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Necktie makers fear Japan's new dress code
Jun 15 2005 11:07PM (CT)
TOKYO (AP) - The idea might have been to help slow global warming, but Japan's necktie makers fear a government campaign to get people to wear light clothing and turn down the air conditioners during the summer could be seriously bad for business.
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Oil markets ignore OPEC output increase
Jun 15 2005 10:58PM (CT)
SINGAPORE (AP) - Oil markets on Thursday brushed aside OPEC's decision to increase its output as fears of insufficient supplies escalated after a larger-than-expected decline in U.S. crude inventories. Light, sweet crude for the July contract slipped 7 cents to $55.50 a barrel in after-hours New York Mercantile Exchange electronic trading as of midmorning in Singapore.
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Railroad and hotel magnate goes on trial
Jun 15 2005 10:53PM (CT)
TOKYO (AP) - Railroad and hotel magnate Yoshiaki Tsutsumi was set to go on trial Thursday on charges of insider trading and falsifying financial records in a case that highlights Japan's moves toward tougher corporate governance.
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Wednesday's commodities roundup
Jun 15 2005 10:45PM (CT)
NEW YORK (AP) - Crude-oil futures in New York settled higher Wednesday _ just below the almost 10-week-high posted Monday _ but shed intraday gains of more than a dollar, as traders sold off heating-oil futures.
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Japanese stocks rise; dollar rises vs yen
Jun 15 2005 10:43PM (CT)
TOKYO (AP) - Japanese stocks inched up Thursday morning as traders bought technology and bank issues. The dollar rose against the yen, but fell against the euro.
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Bristol-Myers reaches $300M settlement
Jun 15 2005 10:07PM (CT)
NEWARK, N.J. (AP) - Bristol-Myers Squibb Co. agreed to pay $300 million in a deal to defer federal prosecution of a conspiracy charge stemming from an accounting scandal, the U.S. Attorney's Office in New Jersey said Wednesday. Two of its former executives also were indicted for their alleged roles in the same scandal.
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Liberty Media to buy UnitedGlobalCom
Jun 15 2005 10:01PM (CT)
ENGLEWOOD, Colo. (AP) - In what became the first and last annual meeting of Liberty Media International Inc., shareholders on Wednesday approved the acquisition of UnitedGlobalCom Inc. to create one of the largest broadband communications companies outside the United States.
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Ex-students sue Hooters Air over plan
Jun 15 2005 9:45PM (CT)
CHICAGO (AP) - Three former college students are suing Hooters Air, claiming the startup carrier used their business plan from a class project as the blueprint for launching the airline but never compensated them.
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Fund wants defeat of Verizon-MCI merger
Jun 15 2005 8:53PM (CT)
DENVER (AP) - A proxy fight may be shaping up after a hedge fund said Wednesday it would seek shareholder support to defeat Verizon Communications Inc.'s $8.5 billion takeover of MCI Inc. in hopes of persuading Qwest Communications to offer a new bid.
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Chiron warns it will make fewer flu shots
Jun 15 2005 7:39PM (CT)
SAN FRANCISCO (AP) - Chiron Corp. said Wednesday it may not deliver as many flu shots this year as it had promised, prompting the beleaguered biotechnology company to cut its 2005 financial forecast.
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Lazard net income helped by M&A revenue
Jun 15 2005 7:19PM (CT)
NEW YORK (AP) - Lazard Ltd.'s first-quarter profit more than tripled as mergers and acquisitions revenue rose 66 percent as the investment bank reported its first quarterly results as a public company.
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Alaska Airlines orders 35 Boeing 737s
Jun 15 2005 7:08PM (CT)
SEATTLE (AP) - Alaska Airlines said Wednesday it was ordering 35 Boeing 737s, and Spanish carrier Air Europa announced it will acquire 18 of the narrow-body jets.
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Genentech plans for stock repurchase
Jun 15 2005 6:53PM (CT)
SOUTH SAN FRANCISCO, Calif. (AP) - Genentech Inc., one of the world's largest biotechnology companies, said Wednesday it has allocated $2 billion to continue a two-year-old stock repurchase program.
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Record revenues lift Bear Stearns' profit
Jun 15 2005 6:45PM (CT)
NEW YORK (AP) - Wall Street firm Bear Stearns Cos. Inc. said Wednesday its earnings rose 5 percent from a year ago on strength in its institutional stock trading business.
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Kodak to discontinue black-and-white paper
Jun 15 2005 6:42PM (CT)
ROCHESTER, N.Y. (AP) - Ending a century-old tradition, Eastman Kodak Co. will soon stop making black-and-white photographic paper, a niche product for fine-art photographers and hobbyists that is rapidly being supplanted by digital-imaging systems.
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Pressure on banks to end Enron litigation
Jun 15 2005 6:39PM (CT)
HOUSTON (AP) - Now the pressure's really on. News that bankers JPMorgan Chase & Co. and Citigroup will pony up a collective $4.2 billion to make a conglomeration of Enron Corp. shareholder lawsuits go away lights a settlement fire under other banks and brokerages still named as defendants, legal experts said Wednesday.
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OPEC pledges to increase crude production
Jun 15 2005 6:38PM (CT)
VIENNA, Austria (AP) - OPEC failed to cool the sizzling global energy market on Wednesday with pledges to increase its crude production target by half a million barrels a day and consider a second boost of that size later this year.
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Economic activity expands at decent pace
Jun 15 2005 6:35PM (CT)
WASHINGTON (AP) - Economic activity expanded at a decent pace in the last two months, although improvements in some parts of the country and in some business sectors appeared spotty.
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Macrovision sues two companies
Jun 15 2005 6:21PM (CT)
SAN JOSE, Calif. (AP) - Macrovision Corp. has sued two companies it claims offer products that break its patented copyright protection technology and allow consumers to make unauthorized duplicates of commercial DVDs.
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Amalgamated Bank cost Enron billions
Jun 15 2005 6:21PM (CT)
NEW YORK (AP) - Most Enron Corp. investors have probably never heard of Amalgamated Bank, but they might want to thank the tiny company.
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Short-term bond prices fall
Jun 15 2005 5:45PM (CT)
NEW YORK (AP) - Bond prices were mostly lower Wednesday as investors shrugged off positive economic data. However declines were modest and longer-term securities advanced.
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3 former Newsday, Hoy employees arrested
Jun 15 2005 5:38PM (CT)
NEW YORK (AP) - Three former employees of the newspapers Newsday and Hoy were arrested Wednesday for their roles in schemes to inflate advertising prices by overstating circulation figures, prosecutors said.
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Wachovia Securities to pay $300,000
Jun 15 2005 5:24PM (CT)
JEFFERSON CITY, Mo. (AP) - Wachovia Securities will pay Missouri regulators $300,000 over allegations it failed to supervise an agent, the secretary of state's office and the company said Wednesday.
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Hospital linen workers resolve dispute
Jun 15 2005 5:16PM (CT)
ST. LOUIS (AP) - The nation's largest hospital laundry service and the union representing workers who clean hospitals' dirty sheets and towels say they have resolved a year-and-a-half-long labor dispute.
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Bank of America companies paying $1.5M
Jun 15 2005 4:18PM (CT)
WASHINGTON (AP) - Two securities brokerage arms of Bank of America Corp. have agreed to pay a total $1.5 million to settle federal regulators' charges of violating record-keeping rules by failing to preserve e-mail messages.
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Saks Inc. receives default notice on debt
Jun 15 2005 4:12PM (CT)
BIRMINGHAM, Ala. (AP) - Department store operator Saks Inc. on Wednesday said it defaulted on some convertible notes because it did not file its annual report on time.
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Colgate-Palmolive closing Kansas plant
Jun 15 2005 4:05PM (CT)
KANSAS CITY, Mo. (AP) - Colgate Palmolive Co. said Wednesday it plans to close a historic soap-making plant in Kansas City, Kan., that currently employs around 250 people.
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Interstate Bakeries reports large loss
Jun 15 2005 4:03PM (CT)
KANSAS CITY, Mo. (AP) - Interstate Bakeries Corp. on Wednesday reported its largest one-month loss since it filed for bankruptcy in September, citing costs from its decision to close bakeries and make other cuts on the East Coast.
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Brazilian stocks sink on scandal concerns
Jun 15 2005 4:03PM (CT)
SAO PAULO, Brazil (AP) - Investors dumped Brazilian stocks Wednesday amid continuing jitters over the impact of a bribes-for-votes political scandal that has shaken the market-friendly administration of President Luiz Inacio Lula da Silva.
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Boeing chairman: Airbus bids should be OK
Jun 15 2005 3:48PM (CT)
LE BOURGET, France (AP) - Boeing Co. Chairman Lew Platt said Wednesday that a trans-Atlantic trade dispute over plane subsidies should not exclude Airbus from U.S. defense work as sought by lawmakers.
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Scrushy jury deliberates for 15th day
Jun 15 2005 3:47PM (CT)
BIRMINGHAM, Ala. (AP) - A federal jury deliberated for a 15th day without a verdict Wednesday in the trial of fired HealthSouth Corp. Chief Executive Richard Scrushy, who is charged with leading a $2.7 billion earnings overstatement at the chain of rehabilitation and medical centers.
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Spicy Paris Hilton ad to air more often
Jun 15 2005 3:32PM (CT)
ST. LOUIS (AP) - A racy TV ad featuring a swimsuit-clad Paris Hilton eating a burger and washing a Bentley, which sparked a controversy when it aired on the West Coast, is now coming to markets in the Midwest and Southeast.
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Japan, France to jointly develop new jet
Jun 15 2005 3:19PM (CT)
TOKYO (AP) - Japan and France are jointly researching a new supersonic passenger plane to succeed the retired Concorde, but with up to three times as many seats and the potential to fly the Tokyo-to-New York route in six hours, officials and reports said Wednesday.
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Appeals court sides with Duke Energy
Jun 15 2005 2:51PM (CT)
NEW YORK (AP) - A U.S. appeals court has sided with Duke Energy Corp. in a lawsuit brought by the federal government charging the company with illegally changing its power plants without installing equipment to prevent increased pollution.
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Unions form coalition to expand labor
Jun 15 2005 2:48PM (CT)
WASHINGTON (AP) - Unhappy with the shape of the labor movement under AFL-CIO leadership, the heads of five of the federation's largest affiliates said Wednesday they had formed a separate coalition to bolster membership rolls.
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Brazil beer executives nabbed on taxes
Jun 15 2005 2:38PM (CT)
SAO PAULO, Brazil (AP) - Brazil's federal police arrested two top executives of a brewing company Wednesday in a crackdown on tax evasion in the beer industry.
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Kaiser reaches contracts with Steelworkers
Jun 15 2005 2:25PM (CT)
SPOKANE, Wash. (AP) - Kaiser Aluminum Corp., which locked its Spokane workers out during a bitter labor dispute that began in the late 1990s and helped plunge the company into bankruptcy protection, has reached a five-year labor agreement with those and other employees represented by the Steelworkers union.
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Snow urges European financial reforms
Jun 15 2005 1:44PM (CT)
PARIS (AP) - U.S. Treasury Secretary John Snow urged the EU on Wednesday to push ahead with structural reforms, saying that "Europe can do better" if it removes barriers to its economic growth.
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Gunmen seize two 6 oil workers in Nigeria
Jun 15 2005 12:42PM (CT)
WARRI, Nigeria (AP) - Gunmen seized two Germans and four Nigerians during a raid on a boat Wednesday in Nigeria's southern oil-rich delta, the hostages' employers said.
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Russia sets $7B price tag on Gazprom stake
Jun 15 2005 12:27PM (CT)
MOSCOW (AP) - The Russian government has approved a $7.15 billion price tag for the state to acquire control of the world's largest gas producer, Gazprom, news reports said Wednesday.
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Fannie Mae, Freddie Mac still have problems
Jun 15 2005 12:18PM (CT)
WASHINGTON (AP) - Big mortgage companies Fannie Mae and Freddie Mac made progress last year toward correcting financial problems but continue to be a cause for concern following their recent accounting scandals, the regulator that oversees them says in a report issued Wednesday.
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London shares close lower
Jun 15 2005 12:14PM (CT)
LONDON (AP) - Share prices were lower on the London Stock Exchange Wednesday.
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China investors shrug off bailout prospects
Jun 15 2005 11:56AM (CT)
SHANGHAI, China (AP) - Chinese investors shrugged off reports Wednesday that the government is planning to spend billions of dollars to boost the country's ailing stock markets, saying any bailout would provide only temporary help.
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Boeing CEO shortlist down to 'five or six'
Jun 15 2005 11:35AM (CT)
LE BOURGET, France (AP) - Boeing is down to a shortlist of "five or six" potential new chief executives, including two internal candidates, Chairman Lew Platt said Wednesday.
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Intel explores possible Vietnam plant
Jun 15 2005 11:15AM (CT)
HANOI, Vietnam (AP) - Intel Corp., the world's largest maker of computer chips, said Wednesday it is considering building a factory in Vietnam amid soaring personal computer ownership and Internet usage in the communist country.
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PartyGaming announces flotation details
Jun 15 2005 10:40AM (CT)
LONDON (AP) - PartyGaming PLC announced details of its initial public offering Wednesday, valuing the company at 4.76 billion pounds ($8.6 billion), with some analysts blaming the lower-than-expected figure on investor fears about a clampdown on online gambling in the United States.
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European Parliament close to salary deal
Jun 15 2005 10:24AM (CT)
BRUSSELS, Belgium (AP) - The European Parliament closed in on a pay deal for its 732 members Wednesday that it hopes will end the assembly's gravy train reputation.
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Morningstar plans 'forums' for questions
Jun 15 2005 9:31AM (CT)
WASHINGTON (AP) - Morningstar Inc. trumpets its research as a way to give individuals the same access to investment information as the Wall Street pros. Now a newly public company, Morningstar says it will uphold that principle by communicating with its own shareholders in an unusual way.
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Watchdog probes Munich Re, Deutsche Bank
Jun 15 2005 9:24AM (CT)
FRANKFURT, Germany (AP) - Germany's financial services watchdog said Wednesday it has launched an initial investigation into whether Deutsche Bank AG, reinsurer Munich Re and insurer Wuestenrot broke the law by failing to make a takeover offer to shareholders of a German kitchenware maker.
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Tommy Hilfiger delays 2005 filing on probe
Jun 15 2005 9:21AM (CT)
NEW YORK (AP) - Tommy Hilfiger Corp. on Wednesday said it is delaying financial statements for the fourth quarter and fiscal 2005, as a result of the previously disclosed governmental investigation into buying commissions and related matters.
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Nireco Corp. scraps poison pill plans
Jun 15 2005 9:18AM (CT)
TOKYO (AP) - A Japanese company scrapped its poison pill plan for foiling unwanted takeover bids on Wednesday, after a Tokyo court sided with an investor's claim that the plan was bad for investors and the company's share price.
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China's biggest automaker warns on profit
Jun 15 2005 9:09AM (CT)
SHANGHAI, China (AP) - FAW Car Co., China's biggest automaker, warned Wednesday that its first-half net profit could fall by more than 50 percent amid sluggish sales, rising costs and government moves to tighten credit for buying cars.
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Australia refuses airline access to route
Jun 15 2005 8:59AM (CT)
CANBERRA, Australia (AP) - The Australian government on Wednesday denied Singapore Airlines Ltd. access to the lucrative trans-Pacific route between Australia and the United States, now shared by Qantas and United.
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Delphi completes $2.8B refinancing plan
Jun 15 2005 8:38AM (CT)
TROY, Mich. (AP) - Delphi Corp., the nation's largest auto-parts supplier, said Wednesday it has completed a $2.8 billion refinancing plan.
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Commercial real estate market may see gains
Jun 15 2005 8:38AM (CT)
WASHINGTON (AP) - The U.S. commercial real estate market should experience "solid" gains through 2006, the National Association of Realtors said Tuesday.
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Banca Popolare di Lodi raises bank bid
Jun 15 2005 8:37AM (CT)
ROME (AP) - Italy's Banca Popolare di Lodi Scarl said Wednesday it is raising its bid for Banca Antonveneta SpA, as it struggles for control of the bank with Dutch rival ABN Amro Holding NV.
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Carlsberg buys 46 percent stake in co.
Jun 15 2005 8:04AM (CT)
SHANGHAI, China (AP) - Carlsberg Breweries A/S has bought a 46 percent stake in a major Chinese barley and hops producer based in the far western region of Xinjiang through a China-based joint venture, the Danish brewer's Chinese partner said.
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IMF to release new funds for Turkey
Jun 15 2005 8:02AM (CT)
ANKARA, Turkey (AP) - An International Monetary Fund official said Wednesday he would recommend releasing the latest installment of a $10 billion loan to Turkey if lawmakers pass banking and social security reforms by the month's end.
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British jobless benefit claims up in May
Jun 15 2005 7:47AM (CT)
LONDON (AP) - The number of people out of work and claiming benefits rose last month as the collapse of Britain's last major automaker, MG Rover Ltd., began to hit the employment figures, the government said Wednesday.
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World's biggest IPO in weak market debut
Jun 15 2005 7:44AM (CT)
HONG KONG (AP) - China Shenhua Energy Co. raised nearly $3 billion Wednesday in the world's biggest initial public offering so far this year, but the coal company's stock made a lackluster debut on the Hong Kong stock exchange.
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Barroso: EU should stick to commitments
Jun 15 2005 7:36AM (CT)
BRUSSELS, Belgium (AP) - The European Union must stick to its commitments to Turkey and other nations regarding future membership in the bloc, despite public concern over expansion plans, the European Commission's president said Wednesday.
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Russian developing tech sector plan
Jun 15 2005 7:19AM (CT)
ST. PETERSBURG, Russia (AP) - Much-needed radio frequencies would be wrested away from the sprawling defense sector under a government plan to develop the technology sector, Russia's IT minister said Wednesday.
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Japan upgrades assessment of economy
Jun 15 2005 7:01AM (CT)
TOKYO (AP) - The Japanese government on Wednesday upgraded its view of the economy for the first time in 11 months, citing recovery in personal spending and the labor market.
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Las Vegas Sun to be folded into rival
Jun 15 2005 6:33AM (CT)
LAS VEGAS (AP) - Nevada's biggest evening newspaper, The Las Vegas Sun, has agreed to be folded into its much larger morning rival, the Las Vegas Review-Journal.
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EU fines AstraZeneca $73M for pricing
Jun 15 2005 6:32AM (CT)
BRUSSELS, Belgium (AP) - European Union antitrust regulators fined British pharmaceutical company AstraZeneca PLC 60 million euros ($73 million) Wednesday for keeping prices on an ulcer drug product artificially high.
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Businesses tap college students' designs
Jun 15 2005 3:32AM (CT)
CINCINNATI (AP) - Companies hunting fresh ideas for innovative products are tapping college students to design running shoes, furniture, vehicles and even heating pads.
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Harrah's chairman lays out future
Jun 15 2005 3:30AM (CT)
LAS VEGAS (AP) - The most expensive acquisition in the gambling industry's history under his belt, the chairman of Harrah's Entertainment Inc. plans to use new properties in his empire to retain and attract more spenders to a preferred customer program.
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Dean Foods says spinoff will cut earnings
Jun 15 2005 3:14AM (CT)
DALLAS (AP) - Dean Foods Co., one of the nation's largest producers of milk and dairy products, said Tuesday that strong sales mean its second-quarter earnings from continuing operations will be higher than previously forecast, though its bottom-line earnings will be lower because of its previously announced unit spinoff.
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