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Jury begins deliberations in Scrushy trial
May 19 2005 11:54PM (CT)
BIRMINGHAM, Ala. (AP) - The first day of deliberations in the fraud trial of Richard Scrushy began with a jury request to review secretly made FBI recordings of the fired HealthSouth Corp. chief.
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United Airlines, union continue talks
May 19 2005 11:49PM (CT)
CHICAGO (AP) - Trying to avert a threatened strike, United Airlines held intensive negotiations with its machinists union as an unofficial Friday deadline neared for resolving a standoff over a new long-term contract.
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Crude oil hovers above $47 a barrel
May 19 2005 11:30PM (CT)
SINGAPORE (AP) - Crude futures gained in Asia on Friday after the OPEC president said the cartel might cut output at its June meeting if stocks continue to build.
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Dollar down against yen, up vs. euro
May 19 2005 11:28PM (CT)
TOKYO (AP) - The dollar was slightly lower against the yen but higher versus the euro Friday in early Asian trading ahead of the Bank of Japan's release later in the day of a monthly economic report.
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Exxon must pay $1.3B to gas station owners
May 19 2005 11:23PM (CT)
MIAMI (AP) - A judge is ordering Exxon Mobil Corp. to start paying as many as 10,000 gas station owners awarded $500 million four years ago because the company overcharged them for gasoline for a dozen years. With interest, the award has grown to $1.3 billion.
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Imperial Sugar receives acquisition offer
May 19 2005 10:51PM (CT)
SUGAR LAND, Texas (AP) - Imperial Sugar Co. said Thursday that a New York investment company has expressed an interest in acquiring the company's outstanding shares for $17 per share.
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US Airways, America West agree to merge
May 19 2005 10:40PM (CT)
TEMPE, Ariz. (AP) - US Airways Group Inc. and America West Holdings Corp., the nation's seventh and eighth largest carriers, are merging to create an airline designed to better compete with lower-cost competitors.
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Tokyo's main stock index falls
May 19 2005 10:02PM (CT)
TOKYO (AP) - Tokyo's main stock index fell Friday as investors took profits from their hefty gains the day before. The dollar was trading higher against the yen and the euro.
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Maytag to sell company to investor group
May 19 2005 9:03PM (CT)
DES MOINES, Iowa (AP) - Appliance maker Maytag Corp. has agreed to be bought by an investment group led by private equity firm Ripplewood Holdings LLC for $1.13 billion cash.
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Xerox CEO promises vigilance in recovery
May 19 2005 7:05PM (CT)
STAMFORD, Conn. (AP) - Compared to Xerox's annual shareholder meetings of the recent past, when angry shareholders griped about the company's accounting scandal and other troubles, Thursday's gathering was a brief, subdued affair.
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Gap profit drops 7 pct. on sluggish sales
May 19 2005 6:06PM (CT)
SAN FRANCISCO (AP) - Gap Inc.'s net income fell 7 percent because of slumping sales, but the results still topped Wall Street's expectations. Company executives on Thursday called the quarterly results disappointing and said they'll boost sales with tactics ranging from vacation giveaways to stretchier bikinis and better-fitting maternity clothes.
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Md. governor vetoes Wal-Mart benefits bill
May 19 2005 6:05PM (CT)
PRINCESS ANNE, Md. (AP) - Gov. Robert Ehrlich on Thursday vetoed a bill that would force Wal-Mart Stores Inc. to spend at least 8 percent of its payroll on health benefits or pay the difference to a Maryland fund.
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Judge turns down Galvin's Gillette request
May 19 2005 5:51PM (CT)
BOSTON (AP) - A judge on Thursday refused to let Secretary of State William Galvin scour all of Gillette Co.'s computers for deleted e-mails in his probe of Procter & Gamble Co.'s proposed $57 billion acquisition of the company.
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RadioShack to open glitzy flagship store
May 19 2005 5:29PM (CT)
FORT WORTH, Texas (AP) - In a departure from the cluttered but functional look of its 7,000 stores, RadioShack Corp. was to open a sleek rotunda-shaped flagship store Friday that will feature an interactive theater, games, and the latest in electronic tools and toys.
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Money funds rise in latest week
May 19 2005 5:19PM (CT)
NEW YORK (AP) - Assets of the nation's retail money market mutual funds rose by $2.82 billion in the latest week to $811 billion, the Investment Company Institute said Thursday.
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Ex-stockbroker admits role in $7M fraud
May 19 2005 5:11PM (CT)
NEWARK, N.J. (AP) - A former stockbroker pleaded guilty Thursday to participating in a stock manipulation and kickback scheme that federal agents said cost investors more than $7 million.
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GM remaining neutral on Kerkorian's offer
May 19 2005 4:57PM (CT)
DETROIT (AP) - General Motors Corp.'s board said Thursday it will remain neutral on billionaire Kirk Kerkorian's offer to buy up to 28 million GM shares.
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Greenspan builds case Vs. Fannie, Freddie
May 19 2005 4:57PM (CT)
WASHINGTON (AP) - Federal Reserve Chairman Alan Greenspan again pushed for limits on the multibillion-dollar mortgage holdings of Fannie Mae and Freddie Mac, saying such restrictions would not hurt the thriving housing market.
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Thursday's Commodities Roundup
May 19 2005 4:49PM (CT)
NEW YORK (AP) - Crude oil futures put in another weak performance Thursday, even as petroleum products rallied amid a supply scramble caused by a strike by French refinery workers.
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Ex-Morgan Stanley execs walk with bonuses
May 19 2005 4:46PM (CT)
NEW YORK (AP) - Former Morgan Stanley Vice Chairman Joseph Perella and his deputy walked away from their jobs at the Wall Street firms with sizeable bonuses, but they'll keep them only if they do not associate with the group of former executives and shareholders calling for Chief Executive Phil Purcell's job, according to a regulatory filing made Thursday.
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Reports offer mixed signals for economy
May 19 2005 4:34PM (CT)
NEW YORK (AP) - The economy offered conflicting signs of growth on Thursday. While a closely watched gauge of future business activity fell for the fourth month in a row in April, job hunters got an encouraging cue when the number of new people signing up for unemployment insurance dropped sharply last week.
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DuPont receives subpoena on Teflon data
May 19 2005 4:19PM (CT)
WILMINGTON, Del. (AP) - DuPont Co. said Thursday that it received a Justice Department subpoena for documents regarding a controversial chemical used to make its nonstick Teflon product.
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SEC: Exchange mergers to help competition
May 19 2005 4:17PM (CT)
WASHINGTON (AP) - The big mergers planned by the New York Stock Exchange and the Nasdaq Stock Market will give them dominance in stock trading but likely will not hurt competition, the government's top securities regulator said Thursday.
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Report: Navigation system demand to double
May 19 2005 4:13PM (CT)
DETROIT (AP) - Vehicle navigation systems are installed in just 3 percent of passenger vehicles made in North America, but that's expected to double in five years as prices come down, according to a new report from an auto research firm.
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SEC sanctions National Stock Exchange, CEO
May 19 2005 4:00PM (CT)
WASHINGTON (AP) - Federal regulators have sanctioned the National Stock Exchange in Chicago and its chief executive for allegedly allowing trading firms to cheat investors in hundreds of thousands of transactions by failing to fully enforce the exchange's own rules from 1997 through 2003.
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Trust co-chairman testifies on late trades
May 19 2005 3:58PM (CT)
NEW YORK (AP) - The board of RS Investment Trust didn't know that hedge fund Canary Capital Partners was trading in one of its mutual funds after the market closed but getting same-day prices, the co-chairman of RS Investment testified Thursday in the criminal trial of the former Bank of America broker who allegedly enabled the trades.
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Netflix takes over Wal-Mart DVD rentals
May 19 2005 3:53PM (CT)
SAN FRANCISCO (AP) - Wal-Mart Stores Inc. is handing off its online DVD rental business to Netflix Inc., signaling the world's largest retailer couldn't beat the Internet upstart at its own game.
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Dynegy aims to sell processing unit soon
May 19 2005 3:52PM (CT)
HOUSTON (AP) - Dynegy Inc. aims to sell its natural gas processing business within six weeks, which would position the company as solely a power generator ripe for consolidation with other energy companies.
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Wendy's to focus on irreverence in new ads
May 19 2005 3:50PM (CT)
COLUMBUS, Ohio (AP) - Still searching for an effective advertising message since the death of founder and pitchman Dave Thomas, Wendy's International Inc. on Thursday served up a new series of ads that replace his folksy appeal with a hearty side of irreverence.
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Delta CEO vows to cut $1 billion in costs
May 19 2005 3:47PM (CT)
COLLEGE PARK, Ga. (AP) - Tough decisions may have to be made, but Delta Air Lines Inc. is committed to doing whatever necessary to achieve the remaining $1 billion of its targeted cost cuts, Chief Executive Gerald Grinstein said Thursday.
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CEO: Cablevision would entertain bids
May 19 2005 3:41PM (CT)
BETHPAGE, N.Y. (AP) - The CEO of Cablevision Systems Corp. told an annual meeting of shareholders Thursday he would entertain offers for the company should one come along, but suggested it was unlikely the company would be sold soon.
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Marsh shareholders OK worker option swap
May 19 2005 3:37PM (CT)
NEW YORK (AP) - Shareholders of Marsh & McLennan Companies Inc. on Thursday approved a plan to replace some of the stock options for employees hurt by the sharp fall in the company's stock.
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Moody's lowers Delphi credit rating more
May 19 2005 3:35PM (CT)
DETROIT (AP) - Moody's Investors Service lowered Delphi Corp.'s credit rating further into "junk" status Thursday, citing the potential for more losses as well as production cuts at the auto supplier's leading customer and former parent, General Motors Corp.
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OfficeMax settles with DOJ for $9.8M
May 19 2005 3:23PM (CT)
ITASCA, Ill. (AP) - OfficeMax Inc. has agreed to pay $9.8 million to settle claims that it violated U.S. trade regulations by selling the federal government products made in countries that don't have proper trade agreements, the Justice Department said Thursday.
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Weinstein brothers, Cablevision in deal
May 19 2005 3:22PM (CT)
NEW YORK (AP) - After a highly publicized split with Walt Disney Co. earlier this year, movie producers Bob and Harvey Weinstein on Wednesday announced a video-distribution deal with a unit of Cablevision Systems Corp.
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Fitch cuts credit ranking for Ford
May 19 2005 3:17PM (CT)
NEW YORK (AP) - Fitch Ratings cut the credit ranking for Ford Motor Co., while preserving the investment-grade status of the nation's No. 2 automaker, to reflect the impact of sales declines and price competition in the industry.
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GE details firings in 'citizenship report'
May 19 2005 3:10PM (CT)
STAMFORD, Conn. (AP) - General Electric Co. fired 125 employees and disciplined 243 others last year, according to the company's first-ever "citizenship report" meant to step up its disclosure practices after a wave of recent scandals at other companies.
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BT's 4Q earnings surge 44 percent
May 19 2005 2:23PM (CT)
LONDON (AP) - BT Group PLC reported Thursday that profit surged 44 percent in the last quarter of the fiscal year, driven by growth in broadband Internet subscribers and cuts in the cost of restructuring its work force.
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Jury rules against 3 Hanford downwinders
May 19 2005 2:20PM (CT)
SPOKANE, Wash. (AP) - Two people who claimed their thyroid cancer was caused by radiation from weapons production at the Hanford nuclear reservation won their cases against the companies that made the weapons, but a federal court jury on Thursday ruled against three other people.
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Mortgage rates at lowest level since Feb.
May 19 2005 2:06PM (CT)
WASHINGTON (AP) - Rates on 30-year and 15-year mortgages this week dropped to their lowest levels since late February, offering a bit of good news for people wanting to buy a home.
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Court hints at lighter Khodorkovsky sentence
May 19 2005 1:36PM (CT)
MOSCOW (AP) - A Moscow court hinted Thursday that Mikhail Khodorkovsky could get a reduced sentence, but defense lawyers in the tycoon's 11-month trial in a sweltering courtroom said their client could still be locked away for the maximum 10 years prosecutors are seeking.
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London exchange bidding may be on ice
May 19 2005 1:22PM (CT)
LONDON (AP) - The future of the London Stock Exchange may be temporarily on ice amid scrutiny from market regulators about bids from Euronext or Deutsche Boerse, but the race for European equity supremacy is ready to heat up again.
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Air France-KLM swings to 4Q loss on fuel
May 19 2005 1:20PM (CT)
PARIS (AP) - Air France-KLM blamed higher fuel prices Thursday for its swing to a fourth-quarter loss, a year after the two carriers merged to form the world's largest airline, but said full-year profit rose on better-than-expected cost savings from the deal.
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Cadbury Schweppes on track for sales growth
May 19 2005 12:52PM (CT)
LONDON (AP) - Confectionery group Cadbury Schweppes PLC said Thursday that it has had a good start to the year, despite increased oil and marketing costs, and is on track for targeted yearly sales growth.
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Gateway founder retiring after 20 years
May 19 2005 12:49PM (CT)
IRVINE, Calif. (AP) - Ted Waitt, the founder of Gateway Inc., is retiring after 20 years as chairman of the personal-computer company.
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Ex-supervisors of Grubman settle charges
May 19 2005 11:49AM (CT)
WASHINGTON (AP) - Two former Salomon Smith Barney Inc. executives agreed to pay $120,000 apiece to settle charges that they failed to supervise Jack Grubman, the research analyst accused of issuing overly optimistic research reports.
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Zurich Financial reports 1Q profit rise
May 19 2005 11:42AM (CT)
ZURICH, Switzerland (AP) - Swiss insurer Zurich Financial Services AG on Thursday reported a 21 percent rise in first-quarter profit to $779 million, despite competitive markets at the start of the year.
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Leaders to gather at World Economic Forum
May 19 2005 11:31AM (CT)
SOUTHERN SHUNEH, Jordan (AP) - For the next three days, the Earth's lowest point will host some of its most elevated dialogue as 1,300 international business and political leaders gather at this Dead Sea resort to pitch solutions to the Middle East's woes.
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SABMiller says full-year profits soar
May 19 2005 11:07AM (CT)
LONDON (AP) - Brewer SABMiller PLC said Thursday that full-year profit rose by 77 percent, boosted mainly by strong sales growth in South Africa, Asia, Central America and Eastern Europe.
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Interstate Bakeries laying off 1,400
May 19 2005 10:42AM (CT)
KANSAS CITY, Mo. (AP) - Interstate Bakeries Corp., the bankrupt maker of Hostess Twinkies and Wonder Bread, on Thursday said it is closing another bakery in the Northeast and cutting 1,400 more jobs in its ongoing effort to cut costs.
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Shanghai to open education to investment
May 19 2005 10:32AM (CT)
SHANGHAI, China (AP) - China's commercial hub of Shanghai plans to open education, medical services, utilities, and other sectors of the local economy to private companies in hopes of boosting their competitiveness, according to published report Thursday.
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Hedge-fund managers to pay settlement
May 19 2005 10:32AM (CT)
WASHINGTON (AP) - Three hedge-fund managers will pay about $2.4 million to settle charges that they had improperly used trading tactics designed to reap quick profits from a company's decision to issue stock in a secondary offering.
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Gillette awards CEO more stock options
May 19 2005 10:18AM (CT)
BOSTON (AP) - Gillette Co. said Chief Executive James M. Kilts will get options to purchase an additional 800,000 shares, the same day the company said it would not offer buyout packages to employees slated to lose their jobs because of the acquisition by Procter & Gamble Co.
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China criticizes new U.S. textile quotas
May 19 2005 10:05AM (CT)
BEIJING (AP) - China on Thursday criticized new U.S. quotas imposed to control surging imports of Chinese textiles and said it might respond by taking action through the World Trade Organization.
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Malaysia to maintain its currency peg
May 19 2005 9:53AM (CT)
KUALA LUMPUR, Malaysia (AP) - Malaysia will maintain its 7-year-old currency peg to the U.S. dollar and has no plans to impose measures to curb the flow of speculative funds into the economy, Deputy Prime Minister Najib Razak said Thursday.
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Hong Kong unemployment rate declines
May 19 2005 9:38AM (CT)
HONG KONG (AP) - Hong Kong's unemployment rate dropped to 5.9 percent for the three months ending April, a 3 1/2-year low, the government said Thursday.
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Two banks raise rates after Hong Kong cap
May 19 2005 9:27AM (CT)
HONG KONG (AP) - Two of Hong Kong's biggest banks raised their borrowing rates Thursday, a day after the government loosened the Hong Kong dollar's 22-year peg to the U.S. dollar. But Hong Kong's top central banker said the decision would not prompt banks to raise interest rates sharply.
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Japan government says economy recovering
May 19 2005 8:29AM (CT)
TOKYO (AP) - Japan's government on Wednesday said the nation's economy was recovering "at a moderate pace, while some weak movements continue to be seen."
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Toyota denies GM hybrid deal coming soon
May 19 2005 8:26AM (CT)
TOKYO (AP) - Toyota Motor Corp. President Fujio Cho said Thursday that he affirmed a partnership with General Motors Corp. at a recent meeting with GM Chief Executive Rick Wagoner but denied a deal was coming soon to share hybrid technology.
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Toyota introducing Lexus in Japan market
May 19 2005 7:54AM (CT)
TOKYO (AP) - Toyota Motor Corp. said Thursday it will open 150 dealerships in Japan to promote the luxury Lexus brand which is successful in the United States, but is still largely unknown to most high-end car buyers here.
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China's spending on construction rises
May 19 2005 7:18AM (CT)
SHANGHAI, China (AP) - China's investment in construction, factory equipment and other fixed assets grew 26.5 percent in April from a year earlier, the National Bureau of Statistics said Thursday.
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Shell Group parent cos. to trade as 1 stock
May 19 2005 7:07AM (CT)
THE HAGUE, Netherlands (AP) - The two parent companies of multinational oil giant Royal Dutch/Shell Group said Thursday they will trade as a single stock, Royal Dutch Shell PLC, from July 20.
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Vivendi's profit triples in first quarter
May 19 2005 6:18AM (CT)
PARIS (AP) - Vivendi Universal SA, one of Europe's biggest media companies, said Thursday its first-quarter earnings tripled, helped by lower tax and interest payments and a turnaround in its music and video games business.
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Vivendi's profit triples in first quarter
May 19 2005 5:49AM (CT)
PARIS (AP) - Vivendi Universal SA, one of Europe's biggest media companies, said Thursday its first-quarter earnings tripled, helped by lower tax and interest payments and a turnaround in its music and video games business.
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Perelman wins $1.4B against Morgan Stanley
May 19 2005 5:47AM (CT)
WEST PALM BEACH, Fla. (AP) - Billionaire financier Ron Perelman added $1.45 billion to his bank accounts this week, at least on paper, as a jury decided that investment firm Morgan Stanley acted fraudulently in Perelman's 1998 sale of his Coleman camping equipment company to Sunbeam Corp.
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Gateway founder, chairman to retire
May 19 2005 5:45AM (CT)
IRVINE, Calif. (AP) - Ted Waitt, founder and chairman of PC maker Gateway Inc., said Thursday he will retire following the company's annual shareholder meeting later today, in order to focus on a number of business and philanthropic interests.
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LendingTree workers admit insider trading
May 19 2005 4:07AM (CT)
CHARLOTTE, N.C. (AP) - Two more former employees of LendingTree Inc. agreed to plead guilty Wednesday to insider trading days before the online lending marketplace was purchased by media magnate Barry Diller's USA Interactive. Prosecutors said Michael J. Ricks and John H. Woody reaped nearly $150,000 for themselves by buying LendingTree stock and call options in the three days before the buyout was announced in May 2003.
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China calls for textile talks with U.S.
May 19 2005 3:09AM (CT)
BEIJING (AP) - China appealed to the United States on Thursday to settle a dispute over surging Chinese textile imports through dialogue instead of unilaterally imposed quotas.
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