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GM will cap gas prices for Calif., Fla.
May 23 2006 10:31PM (CT)
DETROIT (AP) - Aiming to capitalize on consumer angst about the high cost of gasoline, General Motors Corp. on Tuesday said it would cap pump prices at $1.99 for customers in California and Florida who buy certain vehicles by July 5.
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Ex-Livedoor president denies wrongdoing
May 23 2006 10:05PM (CT)
TOKYO (AP) - The disgraced former president of the Japanese Internet portal Livedoor, Takafumi Horie, has denied any wrongdoing in a statement to the media, his lawyer's office said Wednesday.
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McClatchy sells Philadelphia newspapers
May 23 2006 9:20PM (CT)
PHILADELPHIA (AP) - McClatchy Co. is selling The Philadelphia Inquirer and the Philadelphia Daily News for $562 million to a group of local investors who hope to reverse circulation declines by emphasizing local news and doing more with the Internet.
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Scientist, biotech co. charged with fraud
May 23 2006 8:35PM (CT)
SAN FRANCISCO (AP) - A scientist and his biotechnology company were charged Tuesday on 13 counts of mail fraud, false statements and related charges for allegedly shipping bogus research material to many corporate and academic researchers, including at the U.S. National Institute of Health and the Walter Reed Medical Center, federal prosecutors said Tuesday.
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Report: Fannie Mae manipulated accounting
May 23 2006 8:21PM (CT)
WASHINGTON (AP) - Federal regulators issued a blistering report about mortgage giant Fannie Mae on Tuesday, alleging accounting manipulation aimed at lining executives' pockets and lying to investors about smooth growth in profits and earnings. The government-sponsored mortgage company was fined $400 million and agreed to limit its growth.
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Japanese stocks rise, dollar up vs. yen
May 23 2006 7:56PM (CT)
TOKYO (AP) - Japanese stocks rebounded shortly after Wednesday's open, as bargain hunting in a range of shares lifted a benchmark index that had fallen nine of the preceding 11 sessions. The dollar was up against the yen.
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Council fights Wal-Mart on eminent domain
May 23 2006 6:57PM (CT)
HERCULES, Calif. (AP) - Big box retailer Wal-Mart Stores Inc. squared off against officials in this small Bay Area city on Tuesday as the city considered using the power of eminent domain to seize 17 acres where Wal-Mart intends to build a shopping complex.
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Reynolds American clears purchase hurdle
May 23 2006 6:02PM (CT)
WINSTON-SALEM, N.C. (AP) - Reynolds American Inc., the nation's No. 2 cigarette maker, said Tuesday it has cleared a hurdle at the Federal Trade Commission toward its $3.5 billion purchase of chewing tobacco company Conwood.
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Citigroup unit to pay to settle OT claims
May 23 2006 5:52PM (CT)
NEW YORK (AP) - Citigroup's Smith Barney brokerage unit has agreed to pay $98 million to settle claims on behalf of thousands of current and former brokers that they are owed overtime pay and other reimbursements.
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Senator plans hearings on Boeing practices
May 23 2006 5:50PM (CT)
WASHINGTON (AP) - A senator said Tuesday he plans hearings on the defense-contracting practices that led the Boeing Co. to agree to pay $615 million to end a Justice Department investigation.
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Bernanke regrets remarks to CNBC reporter
May 23 2006 5:47PM (CT)
WASHINGTON (AP) - Federal Reserve Chairman Ben Bernanke said Tuesday he suffered a "lapse of judgment" by talking recently to a CNBC anchor, a conversation that caused the stock market to tank when his comments were reported.
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Enron broadband jury yet to reach verdict
May 23 2006 5:43PM (CT)
HOUSTON (AP) - Jurors in the fraud and conspiracy retrial of two former executives from Enron Corp.'s defunct broadband unit finished their first full day of deliberations Tuesday without reaching a verdict.
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Lay case goes to judge for deliberation
May 23 2006 5:25PM (CT)
HOUSTON (AP) - Prosecutors described Enron Corp. founder Kenneth Lay as a sophisticated hands-on investor who wanted to pry loans from banks so he could buy stock even though he knew federal rules prohibited him from using the money for that purpose.
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Spirit president to take over as new CEO
May 23 2006 5:24PM (CT)
FORT LAUDERDALE, Fla. (AP) - Low-cost carrier Spirit Airlines announced Tuesday it appointed a new chief executive officer to oversee the company as it moves through a $2 billion refurbishment program to replace its aging fleet.
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Vonage Holdings prices shares at $17
May 23 2006 5:21PM (CT)
NEW YORK (AP) - Vonage Holdings Corp., the Internet telephone pioneer, priced its initial public offering Tuesday evening at $17 a share, in the middle of the expected range.
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Medtronic 4Q earnings balloon to $746.6M
May 23 2006 5:20PM (CT)
MINNEAPOLIS (AP) - Medical device maker Medtronic Inc. on Tuesday reported that quarterly earnings more than tripled from a year-ago quarter that was weighed down by one-time charges.
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YPFB ends contract with U.S. consultant
May 23 2006 5:19PM (CT)
LA PAZ, Bolivia (AP) - The president of Bolivia's state energy company said Tuesday it had cut its contract with an American petroleum consultant, contending that the firm had overestimated the nation's natural gas reserves.
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Federated to sell nine store locations
May 23 2006 5:12PM (CT)
CINCINNATI (AP) - Federated Department Stores Inc. will sell nine department store locations in six states to General Growth Properties Inc. as it continues to rid itself of duplicate stores gained in last year's acquisition of the May Department Stores Co.
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Bonds drop as stocks, commodities rise
May 23 2006 5:11PM (CT)
NEW YORK (AP) - Treasury bond prices fell Tuesday with investors selling U.S. government bonds and returning to other asset classes, as stock, emerging market and commodity markets stabilized after recent losses.
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Venezuela to boost natural gas production
May 23 2006 5:11PM (CT)
CARACAS, Venezuela (AP) - Venezuela is planning a $1 billion investment to boost natural gas production at home, where demand for gas has long outstripped supply, even as it seeks a role in Bolivia's natural gas sector.
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Tuesday's commodities roundup
May 23 2006 5:08PM (CT)
NEW YORK (AP) - Gold, silver and platinum prices rose sharply Tuesday as speculative buying returned to the commodities market after a recent correction lower.
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Borders group posts 1Q loss, misses views
May 23 2006 5:08PM (CT)
ANN ARBOR, Mich. (AP) - Borders Group Inc. on Tuesday said a challenging sales environment and sluggish performance at its Waldenbooks stores caused first-quarter results to fall below projections.
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Retired Delta pilots ask court to nix deal
May 23 2006 5:07PM (CT)
ATLANTA (AP) - A group that represents some retired Delta Air Lines Inc. pilots asked a bankruptcy court judge Tuesday to reject the carrier's latest wage concession agreement with its pilots union.
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MasterCard set for long-awaited IPO
May 23 2006 5:04PM (CT)
NEW YORK (AP) - MasterCard Inc. will end four decades as a private entity Thursday when the world's second-largest credit card brand makes its long awaited debut on the New York Stock Exchange.
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Shopping networks fight over 'July' slogan
May 23 2006 5:04PM (CT)
PHILADELPHIA (AP) - Like desperate shoppers fighting over a hot toy on Dec. 24, rival shopping networks QVC and HSN are waging war over the slogan "Christmas in July."
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Oil prices settle above $71 a barrel
May 23 2006 5:03PM (CT)
NEW YORK (AP) - Crude futures gained more than 2 percent Tuesday, as scientists' predictions about the next Atlantic hurricane season and a fire at a Louisiana refinery renewed concerns about potential supply disruptions in the Gulf of Mexico.
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Canada sees port reviving local economy
May 23 2006 4:30PM (CT)
PRINCE RUPERT, British Columbia (AP) - Folks in this lonely frontier town like to say their dreams of becoming the Pacific gateway to Asian riches went down in the Atlantic.
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Ritz Interactive withdraws pending IPO
May 23 2006 4:29PM (CT)
WASHINGTON (AP) - Ritz Interactive Inc. on Tuesday withdrew its pending initial public offering with the Securities and Exchange Commission.
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Insurance companies to end rebate practice
May 23 2006 4:09PM (CT)
ALBANY, N.Y. (AP) - Two major title insurance companies have agreed to end a practice of providing rebates to major commercial property customers at the expense of homeowners and small businesses, state Attorney General Eliot Spitzer said Tuesday.
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FTC chief wary about price gouging law
May 23 2006 4:05PM (CT)
WASHINGTON (AP) - The head of the Federal Trade Commission said Tuesday a federal law against oil company price gouging would be difficult to enforce and could hurt consumers by causing fuel shortages.
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Jurors end 4th day of Enron deliberations
May 23 2006 4:02PM (CT)
HOUSTON (AP) - Jurors in the federal fraud and conspiracy trial of Enron Corp. founder Kenneth Lay and former Chief Executive Jeffrey Skilling finished a fourth day of deliberations Tuesday without reaching a verdict.
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5 countries arrest 565 in fraud schemes
May 23 2006 3:57PM (CT)
WASHINGTON (AP) - More than 2.8 million people in the U.S. paid to obtain credit cards, claim sweepstakes winnings and get in on lucrative investments that turned out to be too good to be true, officials said Tuesday as they announced hundreds of arrests in an international investigation.
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Whirlpool lowers profit guidance for 2006
May 23 2006 3:48PM (CT)
GRAND RAPIDS, Mich. (AP) - Appliance maker Whirlpool Corp. said Tuesday that it has lowered its earnings guidance for 2006 to reflect the acquisition and integration of its former rival, Maytag Corp.
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CBS to consider selling radio stations
May 23 2006 3:47PM (CT)
NEW YORK (AP) - CBS Corp., a television company that also owns a large radio broadcasting business, said Tuesday it will consider selling radio stations in 10 smaller markets.
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Euronext shareholders reject proposal
May 23 2006 3:46PM (CT)
AMSTERDAM, Netherlands (AP) - Shareholders of European stock-exchange operator Euronext rejected a proposal Tuesday to commit in principle to a takeover by Deutsche Boerse Group, giving a boost to a rival bid from the New York Stock Exchange.
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H.J. Heinz gets proposed growth strategy
May 23 2006 3:43PM (CT)
PITTSBURGH (AP) - H.J. Heinz Co. on Tuesday received a proposed growth strategy from a group of shareholders led by billionaire investor Nelson Peltz, who has sought to pressure the food maker into boosting returns.
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Toll Brothers 2Q net income up 3 percent
May 23 2006 3:42PM (CT)
PHILADELPHIA (AP) - Luxury home builder Toll Brothers Inc. reported a 3 percent increase in net income for the second quarter but said higher materials and labor costs as well as steeper write-downs will contribute to lower earnings for the full year.
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Attorney pleads not guilty to mail fraud
May 23 2006 3:40PM (CT)
MIAMI (AP) - A disbarred attorney pleaded not guilty Tuesday to federal charges that he defrauded thousands of clients out of $13.5 million in settlement money from lawsuits claiming they were made ill by exposure to asbestos.
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Official: OMV-Verbund merger scuttled
May 23 2006 3:35PM (CT)
VIENNA, Austria (AP) - OMV AG's planned takeover of electric utility Verbund has been scuttled, Austria's economics minister announced Tuesday, saying the companies failed to show regulators that the merger would be "meaningful and just."
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BASF writes to Engelhard shareholders
May 23 2006 3:29PM (CT)
BERLIN (AP) - German chemical maker BASF AG on Tuesday wrote to shareholders of Engelhard Corp., making a direct bid for support of a more than $5 billion takeover bid that it again insisted is final.
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Phillips Electronics to buy Avent Holdings
May 23 2006 3:26PM (CT)
AMSTERDAM, Netherlands (AP) - Dutch appliance maker Royal Phillips Electronics NV said Tuesday it would buy Avent Holdings Ltd., the British baby products maker, for about 675 million euros ($861 million) in cash.
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Group sues U.S. over gas mileage rules
May 23 2006 3:23PM (CT)
WASHINGTON (AP) - An environmental group sued the Bush administration Tuesday over new rules to boost gas mileage requirements for sport utility vehicles and pickup trucks, saying the regulations do not go far enough.
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PBGC takes over Pa. brewer's pension plan
May 23 2006 3:12PM (CT)
PITTSBURGH (AP) - A government agency on Tuesday assumed responsibility for a pension plan at Pittsburgh Brewing Co., a major hurdle in the company's Chapter 11 bankruptcy reorganization.
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Grayken denies wrongdoing in KEB stake buy
May 23 2006 3:06PM (CT)
NEW YORK (AP) - John Grayken, managing partner of Lone Star Funds, on Tuesday denied any wrongdoing in its 2003 acquisition of a majority stake in Korea Exchange Bank.
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Marks & Spencer annual net profit slides
May 23 2006 3:04PM (CT)
LONDON (AP) - Retailer Marks & Spencer Group PLC reported a slide in full-year net profits Tuesday, but posted a strong rise in underlying earnings as it lured more customers away from rivals.
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Palm stock falls on smartphone concerns
May 23 2006 2:56PM (CT)
NEW YORK (AP) - Palm Inc. stock fell Tuesday _ on top of a 5 percent decline Monday _ on continued competitive concerns over a rival smartphone introduced by Motorola Inc.
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Petrobras to cut dependence on Bolivia gas
May 23 2006 2:55PM (CT)
NEW YORK (AP) - Petroleos Brasileiro SA on Tuesday reiterated plans to reduce Brazil's dependence on natural gas from Bolivia, which recently nationalized its industry, by accelerating production off the southeastern coast of Brazil and looking into the possibility of importing liquefied natural gas from overseas.
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Newseum announces $52 million in gifts
May 23 2006 2:25PM (CT)
WASHINGTON (AP) - The Newseum has received $52 million in gifts from eight major media companies and families as part of an effort to open a new facility, the museum dedicated to journalism and the First Amendment said Tuesday.
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CEO: On-demand books, DVDs helping Amazon
May 23 2006 2:12PM (CT)
SEATTLE (AP) - Custom-made books and DVDs have improved Amazon.com Inc.'s selection without raising inventory costs and are becoming more important to the company's business, founder and Chief Executive Jeff Bezos told shareholders at the company's annual meeting Tuesday.
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AB Ports shares soar after improved bid
May 23 2006 1:11PM (CT)
LONDON (AP) - Associated British Ports Holding PLC, Britain's largest ports operator, said Tuesday it has opened its books to a bid consortium after receiving an improved takeover offer worth 2.44 billion pounds ($4.6 billion). Shares in AB Ports soared 15 percent.
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EMI net profit up 20 percent for 2005
May 23 2006 12:32PM (CT)
LONDON (AP) - Music company EMI Group PLC said Tuesday its yearly profit grew 20 percent on the success of artists such as Coldplay, and pledged to continue its pursuit of smaller rival Warner Music Group Corp.
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Lukoil, Rofneft see increase in profit
May 23 2006 12:24PM (CT)
MOSCOW (AP) - Russia's top oil producer OAO Lukoil posted a more than 50 percent rise in annual net profit Tuesday on high oil prices, while OAO Rosneft reported a nearly fivefold increase in its earnings after its acquisition of Yukos' main production unit.
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VeraSun boosts IPO to more than $300M
May 23 2006 12:07PM (CT)
SAN FRANCISCO (AP) - VeraSun Energy Corp. on Tuesday doubled the payoff of its initial public offering to more than $300 million after the ethanol maker reported a big increase in first-quarter profit as the United States looks to alcohol-based fuels to ease dependence on foreign oil.
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Novartis to launch anti-malaria project
May 23 2006 11:57AM (CT)
BASEL, Switzerland (AP) - Swiss pharmaceutical company Novartis AG said Tuesday it would research finding a one-dose cure for the most dangerous type of malaria.
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Tyson names new international sales chief
May 23 2006 11:36AM (CT)
SPRINGDALE, Ark. (AP) - Tyson Foods Inc. on Tuesday named a new executive to run its international sales operations and announced other management changes.
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Dollar slightly higher vs. euro, pound
May 23 2006 11:30AM (CT)
BERLIN (AP) - The dollar gained over the euro and pound, but slid against the yen Tuesday, ahead of a raft of U.S. economic data, while testimony from the Federal Reserve chairman failed to offer clues on the direction of interest rates.
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EU to urge Moscow to consult neighbors
May 23 2006 11:26AM (CT)
BRUSSELS, Belgium (AP) - At a summit this week, the European Union plans to appeal to Russian President Vladimir Putin to sign an international energy charter meant to craft predictable market conditions in order to avoid shocks in gas prices and deliveries.
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Dollar, gold rise in Europe
May 23 2006 11:14AM (CT)
LONDON (AP) - The U.S. dollar rose against most major currencies in European trading Tuesday. Gold prices also were higher.
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EU clears Ferrovial to buy BAA
May 23 2006 11:10AM (CT)
BRUSSELS, Belgium (AP) - EU regulators on Tuesday approved plans led by Spain's Grupo Ferrovial SA to buy British airport operator BAA PLC, saying it saw no antitrust problems.
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NYSE panel fines Lehman over reports
May 23 2006 10:54AM (CT)
NEW YORK (AP) - New York Stock Exchange Regulation Inc. said Tuesday it fined Lehman Brothers Holdings Inc. $400,000 for submitting inaccurate monthly reports on the company's short-interest positions.
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Venezuela seeks majority oil project stake
May 23 2006 10:52AM (CT)
CARACAS, Venezuela (AP) - Venezuela's oil ministry will ask the Supreme Court to repeal a law preventing the state oil company from holding a controlling stake in heavy oil projects in the Orinoco River basin.
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Taleo shares fall on CFO's resignation
May 23 2006 10:49AM (CT)
NEW YORK (AP) - Taleo Corp. stock fell Tuesday, a day after Chief Financial Officer Divesh Sisodraker said he plans to resign before the end of the year.
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EADS pledges to maintain 300 jobs
May 23 2006 10:33AM (CT)
MERIGNAC, France (AP) - Prime Minister Dominique de Villepin went on a mission Tuesday to save jobs at an EADS plant slated for closure, and the company quickly reacted, saying its board has told management to look for ways to find jobs for some 300 employees.
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Italian public accounts said a 'disaster'
May 23 2006 9:32AM (CT)
ROME (AP) - Italy's new deputy economics minister on Tuesday called the nation's economic situation "a disaster," saying the deficit in 2006 may exceed 4.5 percent of gross domestic product.
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Bernanke says financial literacy important
May 23 2006 9:27AM (CT)
WASHINGTON (AP) - Sharpening Americans' financial know-how and skills is crucial to consumers' ability to make smart money choices and is also good for the overall economy, Federal Reserve Chairman Ben Bernanke told Congress Tuesday.
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Bertelsmann: Decision on IPO may take mos.
May 23 2006 9:10AM (CT)
BERLIN (AP) - Bertelsmann AG, Europe's biggest media company, says talks with a shareholder on whether to sell its stake through an initial public offering could take months.
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Rosneft oil company says 2005 profit up
May 23 2006 9:09AM (CT)
MOSCOW (AP) - Russian state-owned oil group OAO Rosneft reported a nearly fivefold increase in net profit in 2005 thanks to high world oil prices and its acquisition of the biggest production unit of the embattled Yukos oil company.
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Turkish court cancels sale of oil stake
May 23 2006 8:53AM (CT)
ISTANBUL, Turkey (AP) - A Turkish court on Tuesday canceled the sale of a 14.76 percent stake in formerly state-owned oil refiner Tupras.
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Arla's Mideast sales still sagging
May 23 2006 8:19AM (CT)
COPENHAGEN, Denmark (AP) - Danish dairy group Arla Foods said Tuesday its sales are still down in Arab countries even though most supermarkets have called off a boycott of its products sparked by the Prophet Muhammad cartoons.
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OECD plays down market turbulence
May 23 2006 8:10AM (CT)
PARIS (AP) - The dollar's recent depreciation against other currencies and a rise in long-term bond yields suggest financial markets are beginning to price risk more realistically, the Organization for Economic Cooperation and Development said Tuesday.
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China revises 1st-quarter economic growth
May 23 2006 7:39AM (CT)
BEIJING (AP) - China on Tuesday revised its growth rate for the first quarter up slightly, saying farming, fishing and some other industries expanded faster than thought.
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7 former loan co. execs charged with fraud
May 23 2006 7:23AM (CT)
WASHINGTON (AP) - Seven former executives of a defunct Ohio company that was once the nation's leading lender to health care providers have been indicted on charges they defrauded investors of more than $3 billion.
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Ireland's Eircom accepts takeover bid
May 23 2006 6:54AM (CT)
DUBLIN, Ireland (AP) - The board of Eircom Group PLC said Tuesday it has accepted a takeover bid from Australia's Babcock & Brown Capital Ltd. that values Ireland's dominant telephone company at 2.42 billion euros ($3.1 billion).
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Tour promotes Mo. beef for Asian markets
May 23 2006 6:42AM (CT)
CAPE GIRARDEAU, Mo. (AP) - Staring face-to-face at a 2,600-pound bull dubbed "Hercules," a Japanese visitor could only smile at the animal's potential.
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Florida proposes higher citrus taxes
May 23 2006 5:16AM (CT)
LAKELAND, Fla. (AP) - The Florida Citrus Commission wants to raise taxes on orange and grapefruit growers, hoping the additional revenue will strengthen an advertising campaign aimed at saving the troubled industry.
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Sumitomo Mitsui returns to profit
May 23 2006 5:06AM (CT)
TOKYO (AP) - Sumitomo Mitsui Financial Group returned to profit in the fiscal year through March, the latest good news from Japan's "Big Three" major banks whose fortunes have improved amid the nation's economic recovery.
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Microsoft seeks appeal of antitrust ruling
May 23 2006 4:26AM (CT)
SEOUL, South Korea (AP) - Microsoft Corp. said Tuesday it has no plans to give up a legal challenge in South Korean court, one day after regulators rejected its appeal of an antitrust ruling against the company.
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Viettien has U.S. market in its sights
May 23 2006 4:14AM (CT)
HO CHI MINH CITY, Vietnam (AP) - The workers at Viettien, one of the biggest clothing makers in Vietnam, are poised for the moment when their country joins the World Trade Organization and gains unfettered access to U.S. and other markets.
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Toyota rolls out first made-in-China Camry
May 23 2006 4:12AM (CT)
NANSHA, China (AP) - Toyota Motor Corp. on Tuesday rolled out its first made-in-China Camry from a new factory that the Japanese automaker hopes will help it to catch up with rivals in the world's fastest-growing car market.
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Celebrity Cruises captain charged
May 23 2006 12:42AM (CT)
SEATTLE (AP) - A Celebrity Cruises captain suspected of drinking shortly before the ship sailed from Seattle for Alaska was charged Monday with operating a vessel while under the influence of alcohol.
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Alaska Senate approves new profits tax
May 23 2006 12:38AM (CT)
JUNEAU, Alaska (AP) - The Alaska Senate voted for the second time this year to rewrite the state's oil and gas production taxes.
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City of Hercules battling Wal-Mart Stores
May 23 2006 12:29AM (CT)
SAN FRANCISCO (AP) - Wal-Mart Stores Inc. is known for its hardball tactics, but the little city of Hercules has come up with some muscle of its own in a bid to keep the big-box retailer out.
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