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Senators considering nomination of Cox
Jul 25 2005 11:58PM (CT)
WASHINGTON (AP) - Senators are considering the nomination of President Bush's choice to head the Securities and Exchange Commission, Rep. Christopher Cox, a free-market conservative who could significantly shift the agency's focus after 2 1/2 years of an activist regulatory stance.
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Crude edges lower in Asian trade
Jul 25 2005 11:41PM (CT)
SINGAPORE (AP) - Crude futures edged slightly lower Tuesday in roller-coaster Asian trade as speculative buyers moved in ahead of the U.S. petroleum data snapshot that may show a fall in oil and gasoline stocks.
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Texas Instruments sees 42 pct income gain
Jul 25 2005 11:41PM (CT)
DALLAS (AP) - Texas Instruments Inc.'s quarterly profit rose 42 percent as the semiconductor maker benefited from lower inventory levels among customers and robust demand for chips in a variety of new electronic gadgets.
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Venture capitalists invest $5.8B in 2Q
Jul 25 2005 11:18PM (CT)
SAN FRANCISCO (AP) - Venture capitalists invested $5.8 billion in startups during the second quarter, continuing a slight decline from last year's financing pace even though more money is pouring into the industry.
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Japanese stocks fall ahead of key earnings
Jul 25 2005 10:11PM (CT)
TOKYO (AP) - Japanese stocks fell Tuesday morning following losses on Wall Street, as investors awaited earnings reports this week from Japanese automakers and electronics companies. The dollar was lower against the yen.
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AFL-CIO splinters, spooking some Democrats
Jul 25 2005 10:05PM (CT)
CHICAGO (AP) - The AFL-CIO splintered on Monday, spooking some Democratic Party leaders and the ranks of organized workers, their futures in the hands of labor rebels who bolted the 50-year-old federation vowing to reverse the steep decline in union membership.
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Monday's Commodities Roundup
Jul 25 2005 8:37PM (CT)
NEW YORK (AP) - Crude-oil futures settled up Monday at $59 a barrel, recouping losses of about a dollar on the back of sharp gains in heating oil futures.
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Xerox profits jump, but miss expectations
Jul 25 2005 8:21PM (CT)
STAMFORD, Conn. (AP) - Copier and printer maker Xerox Corp. on Monday reported second-quarter profits more than doubled, but excluding one-time gains and charges the results were lower than Wall Street expectations.
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Teva to buy Ivax in $7.4 billion deal
Jul 25 2005 8:17PM (CT)
NEW YORK (AP) - In a deal that will create the world's largest generic drug company, Teva Pharmaceutical Industries Ltd. said Monday it is acquiring rival Ivax Corp. for about $7.4 billion in cash and stock. Ivax shares climbed 10 percent.
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3 former WorldCom executives settle
Jul 25 2005 7:43PM (CT)
NEW YORK (AP) - Three former executives of WorldCom Inc. have reached settlements in a class action lawsuit brought by investors who lost billions of dollars when the telecommunications firm collapsed in an $11 billion accounting fraud, a judge said Monday.
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Sony agrees to $10M 'payola' settlement
Jul 25 2005 6:51PM (CT)
NEW YORK (AP) - Recording industry titan Sony BMG Music Entertainment agreed Monday to pay $10 million and stop bribing radio stations to feature its artists in what a state official called a more sophisticated generation of the payola scandals of decades ago.
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Bonds prices fall in quiet session
Jul 25 2005 6:34PM (CT)
NEW YORK (AP) - Bonds fell Monday in a quiet session as investors awaited major economic data due later in the week.
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Hershey to acquire dark-chocolate maker
Jul 25 2005 6:01PM (CT)
HERSHEY, Pa. (AP) - The Hershey Co., the nation's largest candy maker, plans to acquire a California-based specialty maker of dark chocolate bars and baking products.
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Brazilian carrier orders more Boeings
Jul 25 2005 5:41PM (CT)
RENTON, Wash. (AP) - The Boeing Co. won an order for 30 narrow-body 737s on Monday, when fast-growing low-fare Brazilian airline GOL doubled its order for 737-800s.
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Unocal: was ready to OK higher CNOOC offer
Jul 25 2005 5:33PM (CT)
WASHINGTON (AP) - The Chinese state-owned oil company CNOOC Ltd. almost snatched Unocal Corp. out of Chevron Corp.'s hands last week, but failed because it didn't raise its already-pricier bid enough to offset considerable regulatory and financial risks, Unocal said Monday.
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Prudential paying $125,000 settlement
Jul 25 2005 5:18PM (CT)
WASHINGTON (AP) - Prudential Equity Group LLC has agreed to pay $125,000 to settle federal regulators' allegations that the investment firm failed to disclose it had been paid for an October 2001 research report it issued on a company, it was announced Monday.
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Cendant 2Q earnings decline
Jul 25 2005 5:14PM (CT)
NEW YORK (AP) - Hotel and car rental company Cendant Corp. on Monday said its second-quarter profit dropped 44 percent from a year-ago period that was boosted by hefty gains from discontinued operations, but the company reaffirmed forecasts for 2005 and 2006 in line with Wall Street expectations.
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Fidelity says SEC may bring action
Jul 25 2005 4:59PM (CT)
BOSTON (AP) - Fidelity Investments said Monday it could face civil action from federal regulators in a probe of whether its traders sent company business to brokerage firms that offered gifts and gratuities, rather than to firms offering the best deals on trades.
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Ex-Rite Aid CEO seeks shorter sentence
Jul 25 2005 4:56PM (CT)
HARRISBURG, Pa. (AP) - Rite Aid Corp.'s former chief executive, Martin L. Grass, wants a federal judge to reduce his eight-year sentence to less than five years for his role in the company's accounting-fraud scandal.
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Battsek named Miramax Films president
Jul 25 2005 4:24PM (CT)
BURBANK, Calif. (AP) - Walt Disney Co. on Monday named Daniel Battsek as president of Miramax Films _ the studio responsible for Academy Award best picture winners including "The English Patient," "Shakespeare in Love" and "Chicago."
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India's VSNL to acquire Teleglobe
Jul 25 2005 4:21PM (CT)
NEW DELHI (AP) - India's leading provider of international calls and Internet services Videsh Sanchar Nigam Ltd., or VSNL, on Monday said it has offered to buy global voice and data service provider Teleglobe International Holdings Ltd. of Canada in a deal valued at $178 million.
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Cardiologist: Vioxx contributed to death
Jul 25 2005 3:54PM (CT)
ANGLETON, Texas (AP) - A UCLA Medical Center cardiologist told jurors in the nation's first Vioxx-related civil trial Monday that he believed the painkiller contributed to a Texas man's death from arrhythmia.
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Intel to build $3 billion chip factory
Jul 25 2005 3:41PM (CT)
SAN JOSE, Calif. (AP) - Spurred by tax incentives and a belief computer chip demand will continue to grow, Intel Corp. said Monday it will spend $3 billion to build a factory in Arizona and another $105 million to convert an inactive New Mexico plant into a temporary test facility.
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PepsiCo isn't preparing a bid for Danone
Jul 25 2005 3:38PM (CT)
PARIS (AP) - PepsiCo Inc. has told French authorities that it isn't preparing a bid for Groupe Danone, the Paris market regulator said Monday, curbing rumors that had sent the French food company's shares soaring.
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Delta says pensions not its only issue
Jul 25 2005 3:34PM (CT)
ATLANTA (AP) - Legislation that would allow struggling Delta Air Lines Inc. to spread out the funding of its pension program is a key factor as it tries to avoid bankruptcy, but not the only one, the company's chief executive said Monday.
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Kansas radiator plant closing
Jul 25 2005 3:31PM (CT)
EMPORIA, Kan. (AP) - Days after merging with a rival, the owners of a Kansas radiator plant said Monday the factory will close in September and leave 130 people unemployed.
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Union, SF Chronicle reach tentative deal
Jul 25 2005 3:16PM (CT)
SAN FRANCISCO (AP) - The San Francisco Chronicle and a union representing about 900 of its employees have reached a tentative agreement on a new labor contract.
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Fortune Brands packages unique mix
Jul 25 2005 1:19PM (CT)
LINCOLNSHIRE, Ill. (AP) - Fortune Brands Inc.'s eclectic mix of golf balls, whiskey, faucets and staplers hasn't always made sense on Wall Street.
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VW to file complaint over reps' expenses
Jul 25 2005 1:11PM (CT)
BERLIN (AP) - Volkswagen AG said Monday it will file a criminal complaint over the alleged abuse of expense accounts to favor employee representatives, deepening a scandal that has led to the ouster of several of its top executives.
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American Express 2Q profit up 16 percent
Jul 25 2005 1:10PM (CT)
NEW YORK (AP) - Profits at American Express Co., which specializes in travel services and credit cards, soared 16 percent in the second quarter from a year earlier on strong growth in card member spending and improved credit quality, the company said Monday.
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Existing home sales set record in June
Jul 25 2005 12:59PM (CT)
WASHINGTON (AP) - Sales of existing homes set a record in June with home prices shooting up at the fastest pace in nearly 25 years.
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Interest on Treasury bills increase
Jul 25 2005 12:56PM (CT)
WASHINGTON (AP) - Interest rates on short-term Treasury bills rose in Monday's auction to the highest levels in four years.
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Commerzbank offices searched over probe
Jul 25 2005 12:47PM (CT)
FRANKFURT, Germany (AP) - Commerzbank AG said Monday that five current and former employees, including a senior manager who quit last week, were under investigation over allegations of money-laundering involving assets from the former Soviet Union.
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LVMH reports rise in first-half revenue
Jul 25 2005 12:41PM (CT)
PARIS (AP) - French luxury goods company LVMH Moet Hennessy Louis Vuitton said Monday that revenue in the first half of the year rose 10 percent amid market share gains across all brands.
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BellSouth 2Q earnings slip 20 percent
Jul 25 2005 12:23PM (CT)
ATLANTA (AP) - BellSouth Corp., the dominant local telephone provider in nine southeastern states, reported a more than 20 percent drop in second-quarter profit on a slight rise in revenue, but said it was pleased with the impact its wireless unit is having on the company's bottom line.
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Cargill acquires license for candles
Jul 25 2005 12:05PM (CT)
INDIANAPOLIS (AP) - Food and farm products conglomerate Cargill Inc. has obtained the exclusive rights to market patented technology that allows candles to be made not from petroleum-based paraffin waxes but from wax derived from soybeans.
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Moody's finds high pay, credit risk link
Jul 25 2005 11:33AM (CT)
NEW YORK (AP) - Investors may want to take a hard look at stock options and bonuses going into top executives' pockets before spending their own bucks to buy a company's bonds.
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Volvo's 2Q profit boosted by strong sales
Jul 25 2005 11:03AM (CT)
STOCKHOLM, Sweden (AP) - Swedish truck and bus maker AB Volvo said Monday its second-quarter profit rose 40 percent, boosted by strong sales across most of its business areas.
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Telecommunications satellite to launch
Jul 25 2005 10:25AM (CT)
PARIS (AP) - Europe's Ariane-5 rocket will launch the world's heaviest telecommunications satellite in August after a monthlong delay to fix a technical problem in the ground equipment, Arianespace said Monday.
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KDDI reports profit on cell phone growth
Jul 25 2005 9:09AM (CT)
TOKYO (AP) - Japanese telecommunications company KDDI Corp. said Monday profit for the quarter ended June 30 rose nearly 2 percent as its booming cell phone business offset damage from struggling fixed-line operations.
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UPS Inc. buying parcel carrier LYNX Express
Jul 25 2005 7:52AM (CT)
ATLANTA (AP) - UPS Inc., the world's largest shipping carrier, said Monday it is buying a large independent British parcel carrier for $96.5 million in cash as it seeks to expand its presence in Europe.
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Unions seek talks with Nanjing about jobs
Jul 25 2005 7:49AM (CT)
LONDON (AP) - Union leaders sought urgent talks with Nanjing Automobile (Group) Corp., the new owner of MG Rover, about reviving British jobs at the collapsed automaker, while failed bidder Shanghai Automotive Industry Corp. considered legal action Monday.
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Head of Proton to step down
Jul 25 2005 7:33AM (CT)
KUALA LUMPUR, Malaysia (AP) - The embattled chief executive of Malaysia's national car maker Proton is stepping down, the company said Monday, weeks after he publicly criticized the government's automotive policy.
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SK Telecom says 2Q profit up 56 percent
Jul 25 2005 6:53AM (CT)
SEOUL, South Korea (AP) - SK Telecom Co., South Korea's largest wireless telephone operator by sales, said Monday its earnings jumped 56 percent in the second quarter, partly due to lower marketing costs.
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Vodafone signs up 4.1M users in 1Q
Jul 25 2005 6:38AM (CT)
LONDON (AP) - Vodafone Group PLC, Europe's largest mobile phone company, said Monday that it signed up 4.1 million users in the first quarter of this financial year, ahead of forecasts and up 35 percent on a year ago.
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De Beers first-half profit declines
Jul 25 2005 6:27AM (CT)
JOHANNESBURG, South Africa (AP) - De Beers S.A., the world's biggest diamond producer, said Monday its profit fell by 0.6 percent in the first half of the year because of a weaker dollar and fewer sales of stockpiled gems.
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Wal-Mart to nearly double stores in China
Jul 25 2005 5:47AM (CT)
BEIJING (AP) - Wal-Mart Stores Inc., the world's biggest retailer, plans to open another 42 stores in China by the end of next year, nearly doubling its presence in the country, a senior company official said Monday.
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Yuan rises 0.02 percent
Jul 25 2005 3:38AM (CT)
BEIJING (AP) - The yuan rose 2 hundredths of a percent Monday on China's small, tightly controlled currency exchange, as a central bank official was quoted as saying China's decision to sever its currency's peg to the dollar won't solve trade imbalances overnight but will buy time for industry reforms.
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Yuan revaluation damage likely to be minor
Jul 25 2005 2:53AM (CT)
TOKYO (AP) - The economic fallout from China's scrapping the dollar peg on its currency is likely to be small and most Japanese companies plan to continue to expand business there, according to a survey by a major newspaper.
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Reports: China told U.S. of plans on yuan
Jul 25 2005 2:32AM (CT)
BEIJING (AP) - The Chinese government told U.S. officials in advance of its plan to drop its currency's link to the dollar last week and raise its exchange rate, news reports said Monday.
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Peach growers blame weather for thin crops
Jul 25 2005 12:59AM (CT)
BRUSSELS, Ill. (AP) - With about 30 acres of peach trees on this scenic, hilly notch of land between the Illinois and Mississippi rivers, Sandi Odelehr has found life in the orchards this year to be pretty much the pits.
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