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Bank of Korea raises key interest rate
Oct 10 2005 10:15PM (CT)
SEOUL, South Korea (AP) - The Bank of Korea on Tuesday raised its key interest rate for the first time in more than three years as higher energy prices have led to fears of higher inflation.
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Snow urges China for more action on yuan
Oct 10 2005 10:15PM (CT)
TOKYO (AP) - U.S. Treasury Secretary John Snow urged China on Tuesday to adopt a more flexible, market-driven currency while applauding the recent economic upswing in Japan.
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Alcoa third-quarter profit rises 2 percent
Oct 10 2005 9:59PM (CT)
PITTSBURGH (AP) - Aluminum manufacturer Alcoa Inc. on Monday said third-quarter profit edged up 2 percent as lower aluminum prices and higher energy costs cut into profitability.
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Genentech income rises 56 percent on sales
Oct 10 2005 9:18PM (CT)
SAN FRANCISCO (AP) - Genentech Inc. reported a 56 percent surge in third-quarter net income, fueled by strong drug sales of its newest colon cancer drug and its flagship breast cancer fighter.
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Mattel consolidates most toy brands
Oct 10 2005 8:39PM (CT)
LOS ANGELES (AP) - Toy manufacturer Mattel Inc. has consolidated Barbie, Hot Wheels, Fisher-Price along with most of its toy units under one division overseen by a single executive, the company said Monday.
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Dana will restate earnings for accounting
Oct 10 2005 6:35PM (CT)
TOLEDO, Ohio (AP) - Auto-parts maker Dana Corp. said Monday it will restate its earnings for the last six quarters to fix improper accounting and will withdraw its profit forecast for 2005, sending its stock tumbling for the second time within a month.
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Lincoln National acquiring Jefferson-Pilot
Oct 10 2005 6:26PM (CT)
CHARLOTTE, N.C. (AP) - Lincoln National Corp. said Monday it will acquire rival Jefferson-Pilot Corp. for about $7.5 billion in cash and stock, as the two century-old companies create what executives said would be one of the largest publicly traded life insurance companies in the U.S.
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EBay buys payment service from VeriSign
Oct 10 2005 5:53PM (CT)
SAN FRANCISCO (AP) - EBay Inc. said Monday it has agreed to buy an online-payment business from Internet services company VeriSign Inc. for $370 million in a deal that could bring new security measures for eBay users.
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Refco may restate results, CEO on leave
Oct 10 2005 5:50PM (CT)
NEW YORK (AP) - One of the world's biggest commodities brokerages Monday said its chief executive took an indefinite leave of absence after the company discovered he had secretly transferred $430 million of the company's assets to a firm he controlled.
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Cotton soars on fears about Pakistan crops
Oct 10 2005 4:53PM (CT)
NEW YORK (AP) - Cotton futures soared Monday as uncertainty over the cotton crop and production capabilities of earthquake-ravaged Pakistan sparked massive fund and speculative buying.
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Cotton soars on fears about Pakistan crops
Oct 10 2005 4:52PM (CT)
NEW YORK (AP) - Cotton futures soared Monday as uncertainty over the cotton crop and production capabilities of earthquake-ravaged Pakistan sparked massive fund and speculative buying.
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Accor breaks board deadlock on execs
Oct 10 2005 4:27PM (CT)
PARIS (AP) - French hotel company Accor named Gilles Pelisson and Serge Weinberg as its new chief executive officer and chairman respectively on Monday, ending a boardroom squabble that pitted the group's co-founders against three banks.
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Defense giant Northrop cuts 2005 outlook
Oct 10 2005 4:04PM (CT)
NEW YORK (AP) - Northrop Grumman Corp. cut its 2005 profit forecast Monday after estimating that damages and work delays caused by two recent hurricanes will lop up to 40 cents a share from full-year earnings.
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Sprint Nextel workers go on strike
Oct 10 2005 3:48PM (CT)
WASHINGTON (AP) - Nearly 1,000 Communications Workers of America members working at Sprint Nextel Corp. went on strike Monday protesting the company's calls for benefits cuts in its local telephone operations.
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Marconi shares rise on purchase reports
Oct 10 2005 3:34PM (CT)
LONDON (AP) - Shares in Marconi Corp. PLC rose sharply Monday after news reports said that Swedish telecommunications company LM Ericsson was poised to take control of the struggling British technology company.
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Goody's Family Clothing announces buyout
Oct 10 2005 3:33PM (CT)
KNOXVILLE, Tenn. (AP) - Goody's Family Clothing Inc. said Monday the department store chain has reached a definitive agreement to be acquired by an affiliate of private-investment firm Sun Capital Partners Inc. in a deal worth nearly $273 million.
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Continental makes $84M pension payment
Oct 10 2005 3:30PM (CT)
HOUSTON (AP) - Continental Airlines Inc. said Monday it paid $84 million into its defined-benefit pension plans, bringing this year's contributions to $304 million.
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Ford's Martens and DeMars to leave
Oct 10 2005 3:29PM (CT)
DEARBORN, Mich. (AP) - Ford Motor Co. executives Phil Martens and Matt DeMars have informed company officials that they plan to leave the automaker.
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Big Movers in the Stock Market
Oct 10 2005 3:27PM (CT)
NEW YORK (AP) - Stocks that were moving substantially or trading heavily Monday on the New York Stock Exchange and Nasdaq Stock Market.
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Nobel winner urges nuclear deterrence
Oct 10 2005 3:18PM (CT)
COLLEGE PARK, Md. (AP) - The way people interact and calculate the motives of others can explain the nuclear aspirations of some smaller countries, why terrorists wouldn't unleash smallpox and how people quit smoking, says Thomas Schelling, 2005 winner of the Nobel Prize for economics.
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Merck regrouping after Vioxx trial setback
Oct 10 2005 2:35PM (CT)
TRENTON, N.J. (AP) - Monday's Columbus Day holiday gave Merck & Co. some extra time to regroup after Friday's setback in the Vioxx product liability trial.
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Oil prices slip on continued low demand
Oct 10 2005 2:30PM (CT)
VIENNA, Austria (AP) - Crude oil fell slightly Monday as traders weighed the approach of the Northern Hemisphere cold season against the drag of continued low demand.
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Fazio defends backing bid for Antonveneta
Oct 10 2005 2:21PM (CT)
ROME (AP) - Bank of Italy Governor Antonio Fazio said it was his "institutional duty" to approve an Italian bank's bid for Banca Antonveneta and denied he had discriminated against a foreign rival in doing so, according to a memorandum released by his attorneys Monday.
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Toyota, GM score well in value survey
Oct 10 2005 12:51PM (CT)
DETROIT (AP) - Toyota Motor Corp.'s youthful Scion brand led the Japanese automaker to more segment victories than any other car company in a survey of buyer satisfaction. Honda Motor Co. was the overall winner, however, and General Motors Corp. was the top performer among U.S. automakers.
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U.S., EU proposals may herald breakthrough
Oct 10 2005 12:41PM (CT)
ZURICH, Switzerland (AP) - New offers from the United States and European Union to cut aid to their farmers could herald a breakthrough in deadlocked global trade talks, just two months before a deadline for a framework treaty, ministers said Monday.
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Khodorkovsky transferred to serve sentence
Oct 10 2005 12:39PM (CT)
MOSCOW (AP) - Authorities on Monday would not say where Mikhail Khodorkovsky was being sent to prison after the director of the Moscow jail where the Russian oil tycoon had been held for two years told that he was no longer there.
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Israeli, American share economics Nobel
Oct 10 2005 12:24PM (CT)
STOCKHOLM, Sweden (AP) - A pair of game theorists who defined chess-like strategies in politics and business that can be applied to arms races, price wars and actual warfare won the Nobel Prize in Economic Sciences on Monday.
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WebMD defends chairman's reimbursements
Oct 10 2005 12:22PM (CT)
NEW YORK (AP) - Emdeon Corp., the parent company of WebMD Health Corp., defended Monday its chairman's $466,000 reimbursements for personal use of company resources and said none of its senior managers are involved in a Department of Justice investigation of one of its businesses.
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Building-product cos. seen hurt by costs
Oct 10 2005 11:58AM (CT)
NEW YORK (AP) - Skyrocketing energy prices and surging costs for raw materials, especially in the wake of hurricanes Katrina and Rita, will likely flatten profit margins and pressure earnings of building-material companies when they post third-quarter results.
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Software companies seen overcoming 3Q
Oct 10 2005 11:56AM (CT)
NEW YORK (AP) - Despite difficult macroeconomic conditions, U.S. software makers are expected to post solid, if unspectacular, results for the third quarter.
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Wyoming coal price surges to record
Oct 10 2005 11:56AM (CT)
NEW YORK (AP) - The price of coal mined in Wyoming's Powder River Basin surged to record highs last week, as electric utilities bid aggressively in the market to make up for shipments lost by a host of problems that have dogged coal producers and railroads since May.
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N.Y. Times to launch free movie magazine
Oct 10 2005 11:55AM (CT)
NEW YORK (AP) - The New York Times is launching a free movie magazine which will be given away to moviegoers at Loews Cineplex theaters around the country.
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Brokerages, fund distributor paying fines
Oct 10 2005 11:51AM (CT)
WASHINGTON (AP) - Seven brokerage firms and a mutual fund distributor are paying fines totaling some $7.7 million in settlements with industry regulators over alleged improper payments for pushing certain funds, the regulators said Monday.
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KKR buys medical-device business Accellent
Oct 10 2005 11:13AM (CT)
NEW YORK (AP) - Buyout firm Kohlberg Kravis Roberts & Co. said Monday it agreed to purchase Accellent Inc., a Wilmington, Mass., provider of manufacturing and design services for medical-device makers, in a deal valued at $1.27 billion.
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Deutsche Boerse names Francioni to post
Oct 10 2005 10:05AM (CT)
BERLIN (AP) - Deutsche Boerse AG, operator of the German stock exchange, appointed Reto Francioni as its new chief executive on Monday, completing his transfer from Swiss stock exchange operator SWX Group.
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EU clears Permira and KKR to buy SBS
Oct 10 2005 10:01AM (CT)
BRUSSELS, Belgium (AP) - European Union antitrust regulators cleared private-equity firms Permira and Kohlberg Kravis Roberts & Co. on Monday to buy out Luxembourg-based SBS Broadcasting SA in a deal valuing the broadcaster at about 1.7 billion euros ($2.06 billion).
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Agnelli family's Lapo Elkann hospitalized
Oct 10 2005 9:48AM (CT)
ROME (AP) - Lapo Elkann, a member of Italy's Agnelli business dynasty and a vice president of Fiat Auto SpA, was hospitalized Monday in Turin for a drug overdose, a city official said.
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U.S. may negotiate with EU on subsidy spat
Oct 10 2005 8:39AM (CT)
ZURICH, Switzerland (AP) - The United States said Monday it remains open to negotiations in its plane subsidies dispute with the European Union, despite the launch of a new Airbus jet last week with pledges of European government support.
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Report: Japan coalition to push on reform
Oct 10 2005 8:17AM (CT)
TOKYO (AP) - Japan's ruling coalition is expected to achieve a key ambition of Prime Minister Junichiro Koizumi this week by passing legislation to privatize the country's sprawling postal service and create the world's largest private bank, according to a published report Monday.
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French industrial production up in August
Oct 10 2005 7:51AM (CT)
PARIS (AP) - French industrial production rose in August due to a jump in production of energy, electronics and chemical goods, the national statistics agency said Monday.
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Sanctuary to cut its global work force
Oct 10 2005 7:34AM (CT)
LONDON (AP) - International entertainment company Sanctuary Group PLC said Monday it will cut its work force by a quarter after a series of profit warnings.
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Equitable Life drops damages claim vs. 2
Oct 10 2005 7:19AM (CT)
LONDON (AP) - Insurance company Equitable Life said Monday that it has dropped its attempt to sue two of its 15 former directors, bringing the total of those abandoned claims to four.
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Excerpts from the Nobel citation
Oct 10 2005 6:44AM (CT)
STOCKHOLM, Sweden (AP) - Excerpts from the citation awarding the 2005 Nobel Memorial Prize in Economic Sciences to Israeli and U.S. citizen Robert J. Aumann and American Thomas C. Schelling for their work in game-theory analysis.
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Recent winners of Nobel economics prize
Oct 10 2005 6:40AM (CT)
STOCKHOLM, Sweden (AP) - Recent winners of the Nobel Memorial Prize in Economic Sciences, and their research, according to the Nobel Foundation:
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Delphi move could force industry changes
Oct 10 2005 6:20AM (CT)
ANN ARBOR, Mich. (AP) - Delphi Corp.'s bankruptcy could change the face of the U.S. auto industry, ratcheting up the pressure to produce cheaper auto parts overseas and forcing unprecedented cuts in union wages and benefits, industry analysts and autoworkers said Sunday.
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Inflation fears may overshadow earnings
Oct 10 2005 5:23AM (CT)
NEW YORK (AP) - Oil prices fell substantially last week, yet the stock market dropped to its lowest levels since early July. People who are used to seeing stocks rise as oil prices fall could very well wonder what happened. Richard Fisher happened.
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Results sought in China currency reform
Oct 10 2005 5:12AM (CT)
WASHINGTON (AP) - American manufacturers view upcoming talks as critical for China to speed its currency reforms and help reduce soaring U.S. trade deficits. The big question is whether the Chinese see the meetings in the same way.
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Some vintners picking grapes after dark
Oct 10 2005 3:30AM (CT)
ANNAPOLIS, Calif. (AP) - A vineyard here smells different at night. The daytime dust is damped down by the faintly brackish fog rolling in from the Pacific.
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