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Eisner cuts all business ties with Disney
Oct 6 2005 11:56PM (CT)
BURBANK, Calif. (AP) - Michael Eisner has cut all ties with the company he ran for 21 years. The Walt Disney Co. said Thursday in a filing with the Securities and Exchange Commission that Eisner "no longer provides any services" for the entertainment and broadcasting company.
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Oil prices hover just under $62 a barrel
Oct 6 2005 11:44PM (CT)
SINGAPORE (AP) - Crude oil prices gained Friday after a five-day decline, suggesting that traders shrugged off signs of faltering U.S. fuel consumption and are expecting demand to rise as winter kicks in.
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Japanese stocks fall; dollar down
Oct 6 2005 10:40PM (CT)
TOKYO (AP) - Japanese stocks fell in early trading Friday, extending a sharp drop from the previous session as investors sold shares to lock in profits from the market's recent surge. The dollar fell against the euro and yen.
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Delphi asks UAW to cut wages, benefits
Oct 6 2005 10:38PM (CT)
DETROIT (AP) - Delphi Corp. is asking the United Auto Workers union for wage cuts of more than 50 percent and wants to eliminate pay for laid-off workers as part of the auto supplier's effort to stave off bankruptcy, according to a letter from UAW leaders.
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Tommy Hilfiger to cut about 135 U.S. jobs
Oct 6 2005 10:07PM (CT)
NEW YORK (AP) - Apparel maker Tommy Hilfiger Corp. on Thursday said it's cutting about 135 jobs in the U.S., blaming a "challenged" environment in the U.S. wholesale business.
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Group opposes H&R Block's push for bank
Oct 6 2005 9:50PM (CT)
KANSAS CITY, Mo. (AP) - A group of five consumer advocates is asking federal regulators to reject H&R Block Inc.'s attempt to open a savings bank, saying the company could use it to take advantage of low-income customers.
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Merck opens its defense in Vioxx trial
Oct 6 2005 9:34PM (CT)
ATLANTIC CITY, N.J. (AP) - Lawyers for drug maker Merck & Co. hit a speed bump Thursday in the three-week product liability trial over Vioxx, as a judge considered throwing out key testimony about a Merck study to determine if the pain reliever was safe for the heart.
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Japan extends oil stockpile release plans
Oct 6 2005 9:33PM (CT)
TOKYO (AP) - Japan has extended plans to release some of its emergency oil reserves held by refiners to alleviate market shocks after Hurricane Katrina struck U.S. oil refineries, a Trade Ministry spokesman said Friday.
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Report: China foresees $100B trade surplus
Oct 6 2005 9:32PM (CT)
BEIJING (AP) - China's commerce ministry predicts the country's trade surplus could triple to $100 billion this year, led by a 30 percent jump in exports, state media reported Friday.
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Low retail sales suggest consumer anxiety
Oct 6 2005 9:32PM (CT)
NEW YORK (AP) - The outlook for the holiday shopping season grew murkier Thursday as September sales results from the nation's big retailers suggested that consumer anxiety about the economy is growing.
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McDonald's to close Jamaica restaurants
Oct 6 2005 8:44PM (CT)
KINGSTON, Jamaica (AP) - There will be no more Big Macs in Jamaica. McDonald's Corp., the world's largest fast-food company, said Thursday that it will suspend business and close its eight restaurants in Jamaica later this month.
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Search engine Google opens lobbying office
Oct 6 2005 8:09PM (CT)
MOUNTAIN VIEW, Calif. (AP) - Online search engine leader Google Inc. has hired a lobbyist in Washington, D.C. to influence the nation's laws governing the Internet, telecommunications and copyrights.
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Blockbuster: Slow going for online venture
Oct 6 2005 8:06PM (CT)
DALLAS (AP) - Movie-rental giant Blockbuster Inc. said Thursday that its online service won't add new customers as quickly as expected and that same-store rental revenues fell in the third quarter but not as badly as at other stores.
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Delta may use court to cut pilot costs
Oct 6 2005 6:02PM (CT)
ATLANTA (AP) - Delta Air Lines Inc., the nation's third-largest carrier, is prepared to use the bankruptcy court to achieve $325 million in cost concessions from its pilots if the company and union can't reach a deal on their own, chief executive Gerald Grinstein said Thursday.
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Lockheed drops pension plan to new workers
Oct 6 2005 6:01PM (CT)
BETHESDA, Md. (AP) - Defense contractor Lockheed Martin Corp. said Thursday it will no longer provide traditional pension plans to new salaried employees in part to cut costs, offering them instead defined contribution retirement plans.
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EchoStar chief predicts sat TV growth
Oct 6 2005 5:59PM (CT)
ENGLEWOOD, Colo. (AP) - Rising energy prices may force consumers to cut back on trips to the movies or eating out, but they likely will keep their satellite television service, EchoStar Communications Corp.'s chief said Thursday.
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Treasurys stay flat
Oct 6 2005 5:57PM (CT)
NEW YORK (AP) - U.S. Treasury prices were little changed Thursday, as investors adopted a low risk profile ahead of the September employment report due Friday.
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Thursday's Commodities Roundup
Oct 6 2005 5:54PM (CT)
NEW YORK (AP) - Continued concern about faltering demand for petroleum products sent crude oil futures sharply lower Thursday for the fifth straight session.
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FedEx asks mediators into contract talks
Oct 6 2005 5:46PM (CT)
MEMPHIS, Tenn. (AP) - FedEx Express, operator of the world's largest cargo airline, asked for federal help Thursday to end a stalemate in contract talks with its pilots.
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Goody's Family Clothing to be acquired
Oct 6 2005 5:38PM (CT)
KNOXVILLE, Tenn. (AP) - Goody's Family Clothing Inc. has agreed in principle to be acquired by an affiliate of private-investment firm Sun Capital Partners Inc. in a cash deal valued at $272.8 million, the department store chain said Thursday.
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Krispy Kreme faces misappropration suit
Oct 6 2005 5:38PM (CT)
CHARLOTTE, N.C. (AP) - Krispy Kreme Doughnuts Inc. will "vigorously defend" itself against a lawsuit filed by its largest franchise that claims company executives misappropriated marketing money and billed for phony charges, the company said Thursday.
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Ex-PeopleSoft CEO joins Salesforce board
Oct 6 2005 5:26PM (CT)
SAN FRANCISCO (AP) - Former PeopleSoft Inc. CEO Craig Conway has joined the board of Salesforce.com Inc., an online software pioneer whose rapidly growing market is being targeted by Oracle Corp. _ the business software maker that tangled with Conway before buying PeopleSoft last year.
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Costco earnings rise in fourth quarter
Oct 6 2005 5:26PM (CT)
SEATTLE (AP) - Costco Wholesale Corp. said higher sales of discount items combined with a favorable tax rate helped push its profit up nearly 20 percent in its fourth quarter. Its shares rose more than 5 percent.
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Kerr-McGee to separate chemical business
Oct 6 2005 5:25PM (CT)
OKLAHOMA CITY (AP) - Kerr-McGee Corp. announced Thursday that its wholly owned chemical subsidiary, Tronox Inc., would be separated from the company through an initial public stock offering planned for the fourth quarter of 2005.
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Marriott earnings up on higher room rates
Oct 6 2005 5:24PM (CT)
BETHESDA, Md. (AP) - Hotel operator Marriott International Inc. said Thursday its third-quarter income rose 12 percent as higher room rates more than offset a relatively small financial impact from Hurricane Katrina.
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American may raise rates on fuel costs
Oct 6 2005 5:24PM (CT)
FORT WORTH, Texas (AP) - American Airlines, which temporarily cut flights from its daily schedule last week to save fuel, may ground those planes even longer and try harder to pass the rising cost of jet fuel on to consumers, Chief Executive Gerard Arpey said Thursday.
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MCI shareholders OK acquisition by Verizon
Oct 6 2005 5:19PM (CT)
ASHBURN, Va. (AP) - MCI Inc. shareholders voted overwhelmingly Thursday to approve an $8.4 billion acquisition by Verizon Communications Inc., despite some lingering shareholder resentment over the company's rejection of a higher bid.
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Standard & Poor's lowers Delphi's rating
Oct 6 2005 5:18PM (CT)
DETROIT (AP) - Standard & Poor's Ratings Services lowered Delphi Corp.'s credit rating Thursday, saying it is increasingly concerned the auto supplier could file for bankruptcy in the next few days.
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Hurricane jobless claims rise to 363,000
Oct 6 2005 5:16PM (CT)
WASHINGTON (AP) - The number of people thrown out of work from Hurricanes Katrina and Rita rose to 363,000 last week with more bad news expected Friday when the government releases its unemployment report for September.
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Pension funds sue Delphi over accounting
Oct 6 2005 5:11PM (CT)
DETROIT (AP) - Two state pension funds and other shareholders are suing auto supplier Delphi Corp., claiming executives lied about the company's finances in order to protect their jobs and artificially inflate Delphi's stock price.
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GE boosts profit outlook for year
Oct 6 2005 5:06PM (CT)
FAIRFIELD, Conn. (AP) - General Electric Co. said Thursday it expects earnings to meet the high end of earlier projections for the third quarter, and raised its outlook for full-year profit. Its shares rose more than 2 percent.
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Dealer warns on 250,000 flood-damaged cars
Oct 6 2005 5:02PM (CT)
DETROIT (AP) - The head of the National Automobile Dealers Association estimates half of the 570,000 vehicles damaged by flooding after Hurricane Katrina will be repaired and sold to unsuspecting dealers and consumers, a statistic he hopes will spur federal action.
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United OKs $3B bankruptcy exit package
Oct 6 2005 5:00PM (CT)
CHICAGO (AP) - United Airlines signed off Thursday on a $3 billion all-debt financing package that leaves it in position to exit Chapter 11 in February as targeted after more than three years in bankruptcy.
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Wyeth: 3Q earnings to surpass estimates
Oct 6 2005 4:57PM (CT)
MADISON, N.J. (AP) - Pharmaceutical maker Wyeth on Thursday raised its third-quarter earnings guidance above Wall Street estimates, citing strong business and lower taxes.
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SEC's Cox on nonprofit board with Frist
Oct 6 2005 4:56PM (CT)
WASHINGTON (AP) - Securities and Exchange Commission Chairman Christopher Cox has another reason for recusing himself from an SEC investigation into stock sales by Senate Majority Leader Bill Frist: the two serve together on the board of a charitable organization that gives millions of dollars each year to promote democracy.
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Big Lots to close up to 170 stores
Oct 6 2005 4:55PM (CT)
COLUMBUS, Ohio (AP) - Closeout retailer Big Lots Inc. said Thursday that it will close up to 170 underperforming stores, 11 percent of its total, by the end of the year to bolster companywide performance.
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Constellation Brands posts profit rise
Oct 6 2005 4:52PM (CT)
ROCHESTER, N.Y. (AP) - Constellation Brands Inc., the world's biggest wine company, said Thursday its second-quarter profit edged up 2.3 percent, lifted by sharply higher sales of wine and its December acquisition of Robert Mondavi Corp.
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Automakers file suit against Marathon Oil
Oct 6 2005 4:43PM (CT)
DETROIT (AP) - Detroit's Big Three auto makers have filed suit against Marathon Petroleum Co. LLC, the latest move in an ongoing dispute over fuel distributed by the oil company that allegedly contaminated gas tank sensors.
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Former KPMG partner paying $100,000 fine
Oct 6 2005 4:41PM (CT)
WASHINGTON (AP) - A former KPMG accountant who oversaw the firm's audits of Xerox Corp. has agreed to pay a $100,000 fine to settle federal regulators' charges that he failed to disclose accounting violations that came to his attention.
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BellSouth to take $100M charge for Katrina
Oct 6 2005 4:39PM (CT)
ATLANTA (AP) - BellSouth Corp., the dominant local telephone provider in nine Southeastern states, said Thursday that damage to its properties and equipment from Hurricane Katrina will cause it to record a $100 million after-tax charge in the third quarter.
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Coke to use Oregon firm for N. America ads
Oct 6 2005 4:35PM (CT)
ATLANTA (AP) - The Coca-Cola Co., the world's largest beverage maker, is turning to an Oregon marketing firm that has worked with Nike Inc. and Starbucks Corp. to develop new advertising for its flagship brand in North America next year.
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Airbus, EADS launch A350 jet plans
Oct 6 2005 4:21PM (CT)
PARIS (AP) - Airbus on Thursday launched its new A350, a mid-sized airliner to rival Boeing's 787 Dreamliner, and tensions immediately flared in the trans-Atlantic trade row over aircraft subsidies.
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Deloitte receives criticism from auditor
Oct 6 2005 4:00PM (CT)
WASHINGTON (AP) - The U.S. audit overseer on Thursday rebuked Deloitte & Touche LLP for weaknesses in its audits of public companies, including an instance where the accounting firm allowed a company to gloss over an auditing error.
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Wal-Mart launches new fashion line
Oct 6 2005 3:58PM (CT)
SPRINGFIELD, MO. (AP) - Wal-Mart Stores Inc. is launching its own brand of trendy clothing for women as part of an overall strategy to increase U.S. sales by getting more shopping dollars out of the millions of customers already in its stores.
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StealthGas falls in first day of trading
Oct 6 2005 3:48PM (CT)
NEW YORK (AP) - StealthGas Inc. stock retreated nearly 5 percent Thursday below its initial public offering price, in the Marine shipping company's first day of public trading.
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Airline stocks gain on oil-price drop
Oct 6 2005 3:47PM (CT)
CHICAGO (AP) - Airline-sector stocks gained ground Thursday amid optimism about a pension bill that stands to ease the financial pinch facing U.S. carriers and another decline in oil prices.
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Investors win $2.41M in WorldCom case
Oct 6 2005 3:45PM (CT)
WASHINGTON (AP) - In a rare win for investors seeking redress for biased analyst research, a Boston couple has been awarded $2.41 million in arbitration against Citigroup Inc. and analyst Jack Grubman for his recommendations on WorldCom Inc. stock.
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WTO chief comments on cotton trade issues
Oct 6 2005 1:56PM (CT)
GENEVA (AP) - World Trade Organization chief Pascal Lamy on Thursday said further liberalization of the global trade in cotton was needed and that the United States' failure to comply with a recent ruling was "part of the problem" in improving trading conditions for developing countries.
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Air traffic controllers warn on staffing
Oct 6 2005 1:54PM (CT)
ATLANTA (AP) - Safety at the world's busiest airport is in question because the Federal Aviation Administration has been slow to replace soon-to-be retiring workers, air traffic controllers said.
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VNU faces rebellion over IMS Health deal
Oct 6 2005 1:05PM (CT)
AMSTERDAM, Netherlands (AP) - Dutch media company VNU NV's $6.9 billion takeover of U.S. health care data provider IMS Health Inc. is increasingly in doubt due to opposition from its own shareholders, analysts said Thursday.
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Some Katrina refugees are told to move on
Oct 6 2005 12:40PM (CT)
BROOKHAVEN, Miss. (AP) - At least one hotel chain has asked some Hurricane Katrina refugees to check out so it can honor the reservations of incoming guests.
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Gov't, Manpower team to aid storm victims
Oct 6 2005 12:37PM (CT)
WASHINGTON (AP) - The Labor Department and Manpower Inc. are teaming up to help Mississippians thrown out of work by Hurricane Katrina find jobs.
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New Parmalat shares trade on Italy exchange
Oct 6 2005 12:34PM (CT)
ROME (AP) - New shares of Parmalat began trading on the Italian stock exchange Thursday, almost two years after a fraud scandal pushed the dairy company into bankruptcy protection and rendered its old stock worthless.
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Delta to launch Atlanta to Tel Aviv service
Oct 6 2005 12:18PM (CT)
ATLANTA (AP) - Delta Air Lines Inc. announced Thursday it plans to offer daily nonstop flights between Atlanta and Tel Aviv, Israel, starting March 27.
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Rates on 30-year mortgages increase
Oct 6 2005 11:47AM (CT)
WASHINGTON (AP) - Rates on 30-year mortgages rose for a fourth consecutive week, climbing to the highest level since late March, as financial markets continued to worry about inflation.
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EU officials push on 'open-skies' agreement
Oct 6 2005 11:41AM (CT)
BRUSSELS, Belgium (AP) - European Union transport ministers agreed Thursday to push ahead with talks to get a so-called "open-skies" agreement with the United States, aiming to secure access for European airlines to the lucrative U.S. domestic market.
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USDA targets $200M for citrus growers
Oct 6 2005 11:39AM (CT)
LAKELAND, Fla. (AP) - Florida citrus growers will be eligible for $200 million in compensation for losses they have suffered from citrus canker, U.S. Agriculture Secretary Mike Johanns said Thursday.
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Citigroup names Rhodes as Citibank CEO
Oct 6 2005 11:30AM (CT)
NEW YORK (AP) - Citigroup Inc., the nation's largest financial institution, on Thursday gave another title to William R. Rhodes, naming him president and chief executive officer of its Citibank NA banking unit.
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European Central Bank keeps rate steady
Oct 6 2005 11:29AM (CT)
ATHENS, Greece (AP) - The European Central Bank held its key interest rate steady Thursday despite inflationary pressures from high oil prices, but cautioned that "strong vigilance" was needed on rising costs.
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Russia continues money-laundering probes
Oct 6 2005 10:50AM (CT)
MOSCOW (AP) - Prosecutors kept up the pressure on the shattered Yukos oil firm for a second day Thursday as authorities raided the offices of a fund established by its jailed former owner, apparently in connection with a billion-dollar money-laundering investigation.
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Media execs weigh user-generated news
Oct 6 2005 8:26AM (CT)
NEW YORK (AP) - The avalanche of high quality video, photos and e-mailed news material from citizens following the July 7 bombings in London marked a turning point for the British Broadcasting Corporation, the head of its global news division said Wednesday.
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EU competition chief questions vacations
Oct 6 2005 7:18AM (CT)
BRUSSELS, Belgium (AP) - European Union competition chief Neelie Kroes questioned the need for long summer vacations by workers in Europe, saying Thursday that breaks should be spread out in order to boost productivity amid continuing sluggish economic growth.
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Nissan reaches vehicle sale growth target
Oct 6 2005 6:50AM (CT)
TOKYO (AP) - Japanese automaker Nissan Motor Co. said Thursday it reached a key business plan target in September by posting global annual sales that were more than a million vehicles higher than three years ago.
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Trump, developer to make tulip-shaped hotel
Oct 6 2005 6:36AM (CT)
DUBAI, United Arab Emirates (AP) - U.S. real estate and gambling kingpin Donald Trump is joining forces with top Emirates developer Nakheel LLC to build a tulip-shaped hotel on a man-made island shaped like a palm tree.
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Battle for flat-panel TV market intensifies
Oct 6 2005 5:54AM (CT)
CHIBA, Japan (AP) - The intensifying battle between the two main technologies in the burgeoning flat-panel TV market _ and two of their main proponents _ is crystal clear at Japan's annual electronics show this week.
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China welcomes U.S. textile finding delay
Oct 6 2005 5:37AM (CT)
BEIJING (AP) - China said Thursday it welcomes a decision by the United States to delay a finding on whether to set limits on four kinds of Chinese textile imports.
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Panel: End U.S. tariffs on Canada wheat
Oct 6 2005 4:56AM (CT)
BISMARCK, N.D. (AP) - Tariffs on Canadian wheat imports should be lifted, a U.S. trade panel concluded Wednesday in a decision that could slash wheat prices for American farmers.
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Siebel sets 3Q revenue above year ago
Oct 6 2005 4:55AM (CT)
SAN MATEO, Calif. (AP) - Siebel Systems Inc. said Wednesday it anticipates higher third-quarter revenue than a year ago, boosted by improved license, maintenance and services revenue.
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Starbucks same-store sales up 10 percent
Oct 6 2005 4:54AM (CT)
SEATTLE (AP) - Starbucks Corp. said same-store sales rose 10 percent for the five weeks ended Oct. 2 compared to the five-week period ended Sept. 26, 2004, boosted by its espresso drinks.
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FedEx to increase overnight rates in 2006
Oct 6 2005 4:49AM (CT)
MEMPHIS, Tenn. (AP) - FedEx Corp., one of the nation's largest shipping companies, announced Wednesday that rates for overnight delivery will increase an average of 3.5 percent beginning next year.
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Toyota buys Fuji Heavy stake from GM
Oct 6 2005 4:48AM (CT)
DETROIT (AP) - General Motors Corp.'s decision to sell its 20 percent stake in Fuji Heavy Industries will help the troubled U.S. automaker streamline its business and raise cash, auto analysts said Wednesday, but some questioned Toyota Motor Corp.'s purchase of GM's stake.
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LLoyd's says on track for full-year profit
Oct 6 2005 4:41AM (CT)
LONDON (AP) - Lloyd's of London, the world's biggest insurance market, said Thursday it is on course for a full-year profit despite the "significant impact" of hurricanes Katrina and Rita.
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Farmers call avian flu safeguards adequate
Oct 6 2005 3:17AM (CT)
ANNAPOLIS, Md. (AP) - Eastern Shore poultry farmers pleaded for calm this week after President Bush said he's growing more concerned about avian flu possibly spreading to people. Farmers and state officials say current safeguards are adequate to prevent a pandemic of the disease in humans.
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Toyota may use new testing area in Mich.
Oct 6 2005 12:53AM (CT)
TOKYO (AP) - A parts maker affiliated with Japanese automaker Toyota is eager to have Toyota use its new vehicle testing facility in Michigan, an official said Thursday.
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Great Wolf to sell interest in water parks
Oct 6 2005 12:11AM (CT)
NEW YORK (AP) - When Great Wolf Resorts Inc. bought its first indoor water-park hotel in Wisconsin Dells, Wis., in 1999, the town had yet to be christened the "Water Park Capital of the World." Six years later, the Dells has transformed into a water-park Mecca, with 18 indoor resorts competing within 19 square miles.
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