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Oil prices fall back to $67.13 a barrel
Aug 25 2005 11:07PM (CT)
SINGAPORE (AP) - Oil prices slipped on Friday, a day after its record-setting session, as Hurricane Katrina made landfall on Florida's coast and spared refineries in the Gulf of Mexico, easing fears of supply disruptions for the time being.
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Judge calls for release of MassMutual files
Aug 25 2005 11:03PM (CT)
HARTFORD, Conn. (AP) - A Connecticut judge ruled Thursday that internal reports by MassMutual Financial Group that led to the firing of CEO Robert O'Connell should be made public.
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Japanese stocks rise; dollar up vs yen
Aug 25 2005 10:04PM (CT)
TOKYO (AP) - Japanese stocks rose Friday morning following gains in New York as traders shrugged off government inflation data. The dollar rose against the yen.
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New Yorker, Vanity Fair publishers named
Aug 25 2005 9:57PM (CT)
NEW YORK (AP) - Advance Publications Inc.'s Conde Nast Publications named Louis Cona vice president and publisher of the New Yorker and Alan Katz vice president and publisher of Vanity Fair.
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Former HealthSouth CFO Beam sentenced
Aug 25 2005 9:48PM (CT)
BIRMINGHAM, Ala. (AP) - A judge sentenced HealthSouth Corp.'s first finance chief to three months in prison Thursday for his role in a $2.7 billion earnings overstatement at the rehabilitation and medical services chain.
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Kodak trims operations, cuts 1,000 jobs
Aug 25 2005 9:47PM (CT)
ROCHESTER, N.Y. (AP) - Eastman Kodak Co., battling a steep drop in demand for photographic film and paper, is scaling back film manufacturing in China and closing various businesses in Rochester and West Virginia, eliminating about 1,000 jobs.
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Northwest ground workers take some work
Aug 25 2005 9:39PM (CT)
MINNEAPOLIS (AP) - Northwest Airlines Corp. will hand some of its aircraft cleaning work to ground workers, the workers' union said Thursday, returning jobs that were lost to the mechanics in 1998.
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McDonald's trans fat settlement said fair
Aug 25 2005 9:38PM (CT)
SAN RAFAEL, Calif. (AP) - A judge has approved an $8.5 million educational campaign by McDonald's Corp. to settle lawsuits filed against the fast-food giant for failing to reduce its use of partially hydrogenated oil.
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EU clears J&J's takeover of Guidant
Aug 25 2005 9:35PM (CT)
TRENTON, N.J. (AP) - The European Union cleared Johnson & Johnson's planned purchase of heart device maker Guidant Corp. on Thursday, provided some operations are sold, but J&J said the deal closing will be delayed because key U.S. regulators have yet to sign off.
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Microsoft inks deal for Halo movie
Aug 25 2005 9:06PM (CT)
DALLAS (AP) - "Halo" hero Master Chief will be appearing in a film version of the top-selling video game franchise. A deal announced this week with Universal Pictures and Twentieth Century Fox will pay "Halo" publisher Microsoft Corp. $5 million plus a percentage of ticket sales to produce and distribute a movie as early as the summer of 2007.
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GM's Australian arm Holden announces cuts
Aug 25 2005 9:05PM (CT)
SYDNEY, Australia (AP) - GM Holden Ltd., the Australian arm of General Motors Corp., said Friday it will slash jobs as it struggles with falling sales of its flagship Commodore model. Local reports said as many as 1,400 jobs could be eliminated.
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Long-dated U.S. Treasurys rise
Aug 25 2005 7:49PM (CT)
NEW YORK (AP) - Long-dated U.S. Treasurys rose Thursday, bringing their yields very close to short-dated bonds.
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Vioxx case tally nearly 5,000 and growing
Aug 25 2005 7:26PM (CT)
NEW ORLEANS (AP) - The tally of lawsuits against Merck & Co. in state and federal court over its painkiller Vioxx is nearly 5,000 and growing, lawyers said in federal court here Thursday, less than a week after the drug maker suffered a stinging defeat in a state court in Texas.
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Westar jurors deliberate for first day
Aug 25 2005 7:10PM (CT)
KANSAS CITY, Kan. (AP) - Jurors in the federal fraud trial of two former Westar Energy Inc. executives spent their first full day Thursday deliberating the case but did not reach a verdict.
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Ex-El Paso trader faces more charges
Aug 25 2005 6:17PM (CT)
HOUSTON (AP) - A former El Paso Corp. energy trader faces more charges of reporting to industry publications bogus trade data that is used to calculate natural gas index prices.
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Money funds fell in latest week
Aug 25 2005 6:15PM (CT)
NEW YORK (AP) - Assets of the nation's retail money market mutual funds fell by $239.4 million in the latest week to $813.86 billion, the Investment Company Institute said Thursday.
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American Airlines to raise cargo fees
Aug 25 2005 6:14PM (CT)
FORT WORTH, Texas (AP) - American Airlines is hiking prices on cargo shipments beginning Sept. 5, the latest of several such increases the carrier blamed on higher costs for jet fuel.
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Former Prudential broker charged
Aug 25 2005 6:01PM (CT)
BOSTON (AP) - Federal prosecutors criminally charged a former Prudential Securities broker in a fraudulent mutual fund trading scheme on Thursday, two weeks after one of his former colleagues pleaded guilty in an operation that allegedly netted participants millions of dollars in ill-gotten gains.
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United gets $3 billion in exit financing
Aug 25 2005 5:47PM (CT)
CHICAGO (AP) - United Airlines' parent company said Thursday it has secured new commitments from banks for up to $3 billion in debt financing that should enable it to emerge from Chapter 11 bankruptcy by late 2005 or early 2006.
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Raycom Media acquiring Liberty's stations
Aug 25 2005 5:33PM (CT)
MONTGOMERY, Ala. (AP) - Raycom Media Inc. agreed Thursday to buy television broadcaster Liberty Corp. of Greenville, S.C., in a $987 million acquisition that will boost Raycom's holdings to 52 TV stations. Liberty shares soared 24 percent on news of the deal.
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Six Flags puts itself up for sale
Aug 25 2005 4:58PM (CT)
OKLAHOMA CITY (AP) - Six Flags Inc. is putting itself up for sale at auction, one week after Washington Redskins owner Dan Snyder bid to raise his stake in the amusement-park operator and oust Kieran Burke as chairman and CEO. Its shares rose 11 percent.
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GM, DaimlerChrysler join on hybrid engines
Aug 25 2005 4:56PM (CT)
DETROIT (AP) - General Motors Corp. and DaimlerChrysler AG confirmed Thursday they will jointly develop fuel-saving hybrid engines in hopes of cashing in on an expanding market now dominated by Toyota Motor Corp. and Honda Motor Co.
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Caterers, union strike deal on BA flights
Aug 25 2005 4:44PM (CT)
LONDON (AP) - Catering firm Gate Gourmet Inc. said Thursday it had struck an agreement with its employees' union aimed at ending a labor dispute that led to the grounding of hundreds of British Airways flights earlier this month.
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Thursday's commodities roundup
Aug 25 2005 4:14PM (CT)
NEW YORK (AP) - Oil prices ended another volatile session at a fresh record Thursday as gasoline supply concerns took center stage.
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Ex-investment manager pleads guilty
Aug 25 2005 4:10PM (CT)
NEW YORK (AP) - A former investment manager at Lehman Brothers pleaded guilty on Thursday to helping the former governor of a Mexican state launder $11 million in drug money.
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Toll Brothers' 3Q profit doubles
Aug 25 2005 3:55PM (CT)
PHILADELPHIA (AP) - Luxury home builder Toll Brothers said Thursday its profit doubled in its third quarter due to strong sales and rising home prices. It expects more than 80 percent earnings growth for the full fiscal year, but more subdued 20 percent profit expansion in each of the next two fiscal years.
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Smithfield Foods posts lower 1Q profit
Aug 25 2005 3:54PM (CT)
SMITHFIELD, Va. (AP) - Smithfield Foods Inc., the world's largest pork processor, on Thursday said its profit fell 11 percent in the fiscal first quarter due to weakness in the pork market and in its overseas division.
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Hormel Foods posts lower 3Q profit
Aug 25 2005 3:49PM (CT)
AUSTIN, Minn. (AP) - Hormel Foods Corp. said Thursday earnings fell 9 percent in the fiscal third quarter as revenue climbed 17 percent on sales of Hormel's microwave and Spam products.
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Ripplewood CEO wishes Maytag, workers well
Aug 25 2005 3:48PM (CT)
DES MOINES, Iowa (AP) - An investment fund whose buyout offer for Maytag Corp. was rejected said Thursday in a full-page newspaper ad that it remains a suitor in waiting.
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GM looks to keep momentum with discounts
Aug 25 2005 3:44PM (CT)
DETROIT (AP) - General Motors Corp., looking to maintain the momentum of its hugely popular employee-pricing discount plan, has extended the promotion until Sept. 30.
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EDS vows decision on unit by year's end
Aug 25 2005 3:42PM (CT)
PLANO, Texas (AP) - Electronic Data Systems Corp. says it plans to decide the fate of its A.T. Kearney consulting unit by year's end despite the collapse of negotiations with a potential buyer.
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Calif. targets more firms in drug suit
Aug 25 2005 3:25PM (CT)
LOS ANGELES (AP) - The state named 39 new defendants Thursday in its lawsuit against U.S. pharmaceutical companies accused of bilking California taxpayers out of hundreds of millions of dollars by inflating drug prices.
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Starwood Hotels to buy Le Meridien brand
Aug 25 2005 3:11PM (CT)
LONDON (AP) - Starwood Hotels & Resorts Worldwide Inc., whose brands include Sheraton and Westin, said Thursday it has agreed to buy the upscale Le Meridien Hotels & Resorts Ltd. brand for an undisclosed sum.
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Khodorkovsky partner said moved from cell
Aug 25 2005 2:19PM (CT)
MOSCOW (AP) - Prison authorities moved the business partner of jailed Russian tycoon Mikhail Khodorkovsky's back to a regular cell on Thursday after almost a week in solitary confinement, the Interfax news agency reported, citing the country's top prison official.
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Reports: Vonage plans to go public
Aug 25 2005 2:00PM (CT)
NEW YORK (AP) - Vonage Holdings Corp., the biggest provider of Internet-based telephone service, is planning to go public, according to published reports.
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Fairfax appoints ex-rugby star as CEO
Aug 25 2005 1:43PM (CT)
SYDNEY, Australia (AP) - Australian media group John Fairfax Holdings Ltd. has appointed former New Zealand All Blacks rugby star David Kirk as its new chief executive, succeeding Fred Hilmer, the company announced Thursday.
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Rates on 30-year mortgages decline
Aug 25 2005 12:04PM (CT)
WASHINGTON (AP) - Rates on 30-year mortgages declined for a second straight week as low mortgages continued to fuel the country's housing boom.
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Holcim posts 61 percent gain in 2Q profit
Aug 25 2005 11:27AM (CT)
JONA, Switzerland (AP) - Holcim Ltd., the world's No.2 cement maker, on Thursday reported second-quarter profit rose 61 percent on strong demand, productivity increases and cost savings.
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U.K. hotel Hilton posts dip in net profit
Aug 25 2005 11:20AM (CT)
LONDON (AP) - The Hilton Group PLC, a major international hotel owner and the leading operator of betting shops in Britain, reported a dip in half-year net profit Thursday but said the outlook was positive for steady growth.
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Swiss Re names new CEO; posts profit dip
Aug 25 2005 10:59AM (CT)
ZURICH, Switzerland (AP) - Swiss Reinsurance made a surprise announcement Thursday that Jacques Aigrain would succeed John Coomber as chief executive beginning Jan. 1 as part of an ongoing restructuring at the world's second-largest reinsurance company.
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Turkey puts Telsim up for sale
Aug 25 2005 10:54AM (CT)
ANKARA, Turkey (AP) - The Turkish government put wireless carrier Telsim up for sale on Thursday, setting an estimated value of $2.8 billion for the country's second-largest mobile operator.
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Nokia, Motorola gain more market share
Aug 25 2005 10:31AM (CT)
LONDON (AP) - Global sales of new mobile phones increased 22 percent to 190.5 million handsets during the second quarter, with Nokia Corp. increasing its market-leading share, research firm Gartner Inc. said Thursday.
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China extends share reforms in key step
Aug 25 2005 10:30AM (CT)
SHANGHAI, China (AP) - China's decision to have nearly 1,400 listed companies convert their government stakes into publicly tradable shares eventually could open up new opportunities for investors eager for a piece of China's booming economy, but analysts say the changes will take time.
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India collects histories of workers
Aug 25 2005 9:55AM (CT)
BANGALORE, India (AP) - The Indian outsourcing industry is trying to combat data fraud by starting a project to compile the work histories of all its employees, the country's main software trade body said Thursday.
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Corus more than triples half-year profit
Aug 25 2005 9:09AM (CT)
LONDON (AP) - A restructuring drive more than tripled first-half profit at Corus Group PLC, but the Anglo-Dutch steelmaker also warned Thursday that lower prices and high inventories may crimp earnings in the near term.
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Smithfield Foods posts lower 1Q profit
Aug 25 2005 8:04AM (CT)
SMITHFIELD, Va. (AP) - Smithfield Foods Inc., the world's largest pork processor, on Thursday said its profit fell 11 percent in the fiscal first quarter due to weakness in the pork market and in its overseas division.
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GE Consumer Finance to buy bank stake
Aug 25 2005 7:44AM (CT)
ANKARA, Turkey (AP) - The financial arm of General Electric Co. has reached an agreement with a Turkish conglomerate to pay about $1.6 billion for a 25.5 percent share in Garanti Bank, Turkey's third largest privately owned bank, the Turkish company said Thursday.
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German business confidence dips in August
Aug 25 2005 7:34AM (CT)
BERLIN (AP) - German business confidence unexpectedly dipped in August after rising for two consecutive months, a closely watched survey showed Thursday.
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Hilton Group reports dip in net profits
Aug 25 2005 7:29AM (CT)
LONDON (AP) - The Hilton Group PLC, a major international hotel owner and the leading operator of betting shops in Britain, reported a dip in half-year net profits Thursday but said the outlook was positive for steady growth.
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Anheuser-Busch settles with Maris family
Aug 25 2005 7:19AM (CT)
ORLANDO, Fla. (AP) - Anheuser-Busch Cos Inc. agreed to pay at least $120 million in cash to the family of former home run king Roger Maris as part of a settlement that ended a defamation trial and other litigation, according to a regulatory filing the brewer made Wednesday.
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IMF: Asia's growth at risk from oil prices
Aug 25 2005 7:13AM (CT)
SINGAPORE (AP) - Asia's economic growth is at risk from high oil prices, International Monetary Fund managing director Rodrigo de Rato said Thursday, calling especially on Indonesia and the Philippines to combat inflationary pressures.
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Svenska Cellulosa to cut 3,600 positions
Aug 25 2005 6:23AM (CT)
STOCKHOLM, Sweden (AP) - Paper company Svenska Cellulosa AB said Thursday it would cut 3,600 jobs _ or 7 percent of its work force _ as it seeks to slash costs by 1.5 billion kronor ($197 million) a year.
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Hawaii sets caps on wholesale gas prices
Aug 25 2005 5:23AM (CT)
HONOLULU (AP) - In an effort to gain some control over what motorists pay at the pump, Hawaii on Wednesday became the first state in the U.S. to set caps on the wholesale price of gasoline.
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N.C. farmers experiment with burley tobacco
Aug 25 2005 4:37AM (CT)
TRAPHILL, N.C. (AP) - For four generations, Toby Speaks and his family paid the bills by raising flue-cured tobacco, a variety planted because that's what the government said they could grow. But this summer, Speaks is also growing 11 acres of burley tobacco at his family's Wilkes County farm. No longer blocked by the federal quota that dictated how much and what kind of tobacco he could plant, Speaks picked his crops for the same reason as most American farmers.
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Workers at Hyundai Motor begin strike
Aug 25 2005 4:21AM (CT)
SEOUL, South Korea (AP) - Workers at Hyundai Motor Co., South Korea's biggest automaker, walked off the job Thursday, commencing a partial strike for higher wages, better working conditions and more say in management decisions, the union and company said.
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2 banks sued by Parmalat administrator
Aug 25 2005 4:21AM (CT)
ROME (AP) - Parmalat Finanziaria's SPA's bankruptcy administrator has sued two more banks, Deutsche Bank AG and UBS, as part of his attempts to turn around the Italian juice and dairy company after it nearly collapsed in a fraud scandal in 2003.
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Beverly accepts raised NASC buyout offer
Aug 25 2005 4:19AM (CT)
LITTLE ROCK, Ark. (AP) - Nursing home operator Beverly Enterprises Inc. said Wednesday that it accepted a sweetened takeover bid from North American Senior Care Inc. which values the company at more than $1.9 billion and narrowly tops a counteroffer made last week by a rival bidder.
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Former Hollinger exec pleads not guilty
Aug 25 2005 4:17AM (CT)
CHICAGO (AP) - A former executive of the company that owns the Chicago Sun-Times pleaded not guilty Wednesday to charges that he participated in a scheme to wrongfully divert $32 million in company funds.
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Gate Gourmet postpones talks with union
Aug 25 2005 12:19AM (CT)
LONDON (AP) - Gate Gourmet Inc., the U.S. company that provides in-flight meals for British Airways PLC, postponed talks Wednesday with a union on solving a labor dispute that is key to the cash-strapped caterer signing a new deal with the airline.
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