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Whirlpool takes aggressive Maytag stance
Jul 22 2005 9:50PM (CT)
DES MOINES, Iowa (AP) - Whirlpool Corp. appeared ready to take an aggressive approach in its attempt to purchase rival appliance maker Maytag Corp. after receiving a cool reception from Maytag officials.
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Kimberly-Clark plans about 6,000 job cuts
Jul 22 2005 8:25PM (CT)
DALLAS (AP) - Kimberly-Clark Corp., the maker of Kleenex tissues and Huggies diapers, said Friday it plans to cut about 6,000 jobs and sell or close up to 20 manufacturing plants.
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Ford considers cutting more salaried staff
Jul 22 2005 8:24PM (CT)
DETROIT (AP) - After a disappointing performance in the first half of the year, Ford Motor Co. is considering cutting more salaried workers, a company spokesman said Friday.
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Federal panel clears airlines merger
Jul 22 2005 8:23PM (CT)
WASHINGTON (AP) - A federal panel on Friday approved a bid by US Airways Group Inc. and America West Holdings Corp. to merge, clearing a hurdle to the companies' goal of combining to compete against lower-cost rivals.
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Doctor says Vioxx caused man's death
Jul 22 2005 6:54PM (CT)
ANGLETON, Texas (AP) - A doctor told jurors Friday in the nation's first Vioxx-related civil trial that he believes the drug caused a 59-year-old Texas man to die of an arrhythmia brought on by a heart attack in 2001.
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Fortune Brands 2Q earnings up on sales
Jul 22 2005 5:55PM (CT)
LINCOLNSHIRE, Ill. (AP) - Fortune Brands Inc., a producer and distributor of vodka, bourbon and golf equipment, said Friday that second-quarter earnings rose 20 percent on double-digit sales gains for its home and hardware and spirits and wine brands.
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Boeing eyes sales to Indian Air Force
Jul 22 2005 5:53PM (CT)
NEW DELHI (AP) - U.S. aircraft maker Boeing has joined the race to supply fighter jets to the Indian Air Force, a senior company official said Friday, weeks after the United States and India signed a strategic defense pact.
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Guidant revises safety recommendations
Jul 22 2005 5:50PM (CT)
INDIANAPOLIS (AP) - Guidant Corp. said Friday one of its recent recommendations for correcting problems with some of its defibrillators may actually increase the risk of malfunction in three models implanted in about 21,000 heart patients.
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Citizens Banks unit to pay $3 million fine
Jul 22 2005 5:10PM (CT)
BOSTON (AP) - A unit of Citizens Bank agreed to pay a $3 million fine to resolve a civil complaint over variable annuities sales to elderly customers and the unit's failure to keep e-mails sought by investigators, Massachusetts' top securities regulator said Friday.
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Fitch downgrades Toys R Us debt
Jul 22 2005 5:09PM (CT)
NEWARK, N.J. (AP) - Fitch Ratings downgraded $1.8 billion of debt held by Toys R Us Inc. on Friday, a day after the nation's second-largest toy seller was acquired by a private consortium for $6.6 billion.
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UFW joins demands for AFL-CIO changes
Jul 22 2005 5:06PM (CT)
WASHINGTON (AP) - The small farm workers' union founded by labor hero Cesar Chavez joined a coalition of labor groups demanding changes in the AFL-CIO as the 50-year-old federation inched closer Friday to breaking up.
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Bond prices recover after yuan shock
Jul 22 2005 5:00PM (CT)
NEW YORK (AP) - Bond prices recovered Friday, a day after the market fell on news that China would allow its currency to strengthen against the dollar.
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Maidenform IPO debut points to good times
Jul 22 2005 4:49PM (CT)
WASHINGTON (AP) - Never underestimate the power of pretty lingerie or a rising stock market. The initial public offering of Maidenform Brands Inc., which began trading Friday, gave Wall Street a reminder of just how much excitement it has missed in the first six months of 2005.
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Majority of earnings top estimates so far
Jul 22 2005 4:27PM (CT)
NEW YORK (AP) - Despite a handful of high-profile disappointments, second-quarter earnings have come in above Wall Street's expectations thus far, giving investors confidence in the continued strength of the economy and corporate America.
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Crude oil tops $58 a barrel
Jul 22 2005 4:24PM (CT)
NEW YORK (AP) - Oil prices shot above $58 a barrel Friday on a surge of buying driven by technical signals and the emergence of another tropical storm.
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Kodak, Hewlett-Packard lead way in cuts
Jul 22 2005 4:06PM (CT)
ROCHESTER, N.Y. (AP) - In a week where Alan Greenspan said he expected the U.S. economy to keep growing and Wall Street seemed generally pleased with corporate performance, workers at Eastman Kodak Co., Hewlett-Packard Co. and Kimberly-Clark Corp., among others, were warned about thousands of new layoffs.
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Halliburton shares soar on 2Q profit
Jul 22 2005 4:01PM (CT)
HOUSTON (AP) - Oilfield services firm Halliburton Co.'s shares soared 10 percent Friday after it reported that an influx of new government contracts at its KBR and energy services units drove it to a second-quarter profit.
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Bill would slash Fannie, Freddie assets
Jul 22 2005 3:33PM (CT)
WASHINGTON (AP) - A bill in the U.S. Senate aimed at tightening oversight of Fannie Mae and Freddie Mac would sharply reduce the companies' massive mortgage portfolios, forcing the two government-sponsored enterprises to sell off most of their assets held solely for investment purposes, according to a summary of the bill released Friday.
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Belo 2Q profit drops 8 percent
Jul 22 2005 3:32PM (CT)
DALLAS (AP) - Belo Corp., publisher of The Dallas Morning News, on Friday said its second-quarter profit fell 8 percent, hurt by lower television revenue that offset slightly higher newspaper advertising sales.
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Oil prices rise on China currency change
Jul 22 2005 3:31PM (CT)
VIENNA, Austria (AP) - Oil prices climbed by more than $1 a barrel Friday, one day after China's decision to abandon its currency peg to the U.S. dollar, making oil prices cheaper for China, the world's second-largest consumer of crude.
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China's Nanjing Automotive buys MG Rover
Jul 22 2005 2:42PM (CT)
LONDON (AP) - Administrators for MG Rover Group Ltd. said Friday that the collapsed British automaker has been bought by Chinese carmaker Nanjing Automobile (Group) Corp.
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Charges dropped against investment adviser
Jul 22 2005 2:29PM (CT)
DETROIT (AP) - A judge has dismissed administrative charges by the Securities and Exchange Commission against an investment adviser and its managing partner, who were accused of pocketing money that was supposed to go to a client.
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Group decries Urban Outfitters T-shirt
Jul 22 2005 2:18PM (CT)
PHILADELPHIA (AP) - The Anti-Defamation League has asked retailer Urban Outfitters to stop selling a T-shirt that reads: "New Mexico, Cleaner than Regular Mexico."
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IPOs scheduled to debut next week
Jul 22 2005 2:17PM (CT)
NEW YORK (AP) - The following is a list of initial public offerings planned for the coming week, as provided by Informa Global Markets EquityWatch.
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U.S. weekly oil and gas rig count up 6
Jul 22 2005 1:51PM (CT)
HOUSTON (AP) - The number of rigs actively exploring for oil and natural gas in the United States increased by six this week to 1,410.
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Taittinger shareholders to sell stakes
Jul 22 2005 1:27PM (CT)
PARIS (AP) - U.S. real-estate company Starwood Capital has struck a deal to buy France's Groupe Taittinger, which controls Taittinger champagne, the Hotel Crillon in Paris and other high-end French brands, in a deal that values the French holding company at $1.42 billion.
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GOP chief wants Spitzer to return donation
Jul 22 2005 1:24PM (CT)
ALBANY, N.Y. (AP) - New York's Republican chairman called on state Attorney General Eliot Spitzer to return a $25,000 campaign donation from a former top executive of a company his office had investigated.
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States hope breaks lure movie business
Jul 22 2005 12:55PM (CT)
CLEVELAND (AP) - Jim Gelarden has been able to make a living working in an industry he loves, designing movie sets and helping plan television productions around the nation.
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Shops, hotels worry about London tourism
Jul 22 2005 12:50PM (CT)
LONDON (AP) - Retailers and tourism officials already digesting the fallout from the first deadly bombings in the British capital two weeks ago warned Friday that the second round of attempted attacks on Thursday had severely dampened the prospects of a prompt rebound in both sectors.
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China's currency move sees winners, losers
Jul 22 2005 12:49PM (CT)
BEIJING (AP) - The losers: Chinese textile manufacturers and foreign shoppers who snap up cheap Chinese goods. The winners: Chinese tourists, Australian farmers, and perhaps eventually, the U.S. factory worker.
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Morgan Stanley's Mack hires CSFB's exec
Jul 22 2005 12:14PM (CT)
NEW YORK (AP) - Morgan Stanley Chief Executive John Mack has hired Eileen Murray, a longtime ally, as head of global operations and technology, the investment bank said Friday.
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Dollar regains on the euro in trading
Jul 22 2005 12:09PM (CT)
BERLIN (AP) - The U.S. dollar gained on the euro and the British pound in pre-weekend trading Friday, rebounding from losses suffered after China's decision to sever its currency's peg to the dollar the previous day.
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Maytag moves to 2Q profit from loss
Jul 22 2005 11:55AM (CT)
NEWTON, Iowa (AP) - Household appliance maker Maytag Corp., which is the target of a takeover battle, said Friday it swung to a second-quarter profit from a year-ago loss, but its results failed to meet Wall Street expectations as higher steel, resin and fuel costs offset improved sales growth.
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TVA Board approves electric rate hikes
Jul 22 2005 11:10AM (CT)
KNOXVILLE, Tenn. (AP) - The Tennessee Valley Authority directors on Friday approved a 7.5 percent across-the-board electric rate increase that will raise about $524 million a year.
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Department 56 to buy Lenox for $190M
Jul 22 2005 10:28AM (CT)
EDEN PRAIRIE, Minn. (AP) - Department 56 Inc., a company best known for collectible lighted village buildings, ceramic figurines and other giftware, said it will buy china and crystal maker Lenox Inc. from Brown-Forman Corp. for $190 million in cash.
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Occidental Petroleum 2Q earnings double
Jul 22 2005 10:00AM (CT)
LOS ANGELES (AP) - Occidental Petroleum Corp., an oil and gas exploration and production company, said Friday its second-quarter earnings more than doubled, driven by several large gains, high energy prices and strong margins in its chemicals business.
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S. Korea watchdog slaps penalties on banks
Jul 22 2005 9:44AM (CT)
SEOUL, South Korea (AP) - South Korea's financial industry watchdog said Friday it penalized the Seoul offices of Germany's Deutsche Bank, BNP Paribas of France and Britain's Barclays Capital over inadequately advising state-run companies over the risks involved in derivatives trading.
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Telenor posts 19 percent rise in 2Q profit
Jul 22 2005 9:33AM (CT)
OSLO, Norway (AP) - Telenor ASA, Norway's largest telecom operator, said Friday its second-quarter profit rose 19 percent, boosted by new subscribers.
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Taiwan allows Lenovo to form unit
Jul 22 2005 9:26AM (CT)
TAIPEI, Taiwan (AP) - Taiwan will allow computer maker Lenovo Ltd. to become the first mainland Chinese company to establish a subsidiary on the island in a significant step forward in commercial ties between the two rivals.
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Jury awards state $700 million in suit
Jul 22 2005 8:42AM (CT)
LOS ANGELES (AP) - A federal jury has recommended that a French company involved in an illegal scheme to buy failed insurer Executive Life pay $700 million in punitive damages to the state of California.
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CNOOC critics took money from Chevron
Jul 22 2005 8:41AM (CT)
HOUSTON (AP) - Three leaders in the congressional campaign to discourage Chinese oil company CNOOC Ltd.'s acquisition of Unocal Corp. accepted campaign contributions from rival suitor Chevron Corp. in recent weeks, according to reports filed with the Federal Election Commission.
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AP board OKs online video service
Jul 22 2005 7:21AM (CT)
NEW YORK (AP) - The board of directors of The Associated Press has approved a new licensing policy governing online use of AP content by its member news organizations but will not charge a separate fee for such use.
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EU office to cut off sweater imports
Jul 22 2005 7:05AM (CT)
BRUSSELS, Belgium (AP) - The European Union head office said Friday it would not issue new import licenses for Chinese sweaters after trade breached the agreed limit for 2005 in the first month of a new quota system.
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Wipro quarterly profit up on outsourcing
Jul 22 2005 6:23AM (CT)
BANGALORE, India (AP) - India's third-largest software exporter Wipro Ltd. said Friday its profit jumped 31 percent to $98.1 million in the April-June quarter mainly because of outsourcing by Western corporations.
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Schering's net profit rises 34 percent
Jul 22 2005 6:22AM (CT)
BERLIN (AP) - Drug maker Schering AG said Friday it saw net profit rise 34 percent in the second quarter, boosted by gains from the sale of a stake in another company.
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China's currency rises against dollar
Jul 22 2005 6:15AM (CT)
SHANGHAI, China (AP) - China's currency rose about 2 percent against the U.S. dollar on Friday, a day after the government cut the yuan's link to the dollar in a move that could make Chinese exports more expensive and foreign assets cheaper for China to buy.
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Japan stocks drop, dollar regains ground
Jul 22 2005 4:39AM (CT)
TOKYO (AP) - Japanese stocks declined on Friday as investors sold blue-chip exporter shares such as Toyota and Honda over worries that China's currency revaluation could hurt the competitiveness of Japanese goods overseas.
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Japan welcomes China's yuan policy change
Jul 22 2005 3:27AM (CT)
TOKYO (AP) - Japanese government and business leaders on Friday praised China's decision to end the dollar peg for its currency and played down worries that the move might hurt Japan's export-oriented economy by strengthening the yen _ underlining the complex relations between the giant Asian economies.
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Horse-and-plow farming making a comeback
Jul 22 2005 2:23AM (CT)
SISTERS, Ore. (AP) - To some, the thought of a farmer patiently working the field behind a horse and plow might evoke pangs of nostalgia for the early days of agriculture. But in fact, the practice is making a comeback.
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