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Key Merck witness struck from Vioxx trial
Oct 7 2005 7:37PM (CT)
ATLANTIC CITY, N.J. (AP) - The judge in the second Vioxx product-liability trial delivered a stunning blow to Merck & Co. Friday when she barred the testimony of its first defense witness from the record.
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Delphi improves severance for top execs
Oct 7 2005 6:53PM (CT)
DETROIT (AP) - Auto supplier Delphi Corp. said Friday it has beefed up severance packages for top executives in order to encourage them to stay on as the company prepares for a major restructuring that could include bankruptcy.
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Feds seize proceeds from Black co-op sale
Oct 7 2005 6:45PM (CT)
CHICAGO (AP) - Federal agents on Friday seized nearly $9 million in proceeds from the sale of embattled media baron Conrad Black's apartment on New York's Park Avenue.
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Trade dispute escalates on Airbus pledges
Oct 7 2005 5:46PM (CT)
PARIS (AP) - Europe and the United States moved closer to a WTO showdown over plane subsidies Friday, as Airbus said it had received "legally binding" government funding pledges for its newly launched A350 jet program.
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U.S. wins soft drink dispute with Mexico
Oct 7 2005 5:32PM (CT)
WASHINGTON (AP) - Mexico violated global trade rules in a soft-drink dispute with the United States, a World Trade Organization panel ruled Friday.
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Bush works on naming Greenspan successor
Oct 7 2005 5:31PM (CT)
WASHINGTON (AP) - President Bush hopes to pick a successor to Federal Reserve Chairman Alan Greenspan as soon as possible, White House spokesman Scott McClellan said Friday.
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Northwest, Delta eye overseas for profits
Oct 7 2005 5:28PM (CT)
MINNEAPOLIS (AP) - Northwest Airlines' daily Amsterdam-to-Bombay run fetches $1,400 a ticket, the airplane flies nearly full, and JetBlue doesn't go there. Which is why international flying is a moneymaker for most U.S. carriers _ and why Northwest and Delta Air Lines Inc. are both making international flying a big part of their bankruptcy makeovers.
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Friday's Commodities Roundup
Oct 7 2005 5:10PM (CT)
NEW YORK (AP) - Crude oil futures finished higher Friday in the week's first advance, as traders covered recently established short positions.
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News Corp. blasted for poison pill actions
Oct 7 2005 4:53PM (CT)
NEW YORK (AP) - A major shareholder advisory firm is criticizing Rupert Murdoch's media conglomerate News Corp. for its handling of a "poison pill" takeover defense, saying that independent directors failed to act in the best interest of shareholders.
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Regulator wants seamless telecom mergers
Oct 7 2005 4:52PM (CT)
WASHINGTON (AP) - The top federal communications regulator wants two multi-billion-dollar telecommunications mergers approved without requiring the companies to sell off assets.
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Ex-Adelphia execs charged with tax evasion
Oct 7 2005 4:24PM (CT)
PHILADELPHIA (AP) - The founder of Adelphia Communications Corp. and his son, both already convicted of a massive fraud at the bankrupt cable-television company, have been indicted on charges they and other family members didn't pay $300 million in taxes.
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Shell subsidiary to buy wind power project
Oct 7 2005 4:16PM (CT)
CHARLESTON, W.Va. (AP) - Shell WindEnergy Inc., a subsidiary of oil company Royal Dutch Shell PLC, on Friday announced an agreement to buy a West Virginia wind power project from NedPower Mount Storm LLC.
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TUI extends offer to buy CP Ships
Oct 7 2005 3:59PM (CT)
HANOVER, Germany (AP) - German travel company TUI AG said Friday it was extending for 11 days its offer to buy CP Ships Limited for $2 billion.
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Delta to resume full flight schedule
Oct 7 2005 3:53PM (CT)
ATLANTA (AP) - Delta Air Lines Inc.'s cancelation of certain domestic flights over a two-week period to conserve fuel will end Saturday.
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PolyOne CEO Thomas A. Waltermire resigns
Oct 7 2005 3:45PM (CT)
CLEVELAND (AP) - Thomas A. Waltermire resigned Friday as chief executive, president and a director of plastics maker PolyOne Corp., which lowered its third-quarter earnings outlook three weeks ago due to softer demand.
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KPMG tax-shelter settlement OK withheld
Oct 7 2005 3:42PM (CT)
NEWARK, N.J. (AP) - A federal judge refused to grant preliminary approval on Friday of a $225 million settlement that KPMG LLP and a law firm have reached with about 275 former clients who used its tax shelters, after objectors complained of collusion and conflicts of interest.
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American Commercial Lines shares surge
Oct 7 2005 3:32PM (CT)
WASHINGTON (AP) - The stock of American Commercial Lines Inc. surged Friday in its first day of trading on the Nasdaq Stock Market.
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Americans increase borrowing in August
Oct 7 2005 2:45PM (CT)
WASHINGTON (AP) - Americans increased borrowing on their credit cards and for purchases such as autos in August, although the gain wasn't as sizable as it was the previous month.
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Treasury bonds mostly rise on jobs data
Oct 7 2005 2:35PM (CT)
NEW YORK (AP) - U.S. Treasury bonds staged an unexpectedly robust reversal Friday, with most prices finishing in positive territory by the early close before the long weekend.
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Northwest may abandon some airplanes
Oct 7 2005 2:22PM (CT)
NEW YORK (AP) - Northwest Airlines Corp. can abandon several out-of-commission airplanes, a bankruptcy judge ruled Friday.
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Fannie Mae: Storm losses may reach $550M
Oct 7 2005 2:16PM (CT)
WASHINGTON (AP) - Embattled mortgage giant Fannie Mae disclosed Friday that it expects losses of between $250 million and $550 million because of Hurricanes Katrina and Rita.
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Mittal to establish U.S. HQ in Chicago
Oct 7 2005 2:13PM (CT)
CHICAGO (AP) - Mittal Steel Co., the world's largest steel producer, has selected Chicago for its U.S. headquarters and will open its office here in January, officials announced Friday.
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Treasury set for fact-finding China trip
Oct 7 2005 1:19PM (CT)
WASHINGTON (AP) - Information gathered by a high-level delegation that is headed to China next week will be used in preparing a report to Congress on whether China is manipulating its currency to gain unfair trade advantages, the Bush administration said Friday.
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Porsche buys additional Volkswagen shares
Oct 7 2005 12:29PM (CT)
BERLIN (AP) - Luxury carmaker Porsche AG said Friday it has purchased an additional 8.27 percent of Volkswagen AG as part of its plan to acquire a stake of around 20 percent aimed at blocking any hostile takeover of its automaking partner.
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Blockbster shares up on compliance news
Oct 7 2005 12:17PM (CT)
NEW YORK (AP) - Shares of Blockbuster Inc. climbed Friday, as the company removed one investor worry when it said late Thursday that its third-quarter results would put it in compliance with its borrowing contracts.
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Cable & Wireless shares fall sharply
Oct 7 2005 12:16PM (CT)
LONDON (AP) - Shares of Cable & Wireless PLC fell sharply Friday, after the telecommunications company revealed further deterioration in its British performance in the first half of the year.
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Newspaper companies' quarter weak
Oct 7 2005 12:14PM (CT)
NEW YORK (AP) - Slow growth in ad revenue is expected to eat into third-quarter profits at U.S. newspaper companies.
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Archipelago CEO comments on NYSE trading
Oct 7 2005 12:13PM (CT)
BOCA RATON, Fla. (AP) - The New York Stock Exchange and Archipelago Holdings Inc. plan to allow Big Board floor brokers to trade Nasdaq-listed stocks from the NYSE floor on Archipelago's system, Archipelago Chief Executive Jerry Putnam said Friday.
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EU regulators OK Verizon acquisition
Oct 7 2005 11:37AM (CT)
BRUSSELS, Belgium (AP) - European Union regulators approved Verizon Communications Inc.'s acquisition of MCI Inc. on Friday, saying the $8.4 billion deal between the U.S. telecommunications companies would not harm competition in Europe.
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Time chief expected to leave by end of year
Oct 7 2005 11:35AM (CT)
NEW YORK (AP) - Norman Pearlstine, the longtime editorial chief of the Time Inc. magazine empire, is planning to step aside by the end of the year or even sooner, several people familiar with the matter said Friday.
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Former General Re CEO receives SEC notice
Oct 7 2005 11:28AM (CT)
OMAHA, Neb. (AP) - A former chief executive of General Reinsurance Corp. has been notified that he could face civil charges as a result of a federal probe of the company's nontraditional insurance products, its parent Berkshire Hathaway Inc. said Friday.
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Regulators want more Maytag deal data
Oct 7 2005 11:12AM (CT)
BENTON HARBOR, Mich. (AP) - The Justice Department's antitrust arm is asking for more information about Whirlpool Corp.'s proposed $1.7 billion acquisition of rival Maytag Corp.
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Reckitt Benckiser buys Boots Healthcare
Oct 7 2005 10:51AM (CT)
LONDON (AP) - Reckitt Benckiser PLC has agreed to buy the consumer healthcare division of Boots Group PLC for 1.9 billion pounds ($3.4 billion), the companies announced Friday.
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Delphi shares plunge on UAW talks, ratings
Oct 7 2005 10:43AM (CT)
DETROIT (AP) - Shares of Delphi Corp. fell sharply Friday following the release of what are said to be the auto parts supplier's most recent demands on the United Auto Workers union, in addition to yet another hit to the company's already-battered credit rating.
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Strike paralyzes production at VW unit
Oct 7 2005 9:59AM (CT)
SAO PAULO, Brazil (AP) - A strike by workers at Volkswagen's Brazilian subsidiary, which has halted the production of close to 10,000 vehicles, completed its first week Friday with no end in sight, a trade union spokesman said.
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Sanyo exec resigns over differing opinion
Oct 7 2005 9:30AM (CT)
TOKYO (AP) - Sanyo Electric Co. said Friday its vice president and chief financial officer, Yoichiro Furuse, has resigned due to a difference of opinion regarding the troubled electronics maker's management policies.
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Mesaba is considering bankruptcy filing
Oct 7 2005 9:22AM (CT)
MINNEAPOLIS (AP) - Northwest Airlines Corp.'s regional carrier Mesaba Aviation Inc. is considering filing for bankruptcy protection because of sharp reductions in its schedule, according to a regulatory filing by its parent company on Friday.
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Airbus: gov't aid pledges 'binding'
Oct 7 2005 9:07AM (CT)
PARIS (AP) - Airbus has received "legally binding" pledges of government aid to develop its new A350 plane, CEO Gustav Humbert said Friday, amid a deepening dispute between Europe and the United States over subsidies and tax breaks to aircraft makers.
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Witnesses testify in mining pollution trial
Oct 7 2005 9:00AM (CT)
MANADO, Indonesia (AP) - A fisherman testified Friday that U.S.-based Newmont Mining Corp. dumped pollutants into an Indonesian bay that caused lumps on his neck and dizziness, but the defense argued that the witness was faking the illness.
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Richmond paper names new executive editor
Oct 7 2005 8:59AM (CT)
RICHMOND, Va. (AP) - Glenn Proctor, an associate editor of The Star-Ledger in Newark, N.J., will become executive editor of the Richmond Times-Dispatch on Nov. 14, the Richmond newspaper announced.
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Belgium hit with 1-day national strike
Oct 7 2005 8:44AM (CT)
BRUSSELS, Belgium (AP) - Construction sites, car plants, public transportation and the port of Antwerp were shut down Friday as workers took part in a one-day national strike to protest government plans to push back the national retirement age.
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Former VW personnel chief being probed
Oct 7 2005 8:01AM (CT)
BERLIN (AP) - German prosecutors said Friday they are investigating Volkswagen AG's former personnel director, Peter Hartz, for suspected breach of trust involving possible abuse of expense accounts for company representatives.
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Italy platform suspends Citigroup trading
Oct 7 2005 6:20AM (CT)
MILAN, Italy (AP) - An Italian bond-trading organization will suspend Citigroup Inc. from trading on its platform during November because of a disputed deal by the bank last year.
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Reckitt buys Boots Healthcare for $3.4B
Oct 7 2005 6:01AM (CT)
LONDON (AP) - Reckitt Benckiser PLC has agreed to buy the consumer healthcare division of Boots Group PLC for 1.9 billion pounds ($3.4 billion), the companies announced Friday.
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Report: China foresees $100B trade surplus
Oct 7 2005 5:55AM (CT)
BEIJING (AP) - China predicts its trade surplus could triple to $100 billion this year, leading to new disputes with its trading partners and added pressure to let its currency appreciate, state media reported Friday.
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House considers bill to boost refineries
Oct 7 2005 5:34AM (CT)
WASHINGTON (AP) - A Republican measure to help the oil industry make more gasoline, and perhaps ease prices at the pump, faces a close vote in the House after critics _ from the Sierra Club to state and local officials _ complained it would lead to more air pollution and could force communities to accept unwanted refineries.
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U.S. consumers apprehensive about economy
Oct 7 2005 5:29AM (CT)
WASHINGTON (AP) - Consumer confidence remains low, with high energy prices, war and fallout from hurricanes Katrina and Rita sapping American's enthusiasm about the nation's economic health and their own.
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Chairman of Skandia resigns over takeover
Oct 7 2005 5:25AM (CT)
STOCKHOLM, Sweden (AP) - Swedish insurer Forsakrings AB Skandia said Friday its chairman is resigning because of disagreement on the board over a takeover bid by Old Mutual PLC.
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Real estate market uncertain after storms
Oct 7 2005 4:47AM (CT)
NEW ORLEANS (AP) - Real estate agent Fred Buras' cell phone has been ringing incessantly for weeks. Residents displaced by Hurricane Katrina are on the line asking if he has any high-and-dry properties they can move into quickly. Speculators from across the country are calling, looking to buy heavily damaged homes on the cheap.
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Delphi asks UAW to cut wages, benefits
Oct 7 2005 4:45AM (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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Eisner cuts all business ties with Disney
Oct 7 2005 4:38AM (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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Japanese stocks fall; dollar down
Oct 7 2005 4:35AM (CT)
TOKYO (AP) - Japanese stocks fell for a third day Friday, dropping to a two-week low, as continued weakness on Wall Street prompted selling of high-tech exporters such as Kyocera Corp. and Fanuc Ltd. The dollar fell against the euro and yen.
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TSMC reports 8.9 percent revenue increase
Oct 7 2005 4:25AM (CT)
TAIPEI, Taiwan (AP) - Taiwan Semiconductor Manufacturing Co., the world's largest contract maker of chips by revenue, said on Friday its monthly revenue rose in September on strengthening demand.
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CNOOC censured by Hong Kong Stock Exchange
Oct 7 2005 4:02AM (CT)
HONG KONG (AP) - Chinese state-controlled oil giant CNOOC Ltd. has been criticized by the Hong Kong Stock Exchange for selective disclosure of information and failing to seek the required shareholder approval for some deals.
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U.S. Treasury Secretary to visit Japan
Oct 7 2005 2:46AM (CT)
TOKYO (AP) - U.S. Treasury Secretary John Snow is scheduled to arrive Sunday in Asia for talks with Japanese and Chinese counterparts amid ballooning American trade deficits and increased trade tensions with the export powerhouses.
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Delta may use court to cut pilot costs
Oct 7 2005 1:06AM (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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Low retail sales suggest consumer anxiety
Oct 7 2005 1:00AM (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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Japan extends oil reserve release to U.S.
Oct 7 2005 12:28AM (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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