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Ill. utility accused of bilking customers
Mar 21 2005 9:45PM (CT)
CHICAGO (AP) - Illinois and local officials on Monday sued Peoples Energy Corp., accusing the Chicago-based utility of bilking customers of more than $100 million through a system of illegal natural gas transactions and kickbacks.
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High court lets stand ex-smoker's award
Mar 21 2005 9:37PM (CT)
WASHINGTON (AP) - The Supreme Court declined Monday to consider whether to reduce $10.5 million in damages a jury awarded against Philip Morris USA to a former smoker with lung cancer.
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Time Warner settles SEC fraud charges
Mar 21 2005 9:35PM (CT)
NEW YORK (AP) - Closing a difficult chapter, Time Warner Inc. said Monday it would pay $300 million and restate three years of financial results to settle civil fraud charges stemming from its accounting of online advertising revenues and subscriber counts at its AOL unit.
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Diller's firm buying Ask Jeeves for $1.9B
Mar 21 2005 9:33PM (CT)
SAN FRANCISCO (AP) - Barry Diller's electronic commerce company IAC/InterActiveCorp is buying online search engine Ask Jeeves Inc. for $1.9 billion and taking aim at the Internet's advertising market leaders.
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France dismantles its 35-hour workweek
Mar 21 2005 9:09PM (CT)
PARIS (AP) - Sophie Guilbaud not only holds a full-time job, she also helps run her son's nursery and treats herself to regular weekdays of shopping, movies and art shows. The secret to her balancing act is a remarkable piece of social engineering _ France's 35-hour workweek. Introduced under the Socialists but headed for effective abolition by lawmakers Tuesday, "les 35 heures" have been a boon for some but, critics argue, a big drain on the economy.
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S. Korea economy grows 4.6 percent in 2004
Mar 21 2005 9:03PM (CT)
SEOUL, South Korea (AP) - South Korea's economy expanded 4.6 percent last year, less than expected as weak private spending curbed growth, the central bank said Tuesday.
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Tokyo's main stock index edges down
Mar 21 2005 9:02PM (CT)
TOKYO (AP) - The Tokyo stock market's main index fell Tuesday morning as investors pocketed gains after a three-day weekend. The dollar was higher against the Japanese yen and euro.
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Lawsuit alleges HP misclassified employees
Mar 21 2005 9:00PM (CT)
BOISE, Idaho (AP) - Workers have filed a class-action lawsuit against Hewlett-Packard Co., claiming the company wrongly classified them as contractors instead of employees.
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Calif. tequila maker in tussle over name
Mar 21 2005 8:39PM (CT)
LOS ANGELES (AP) - A dispute is brewing between a Mexican tequila trade group and a Southern California distiller who wants to sell his American-made agave liquor under the name "Temequila."
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Clear Channel told to pay rival promoter
Mar 21 2005 7:43PM (CT)
CHICAGO (AP) - A federal jury on Monday ordered Clear Channel Communications Inc. to pay a rival promoter $90 million for engaging in anticompetitive behavior to land a deal to promote motorcycle races.
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Report: Fannie Mae shrinks loan portfolio
Mar 21 2005 7:41PM (CT)
WASHINGTON (AP) - Mortgage giant Fannie Mae, whose accounting is under investigation by federal regulators, continues to shrink its loan portfolio at a robust clip and trimmed it by nearly 1.8 percent last month, a report released Monday by the company shows.
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Blockbuster says CEO to forgo $750,000
Mar 21 2005 7:16PM (CT)
DALLAS (AP) - Blockbuster Inc.'s chairman and chief executive, John Antioco, will forgo about $750,000 in deferred compensation as part of cost-control efforts by the nation's largest movie-rental chain.
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Final WorldCom ex-director settles suit
Mar 21 2005 6:47PM (CT)
NEW YORK (AP) - The last former WorldCom board member in a lawsuit brought by investors in the collapsed company agreed on Monday to pay $4.5 million out of his own pocket to settle the claim.
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Unocal finalizes Myanmar suit settlements
Mar 21 2005 6:28PM (CT)
EL SEGUNDO, Calif. (AP) - Oil and gas producer Unocal Corp. said Monday it finalized settlement agreements of four lawsuits filed on behalf of people living near a gas pipeline in the Southeast Asian nation of Myanmar who were allegedly subjected to slave labor and other crimes.
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KB Home first-quarter profit jumps 65 pct.
Mar 21 2005 6:21PM (CT)
NEW YORK (AP) - KB Home delivered higher-than-expected fiscal first-quarter results that showed no signs of a slowdown in the booming home-building sector.
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GM, Ford may negotiate health care deal
Mar 21 2005 5:47PM (CT)
DETROIT (AP) - General Motors Corp. and Ford Motor Co., the nation's two largest automakers, are reviewing their health care costs with the United Auto Workers and may follow smaller rival Chrysler Group in negotiating a new health care contract with the union, the UAW said on Monday.
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Bond prices modestly lower
Mar 21 2005 5:45PM (CT)
NEW YORK (AP) - Bond prices were modestly lower Monday as investors awaited Tuesday's Federal Open Market Committee meeting and what's expected to be another quarter-point interest rate hike.
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Qwest, Verizon fire off letters to MCI
Mar 21 2005 5:35PM (CT)
DENVER (AP) - The heads of Verizon Communications and Qwest Communications kicked their multibillion-dollar tug-of-war for MCI Inc. up a notch Monday with tartly worded letters to the long-distance carrier's board.
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Verizon CEO paid $17.3 million in 2004
Mar 21 2005 5:20PM (CT)
NEW YORK (AP) - Verizon Communications Inc. paid Chairman and Chief Executive Ivan Seidenberg $17.3 million in cash, equity and perks during 2004, according to the annual proxy statement filed by the telephone company with the Securities and Exchange Commission on Monday.
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Entegris, Mykrolis to merge via stock swap
Mar 21 2005 5:19PM (CT)
BILLERICA, Mass. (AP) - Entegris Inc. and Mykrolis Corp., suppliers to the semiconductor industry, said Monday they will merge through a stock swap to create a company with more than $650 million in annual sales.
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HealthSouth witness: Scrushy a 'king'
Mar 21 2005 5:16PM (CT)
BIRMINGHAM, Ala. (AP) - A former HealthSouth Corp. finance chief on Monday described ousted CEO Richard Scrushy as a bullying corporate "king" who sweet-talked him into signing false financial statements.
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Wyeth expects 1Q earnings to beat view
Mar 21 2005 5:09PM (CT)
MADISON, N.J. (AP) - Wyeth expects first-quarter earnings, excluding some items, will improve from last year and beat Wall Street estimates.
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Monday's Commodities Roundup
Mar 21 2005 4:45PM (CT)
NEW YORK (AP) - A stronger U.S. dollar and heavy speculative selling on Monday pushed gold futures prices down more than $8 an ounce, or about 1.8 per cent.
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Fed likely to boost interest rates again
Mar 21 2005 4:31PM (CT)
WASHINGTON (AP) - Federal Reserve policy-makers, wanting to prevent a broader outbreak of inflation as oil prices surge, are likely to keep pushing short-term interest rates higher.
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AmeriDebt settles FTC fraud charges
Mar 21 2005 4:27PM (CT)
WASHINGTON (AP) - The Federal Trade Commission said Monday it has reached a settlement of consumer-fraud charges against AmeriDebt Inc.
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SunGard in talks for possible sale
Mar 21 2005 4:18PM (CT)
WAYNE, Pa. (AP) - SunGard Data Systems Inc., a maker of investment support systems for banks, stock exchanges and mutual funds, said Monday it is in talks over a possible sale of the entire company. Its shares surged more than 24 percent.
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News Corp. completes offer for Fox shares
Mar 21 2005 4:15PM (CT)
NEW YORK (AP) - News Corp. said Monday it successfully completed an offer for the outstanding shares in its Fox Entertainment Group Inc. unit.
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Oil prices retreat after topping $57 mark
Mar 21 2005 4:12PM (CT)
NEW YORK (AP) - Oil prices retreated after surging above $57 a barrel Monday as the record-breaking rally over the past several days lost some momentum.
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Nortel 3Q results fall short of forecast
Mar 21 2005 4:11PM (CT)
TORONTO (AP) - Nortel Networks Corp. said results in the third quarter were slightly below its own forecast, prompting some analysts to lower their target price on the stock.
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Surging gasoline prices not slowing demand
Mar 21 2005 4:06PM (CT)
WASHINGTON (AP) - Gasoline prices have surged more than 10 percent in the past month to $2.11 a gallon nationwide, the government said Monday _ and the latest run-up in oil futures may lead to even higher pump prices soon.
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Avid to buy Pinnacle in $462 million deal
Mar 21 2005 4:03PM (CT)
TEWKSBURY, Mass. (AP) - Avid Technology Inc., a maker of editing systems for audio and video, said Monday it agreed to buy rival Pinnacle Systems Inc. for $462 million in cash and stock.
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Latest round of air fare hikes stumbles
Mar 21 2005 4:00PM (CT)
DALLAS (AP) - Another round of airline fare increases faltered Monday as two carriers backed down, including Continental Airlines Inc., which had started the price hikes of $10 per round trip on many U.S. flights to offset rising fuel costs.
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Coca-Cola to launch new no-calorie drink
Mar 21 2005 3:47PM (CT)
ATLANTA (AP) - The Coca-Cola Co. said Monday it will launch a no-calorie version of its trademark soft drink called Coca-Cola Zero in the United States in June.
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Kerik to step down as Taser director
Mar 21 2005 3:44PM (CT)
SCOTTSDALE, Ariz. (AP) - Former New York police commissioner Bernard Kerik is stepping down as a director on the embattled stun gun maker Taser International Inc.'s corporate board, the company announced Monday.
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Rambus, Infineon settle patent battle
Mar 21 2005 3:44PM (CT)
SAN JOSE, Calif. (AP) - Ending a long-running patent dispute over computer memory, Rambus Inc. and Infineon Technologies AG settled all legal claims Monday and granted each other licenses to their respective technologies.
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German prosecutors won't probe Citigroup
Mar 21 2005 3:44PM (CT)
BERLIN (AP) - German prosecutors said Monday they won't launch a formal investigation into bond trades last year by employees of Citigroup Inc., citing a lack of evidence of criminal wrongdoing.
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Novartis and Schering delay joint filing
Mar 21 2005 3:38PM (CT)
BERLIN (AP) - Novartis AG of Switzerland and Schering AG of Germany said Monday they would delay filing for market approval of a jointly developed experimental cancer drug after study results proved inconclusive. The announcement pushed down both companies' shares.
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Medicis to acquire Inamed in $2.8B deal
Mar 21 2005 3:35PM (CT)
NEW YORK (AP) - Prescription skin medication maker Medicis Pharmaceutical Corp. said Monday it agreed to purchase Inamed Corp., a maker of breast implants and obesity treatments, for about $2.8 billion in cash and stock.
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Scotts changes name to Scotts Miracle-Gro
Mar 21 2005 3:35PM (CT)
MARYSVILLE, Ohio (AP) - The Scotts Co. changed its name Monday to The Scotts Miracle-Gro Co., saying it would show off one of its best-known brands and help make investors and others more familiar with its full range of lawn care and gardening products.
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Carnival's 1Q profit jumps 70 percent
Mar 21 2005 3:26PM (CT)
MIAMI (AP) - Carnival Corp.'s first-quarter earnings surged 70 percent, helped by higher ticket prices and improving business, but the world's largest cruise company warned Monday that increasing oil prices could affect its future performance.
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WTO chief: Negotiators must make progress
Mar 21 2005 1:44PM (CT)
GENEVA (AP) - Negotiators need to make significant progress in a short period of time if they are to meet a deadline for a wide-ranging treaty to liberalize global commerce, the WTO chief said Monday.
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Gas costs hit record high, more hikes seen
Mar 21 2005 1:39PM (CT)
LOS ANGELES (AP) - Nationwide gas prices soared over 12 cents during the past two weeks to reach a record high and an analyst predicted more sticker shock at the pump in the days ahead.
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Ex-Tyco treasurer testifies on transfers
Mar 21 2005 1:22PM (CT)
NEW YORK (AP) - Tyco International Ltd.'s former treasurer testified Monday that the company's internal auditors raised no major concerns in a December 2001 audit about how Tyco administered its wire-transfer program.
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Report: GM planning deep white-collar cuts
Mar 21 2005 1:07PM (CT)
NEW YORK (AP) - General Motors Corp., which rocked investors last week by slashing its 2005 income outlook, plans deep cuts to its nonunion employee ranks, according to a newspaper report.
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EU demands clarification on Boeing-Airbus
Mar 21 2005 1:06PM (CT)
BRUSSELS, Belgium (AP) - The European Union demanded clarification Monday on whether Washington was still interested in talks to resolve a decades-old trade dispute over subsidies given to aircraft makers Airbus SAS and Boeing Co.
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ECB concerned on deficit spending rules
Mar 21 2005 1:02PM (CT)
BERLIN (AP) - The European Central Bank said Monday it was "seriously concerned" about the economic impact of a proposed European Union agreement to loosen some strictures on member governments' deficit spending.
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London shares are higher
Mar 21 2005 12:39PM (CT)
LONDON (AP) - Share prices were higher on the London Stock Exchange Monday.
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Group threatens action on banking issue
Mar 21 2005 12:10PM (CT)
ROME (AP) - An Italian consumer-rights group said Monday it will take legal action if Bank of Italy Governor Antonio Fazio vetoes requests by foreign financial institutions to make full takeover bids for Italian banks.
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Budget deal will help start EU summit
Mar 21 2005 10:40AM (CT)
BRUSSELS, Belgium (AP) - European Union leaders go into their spring economic summit Tuesday buoyed by a last-gasp agreement to allow governments to spend their way out of a downturn, but still facing divisions over how to further boost growth and jobs.
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BBC announces 2,050 more jobs to be cut
Mar 21 2005 10:34AM (CT)
LONDON (AP) - The British Broadcasting Corp. will shed 2,050 more jobs in a second wave of downsizing, the corporation announced Monday.
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India's largest liquor cos. in buyout deal
Mar 21 2005 10:26AM (CT)
BANGALORE, India (AP) - India's largest liquor maker McDowell & Co. and its group companies said Monday they will acquire majority ownership of the country's second largest liquor company, Shaw Wallace & Co. Ltd. for $300 million.
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Court declines to clarify disclosure law
Mar 21 2005 10:23AM (CT)
WASHINGTON (AP) - The Supreme Court declined to clarify Monday how much federal law shields companies from shareholder lawsuits when they make financial disclosures that later turn out to be wrong.
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Sweden's Tele2 to delist ADRs from Nasdaq
Mar 21 2005 10:21AM (CT)
STOCKHOLM, Sweden (AP) - Swedish telecommunications company Tele2 AB said Monday it will delist its shares from trading on the Nasdaq Stock Market next month because of low trading volume.
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India's largest liquor cos. in buyout deal
Mar 21 2005 10:18AM (CT)
BANGALORE, India (AP) - India's largest liquor maker McDowell & Co. and its group companies said Monday they will acquire majority ownership of the country's second largest liquor company, Shaw Wallace & Co. Ltd. for $300 million.
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Belgium, Finland and Sweden may face fines
Mar 21 2005 10:03AM (CT)
BRUSSELS, Belgium (AP) - The European Commission said Monday it is extending legal action against Belgium, Finland and Sweden over failure to implement EU copyright laws.
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Dollar gains more than a cent on the euro
Mar 21 2005 9:06AM (CT)
BERLIN (AP) - The dollar gained more than a cent Monday on the euro, which fell below $1.32 on a deal by European Union finance ministers to relax rules underpinning the currency and speculation that the U.S. Federal Reserve may move to more aggressive interest rate increases.
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EU orders Sweden to end broadcast monopoly
Mar 21 2005 8:27AM (CT)
BRUSSELS, Belgium (AP) - The European Union's head office on Monday ordered Sweden to end the broadcasting monopoly of state-owned Teracom AB and threatened to take Stockholm to court in two months.
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WTO agrees to rule on EU-U.S. customs spat
Mar 21 2005 8:23AM (CT)
GENEVA (AP) - The World Trade Organization agreed on Monday to rule on the legality of the European Union's customs regulations, which the United States says are a barrier to international trade, trade officials said.
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HIT Entertainment recommends Apax takeover
Mar 21 2005 7:58AM (CT)
LONDON (AP) - The board of HIT Entertainment PLC, which produces the Bob the Builder and Barney children's shows, recommended Monday that shareholders accept a cash takeover bid from Apax Partners & Co. Ltd.
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Cornell students study migrant workers
Mar 21 2005 7:57AM (CT)
ALBANY, N.Y. (AP) - On Wednesday nights, Cornell University senior Alex Nothern drives about 20 miles to a dairy farm near Cortland.
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Sports car developer DeLorean dies at 80
Mar 21 2005 7:54AM (CT)
NEWARK, N.J. (AP) - While only about 9,000 of his namesake cars were ever built, John Z. DeLorean's place in auto history was assured as soon as the gull-winged sports cars rumbled off the assembly line.
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Group tells German automakers to drop suit
Mar 21 2005 7:53AM (CT)
FRANKFURT, Germany (AP) - A group of national environmental organizations on Monday urged German automakers to drop their lawsuit against California's proposed stricter clean air regulations, accusing the carmakers of double standards.
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Metro continues its expansion in Italy
Mar 21 2005 6:34AM (CT)
STOCKHOLM, Sweden (AP) - Newspaper publisher Metro International SA on Monday continued its expansion in Italy, announcing five new editions in six cities.
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Report: Chinese economy to see growth
Mar 21 2005 6:20AM (CT)
SHANGHAI, China (AP) - The Chinese economy will continue to grow at a robust rate of 8 percent annually through the remainder of the decade, government researchers said in a report published Monday.
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ABB to reorganize subsidiaries
Mar 21 2005 5:22AM (CT)
ZURICH, Switzerland (AP) - ABB Ltd., the Swiss-Swedish electrical engineering giant, said Monday it has reached an agreement to reorganize two of its subsidiaries to resolve asbestos claims against the company.
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