)
SEATTLE (AP) - Microsoft Corp. must pay $1.52 billion in damages to telecommunications equipment maker Alcatel-Lucent SA for violating two patents related to digital music, a federal jury ruled Thursday.
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Indiana considers large livestock ban
Feb 23 2007 5:35AM (CT)
INDIANAPOLIS (AP) - An Indiana lawmaker sponsoring a bill that would bar large livestock farms from being built within a mile of schools, cities, towns and nursing homes said there was growing support for the measure across the state.
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Japanese stocks climb; dollar down
Feb 23 2007 3:02AM (CT)
TOKYO (AP) - Japanese stocks rose Friday for a second straight session, led by real estate and shipping stocks, as the market's main index stayed near its seven year high.
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Sempra Energy shows sharp earns drop
Feb 23 2007 12:47AM (CT)
SAN DIEGO (AP) - Sempra Energy, the parent of Southern California's two major gas utilities and an energy trading business, on Thursday posted a 65 percent drop in fourth-quarter profits, hurt by investments in Argentina that soured when that country's economy collapsed five years ago.
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