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Japanese stocks fall in morning trading
Sep 13 2005 10:04PM (CT)
TOKYO (AP) - Japanese stocks fell Wednesday morning, taking a lead from their U.S. counterparts, as recent gainers, such as metals, real estate and autos, traded lower. The dollar slipped against the yen.
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Best Buy stock slumps on weak outlook
Sep 13 2005 9:56PM (CT)
MINNEAPOLIS (AP) - Best Buy Co. shares tumbled more than 11 percent Tuesday as the nation's biggest electronics retailer missed Wall Street's forecast despite a 25 percent rise in second-quarter earnings and said its profit for this quarter will be weaker than expected.
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Judge rules on ex-Microsoft exec's new work
Sep 13 2005 9:33PM (CT)
SEATTLE (AP) - Ruling in a case that exposed animosity between two high-tech titans, a Washington state judge said Tuesday that a former Microsoft Corp. executive may begin working at Google Inc. in a limited capacity. A Microsoft executive later said his company was prepared to settle the litigation if the researcher's restrictions remained in effect until next summer.
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Lawsuit targets Wal-Mart work conditions
Sep 13 2005 9:17PM (CT)
LOS ANGELES (AP) - A lawsuit filed Tuesday accuses Wal-Mart Stores Inc. of failing to monitor labor conditions at overseas factories that allegedly maintained sweatshop conditions.
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ATA pilots continue negotiations
Sep 13 2005 8:12PM (CT)
INDIANAPOLIS (AP) - The union representing 800 ATA pilots and flight mechanics has voted to authorize a strike, but its spokesman said Tuesday that renewed negotiations have begun with the bankrupt airline.
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Northwest misses $42M in debt payments
Sep 13 2005 7:10PM (CT)
MINNEAPOLIS (AP) - Northwest Airlines Corp. said on Tuesday that it chose not to make $42 million in debt payments in recent days, suggesting the carrier is conserving its cash ahead of a potential bankruptcy filing. Bankruptcy worries sliced more than half the value off Northwest shares.
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Jury must decide Westar penalty
Sep 13 2005 6:44PM (CT)
KANSAS CITY, Kan. (AP) - A day after convicting two former Westar Energy Inc. executives of looting the Topeka-based utility, a federal jury was asked Tuesday to force the men to turn over millions of dollars in assets and salary.
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America West shareholders OK merger
Sep 13 2005 6:27PM (CT)
TEMPE, Ariz. (AP) - Shareholders of America West Airlines' parent company on Tuesday approved the carrier's proposed merger with US Airways, one of the last milestones in the plan to wed the two geographically distinct airlines.
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Kroger profit up, Calif. stores rebound
Sep 13 2005 6:26PM (CT)
CINCINNATI (AP) - Kroger Co., the nation's largest traditional grocery chain, said Tuesday its second-quarter profit rose 38 percent, boosted by a rebound in southern California stores following a costly four-month strike last year.
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Whirlpool notifies regulators over Maytag
Sep 13 2005 6:26PM (CT)
GRAND RAPIDS, Mich. (AP) - Whirlpool Corp. has officially notified the Federal Trade Commission and the U.S. Department of Justice of its intent to purchase rival appliance maker Maytag Corp. in a cash-and-stock deal valued at more than $1.7 billion.
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Delta shares fall more after downgrades
Sep 13 2005 6:24PM (CT)
ATLANTA (AP) - Shares of Delta Air Lines Inc. fell further below $1 a share Tuesday after several ratings downgrades and an analyst's assertion that the nation's third-largest carrier will shrink if it files for bankruptcy, as expected.
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Gas prices up on expected falling supply
Sep 13 2005 6:23PM (CT)
NEW YORK (AP) - Gasoline futures rose Tuesday amid expectations that Wednesday's weekly snapshot of U.S. inventory data will show gasoline supplies at near critical levels, largely due to a shortage of production in the Gulf Coast caused by Hurricane Katrina. Crude futures fell after a volatile session.
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Sun restates fiscal 2003, 2004 results
Sep 13 2005 6:22PM (CT)
SANTA CLARA, Calif. (AP) - Computer and software maker Sun Microsystems Inc. has restated its financial results dating back to 2003 after it identified errors related to tax accounting.
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Duke Energy to sell off power plants
Sep 13 2005 6:01PM (CT)
CHARLOTTE, N.C. (AP) - Duke Energy Corp. will sell its wholesale electricity power plants in the western and northeast United States because it did not expect the segment to break even by 2007 without taking heavy business risks, the company said Tuesday.
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Tuesday's commodities roundup
Sep 13 2005 5:39PM (CT)
NEW YORK (AP) - Crude-oil futures in New York ticked lower Tuesday to settle at a five-week low amid indications of ample oil supply, but prices for refined products rose.
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Treasurys score decent gains
Sep 13 2005 5:29PM (CT)
NEW YORK (AP) - A relatively tame increase in wholesale prices last month drove a positive session for Treasury prices Tuesday.
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U.S. opposes changing debt relief plan
Sep 13 2005 5:23PM (CT)
WASHINGTON (AP) - The Bush administration warned Tuesday that a plan to wipe out $40 billion worth of debt held by poor countries could come unglued if attempts are made to significantly change it.
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Court rules for Campbell Soup in IPO suit
Sep 13 2005 5:11PM (CT)
WILMINGTON, Del. (AP) - A federal court in Delaware Tuesday exonerated Campbell Soup Co. of charges of fraud in connection with its spin-off of Vlasic Foods International.
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Knight Ridder trims earnings guidance
Sep 13 2005 4:42PM (CT)
NEW YORK (AP) - Knight Ridder Inc., the second-largest newspaper publisher in the country, said Tuesday its third-quarter earnings would fall about 20 percent because of declining ad sales, as well as higher interest expense and newsprint costs.
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Tuesday's commodities roundup
Sep 13 2005 4:35PM (CT)
NEW YORK (AP) - Crude-oil futures in New York ticked lower Tuesday to settle at a five-week low amid indications of ample oil supply, but prices for refined products rose.
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U.S. lumber industry files lawsuit
Sep 13 2005 4:34PM (CT)
WASHINGTON (AP) - A group representing the U.S. lumber industry filed a lawsuit Tuesday challenging the constitutionality of a dispute settlement system under the North American Free Trade Agreement.
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Britain's Drax considers takeover overture
Sep 13 2005 4:31PM (CT)
LONDON (AP) - Britain's Drax Group Ltd., which operates one of the biggest coal-fired power stations in Europe, said Tuesday it is considering a possible $3.5 billion takeover overture from a consortium including Constellation Energy Group Inc. of the United States.
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Johnson & Johnson sued over Ortho patch
Sep 13 2005 3:50PM (CT)
NEW YORK (AP) - Johnson and Johnson's Ortho-McNeil Pharmaceutical Inc. unit is being sued on behalf of a woman who had been using the company's Ortho Evra contraceptive patch.
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Kansas City Southern settles tax dispute
Sep 13 2005 3:43PM (CT)
CHICAGO (AP) - Shares of Kansas City Southern rose sharply Tuesday after the railroad company said it had settled a tax dispute with the Mexican government over a railway KCS bought earlier this year.
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Five insurers may face Fitch downgrades
Sep 13 2005 3:38PM (CT)
NEW YORK (AP) - The investment ratings of five major North American property and casualty insurance and reinsurance companies may be lowered by Fitch Ratings because of Hurricane Katrina.
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FDA rejects Pfizer osteoporosis drug
Sep 13 2005 3:29PM (CT)
NEW YORK (AP) - Pfizer Inc. said Tuesday the Food and Drug Administration rejected its Oporia drug for osteoporosis, or brittle bones.
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Federal budget deficit 19.4 pct. below
Sep 13 2005 2:36PM (CT)
WASHINGTON (AP) - The federal deficit, with one month left in the budget year, is running well below last year's record pace, thanks to a surge in tax collections.
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Automakers debut new models at German show
Sep 13 2005 12:33PM (CT)
FRANKFURT, Germany (AP) - China's burgeoning auto industry roared into the Frankfurt auto show, eager to create a splash with its new models and make inroads into competitive European and North American markets.
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Tyco CEO: plastics business to be sold
Sep 13 2005 12:24PM (CT)
NEW YORK (AP) - Tyco International Ltd. expects to sell its plastics business by the end of the year, Chief Executive Edward Breen said Tuesday.
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Fiat CEO: Co. not selling Ferrari stake
Sep 13 2005 12:18PM (CT)
FRANKFURT, Germany (AP) - Struggling Italian automaker Fiat SpA has no plans to unload its stake in Ferrari SpA, its chairman said Tuesday.
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Nokia ups 3Q forecast on mobile devices
Sep 13 2005 12:11PM (CT)
HELSINKI, Finland (AP) - Nokia Corp., the world's largest maker of mobile phones, on Tuesday raised its third-quarter revenue forecast, citing better-than-expected sales of mobile devices and steady prices.
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Valuation of Russian state oil co. due
Sep 13 2005 11:56AM (CT)
MOSCOW (AP) - An independent valuation of state-owned Russian oil company Rosneft will be presented in October, ahead of an initial public offering of its shares in London tentatively slated for late 2006, the country's economics minister said Tuesday.
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European leaders seek oil price relief
Sep 13 2005 11:55AM (CT)
LONDON (AP) - European leaders sought relief from high oil prices Tuesday, with Britain's Treasury chief urging OPEC to increase production and the French president asking oil companies to further cut prices and boost investment in renewable energy.
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Small cars in focus as gas prices rise
Sep 13 2005 10:52AM (CT)
FRANKFURT, Germany (AP) - With high gas prices forcing consumers to fork over fistfuls of euros, dollars and yen to power their cars, automakers see an opportunity not only to produce more fuel-efficient cars, but grab important market share in the process.
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Workers to bear more health care costs
Sep 13 2005 10:43AM (CT)
NEW YORK (AP) - The nation's employers are struggling with close to double-digit increases in health care costs in 2006, and consequently will be shifting more of that burden to their employees, according to a new survey of more than 1,800 firms.
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Valuation of Rosneft is due in October
Sep 13 2005 10:38AM (CT)
MOSCOW (AP) - An independent valuation of state-owned Russian oil company Rosneft will be presented in October, ahead of an initial public offering of its shares tentatively slated for late 2006, the country's economics minister said Tuesday.
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GM, Ford reveal new models at auto show
Sep 13 2005 10:24AM (CT)
FRANKFURT, Germany (AP) - General Motors Corp. and Ford Motor Co. introduced a slew of new vehicles Tuesday intended to boost sluggish sales in Europe, saying good design and cost-cutting are key to combatting increased competition from Asia.
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Vivendi vows to beat its 2005 target
Sep 13 2005 9:46AM (CT)
PARIS (AP) - Vivendi Universal SA Tuesday said it will beat its full-year earnings forecast after second-quarter net profit rose 12 percent, driven by strong performances from its music and telecommunications units.
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French unions call strike at HP sites
Sep 13 2005 9:42AM (CT)
PARIS (AP) - Workers' unions at Hewlett-Packard France on Tuesday called a one-day national strike to protest planned job cuts by the U.S. maker of computers and printers.
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Germany's consumer prices rise in August
Sep 13 2005 9:38AM (CT)
BERLIN (AP) - Consumer prices in Germany rose an annual 1.9 percent in August, driven by higher energy costs, the Federal Statistics Office said Tuesday.
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BP unit Innovene files for NYSE IPO
Sep 13 2005 9:27AM (CT)
LONDON (AP) - Innovene, a Chicago-based unit of British oil company BP PLC that makes chemicals for lubricants, paint and fabric, has registered for an initial public offering on the New York Stock Exchange, in line with previously announced plans.
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Court: EU can demand polluter prosecution
Sep 13 2005 9:24AM (CT)
BRUSSELS, Belgium (AP) - European governments can bring criminal prosecutions against any company that violates the European Union's environmental legislation, the bloc's high court ruled on Tuesday.
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Porsche expects to post profit increase
Sep 13 2005 8:55AM (CT)
FRANKFURT, Germany (AP) - Luxury sports car maker Porsche AG said Tuesday it expects to report its 11th straight annual profit gain for the year ended in July, saying sales rose 6.8 percent amid demand for its Boxster and 911 models.
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Katrina's impact 'isolated' on hiring plans
Sep 13 2005 7:05AM (CT)
MILWAUKEE (AP) - Hurricane Katrina's aftermath will have an isolated effect on the upbeat hiring prospects of U.S. employers, with nearly a third expecting to add to their payrolls in the fourth quarter, a global staffing company said.
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Telstra denies it plans to trim jobs
Sep 13 2005 6:48AM (CT)
CANBERRA, Australia (AP) - Australian telecommunications company Telstra Corp. on Tuesday denied labor union claims that it had decided to slash more than 10,000 jobs once the government had sold its controlling stake.
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Deutsche Telekom sells stake in OJSC
Sep 13 2005 6:24AM (CT)
BERLIN (AP) - Deutsche Telekom AG said Tuesday it has sold its 10.1 percent stake in Russia's largest cellular operator, OJSC Mobile TeleSystems, for some 1.2 billion euros ($1.5 billion).
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Sony recalls 3.6M PlayStation 2 adaptors
Sep 13 2005 6:09AM (CT)
TOKYO (AP) - Sony Computer Entertainment Inc. said Tuesday it will recall certain AC adaptors sold worldwide with the slim version of its PlayStation 2 following cases of overheating and melting.
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Ford sheds Hertz rental car busines
Sep 13 2005 5:50AM (CT)
DETROIT (AP) - Ford Motor Co. is selling its Hertz Corp. rental car business to a group of private equity investors for $5.6 billion.
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China to phase out mini-car restrictions
Sep 13 2005 3:34AM (CT)
BEIJING (AP) - Restrictions on buying and using mini-cars will be phased out as energy-strapped China steps up efforts to conserve fuel, state media reported Tuesday.
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Impact of China oil consumption downplayed
Sep 13 2005 3:13AM (CT)
BEIJING (AP) - China's rising energy consumption should not worry the rest of the world, a senior Chinese official said Tuesday _ but statistics he released about domestic oil production showed the country will likely rely increasingly on foreign oil imports in coming years to fuel its booming economy.
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Report: Temasek earned $4.55B in 2005
Sep 13 2005 2:50AM (CT)
SINGAPORE (AP) - Singapore's state-owned investment company posted net profit of 7.65 billion Singapore dollars ($4.55 billion) in its financial year that ended March 31, 2005, up 3.8 percent from the previous year, according to a prospectus for a company bond offering.
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