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Oil prices top $64 a barrel in new high
Aug 8 2005 10:16PM (CT)
WASHINGTON (AP) - Oil prices jumped to a new high above $64 a barrel in Asian trading Tuesday, reflecting the market's persistent uneasiness about strong demand, tight supplies and a slew of threats to output around the globe.
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Huawei Tech reportedly pursues Marconi
Aug 8 2005 9:58PM (CT)
BEIJING (AP) - After computers, cars and oil, will the next target for China's foreign acquisition binge be telephones? British news reports say Huawei Technologies Inc., China's biggest maker of telecommunications equipment, is in talks with Marconi Corp. PLC on a possible takeover of the struggling British firm.
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El Paso swings to second-quarter loss
Aug 8 2005 9:51PM (CT)
HOUSTON (AP) - El Paso Corp., operator of the nation's largest gas transport system, on Monday posted a second-quarter loss of $246 million, reversing a slim year-ago profit, and said the Securities and Exchange Commission has requested additional information about the company's role in the Iraqi oil-for-food program.
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Ex-Knight Securities execs face SEC charges
Aug 8 2005 9:49PM (CT)
WASHINGTON (AP) - Securities regulators filed civil fraud charges against Kenneth Pasternak, the former chief executive and head of trading at Knight Securities LP, and another former Knight executive, alleging they defrauded the company's institutional customers.
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IPO set for Ruth's Chris Steak House
Aug 8 2005 9:28PM (CT)
NEW YORK (AP) - Ruth's Chris Steak House Inc.'s initial public offering of 13 million shares was priced at $18 apiece Monday, above previous price talk of $15 to $17.
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China hopes power deficit ends by 2007
Aug 8 2005 8:19PM (CT)
BEIJING (AP) - China hopes to overcome its current energy crisis and have a surplus of electrical power by 2007, the official Xinhua News Agency reported Tuesday.
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Japanese stocks open slightly higher
Aug 8 2005 8:01PM (CT)
TOKYO (AP) - Japanese stocks opened higher Tuesday as traders bought domestic demand-backed issues such as real estate and telecoms. The dollar fell against the yen.
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Ebony, Jet publisher John H. Johnson dies
Aug 8 2005 7:50PM (CT)
CHICAGO (AP) - Publisher John H. Johnson, whose Ebony and Jet magazines countered stereotypical coverage of blacks after World War II and turned him into one of the most influential black leaders in America, died Monday, his company said. He was 87.
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Menard ordered to pay $2M for polluting
Aug 8 2005 7:41PM (CT)
MADISON, Wis. (AP) - A judge ordered retailer Menard Inc. on Monday to pay more than $2 million in fines and surcharges for illegally discharging pollutants into the waters of Wisconsin.
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Wal-Mart asks court to dismiss bias case
Aug 8 2005 7:32PM (CT)
SAN FRANCISCO (AP) - Wal-Mart Stores Inc., the world's largest private employer, urged a federal appeals court Monday to dismiss a lawsuit alleging that female employees were discriminated against in pay and promotions.
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Pathologist corroborates Merck on Vioxx
Aug 8 2005 6:01PM (CT)
ANGLETON, Texas (AP) - The head pathologist at Baylor College of Medicine told jurors Monday in the nation's first Vioxx-related civil trial the once-popular painkiller could not have caused a Texas man's death and that clogged arteries made him a "walking time bomb."
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Snow says Bush meeting to focus on trade
Aug 8 2005 5:17PM (CT)
WASHINGTON (AP) - The Bush administration, bolstered by a hard-fought trade victory, is now looking for ways to give a boost to stalled global trade talks, Treasury Secretary John Snow said Monday.
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Gasoline prices surge nearly 8 cents
Aug 8 2005 5:15PM (CT)
WASHINGTON (AP) - The retail price of gasoline rose almost 8 cents last week to average $2.37 a gallon nationwide, a new high, the Energy Department reported Monday.
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SEC charges ex-Citigroup execs with fraud
Aug 8 2005 5:11PM (CT)
WASHINGTON (AP) - Federal regulators on Monday charged two former executives of Citigroup Inc. with fraud in connection with alleged improprieties said to have garnered the financial services giant nearly $100 million at the expense of mutual fund shareholders.
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Monday's Commodities Roundup
Aug 8 2005 5:06PM (CT)
NEW YORK (AP) - Crude-oil futures settled at a record high near $64 a barrel Monday, as supply fears boiled over on terror concerns in Saudi Arabia and refinery outages in the United States.
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Nortel Networks' 2Q profit nearly triples
Aug 8 2005 4:46PM (CT)
TORONTO (AP) - Nortel Networks Corp., the Canadian telecommunications-equipment maker struggling to recover from an accounting scandal, said Monday its second-quarter profit nearly tripled as revenue increased.
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Bonds settle lower before Fed meeting
Aug 8 2005 4:35PM (CT)
NEW YORK (AP) - U.S. government bond prices settled lower Monday, ahead of the meeting of the Federal Reserve's interest-rate setting committee.
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Quest Diagnostics to acquire LabOne
Aug 8 2005 4:24PM (CT)
LENEXA, Kan. (AP) - Quest Diagnostics Inc. said Monday it plans to acquire LabOne Inc. in a deal worth $934 million.
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Dynegy 2Q profit surges on tax benefit
Aug 8 2005 4:20PM (CT)
HOUSTON (AP) - Electricity and natural-gas provider Dynegy Inc. said Monday its second-quarter profit rose because of a tax benefit resulting from the anticipated sale of its Midstream natural-gas business.
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Kerr-McGee sells its North Sea assets
Aug 8 2005 4:19PM (CT)
OKLAHOMA CITY (AP) - Kerr-McGee Corp. announced Monday it is selling all of its North Sea operations for $3.5 billion as it moves forward with efforts to reduce debt incurred in a huge stock buyback and focus on oil properties with the greatest growth potential.
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Monsanto completes sale of Enviro-Chem
Aug 8 2005 4:17PM (CT)
ST. LOUIS (AP) - Monsanto Co. has completed the sale of its Monsanto Enviro-Chem unit to a new company formed by the management team at the subsidiary and an outside investor, officials from both companies said Monday.
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Whirlpool boosts offer to buy Maytag
Aug 8 2005 3:53PM (CT)
GRAND RAPIDS, Mich. (AP) - For a second time, Whirlpool Corp. has sweetened the pot in a bid to purchase rival Maytag Corp., submitting a $20-per-share binding offer worth $1.62 billion plus assumed debt.
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Delphi, Visteon post losses on labor costs
Aug 8 2005 3:52PM (CT)
DETROIT (AP) - The nation's biggest auto-parts suppliers reported second-quarter losses Monday, citing high labor costs and production cuts by ailing domestic automakers. Delphi Corp. said it's considering bankruptcy, but Visteon Corp.'s outlook is brighter as it approaches a major restructuring next month.
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Primedia to sell business info division
Aug 8 2005 3:49PM (CT)
OVERLAND PARK, Kan. (AP) - Magazine publisher Primedia Inc. said Monday it has agreed to sell its business information division to a buyout firm for $385 million.
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Interest rates hit four-year high
Aug 8 2005 3:36PM (CT)
WASHINGTON (AP) - Interest rates on short-term Treasury bills rose in Monday's auction to the highest levels in more than four years.
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Economists expect Fed to raise rates again
Aug 8 2005 3:28PM (CT)
WASHINGTON (AP) - Oil prices are surging and wages are growing at the fastest clip in a year, reasons enough for the Federal Reserve to keep pushing interest rates higher the rest of the year and probably well into 2006 in an effort to keep inflation in check.
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E-Trade to buy Harrisdirect in $700M deal
Aug 8 2005 3:22PM (CT)
NEW YORK (AP) - Online brokerage E-Trade Financial Corp. said Monday that it agreed to acquire rival Harrisdirect in a $700 million deal as the online brokerage industry consolidates amid fierce price competition and declining customer activity.
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Anheuser-Busch rolls out caffeine drink
Aug 8 2005 3:21PM (CT)
ST. LOUIS (AP) - Young men who spend the work day gulping caffeinated drinks and the night in bars will now have a new product aimed at easing the transition.
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Venture-backed M&A hold steady in 2Q
Aug 8 2005 3:12PM (CT)
NEW YORK (AP) - The number of mergers and acquisitions involving venture-backed companies held steady in the second quarter while the average value of the deals rose slightly, according to figures released Monday.
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Former Sony executive named Digeo CEO
Aug 8 2005 3:09PM (CT)
SAN JOSE, Calif. (AP) - Digeo Inc., a maker of advanced TV set-top boxes, announced Monday that former Sony executive Mike Fidler has been named chief executive officer.
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Correction: IRS audit story
Aug 8 2005 2:35PM (CT)
NEW YORK (AP) - In a July 27 story about IRS audits of Subchapter S corporations, The Associated Press erroneously reported that in a company with two shareholders, profits must be divided 50-50. That's only the case where the stock is divided 50-50.
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Standard & Poor's lowers Italy's outlook
Aug 8 2005 1:59PM (CT)
ROME (AP) - Standard & Poor's Ratings Services lowered Italy's credit outlook from stable to negative Monday, citing increased risks to public finances from low growth and the failure of politicians to address economic problems ahead of 2006 general elections.
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Edward Jones reaches $1.5M settlement
Aug 8 2005 1:52PM (CT)
ST. LOUIS (AP) - Brokerage firm Edward D. Jones & Co. LP has agreed to pay $1.5 million to resolve Missouri allegations that it failed to disclose to the public its revenue-sharing arrangements with mutual fund companies.
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Interest rate on 3-year notes increases
Aug 8 2005 1:43PM (CT)
WASHINGTON (AP) - Interest rates on three-year Treasury notes rose in Monday's auction to the highest level in more than seven years.
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Nokia shares up on takeover plan report
Aug 8 2005 12:33PM (CT)
HELSINKI, Finland (AP) - Nokia Corp. shares rose Monday after a report that Cisco Systems Inc. was interested in an acquisition in the wireless market and that the Finnish mobile phone maker might be a target.
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Harmony Gold Mining losses widen on charges
Aug 8 2005 12:30PM (CT)
JOHANNESBURG, South Africa (AP) - Harmony Gold Mining Co. posted a wider net loss for the fourth quarter and full year on Monday due to lower gold output, restructuring charges and the cost of its failed bid for Gold Fields Ltd.
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Delphi swings to loss, ponders bankruptcy
Aug 8 2005 12:08PM (CT)
DETROIT (AP) - Delphi Corp., the largest U.S. auto-parts maker, said Monday it lost $338 million in the second quarter as domestic automakers cut production and the cost of labor and materials grew. The company said it's considering bankruptcy unless it can implement a restructuring plan.
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China airlines sign $5 billion Boeing deal
Aug 8 2005 12:02PM (CT)
SHANGHAI, China (AP) - Four Chinese airline companies have agreed to buy 42 Boeing 787 jets for a total $5.04 billion, the official Xinhua News Agency reported Monday.
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Official: Assam oil production 'critical'
Aug 8 2005 10:55AM (CT)
GAUHATI, India (AP) - Suspected rebels launched renewed attacks overnight on pipelines in eastern India, leaving oil operations in the remote region in critical shape, a top oil official said Monday.
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More miners set to join S. Africa strike
Aug 8 2005 10:19AM (CT)
JOHANNESBURG, South Africa (AP) - Union leaders said Monday that 10,000 miners from a second union would join the first strike since 1987 against South Africa's gold mines.
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Visteon expects $1.2 billion loss in 2Q
Aug 8 2005 9:58AM (CT)
VAN BUREN TOWNSHIP, Mich. (AP) - Auto-parts maker Visteon Corp. on Monday said it expects to report a loss of $1.2 billion for its second quarter after writing down the value of assets being transferred to former parent Ford Motor Co. in a deal struck in May, while also reducing the value of certain international assets.
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S. Korean gov't warns it will halt strike
Aug 8 2005 9:09AM (CT)
SEOUL, South Korea (AP) - The South Korean government said Monday it was running out of patience over a three-week long walkout by pilots at Asiana Airlines and would be forced to end the strike barring swift progress toward a solution.
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Woman denies insider trading in Reebok deal
Aug 8 2005 8:30AM (CT)
OMIS, Croatia (AP) - A Croatian woman suspected in the United States of using insider information to gain millions on the Adidas-Reebok deal said she has never bought any stock and has no clue about how the stock exchange functions.
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EU clears Monsanto biotech corn for feed
Aug 8 2005 8:10AM (CT)
BRUSSELS, Belgium (AP) - The European Union head office gave its clearance Monday for the import of a genetically modified corn product made by American biotechnology company Monsanto Co. for use in animal feed.
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Parmalat sues JPMorgan Chase, Unicredito
Aug 8 2005 6:47AM (CT)
ROME (AP) - Insolvent dairy company Parmalat Finanzaria SpA sued JPMorgan Chase & Co. and Unicredito Italiano SpA for 4.4 billion euros ($5.4 billion) in damages for their roles in the sale of Parmalat bonds issued from 1997 through 2001, the banks said Monday.
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EU clears purchase of Philips' business
Aug 8 2005 6:13AM (CT)
BRUSSELS, Belgium (AP) - European Union antitrust regulators gave their approval Monday to TPV Technology Ltd.'s $358 million purchase of Philips Electronics NV's monitor business
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Japan's fourth-largest bank reports profit
Aug 8 2005 5:50AM (CT)
TOKYO (AP) - UFJ Holdings, a major Japanese financial group set to merge with another bank here to create the world's biggest bank, reported a return to profit for the April-June quarter Monday as it moved forward on wiping out bad debts.
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Bank of China considering selling stakes
Aug 8 2005 3:44AM (CT)
SHANGHAI, China (AP) - Bank of China, one of China's four big state commercial lenders, is considering selling stakes that would total nearly a quarter, or $6 billion, of its equity, a major Chinese financial magazine reported Monday.
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