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Pilots file grievance against Northwest
Aug 10 2005 10:31PM (CT)
MINNEAPOLIS (AP) - Union pilots filed a complaint with Northwest Airlines Corp. after the carrier used a charter company Wednesday for two scheduled Northwest flights.
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Japanese stocks rise to four-year high
Aug 10 2005 10:12PM (CT)
TOKYO (AP) - A key Japanese stock index rose to its highest level in four years Thursday amid investor optimism over the economy and reduced unease about domestic political turmoil. The dollar was lower against the yen and euro.
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Car makers to resume leasing in New York
Aug 10 2005 9:19PM (CT)
NEW YORK (AP) - The Big Three U.S. automakers said Wednesday they would resume leasing vehicles in New York after President Bush signed a federal transportation bill that included a measure to repeal a state law holding leasing companies liable for accidents and damage.
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UC-Berkeley business school gets $25M gift
Aug 10 2005 8:40PM (CT)
BERKELEY, Calif. (AP) - An anonymous donor is giving $25 million to the University of California, Berkeley's Haas School of Business, the largest single gift in the school's 107-year history.
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Tommy Hilfiger to pay to end tax probe
Aug 10 2005 8:38PM (CT)
NEW YORK (AP) - Tommy Hilfiger Corp. said Wednesday it will pay $18.1 million in taxes and interest as part of an agreement to end an investigation by the U.S. Attorney's Office into tax-related issues.
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Mittal Steel 2Q earnings drop 15 percent
Aug 10 2005 8:11PM (CT)
LONDON (AP) - Mittal Steel Co., the world's largest steel producer, reported a 15 percent drop in second-quarter net profit Wednesday and lowered its outlook for the third quarter.
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Merck scientist denies Vioxx data skewed
Aug 10 2005 8:09PM (CT)
ANGLETON, Texas (AP) - Merck & Co.'s head of clinical trials denied Wednesday that the New Jersey pharmaceutical maker skewed studies to make the multibillion-dollar seller Vioxx appear safer than it was.
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Gateway delays SEC report over accounting
Aug 10 2005 6:59PM (CT)
WASHINGTON (AP) - Gateway Inc. filed notice Wednesday with the Securities and Exchange Commission that it will delay filing its 10-Q quarterly report because of accounting matters related to its April agreement with Microsoft Corp.
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Wednesday's Commodities Roundup
Aug 10 2005 6:46PM (CT)
NEW YORK (AP) - Oil prices rocketed to a record high of $65 a barrel Wednesday, powered by refinery outages and falling gasoline inventories.
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Murdoch plans major Internet expansion
Aug 10 2005 5:43PM (CT)
NEW YORK (AP) - Rupert Murdoch, the chairman and CEO of News Corp., said Wednesday he plans to make several more acquisitions of online businesses in the coming months as his global media conglomerate makes the Internet a "major part" of its future growth.
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Treasury prices end day little changed
Aug 10 2005 5:00PM (CT)
NEW YORK (AP) - Treasury prices ended little changed Wednesday after briefly turning down on fears that foreign central banks may have lost their appetite for U.S. government securities.
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Unocal shareholders OK Chevron takeover
Aug 10 2005 4:34PM (CT)
LOS ANGELES (AP) - Shareholders of oil and gas company Unocal Corp. formally voted Wednesday to accept a takeover bid by Chevron Corp., even as some at the meeting continued to lament a failed rival bid by a Chinese oil company.
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Morningstar shares up on increased profits
Aug 10 2005 4:27PM (CT)
CHICAGO (AP) - Shares of Morningstar Inc. leaped nearly 16 percent Wednesday after the mutual fund and stock research firm reported sharp increases in earnings and revenues for the second quarter.
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Panel blames Krispy Kreme execs for woes
Aug 10 2005 4:22PM (CT)
CHARLOTTE, N.C. (AP) - Most of the blame for the financial woes of snack maker Krispy Kreme Doughnuts Inc. lies with two former executives who tried to "manage earnings" to meet Wall Street's expectations, according to a report issued Wednesday.
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Federated's 2Q profit nearly doubles
Aug 10 2005 4:15PM (CT)
NEW YORK (AP) - Federated Department Stores Inc.'s merchandising formula appears to be winning over shoppers as the department store operator reported robust second-quarter profits that nearly doubled over the same period a year ago. It also said Wednesday that it expects sales growth to accelerate in the second half.
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Whirlpool raises Maytag offer to $1.79B
Aug 10 2005 4:12PM (CT)
DES MOINES, Iowa (AP) - Whirlpool Corp. moved more aggressively Wednesday to clinch the deal to buy rival Maytag Corp. by raising its offer for a third time to $1.79 billion, or $21 a share.
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Former WorldCom exec draws a year in jail
Aug 10 2005 4:06PM (CT)
NEW YORK (AP) - Former WorldCom controller David Myers, the third-ranking company executive charged in the $11 billion accounting fraud, was sentenced Wednesday to one year and one day in prison.
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Northwest extends credit-card agreement
Aug 10 2005 3:56PM (CT)
MINNEAPOLIS (AP) - Northwest Airlines Corp. said it has signed a preliminary agreement that will allow it to continue accepting major credit cards through 2008, avoiding a hurdle that tripped up Delta Air Lines Inc. on Tuesday.
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Motorola to bring back foreign profit
Aug 10 2005 3:48PM (CT)
WASHINGTON (AP) - Motorola Inc. on Wednesday said it will bring back $4.4 billion in foreign profits in the second half of this year, thanks to new corporate tax breaks.
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Canada claims victory after lumber ruling
Aug 10 2005 3:10PM (CT)
TORONTO (AP) - As Canada claimed victory in the softwood lumber dispute with the United States following a key NAFTA panel ruling on Wednesday, Washington replied it would keep hitting Ottawa with lumber tariffs and seek a negotiated settlement.
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Ameritrade is accused of delaying trades
Aug 10 2005 3:01PM (CT)
LINCOLN, Neb. (AP) - Online broker Ameritrade is being accused of costing investors $100 million by delaying orders to buy and sell stock.
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Labor Department, Whirlpool settle
Aug 10 2005 2:35PM (CT)
WASHINGTON (AP) - The Labor Department announced Wednesday that Whirlpool Corp. has agreed to pay $850,000 to settle claims of hiring discrimination involving 800 black job applicants.
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Alltel to sell Austria subsidiary
Aug 10 2005 2:20PM (CT)
LITTLE ROCK, Ark. (AP) - Alltel Corp. announced Wednesday it had reached an agreement with a subsidiary of Deutsche Telekom to sell a wireless carrier in Austria for $1.6 billion.
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Investors move east to booming Romania
Aug 10 2005 1:50PM (CT)
BANEASA, Romania (AP) - A billion-euro real estate development in former plum orchards north of Bucharest illustrates the fruits being picked in Romania and Bulgaria, future EU members seeing an economic boom while much of old Europe stagnates.
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Tax collections hit record level for July
Aug 10 2005 1:36PM (CT)
WASHINGTON (AP) - A record amount of tax revenue flowed into federal coffers in July, helping to keep the government on track to significantly lower the budget deficit this year.
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Asarco files for bankruptcy protection
Aug 10 2005 1:33PM (CT)
TUCSON, Ariz. (AP) - Asarco LLC, a copper mining company hampered by a month-long strike, filed for bankruptcy protection Wednesday.
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Renal Care Group receives federal subpoena
Aug 10 2005 1:32PM (CT)
NASHVILLE, Tenn. (AP) - Renal Care Group Inc. said it has received a subpoena from the U.S. attorney's office in St. Louis, requiring the documents related to the dialysis services company's operations since 1996.
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Bank of England lowers growth forecast
Aug 10 2005 1:21PM (CT)
LONDON (AP) - The Bank of England on Wednesday lowered its forecast for economic growth in Britain this year and predicted a rise in inflation because of higher oil prices.
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Reports: Icahn wants Time Warner asset sale
Aug 10 2005 12:58PM (CT)
NEW YORK (AP) - Carl Icahn, a high-profile investor known for agitating for change at companies, is trying to put together a group of shareholders to get Time Warner Inc. to shed some of its assets, according to news reports Wednesday.
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S. African strikers angry over slow pace
Aug 10 2005 12:49PM (CT)
CAPE TOWN, South Africa (AP) - The worst strike in 18 years to hit South Africa's key gold industry is part of a wave of industrial unrest involving airline staff, shop assistants and municipal workers angry that the economic benefits of apartheid's demise have been slow to filter down.
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Coley Pharma sees rise post-IPO
Aug 10 2005 12:22PM (CT)
WASHINGTON (AP) - It's the market equivalent of a snowball in summer: an unprofitable biopharmaceutical company's initial public offering showed double-digit percentage gains in early trading Wednesday.
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Putin warns Rosneft against monopoly
Aug 10 2005 12:20PM (CT)
MOSCOW (AP) - President Vladimir Putin warned the head of state oil company Rosneft on Wednesday that he should count on competition when tapping Russia's vast reserves.
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Mittal Steel says it plans to bid for mill
Aug 10 2005 11:48AM (CT)
KIEV, Ukraine (AP) - Mittal Steel Co., the world's largest steel producer, plans to bid for Ukraine's most profitable steel mill in an upcoming auction.
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Bayer AG nearly triples profit on sales
Aug 10 2005 11:31AM (CT)
FRANKFURT, Germany (AP) - German drug-maker Bayer AG nearly tripled its second-quarter profit on strong sales in its health-care and chemical businesses, but it still missed expectations and its shares fell Wednesday.
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Deutsche Telekom acquires tele.ring
Aug 10 2005 11:26AM (CT)
FRANKFURT, Germany (AP) - Deutsche Telekom AG said Wednesday that it has bought Austrian mobile provider tele.ring for 1.3 billion euros ($1.61 billion) in cash and will fold the company into its T-Mobile Austria unit.
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Allianz 2Q net profit soars 64 percent
Aug 10 2005 11:22AM (CT)
FRANKFURT, Germany (AP) - German insurer Allianz AG said its net profit rose 64 percent in the second quarter, with results boosted by increased revenue in its life-insurance and asset-management businesses.
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Texas give phone industry win in TV fight
Aug 10 2005 10:50AM (CT)
AUSTIN, Texas (AP) - Over the objections of the cable TV industry, Texas lawmakers gave final approval Wednesday to a measure that will make it easier for phone and other companies to offer cable-like services.
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Asiana Airlines pilots comply with order
Aug 10 2005 10:37AM (CT)
SEOUL, South Korea (AP) - Pilots at Asiana Airlines, South Korea's second-biggest airline, agreed Wednesday to comply with a government order halting their 25-day strike.
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Tupperware buys Sara Lee unit for $557M
Aug 10 2005 10:27AM (CT)
CHICAGO (AP) - Consumer products manufacturer Sara Lee Corp. said Wednesday it has agreed to sell its direct sales business to Tupperware Corp. for $557 million in cash.
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EU clears rocket-launch joint venture
Aug 10 2005 10:08AM (CT)
BRUSSELS, Belgium (AP) - The European Commission has given its approval to plans by U.S. aerospace and defense firms Lockheed Martin Corp. and Boeing Co. to merge their rocket-launch services.
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America West picks Barclays for new card
Aug 10 2005 10:04AM (CT)
WASHINGTON (AP) - America West Holdings Corp., which is planning to merge with US Airways Group Inc., is replacing Bank of America Corp. with a unit of Barclays PLC as provider of the US Airways credit card.
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Dell set to open call center in Manila
Aug 10 2005 9:44AM (CT)
MANILA, Philippines (AP) - American computer maker Dell Inc. will open its first customer call center in the Philippines early next year and will initially hire 700 agents in Manila, a company statement said Wednesday.
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T-Online 2Q profit falls on price cuts
Aug 10 2005 9:43AM (CT)
FRANKFURT, Germany (AP) - T-Online International AG, the largest Internet Service Provider in Europe, said Wednesday its second-quarter profit dropped 31 percent as price cuts to lure more customers ate into profit.
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French manufacturing extends increase
Aug 10 2005 9:29AM (CT)
PARIS (AP) - French industrial production rose for a second straight month in June, the official statistics agency Insee said Wednesday, confirming a rebound after three consecutive months of declines.
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BP venture sees back tax bill slashed
Aug 10 2005 9:16AM (CT)
MOSCOW (AP) - BP PLC's Russian joint venture said Wednesday that authorities have cut a nearly $800 million back tax levy by two-thirds, another hopeful sign for investors rattled by the legal assault against the Yukos oil company.
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Dutch VNU first-half profit falls on taxes
Aug 10 2005 9:15AM (CT)
THE HAGUE, Netherlands (AP) - Dutch media company VNU NV, the owner of U.S.-based Nielsen Media Research, said Wednesday profit fell 10 percent in the first half because of a weak dollar and higher tax charges.
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China's Lenovo 1Q net profit up 6 percent
Aug 10 2005 9:07AM (CT)
HONG KONG (AP) - In its first earnings report since buying IBM Corp.'s personal computer business, Chinese computer maker Lenovo Group Ltd. said Wednesday its first-quarter net profit rose 6 percent.
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Hong Kong banks raise rates quarter-point
Aug 10 2005 8:40AM (CT)
HONG KONG (AP) - Hong Kong's central bank Wednesday raised its base rate a quarter percentage point to 5 percent, matching the overnight rate hike by the U.S. Federal Reserve.
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Elan, Biogen comment on MS drug screening
Aug 10 2005 8:31AM (CT)
DUBLIN, Ireland (AP) - About 2,000 patients who took the suspended MS-fighting drug Tysabri in clinical trials have been screened for a deadly disease, but none showed signs of contracting it, the Irish and U.S. companies jointly developing the drug said Tuesday.
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SEC asks Pfizer for Bextra, Celebrex data
Aug 10 2005 8:22AM (CT)
NEW YORK (AP) - Pfizer Inc. is responding to a request from the Securities and Exchange Commission for information and documents on its Bextra and Celebrex painkillers, the drugmaker said Tuesday in a filing.
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Hong Kong Cathay Pacific profit dips
Aug 10 2005 8:00AM (CT)
HONG KONG (AP) - Hong Kong airline Cathay Pacific Airways Ltd. reported a 6 percent drop in its first-half net profit Wednesday on rising fuel costs and warned its second-half result could be worse if high oil prices persist.
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China Mobile first-half profit increases
Aug 10 2005 7:24AM (CT)
HONG KONG (AP) - China Mobile (Hong Kong) Ltd., the Hong Kong-listed unit of China's largest mobile network, said Wednesday its first-half net profit rose 28 percent, with nearly 20 million subscribers joining during the period.
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Judge sides with Disney board over Ovitz
Aug 10 2005 6:51AM (CT)
WILMINGTON, Del. (AP) - While The Walt Disney Co. CEO's "lapses were many," and its embattled president left the entertainment conglomerate with a $140 million severance package, a court ruled that Disney board members did not violate their duties or waste company resources in the hiring and firing of former Hollywood superagent Michael Ovitz.
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China shows composition of currency basket
Aug 10 2005 6:44AM (CT)
SHANGHAI, China (AP) - China disclosed for the first time Wednesday the composition of the basket of currencies used to set the yuan's value, saying it mainly includes the dollar, euro, yen and Korean won.
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Fed delivers 10th interest rate increase
Aug 10 2005 5:45AM (CT)
WASHINGTON (AP) - It is now 10 and counting. The Federal Reserve has raised interest rates 10 consecutive times over the past 14 months, and more rate hikes appear to be on the way.
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Internet provider Softbank cuts losses
Aug 10 2005 5:15AM (CT)
TOKYO (AP) - Japanese Internet service provider Softbank Corp. said Wednesday it reduced losses in the April-June quarter as its broadband business added new users and it cut marketing costs.
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Report: Cargill to buy Malaysia refinery
Aug 10 2005 4:37AM (CT)
KUALA LUMPUR, Malaysia (AP) - U.S. commodity trading giant Cargill is in talks to buy a Malaysian-based palm oil refinery for about 250 million ringgit, or $65.7 million, a newspaper reported Wednesday.
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Group: USDA targeting Mont. beef plants
Aug 10 2005 4:05AM (CT)
BILLINGS, Mont. (AP) - A cattlemen's group claims the U.S. Department of Agriculture is targeting federally inspected beef processing plants in Montana.
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Group in D.C. to support jailed reporter
Aug 10 2005 3:13AM (CT)
WASHINGTON (AP) - Press freedom advocates normally direct their wrath toward countries where harassment or abuse of journalists is the norm. Lately they have come up with a new target: the United States.
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Cisco profits jump nearly 12 pct. in 4Q
Aug 10 2005 1:42AM (CT)
SAN JOSE, Calif. (AP) - Cisco Systems Inc. posted a higher fourth-quarter profit and sales as it continued to see strong demand for its traditional routers and switches as well as emerging technologies.
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