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Analysts: Feb. auto sales should be up
Feb 24 2006 8:29PM (CT)
DETROIT (AP) - Despite a blizzard, February auto sales should be higher than last year thanks to heavy advertising, a blitz of new products and the continued strength of Asian automakers, industry analysts said Friday.
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Pfizer CEO pay fell 22 percent last year
Feb 24 2006 7:19PM (CT)
NEW YORK (AP) - Pfizer Inc. CEO Henry McKinnell's total compensation fell 22 percent last year as the company's board of directors more closely tied his incentives to the company's performance, according to the company's Proxy statement released Friday.
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Bernanke: low inflation fosters jobs
Feb 24 2006 7:15PM (CT)
WASHINGTON (AP) - Ben Bernanke, in his first public speech as Federal Reserve chairman, laid out a scholarly case Friday that keeping inflation low and stable tends to foster economic growth and jobs.
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Hurricane claims cut State Farm profits
Feb 24 2006 6:49PM (CT)
BLOOMINGTON, Ill. (AP) - State Farm Insurance Co., the nation's largest insurer, said Friday profit fell 39 percent last year as claims soared during a record hurricane season that battered the Gulf Coast and other Southern states.
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Dana's stock hits new low amid troubles
Feb 24 2006 6:07PM (CT)
TOLEDO, Ohio (AP) - Dana Corp. crashed to at least a 36-year-low on Friday when shares fell 52 percent in heavy trading amid reports that the struggling auto parts maker has hired a restructuring company.
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Bonds finish little changed
Feb 24 2006 6:03PM (CT)
NEW YORK (AP) - U.S. Treasury prices settled near unchanged levels Friday, reversing earlier gains briefly accrued after a surprise fall in durable goods orders.
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UnitedHealth CEO takes $136M in options
Feb 24 2006 5:59PM (CT)
MINNETONKA, Minn. (AP) - UnitedHealth Group Inc. Chairman and Chief Executive William McGuire cashed in stock options worth about $136.7 million, the company disclosed on Friday.
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United flight attendants ratify plan
Feb 24 2006 5:45PM (CT)
CHICAGO (AP) - United Airlines' flight attendants have overwhelmingly ratified an agreement for a defined-contribution retirement plan, their union said Friday in an announcement signaling the end of the union's rancorous battle against the company over pensions.
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Venezuela bars Continental and Delta
Feb 24 2006 5:33PM (CT)
CARACAS, Venezuela (AP) - Venezuela plans to prohibit Continental Airlines and Delta Air Lines from flying into this South American nation and is restricting flights by a third major U.S. carrier, American Airlines, the head of the nation's federal aviation agency said.
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Merge Technologies down; delays filing
Feb 24 2006 5:26PM (CT)
NEW YORK (AP) - Shares of Merge Technologies Inc. fell sharply Friday, after the software services provider delayed its fourth-quarter filing in order to complete an audit of its financial statements.
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Pacific Airport Group stock up in debut
Feb 24 2006 5:21PM (CT)
WASHINGTON (AP) - Mexican airport operator Grupo Aeroportuario del Pacifico SA saw its stock rise Friday, in its first day of trading as a public company.
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BMW reduces stake in Rolls-Royce Group
Feb 24 2006 5:15PM (CT)
FRANKFURT, Germany (AP) - German automaker BMW AG said Friday it has reduced its share in engine manufacturer Rolls-Royce Group PLC by almost two-thirds to 3.25 percent.
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DaimlerChrysler CFO's contract extended
Feb 24 2006 5:14PM (CT)
FRANKFURT, Germany (AP) - German-American automaker DaimlerChrysler AG said Friday it has extended the contract for its chief financial officer, Bodo Uebber, by five years.
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National Grid confirms talks with KeySpan
Feb 24 2006 5:14PM (CT)
LONDON (AP) - British utility National Grid PLC said Friday it was in talks with KeySpan Corp. as a published report said it was offering about $7.3 billion in cash for the U.S.-based natural gas and electric utility.
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Merger costs weigh on Sanofi-Aventis 4Q
Feb 24 2006 5:09PM (CT)
PARIS (AP) - Merger-related costs weighed on Sanofi-Aventis SA's fourth-quarter profit, the French drugmaker said Friday, but underlying earnings rose sharply, helped by efficiency gains.
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FDA approval of Merck vaccine delayed
Feb 24 2006 5:06PM (CT)
TRENTON, N.J. (AP) - Federal regulators have delayed a decision on whether to approve Merck & Co.'s experimental vaccine to prevent shingles and reduce pain from the common nerve disorder, sending Merck shares down Friday.
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Arch Coal CEO takes chairman role
Feb 24 2006 5:05PM (CT)
ST. LOUIS (AP) - Arch Coal Inc., the nation's second-biggest coal company, announced Friday its board of directors approved a succession plan for top executives, with the company's chief executive officer taking the role of chairman of the board.
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Gap shares fall on weak earnings report
Feb 24 2006 5:02PM (CT)
SAN FRANCISCO (AP) - Gap Inc. shares fell 3.5 percent Friday after the retailer reported lower earnings and sales for the fourth quarter and offered a discouraging forecast for this year.
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DeVry appoints president to be CEO
Feb 24 2006 4:58PM (CT)
OAKBROOK TERRACE, Ill. (AP) - For-profit college company DeVry Inc. announced Friday that co-founder Ronald Taylor is stepping down as CEO to become a senior adviser and will be succeeded by Daniel Hamburger, its president and chief operating officer.
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Aboriginal group wants in on review process
Feb 24 2006 4:57PM (CT)
VANCOUVER, British Columbia (AP) - An aboriginal group is asking the Federal Court of Canada to temporarily halt an environmental review of a $6-billion natural gas pipeline, which it says could impact its traditional way of life.
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Wal-Mart at turning point for business
Feb 24 2006 4:56PM (CT)
BENTONVILLE, Ark. (AP) - After watching its sales momentum surge over the past four decades, Wal-Mart Stores Inc. now finds it has to work harder to grow _ with 3,900 stores nearly saturating the U.S. market, it's the company's sales strategy, not new retail outlets, that will determine Wal-Mart's future.
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First Horizon Pharmaceutical up on sales
Feb 24 2006 4:48PM (CT)
NEW YORK (AP) - First Horizon Pharmaceutical Corp. stock rose Friday, after the company reported better-than-expected results in the latest quarter after an improvement in its women's health business.
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Oil futures jump $2 on thwarted attack
Feb 24 2006 4:37PM (CT)
WASHINGTON (AP) - Crude oil futures jumped 4 percent Friday after a thwarted attack on a massive oil facility in Saudi Arabia rattled a market already jittery about supply disruptions in Nigeria and Iran's nuclear ambitions.
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Delta pilots to extend picketing to Utah
Feb 24 2006 4:17PM (CT)
ATLANTA (AP) - Delta Air Lines Inc. pilots, still unable to reach a consensual long-term pay cut deal with management, are taking their picketing on the road to Salt Lake City.
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Rompetrol trading is suspended for probe
Feb 24 2006 4:04PM (CT)
BUCHAREST, Romania (AP) - The Bucharest Stock Exchange on Friday suspended the trading of shares in the country's second-largest oil company, Rompetrol, whose managers are under investigation for financial wrongdoing.
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Activists criticize Hyatt hotel chain
Feb 24 2006 3:44PM (CT)
McLEAN, Va. (AP) - The Hyatt hotel chain has come under fire for agreeing to host a conference this weekend sponsored by a white supremacist group.
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Turner to step down from Time Warner board
Feb 24 2006 3:09PM (CT)
NEW YORK (AP) - Ted Turner, the mercurial media visionary who founded CNN, said Friday that he wouldn't seek re-election to the board of Time Warner Inc.
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Kingdom sets IPO price at top of range
Feb 24 2006 3:07PM (CT)
LONDON (AP) - Kingdom Hotel Investments, a Dubai-based hotel company majority owned by a billionaire Saudi prince, said Friday that shares will be priced at $9.25 each in its initial public offering, near the top of the offer range and valuing the company at $1.59 billion.
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IPOs scheduled to debut next week
Feb 24 2006 3:06PM (CT)
NEW YORK (AP) - The following is a list of initial public offerings planned for the coming week, as provided by Informa Global Markets EquityWatch.
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GlaxoSmithKline blocks generic Flonase sale
Feb 24 2006 2:40PM (CT)
WASHINGTON (AP) - GlaxoSmithKline said Friday it obtained a temporary restraining order blocking the shipment and sales of a recently FDA-approved generic competitor to its Flonase nasal spray for allergies.
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Industry fiercely opposes unbundled TV
Feb 24 2006 2:39PM (CT)
NEW YORK (AP) - It's a question that many cable TV subscribers ask: My cable company keeps adding more channels to my system, but I don't watch many of them. Why can't I just pick the ones I want?
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Nigerian court orders Shell to pay $1.5B
Feb 24 2006 2:32PM (CT)
PORT HARCOURT, Nigeria (AP) - A Nigerian court on Friday ordered Royal Dutch Shell PLC to pay southern communities $1.5 billion (1.2 billion euros) in compensation for environmental pollution and degradation in the oil-rich Niger Delta.
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Rita Medical falls on investment plans
Feb 24 2006 2:03PM (CT)
NEW YORK (AP) - Rita Medical Systems Inc. stock fell Friday after the medical device maker said it plans to invest more in certain projects, reducing the possibility of profits in 2006.
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Correction: Guidant is cited
Feb 24 2006 1:59PM (CT)
INDIANAPOLIS (AP) - Medical device maker Guidant Corp. waited more than a year to tell regulators it had repaired software in a line of defibrillators, according to inspection documents released Thursday.
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Networks: A la carte threatens diversity
Feb 24 2006 1:34PM (CT)
LOS ANGELES (AP) - Cable network operators are warning that the so-called a la carte plans that let customers pick which cable channels to receive could ultimately reduce choice and the broad diversity viewers now enjoy.
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Warsh sworn in as newest Fed governor
Feb 24 2006 1:23PM (CT)
WASHINGTON (AP) - The Fed doesn't conduct Spring Training like major league baseball, but a new team is being assembled there nevertheless.
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Time limits planned for next Vioxx trial
Feb 24 2006 1:10PM (CT)
ATLANTIC CITY, N.J. (AP) - The wheels of justice will spin a little faster at the next Vioxx trial. A pair of chess clocks will see to that.
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Spain takes measures to fend off E.On bid
Feb 24 2006 12:45PM (CT)
MADRID, Spain (AP) - Spain's government approved measures Friday designed to block German utility E.On AG's takeover bid for Endesa, placing itself on a collision course with European Union regulators.
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H&R Block shares fall on tax problems
Feb 24 2006 11:57AM (CT)
KANSAS CITY, Mo. (AP) - Shares of H&R Block Inc. sank Friday after the nation's largest tax preparer said it was having problems with its own taxes and would have to restate earnings going back to 2004.
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Mexico's Coca-Cola Femsa profit slips
Feb 24 2006 11:50AM (CT)
MEXICO CITY (AP) - Mexican soft-drink bottling company Coca-Cola Femsa SA reported higher sales and operating profits in the fourth quarter, but net profit slipped on higher taxes.
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Colgate Chairman: Cook in line for CEO
Feb 24 2006 11:33AM (CT)
CHARLOTTE, N.C. (AP) - Colgate-Palmolive Co. Chairman and Chief Executive Reuben Mark said the consumer products company plans for President and Chief Operating Officer Ian Cook to assume the CEO title in 2007.
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Cardinal Value sues InfoUSA CEO
Feb 24 2006 11:11AM (CT)
WILMINGTON, Del. (AP) - Cardinal Value Equity Partners has sued InfoUSA Inc. Chief Executive Vinod Gupta, claiming he breached fiduciary duties owed to shareholders of the mailing list company.
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EU to probe Inco's buy of Falconbridge
Feb 24 2006 10:39AM (CT)
BRUSSELS, Belgium (AP) - The European Union opened an in-depth antitrust probe Friday into mining company Inco Ltd.'s $11 billion planned purchase of Falconbridge Ltd., a deal that would create the world's largest nickel producer.
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Enron witness stays on message at trial
Feb 24 2006 10:31AM (CT)
HOUSTON (AP) - The poise, the smile and welcoming hand gestures to the jury that Enron Corp.'s former investors relations vice president displayed as a witness in the fraud and conspiracy trial of two former top executives vanished almost immediately as attention focused on her wealth.
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Delphi workers at Ohio plant OK strike
Feb 24 2006 10:16AM (CT)
DETROIT (AP) - Some members of Delphi Corp.'s second-largest union have voted to authorize a strike if a bankruptcy judge decides to cancel the auto supplier's labor contracts, a union representative said Friday.
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Arcelor buys stake in Chinese steelmaker
Feb 24 2006 8:25AM (CT)
BRUSSELS, Belgium (AP) - Steel giant Arcelor SA, fighting off a hostile bid by Mittal Steel Co., said Friday it had agreed to buy a 38 percent stake in Laiwu Steel Corp. for about 218 million euros ($259 million) in cash in its first move into the fast-growing Chinese market.
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KT&G shares climb on investors' offer
Feb 24 2006 8:22AM (CT)
SEOUL, South Korea (AP) - Shares in KT&G Corp. soared Friday after investors led by U.S. billionaire Carl Icahn made an unsolicited offer to acquire South Korea's former government tobacco monopoly.
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InBev posts lower-than-expected surge
Feb 24 2006 7:33AM (CT)
BRUSSELS, Belgium (AP) - Belgian-Brazilian brewer InBev on Friday posted a 26 percent increase in net profit for 2005 as fewer sales of beer and soft drinks in Europe and North America undermined strong growth in the rest of the world.
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Fox Cable Networks to buy Turner South
Feb 24 2006 7:31AM (CT)
ATLANTA (AP) - Fox Cable Networks has agreed to buy the regional cable network Turner South, which carries some Atlanta Braves baseball games and other sports and entertainment programming, from Time Warner Inc.
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Sanyo shareholders approve Goldman plan
Feb 24 2006 6:26AM (CT)
TOKYO (AP) - Goldman Sachs Group Inc. and other investors won Sanyo Electric Co. shareholders' approval Friday to invest a total of 300 billion yen ($2.58 billion) in the ailing electronics maker via preferred shares.
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Chinese yuan hits high against U.S. dollar
Feb 24 2006 6:22AM (CT)
SHANGHAI, China (AP) - China's currency rose Friday to its highest closing level against the U.S. dollar since a revaluation last July, after the biggest one-day drop in the opening dollar/yuan parity rate this year.
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Global production up at 4 Japan automakers
Feb 24 2006 6:21AM (CT)
TOKYO (AP) - Global production rose at four of Japan's top automakers in January from a year ago, but the country's second largest automaker, Nissan, reported a decline, the automakers said Friday.
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Japanese stocks edge higher, dollar lower
Feb 24 2006 6:19AM (CT)
TOKYO (AP) - Japanese stocks edged up slightly Friday as gains in steel and retail stocks offset declines in autos and electronics issues. The dollar continued its slide against the yen.
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Matsushita leader sees switch to flat TVs
Feb 24 2006 6:08AM (CT)
TOKYO (AP) - Matsushita Electric's incoming president, Fumio Ohtsubo, said Friday he sees the switch from conventional TVs to flat-panel televisions as an opportunity that comes only once in several decades.
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Ohio farmers seeking Israel's expertise
Feb 24 2006 3:46AM (CT)
DAYTON, Ohio (AP) - Farmers in Israel raise crops in conditions that couldn't be more foreign to their Ohio counterparts. But the arid soils, limited water and cramped spaces have turned Israeli farmers into experts at making crops bloom in the desert.
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