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Icahn-led investors win seat on KT&G board
Mar 16 2006 11:10PM (CT)
DAEJEON, South Korea (AP) - Investors led by U.S. billionaire Carl Icahn on Friday won one seat on the board of KT&G Corp., warning that they will use the platform to aggressively push for change at South Korea's dominant tobacco company.
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Comcast agrees to $1 million settlement
Mar 16 2006 11:00PM (CT)
BOSTON (AP) - Comcast Cable Communications Holdings Inc. has agreed to pay $1 million in a settlement with Massachusetts that also requires the company to change its advertising and customer service practices.
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GM revises 2005 loss by $2B, sees charges
Mar 16 2006 10:30PM (CT)
DETROIT (AP) - General Motors Corp. revised its loss for 2005 to $10.6 billion _ $2 billion more than it reported in January _ citing higher costs it anticipates for its broad restructuring and the bankruptcy reorganization of Delphi Corp.
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Oracle wins judgment in patent lawsuit
Mar 16 2006 9:07PM (CT)
NEW YORK (AP) - Oracle Corp. said Thursday it won a summary judgment in a patent-infringement suit concerning its clustered database software, ending MangoSoft Inc.'s claims against the company.
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Bear Stearns posts 1Q profit, fined $250M
Mar 16 2006 8:43PM (CT)
NEW YORK (AP) - Bear Stearns Cos. on Thursday became the third brokerage in as many days to post record first-quarter earnings and revenues, but the good news was overshadowed by old problems _ illegal market timing practices that bilked mutual fund investors out of millions.
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Japanese stocks higher; dollar climbs
Mar 16 2006 8:20PM (CT)
TOKYO (AP) - Japanese stocks rose in early trading Friday, rebounding from the previous day's decline in a broad-based rally. The dollar was higher against the yen and euro.
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Riccio to succeed Risley as La-Z-Boy CFO
Mar 16 2006 6:45PM (CT)
MONROE, Mich. (AP) - Furniture manufacturer La-Z-Boy Inc. announced Thursday that David M. Risley, senior vice president and chief financial officer, will retire this summer.
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Barnes & Noble, Borders income top views
Mar 16 2006 6:37PM (CT)
NEW YORK (AP) - Barnes & Noble Inc., the nation's largest bookseller, reported a 6.3 percent increase in its fourth-quarter net income on Thursday, and saw its stock jump nearly 10 percent. But No. 2 rival Borders Group Inc. said its income slipped 3 percent as gross margins declined.
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AIG reports drop in 4Q profit on charges
Mar 16 2006 6:30PM (CT)
NEW YORK (AP) - American International Group Inc., one of the world's largest insurers, reported a sharp drop in fourth-quarter profit Thursday as it took after-tax charges of more than $2 billion to cover a settlement with state and federal regulators and an increase in its reserves. It also took a hit from hurricane payouts.
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GM kicks off cash incentive program
Mar 16 2006 6:21PM (CT)
DETROIT (AP) - General Motors Corp. is hoping to clear out inventory with a "March Madness" cash incentive program that started Thursday and runs through April 4, tied to the NCAA basketball tournament.
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Retail money funds rise in latest week
Mar 16 2006 5:55PM (CT)
NEW YORK (AP) - Assets of the nation's retail money market mutual funds rose by $2.45 billion in the latest week to $856.43 billion, the Investment Company Institute said Thursday.
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Exec: Delta won't lower pilot concessions
Mar 16 2006 5:53PM (CT)
WASHINGTON (AP) - Delta Air Lines Inc. won't lower the amount of concessions it is seeking from its pilots any further, but would be willing to discuss concerns pilots have about the possible termination of their defined benefit pension plan, the carrier's chief financial officer said in an interview Thursday.
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Borders Group 4Q profit slides 3 percent
Mar 16 2006 5:46PM (CT)
ANN ARBOR, Mich. (AP) - Book retailer Borders Group Inc. said Thursday its fiscal fourth-quarter net income slipped 3 percent, as gross margins declined, while sales rose 6 percent.
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Bond prices up; investors reassess outlook
Mar 16 2006 5:36PM (CT)
NEW YORK (AP) - Bonds rose Thursday, boosted by a round of data that caused some investors to question whether interest rates have much further to climb.
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Universal Pictures names new chairmen
Mar 16 2006 5:33PM (CT)
LOS ANGELES (AP) - Universal Pictures on Thursday named Marc Shmuger as its new chairman and David Linde as co-chairman, effective immediately.
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Gaz de France posts jump in 2005 profit
Mar 16 2006 5:19PM (CT)
PARIS (AP) - State-controlled utility Gaz de France SA, which has announced plans to acquire French utility Suez SA, said Thursday its profit jumped 29 percent in 2005, partly on rising natural gas prices and growing sales volume.
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Corus to sell part of aluminum business
Mar 16 2006 5:15PM (CT)
LONDON (AP) - The steelmaker Corus Group PLC said Thursday it plans to sell part of its aluminum business to U.S.-based Aleris International Inc. and reported its full-year profit rose slightly as higher steel prices offset lower steel deliveries and energy and materials costs.
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BASF extends tender offer for Engelhard
Mar 16 2006 5:11PM (CT)
FRANKFURT, Germany (AP) - Chemical company BASF AG said Thursday it has extended its $4.9 billion tender offer for Engelhard Corp. until April 14. Engelhard said it still considers the offer inadequate, but agreed to let the German company examine its financial books.
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Allianz nearly triples 4th-quarter profit
Mar 16 2006 5:07PM (CT)
FRANKFURT, Germany (AP) - Insurer Allianz Group said Thursday its fourth-quarter profit nearly tripled as earnings in its banking and asset-management units and improved investment income protected it from losses related to last year's hurricanes.
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Toll Brothers CEO sees real estate growth
Mar 16 2006 5:03PM (CT)
PHILADELPHIA (AP) - Predictions of doom and gloom in the housing market are overblown and there is still room for real estate to grow as long as mortgage rates stay near historical lows, according the head of Toll Brothers, the nation's largest luxury homebuilder.
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Lenovo to lay off 1,000 workers worldwide
Mar 16 2006 5:01PM (CT)
RALEIGH, N.C. (AP) - Chinese computer maker Lenovo Group Ltd. will lay off about 5 percent of its global workforce as part of a restructuring the company expects will save it $250 million.
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Citigroup executive to leave bank in May
Mar 16 2006 5:00PM (CT)
NEW YORK (AP) - Citigroup Inc. top executive Michael Carpenter, the former Salomon Smith Barney head once considered a candidate to one day lead the massive financial services company, is leaving after an 11-year career there.
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Energy companies choose nuke plant site
Mar 16 2006 4:59PM (CT)
CHARLOTTE, N.C. (AP) - Duke Power Co. and Southern Co. have selected a site in South Carolina for a potential nuclear power plant, which would be one of the first ordered in the U.S. in more than 30 years, the companies said Thursday.
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H&R Block reports fewer clients in Feb.
Mar 16 2006 4:53PM (CT)
KANSAS CITY, Mo. (AP) - H&R Block Inc. said Thursday it saw fewer tax clients in February but still posted a slight increase in revenue.
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Winnebago 2Q profit plummets 39 percent
Mar 16 2006 4:52PM (CT)
DES MOINES, Iowa (AP) - Winnebago Industries Inc., one of the nation's largest motor home manufacturers, reported Thursday that second-quarter profit fell 39 percent on lower demand and prices for motor homes. Its shares tumbled more than 9 percent.
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Del Monte Foods to acquire Kraft brands
Mar 16 2006 4:51PM (CT)
SAN FRANCISCO (AP) - Del Monte Foods Co., one of the nation's largest distributors of canned fruit and vegetables, said Thursday it is adding more pet products to its business, agreeing to acquire Milk-Bone dog treats and other brands from Kraft Foods Inc. for about $580 million.
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ConAgra Foods plans to sell businesses
Mar 16 2006 4:50PM (CT)
OMAHA, Neb. (AP) - Focusing on what it calls its "highest potential brands," ConAgra Foods Inc. said Thursday that it plans to sell its seafood and cheese lines in addition to the planned sale of its refrigerated meats businesses.
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Mellon to take charge against 1Q earnings
Mar 16 2006 4:44PM (CT)
PITTSBURGH (AP) - Mellon Financial Corp. will record a pre-tax charge of $19.3 million against its first-quarter earnings to account for about $46 million in compensation to Martin McGuinn, who recently left the company as chief executive.
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Barnes & Noble 4Q profit beats estimates
Mar 16 2006 4:43PM (CT)
NEW YORK (AP) - Barnes & Noble Inc., the nation's largest bookseller, reported a 6.3 percent profit increase in its fourth quarter, beating Wall Street's expectations.
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Altria raises 2006 forecast on benefit
Mar 16 2006 4:40PM (CT)
NEW YORK (AP) - Altria Group Inc., majority owner of Kraft Foods and maker of Marlboro cigarettes, on Thursday lifted its 2006 financial forecast to reflect a $1 billion tax-related benefit and the just-announced sale of the Milk-Bone brand.
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Venezuela closes offices of Total, Eni
Mar 16 2006 4:38PM (CT)
CARACAS, Venezuela (AP) - Venezuela's tax authority temporarily closed the administrative offices of the French oil company Total SA and the Italian oil company Eni SpA on Thursday, citing accounting irregularities in the companies' tax filings.
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SUVs earn highest ratings in crash tests
Mar 16 2006 4:36PM (CT)
WASHINGTON (AP) - Seven sport utility vehicles earned the government's highest ratings in providing protection in front-end and side crashes, according to test results released Thursday.
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Firms prepare bid for Vodafone Group unit
Mar 16 2006 4:35PM (CT)
NEW YORK (AP) - Investment firms Providence Equity Partners Inc. and Cerberus Partners LP are readying a roughly $15 billion bid for a Japanese unit of British mobile-phone operator Vodafone Group PLC, according to a person familiar with the discussions.
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Thursday's commodities roundup
Mar 16 2006 4:33PM (CT)
NEW YORK (AP) - Gold prices finished slightly higher after seesawing Thursday, reacting to U.S. economic news, traders taking profits, and a U.S. air strike in Iraq.
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Chiron recalls, withdraws Morupar vaccine
Mar 16 2006 4:30PM (CT)
SAN FRANCISCO (AP) - Chiron Corp. on Thursday recalled and withdrew a common childhood vaccine sold in Italy and several other foreign countries, compounding the biotech company's headaches as it recovers from production problems that caused a recent shortage of flu shots.
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Faro stock down on delayed annual report
Mar 16 2006 4:24PM (CT)
NEW YORK (AP) - Faro Technologies Inc. shares slid Thursday and hit a 52-week low, after the measuring device maker delayed its annual report and said it recently learned that its sales people may have paid kickbacks to Chinese government officials, in violation of U.S. law.
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MasterCard posts $52.9M loss in 4th qtr.
Mar 16 2006 3:55PM (CT)
NEW YORK (AP) - MasterCard Inc., the credit-card issuer preparing to go public during the second quarter, on Thursday reported a loss in the fourth quarter.
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Study backs Calif. on emission standards
Mar 16 2006 3:34PM (CT)
WASHINGTON (AP) - A government-sponsored report backs California's role in setting tough standards on smog-forming emissions from cars, trucks and construction vehicles. The state's approach is scientifically valid and necessary in the quest for cleaner air, researchers said Thursday.
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Rudolph shares climb on rating boost
Mar 16 2006 3:30PM (CT)
CHARLOTTE, N.C. (AP) - Shares of Rudolph Technologies Inc. climbed Thursday, after WR Hambrecht raised its investment rating on the semiconductor-equipment company's stock to "buy" from "hold."
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Winchester rifle factory set to close
Mar 16 2006 3:12PM (CT)
NEW HAVEN, Conn. (AP) - The historic Winchester rifle factory that produced "The Gun that Won the West" will close at the end of the month after a two-month search for a buyer proved fruitless, the mayor of New Haven, Conn., said Thursday.
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Telefonica to buy back shares of unit
Mar 16 2006 2:34PM (CT)
MADRID, Spain (AP) - Telefonica SA said Thursday it plans to buy back the public shares of its fast-growing mobile unit Telefonica Moviles for $4.2 billion, seeking to ensure full control of the business after a recent spate of acquisitions.
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Cyberonics up up on Ala. BlueCross policy
Mar 16 2006 2:25PM (CT)
NEW YORK (AP) - Shares of Cyberonics Inc. rose Thursday, after Alabama BlueCross BlueShield released a policy draft that recommends coverage for the company's device that treats resistant-depression.
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Enron jurors take Thursday off
Mar 16 2006 2:17PM (CT)
HOUSTON (AP) - Jurors in the fraud and conspiracy trial of Enron Corp. founder Kenneth Lay and former CEO Jeffrey Skilling got a day off Thursday as the government neared the final two weeks of its case against the two former corporate titans.
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Russian felt boot plant carries tradition
Mar 16 2006 1:43PM (CT)
KALYAZIN, Russia (AP) - For generations, this Volga River town has been known for its valenki _ the felt boots that protect the feet of Russian children and adults from the harsh winter.
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Georgia-Pacific's mill in Maine to close
Mar 16 2006 1:35PM (CT)
PORTLAND, Maine (AP) - Georgia-Pacific Corp. announced Thursday it is shutting down its Old Town pulp and paper mill that employs 400 people, delivering a blow to Maine's paper industry and sending the governor scrambling to find a buyer.
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NYSE, SEC fine Bear Stearns $250 million
Mar 16 2006 1:30PM (CT)
NEW YORK (AP) - Bear Stearns Cos. has been fined $250 million by the New York Stock Exchange and the Securities and Exchange Commission for fraudulent market timing and late trading of mutual funds, regulators said Thursday.
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Lithuania seeks to adopt euro in 2007
Mar 16 2006 1:24PM (CT)
VILNIUS, Lithuania (AP) - Lithuania on Thursday formally applied to the European Union to adopt Europe's common currency next year and the EU Commission said it will reply on May 16.
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EU to take action on flood of shoe imports
Mar 16 2006 1:21PM (CT)
BRUSSELS, Belgium (AP) - The European Commission will slap duties on Chinese and Vietnamese shoes next week, acting against a flood of cheap imports that it says breaks world trade rules, officials said Thursday.
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American Italian Pasta shares soar
Mar 16 2006 1:20PM (CT)
NEW YORK (AP) - Shares of American Italian Pasta Co. soared Thursday after a new credit pact helped the noodle maker dodge a default, temporarily easing concerns about a bankruptcy filing.
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E.On asks EU to approve takeover of Endesa
Mar 16 2006 1:18PM (CT)
BRUSSELS, Belgium (AP) - German energy company E.On AG on Thursday asked the European Commission to clear its bid for Endesa SA, the target of a tug-of-war between E.On and a Spanish rival that has the Spanish government's backing.
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Late mortgage payments up in final quarter
Mar 16 2006 12:34PM (CT)
WASHINGTON (AP) - Late mortgage payments climbed to a 2 1/2-year high in the final quarter of 2005 as Gulf Coast homeowners struggled with fallout from the hurricanes and lofty energy prices along with rising interest rates squeezed the budgets of others across the country.
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Arcelor: Holders not favorable to Mittal
Mar 16 2006 12:28PM (CT)
BRUSSELS, Belgium (AP) - Arcelor Chief Executive Guy Dolle said Thursday that the majority of the steel company's shareholders are not in favor of the unsolicited 18.6 billion euro ($22.2 billion) takeover bid by rival Mittal Steel.
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Companies cross borders for immigrants
Mar 16 2006 12:25PM (CT)
LOS ANGELES (AP) - Odilon Hernandez recently bought a television for his parents back home in Puebla, Mexico. But he didn't intend to ship it or even load it in his car for his next trip across the border.
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T. Rowe Price chairman Roche to retire
Mar 16 2006 11:21AM (CT)
BALTIMORE (AP) - Mutual fund company T. Rowe Price Group Inc. said Thursday its chairman and president, George A. Roche, will retire during the fourth quarter of 2006.
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GM Daewoo to rehire laid off workers
Mar 16 2006 11:06AM (CT)
INCHEON, South Korea (AP) - General Motors Corp.'s South Korean unit said Thursday that it was rehiring all 1,725 assembly line workers laid off in 2001 by the defunct Daewoo Motor Co.
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Dollar falls against euro
Mar 16 2006 11:04AM (CT)
BERLIN (AP) - The dollar fell against the 12-nation euro Thursday even as Washington reported a sharp slowing of inflation in February.
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Halliburton KBR OKs sale of services unit
Mar 16 2006 8:53AM (CT)
HOUSTON (AP) - Oilfield services company Halliburton Co. on Thursday said its engineering and construction business KBR has agreed to sell its production services unit to a management group for an undisclosed sum.
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Groups angry over pageant ties to tobacco
Mar 16 2006 7:51AM (CT)
WASHINGTON (AP) - Miss America hopefuls and the R.J. Reynolds Tobacco Co. have a special relationship, and anti-smoking groups want to break it up.
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H&R Block shares slip 6 pct. on fraud suit
Mar 16 2006 7:34AM (CT)
NEW YORK (AP) - New York state filed a $250 million fraud suit Wednesday against H&R Block Inc., charging that the nation's largest tax preparation service steered more than 500,000 customers into a money-losing retirement account plan.
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Dubai co. sets timetable for ports pullout
Mar 16 2006 7:19AM (CT)
WASHINGTON (AP) - A Dubai-owned company is giving itself up to six months to sell all $700 million worth of its newly acquired U.S. port operations to an American buyer, a plan forced by congressional concerns over terrorism security.
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Roche: Tamiflu capacity exceeds orders
Mar 16 2006 6:59AM (CT)
BASEL, Switzerland (AP) - Swiss pharmaceutical company Roche Holding AG said Thursday it has greatly increased its capacity to produce the antiviral drug Tamiflu, but that government orders to stockpile it were lagging far behind.
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Allianz nearly triples 4Q profit to $1.05B
Mar 16 2006 6:11AM (CT)
FRANKFURT, Germany (AP) - German insurer Allianz Group said Thursday its fourth-quarter profit nearly tripled as profits in its banking and asset-management units and improved investment income protected it from losses related to last year's hurricanes.
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Usen president to buy stake in Livedoor
Mar 16 2006 5:48AM (CT)
TOKYO (AP) - Japanese cable broadcaster Usen Corp. said Thursday its president will personally buy Fuji TV's stake in disgraced Internet portal Livedoor Co., a deal that unloads an uneasy partnership for Fuji TV and could help revive Livedoor.
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Toyota launches rear-wheel drive hybrid
Mar 16 2006 5:41AM (CT)
TOKYO (AP) - Toyota's latest luxury car is powered by the world's first commercially mass produced hybrid system that's especially designed for rear-wheel drive vehicles.
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BOJ plans to keep interest rates near zero
Mar 16 2006 5:40AM (CT)
TOKYO (AP) - Bank of Japan Gov. Toshihiko Fukui said Thursday interest rates would remain near zero for some time, reiterating comments he made last week when the central bank scrapped its super-easy monetary policy.
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DuPont to cut jobs, close 4 facilities
Mar 16 2006 5:31AM (CT)
DOVER, Del. (AP) - Chemicals maker DuPont Co. said Wednesday it plans to cut 1,500 jobs and close four facilities in Europe in a restructuring of its performance coatings business and raised its overall earnings outlook. Its shares rose nearly 2.3 percent.
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Tenn. businesses may enter Japan market
Mar 16 2006 5:30AM (CT)
NASHVILLE, Tenn. (AP) - Japanese companies like Nissan Motor Co., Bridgestone Corp. and Toshiba Corp. have had a presence in Tennessee for decades, making them the largest international business group in the state with more than 40,000 employees.
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Leader urges Argentinians to eat less beef
Mar 16 2006 5:25AM (CT)
BUENOS AIRES, Argentina (AP) - Argentines rank among the world's biggest meat-eaters. But President Nestor Kirchner has told his carnivorous compatriots it's time to consume less if beef prices continue to rise and threaten his campaign against inflation. But isn't that like shunning the tango or telling a soccer-mad nation to skip the World Cup?
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G8 energy ministers convene for talks
Mar 16 2006 4:11AM (CT)
MOSCOW (AP) - Russia hosted energy ministers from the world's richest countries Thursday for discussions on energy security _ the centerpiece theme of its chairmanship of the Group of Eight industrialized nations.
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Court denies bail for ex-Livedoor chief
Mar 16 2006 2:09AM (CT)
TOKYO (AP) - A Japanese court on Thursday denied a request for bail filed by the former president of disgraced Internet portal Livedoor Co., a court spokesman said.
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Sears Holdings 4Q earnings soar to $648M
Mar 16 2006 12:59AM (CT)
CHICAGO (AP) - Sears Holdings Corp. overcame a steep sales dropoff at its Sears department stores to more than double its fourth-quarter profit to $648 million Wednesday, benefiting from continued cost-cutting and the addition of Sears' results to Kmart's.
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