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China to let businesses hold more currency
Apr 5 2006 11:33PM (CT)
BEIJING (AP) - China's government plans to let businesses and its public hold more foreign exchange, state media on Thursday quoted a central bank official as saying, amid pressure on Beijing to ease its strict currency controls.
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Mills fires 70 more workers
Apr 5 2006 10:48PM (CT)
NEW YORK (AP) - Mills Corp., a shopping-mall real-estate investment trust whose accounting has been called into question, on Wednesday laid off about 70 employees, including its president of development.
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Northwest mechanics denied unemployment
Apr 5 2006 10:24PM (CT)
MINNEAPOLIS (AP) - Striking mechanics at Northwest Airlines are ineligible for unemployment benefits because their strike is still active, a Minnesota judge ruled Wednesday.
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Jury: Merck liable for man's heart attack
Apr 5 2006 10:03PM (CT)
ATLANTIC CITY, N.J. (AP) - A jury found Merck & Co. liable on Wednesday for one of two former Vioxx users' heart attacks in a split verdict that awarded $4.5 million in damages to one of the plaintiffs.
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Bank: Growth in Asia economies to slow
Apr 5 2006 9:35PM (CT)
MANILA, Philippines (AP) - Growth in Asia's developing economies will slow to 7.2 percent this year from 7.4 percent in 2005, the Asian Development Bank said Thursday, but warned that the outlook could be unsettled by a possible bird flu pandemic, widening global payments imbalances and high oil prices.
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New Orleans man drops Vioxx lawsuit
Apr 5 2006 9:11PM (CT)
NEW ORLEANS (AP) - A New Orleans man dropped his federal lawsuit claiming that Vioxx caused his heart attack, in part because a judge refused to delay the trial scheduled June 12.
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AMR financial chief: Labor costs must fall
Apr 5 2006 8:55PM (CT)
FORT WORTH, Texas (AP) - The new chief financial officer of American Airlines' parent says the nation's biggest carrier must cut labor costs and reduce debt before it can consider updating its jet fleet.
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Japanese stocks edge higher
Apr 5 2006 8:25PM (CT)
TOKYO (AP) - Japanese stocks edged higher early Thursday, rebounding from two straight sessions of losses. The dollar was higher against the yen and euro.
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Lawsuit accuses Lawry's of barring men
Apr 5 2006 8:25PM (CT)
LOS ANGELES (AP) - The Lawry's steakhouse chain was sued for allegedly barring men from being servers at its restaurants, the U.S. Equal Employment Opportunity Commission said.
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Judge gives final OK to Exxon settlement
Apr 5 2006 7:14PM (CT)
MIAMI (AP) - A federal judge granted final approval Wednesday of a $1.075 billion agreement between Exxon Mobil Corp. and thousands of gasoline dealers who sued the company, settling a 14-year fight that went to the U.S. Supreme Court.
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Energy Brands files suit against Pepsico
Apr 5 2006 6:41PM (CT)
NEW YORK (AP) - A nutrient-enhanced water maker sued PepsiCo Inc. Wednesday, saying the bottled drink giant was imitating its recipe and the look of its bottle with a new line of water products.
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Goldberg to give up Air America CEO role
Apr 5 2006 6:26PM (CT)
NEW YORK (AP) - Air America Radio, the liberal talk radio network that features comedian Al Franken, announced late Wednesday that Danny Goldberg is giving up his role as CEO and will be replaced by an executive from a management consulting firm.
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St. Jude shares fall on lower 1Q outlook
Apr 5 2006 6:21PM (CT)
ST. PAUL, Minn. (AP) - Shares of St. Jude Medical Inc. sank 12 percent in Wednesday trading after the medical device maker cut its quarterly profit and revenue projections due to slower sales of a heart device.
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Ford CEO says bankruptcy isn't an option
Apr 5 2006 6:19PM (CT)
DETROIT (AP) - Ford Motor Co. Chairman and Chief Executive Bill Ford said Wednesday that bankruptcy isn't an option for the nation's No. 2 automaker, which is struggling to return its North American division to profitability.
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Venezuela, Eni hold talks on unpaid taxes
Apr 5 2006 6:07PM (CT)
CARACAS, Venezuela (AP) - Venezuela said Wednesday it is in talks with Italy's Eni SpA to obtain millions of dollars in unpaid taxes, while confirming that France's Total SA had paid off its tax bill.
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Boston Scientific-Guidant merger gets OK
Apr 5 2006 5:59PM (CT)
BOSTON (AP) - Boston Scientific Corp. said Wednesday it has won antitrust clearance from the Federal Trade Commission's staff for its $27 billion acquisition of former medical devices rival Guidant Corp., but is still awaiting final approval from the full commission as well as European regulators.
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Witness: Enron law firm probed complaints
Apr 5 2006 5:19PM (CT)
HOUSTON (AP) - Enron Corp.'s outside law firm conducted a cursory probe in the fall of 2001 of accounting complaints raised by former finance executive Sherron Watkins that asked executives and accountants who had already approved financial structures if they were proper, a lawyer with the firm testified Wednesday.
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Ecuador seeks bigger share of oil revenues
Apr 5 2006 5:17PM (CT)
QUITO, Ecuador (AP) - Ecuador is prepared to do business with other foreign oil companies if petroleum firms balk at its efforts to renegotiate existing contracts to provide the country with a greater share of windfall revenues, the energy minister said Wednesday.
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Bowater names Paterson president, CEO
Apr 5 2006 5:08PM (CT)
GREENVILLE, S.C. (AP) - Bowater Inc., one of the world's leading newsprint makers, has hired David J. Paterson, an executive with rival Georgia-Pacific Corp., as president and chief executive officer.
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Healthy eggs key to Eggland's Best success
Apr 5 2006 5:07PM (CT)
CEDAR KNOLLS, N.J. (AP) - When Eggland's Best Inc. launched its low-fat, low-cholesterol eggs in 1992, U.S. egg consumption was at its lowest point in decades as dieters and others spurned cholesterol-rich foods.
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DaimlerChrysler shares up on stake move
Apr 5 2006 4:47PM (CT)
FRANKFURT, Germany (AP) - Shares of DaimlerChrysler AG rose Wednesday while those of EADS dropped after the automaker and Lagardere SCA announced they were scaling back their stakes in the aeronautics and defense company.
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Tesoro CEO sees no demand dropoff for gas
Apr 5 2006 4:40PM (CT)
WASHINGTON (AP) - The head of one of the country's largest independent refining companies said Wednesday he would not expect $3-a-gallon gasoline to cause a major dropoff in demand this summer.
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NASD fines AIG unit for violations
Apr 5 2006 4:39PM (CT)
NEW YORK (AP) - The National Association of Securities Dealers fined American International Group Inc. unit American General Securities Inc. more than $1.1 million for directed brokerage violations.
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Varig denies reports grounding is imminent
Apr 5 2006 4:36PM (CT)
RIO DE JANEIRO, Brazil (AP) - The president of Brazil's flagship airline denied reports Wednesday that his company could be forced to stop flying within the next 24 hours but acknowledged the company was short on cash.
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Poland reaches preliminary UniCredit deal
Apr 5 2006 4:35PM (CT)
WARSAW, Poland (AP) - Poland's government reached a preliminary deal Wednesday with UniCredit SPA that will allow the Italian bank to pursue its takeover of Polish bank BPH in exchange for selling a large share of BPH's operations.
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Survey: Teens lack financial literacy
Apr 5 2006 4:30PM (CT)
WASHINGTON (AP) - They like to spend it, but young people don't know much about how money works. On average, high school seniors answered correctly only 52.4 percent of questions about personal finance and economics, according to a nationwide survey released Wednesday.
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Wall St. lobbying groups to pursue merger
Apr 5 2006 4:01PM (CT)
NEW YORK (AP) - Two of Wall Street's largest industry lobbying groups, the Securities Industry Association and the Bond Market Association, announced Wednesday they will pursue a merger of the two organizations.
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Wednesday's commodities roundup
Apr 5 2006 3:55PM (CT)
NEW YORK (AP) - Gold prices rose on Wednesday as crude-oil posted gains, while silver fell as traders booked profits from recent surges.
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Visicu shares skyrocket in trading debut
Apr 5 2006 3:54PM (CT)
WASHINGTON (AP) - Shares of Visicu Inc. soared Wednesday in their trading debut, as the company's system that allows doctors and nurses to monitor critically ill patients at multiple hospital locations grabbed investors' attention.
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Dow Jones shares decline after downgrade
Apr 5 2006 3:52PM (CT)
NEW YORK (AP) - Shares of Dow Jones & Co., publisher of The Wall Street Journal, fell more than 3 percent Wednesday after an analyst reduced her rating on the stock to "sell," citing a high price for the shares and the likelihood that ad revenue growth could be slowing.
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First Marblehead reaches loan-service deal
Apr 5 2006 3:50PM (CT)
BOSTON (AP) - First Marblehead Corp. has reached a new student loan-servicing agreement with Bank of America, reassuring investors who sent First Marblehead's shares down sharply five months ago when Bank of America indicated it might take its business elsewhere.
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Sales of VW-branded cars climb in March
Apr 5 2006 3:49PM (CT)
FRANKFURT, Germany (AP) - German automaker Volkswagen AG said Wednesday sales of its VW-branded cars were up 16 percent in March on demand for its Golf and Passat models.
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Sears Holdings board OKs stock buyback
Apr 5 2006 3:47PM (CT)
CHICAGO (AP) - Sears Holdings Corp., the third-biggest U.S. retailer, said Wednesday its board of directors has approved the repurchase of as much as $500 million more of the company's common stock.
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Goodyear to close plant in Britain
Apr 5 2006 3:39PM (CT)
AKRON, Ohio (AP) - Goodyear Tire & Rubber Co. plans to close a British plant and halt production of bicycle tires and inner tubes at its Debica, Poland, plant, the tire maker announced Wednesday.
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Monsanto 2Q profit up 18 percent to $440M
Apr 5 2006 3:30PM (CT)
ST. LOUIS (AP) - Monsanto Co., the word's biggest biotech seed company, on Wednesday said higher sales of corn seeds and its recently acquired fruit and vegetable seed business helped its profit grow 18 percent in its second quarter.
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Thales to acquire Alcatel operations
Apr 5 2006 3:29PM (CT)
PARIS (AP) - French electronics and defense company Thales SA said Wednesday it will acquire Alcatel SA's satellite and security operations for 1.7 billion euros ($2.08 billion) in cash and shares, keeping the politically sensitive assets in French hands.
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Reed Smith to merge with Richards Butler
Apr 5 2006 3:25PM (CT)
PITTSBURGH (AP) - Reed Smith LLP, a Pittsburgh-based international law firm, announced plans Wednesday to merge with London-based Richards Butler.
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Oil prices jump above $67 per barrel
Apr 5 2006 2:59PM (CT)
WASHINGTON (AP) - Crude-oil futures rose above $67 a barrel Wednesday, following a jump in gasoline futures after the U.S. government released data showing a decline in domestic supplies of motor fuel.
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Commission explores alternative to bridge
Apr 5 2006 2:52PM (CT)
DETROIT (AP) - Thousands of cars cross the border between Detroit and Windsor, Ontario, each day _ and that's not even counting the ones that have drivers at the wheel.
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National Enquirer to move back to Florida
Apr 5 2006 2:48PM (CT)
BOCA RATON, Fla. (AP) - The National Enquirer is moving its editorial headquarters back to Florida in a cost-cutting move after a year in New York.
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Richardson Electronics shares decline
Apr 5 2006 2:44PM (CT)
NEW YORK (AP) - Richardson Electronics Ltd. stock dropped Wednesday after the company found accounting errors at one of its Italian units that will result in restatements, and said its chief operating officer resigned.
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Insurance co. to drop Florida policies
Apr 5 2006 2:00PM (CT)
WEST PALM BEACH, Fla. (AP) - A large insurance company plans to begin canceling coverage for 140,000 Florida homeowners this summer, less than two months after the start of hurricane season.
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NBC's Telemundo partners with Grupo Xtra
Apr 5 2006 1:00PM (CT)
NEW YORK (AP) - NBC Universal's Spanish-language television unit, Telemundo, said Wednesday that it is teaming up with the Mexican company Grupo Xtra to form a TV production studio in Mexico.
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Services sector growth outpaces forecasts
Apr 5 2006 12:51PM (CT)
NEW YORK (AP) - The services sector of the nation's economy expanded in March at a faster rate than in the previous month, a private research group said Wednesday. The growth outpaced analysts' forecasts.
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Coca-Cola boosts director pay
Apr 5 2006 12:38PM (CT)
ATLANTA (AP) - The Coca-Cola Co., the world's largest beverage maker, is increasing the base fee it pays its directors by $50,000 a year, but with a catch _ they only will get the money if the company meets certain performance targets.
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Regulators: No contamination in drug test
Apr 5 2006 12:36PM (CT)
LONDON (AP) - Investigators have found no explanation for what went wrong in a clinical drug test which made six men seriously ill in Britain, regulators said Wednesday.
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Euro up against dollar in Europe
Apr 5 2006 12:27PM (CT)
FRANKFURT, Germany (AP) - The euro continued to rise against the dollar Wednesday after U.S. officials suggested interest rate increases there might be coming to a close.
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Sweden's Volvo eyes future acquisitions
Apr 5 2006 12:26PM (CT)
GOTEBORG, Sweden (AP) - Swedish bus and truck maker AB Volvo will consider making major acquisitions as the industry moves toward increased global consolidation, Chief Executive Leif Johansson said Wednesday.
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Delegates urge nations to address poverty
Apr 5 2006 11:58AM (CT)
BELO HORIZONTE, Brazil (AP) - Latin American governments and lenders must do more to ease the deep divide between rich and poor because few benefits of an expanding economy are trickling down to the poor, delegates at key economic forum said Wednesday.
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Court upholds law in favor of Parmalat
Apr 5 2006 11:45AM (CT)
ROME (AP) - Italy's highest court upheld a special law Wednesday that allowed Parmalat SPA to file for claims of up to 7.5 billion euros ($9.2 billion) from some of its creditor banks _ a boost to the dairy giant's recovery from a massive fraud scandal.
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Brazil police charge former official
Apr 5 2006 11:43AM (CT)
RIO DE JANEIRO, Brazil (AP) - Federal police have charged former Brazilian Finance Minister Antonio Palocci with violating bank secrecy laws for illegally examining the accounts of a man who testified against him in the Senate.
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Vought Aircraft to slash 600 jobs
Apr 5 2006 11:32AM (CT)
DALLAS (AP) - Vought Aircraft Industries Inc., which lost $230 million last year, plans to cut 600 jobs, mostly at its Dallas aircraft-parts assembly plant.
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Home Depot to open 18 stores in Canada
Apr 5 2006 10:53AM (CT)
TORONTO (AP) - The Home Depot Inc., which is preparing for the Canadian arrival of rival Lowe's Cos., said Wednesday it would open 18 new stores in Canada this year, investing $385 million and creating about 2,200 jobs.
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Omniture files for IPO
Apr 5 2006 10:30AM (CT)
WASHINGTON (AP) - Omniture Inc. filed an initial public offering to sell up to $120 million in common stock, according to a filing Tuesday with the Securities and Exchange Commission.
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EU court cuts fine on Germany's Degussa
Apr 5 2006 10:29AM (CT)
BRUSSELS, Belgium (AP) - The European Court of First Instance on Wednesday reduced by 23 percent a fine levied against German chemicals company Degussa AG by European regulators for its pricing of a chemical.
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Bank of America program lures customers
Apr 5 2006 10:21AM (CT)
NEW YORK (AP) - Bank of America Corp.'s "keep the change" savings program is proving popular with consumers. Since its launch six months ago, it has drawn 2 million participants who have accumulated some $60 million in savings, the bank said Wednesday.
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Delta union leader seeks strike authority
Apr 5 2006 9:16AM (CT)
ATLANTA (AP) - Now that Delta Air Lines Inc. pilots have authorized a strike, their union leader wants the right to decide when a walkout would occur.
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Merkel defends gas pipeline plan
Apr 5 2006 9:12AM (CT)
BERLIN (AP) - German Chancellor Angela Merkel on Wednesday defended plans for a natural-gas pipeline that would run directly from Russia to Germany, pledging that it would be "generally accessible" to Europeans.
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Finnish officials suspect price fixing
Apr 5 2006 8:59AM (CT)
HELSINKI, Finland (AP) - The Finnish Competition Authority said Wednesday it suspects three forest companies of price fixing and has asked them to respond.
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Wal-Mart elevates several executives
Apr 5 2006 8:57AM (CT)
BENTONVILLE, Ark. (AP) - Wal-Mart Stores Inc., the world's largest retailer, promoted several executives Wednesday, including Lawrence Jackson, who was named president and chief executive of Wal-Mart's global procurement division.
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Royal Philips to close light-bulb factory
Apr 5 2006 7:39AM (CT)
AMSTERDAM, The Netherlands (AP) - Dutch electronics maker Royal Philips Electronics NV said Wednesday it will close one of its light-bulb factories next year, shedding at least 260 jobs.
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Poland reaches deal with Italy's UniCredit
Apr 5 2006 7:21AM (CT)
WARSAW, Poland (AP) - Poland's Treasury Ministry reached a preliminary agreement Wednesday with UniCredit SPA that will allow the Italian bank to move ahead with its takeover of Polish bank BPH, the prime minister said.
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Qualcomm: S. Korean regulators visited
Apr 5 2006 6:49AM (CT)
SEOUL, South Korea (AP) - Qualcomm Inc., a developer of cell-phone technology, said Wednesday officials from the Korea Fair Trade Commission visited its Seoul office in what appeared to be a move to investigate the U.S. company.
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China fines 600 financial institutions
Apr 5 2006 6:36AM (CT)
SHANGHAI, China (AP) - China fined 600 financial institutions a total of 56.3 million yuan ($7 million) for money-laundering violations in 2005, including a branch of Japan's Bank of Tokyo-Mitsubishi UFJ, a state-run newspaper reported Wednesday.
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EU clears $16M Irish subsidy for Abbott
Apr 5 2006 6:35AM (CT)
BRUSSELS, Belgium (AP) - The EU gave the Irish government approval Wednesday to give 13 million euros ($16 million) in funding to help Abbott Laboratories Inc. set up a research and development center to make products to treat heart disease.
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Some JPMorgan Trust operations suspended
Apr 5 2006 6:05AM (CT)
TOKYO (AP) - Japan's financial watchdog suspended some operations of JPMorgan Trust Bank on Wednesday and ordered the company to improve internal controls for allegedly failing to properly evaluate real estate used to obtain loans.
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Northwest mushroom harvest may be poor
Apr 5 2006 3:40AM (CT)
BOISE, Idaho (AP) - Last year's mild wildfire season in the Northwest may be bad news for commercial mushroom hunters, but hobbyists are already salivating at the thought of spring morels.
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Kia seeks delay in Ga. plant ceremony
Apr 5 2006 12:57AM (CT)
ATLANTA (AP) - Kia Motors Corp. wants to postpone a groundbreaking ceremony for a $1.2 billion Georgia plant but state officials said they are not worried about a delay in the overall project.
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