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Japanese stocks edge higher; Dollar slips
Apr 4 2006 10:31PM (CT)
TOKYO (AP) - Japanese stocks edged higher Wednesday morning, boosted by earlier gains on Wall Street and rebounding from a dip the session before. The dollar was lower against the yen and euro.
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Personal bankruptcy filings plunge
Apr 4 2006 10:03PM (CT)
NEW YORK (AP) - Consumer bankruptcy filings plunged in the first quarter to their lowest level in 20 years, as a tough new law enacted in October made it harder to erase debts, fresh data show.
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Calif. stem cell agency to be loaned $14M
Apr 4 2006 8:29PM (CT)
SACRAMENTO, Calif. (AP) - Six philanthropic organizations have agreed to loan California's stem cell agency $14 million until it can raise money on its own, state Treasurer Phil Angelides said Tuesday.
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P&G, Coca-Cola settle patent lawsuits
Apr 4 2006 8:02PM (CT)
CINCINNATI (AP) - Procter & Gamble Co. has settled a lawsuit against Coca-Cola Co. that claimed the beverage maker was using P&G's patented technology that adds calcium to fruit juices, the companies said.
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Maxtor cuts forecasts, plans job cuts
Apr 4 2006 7:58PM (CT)
SAN FRANCISCO (AP) - Maxtor Corp. on Tuesday issued a lower first-quarter financial forecast and said it would cut 900 jobs in Singapore, citing the hard disk-drive maker's pending acquisition by Seagate Technology Inc.
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Delta pilots vote to authorize strike
Apr 4 2006 7:08PM (CT)
ATLANTA (AP) - Delta Air Lines Inc. pilots, angered by management's effort to throw out their contract and impose deep pay cuts, voted by a wide margin to authorize a strike, union leaders said Tuesday.
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'Free-trade' area urged for U.S., Canada
Apr 4 2006 6:15PM (CT)
WASHINGTON (AP) - With the securities markets changing rapidly and cross-border bidding wars for stock exchanges, regulations designed for another era need to be overhauled, the head of the Toronto Stock Exchange said Tuesday.
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Enron witnesses counter prosecution case
Apr 4 2006 6:08PM (CT)
HOUSTON (AP) - Defense witnesses in the fraud and conspiracy trial of former Enron Corp. chiefs Kenneth Lay and Jeffrey Skilling picked away at parts of the government's allegations Tuesday, disputing earlier testimony that partnerships run by the company's former finance chief got special treatment for buying problem assets.
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St. Jude cuts 1Q sales, earnings outlook
Apr 4 2006 5:58PM (CT)
ST. PAUL, Minn. (AP) - St. Jude Medical Inc. on Tuesday lowered its first-quarter earnings and revenue outlook below Wall Street projections, sending its share price down more than 8 percent.
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Blockbuster shares drop on Icahn action
Apr 4 2006 5:55PM (CT)
DALLAS (AP) - Shares of Blockbuster Inc. slipped on Tuesday as evidence mounted that financier Carl Icahn, who won a seat on the board last year, won't try to take control of the nation's largest movie-rental chain when shareholders meet next month.
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Blockbuster accused of patent infringement
Apr 4 2006 5:48PM (CT)
SAN FRANCISCO (AP) - Online DVD rental service Netflix Inc. on Tuesday accused Blockbuster Inc. of illegally copying its ideas in a patent infringement lawsuit challenging the video store chain's recent Internet expansion.
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U.S. to auction drilling leases in Utah
Apr 4 2006 5:46PM (CT)
SALT LAKE CITY (AP) - Bidding by oil-and-gas players could intensify at a government auction next month when drilling leases will be offered on 440,000 acres of public land in Utah.
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Experts: Illegal immigrants help economy
Apr 4 2006 5:13PM (CT)
WASHINGTON (AP) - They pick fruit and vegetables and clip hedges. They hang drywall and clean houses, hotels and office buildings. The millions of illegal workers in the United States have come under a fresh spotlight as Congress and President Bush grapple with revamping the nation's immigration policies.
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DaimlerChrysler to reduce stake in EADS
Apr 4 2006 5:05PM (CT)
BERLIN (AP) - German-U.S. automaker DaimlerChrysler AG said Tuesday that it will reduce by 7.5 percent its stake in European Aeronautic Defence and Space Co. as it focuses on its core automotive business, a share that the company valued at about 2 billion euros ($2.4 billion).
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Transcripts: Economy concerned Greenspan
Apr 4 2006 5:02PM (CT)
WASHINGTON (AP) - In 2000, when Wall Street's bubble burst and the economy hit a brick wall, Federal Reserve Chairman Alan Greenspan and other Fed officials revealed in their closed-door meetings plenty of concern about just where things might be headed.
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Suit: Older GM vehicle wipers are faulty
Apr 4 2006 4:59PM (CT)
JEFFERSON CITY, Mo. (AP) - A federal lawsuit claims the windshield wipers on millions of older General Motors Corp. vehicles are defective and that the automaker should have recalled 7.5 million trucks, vans and sport-utility vehicles instead of 1.7 million vehicles.
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Boeing reports 98 plane deliveries in 1Q
Apr 4 2006 4:55PM (CT)
CHICAGO (AP) - Boeing Co., the world's second-largest commercial airplane manufacturer behind Airbus SAS, said Monday it delivered 98 commercial planes in the first quarter, up 40 percent from the same period a year ago.
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Russo sells upside of Lucent-Alcatel deal
Apr 4 2006 4:53PM (CT)
TRENTON, N.J. (AP) - After helping to broker an acquisition by Alcatel SA to create a global telecommunications gear powerhouse, Lucent Technologies Inc. chief executive Patricia Russo is trying to win over her employees, thousands of whom will eventually get pink slips.
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Lay lawyer to have surgery, miss trial
Apr 4 2006 4:45PM (CT)
HOUSTON (AP) - The lead lawyer for Enron Corp. founder Kenneth Lay is laid up and facing surgery to clean out a clogged artery _ but his client's fraud and conspiracy trial will forge ahead without him.
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Judge won't grant separate KPMG trials
Apr 4 2006 4:41PM (CT)
NEW YORK (AP) - A federal judge declined Tuesday to grant separate trials for 18 people charged in a tax shelter scheme for the rich that the government has called the largest criminal tax fraud case in history.
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Southwest to offer Dulles Airport service
Apr 4 2006 4:27PM (CT)
DALLAS (AP) - Southwest Airlines Co. will begin service this fall at Dulles International Airport outside Washington, D.C., stepping into a void left by the collapse of Independence Air.
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Corel plans IPO in U.S., Canada
Apr 4 2006 4:25PM (CT)
OTTAWA (AP) - Software maker Corel Corp., a leading Microsoft Corp. rival, Tuesday said it will go public in an initial offering of shares in the United States and Canada.
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Audi: Worldwide deliveries rise in March
Apr 4 2006 4:18PM (CT)
FRANKFURT, Germany (AP) - German automaker Audi AG said Tuesday that worldwide deliveries of its cars rose 10 percent in March compared with the same month last year, with its A3 and A6 lines boosting demand.
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Lafarge ups buyout offer for subsidiary
Apr 4 2006 4:16PM (CT)
PARIS (AP) - Lafarge SA bowed to pressure from minority shareholders in its Lafarge North America subsidiary Tuesday and raised its buyout offer by 9.3 percent as it seeks to win full control of the largest U.S. cement supplier.
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Tuesday's commodities roundup
Apr 4 2006 4:13PM (CT)
NEW YORK (AP) - Gold futures fell slightly in New York Tuesday as traders took profits from recent surges in the yellow metal.
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Investors said jittery about Latin America
Apr 4 2006 4:12PM (CT)
BELO HORIZONTE, Brazil (AP) - Presidential elections in seven Latin American countries this year have investors jittery over prospects that new leaders might undermine the region's economic gains, leading international bankers said Tuesday.
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Endesa posts bond to halt Gas Natural bid
Apr 4 2006 4:10PM (CT)
MADRID, Spain (AP) - Spain's biggest utility, Endesa SA, said it posted a 1 billion euros ($1.2 billion) bond Tuesday with a Madrid mercantile court to temporarily halt a hostile takeover from the country's biggest gas distributor, Gas Natural.
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Virgin accepts $1.67B offer from NTL
Apr 4 2006 4:09PM (CT)
LONDON (AP) - Richard Branson's Virgin Mobile Holdings PLC accepted a 962.4 million pound ($1.67 billion) offer from cable operator NTL Inc. on Tuesday, inking a deal that will create Britain's first powerful "quadruple-play" communications company.
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No verdict yet in Vioxx trial in N.J.
Apr 4 2006 4:07PM (CT)
ATLANTIC CITY, N.J. (AP) - A jury deliberated for more than five hours Tuesday without reaching a verdict in the case of two New Jersey men who say that Vioxx was responsible for their heart attacks and that manufacturer Merck & Co. engaged in "unconscionable commercial practices" in marketing the painkiller.
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Calpine to sell plants, lay off workers
Apr 4 2006 4:04PM (CT)
SAN FRANCISCO (AP) - Electricity wholesaler Calpine Corp. said Tuesday that it will jettison about 20 power plants and lay off another 775 workers, continuing to retreat from a rapid expansion that buried the company in debt and drove it into bankrutpcy.
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Ford shareholders to weigh policy change
Apr 4 2006 3:53PM (CT)
DETROIT (AP) - Ford Motor Co. shareholders will decide whether to amend the company's equal employment policy to exclude sexual orientation after the U.S. Securities and Exchange Commission denied Ford's request to keep the issue off its proxy statement, the automaker said Tuesday.
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Alcatel, Lucent Technologies shares drop
Apr 4 2006 3:43PM (CT)
PARIS (AP) - Shares in Alcatel SA and Lucent Technologies Inc. edged down Tuesday amid conflicting signals over the sale of the French telecom equipment maker's satellite activities to defense electronics company Thales SA _ a deal that would clear the way for Alcatel's 11.1 billion euros ($13.4 billion) acquisition of U.S. rival Lucent.
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Publishers: Newspapers withstood storms
Apr 4 2006 3:42PM (CT)
CHICAGO (AP) - The recent hurricane destruction along the Gulf Coast has brought out the best among newspapers and even strengthened an area that was flagging, their publishers say: Reader loyalty.
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Merck improves first-quarter outlook
Apr 4 2006 3:36PM (CT)
WHITEHOUSE STATION, N.J. (AP) - Drug maker Merck & Co. said Tuesday it anticipates posting a higher profit in the first quarter than originally expected because of strong sales of its cholesterol drug, Zocor.
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3M considers selling unit; shares climb
Apr 4 2006 3:35PM (CT)
MINNEAPOLIS (AP) - 3M Co., a maker of items ranging from adhesives to health and safety products, said on Tuesday it is considering selling its branded pharmaceuticals business. Its shares rose 1.5 percent on the New York Stock Exchange.
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Int'l Paper to sell 5.1M acres of land
Apr 4 2006 3:34PM (CT)
STAMFORD, Conn. (AP) - International Paper Co., the world's largest forest products company, announced an agreement Tuesday to sell about 5.1 million acres of forest land for $6.1 billion to two investor groups.
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Computer Sciences to cut about 5,000 jobs
Apr 4 2006 3:29PM (CT)
LOS ANGELES (AP) - Computer Sciences Corp. said Tuesday it plans to cut about 5,000 jobs, or about 6 percent of its work force, over two years and that a possible sale of the company is under consideration.
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Stem cell agency draws ire over plan
Apr 4 2006 3:23PM (CT)
SAN FRANCISCO (AP) - In a March 31 story about the California stem cell agency, The Associated Press reported erroneously that chairman Robert Klein had secured $50 million in loans to help fund the agency. Instead, Klein has loan commitments for $45 million and is negotiating another $5 million.
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New newspaper set to launch in Baltimore
Apr 4 2006 3:08PM (CT)
BALTIMORE (AP) - With newspaper readership declining, it may seem a tough time to launch a new daily in a one-paper town. But Clarity Media Group Inc. is hoping disaffected readers still yearn to hold a paper in their hands _ as long as they can get through it quickly.
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Venezuela: Airline scraps planned flight
Apr 4 2006 3:03PM (CT)
CARACAS, Venezuela (AP) - Venezuela, which is seeking to regain its own airlines' access to the United States, said on Tuesday that American Airlines could not add a planned fourth daily flight to Miami from Caracas.
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World oil prices settle at $66 per barrel
Apr 4 2006 2:40PM (CT)
LONDON (AP) - World oil prices fell Tuesday as traders continued to take gains from a recent rally, though analysts said concerns about gasoline supplies in the U.S. and crude supplies out of Iran and Nigeria limited the decline.
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84 Lumber to close 67 stores in 19 states
Apr 4 2006 2:35PM (CT)
EIGHTY FOUR, Pa. (AP) - 84 Lumber Co., the country's largest privately owned building materials retailer, announced Tuesday it would close 67 stores in 19 states, including 12 in Pennsylvania, but plans to open 125 new stores in faster-growing areas in at least 20 states.
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Catapult shares drop on 2Q forecast
Apr 4 2006 2:11PM (CT)
NEW YORK (AP) - Catapult Communications Corp. shares fell Tuesday, after the company forecast a shortfall in its fiscal second-quarter revenue.
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IBM helping employees move into classrooms
Apr 4 2006 1:38PM (CT)
RESEARCH TRIANGLE PARK, N.C. (AP) - After more than three decades at IBM, Larry Leise and Susan Luerich could be planning a leisurely retirement. Instead, the married couple are headed back to college, with plans to start new careers in retirement as high school science teachers.
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Workers have retirement 'overconfidence'
Apr 4 2006 1:20PM (CT)
NEW YORK (AP) - The majority of American workers think they'll be able to retire comfortably, but most aren't saving nearly enough to meet that goal, according to a new study.
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ECB to consider interest rate increase
Apr 4 2006 1:15PM (CT)
FRANKFURT, Germany (AP) - Consumers appear more confident and growth is on the upswing in most of the countries that use the euro as the European Central Bank considers its next interest rate move at its meeting on Thursday.
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FCC head seeks push on cross-ownership ban
Apr 4 2006 12:40PM (CT)
CHICAGO (AP) - Kevin Martin, the chairman of the Federal Communications Commission, urged newspaper publishers Tuesday to help his agency revive a push to lift a ban on the ownership of both newspapers and broadcasting outlets in the same city.
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'Harry Potter' publisher sees profit rise
Apr 4 2006 12:25PM (CT)
LONDON (AP) - Boy wizard Harry Potter continued to be the primary money-maker for Bloomsbury Publishing PLC, helping the British publisher to report a 15 percent rise in annual net profit Tuesday.
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Carrefour gets offers for S. Korea stores
Apr 4 2006 12:21PM (CT)
PARIS (AP) - Carrefour SA, the world's second largest retailer, said Tuesday it has received "a number of offers" to buy its South Korean operations.
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EU pushes governments to open gas markets
Apr 4 2006 12:00PM (CT)
STRASBOURG, France (AP) - European Union regulators on Tuesday started legal proceedings against 17 countries for not doing enough to open up their energy markets, just weeks after the EU criticized France and Spain for trying to protect their national energy companies.
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U.S. to start logging talks with Indonesia
Apr 4 2006 11:57AM (CT)
WASHINGTON (AP) - The United States and Indonesia agreed on Tuesday to begin negotiations on a trade agreement to combat illegal logging of forests in Indonesia.
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Tens of thousands walk out at German firms
Apr 4 2006 11:42AM (CT)
STUTTGART, Germany (AP) - Tens of thousands of factory workers staged brief walkouts in Germany on Tuesday, the country's largest industrial union said, underlining its demand for a 5 percent pay hike ahead of fresh talks with employers.
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AK Steel agrees to settle pollution suit
Apr 4 2006 11:36AM (CT)
CINCINNATI (AP) - AK Steel Corp. has agreed to settle a 6-year-old lawsuit by spending an estimated $12 million to $13 million to clean up two streams contaminated with polychlorinated biphenyls from its Middletown Works plant, the steel maker and U.S. government said Monday.
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EU presents new version of services law
Apr 4 2006 11:15AM (CT)
STRASBOURG, France (AP) - The European Commission presented a new draft bill Tuesday to open Europe's vast services market to cross-border competition, watering down the original and leaving out a contentious clause on labor regulation.
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Prosecutor seeks prison for ex-Skandia CEO
Apr 4 2006 10:53AM (CT)
STOCKHOLM, Sweden (AP) - A prosecutor asked a court Tuesday to sentence Swedish insurer Skandia's former chief executive to up to six years in prison for fraud, as a trial involving one of Sweden's biggest business scandals came to a close.
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Nissan recalls 44,000 Frontier pickups
Apr 4 2006 10:51AM (CT)
WASHINGTON (AP) - Nissan North American Inc. said Tuesday that it was recalling about 44,000 Frontier pickup trucks because the fuel cap could come off and allow fuel to spill if the vehicle were involved in a severe side crash.
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Authorities raid Color Line ferry company
Apr 4 2006 10:50AM (CT)
OSLO, Norway (AP) - European competition authorities on Tuesday raided the headquarters of Norway's Color Line AS ferry company as part of an antitrust investigation.
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Dollar falls, gold mixed in Europe
Apr 4 2006 10:46AM (CT)
LONDON (AP) - The U.S. dollar fell against other major currencies in European trading Tuesday. Gold prices were mixed.
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Compuware buys SteelTrace for $20 million
Apr 4 2006 10:37AM (CT)
DETROIT (AP) - Mainframe software maker Compuware Corp. announced Tuesday it has signed a deal to acquire SteelTrace, a privately held Irish information technology firm, for $20 million.
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Euro up against dollar
Apr 4 2006 10:33AM (CT)
FRANKFURT, Germany (AP) - The euro rose against the dollar Tuesday as some Middle Eastern central banks indicated that they could switch more of their currency reserves to euros.
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Venezuela oil field seizures cause jitters
Apr 4 2006 9:30AM (CT)
CARACAS, Venezuela (AP) - Venezuela has seized control of oil fields from France's Total SA and Italy's Eni SPA in a show of force against those resisting President Hugo Chavez's efforts to pry more profits from the industry at a time of high oil prices.
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Japan aims for talks on economic community
Apr 4 2006 9:08AM (CT)
TOKYO (AP) - Japan's economy minister on Tuesday said he hopes to begin negotiations in 2008 to create an East Asian economic partnership that would be based on a regional free-trade agreement among 16 nations.
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IMF ups '06 global economic growth outlook
Apr 4 2006 8:52AM (CT)
SIEM REAP, Cambodia (AP) - The International Monetary Fund on Tuesday raised its growth forecast for the global economy to 4.9 percent for this year from the 4.3 percent predicted last September.
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Fed: Citigroup can pursue big acquisitions
Apr 4 2006 8:45AM (CT)
NEW YORK (AP) - The Federal Reserve gave Citigroup Inc. the green light to pursue future acquisitions, lifting a year-long restriction that was imposed following a string of scandals.
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British pensions panel defends proposals
Apr 4 2006 8:10AM (CT)
LONDON (AP) - A panel commissioned by the British government to avert a looming funding crisis in the country's pensions system defended its proposals Tuesday to increase the retirement age and link payments to earnings rather than inflation.
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Study: Consumers need advice on tires
Apr 4 2006 8:01AM (CT)
WASHINGTON (AP) - The government should collect information on how tires affect fuel efficiency in cars and light trucks to help consumers seek out the most efficient brands, a study says.
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California wine sales hit another high
Apr 4 2006 7:42AM (CT)
BERKELEY, Calif. (AP) - California wine sales in the United States hit another record in 2005, a rise experts attribute to a combination of factors from the Supreme Court weighing in on wine shipments to the vino-centric movie, "Sideways."
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EU asks for more info on corn testing
Apr 4 2006 7:30AM (CT)
BRUSSELS, Belgium (AP) - The European Union asked Swiss agrochemicals company Syngenta AG on Tuesday to give it more information about its testing to detect and prevent an unauthorized version of genetically modified corn from entering the EU.
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Gazprom seeks gas price hike for Belarus
Apr 4 2006 7:10AM (CT)
MOSCOW (AP) - Russia's gas monopoly OAO Gazprom on Tuesday called for at least a threefold increase in gas prices for Belarus, a move that could strain relations between the two neighbors.
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EU warns Greece over Olympic Airways aid
Apr 4 2006 6:36AM (CT)
BRUSSELS, Belgium (AP) - European Union regulators on Tuesday warned Greece that it must recover 161 million euros ($194 million) in illegal aid to Olympic Airways or face fines.
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JetBlue adds spa amenities on redeyes
Apr 4 2006 5:59AM (CT)
NEW YORK (AP) - JetBlue Airways Corp. will offer spa products on its redeye flights, hoping to fill seats in fiercely competitive transcontinental markets as high fuel prices continue to plague the airline industry.
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Toyota sales up in March; Ford, GM down
Apr 4 2006 5:36AM (CT)
DETROIT (AP) - The U.S. auto industry's slump hit GM hard in March, when the struggling automaker's sales fell almost 15 percent while rival Toyota reported its highest ever monthly sales yet.
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Nintendo raises group net profit outlook
Apr 4 2006 5:22AM (CT)
TOKYO (AP) - Nintendo Co. on Tuesday raised its group net profit outlook for the fiscal year that ended in March by almost 27 percent to 95 billion yen ($805 million) due to brisk sales of its portable game player Nintendo DS and foreign-exchange gains on a weaker yen.
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Chinese official: Don't buy U.S. bonds
Apr 4 2006 5:00AM (CT)
HONG KONG (AP) - China should stop buying U.S. Treasuries and take steps to reduce its holdings in those bonds, a Hong Kong newspaper on Tuesday quoted a high-ranking Chinese official as saying.
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