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Japanese stocks edge higher; dollar gains
Oct 11 2005 9:52PM (CT)
TOKYO (AP) - Japan's benchmark stock index edged higher Wednesday, extending gains after notching its biggest one-day advance in more than three years. The dollar rose against the yen and euro.
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Crude oil prices rise on demand concerns
Oct 11 2005 9:39PM (CT)
SINGAPORE (AP) - Crude oil prices rose in Asia Wednesday, extending an overnight spike on fears that a recent dip in demand would be short-lived.
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China's economy continues to boom
Oct 11 2005 9:34PM (CT)
SHANGHAI, China (AP) - China's economy continues to grow at a blistering rate, but the nation is facing mounting pressure from the United States to slow its soaring trade surplus by letting market forces set the value of its currency.
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JetBlue adds destinations, more flights
Oct 11 2005 9:25PM (CT)
NEW YORK (AP) - JetBlue Airways Corp. will begin flying from New York to Boston, Austin, Texas, and Richmond, Va., plus boost the number of daily flights between New York and Buffalo and Burlington, Vt.
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Microsoft, RealNetworks settle lawsuit
Oct 11 2005 9:12PM (CT)
SEATTLE (AP) - A broad settlement between digital media pioneer RealNetworks Inc. and its longtime foe Microsoft Corp. goes a lot further than simply ending the last major U.S. antitrust case against the tech heavyweight.
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Pratt to increase funding for cancer study
Oct 11 2005 8:48PM (CT)
CROMWELL, Conn. (AP) - Pratt & Whitney has agreed to increase its funding to $12 million for a massive medical study of the incidence of brain cancer among workers at the jet engine maker, a company spokesman said Tuesday.
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More refineries needed, official says
Oct 11 2005 8:47PM (CT)
HOUSTON (AP) - Increasing U.S. refining capacity requires expanding existing plants as well as building new ones, ConocoPhillips CEO James Mulva told oil and gas industry executives Tuesday.
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Apple income soars, revenue falls short
Oct 11 2005 8:47PM (CT)
SAN JOSE, Calif. (AP) - Apple Computer Inc. said Tuesday its fourth-quarter income more than quadrupled on torrid sales of iPod players and strong computer shipments for the school market, but company shares plunged more than 10 percent as revenue fell short of expectations.
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Judge grants Delphi use of $950M loan
Oct 11 2005 8:40PM (CT)
NEW YORK (AP) - A judge on Tuesday approved the use of $950 million in financing for auto supplier Delphi Corp., which is expected to consolidate or divest a significant portion of its U.S. plants during its stay in bankruptcy court.
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Procter & Gamble CEO sees more growth
Oct 11 2005 7:40PM (CT)
CINCINNATI (AP) - Procter & Gamble Co., fresh off its $57 billion acquisition of Gillette Co., can keep growing, its chief executive said Tuesday at the annual shareholders meeting of the consumer products company.
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Hillenbrand chairman to retire next year
Oct 11 2005 7:28PM (CT)
BATESVILLE, Ind. (AP) - The chairman of Hillenbrand Industries Inc. said Tuesday he will retire early next year, clearing the way for the first non-Hillenbrand family member to hold that position at the casket and hospital bed company.
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Antigua's LIAT to become low-cost carrier
Oct 11 2005 7:16PM (CT)
ST. JOHN'S, Antigua (AP) - Struggling regional airline LIAT relaunched itself as a discount carrier Tuesday in a bid to keep flying amid soaring operational costs and increased competition.
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Northwest, striking mechanics to meet
Oct 11 2005 6:13PM (CT)
MINNEAPOLIS (AP) - Northwest Airlines Corp. and its striking mechanics said Tuesday they'll meet this week, although neither side described the talks as negotiations.
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Former exec seeks Wal-Mart suit dismissal
Oct 11 2005 5:57PM (CT)
BENTONVILLE, Ark. (AP) - A lawyer for former Wal-Mart Stores Inc. vice chairman Tom Coughlin argued Tuesday for the dismissal of a lawsuit by the world's largest retailer, saying his client had an agreement with the company that it would not take punitive action against him after he retired.
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TV Guide unveils full-color, larger format
Oct 11 2005 5:54PM (CT)
NEW YORK (AP) - TV Guide released its first issue in a full-color, larger format Tuesday, part of an overall revamp aimed at trying to keep the 52-year-old magazine relevant in an age of on-screen television guides.
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Medtronic raises guidance for 2006-2008
Oct 11 2005 5:52PM (CT)
FRIDLEY, Minn. (AP) - Medical device maker Medtronic Inc. on Tuesday raised its earnings guidance for the next three years, saying it will benefit from continued growth and a lower tax rate.
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Refco says it's cooperating in probes
Oct 11 2005 5:44PM (CT)
WASHINGTON (AP) - Refco Inc., one of the world's biggest commodities brokerages, said Tuesday it is cooperating with multiple investigations by regulators into its financial reports following the ouster of its chief executive.
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EU court rules on Anheuser-Busch case
Oct 11 2005 5:33PM (CT)
STRASBOURG, France (AP) - Anheuser-Busch Ltd. cannot sell beer under the brand name Budweiser in Portugal, the European Court of Human Rights ruled Tuesday in the latest round of a global legal battle between the U.S. beer giant and Czech brewery Budejovicky Budvar.
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Brown: Fewer trade barriers to boost jobs
Oct 11 2005 5:23PM (CT)
LUXEMBOURG (AP) - Improving trade with the United States will boost European growth and jobs, British Treasury chief Gordon Brown said Tuesday after talks with EU finance ministers.
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Fed minutes hint at more rate increases
Oct 11 2005 5:06PM (CT)
WASHINGTON (AP) - The Federal Reserve disappointed the financial markets by not pausing in its rate hikes in September, and minutes of the deliberations released Tuesday gave plenty of hints there will be more hikes to come.
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Treasury prices endure negative session
Oct 11 2005 4:53PM (CT)
NEW YORK (AP) - U.S. Treasury prices endured a negative session Tuesday, with the risk of higher inflation weighing upon sentiment.
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Advanced Micro profit rises 73 percent
Oct 11 2005 4:44PM (CT)
SUNNYVALE, Calif. (AP) - Advanced Micro Devices Inc.'s profit climbed 73 percent thanks to its successful processor business, but the company continued to cope with a competitive memory-chip market.
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Brazil reaches AIDS drug deal with Abbott
Oct 11 2005 4:35PM (CT)
BRASILIA, Brazil (AP) - Brazil has reached an agreement with U.S. pharmaceutical manufacturer Abbott Laboratories Inc. to lower AIDS drug Kaletra's price, heading off a possibility the country would break the patent, the health ministry said Tuesday.
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Winter fuel bills expected to heat up
Oct 11 2005 4:34PM (CT)
WASHINGTON (AP) - Heating bills are headed through the roof, expected to average 50 percent higher this winter for homes that use natural gas. People in parts of the Midwest are likely to pay even more _ as much as $1,600 for the winter months if the weather is especially bad.
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Tuesday's Commodities Roundup
Oct 11 2005 4:31PM (CT)
NEW YORK (AP) - Crude-oil futures in New York sprang to a week high above $63.50 a barrel Tuesday on heightened expectations of a rebound in petroleum demand next year.
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NCR raises third-quarter earnings outlook
Oct 11 2005 4:29PM (CT)
DAYTON, Ohio (AP) - NCR Corp., a leading maker of computer systems, ATMs and checkout scanners, raised its earnings estimate for the third quarter Tuesday, citing better-than-expected results from its data warehousing business. Its shares rose nearly 4 percent by midday.
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Ebay to block stun-gun sales to New Yorkers
Oct 11 2005 4:28PM (CT)
ALBANY, N.Y. (AP) - Online auctioneer eBay Inc. will block the sale and shipment of stun guns and other illegal weapons to New York residents after working with Attorney General Eliot Spitzer, it was announced Tuesday.
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Infosys quarterly profit up 36 percent
Oct 11 2005 4:26PM (CT)
NEW DELHI (AP) - India's second-largest software exporter, Infosys Technologies Ltd., said Tuesday its profit for the July-September quarter rose 36 percent from a year earlier to $137.7 million and raised its earnings estimates for the full year.
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Gannett 3Q earnings drop on higher costs
Oct 11 2005 4:22PM (CT)
MCLEAN, Va. (AP) - Gannett Co., the largest newspaper publisher in the country, reported a 4 percent decline in third-quarter earnings Tuesday as lower ad revenue in its broadcasting segment and higher newsprint and other costs damped results.
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Alcoa shares up on 3Q profit growth report
Oct 11 2005 4:20PM (CT)
PITTSBURGH (AP) - Alcoa Inc.'s stock jumped Tuesday after the aluminum manufacturer said its third-quarter profit rose 2 percent from a year ago, beating Wall Street predictions despite surging energy costs and lower aluminum prices.
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Merck defense in Vioxx trial back on track
Oct 11 2005 4:17PM (CT)
ATLANTIC CITY, N.J. (AP) - A Merck & Co. doctor on Tuesday told a jury hearing a lawsuit by a Vioxx user that the drugmaker extensively studied the pain reliever's safety _ including its heart safety _ both before and after the drug won federal approval in 1999.
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The Hartford sees storm losses of $134M
Oct 11 2005 4:12PM (CT)
HARTFORD, Conn. (AP) - The Hartford Financial Services Group Inc. said Tuesday its hurricane losses in the third quarter will be about $104 million for Hurricane Katrina and $30 million for Hurricane Rita.
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Ind. Colgate toothpaste plant to close
Oct 11 2005 4:04PM (CT)
CLARKSVILLE, Ind. (AP) - Colgate-Palmolive Co. told workers Tuesday that its 500-employee plant that makes most of the company's U.S. toothpaste supply will close by January 2008.
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Icahn escalates pressure on Time Warner
Oct 11 2005 4:01PM (CT)
NEW YORK (AP) - Carl Icahn, the billionaire investor, stepped up his campaign for changes at Time Warner Inc. Tuesday, issuing a letter to shareholders accusing the company's executives of mismanagement and demanding new shareholder representation on the board.
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ExxonMobil spending $590M on settlement
Oct 11 2005 3:59PM (CT)
WASHINGTON (AP) - Exxon Mobil Corp. will spend an estimated $571 million for pollution controls at seven oil refineries in a settlement with the government and three states over alleged violations of clean air laws.
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U.S. dollar strengthens against euro
Oct 11 2005 3:50PM (CT)
BERLIN (AP) - The dollar rose against the 12-nation euro for a third day Tuesday amid uncertainty about a new German government that is seen as unlikely to push through radical reform of Europe's biggest economy.
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Delphi to trade stock on 'Pink Sheets'
Oct 11 2005 3:35PM (CT)
NEW YORK (AP) - Delphi Corp.'s stock and corporate bonds will trade on the over-the-counter electronic bulletin board after the company's shares and debt were suspended from trading Tuesday on the New York Stock Exchange.
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Fiat exec better after drug overdoese
Oct 11 2005 2:28PM (CT)
ROME (AP) - A member of Italy's Agnelli business dynasty who is also a vice president of Fiat Auto SpA was improving after he was hospitalized for a drug overdose, the hospital said Tuesday.
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Turkish co. signs power station deal
Oct 11 2005 12:59PM (CT)
ANKARA, Turkey (AP) - A Turkish company signed an agreement Tuesday to build a $360 million power station in southern Israel. An Israeli Cabinet minister praised such deals as examples of strengthening ties between the Muslim and Jewish countries.
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National Express acquires Alsa
Oct 11 2005 12:46PM (CT)
LONDON (AP) - British bus and rail operator National Express Group said Tuesday it is buying Spanish transport company Alsa in a deal worth 262 million pounds ($460 million), allowing it to expand into continental Europe for the first time.
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Joint venture to be named Magnum Coal
Oct 11 2005 12:40PM (CT)
CHARLESTON, W.Va. (AP) - A coal-producing joint venture between Arch Coal Inc. and ArcLight Capital Partners LLC will be called the Magnum Coal Co., the companies announced Tuesday.
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Marks & Spencer posts quarterly sales rise
Oct 11 2005 11:57AM (CT)
LONDON (AP) - British department-store operator Marks & Spencer Group PLC, which has struggled to compete against better-diversified rivals, surprised analysts on Tuesday by reporting its first quarterly rise in sales in almost two years.
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Britain's trade gap widens to record level
Oct 11 2005 11:23AM (CT)
LONDON (AP) - Britain's trade gap widened to a record 5.3 billion pounds ($9.3 billion) in August as the services surplus was slashed because of insurance claims relating to Hurricane Katrina.
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PetroKazakhstan fights Lukoil intervention
Oct 11 2005 11:17AM (CT)
CALGARY (AP) - PetroKazakhstan Inc. said Tuesday it would "vigorously oppose" an attempt by Russia's Lukoil to intervene in the Calgary-based firm's C$4.2-billion ($3.6 billion) sale to a Chinese state-owned company.
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Levi Strauss profit falls on higher taxes
Oct 11 2005 11:10AM (CT)
SAN FRANCISCO (AP) - Levi Strauss & Co.'s third-quarter profit dropped 18 percent because of higher income taxes, but sales edged up slightly to put the jeans maker on pace to end an eight-year streak of declining revenue.
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Investors in Crazy Eddie getting $6M more
Oct 11 2005 10:39AM (CT)
NEWARK, N.J. (AP) - It's another drop in a bucket that will never be filled, but investors whose faith in the Crazy Eddie electronics chain was expensively misplaced will soon be dividing $6 million recovered from one of its founders.
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Developing nations want deeper aid cuts
Oct 11 2005 10:32AM (CT)
GENEVA (AP) - A powerful group of developing countries will put forward a new proposal asking the United States and European Union to make deeper cuts in their farm aid, trade ministers said Tuesday.
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CEO: Volkswagen remains independent
Oct 11 2005 10:25AM (CT)
BERLIN (AP) - Even though fellow German automaker Porsche AG took a large stake in the company, Volkswagen AG "remains independent in the decision-making process," its chief executive said Tuesday.
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Wall Street Journal trims down in redesign
Oct 11 2005 10:18AM (CT)
NEW YORK (AP) - The Wall Street Journal is cutting back the size of its newspaper as part of a redesign that will save it $18 million per year, the newspaper's publisher, Dow Jones & Co., said Tuesday.
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Tata's 2Q profit more than doubles
Oct 11 2005 10:02AM (CT)
BOMBAY, India (AP) - India's biggest software company Tata Consultancy Services Ltd. said Tuesday its profit more than doubled in the second quarter on higher outsourcing orders from its key North American and European markets.
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AP's Lumpkin, Cross, Slaughter take on more
Oct 11 2005 9:37AM (CT)
NEW YORK (AP) - John O. Lumpkin, Sue Cross and Tom Slaughter will take on expanded responsibilities under a reorganization of the Newspaper & New Media Markets department of The Associated Press.
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Burberry appoints Ahrendts to replace CEO
Oct 11 2005 8:54AM (CT)
LONDON (AP) - Fashion house Burberry Group PLC said Tuesday that Liz Claiborne Inc. executive Angela Ahrendts will replace Rose Marie Bravo as chief executive of the company in mid-2006.
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Sweden's Central Bank appoints new gov.
Oct 11 2005 8:14AM (CT)
STOCKHOLM, Sweden (AP) - Sweden's Central Bank, the Riksbank, said Tuesday it has appointed Stefan Ingves as its new governor, replacing Lars Heikensten who resigned last month.
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DaimlerChrysler gets hybrid bus order
Oct 11 2005 7:53AM (CT)
BERLIN (AP) - DaimlerChrysler AG said Tuesday it has received an order for 500 hybrid electric buses from New York City's transport services, with deliveries to begin next year.
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Sharp foresees shortage of LCD TV panels
Oct 11 2005 7:41AM (CT)
TOKYO (AP) - The global demand for flat TVs is growing so rapidly it's creating a shortage of liquid crystal displays, not the glut that some had expected, a senior executive at Japanese electronics maker Sharp said Tuesday.
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Snow urges China action on yuan
Oct 11 2005 7:38AM (CT)
TOKYO (AP) - U.S. Treasury Secretary John Snow on Tuesday urged China to adopt a more flexible, market-driven currency while applauding the recent upswing in Japan's economy.
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World Bank chief critical of U.S.
Oct 11 2005 7:17AM (CT)
TOKYO (AP) - World Bank President Paul Wolfowitz said on Tuesday that he wants to see the United States contribute more to fight poverty and promote global development.
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Japan's lower house OKs postal reform plan
Oct 11 2005 7:06AM (CT)
TOKYO (AP) - Japan's powerful lower house of parliament on Tuesday approved a plan to privatize the country's vast postal system, plowing ahead with the prime minister's reform platform following the ruling party's landslide electoral victory.
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Posco's 3Q profit climbs 4.9 percent
Oct 11 2005 6:33AM (CT)
SEOUL, South Korea (AP) - Posco, the world's fifth-biggest steel maker by production, said Tuesday its third-quarter profit rose 4.9 percent, helped by demand from China for high-grade steel.
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Eutelsat seeking to raise $2.2B with IPO
Oct 11 2005 6:11AM (CT)
PARIS (AP) - Eutelsat SA, the world's third-largest satellite operator, said Tuesday it plans to raise as much as 1.8 billion euros ($2.2 billion) in an initial public offering.
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LG.Philips' third-quarter profit tumbles
Oct 11 2005 5:49AM (CT)
SEOUL, South Korea (AP) - LG.Philips LCD Co., one of the world's top makers of liquid-crystal displays, said Tuesday its third-quarter profit fell 22 percent as LCD prices remained weak.
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DoCoMo, Rakuten unite to form new company
Oct 11 2005 5:28AM (CT)
TOKYO (AP) - Japan's No. 1 cell phone carrier and its leading online shopping mall are joining forces to set up a new company that will strive to expand the growing online auction business in Japan on mobiles phones, beyond just personal computers, both sides said Tuesday.
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Genentech income rises 56 percent on sales
Oct 11 2005 5:21AM (CT)
SAN FRANCISCO (AP) - Despite a medical setback for one of its prime drugs, Genentech Inc. saw profits continue to surge as doctors began administering the company's cancer fighting medicines for more uses and for longer periods.
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ADB invests $75M in stake in Bank of China
Oct 11 2005 3:58AM (CT)
SHANGHAI, China (AP) - The Asian Development Bank plans to invest $75 million in the state-owned Bank of China to help upgrade management at the Chinese lender.
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Iowa governor: Farm subsidies must end
Oct 11 2005 2:38AM (CT)
DES MOINES, Iowa (AP) - Gov. Tom Vilsack said that while traditional farm subsidies must inevitably end, the government can lessen the economic blow by helping to find alternative ways to use crops.
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Nicaragua approves CAFTA with the U.S.
Oct 11 2005 12:23AM (CT)
MANAGUA, Nicaragua (AP) - Nicaragua's legislature late Monday approved the Central American Free Trade Agreement with the United States.
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K2 cuts earnings, sales view
Oct 11 2005 12:02AM (CT)
CARLSBAD, Calif. (AP) - Sporting-goods maker K2 Inc. slashed its fiscal 2005 earnings and sales estimates, citing softness in the paintball business.
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