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Crude hovers near record closing price
Aug 1 2005 11:44PM (CT)
SINGAPORE (AP) - Benchmark crude oil futures remained near record closing levels Tuesday, lingering around $61.57 a barrel as traders worried about future oil production from Saudi Arabia after the death of King Fahd.
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Japanese stocks fall; dollar lower
Aug 1 2005 10:55PM (CT)
TOKYO (AP) - Japanese stocks declined early Tuesday, as investors locked in gains after the market struck 4 1/2-month highs amid robust corporate earnings and a rosier economic outlook. The dollar was lower against the yen and euro.
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GM drops discount plan, Ford to cut back
Aug 1 2005 9:39PM (CT)
DETROIT (AP) - General Motors Corp. dropped its popular employee-discount plan Monday in a signal that the era of big incentives could be ending. Ford Motor Co. said it will continue employee pricing for another month but also will try to cut back on incentives for 2006 models.
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Vioxx jury hears pathologist's testimony
Aug 1 2005 9:13PM (CT)
ANGLETON, Texas (AP) - Jurors in the Vioxx trial heard testimony Monday from a pathologist who said the death of a man taking the drug was more than likely caused by a heart attack _ damaging Merck & Co.'s defense in the first Vioxx liability case to reach trial.
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Former MCA vice president pleads guilty
Aug 1 2005 8:24PM (CT)
DETROIT (AP) - A former MCA Financial Corp. executive pleaded guilty Monday in federal court to concealing a $250 million scheme to defraud investors and lenders.
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Wrong type of pipe eyed in plant blast
Aug 1 2005 8:11PM (CT)
TEXAS CITY, Texas (AP) - The installation of the wrong type of pipe spool is believed to have caused last week's explosion and fire at the same BP plant where 15 people were killed in March, company officials said Monday.
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Sandwich market continues on hot roll
Aug 1 2005 7:37PM (CT)
MILFORD, Conn. (AP) - This is Subway territory, a small waterfront city of 52,000 that's home to the nation's largest restaurant chain, a place where Subway funds the arts and schools and sends kids to summer camp.
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Guidant gets OK to relaunch defibrillator
Aug 1 2005 7:24PM (CT)
INDIANAPOLIS (AP) - Heart device maker Guidant Corp. said Monday the Food and Drug Administration has approved the relaunch of its top-selling implantable defibrillator, which was recalled in June because of a faulty switch.
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Judge tosses JetBlue passenger list suit
Aug 1 2005 6:48PM (CT)
LITTLE ROCK, Ark. (AP) - JetBlue Airways Corp. violated customers' privacy by turning over passenger lists to the government but the affected people are not entitled to damages, a federal judge ruled in dismissing a class-action lawsuit.
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Kinder Morgan to buy Terasen for about $3B
Aug 1 2005 6:30PM (CT)
HOUSTON (AP) - Pipeline operator Kinder Morgan Inc. is making a bid to tap into oil reserves in Western Canada by purchasing British Columbia-based rival Terasen Inc. for about $3.1 billion in cash and stock.
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NCR names ex-Symbol Tech exec Nuti as CEO
Aug 1 2005 5:36PM (CT)
DAYTON, Ohio (AP) - An executive credited with turning around a scandal-ridden company has been chosen to lead NCR Corp., a move that analysts say could boost the fortunes of the Dayton-based manufacturer of automated teller machines.
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Study: Electronic record costs may soar
Aug 1 2005 5:17PM (CT)
WASHINGTON (AP) - President Bush's proposal to create a national network of electronic health records could cost more than $200 billion initially to build and operate, researchers said Monday.
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Monday's commodities roundup
Aug 1 2005 5:13PM (CT)
NEW YORK (AP) - Oil prices topped $61 a barrel and briefly hit a new record high Monday, triggered by Saudi King Fahd's death, Iran's threats to resume nuclear enrichment and evidence of strong U.S. economic growth.
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Second-quarter profits up 13.6 percent
Aug 1 2005 4:58PM (CT)
NEW YORK (AP) - Reported second-quarter earnings of companies in the Standard & Poor's 500 index are so far running 13.6 percent higher than last year, according to Thomson Financial.
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Tyson Foods profit falls in third quarter
Aug 1 2005 4:56PM (CT)
SPRINGDALE, Ark. (AP) - Tyson Foods Inc., the world's largest meat-processing company, said Monday its third-quarter earnings fell 18.6 percent from a year ago, as slower sales of pork as well as charges for a legal settlement and plant closings depressed results.
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Teva Pharmaceutical 2Q profit rises
Aug 1 2005 4:47PM (CT)
NEW YORK (AP) - Generic drug maker Teva Pharmaceutical Industries Ltd. said Monday second-quarter profit rose 5 percent, as strong sales in Europe helped outweigh weaker sales in the United States amid fewer new drug launches.
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U.S. plans to borrow less this quarter
Aug 1 2005 4:45PM (CT)
WASHINGTON (AP) - The government expects to borrow $59 billion from the credit markets this quarter _ considerably less than previously estimated, the Treasury Department said Monday.
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Visteon, Ford expect to complete transfer
Aug 1 2005 4:43PM (CT)
DETROIT (AP) - Auto parts supplier Visteon Corp. said Monday it has made significant progress on a plan to transfer unprofitable plants back to Ford Motor Co. and expects to complete the deal by Sept. 30.
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Krispy Kreme reaches compensation deal
Aug 1 2005 4:37PM (CT)
CHARLOTTE, N.C. (AP) - Krispy Kreme Doughnuts Inc. agreed Monday to the terms of a "success fee" for the turnaround specialists brought in to return the snack maker to profitability.
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Humana 2Q profit up on Medicare growth
Aug 1 2005 4:34PM (CT)
LOUISVILLE, Ky. (AP) - Health benefits provider Humana Inc. reported Monday that its second-quarter profit rose as Medicare membership grew more than expected. The company also forecast 2006 earnings above Wall Street expectations. Its shares rose more than 10 percent.
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3 pharmacists join Walgreen race lawsuit
Aug 1 2005 4:26PM (CT)
ST. LOUIS (AP) - Three pharmacists on Monday joined the list of plaintiffs in a federal lawsuit accusing Walgreen Co. of racial discrimination against black managers.
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Coke extends Olympic sponsorship
Aug 1 2005 4:22PM (CT)
LAUSANNE, Switzerland (AP) - Coca-Cola Co., the longest-serving Olympic sponsor, is extending its relationship through 2020.
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Shurgard rejects unsolicited $2.5B bid
Aug 1 2005 4:14PM (CT)
SEATTLE (AP) - Shurgard Storage Centers Inc., a real estate investment trust specializing in self-storage facilities, said Monday that its board has rejected an unsolicited $2.49 billion acquisition offer from rival Public Storage Inc.
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P&G looks to expand through Gillette
Aug 1 2005 4:08PM (CT)
CINCINNATI (AP) - After four straight years of solid growth built under A.G Lafley, is setting its sights on expanding its brands and global reach with the pending acquisition of the Gillette Co.
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Worldwide chip sales rise 6.5 percent
Aug 1 2005 3:46PM (CT)
SAN FRANCISCO (AP) - Worldwide sales of chips for computers, cell phones, consumer electronics and other applications rose 6.5 percent in the first six months of the year over the same period in 2004, the Semiconductor Industry Association said Monday.
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ISS endorses Chevron's bid for Unocal
Aug 1 2005 3:45PM (CT)
SAN FRANCISCO (AP) - A major investment advisory firm on Monday recommended that Unocal Corp.'s shareholders accept Chevron Corp.'s $17.5 billion takeover bid instead of entangling themselves in the political turmoil facing a slightly higher offer from China's government-owned CNOOC Ltd.
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Gasoline prices rose less than a penny
Aug 1 2005 3:33PM (CT)
WASHINGTON (AP) - The retail price of gasoline rose slightly last week to average $2.29 a gallon nationwide, the Energy Department reported Monday.
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Putnam to oppose Providian acquisition
Aug 1 2005 2:43PM (CT)
NEW YORK (AP) - Putnam Investments LLC, one of the nation's largest money managers, said Monday it will oppose Washington Mutual Inc.'s $6.45 billion bid to acquire credit card issuer Providian Financial Corp. because the deal price is too low.
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WTO rules against new EU banana tariff
Aug 1 2005 2:13PM (CT)
GENEVA (AP) - The World Trade Organization ruled Monday that a new European Union tariff on imported bananas is illegal, siding with nine Latin American countries who said Brussels' proposal would seriously limit their ability to export the fruit.
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Airbus names Eccleston as new U.S. boss
Aug 1 2005 1:57PM (CT)
PARIS (AP) - European aircraft maker Airbus on Monday named Barry Eccleston as head of Airbus North America Holdings, its U.S. subsidiary.
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Gov't probing Volvos for potential problems
Aug 1 2005 1:30PM (CT)
WASHINGTON (AP) - Several models of Volvo sedans and station wagons are under investigation because of complaints that the vehicles can lose speed or the engine can stall without warning, the government said Monday.
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FDA approves Celebrex for spinal arthritis
Aug 1 2005 1:28PM (CT)
NEW YORK (AP) - Pfizer Inc. said Monday the Food and Drug Administration approved and finalized prescription information of painkiller Celebrex for the treatment of pain associated with ankylosing spondylitis, a form of arthritis that affects the spine.
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News Corp. in talks for Russian TV stake
Aug 1 2005 1:10PM (CT)
MOSCOW (AP) - News Corp., the global media conglomerate controlled by Rupert Murdoch, is in talks to acquire a minority stake in a Russian television station, an official close to the talks said Monday.
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Japan to slap tariffs on U.S. steel imports
Aug 1 2005 12:23PM (CT)
TOKYO (AP) - Japan took a retaliatory step against the American steel industry Monday and announced it will impose 15 percent levies on U.S. steel imports starting Sept. 1, urging the United States to promptly deal with a long-festering dispute between the world's two largest economies.
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Sentencing of 2 ex-Tyco execs postponed
Aug 1 2005 12:04PM (CT)
NEW YORK (AP) - Sentencing for two former top Tyco International executives convicted of stealing hundreds of millions of dollars from the company has been postponed while lawyers prepare to argue how much money they must repay.
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Statoil posts higher second-quarter profit
Aug 1 2005 12:03PM (CT)
OSLO, Norway (AP) - Statoil ASA said Monday that second-quarter profit surged 55 percent, mainly because of higher prices for oil and natural gas.
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ISS recommends holders OK Chevron buy
Aug 1 2005 12:02PM (CT)
NEW YORK (AP) - Calling a rival bid by CNOOC Ltd. "highly uncertain," Institutional Shareholder Services Monday endorsed Chevron Corp.'s proposed $17.5 billion acquisition of Unocal Corp.
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Ivax earnings fall on higher income taxes
Aug 1 2005 11:03AM (CT)
MIAMI (AP) - Generic drug maker Ivax Corp. said Monday a higher income tax rate and increased costs contributed to a 5 percent drop in second-quarter earnings, despite higher revenues.
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Royal Dutch Shell is awarded 84 leases
Aug 1 2005 10:58AM (CT)
THE HAGUE, Netherlands (AP) - Royal Dutch Shell PLC said Monday its Shell Exploration & Production Company has been awarded 84 leases off the coast of Alaska in the Beaufort Sea.
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BASF, Shell Chemicals wrap up Basell sale
Aug 1 2005 8:48AM (CT)
FRANKFURT, Germany (AP) - BASF AG and Royal Dutch Shell PLC said Monday they had completed a 4.4 billion euros ($5.32 billion) deal to sell their Basell NV plastics joint venture to Nell Acquisition, part of privately held Access Industries.
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Venezuela's Chavez calls CAFTA 'perverse'
Aug 1 2005 8:28AM (CT)
CARACAS, Venezuela (AP) - Venezuelan President Hugo Chavez criticized a trade agreement that eliminates barriers between the United States and Central American countries, saying Sunday it is a misguided deal that will harm the region's small economies.
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HSBC half-year profit climbs 5 percent
Aug 1 2005 7:34AM (CT)
LONDON (AP) - Banking group HSBC Holdings PLC said Monday its half-year earnings rose 5 percent as it pushed forward with its expansion into emerging markets and as bad debt fell in the United States.
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Symbol Tech CEO Nuti resigns to join NCR
Aug 1 2005 6:47AM (CT)
HOLTSVILLE, N.Y. (AP) - Symbol Technologies Inc., a maker of bar code scanners, on Monday said President and Chief Executive Bill Nuti has resigned and the company named Chief Administrative and Financial Officer Sal Iannuzzi to take his place on an interim basis.
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ABN Amro posts 11 percent rise in profit
Aug 1 2005 5:38AM (CT)
AMSTERDAM, Netherlands (AP) - Dutch banking group ABN Amro Holding NV reported an 11 percent increase in second-quarter earnings Monday, outpacing market expectations, and said it still aims to acquire a controlling stake in Italy's Banca Antonveneta SpA.
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Mizuho reports 15 percent profit increase
Aug 1 2005 5:22AM (CT)
TOKYO (AP) - Japan's largest banking group, Mizuho Financial Group, said Monday its profit rose 15 percent in the April-June quarter from a year ago as costs for wiping out bad debts declined.
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Land prices in Tokyo on the rebound
Aug 1 2005 5:05AM (CT)
TOKYO (AP) - For the first time in at least 13 years, average land prices in Tokyo rose this year, Japan's tax agency said Monday, signaling a turnaround in a property value slide that began in the early 1990s with the collapse of the nation's speculative bubble.
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Low-carb pioneer Atkins files Chapter 11
Aug 1 2005 5:04AM (CT)
NEW YORK (AP) - The company started by the late nutrition guru Dr. Robert C. Atkins to promote a low-carb lifestyle has filed for bankruptcy court protection, a further sign of the waning popularity of the diet.
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Thailand, Japan agree to trade agreement
Aug 1 2005 4:21AM (CT)
BANGKOK, Thailand (AP) - Thailand and Japan have agreed to forge a free trade agreement and expect to sign the deal next April unless disagreements arise over details, the head of the Thai negotiation team said Monday.
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More farmers are buying, using computers
Aug 1 2005 1:12AM (CT)
WICHITA, Kan. (AP) - American farmers are buying computers and using them for business, but at a much slower pace than they did just two years ago, a new federal study shows.
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