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Black market money traders may face jail
May 5 2005 11:27PM (CT)
CARACAS, Venezuela (AP) - Moneychangers shout "dollars, euros!" on the sidewalk in front of congress, offering to trade cash on the black market while Venezuelan legislators consider a new law that seeks to stamp out the illegal trade through prison sentences and fines.
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Witness: Scrushy is a 'financial genius'
May 5 2005 11:20PM (CT)
BIRMINGHAM, Ala. (AP) - A former HealthSouth board member portrayed fired CEO Richard Scrushy as a "financial genius" who knew the company's operations thoroughly, undercutting defense claims that fraud at the medical rehabilitation chain occurred without his knowledge.
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Tokyo stocks open higher in thin activity
May 5 2005 10:09PM (CT)
TOKYO (AP) - Tokyo stocks rose Friday as optimistic traders abandoned bets that share prices would fall and bought a broad range of blue-chip issues. The dollar was higher against the yen and euro.
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Air Jamaica pilots agree to pay cut
May 5 2005 9:52PM (CT)
KINGSTON, Jamaica (AP) - Air Jamaica pilots agreed to a 5.6 percent pay cut Thursday, settling a heated contract dispute with management that had threatened the troubled national carrier's financial recovery and caused the government to intervene.
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S&P cuts GM, Ford credit ratings to 'junk'
May 5 2005 9:52PM (CT)
DETROIT (AP) - A New York rating agency declared billions of dollars of debt owed by General Motors and Ford to be "junk" on Thursday, a significant blow that will increase borrowing costs and limit fund-raising options for the nation's two biggest automakers.
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Ex-Enron broadband engineer recounts chaos
May 5 2005 9:52PM (CT)
HOUSTON (AP) - An engineer hired to fix problems in Enron Corp.'s broadband unit testified Thursday that the division suffered from overall disarray and that his corrective efforts were met with internal resistance.
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Interstate Bakeries to close N.C. plant
May 5 2005 9:13PM (CT)
KANSAS CITY, Mo. (AP) - Interstate Bakeries Corp. is closing a North Carolina plant, cutting an additional 950 jobs. The announcement Wednesday came a week after the company said it was consolidating some Florida and Georgia operations and shedding 600 jobs.
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Siebel admits considering 'opportunities'
May 5 2005 7:32PM (CT)
SAN FRANCISCO (AP) - With takeover talk swirling around the company, troubled business software maker Siebel Systems Inc. acknowledged Thursday that it's considering several "opportunities" to boost its slumping stock, but didn't say whether the proposals included an acquisition offer.
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Former prosecutor accuses Tribune of libel
May 5 2005 7:18PM (CT)
CHICAGO (AP) - A former state prosecutor said Thursday that the Chicago Tribune libeled him in a 1999 story on official misconduct, arguing that the newspaper knowingly published a factual error as part of a "veritable witch hunt" against him.
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Pixar earnings up on 'Incredibles' sales
May 5 2005 6:53PM (CT)
LOS ANGELES (AP) - Pixar Animation Studios more than tripled its earnings in the first quarter on strong DVD sales of its Oscar-winning film "The Incredibles," the company said Thursday.
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McAfee posts 38 percent earnings drop
May 5 2005 6:29PM (CT)
SANTA CLARA, Calif. (AP) - Antivirus software maker McAfee Inc. said Thursday that first-quarter earnings dropped 38 percent from the year-ago period, which was boosted by gains on asset sales and litigation reimbursements.
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McKesson profit surprises analysts
May 5 2005 6:24PM (CT)
SAN FRANCISCO (AP) - McKesson Corp.'s quarterly profit rose 21 percent, surprising industry analysts who expected recent financial pressures to continue to squeeze the nation's largest distributor of prescription drugs.
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Northwest Airlines orders 18 Boeing 787s
May 5 2005 5:43PM (CT)
MINNEAPOLIS (AP) - Northwest Airlines Corp. is buying 18 Boeing 787 "Dreamliners," and will become the first North American carrier to put the fuel-efficient long-range planes into service, the company said Thursday.
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Documents show Vioxx sales tactics
May 5 2005 5:25PM (CT)
WASHINGTON (AP) - Merck & Co. sales personnel, using projects code-named "Offense" and "XXceleration," took extensive measures to deflect doctors' questions about the safety of the painkiller Vioxx before it was taken off the market.
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Airbus parent picks four factory finalists
May 5 2005 5:17PM (CT)
WASHINGTON (AP) - The parent company of European aircraft maker Airbus SAS Thursday selected four Southern states as finalists for a $600 million U.S. factory to build refueling tankers for the U.S. military.
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Bonds rise after S&P downgrades GM, Ford
May 5 2005 5:15PM (CT)
NEW YORK (AP) - Bond prices rose Thursday, with traders turning to Treasurys after Standard & Poors downgraded the corporate debt of General Motors Corp. and Ford Motor Inc.
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S&P decisions shake corporate bond market
May 5 2005 5:13PM (CT)
NEW YORK (AP) - Standard & Poor's sent a shudder through the corporate bond market Thursday when it cut the credit ratings of U.S. auto giants General Motors Corp. and Ford Motor Co. and their huge finance units, which together have combined debt close to half a trillion dollars.
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Money funds fall by $5.87 billion
May 5 2005 5:00PM (CT)
NEW YORK (AP) - Assets of the nation's retail money market mutual funds fell by $5.87 billion in the latest week to $805.96 billion, the Investment Company Institute said Thursday.
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Brazil's oil production hits new record
May 5 2005 4:57PM (CT)
RIO DE JANEIRO, Brazil (AP) - Brazil pumped a record 1.7 million barrels of oil a day in April and should reach self-sufficiency within a year, the government oil company Petrobras said Thursday.
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Independence Air losses top $100 million
May 5 2005 4:50PM (CT)
DULLES, Va. (AP) - Independence Air parent Flyi Inc. announced first-quarter losses Thursday of $105 million, evidence that the former regional airline is still struggling to transform itself into a low-fare carrier.
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Thursday's Commodities Roundup
May 5 2005 4:49PM (CT)
NEW YORK (AP) - Crude oil futures staged a late rally Thursday, with the front-month June contract closing in on $51 a barrel.
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Thursday's Commodities Roundup
May 5 2005 4:48PM (CT)
NEW YORK (AP) - Crude oil futures staged a late rally Thursday, with the front-month June contract closing in on $51 a barrel.
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Intel on track for double-digit growth
May 5 2005 4:42PM (CT)
SAN JOSE, Calif. (AP) - Intel Corp. is "well on" the way to its third-consecutive year of double-digit growth in 2005 as it reaps benefits from investments in factory capacity, mobile technology and emerging markets, the chip maker's president said Thursday.
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Merck replaces CEO Gilmartin with Clark
May 5 2005 4:39PM (CT)
TRENTON, N.J. (AP) - The other shoe finally dropped at drugmaker Merck & Co. With lawsuits mounting, revenues, profit and stock price all down sharply since it recalled its blockbuster painkiller Vioxx, and its top drug losing patent protection, Merck on Thursday replaced longtime CEO and chairman Raymond V. Gilmartin.
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Cutting jobs in Europe isn't cheap for IBM
May 5 2005 4:26PM (CT)
NEW YORK (AP) - IBM's plans to cut 10,000 to 13,000 jobs, mostly in Europe, won't be as easy for the company as a massive layoff in the United States would be. But it should be easier for the workers, since labor rights in Europe are stronger than they are here.
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Retailers report mixed results in April
May 5 2005 4:11PM (CT)
NEW YORK (AP) - Consumers overcame some of their reluctance to shop in April, giving the nation's retailers sales that modestly beat expectations. Results again varied widely among merchants, reflecting shoppers' uncertainty about the economy and their struggles with higher gasoline prices.
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Oppenheimer accused of thwarting probe
May 5 2005 4:09PM (CT)
WASHINGTON (AP) - Securities regulators have accused big investment firm Oppenheimer & Co. Inc. of thwarting an investigation of municipal bond trading, inaccurate and late reporting of muni bond trades, and failing to retain relevant e-mail documents.
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Tribune strategy: marketing, new looks
May 5 2005 3:50PM (CT)
CHICAGO (AP) - Faced with lower circulation and sluggish advertising growth, Tribune Co. is spending more to promote its newspapers, improve their looks and expand entertainment coverage while also selling more color ads at premium prices.
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Northwest Airlines replaces Bud Light
May 5 2005 3:49PM (CT)
ST. LOUIS (AP) - Northwest Airlines Corp. has tapped Miller Lite, the nation's No. 2 light beer, to replace top-selling Bud Light on all of its flights worldwide.
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Cablevision posts 1Q loss, revenues climb
May 5 2005 3:48PM (CT)
NEW YORK (AP) - Cablevision Systems Corp., a New York area cable TV provider, said Thursday it had a loss of $118.9 million in the first quarter of the year, but revenues rose 6 percent as premium cable services like Internet access grew.
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Sunoco 1Q profit up 30 percent on revenue
May 5 2005 3:47PM (CT)
PHILADELPHIA (AP) - Oil refiner and marketer Sunoco Inc. said Thursday that its first-quarter earnings rose 30 percent from last year, led by higher chemicals profit and lower financing expenses, but results missed Wall Street expectations by a wide margin.
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Jones Apparel profit slips, narrows outlook
May 5 2005 3:46PM (CT)
NEW YORK (AP) - Clothing and footwear maker Jones Apparel Group Inc. on Thursday said its first-quarter profit declined 8 percent from a year ago, as higher expenses offset stronger sales. It also trimmed its full-year earnings and sales forecasts, citing economic issues that could affect consumer spending.
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IBM shares fall on job cut announcement
May 5 2005 3:45PM (CT)
NEW YORK (AP) - International Business Machines Corp. said Thursday it will be cutting jobs in Germany, the United Kingdom, Italy and France as part of a restructuring that will slash between 10,000 and 13,000 positions, mostly in Europe.
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Fluor posts lower-than-expected 1Q profit
May 5 2005 3:43PM (CT)
ALISO VIEJO, Calif. (AP) - Fluor Corp. said Thursday that first-quarter earnings increased 1.5 percent from last year, as strong growth in the oil and gas, industrial and global services business segments was offset by lower profit in Fluor's government and power businesses and a higher effective tax rate.
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AES first-quarter profit nearly triples
May 5 2005 3:41PM (CT)
ARLINGTON, Va. (AP) - Global power company AES Corp. said Thursday that it nearly tripled its profit in the first quarter, thanks to a big jump in revenue and profit in its South American businesses.
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Williams Cos.' profit soars on gas prices
May 5 2005 3:41PM (CT)
TULSA, Oklahoma (AP) - Natural gas company Williams Cos. Inc. said Thursday its first-quarter profit jumped 20 times higher than a year ago, thanks to increased production, greater sales volume and higher natural gas prices.
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Primedia profit surges on About.com sale
May 5 2005 3:40PM (CT)
NEW YORK (AP) - Magazine publisher Primedia Inc. on Thursday reported a huge profit surge in the latest first quarter, driven by gains from the sale of its About.com unit and other assets.
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GE Commercial to sell Storage USA
May 5 2005 3:39PM (CT)
STAMFORD, Conn. (AP) - GE Commercial Finance, the business-to-business financial services unit of General Electric Co., said Thursday it agreed to sell Storage USA for $2.3 billion in cash to a joint venture of Extra Space Storage Inc. and Prudential Real Estate Investors, which is acting on behalf of its institutional clients.
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Barr profit rises 75 percent on drug sales
May 5 2005 3:36PM (CT)
WOODCLIFF LAKE, N.J. (AP) - Barr Pharmaceuticals Inc. reported Thursday that its third-quarter earnings rose 75 percent as it sold more of its more profitable branded drugs.
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CVS profits rise during bad flu season
May 5 2005 3:31PM (CT)
PROVIDENCE, R.I. (AP) - CVS Corp., the nation's biggest drugstore chain, said Thursday its first-quarter profit soared 19 percent, buoyed by a bad flu season and an early Easter and beating analysts' estimates. The company's stock shares hit a new 52-week high.
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Gillette earnings jump 19 percent
May 5 2005 3:28PM (CT)
BOSTON (AP) - Gillette Co. said Thursday its first-quarter profit rose 19 percent and narrowly beat Wall Street expectations as the maker of razors, batteries and oral care products reported strong sales and consumer moves to higher-priced items.
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MCI posts much smaller loss for 1Q
May 5 2005 3:23PM (CT)
ASHBURN, Va. (AP) - MCI Inc., which recently agreed to be acquired by Verizon Communications Inc. and rejected a higher offer from Qwest Communications, reported much smaller first-quarter losses on Thursday, due to lower operating costs.
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GM shares slip a day after Kerkorian offer
May 5 2005 3:22PM (CT)
DETROIT (AP) - Will it be just a one-day wonder for General Motors Corp. shares? GM fell nearly 6 percent on Thursday, a day after billionaire Kirk Kerkorian jolted the shares by offering to invest nearly $870 million in the ailing automaker in a sign to many on Wall Street that the veteran investor could spur rosier times for GM's stock.
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Lazard shares fall in first offering
May 5 2005 3:21PM (CT)
NEW YORK (AP) - Shares of investment bank Lazard Ltd. fell 4 percent in their first day of trading after the firm's initial public stock offering.
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Blockbuster announces $58 million loss
May 5 2005 3:15PM (CT)
DALLAS (AP) - Blockbuster Inc. CEO John F. Antioco and financier Carl Icahn, who is attempting to oust Antioco and nearly half the company board, traded accusations of misleading investors after the movie-rental leader announced a $57.5 million first-quarter loss Thursday.
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Conseco posts higher 1Q earnings
May 5 2005 3:12PM (CT)
CARMEL, Ind. (AP) - Conseco Inc. profits rose 45 percent during the first quarter behind aggressive cost-cutting, returns from investments and growth in its Bankers Life and Conseco Insurance units.
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EchoStar swings to profit in first quarter
May 5 2005 3:11PM (CT)
DENVER (AP) - EchoStar Communications Corp., the nation's No. 2 satellite television company, said Thursday that subscriber growth and a one-time gain from an insurance settlement helped it swing to a profit for the first quarter.
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Oil prices near $51 on demand concerns
May 5 2005 2:54PM (CT)
VIENNA, Austria (AP) - Crude oil prices rose Thursday as concerns about future demand overshadowed new data showing an increase in U.S. petroleum inventories.
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Ukrainian steel corp. dispute widens
May 5 2005 2:27PM (CT)
KIEV, Ukraine (AP) - Hundreds of workers lined up outside a major steel factory amid barbed wire and police barricades Thursday as tensions spiked in a dispute involving dueling shareholders in the lucrative factory, which the government alleges was improperly privatized.
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General Dynamics gets $900M defense pact
May 5 2005 1:09PM (CT)
CHARLOTTE, N.C. (AP) - General Dynamics Corp.'s defense subsidiary has been awarded a five-year contract worth $900 million to produce 2.75-inch Hydra-70 rockets, motors and warheads for the U.S. Army, the company said Thursday.
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Napster founder signs deal with EMI
May 5 2005 12:54PM (CT)
LONDON (AP) - Record company EMI Group PLC has signed an agreement with Snocap, a legal music file-sharing company created by Shawn Fanning, who also created Napster, the most famous illegal file-sharing system.
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Shell, BASF to sell joint venture for $5.7B
May 5 2005 12:11PM (CT)
LONDON (AP) - The Royal Dutch/Shell Group of Cos. and German-based BASF AG said Thursday that they have agreed to sell their Basell NV plastics joint venture for 4.4 billion euros ($5.7 billion) to a consortium led by New York-based Access Industries and The Chatterjee Group.
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Auto loan discrimination case in mediation
May 5 2005 12:03PM (CT)
NASHVILLE, Tenn. (AP) - A judge has ordered the two sides in a lawsuit that claimed a lending affiliate of the Ford Motor Co. discriminated against black customers by charging them higher rates on car loans to enter into mediation after they failed to reach a settlement on their own.
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Rates on 30-year mortgages decline
May 5 2005 11:45AM (CT)
WASHINGTON (AP) - Rates on 30-year mortgages fell for a fifth consecutive week even as the Federal Reserve was boosting short-term rates.
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Hospital linen workers delay planned strike
May 5 2005 11:32AM (CT)
FRESNO, California (AP) - Hundreds of workers who clean hospitals' dirty sheets and towels have delayed plans to strike at plants in four states, citing promise in recent contract talks.
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Levi opens first jeans outlet in Vietnam
May 5 2005 11:30AM (CT)
HANOI, Vietnam (AP) - Levi Strauss & Co. opened its first jeans outlet in Vietnam to tap the potential market of young people hungry for American fashion in the communist country, state-controlled media reported Thursday.
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Greenspan warns on Fannie, Freddie again
May 5 2005 11:16AM (CT)
WASHINGTON (AP) - Federal Reserve Chairman Alan Greenspan issued a fresh call on Thursday for Congress to limit the multibillion-dollar holdings of the mortgage giants Fannie Mae and Freddie Mac, warning that their huge debt could hurt U.S. financial markets.
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U.S., Japan urge China on rate system
May 5 2005 10:48AM (CT)
ISTANBUL, Turkey (AP) - The United States and Japan on Thursday called on China to implement a flexible foreign exchange system, with an American official warning that failure to do so could lead to economic instability in Asia.
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Ad sales bounce back at Martha Stewart mag
May 5 2005 9:39AM (CT)
NEW YORK (AP) - Martha Stewart Living Omnimedia Inc. Chief Executive Susan Lyne said the company is seeing a strong rebound in advertising at its flagship magazine, Martha Stewart Living.
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Regulator to report LSE bid findings
May 5 2005 7:22AM (CT)
LONDON (AP) - Britain's competition regulator set out the terms for its investigation of two rival bids for the London Stock Exchange on Thursday and said it would report its provisional findings in July.
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Wal-Mart sales rise slightly in April
May 5 2005 7:21AM (CT)
BENTONVILLE, Ark. (AP) - Wal-Mart Stores Inc. on Thursday posted a small gain in domestic sales last month that was just shy of Wall Street expectations, as improved Sam's Club business bolstered nearly flat sales at the retail giant's flagship stores.
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Kazakh gov't mulls building oil terminal
May 5 2005 7:15AM (CT)
ALMATY, Kazakhstan (AP) - The Kazakh government is considering building a new oil terminal on the Caspian Sea to handle increased volumes of oil produced in offshore and onshore fields, the government press service said Thursday.
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RR Donnelley swings to 1Q profit on sales
May 5 2005 7:13AM (CT)
CHICAGO (AP) - Commercial printer RR Donnelley & Sons Co. said Thursday it swung to a profit in the first quarter, lifted by sharply higher sales and a revenue boost from its acquisition of label maker Moore Wallace. The company raised its forecast for 2005 earnings.
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NAFTA aids success of Latin beer
May 5 2005 5:15AM (CT)
SOUTH PADRE ISLAND, Texas (AP) - Few Americans know a lot about the 1862 battle being commemorated Thursday on the Mexican holiday of Cinco de Mayo, but plenty can name a Mexican beer to celebrate it with.
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Dollar loses ground against euro, yen
May 5 2005 5:07AM (CT)
BERLIN (AP) - The dollar lost more ground Thursday after the U.S. Federal Reserve's decision to raise interest rates failed to produce the boost some traders had hoped for.
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News Corp. profit falls 8 percent
May 5 2005 4:53AM (CT)
NEW YORK (AP) - News Corp., the media conglomerate controlled by Rupert Murdoch, reported an 8 percent decline in net profits for the January-March period Wednesday because of a charge for restructuring its holdings in several regional sports channels.
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Cigna's profit surges in 1Q, plans job cuts
May 5 2005 4:52AM (CT)
PHILADELPHIA (AP) - Health insurer Cigna Corp. said Wednesday that first-quarter earnings soared more than six-fold from last year, due to improved results from its health care, insurance and international businesses and a gain on the sale of its retirement benefits business.
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Morgan Stanley names M&A lawyer vice chair
May 5 2005 4:49AM (CT)
NEW YORK (AP) - Embattled Wall Street firm Morgan Stanley on Tuesday named David Heleniak, a lawyer specializing in mergers and acquisitions, as vice chairman of the company and head of its legal division.
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American Tower to buy rival SpectraSite
May 5 2005 4:48AM (CT)
BOSTON (AP) - American Tower Corp. agreed on Wednesday to pay $3.1 billion to acquire rival SpectraSite Inc. in a deal to create a network of 22,600 wireless and broadcast towers and accelerate consolidation in the tower industry. Shares of SpectraSite soared nearly 9 percent, while American Tower shares closed little changed.
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Cable TV lifts Time Warner's 1Q earnings
May 5 2005 4:46AM (CT)
NEW YORK (AP) - The cable TV business took the spotlight again at Time Warner Inc., powering a stronger first-quarter performance at the media conglomerate whose holdings also include HBO, People magazine and Warner Bros.
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U.S. retailers struggle through spring
May 5 2005 4:46AM (CT)
NEW YORK (AP) - The spring fling that the nation's retailers hoped for appears to be fizzling. A combination of factors _ unseasonably cool weather, a spike in gasoline prices, higher interest rates and confusing fashions _ have made consumers pull back on spending in March and April, after going on a spending spree earlier in the year. And there's growing concern among analysts that this may not be a temporary pause as the economy hits another rough patch.
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U.S. may bring back 30-year Treasury bond
May 5 2005 4:46AM (CT)
WASHINGTON (AP) - The 30-year Treasury bond may be making a comeback. The Bush administration, which had stopped selling the bonds in October 2001, said on Wednesday that it was seriously considering bringing them back as the government faces the need to finance record budget deficits.
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Developer to build world's tallest condo
May 5 2005 4:21AM (CT)
MIAMI (AP) - It's only on the drawing boards, but a developer is proposing to build the world's tallest condominium tower in downtown Miami.
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Developer to build world's tallest condo
May 5 2005 4:14AM (CT)
MIAMI (AP) - It's only on the drawing boards, but a developer is proposing to build the world's tallest condominium tower in downtown Miami.
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Churchill Down chefs prepare local fare
May 5 2005 4:01AM (CT)
LOUISVILLE, Ky. (AP) - Thoroughbreds thundering around the Churchill Downs race track will not be the only homegrown product featured at the Kentucky Derby. In the historic track's dining rooms Saturday, chefs will serve up plates heaping with the bounties of Bluegrass agriculture. The menu will include Kentucky-raised beef, lamb and pork and native cheeses, mushrooms, honey, jams and pastries.
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