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Hybrid sales more than double in 2005
May 3 2006 11:10PM (CT)
DETROIT (AP) - U.S. hybrid vehicle sales more than doubled last year, according to new data released Thursday, although they still only comprise slightly more than 1 percent of U.S. vehicle sales.
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Weyerhaeuser CEO agrees to stay on
May 3 2006 10:25PM (CT)
FEDERAL WAY, Wash., (AP) - Steven R. Rogel, Weyerhaeuser Co.'s chairman, president and chief executive officer, has agreed to defer his retirement until 2009.
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Arcelor suggests Mittal Steel make offer
May 3 2006 10:20PM (CT)
CLEVELAND (AP) - The chief executive of Luxembourg-based Arcelor SA said Wednesday the company would consider Mittal Steel Co.'s unsolicited takeover bid if the offer is large enough and made in cash.
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Hyundai Motor 1Q profit falls 37 percent
May 3 2006 10:02PM (CT)
SEOUL, South Korea (AP) - Hyundai Motor Co., South Korea's largest automaker, said Thursday its net profit fell 37.5 percent in the first quarter from a year ago as the strong South Korean currency against the dollar hurt its export profits.
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Starbucks 2Q earnings rise 27 percent
May 3 2006 9:48PM (CT)
SEATTLE (AP) - Starbucks Corp. reported Wednesday that its fiscal second-quarter profit rose 27 percent, citing brisk customer demand for its coffee drinks, a strong showing for green tea beverages and its ever-growing footprint of stores.
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Northwest secures pilot OK for givebacks
May 3 2006 9:48PM (CT)
MINNEAPOLIS (AP) - Bankrupt Northwest Airlines Corp. took a major step toward reorganizing by winning pilot approval for $358 million in givebacks on Wednesday. But its labor troubles aren't over yet.
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Dow ends down 16, Nasdaq finishes down 6
May 3 2006 9:46PM (CT)
NEW YORK (AP) - Stocks closed modestly lower Wednesday as the latest batch of upbeat economic data made investors uneasy about more interest rate hikes by the Federal Reserve.
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Group sues NY over Internet tobacco sales
May 3 2006 9:30PM (CT)
ALBANY, N.Y. (AP) - A group of cigarette distributors and sellers sued New York Wednesday seeking to overturn a law banning Internet, telephone and mail order tobacco sales.
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Group says drug makers exaggerate claims
May 3 2006 8:21PM (CT)
TRENTON, N.J. (AP) - Drug makers commonly exaggerate claims, promote unproven uses and underplay medicines' risks when marketing to doctors and customers, according to a report released Wednesday by a national consumer advocacy group.
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Electronic Arts posts 4Q loss of $16M
May 3 2006 7:30PM (CT)
SAN JOSE, Calif. (AP) - Stuck in an industrywide waiting game and faced with higher expenses and taxes, video game publisher Electronic Arts Inc. swung to a loss in its fiscal fourth quarter and issued an outlook well below Wall Street expectations on Wednesday.
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Gates doesn't want to be richest man
May 3 2006 7:26PM (CT)
REDMOND, Wash. (AP) - Most people probably dream of being the world's richest person _ except, perhaps, the man himself.
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Japanese financial markets closed
May 3 2006 7:05PM (CT)
TOKYO (AP) - Japanese stock, currency and other financial markets are closed Thursday for People's Holiday, a national holiday. The markets will be also closed Friday for Children's Day, a public holiday.
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Prudential Financial 1Q profit drops
May 3 2006 6:57PM (CT)
NEWARK, N.J. (AP) - Life insurance and investment giant Prudential Financial Inc. on Wednesday reported first-quarter profit declined 11.9 percent from a year ago, as income fell from its investment division.
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Experts debate concern over source of gas
May 3 2006 6:28PM (CT)
LOS ANGELES (AP) - President Bush has called for a 75 percent reduction in Middle Eastern oil imports by 2025. But drivers trying to get a jump on that goal by avoiding certain gas stations are finding there are no guarantees they are really avoiding oil from the Persian Gulf.
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Wal-Mart reviews advertising strategy
May 3 2006 6:20PM (CT)
NEW YORK (AP) - Wal-Mart Stores Inc. is reviewing its advertising strategy _ accounts reportedly worth more than a half billion dollars _ as part of a larger overhaul the world's biggest retailer has begun of its marketing image.
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Whole Foods Market 2Q profit up 27 pct.
May 3 2006 6:19PM (CT)
DALLAS (AP) - Natural food grocer Whole Foods Market Inc. said Wednesday its second-quarter profit grew 27 percent on strong same-store sales.
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Expert: Enron financial reporting correct
May 3 2006 6:08PM (CT)
HOUSTON (AP) - Last-minute changes to quarterly earnings reports prosecutors contend were ordered by Enron Corp. Chief Executive Jeffrey Skilling to improve the company's reputation on Wall Street were accurate, and not the result of improper tapping of company reserves, a defense expert testified Wednesday.
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Volkswagen unit hopes to increase profit
May 3 2006 5:59PM (CT)
SAO PAULO, Brazil (AP) - The Brazilian subsidiary of German automaker Volkswagen AG said Wednesday it hopes to increase profit by reducing exports, slashing labor costs and concentrating more on the domestic market.
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Euronext rallies against merger proposal
May 3 2006 5:22PM (CT)
PARIS (AP) - European stock market operator Euronext SA urged shareholders Wednesday not to back a proposal that pressures the company into a merger with Frankfurt-based Deutsche Boerse AG.
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Aetna CEO buys over $1M in company stock
May 3 2006 5:20PM (CT)
WASHINGTON (AP) - Aetna Inc. President and Chief Executive Ronald A. Williams bought more than $1 million worth of his company's stock just days after the health-insurance company lost 20 percent of its market value.
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Raytheon board won't give CEO a raise
May 3 2006 5:19PM (CT)
BOSTON (AP) - Defense contractor Raytheon Co.'s board on Wednesday said it won't give Chief Executive William Swanson a raise this year and will cut his stock compensation next year because he failed to properly credit others in his booklet of folksy management advice.
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EDS shares fall 5.9 percent on 1Q results
May 3 2006 5:16PM (CT)
PLANO, Texas (AP) - Shares of Electronic Data Systems Corp. fell Wednesday after the technology-services company boosted revenue but fell short of Wall Street's profit target for the first quarter.
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UAW asks Delphi locals to take strike vote
May 3 2006 5:08PM (CT)
DETROIT (AP) - The union representing the majority of hourly workers at Delphi Corp. on Wednesday asked its locals to take a strike authorization vote, further pressuring the auto parts supplier as it seeks wage cuts.
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Westaim stock down 6.1 percent on 1Q loss
May 3 2006 4:57PM (CT)
NEW YORK (AP) - Westaim Corp.'s shares fell Wednesday after the company posted a loss in the latest quarter, and failed to announce a joint venture for making flat-panel screens.
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Bausch & Lomb shares drop on CDC report
May 3 2006 4:55PM (CT)
ROCHESTER, N.Y. (AP) - Shares of Bausch & Lomb Inc. fell sharply Wednesday after the federal Centers for Disease Control confirmed more cases of a serious eye infection and concerns grew that the fungus may be linked to more of its contact lens products than originally suspected.
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XM Satellite Radio Holdings stock falls
May 3 2006 4:53PM (CT)
LOS ANGELES (AP) - XM Satellite Radio Holdings Inc. stock fell Wednesday after competitor Sirius Satellite Radio Inc. announced it added more subscribers in the last quarter than XM.
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UAL to merge airport, cargo operations
May 3 2006 4:46PM (CT)
NEW YORK (AP) - United Airlines parent UAL Corp. said Wednesday that it will consolidate its airport operations and cargo divisions into one unit.
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Lawyer: Vioxx study may prompt more suits
May 3 2006 4:41PM (CT)
NEWARK, N.J. (AP) - An attorney for Vioxx users said on Wednesday said that a new study which suggests the pain killer may cause problems with short-term use may lead to more lawsuits against the pain reliever's maker, Merck & Co.
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Agency: Some Gulf oil production blocked
May 3 2006 4:37PM (CT)
NEW ORLEANS (AP) - More than a fifth of the Gulf of Mexico's normal daily oil production is still blocked by storm damage _ and little additional petroleum is expected to reach market before the start of the next hurricane season on June 1, a federal agency said Wednesday.
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BSkyB 3Q net profit up 8 pct. to $277.5M
May 3 2006 4:33PM (CT)
LONDON (AP) - Satellite TV operator British Sky Broadcasting Group PLC reported an 8 percent increase in third-quarter net profit Wednesday, but also revealed a steep drop in subscriber growth ahead of the launch of new products later this year.
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Wednesday's commodities roundup
May 3 2006 4:24PM (CT)
NEW YORK (AP) - Gold and platinum rose Wednesday, while silver and palladium slipped, finishing a roller-coaster day of alternating profit-taking and bargain hunting driven by swings in the energy market.
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New Bob Evans CEO to get salary of $650G
May 3 2006 4:24PM (CT)
COLUMBUS, Ohio (AP) - The new chief executive of Bob Evans Farms Inc. will receive a base salary of $650,000 a year and be eligible for bonuses and incentives worth up to $2.08 million in cash and stock, according to a filing with federal regulators on Wednesday.
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Deutsche Bank 1Q net profit, revenue up
May 3 2006 4:22PM (CT)
FRANKFURT, Germany (AP) - Deutsche Bank, Germany's biggest bank, said Wednesday its first-quarter net profit and revenue rose, with its investment arm reaping gains from good market conditions.
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BMW 1Q net profit up 81 percent to $1.2B
May 3 2006 4:20PM (CT)
FRANKFURT, Germany (AP) - The automaker BMW AG said Wednesday that first-quarter net profit rose 81 percent, helped by the sale of its stake in engine maker Rolls-Royce Group PLC and improved demand for its luxury sedans.
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U.S. service sector expands in April
May 3 2006 4:15PM (CT)
WASHINGTON (AP) - America's service sector expanded with gusto and factories saw orders shoot up by the largest amount in nearly a year, fresh evidence the economy was pushing ahead at a good clip into the spring.
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Warner Music Group rejects offer from EMI
May 3 2006 4:11PM (CT)
LONDON (AP) - Warner Music Group Corp. has rejected a $4.2 billion cash-and-stock offer from its larger rival EMI Group PLC _ the latest development in a long-running bid to unite the companies.
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Freight haulers look to offset fuel costs
May 3 2006 4:09PM (CT)
GRANITE CITY, Ill. (AP) - As an independent trucker always vigilant about his razor-thin bottom line, Glen Eicher doesn't enjoy the leverage bigger haulers have in making up their soaring fuel costs through surcharges.
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Ameristar Casinos withdraws bid for Aztar
May 3 2006 4:07PM (CT)
LAS VEGAS (AP) - Ameristar Casinos Inc. said Wednesday it withdrew its $1.7 billion bid to acquire casino operator Aztar Corp., and has no intention to pursue the company at this time.
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Marsh & McLennan 1Q profit soars to $416M
May 3 2006 4:05PM (CT)
NEW YORK (AP) - Marsh & McLennan Companies Inc., the nation's largest insurance brokerage, reported Wednesday that its net income tripled in the first quarter from a year earlier, although revenue came in a bit below analysts' expectations.
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Cigna 1Q earnings tumble; shares plunge
May 3 2006 4:04PM (CT)
PHILADELPHIA (AP) - Insurance company Cigna Corp. reported a 19 percent decline in first-quarter profit Wednesday and issued an outlook for full-year earnings that falls short of Wall Street's expectations.
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Yum Brands emerges from shadows of brands
May 3 2006 4:00PM (CT)
LOUISVILLE, Ky. (AP) - KFC, Taco Bell and Pizza Hut are household names, but ask someone to name the chains' parent company and you might draw a blank.
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Qwest 1Q earnings advance on sales boost
May 3 2006 3:55PM (CT)
DENVER (AP) - Qwest Communications International Inc. said Wednesday its first-quarter profit surged 54 percent as the primary phone service provider in 14 mostly Western states boosted sales and reined in costs.
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P&G 3Q profit up 37 percent; shares drop
May 3 2006 3:52PM (CT)
CINCINNATI (AP) - Procter & Gamble Co. said Wednesday that its third-quarter profit jumped 37 percent, but the consumer products company's stock slid on weaker than expected sales figures and a fourth-quarter earnings forecast that was below Wall Street projections.
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Time Warner 1Q profit up nearly 60 pct.
May 3 2006 3:51PM (CT)
NEW YORK (AP) - Time Warner Inc. reported a higher first-quarter profit Wednesday, driven by strong results in cable TV and a gain from selling its book group, but investors were disappointed by another slump at AOL.
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Clear Channel 1Q profit climbs to $96.8M
May 3 2006 3:47PM (CT)
DALLAS (AP) - Clear Channel Communications Inc., the nation's largest owner of radio stations, said Wednesday that profit more than doubled in the first quarter, helped by higher ratings and advertising rates.
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Alltel 1Q revenue jumps, earnings slide
May 3 2006 3:41PM (CT)
LITTLE ROCK, Ark. (AP) - Telecommunications company Alltel Corp. said Wednesday its first-quarter revenue grew 19 percent but its earnings fell 5 percent due to costs related to a major acquisition and the company's planned shedding of its traditional phone business.
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Carnival said to settle overtime lawsuit
May 3 2006 3:33PM (CT)
MIAMI (AP) - Carnival Cruise Lines will pay $6.25 million to thousands of current and former crew members who alleged in federal lawsuits they were not paid enough overtime, the workers' attorney said.
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SEC to lower securities transactions fees
May 3 2006 3:09PM (CT)
WASHINGTON (AP) - The Securities and Exchange Commission will reduce by $1 billion the fees it levies on securities transactions, a move that will be a boon to ordinary investors, the head of the agency told Congress on Wednesday.
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Retrial of ex-Enron broadband execs begins
May 3 2006 2:52PM (CT)
HOUSTON (AP) - The first of three retrials of five former Enron Corp. broadband executives began Wednesday with a prosecutor telling the jury it was a case about fraud and deception while the defense insisted no crimes were committed.
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Oil prices settle above $72 a barrel
May 3 2006 2:43PM (CT)
WASHINGTON (AP) - Oil prices tanked by more than $2 a barrel Wednesday after U.S. government data showed gasoline supplies rising for the first time in two months as refineries ramp up output and demand flattens.
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Borland Software to cut work force by 300
May 3 2006 2:02PM (CT)
SAN FRANCISCO (AP) - Struggling Borland Software Corp. on Wednesday announced plans to lay off 300 employees, or about 20 percent of its work force, in a cost-cutting move aimed at reversing the company's recent losses.
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Lawyer: Study may lead to more Vioxx suits
May 3 2006 2:01PM (CT)
NEWARK, N.J. (AP) - An attorney for Vioxx users said on Wednesday said that a new study which suggests the pain killer may cause problems with short-term use may lead to more lawsuits against the pain reliever's maker, Merck & Co.
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Ferrovial may increase BAA bid
May 3 2006 1:53PM (CT)
LONDON (AP) - Spain's Grupo Ferrovial SA said Wednesday it would consider a small increase to its 8.75 billion pound ($15.6 billion) takeover offer for BAA PLC, after the British airports operator urged shareholders to reject the offer.
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Nacchio's attorneys seek to move trial
May 3 2006 1:39PM (CT)
DENVER (AP) - Former Qwest Chief Executive Joe Nacchio's attorneys have said he is "among the most reviled figures in recent Denver history" and his trial on insider trading charges should be moved because he cannot get a fair trial in the city.
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Survey: Companies move away from pensions
May 3 2006 1:34PM (CT)
NEW YORK (AP) - The nation's largest companies continue to move away from providing traditional pensions, with just over a third now offering the benefit to newly hired workers, a sharp drop over the past few years, according to a survey released Wednesday.
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German insurer Allianz posts profit rise
May 3 2006 1:16PM (CT)
FRANKFURT, Germany (AP) - Allianz AG, Europe's biggest insurer in terms of premium income, said its first-quarter profit rose 38 percent because of increased capital gains and reaffirmed its earnings target for 2006.
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Volkswagen CEO says company must change
May 3 2006 1:04PM (CT)
FRANKFURT, Germany (AP) - Volkswagen's chief executive warned Wednesday that changes in the company's business were needed to help keep it competitive in the global market, but did not focus on likely job cuts at Europe's biggest automaker.
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BAT says 1st-quarter profit up 5 percent
May 3 2006 12:41PM (CT)
LONDON (AP) - British American Tobacco PLC reported a 5 percent rise Wednesday in its first-quarter profit but warned that the favorable exchange rates were unlikely to continue.
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Surging oil prices drag European growth
May 3 2006 12:39PM (CT)
MILAN, Italy (AP) - Millions of cars have filled Italy's toll highways for the past three weekends, causing snarls and jams as city-dwellers returned from a bountiful season of holidays _ showing that Italian motorists, at least, haven't been deterred by rising gas prices.
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TRW 1Q earnings falls on bond expenses
May 3 2006 12:32PM (CT)
DETROIT (AP) - TRW Automotive Holdings Corp., one of the world's largest auto parts suppliers, said Wednesday that its first-quarter profit slipped 6 percent on expenses related to a bond transaction for a subsidiary.
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Nasdaq increases stake in LSE to 18.9 pct.
May 3 2006 12:28PM (CT)
LONDON (AP) - Nasdaq Stock Market Inc., which dropped a takeover bid for the London Stock Exchange PLC earlier this year, said Wednesday it has increased its stake in Europe's oldest bourse to 18.9 percent from just under 15 percent.
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New Zealand opens access telecom network
May 3 2006 12:28PM (CT)
WELLINGTON, New Zealand (AP) - The government Wednesday said it has decided to grant competitors access to Telecom Corp.'s national fixed-line network, nearly two years after it rejected rivals' pleas to unbundle the network.
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Fed chief urges teamwork in communities
May 3 2006 12:25PM (CT)
WASHINGTON (AP) - Reviving economically distressed communities takes teamwork between the government and private developers and a creative vision of not only a place to live, but also places to work and shop, Federal Reserve Chairman Ben Bernanke said Wednesday.
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New Orleans looks to river for salvation
May 3 2006 12:18PM (CT)
NEW ORLEANS (AP) - Longtime port developer Joseph Cocchiara Jr. stands between railroad tracks and old warehouses. He could walk 100 feet and fall into the murky Mississippi River, yet he's on some of the most coveted property in the city.
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Plantronics stock falls after profit
May 3 2006 11:56AM (CT)
NEW YORK (AP) - Stock of Plantronics Inc. stock fell Wednesday in the first day of trading after the wireless headset maker reported earnings below analysts' expectations and sharply cut its earnings forecast.
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German bill may change disclosure rules
May 3 2006 11:56AM (CT)
BERLIN (AP) - The German government plans to require shareholders in German companies to disclose ownership when their stake surpasses 3 percent instead of the current 5 percent, German Deputy Finance Minister Barbara Hendricks said Wednesday.
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Gold prices pull back from 25-year highs
May 3 2006 11:55AM (CT)
NEW YORK (AP) - Gold fell after reaching a new quarter-century record Wednesday, as weakness in crude oil after U.S. inventory data and gains by the dollar prompted long liquidation.
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Boeing's McNerney sees progress in dispute
May 3 2006 11:54AM (CT)
PARIS (AP) - The prospect of a negotiated settlement to the trans-Atlantic trade dispute on plane subsidies has improved, Boeing Chairman and Chief Executive Jim McNerney said Wednesday.
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Heinz sells European, Asian businesses
May 3 2006 11:44AM (CT)
PITTSBURGH (AP) - H.J. Heinz Co. said Wednesday it had completed the sale of two businesses in Europe and Asia as part of a restructuring plan to focus on core brands.
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Sun-Times owner wants to change its name
May 3 2006 11:27AM (CT)
CHICAGO (AP) - Newspaper publisher Hollinger International Inc., the parent company of the Chicago Sun-Times and a number of smaller area publications, wants to change its name.
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EU fines 7 chemical companies
May 3 2006 11:20AM (CT)
BRUSSELS, Belgium (AP) - European Union regulators on Wednesday fined seven chemical companies, including FMC Corp. of the U.S., a total of 388 million euros ($491 million) for running a bleach cartel in the 1990s.
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Norway's Norske Skog swings to 1Q profit
May 3 2006 11:03AM (CT)
OSLO, Norway (AP) - Norske Skog on Wednesday said it made a profit in the first quarter on strong sales, partly because of an increase in the demand for paper.
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Report: Service economy expanded in April
May 3 2006 11:02AM (CT)
NEW YORK (AP) - The nation's service sector withstood rising energy prices in April, expanding in yet another sign of the economy's persistent strength, a private survey of supply managers said on Wednesday.
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Bertelsmann says 1Q profit nearly doubles
May 3 2006 8:55AM (CT)
FRANKFURT, Germany (AP) - Bertelsmann AG, the German media company, said its first-quarter net profit rose 55 percent because of growth in its core markets in Europe and improved sales in the United States.
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MasterCard: IPO to be priced at $40 to $43
May 3 2006 8:53AM (CT)
NEW YORK (AP) - MasterCard Inc., the bank-controlled payment card association, said Wednesday that it plans to sell a 46 percent stake in the company in an initial public offering of stock expected to be priced in a range of $40 to $43 per share, according to a filing with the Securities and Exchange Commission.
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Philip Morris to test smokeless tobacco
May 3 2006 8:49AM (CT)
RICHMOND, Va. (AP) - Philip Morris USA, the nation's largest cigarette company, said Wednesday it plans to test a smokeless, spitless tobacco product this summer in the Indianapolis market.
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Toyota exec accused in harassment suit
May 3 2006 6:59AM (CT)
NEW YORK (AP) - A woman has filed a $190 million lawsuit accusing a high-ranking Toyota executive of sexually harassing her when she worked as his personal assistant.
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ADB: oil costs could slow Asia's economy
May 3 2006 5:54AM (CT)
HYDERABAD, India (AP) - High oil prices could weaken Asia's strong economic growth, the president of the Asian Development Bank warned Wednesday, adding that producer and consumer nations should work together to lower prices.
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Deutsche Bank's 1Q net profit rises
May 3 2006 5:53AM (CT)
FRANKFURT, Germany (AP) - Deutsche Bank, Germany's biggest bank, said Wednesday its first-quarter net profit and revenue rose with its investment arm reaping gains from good market conditions.
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Australia lifts key rate to 5.75 percent
May 3 2006 5:53AM (CT)
SYDNEY, Australia (AP) - Australia's central bank said Wednesday it lifted a key interest rate by a quarter point to 5.75 percent, the first increase in 14 months, to head off inflation. The move boosted the Australian dollar.
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Farmers worried over immigration debate
May 3 2006 4:18AM (CT)
CHAZY, N.Y. (AP) - Shortly after the Sept. 11 terrorist attacks, the state labor department sent Donald Green III six Mexican migrant workers. He checked their documents and put them to work on his apple orchard.
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Morales defends decision on Bolivia gas
May 3 2006 2:07AM (CT)
LA PAZ, Bolivia (AP) - Bolivia's leftist president defended his decision to nationalize the country's natural gas industry despite objections from foreign governments and energy companies, saying Bolivia is seeking "partners, not owners" to help harvest its natural resources.
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Ford embarks on new marketing strategy
May 3 2006 2:03AM (CT)
DEARBORN, Mich. (AP) - Ford Motor Co. is unveiling what the No. 2 U.S. automaker says is a do-or-die marketing strategy during one of America's most-watched television shows in an effort to show consumers it has been reinvented.
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CEO charima not key to corporate success
May 3 2006 2:00AM (CT)
PITTSBURGH (AP) - A winning personality may help a chief executive command vast sums in compensation, but it does not necessarily reflect the fortunes of the company he runs, according to a recently published study.
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Liquid crystal display pioneer honored
May 3 2006 12:45AM (CT)
CAMBRIDGE, Mass. (AP) - James Fergason, who helped pioneer liquid crystal display technology used in everything from computer monitors to mood rings, is this year's winner of the $500,000 annual Lemelson-MIT Prize.
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Bank of Japan may raise rates in June
May 3 2006 12:00AM (CT)
TOKYO (AP) - The Bank of Japan's concern over rising prices indicates that it could move as early as next month to raise interest rates, Morgan Stanley said Wednesday in its latest outlook for the anticipated shift.
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