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NYSE wins Euronext backing for $10.2B bid
May 22 2006 10:09PM (CT)
AMSTERDAM, Netherlands (AP) - The New York Stock Exchange has won Euronext's tentative support for $10.2 billion offer to acquire the European exchange operator, outgunning a rival proposal from Germany's Deutsche Boerse before a key shareholder meeting.
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Suit seeks to stop phone records release
May 22 2006 9:58PM (CT)
CHICAGO (AP) - A lawsuit filed Monday on behalf of author Studs Terkel and other professionals seeks to stop AT&T from giving customer phone records to the National Security Agency without a court order.
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Fannie Mae faces fine between $300M-$500M
May 22 2006 9:16PM (CT)
WASHINGTON (AP) - Embattled mortgage giant Fannie Mae is expected to be fined between $300 million and $500 million over the alleged manipulation of accounting so that executives could collect millions in bonuses, in a settlement to be announced Tuesday.
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Japan stocks open lower, dollar up
May 22 2006 7:52PM (CT)
TOKYO (AP) - Japanese stocks started lower Tuesday following U.S. stock losses overnight. The dollar was up against the yen.
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Union: Northwest deal includes layoffs
May 22 2006 7:41PM (CT)
MINNEAPOLIS (AP) - Northwest Airlines would be able to lay off roughly 700 ground workers under a tentative agreement with their union, the International Association of Machinists and Aerospace Workers said Monday.
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U.S. may ease rules on exports to China
May 22 2006 6:51PM (CT)
BEIJING (AP) - The United States may ease regulations on American technology exported to China if the importers can show they are not using it for military purposes, a U.S. official said Monday.
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Lay takes stand at bank fraud trial
May 22 2006 6:39PM (CT)
HOUSTON (AP) - Enron Corp. founder Kenneth Lay acknowledged Monday he violated federal rules covering loan agreements when he purchased stock with the loan money but said he never intended the actions to be fraudulent.
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SEC probes companies' stock option grants
May 22 2006 6:10PM (CT)
NEW YORK (AP) - Questionable perks bestowed on top corporate executives could be the next scandal to shake America's boardrooms, as the number of companies involved in a widening federal investigation into the timing of stock option grants grew on Monday.
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Lay alma mater rebuffs endowment request
May 22 2006 5:58PM (CT)
COLUMBIA, Mo. (AP) - Seven years after donating $1.1 million in Enron stock to his alma mater and with little to show for the gift, company founder Kenneth Lay asked the University of Missouri to steer the unspent money to Hurricane Katrina relief.
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Microsoft contractors to take 7 days off
May 22 2006 5:52PM (CT)
SEATTLE (AP) - Microsoft Corp. has told about 1,000 technology contract workers to take seven days off the job, without Microsoft pay, in a cost-saving move that came as the company unveiled a series of new perks for its internal staff.
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Latin American stocks, currencies weaken
May 22 2006 5:43PM (CT)
RIO DE JANEIRO, Brazil (AP) - Major Latin American stock markets and currencies weakened sharply on Monday as international investors fled emerging markets amid worries over rising U.S. interest rates.
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Supervalu sees profit gain in upcoming year
May 22 2006 5:31PM (CT)
MINNEAPOLIS (AP) - Grocer and food distributor Supervalu Inc. said Monday it expects to increase profit in the upcoming year once it combines its operations with Albertson's Inc.
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4 more states, D.C. join Teflon lawsuit
May 22 2006 5:30PM (CT)
DES MOINES, Iowa (AP) - Owners of Teflon coated cookware in 20 states and the District of Columbia have now joined a lawsuit filed against DuPont Co., claiming the manufacturer failed to disclose possible health risks from using the nonstick pots and pans, attorneys said Monday.
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Arris stock climbs on analyst upgrade
May 22 2006 5:26PM (CT)
NEW YORK (AP) - Arris Group Inc. stock rose Monday after Raymond James upgraded the stock, saying the communications technology company's inventory, price performance and business trends were better than previously thought.
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Boeing unveils line of lightweight bombs
May 22 2006 5:25PM (CT)
ST. CHARLES, Mo. (AP) - Boeing Co. on Monday unveiled a line of small, lightweight bombs that the U.S. Air Force will use in urban combat situations like the war in Iraq.
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Boston Scientific, Medtronic shares drop
May 22 2006 5:23PM (CT)
CHICAGO (AP) - Shares of implantable defibrillator makers St. Jude Medical Inc., Medtronic Inc. and Boston Scientific Corp. fell Monday on concerns the market for the heart-rhythm devices may not rebound from 2005 troubles as fast as expected.
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Automakers warn consumers about E85 blend
May 22 2006 5:20PM (CT)
ROCHESTER, Mich. (AP) - Automakers said Monday they are trying to get more ethanol-capable vehicles on the road quickly, but warned that consumers in the meantime should not use an E85 ethanol blend in conventional vehicles or try to convert their vehicles to use E85.
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Vonage IPO draws investors, skepticism
May 22 2006 5:16PM (CT)
NEW YORK (AP) - Vonage, the company that popularized the idea of using broadband Internet connections for phone calls, is set to go public this week at a price that appears to be drawing in plenty of investors, but skeptical glances from some analysts.
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Jurors end 3rd day of Enron deliberations
May 22 2006 5:11PM (CT)
HOUSTON (AP) - Jurors completed a third day of deliberations Monday in the federal fraud and conspiracy trial of Enron Corp. founder Kenneth Lay and former Chief Executive Jeffrey Skilling without reaching a verdict.
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Boeing 787 demand stretches into 2011
May 22 2006 5:06PM (CT)
SEATTLE (AP) - Boeing Co. has snagged enough firm orders and tentative commitments for its new 787 airplane to fill its production schedule into 2011, a top executive said Monday.
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Jurors deliberate in Enron broadband trial
May 22 2006 5:05PM (CT)
HOUSTON (AP) - For the second time, two former executives from Enron Corp.'s defunct broadband unit are awaiting a jury's verdict on whether they conspired to break accounting rules so the energy giant could book bogus earnings.
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Treasury bond prices rise modestly
May 22 2006 5:00PM (CT)
NEW YORK (AP) - Treasury bond prices rose modestly Monday, but had shed most of their early gains as U.S. stocks, commodity prices and emerging market debt recovered somewhat from recent steep losses.
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Deal may be near to buy 2 Philly papers
May 22 2006 4:47PM (CT)
PHILADELPHIA (AP) - A group of local investors that wants to make The Philadelphia Inquirer a more local newspaper and expand its online presence is close to a deal to buy the Inquirer and its sister newspaper, according to a person close to the negotiations.
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Monday's commodities roundup
May 22 2006 4:43PM (CT)
NEW YORK (AP) - Gold and silver prices rose slightly Monday, helped by short covering and bargain hunting.
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Cedar Fair to buy Paramount Parks from CBS
May 22 2006 4:42PM (CT)
CINCINNATI (AP) - Cedar Fair LP will have a more national presence in the regional theme-park business with its announcement Monday that it will buy Paramount Parks Inc. from CBS Corp. for $1.24 billion in cash.
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Venezuela supports OPEC production cut
May 22 2006 4:40PM (CT)
CARACAS, Venezuela (AP) - Venezuela will recommend cutting oil production at an upcoming OPEC meeting on June 1, Venezuela's oil minister said Monday.
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Markets ponder fate of commodities prices
May 22 2006 4:39PM (CT)
NEW YORK (AP) - The prices of commodities from gold to copper to oil have taken a serious slide, and the markets are wondering whether commodities have lost their steam or are just taking a breather.
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Alliance & Leicester stock up 2.5 percent
May 22 2006 4:05PM (CT)
LONDON (AP) - Shares in Alliance & Leicester PLC rose Monday after Credit Agricole SA confirmed it was looking at the bank as a possible takeover target.
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Venezuela backs Ecuador property seizure
May 22 2006 3:58PM (CT)
CARACAS, Venezuela (AP) - Venezuela on Monday backed Ecuador's decision to seize oil facilities from Occidental Petroleum Corp. but said it had no plans to step in and fill the void left by the U.S.-based firm.
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Corning shares decline on sales forecast
May 22 2006 3:56PM (CT)
ROCHESTER, N.Y. (AP) - Shares of Corning Inc. fell nearly 5 percent Monday after the world's largest maker of liquid-crystal-display glass lowered its sales growth forecast for the flat-screen television panels.
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Dynegy to sell N.C. plant to Duke Energy
May 22 2006 3:53PM (CT)
HOUSTON (AP) - Power producer Dynegy Inc. said Monday it will sell a power plant in North Carolina to Duke Energy Corp. for $195 million and plans to offer about 35 million shares of common stock to the public.
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Kodak hikes prices for photographic paper
May 22 2006 3:47PM (CT)
ROCHESTER, N.Y. (AP) - Eastman Kodak Co. is raising prices for photographic paper this summer to offset a steady rise in the cost of raw materials, including pulp, silver and petrochemicals.
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Campbell Soup 3Q profit rises 14 percent
May 22 2006 3:43PM (CT)
MOUNT LAUREL, N.J. (AP) - Strong sales of soup in February, March and April pushed Campbell Soup Co. to third-quarter profit growth of nearly 14 percent, the company said Monday as it raised earnings forecast for the rest of the year.
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Oil prices climb above $69 a barrel
May 22 2006 3:41PM (CT)
VIENNA, Austria (AP) - Crude oil prices rose Monday as the front-month contract expired, forcing traders who had anticipated lower prices at this point to become buyers to cover their bets.
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Lowe's 1Q profit up 44 pct.; shares drop
May 22 2006 3:39PM (CT)
CHARLOTTE, N.C. (AP) - Lowe's Cos., the nation's second-largest home improvement chain, said Monday its first-quarter profit rose 44 percent as the company continued to expand offerings.
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BASF boosts offer for Engelhard to $5.07B
May 22 2006 3:36PM (CT)
BERLIN (AP) - German chemical maker BASF AG raised its hostile takeover bid for U.S.-based Engelhard Corp. by 2.6 percent to about $5.07 billion and said Monday that it was its final offer. Engelhard said it would consider the bid.
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FTC: Some gas price gouging after Katrina
May 22 2006 3:31PM (CT)
WASHINGTON (AP) - The Federal Trade Commission on Monday said a nine-month investigation revealed a smattering of gasoline price gouging after Hurricane Katrina, though not any widespread effort by the oil industry to manipulate the marketplace.
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SEC letter hurts Openwave Systems stock
May 22 2006 2:55PM (CT)
NEW YORK (AP) - Openwave Systems Inc. stock fell Monday as the open-software products and service provider received a letter of informal inquiry from the Securities and Exchange Commission.
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Bolivia turns to Venezuela for gas help
May 22 2006 2:43PM (CT)
LA PAZ, Bolivia (AP) - Sending in troops and taking over Bolivia's natural gas sector was the easy part. Now President Evo Morales must deliver on promises that his country's riches will reach the poor _ and he's turning to Venezuelan leader Hugo Chavez for help.
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Berkshire-Hathaway completes acquisition
May 22 2006 2:23PM (CT)
OMAHA, Neb. (AP) - Berkshire Hathaway Inc., billionaire Warren Buffett's investment company, on Monday completed the acquisition of Applied Underwriters, the companies said.
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Laborers' Union breaks free from AFL-CIO
May 22 2006 2:20PM (CT)
WASHINGTON (AP) - The Laborers' Union, which represents 700,000 workers in the construction industry, has decided to leave the AFL-CIO, officials said.
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Borrowers return to payday lending stores
May 22 2006 2:00PM (CT)
RICHMOND, Va. (AP) - Elizabeth Lawson's troubles began with an $800 electric bill, the result of a malfunctioning water heater. But it was her next move that sent her finances spinning out of control.
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Stephens splits family business into 2
May 22 2006 1:57PM (CT)
LITTLE ROCK (AP) - Little Rock investment house Stephens Inc., one of the largest brokerages with headquarters off Wall Street, announced Monday it is dividing the business into two segments, each to be controlled by different family members.
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Bertelsmann may buy out GBL, avoid IPO
May 22 2006 1:51PM (CT)
BERLIN (AP) - German media conglomerate Bertelsmann AG said Monday it might buy out minority shareholder Groupe Bruxelles Lambert and avoid the need for an initial public offering.
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Theme parks pack plenty of new wild rides
May 22 2006 1:18PM (CT)
ORLANDO, Fla. (AP) - Boundary-bending roller coasters, a killer whale ballet and a toppling 65-foot tower that simulates splashing into a 5,000-square foot pond below are among scores of new attractions opening this summer at theme parks around the country.
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Royal Ahold execs fined after conviction
May 22 2006 12:52PM (CT)
AMSTERDAM, Netherlands (AP) - The executives in charge as Dutch retailer Royal Ahold NV plunged into one of Europe's worst financial scandals were convicted of fraud Monday but let off with a fine and no prison time, as judges found they bore little criminal guilt.
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Shell misses Nigeria deadline for payment
May 22 2006 12:33PM (CT)
LAGOS, Nigeria (AP) - Royal Dutch Shell PLC skipped a Nigerian court deadline Monday to pay $1.5 billion as compensation for alleged environmental pollution in the country's oil-rich Niger Delta, choosing instead to wait for an appeal court ruling.
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Shell resumes production at 'Mars' platform
May 22 2006 12:33PM (CT)
NEW ORLEANS (AP) - Shell Exploration & Production Co. said Monday that partial oil and natural gas production has been resumed from its hurricane-damaged Mars production platform in the Gulf of Mexico.
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Spain market regulator clears Mittal bid
May 22 2006 12:14PM (CT)
MADRID, Spain (AP) - Spain's stock market regulators said Monday it approved Mittal Steel Co.'s original cash and shares offer for rival steelmaker Arcelor SA.
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Kazakhstan, Russia to expand gas capacity
May 22 2006 12:08PM (CT)
ALMATY, Kazakhstan (AP) - Kazakhstan and Russia have agreed to jointly expand the capacity of a Russian natural gas refinery to allow it to process gas from the Kazakh field Karachaganak, the Kazakh president said Monday.
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EU nations divided over organic food rules
May 22 2006 11:22AM (CT)
BRUSSELS, Belgium (AP) - European Union agriculture ministers were divided over plans Monday to set up new EU-wide labeling of organic and bio-produced foods.
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EU: 22 nations OK plan to open arms market
May 22 2006 11:15AM (CT)
BRUSSELS, Belgium (AP) - Twenty-two European Union nations have signed up to a voluntary code designed to open the 25-nation bloc's 30 billion euro ($39 billion) arms industry to increased cross-border competition, the European armaments agency said Monday.
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Sara Lee amends stockholder-rights plan
May 22 2006 11:07AM (CT)
CHICAGO (AP) - Food and household goods maker Sara Lee Corp. said Monday it moved up the expiration date of its stockholder-rights plan to Sept. 1 from May 25, 2008.
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Dollar mixed, gold down in Europe
May 22 2006 10:53AM (CT)
LONDON (AP) - The U.S. dollar was mixed against other major currencies in European trading late Monday. Gold prices fell.
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EU says wind energy capacity growing fast
May 22 2006 10:45AM (CT)
BRUSSELS, Belgium (AP) - Wind energy is gaining a strong foothold in the European Union, with generating capacity approaching levels targeted for 2010, the EU statistics agency said Monday.
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Dollar slips against euro
May 22 2006 10:14AM (CT)
BERLIN (AP) - The dollar slipped against the euro amid expectations that U.S. interest-rate hikes may be coming to an end.
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Wal-Mart Stores to sell S. Korean business
May 22 2006 9:36AM (CT)
SEOUL, South Korea (AP) - Wal-Mart Stores Inc. announced Monday it was withdrawing from the highly competitive South Korean retail market, agreeing to sell its 16 stores to the country's top discount chain.
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ECB president says euro zone must reform
May 22 2006 9:27AM (CT)
PARIS (AP) - The 12 countries that share the euro should restructure the labor market in a move that would help boost the region's economy, the president of the European Central Bank said Monday.
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Mitsubishi UFJ, Perella-led firm OK tie-up
May 22 2006 9:09AM (CT)
TOKYO (AP) - Japan's Mitsubishi UFJ Securities Co. and a U.S. financial services firm led by American banker Joseph Perella have agreed to a tie-up to provide international merger and acquisition advisory services, both parties said Monday.
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Asian stocks tumble; India drops 4.2 pct.
May 22 2006 8:22AM (CT)
HONG KONG (AP) - Key stock markets across Asia tumbled Monday as recent drops in the price of oil and metals caused investors to dump commodity stocks that have surged in recent months. Japanese shares fell to two-month lows and Hong Kong took its biggest dive in five years.
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EU says it complying with WTO sugar ruling
May 22 2006 8:17AM (CT)
BRUSSELS, Belgium (AP) - The European Union was no longer issuing export licenses for subsidized sugar, officials said Monday, adding that the 25-nation bloc was now complying with a World Trade Organization ruling that declared the practice illegal.
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Indian stocks plunge 10 percent
May 22 2006 7:51AM (CT)
BOMBAY, India (AP) - India's benchmark stock index tumbled more than 10 percent Monday, hitting its daily drop limit and triggering a one-hour halt to trading, as investors dumped blue chips that have surged over the last year.
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Total, Petrobras win bids in Angola
May 22 2006 7:41AM (CT)
LUANDA, Angola (AP) - Total SA of France and Brazil's Petrobras won contracts to lead international consortiums that will explore two offshore oil fields in Angola, authorities said Monday.
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Japan banks post robust yearly earnings
May 22 2006 7:38AM (CT)
TOKYO (AP) - Japan's two largest banks on Monday posted robust earnings for the year ended March 31, both crediting an economic recovery that has helped reduce the companies' bad loans.
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Malaysia Air expects to cut work force
May 22 2006 7:22AM (CT)
KUALA LUMPUR, Malaysia (AP) - State-controlled Malaysia Airlines said Monday it expects to cut up to 5,000 jobs, or nearly 22 percent of its work force, as part its plan to return to profitability next year.
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Sony to develop Walkman brand cell phone
May 22 2006 3:46AM (CT)
TOKYO (AP) - Sony Ericsson will offer in Japan a Walkman cell phone next month that will enable users to download music onto their handsets in a partnership with No. 2 mobile carrier KDDI, both sides said Monday.
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Mizuho reports 3.6 percent rise in profit
May 22 2006 3:44AM (CT)
TOKYO (AP) - Mizuho Financial Group Inc. profit rose 3.6 percent in the fiscal year through March, the bank reported Monday, crediting an economic recovery that helped reduce the company's bad loans.
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Ind. company explores crop-growing niche
May 22 2006 2:28AM (CT)
MARENGO, Ind. (AP) - In a dark, cave-like chamber carved deep into a southern Indiana cliff, Doug Ausenbaugh is raising corn and tomatoes as vibrant as anything that might grow in a sun-drenched field.
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NYSE proposes merger with Euronext
May 22 2006 1:29AM (CT)
PARIS (AP) - The New York Stock Exchange on Monday proposed a merger with Euronext to create world's largest trading platform, valued at $21 billion.
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TSE boosts transactions capacity to 12M
May 22 2006 1:01AM (CT)
TOKYO (AP) - The Tokyo Stock Exchange said Monday that it has upgraded its computer system to raise the number of transactions to 12 million from 9 million after a series of embarrassing glitches in recent months forced it to shut down trading.
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Paper: Break up of China bank proposed
May 22 2006 12:58AM (CT)
BEIJING (AP) - China's central bank has recommended breaking up the huge but financially troubled Agricultural Bank of China, the mainland's fourth biggest bank, a newspaper reported Monday.
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Vietnam, U.S. to sign trade deal in June
May 22 2006 12:46AM (CT)
HANOI, Vietnam (AP) - Vietnam and the United States are preparing to sign a trade agreement in early June, Vietnam's trade minister said Monday. The deal would pave the way for the communist country to join the World Trade Organization.
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