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Qwest union says it has new contract
Aug 16 2005 11:37PM (CT)
DENVER (AP) - Qwest Communications' and its largest union reached a tentative contract agreement late Tuesday, removing the threat of a strike by 25,000 telephone workers in 13 states.
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Japanese stocks rise; dollar up vs. yen
Aug 16 2005 9:51PM (CT)
TOKYO (AP) - Japanese stocks rose Wednesday as traders bought real estate and banks, shrugging off early losses. The dollar rose against the yen.
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Court upholds Tyson lawsuit decision
Aug 16 2005 9:23PM (CT)
MONTGOMERY, Ala. (AP) - A federal appeals court Tuesday upheld a ruling that reversed a landmark price-fixing verdict against the nation's largest beef packer.
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Coughlin wants Wal-Mart lawsuit tossed
Aug 16 2005 9:08PM (CT)
LITTLE ROCK, Ark. (AP) - Wal-Mart Stores Inc.'s former vice chairman, Thomas Coughlin, asked a state court Tuesday to dismiss a lawsuit the world's largest retailer filed against him last month seeking to void his multimillion-dollar retirement package.
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Borders income plunges on weak UK sales
Aug 16 2005 8:36PM (CT)
CHICAGO (AP) - Net income fell 84 percent at Borders Group Inc. due to a sales shortfall in the United Kingdom and the book retailer's store remodeling program.
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Hewlett-Packard profits fall, beat views
Aug 16 2005 7:03PM (CT)
SAN JOSE, Calif. (AP) - Hewlett-Packard Co.'s fiscal third-quarter earnings beat Wall Street expectations as revenue from computers, services and printers improved amid a major corporate restructuring.
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U.S. wants limits on China textile imports
Aug 16 2005 6:33PM (CT)
WASHINGTON (AP) - Shoppers who enjoyed a sustained drop in clothing prices over the past year are likely to see markups on pants, shirts and dresses if the Bush administration gets China to agree to comprehensive limits on its clothing and textile exports.
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4 firms buying stakes in Philly exchange
Aug 16 2005 5:31PM (CT)
PHILADELPHIA (AP) - The Philadelphia Stock Exchange announced Tuesday that Citigroup Inc., Credit Suisse First Boston, Morgan Stanley and UBS AG have each invested in the exchange and could end up being among six financial firms that would own nearly 90 percent of the institution.
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Wal-Mart struggles while retailers shine
Aug 16 2005 5:13PM (CT)
NEW YORK (AP) - Wal-Mart Stores Inc. struggled in the second quarter and muted its earnings outlook on Tuesday, again blaming higher gasoline prices for curbing the spending plans of its low-income shoppers. In contrast, shoppers at moderate-price department store retailer J.C. Penney Co. Inc. and at upscale Nordstrom Inc. focused on fashion rather than fuel, resulting in strong results and an upbeat outlook.
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Applied Materials 3Q earnings fall
Aug 16 2005 5:08PM (CT)
SAN FRANCISCO (AP) - Net income at Applied Materials Inc., the world's largest supplier of chip-making equipment, fell in its latest quarter due to slower sales.
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Time Inc. acquires Mexican magazine group
Aug 16 2005 5:02PM (CT)
NEW YORK (AP) - In a move to gain a bigger footing in the fast-growing Spanish-language media business, magazine publisher Time Inc. has acquired Grupo Editorial Expansion, one of Mexico's largest magazine companies.
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Treasurys rise on slower factory output
Aug 16 2005 5:01PM (CT)
NEW YORK (AP) - Treasurys rose across the board Tuesday, supported by a report of unexpectedly weak factory output and a benign reading on inflation.
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No quick help from gov't on gas prices
Aug 16 2005 4:39PM (CT)
WASHINGTON (AP) - Soaring gas prices are threatening to produce political headaches and dampen the nation's economic recovery, but neither the White House nor Congress seems inclined _ or able _ to intervene.
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SEC warns Goodyear of possible action
Aug 16 2005 4:38PM (CT)
AKRON, Ohio (AP) - The Securities and Exchange Commission has told Goodyear Tire & Rubber Co. that SEC staff expects to recommend enforcement action against the nation's largest tire maker for accounting errors disclosed two years ago.
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New safety lab to help Ford with vehicles
Aug 16 2005 4:32PM (CT)
DEARBORN, Mich. (AP) - Ford Motor Co. said Tuesday a new $16 million safety-testing facility will help get vehicles on the road eight to 10 months faster, part of a broader, $65 million endeavor to trim expenses and adapt more quickly to the fast-changing market.
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Staples' 2Q earnings surge 20 percent
Aug 16 2005 4:30PM (CT)
BOSTON (AP) - Staples Inc. said Tuesday its second-quarter profit rose 20 percent as sales growth in the office products retailer's delivery business continued to outpace modest gains in its stores.
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Tuesday's Commodities Roundup
Aug 16 2005 4:27PM (CT)
NEW YORK (AP) - Oil prices fell again Tuesday, as an early, gasoline-led rally triggered by erroneous reports of a unit outage at an Exxon Mobil Corp. refinery fizzled.
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Home Depot 2Q profit jumps 14 percent
Aug 16 2005 4:26PM (CT)
ATLANTA (AP) - The Home Depot Inc., the nation's largest home improvement store chain, said Tuesday its second-quarter earnings jumped more than 14 percent on strong sales.
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Gateway shares plunge despite profit
Aug 16 2005 4:25PM (CT)
SAN DIEGO (AP) - Shares of Gateway Inc. plunged Tuesday after the computer maker said it turned a profit for the first time in more than three years, but also jolted investors by slicing its full-year sales and earnings outlook.
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Deere posts 3Q earnings drop; shares fall
Aug 16 2005 4:23PM (CT)
PEORIA, Ill. (AP) - Shares in Moline-based Deere & Co. tumbled Tuesday after the equipment maker reported withered third-quarter profits due to dry weather that has gripped parts of the nation and curbed demand for the company's trademark green-and-yellow products.
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Nordstrom 2Q earnings jump 39 percent
Aug 16 2005 4:22PM (CT)
SEATTLE (AP) - Nordstrom Inc. said Tuesday that that its second-quarter earnings rose 39 percent, beating Wall Street's expectations, and the upscale clothing retailer boosted its profit outlook for the year.
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International Paper relocating to Tenn.
Aug 16 2005 3:58PM (CT)
STAMFORD, Conn. (AP) - International Paper, the world's largest paper company, announced Tuesday it will relocate its global headquarters to Memphis, Tenn., striking another blow to Connecticut's economic image.
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Canada suspends lumber talks with U.S.
Aug 16 2005 3:55PM (CT)
TORONTO (AP) - Canada on Tuesday suspended talks with the United States on their ongoing lumber dispute to protest Washington's refusal to heed a NAFTA panel ruling that sided with the Canadian position.
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Abercrombie & Fitch profit jumps 34 pct.
Aug 16 2005 3:53PM (CT)
NEW ALBANY, Ohio (AP) - Abercrombie & Fitch Co. _ a maker of casual clothes for the college set _ on Tuesday said second-quarter profit jumped 34 percent on stellar sales of denim, but the results missed Wall Street expectations and investors punished the stock.
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Trump Entertainment posts lower revenue
Aug 16 2005 3:30PM (CT)
NEW YORK (AP) - Trump Entertainment Resorts Inc., the casino company, reported a drop in revenue in its first quarterly report after emerging from bankruptcy.
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Lear interested in Collins & Aikman deal
Aug 16 2005 3:30PM (CT)
WASHINGTON (AP) - Lear Corp. on Tuesday expressed interest in a deal with bankrupt auto-parts supplier Collins & Aikman Corp. that could include combining their interior components businesses.
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Crude oil prices slip on profit-taking
Aug 16 2005 3:11PM (CT)
NEW YORK (AP) - Crude oil prices edged down on profit-taking following last week's rally, even as concerns lingered over tight supply.
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JPMorgan, TD settle 'Megaclaims' suit
Aug 16 2005 1:57PM (CT)
NEW YORK (AP) - Two banks agreed on Tuesday to pay at least $420 million to settle their parts of the "Megaclaims" lawsuit filed by Enron against 10 banks, alleging they "aided and abetted fraud" and could have prevented the energy trader's collapse.
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Union, catering co. say talks break down
Aug 16 2005 1:56PM (CT)
LONDON (AP) - A transport workers' union and airline catering company said Tuesday talks aimed at resolving an industrial dispute that led to major disruptions of British Airways PLC services last week, had broken down.
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Experian affiliate settles on charges
Aug 16 2005 1:38PM (CT)
WASHINGTON (AP) - An affiliate of credit bureau Experian has settled government charges that it marketed free credit reports to trick consumers into paying for a credit report monitoring service, federal regulators said Tuesday.
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Offshore lease sale attracts 422 bids
Aug 16 2005 1:19PM (CT)
NEW ORLEANS (AP) - With oil near record prices and natural gas prices spiking in recent weeks, 51 exploration companies made 422 bids for 346 tracts, to be offered Wednesday in the federal government's sale of offshore leases near the coast of Texas and far western Louisiana.
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Ukrainian police search tycoon's offices
Aug 16 2005 1:06PM (CT)
KIEV,Ukraine (AP) - Police searched the eastern Ukrainian offices of the country's wealthiest tycoon on Tuesday as part of a tax evasion investigation, a prosecutor's spokeswoman said.
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Merck & Co. rests its case in Vioxx trial
Aug 16 2005 12:49PM (CT)
ANGLETON, Texas (AP) - Merck & Co. rested its case Tuesday and jurors heard the last bit of testimony in the nation's first civil trial related to the drug maker's painkiller Vioxx, bringing the panel in the five-week case a step closer to deciding its outcome.
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Judge allows Shell holder suit to continue
Aug 16 2005 12:10PM (CT)
NEWARK, N.J. (AP) - A federal judge has allowed a stock fraud lawsuit against Royal Dutch Shell to continue, finding that the shareholders had "adequately" shown reason for the court to examine their allegations concerning the company's restatements of its oil reserves.
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London bombings trigger surge in inquiries
Aug 16 2005 12:04PM (CT)
LONDON (AP) - The deadly London bombings have triggered a surge in inquiries from businesses about security and how to continue trading in the event of further terrorist attacks.
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Some $13 million in Midway assets sold
Aug 16 2005 11:21AM (CT)
RALEIGH, N.C. (AP) - About $13 million of Midway Airlines' assets have been sold, nearly two years after the airline was ordered liquidated, but the trustee said most of the remaining $140 million in creditors' claims won't be paid.
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J.C. Penney posts higher 2Q profit on sales
Aug 16 2005 10:40AM (CT)
PLANO, Texas (AP) - Department-store chain J.C. Penney Co. Inc. said Tuesday its second-quarter profit rose sharply, boosted by improved sales across all merchandise divisions.
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Wal-Mart profit rises 5.8 percent in 2Q
Aug 16 2005 10:17AM (CT)
LITTLE ROCK, Ark. (AP) - Wal-Mart Stores Inc. said Tuesday its second-quarter profit rose 5.8 percent, beating Wall Street expectations, but revenue fell short of forecasts as its customers continue to struggle with higher gasoline prices.
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Estee Lauder profit drops on tax charge
Aug 16 2005 9:10AM (CT)
NEW YORK (AP) - Estee Lauder Cos., a maker of high-end cosmetics and skin-care products, on Tuesday reported its fiscal fourth-quarter profit fell 6 percent, weighed by a large tax charge for repatriating dividends and increased expenses.
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Six plead guilty to conspiracy in scheme
Aug 16 2005 8:55AM (CT)
NEW YORK (AP) - Six men have pleaded guilty to criminal charges in connection with a massive boiler-room scheme in the foreign exchange markets, federal prosecutors said.
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PetroKazakhstan gets two takeover bids
Aug 16 2005 8:11AM (CT)
LONDON (AP) - PetroKazakhstan Inc., a Canada-based integrated oil company with a market value of $3.4 billion, received at least two takeover offers Monday, the deadline set by auction organizers.
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India scraps plans to sell state-run cos.
Aug 16 2005 7:42AM (CT)
NEW DELHI (AP) - India's Finance Ministry said Tuesday said it has scrapped plans made by the previous government to sell 13 profitable state-owned companies, a move apparently made in response to pressure from communist political allies.
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BJ's 2Q profit rises, cuts full-year view
Aug 16 2005 6:59AM (CT)
NATICK, Mass. (AP) - BJ's Wholesale Club Inc. said Tuesday its second-quarter profit rose 9 percent, bolstered by higher sales at its warehouse stores, but the retailer cut its full-year financial forecast due to lower than expected profitability of gasoline sales.
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British inflation climbs on oil prices
Aug 16 2005 6:48AM (CT)
LONDON (AP) - Soaring crude oil prices pushed inflation to record high levels in July, Britain's Office for National Statistics said Tuesday.
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Delta is still facing bankruptcy threat
Aug 16 2005 6:25AM (CT)
ATLANTA (AP) - Delta Air Lines Inc.'s decision to sell one of its regional carriers gives it some desperately needed cash, but the company is warning that a bankruptcy filing remains a distinct possibility.
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China struggling to meet fuel shortages
Aug 16 2005 5:47AM (CT)
SHANGHAI, China (AP) - Officials scrambled Tuesday to resolve severe gasoline and diesel shortages in China's south and east amid complaints that government price controls are worsening supply problems.
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Incentives a short-term fix for automakers
Aug 16 2005 5:35AM (CT)
DETROIT (AP) - A new survey of U.S. vehicle owners released Tuesday indicates that while this summer's employee discounts may give automakers short-term sales gains, improving quality is more important in the long run.
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Agilent to sell unit for $2.66B, cut jobs
Aug 16 2005 5:30AM (CT)
SAN JOSE, Calif. (AP) - Dramatically narrowing its corporate focus, Agilent Technologies Inc. is shedding its chip unit and spinning off other assets as it concentrates on the test-and-measurement business at its historic core.
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Indonesia to grow 6.2 percent next year
Aug 16 2005 5:11AM (CT)
JAKARTA, Indonesia (AP) - Indonesia's economic growth will likely accelerate to 6.2 percent next year from a projected 6.0 percent this year, President Susilo Bambang Yudhoyono said Tuesday, although he warned that the country remains vulnerable to high oil prices and other "drastic changes" in the global economy.
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Chinese investment in construction up
Aug 16 2005 2:21AM (CT)
SHANGHAI, China (AP) - China's investments in construction, factory equipment and other fixed assets rose 27.7 percent in July from a year earlier, propelled by strong spending by local governments, the National Bureau of Statistics reported Tuesday.
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Asiana Airlines publicly apologizes
Aug 16 2005 2:21AM (CT)
SEOUL, South Korea (AP) - Asiana Airlines, South Korea's second-largest carrier, apologized to the nation Tuesday for disruptions caused during a 25-day walkout by pilots, the worst aviation industry strike in the country's history.
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Chinese refrigerator maker fires chairman
Aug 16 2005 2:19AM (CT)
HONG KONG (AP) - Chinese refrigerator maker Guangdong Kelon Electrical Holdings Co. said it has fired chairman Gu Chujun, whom securities regulators suspect has overstated the company's profit since 2002.
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Reports: China may sell state-owned bank
Aug 16 2005 2:17AM (CT)
BEIJING (AP) - China is considering selling control of a state-owned bank to foreign investors for the first time, news reports said Tuesday.
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Pickle farmers short on migrant workers
Aug 16 2005 1:55AM (CT)
FREMONT, Ohio (AP) - Cucumber pickers are in short supply this summer, leaving pickle farmers with dozens of acres of unharvested fields.
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