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Skilling denies perpetuating Enron ruse
Apr 12 2006 11:47PM (CT)
HOUSTON (AP) - Former Enron Corp. Jeffrey Skilling spent nine weeks listening in large part to his former underlings say or imply that he misled investors by saying all was well at the energy giant when accounting tricks and weak ventures fed financial rot. Now he's fighting back, having logged three days testifying in his fraud and conspiracy trial with a fourth on Thursday and more to come next week.
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Planned Tyco breakup may not create value
Apr 12 2006 11:44PM (CT)
NEW YORK (AP) - A breakup of the conglomerate Tyco International Ltd. may not be the magic bullet company management needs to create value for shareholders.
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Woman dies after riding Epcot ride
Apr 12 2006 10:27PM (CT)
MIAMI (AP) - A 49-year-old woman died Wednesday, a day after becoming ill after riding "Mission: Space" at Walt Disney World's _ the second death in less than a year related to the Epcot ride so intense that it has motion sickness bags and several riders have been treated for chest pain.
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Venezuela state oil co. to end SEC filings
Apr 12 2006 9:30PM (CT)
CARACAS, Venezuela (AP) - Venezuela's state oil company said it has paid off $83 million in debt registered with the U.S. Securities and Exchange Commission and will stop filing public financial reports with the agency.
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Shareholder opposes offer for Riviera
Apr 12 2006 9:27PM (CT)
LAS VEGAS (AP) - A major shareholder of casino operator Riviera Holdings Corp. said an offer to sell the company for $17 a share was too low and it would vote against the deal.
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Toyota to recall 57,000 Lexus models
Apr 12 2006 8:29PM (CT)
TOKYO (AP) - Toyota Motor Corp. will recall about 57,000 vehicles worldwide from its upscale Lexus brand because faulty parts in the device that winds seat belts may prevent passengers from buckling up.
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Japanese stocks edge higher
Apr 12 2006 8:12PM (CT)
TOKYO (AP) - Japanese stocks edged higher early Thursday, bouncing back from three sessions of losses. The dollar was lower against the yen.
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Tobacco industry attacks $590.9M verdict
Apr 12 2006 8:05PM (CT)
NEW ORLEANS (AP) - The tobacco industry on Wednesday attacked a landmark jury verdict ordering cigarette makers to cough up $590.9 million for nicotine patches, telephone hot lines and other programs to help Louisiana smokers kick the habit, saying the trial that lead to the decision had "enough reversible error for 10 cases."
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AMD posts 1Q net income of $185 million
Apr 12 2006 7:25PM (CT)
SAN FRANCISCO (AP) - Advanced Micro Devices Inc. on Wednesday said it swung to a first-quarter profit that exceeded Wall Street expectations, as Intel Corp.'s smaller rival benefited from market-share gains and the spinoff of its unprofitable flash memory subsidiary.
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Ghosn: Hybrids could see sales slowdown
Apr 12 2006 6:57PM (CT)
NEW YORK (AP) - Nissan Motor Co. Chief Executive Carlos Ghosn said Wednesday he feels vindicated that hybrids could be seeing a sales slowdown, since he has repeatedly warned that it is too early to fully back the technology.
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H&R Block reports gains in tax clients
Apr 12 2006 6:20PM (CT)
KANSAS CITY, Mo. (AP) - H&R Block Inc. said it saw a 5.4 percent increase in the number of income tax customers during the second half of March, and estimated 30 percent of taxpayers had yet to file their income tax forms for the year.
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Pilots to get equity in reorganization
Apr 12 2006 5:35PM (CT)
MINNEAPOLIS (AP) - Northwest Airlines Corp. pilots will hold an $888 million claim to be paid in stock when the carrier emerges from bankruptcy protection, the pilot's union said in a presentation to members.
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SEC adopts new policy on media subpoenas
Apr 12 2006 5:34PM (CT)
WASHINGTON (AP) - The Securities and Exchange Commission announced a new policy on subpoenaing journalists Wednesday, responding to controversy over the agency's demands for records from three online columnists.
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Bonds weaken as dealers adjust positions
Apr 12 2006 4:52PM (CT)
NEW YORK (AP) - Bond prices weakened Wednesday, as dealers adjusted positions amid new debt offerings and looked ahead to key data Thursday.
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Jury awards $9.25M to cattle raisers
Apr 12 2006 4:48PM (CT)
ABERDEEN, S.D. (AP) - A federal jury on Wednesday awarded $9.25 million to cattle raisers who said large meat packing companies had underpaid producers for live cattle.
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Hertz to offer Ford Mustang for rent
Apr 12 2006 4:44PM (CT)
NEW YORK (AP) - Call it rent-a-race car. Starting this summer, drivers will be able to rent a souped-up Ford Mustang at some U.S. Hertz locations, Ford and Hertz announced Wednesday at the New York Auto Show.
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Lampert: Sears in strong financial shape
Apr 12 2006 4:43PM (CT)
HOFFMAN ESTATES, Ill. (AP) - Sears Holdings Corp. Chairman Edward Lampert assured shareholders Wednesday that the company is very strong financially despite sagging sales and is working hard to improve its Kmart and Sears, Roebuck & Co. stores.
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Harley-Davidson 1Q profit rises 3 percent
Apr 12 2006 4:39PM (CT)
MILWAUKEE (AP) - Motorcycle maker Harley-Davidson Inc. on Wednesday said its profit rose 3 percent in the first quarter, but the stock dipped nearly 6 percent on news that the company would withhold shipments of 2007 models until the third quarter.
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Delta pilots picket outside headquarters
Apr 12 2006 4:23PM (CT)
ATLANTA (AP) - Hundreds of Delta Air Lines Inc. pilots marched near the company's headquarters Wednesday and placed a giant inflatable rat on a street corner to symbolize what they see as corporate greed in management's effort to void their contract and impose pay cuts.
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Gasoline prices rise on falling supplies
Apr 12 2006 4:11PM (CT)
NEW YORK (AP) - Gasoline futures rose Wednesday after the United States reported a large drop in gasoline inventories, adding to supply worries that are already heightened by political turmoil in Nigeria and Iran, two of the world's biggest oil producers.
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GM, Ohio workers reach tentative agreement
Apr 12 2006 4:09PM (CT)
DAYTON, Ohio (AP) - General Motors Corp. and workers at its assembly plant in suburban Moraine have reached a tentative contract agreement that would put the facility in position to build a new generation of sport utility vehicles, a GM official said Wednesday.
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Roberts to step down as RadioShack chair
Apr 12 2006 3:42PM (CT)
DALLAS (AP) - Leonard Roberts said Wednesday he is resigning as executive chairman at RadioShack, which still has not replaced the chief executive officer who left two months ago because of questions about claims on his resume.
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WH Smith intends to separate businesses
Apr 12 2006 3:39PM (CT)
LONDON (AP) - WH Smith PLC, a major British distributor and retailer of books and magazines, said Wednesday it intends to separate its retailing and distribution businesses.
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Zetsche sees DaimlerChrysler profitability
Apr 12 2006 3:35PM (CT)
BERLIN (AP) - DaimlerChrysler AG should be more profitable this year, but still has work ahead to reinvigorate its marquee Mercedes-Benz product lineup, chief executive Dieter Zetsche said Wednesday.
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Wal-Mart sues 'Wal-ocaust' T-shirt seller
Apr 12 2006 2:58PM (CT)
ATLANTA (AP) - Wal-Mart has filed a federal lawsuit over a warped version of its logo appearing on T-shirts and on a Web site with the word "Wal-ocaust" in blue over an Iron Eagle clutching a yellow smiley face.
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Circuit City 4Q earnings soar 65 percent
Apr 12 2006 2:47PM (CT)
RICHMOND, Va. (AP) - Circuit City Stores Inc. reported solid revenue growth and higher profits in the fourth quarter as it benefited from internal improvements and exceptionally strong sales of flat-panel televisions. Its shares rose more than 7 percent.
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EU: Credit, debit cards charging too much
Apr 12 2006 2:27PM (CT)
BRUSSELS, Belgium (AP) - Credit and debit cards such as Visa and MasterCard are racking up "abnormal" and "excessive" profits for banks, European Union antitrust chief Neelie Kroes said Wednesday.
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Pixelplus shares fall
Apr 12 2006 2:14PM (CT)
NEW YORK (AP) - Stock of Pixelplus Co., which designs and markets image sensors used in cell phone cameras, fell Wednesday after the company warned that lackluster sales in China would hurt first-quarter results.
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Wal-Mart inventory trims create headaches
Apr 12 2006 1:45PM (CT)
NEW YORK (AP) - As Wal-Mart Stores Inc. looked across its operations recently to find ways of cutting costs, it found it had a problem that afflicts many businesses: too much inventory.
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Greenspan addresses conference in S. Korea
Apr 12 2006 12:58PM (CT)
SEOUL, South Korea (AP) - Former U.S. central bank chief Alan Greenspan said Wednesday that global economic imbalances might improve if some high-growth economies allowed their currencies to strengthen.
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LSE shares soar on news of Nasdaq stake
Apr 12 2006 12:28PM (CT)
LONDON (AP) - Shares in the London Stock Exchange shot higher Wednesday, spurred by revelations that former takeover suitor Nasdaq Stock Market Inc. has acquired a 14.99 percent stake, making it the British exchange's biggest shareholder.
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Brewer SABMiller sells 5 pct. more beer
Apr 12 2006 12:27PM (CT)
LONDON (AP) - Brewer SABMiller PLC said Wednesday it sold 5 percent more beer, excluding its new South American business, in its latest financial year amid strong demand from Europe and Asia.
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Gannett's profit falls 11.5 percent in 1Q
Apr 12 2006 12:14PM (CT)
NEW YORK (AP) - Gannett Co., the largest newspaper publisher in the country, reported Wednesday an 11.5 percent decline in profit for its first quarter as the company began expensing stock options and recording costs from its new newspaper partnership in Detroit.
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FCC tightens rules for airwave auction
Apr 12 2006 12:10PM (CT)
WASHINGTON (AP) - Under new rules designed to increase competitive bidding, companies that want to sell such wireless services as high-speed Internet and video will be able to buy a big chunk of airwaves at a government auction.
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DaimlerChrysler holders seek Smart closure
Apr 12 2006 11:52AM (CT)
BERLIN (AP) - Several shareholders of DaimlerChrysler AG demanded Wednesday that the automaker close its Smart GmbH unit, which hasn't posted a profit since it was formed in 1998.
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Eurotunnel postpones '05 earnings report
Apr 12 2006 11:39AM (CT)
PARIS (AP) - Heavily indebted Eurotunnel SA postponed the publication of its 2005 earnings Wednesday and asked creditors to extend the deadline on a restructuring plan.
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EU plans tougher reviews for biotech foods
Apr 12 2006 11:35AM (CT)
BRUSSELS, Belgium (AP) - The European Commission proposed toughening the European Union's approval procedure for new biotech foods, products and crops Wednesday in the wake of widespread criticism from EU governments that the current system was unreliable.
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RTL to buy full stake in Germany's n-tv
Apr 12 2006 11:22AM (CT)
BERLIN (AP) - Europe's largest broadcaster, RTL Group, said Wednesday it is acquiring full control of German 24-hour news channel n-tv from U.S. news channel CNN after the deal was cleared by antitrust authorities.
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Swedish court rules against commercials
Apr 12 2006 10:52AM (CT)
STOCKHOLM, Sweden (AP) - A Swedish appeals court on Wednesday ruled that a TV station violated the artistic integrity of two filmmakers by interrupting their movies with commercial breaks.
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Adelphia revises bankruptcy plan
Apr 12 2006 10:16AM (CT)
GREENWOOD VILLAGE, Colo. (AP) - Cable television provider Adelphia Communications Corp. said Wednesday it has modified a reorganization plan to try to resolve a dispute among some creditors that has delayed its exit from bankruptcy protection.
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Media General posts profit in 1Q
Apr 12 2006 10:14AM (CT)
RICHMOND, Va. (AP) - Media General Inc., a publisher of 25 daily newspapers in the southern United States, on Wednesday reported a first-quarter profit following a big loss last year, though stock-option expenses and the publishing division's performance pulled down earnings.
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Cargill earnings rise slightly in 3Q
Apr 12 2006 10:05AM (CT)
MINNETONKA, Minn. (AP) - Cargill Inc., which sells food, agricultural and risk management products, on Wednesday reported net earnings edged up 1 percent to $370 million in its third quarter from $366 million a year earlier.
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Boeing expects to sell China 120 aircraft
Apr 12 2006 9:38AM (CT)
BEIJING (AP) - Boeing Co. expects its sales in China to match last year's level of 120 aircraft following a major order placed this week, a company executive said Wednesday.
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Bausch & Lomb: Source of infection unknown
Apr 12 2006 9:28AM (CT)
ROCHESTER, N.Y. (AP) - The source of a spike in dangerous fungal eye infections linked by federal health officials to a contact lens solution sold by Bausch & Lomb Inc. remains a mystery, the eye-care products maker said Wednesday.
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DaimlerChrysler chairman says probe over
Apr 12 2006 9:01AM (CT)
BERLIN (AP) - The chairman of DaimlerChrysler AG's supervisory board, Hilmar Kopper, said Wednesday that prosecutors have dropped an investigation into claims against him of possible insider trading.
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Thousands throng opening of IKEA in China
Apr 12 2006 8:37AM (CT)
BEIJING (AP) - Thousands of shoppers thronged the opening of IKEA's biggest Asian store in Beijing on Wednesday as the Swedish furniture maker launched a bid to expand its share of China's thriving home improvement market.
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FCC notes concerns on cable family tiers
Apr 12 2006 8:37AM (CT)
ATLANTA (AP) - In a sign the cable industry may face additional pressure over decency issues, the chairman of the Federal Communications Commission said genuine concerns have been raised about the viability of family-friendly programming tiers cable operators have proposed.
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DaimlerChrysler to keep stake in EADS
Apr 12 2006 7:07AM (CT)
BERLIN (AP) - DaimlerChrysler AG will keep at least a 15 percent stake in EADS, which owns 80 percent of the European aircraft maker Airbus, Chief Executive Dieter Zetsche said Wednesday.
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EU trims euro area growth forecasts
Apr 12 2006 6:44AM (CT)
BRUSSELS, Belgium (AP) - The European Union on Wednesday unexpectedly trimmed its growth forecast for the 12 nations using the euro for the first three quarters of this year.
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U.S., China OK deals to narrow trade gap
Apr 12 2006 1:48AM (CT)
WASHINGTON (AP) - The United States has won a string of commitments from China aimed at narrowing a record trade gap, but U.S. industry groups said the real test could come next week in talks between Chinese President Hu Jintao and President Bush over China's currency system.
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