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Samsung 3Q profit falls 30 percent
Oct 13 2005 11:52PM (CT)
SEOUL, South Korea (AP) - Samsung Electronics Co., the world's largest memory chipmaker and a major consumer electronics manufacturer, said Friday that third-quarter profit declined 30 percent amid lower chip prices and because it set aside funds to pay an antitrust fine in the United States.
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Oil prices slip below $63 a barrel
Oct 13 2005 11:48PM (CT)
SINGAPORE (AP) - Crude futures fell Friday, extending earlier losses as supply worries were damped by signs of continued weakness in gasoline demand coupled with reports of sharp post-hurricane recovery in Gulf of Mexico oil operations.
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Extra competition threatens Int'l Speedway
Oct 13 2005 11:45PM (CT)
NEW YORK (AP) - Nascar fan Rob Chapman scrawled 'Go Kentucky Speedway!' across an auto-racing message board in 18-point royal-blue type to make his point clear.
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Anti-American sentiment may hurt US firms
Oct 13 2005 11:39PM (CT)
WILLIAMSBURG, Va. (AP) - Advertising executive Keith Reinhard has a message for U.S. companies: America's tarnished image may soon hurt your bottom lines.
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Japanese stocks inch up; dollar falls
Oct 13 2005 10:12PM (CT)
TOKYO (AP) - Japan's benchmark stock index inched up Friday morning as traders bought trucking, textile and nonferrous metal issues. The dollar fell against the yen and euro.
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Samsung to pay $300M fine for price fixing
Oct 13 2005 10:10PM (CT)
WASHINGTON (AP) - Samsung, the world's largest maker of memory chips for computers and other gadgets, will pay a $300 million fine to settle accusations it secretly conspired with industry rivals to fix prices and cheat customers, federal officials said Thursday.
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Chevron refinery restarts after Katrina
Oct 13 2005 9:54PM (CT)
SAN RAMON, Calif. (AP) - Chevron Corp. said Thursday it has restarted its largest refinery that was shut down by Hurricane Katrina.
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Md. aluminum plant cuts more than 600 jobs
Oct 13 2005 9:07PM (CT)
ANNAPOLIS, Md. (AP) - Layoff notices are being sent to more than 600 employees of an Eastalco aluminum plant that Maryland officials are trying to save, a company spokesman said Thursday.
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Occidental to buy Vintage Petroleum
Oct 13 2005 9:01PM (CT)
SAN FRANCISCO (AP) - Vintage Petroleum Inc. said late Thursday it has accepted a $3.8 billion cash and stock takeover offer from Occidental Petroleum Corp. Vintage shares soared 27 percent on the news.
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India official: U.S. must make better cuts
Oct 13 2005 7:45PM (CT)
GENEVA (AP) - India and other developing countries will only agree to further opening of their agriculture markets to foreign producers if the United States offers to make greater cuts in its farm aid, India's top trade official said Thursday.
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Mesaba files for bankruptcy protection
Oct 13 2005 7:33PM (CT)
MINNEAPOLIS (AP) - Regional airline Mesaba Aviation's passengers, planes and cash all came from bankrupt Northwest Airlines, along with its financial problems. Mesaba filed for bankruptcy protection on Thursday, saying Northwest's fleet reductions had forced it into Chapter 11.
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Refco subsidiary freezes customer accounts
Oct 13 2005 7:16PM (CT)
NEW YORK (AP) - Commodities broker Refco Inc., struggling with daily revelations in an accounting scandal, said Thursday it will freeze customers' accounts in one of its subsidiaries for 15 days because the unit may not have enough cash on hand to operate normally.
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Roche boosting production of bird flu drug
Oct 13 2005 7:13PM (CT)
GENEVA (AP) - Amid fears of a global flu pandemic, production is being stepped up to stockpile the only drug that may be able to treat the illness, but the 12 months it takes to make a dose means governments may have to wait for new orders, drugmaker Roche Holding AG said.
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Adobe acquisition of Macromedia gets OK
Oct 13 2005 7:05PM (CT)
SAN FRANCISCO (AP) - Adobe Systems Inc. said Thursday the Justice Department has approved its $3.4 billion acquisition of Macromedia Inc.
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Amtrak subsidiary to manage N.E. corridor
Oct 13 2005 6:28PM (CT)
WASHINGTON (AP) - Amtrak's chairman says splitting off the Northeast Corridor _ the most heavily traveled portion of the system _ under federal-state management is the only way to revitalize U.S. passenger rail service.
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Mortgage rates hit 6 percent, and climbing
Oct 13 2005 6:27PM (CT)
NEW YORK (AP) - Americans may have seen the last of long-term mortgage rates below 6 percent, and borrowing costs for home buyers likely will climb further, slowing frenetic demand that has stoked U.S. housing in recent years.
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SEC accuses hedge funds, manager of fraud
Oct 13 2005 6:13PM (CT)
WASHINGTON (AP) - Securities regulators on Thursday accused Wood River hedge funds and their manager, a former Wall Street analyst, of defrauding investors with false promises of sound financial management.
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Bonds slip on inflation worries
Oct 13 2005 5:38PM (CT)
NEW YORK (AP) - Treasury bonds ended lower Thursday, as investor concern over inflation risks for the economy remained high.
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Toyota recalls 75,000 Prius hybrids
Oct 13 2005 5:35PM (CT)
DETROIT (AP) - Toyota Motor Corp. said Thursday it is recalling 75,000 Prius gas-electric hybrid cars because their engines can stall due to an electrical problem.
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Merck faces surge of new Vioxx lawsuits
Oct 13 2005 5:23PM (CT)
TRENTON, N.J. (AP) - Eight weeks after a Texas jury handed drug maker Merck & Co. a $253 million verdict in its first Vioxx product liability trial, the number of Vioxx lawsuits is rising like floodwater.
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Money funds rise in latest week
Oct 13 2005 5:03PM (CT)
NEW YORK (AP) - Assets of the nation's retail money market mutual funds rose by $3.74 billion in the latest week to $821.67 billion, the Investment Company Institute said Thursday.
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Thursday's Commodities Roundup
Oct 13 2005 4:48PM (CT)
NEW YORK (AP) - Oil prices dropped under $63 a barrel Thursday as a sharp post-Rita recovery in Gulf Coast refinery operations damped supply worries.
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Ford appoints first female executive VP
Oct 13 2005 4:45PM (CT)
DETROIT (AP) - Ford Motor Co. has named its first female executive vice president in its 102-year history as part of a series of moves intended to boost Ford's flagging North American operations, the company said Thursday.
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AFL-CIO urges on China's trade policies
Oct 13 2005 4:31PM (CT)
WASHINGTON (AP) - America's largest labor federation is urging the U.S. government to challenge more strongly what it calls China's unfair manipulation of its exchange rate to gain trade advantages over U.S. business.
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Google to report earnings in new format
Oct 13 2005 4:11PM (CT)
SAN FRANCISCO (AP) - Bending slightly to the ways of Wall Street, online search engine leader Google Inc. will expand its quarterly financial results to include an earnings figure that differs from mandated accounting practices.
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Knape & Vogt to explore long-range options
Oct 13 2005 4:08PM (CT)
GRAND RAPIDS, Mich. (AP) - Knape & Vogt Manufacturing Co. on Thursday announced it has retained an investment banking firm to help it evaluate its long-range options, including a possible sale.
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HCA warns 3Q profit will miss estimates
Oct 13 2005 3:59PM (CT)
NASHVILLE, Tenn. (AP) - Hospital operator HCA Inc. warned Thursday that its third-quarter profit will miss Wall Street expectations because of costs related to the recent hurricanes and an asset impairment charge.
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Winnebago 4Q profit falls, tops estimates
Oct 13 2005 3:54PM (CT)
DES MOINES, Iowa (AP) - Winnebago Industries Inc. on Thursday said earnings for the fourth quarter fell almost 20 percent as sales of its recreational motor homes fell amid an industrywide downturn that has been induced mostly by higher gasoline prices.
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Johnson & Johnson seeks to protect Procrit
Oct 13 2005 3:51PM (CT)
NEWARK, N.J. (AP) - In a bid to protect its best-selling drug, Procrit, a Johnson & Johnson company has charged Amgen Inc. with antitrust violations, claiming that illegal sales practices force cancer doctors to choose its competing anti-anemia drug.
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Cigna, Kmart join forces on Medicare
Oct 13 2005 3:36PM (CT)
NEW YORK (AP) - The health insurer Cigna Corp. is teaming up with Kmart's pharmacies to co-brand a Medicare prescription drug plan as well as help educate consumers about the new government program that goes into effect next year.
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Tribune profit sags on tax-ruling charge
Oct 13 2005 3:29PM (CT)
CHICAGO (AP) - Tribune Co., whose holdings include 11 daily newspapers, 26 television stations and the Chicago Cubs, said Thursday that third-quarter profits tumbled 82 percent because of an adverse tax ruling that forced it to take a huge charge.
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Baxter: FDA seizes recalled drug pumps
Oct 13 2005 3:27PM (CT)
CHICAGO (AP) - Shares of Baxter International Inc. slipped Thursday after the medical device maker said federal regulators have seized drug pumps the company had stopped shipping earlier this year because of a product recall.
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Comair to eliminate up to 650 more jobs
Oct 13 2005 3:23PM (CT)
CINCINNATI (AP) - Regional airline Comair said Thursday it will cut up to 650 more jobs, wages and its fleet to save up to $70 million a year as parent Delta Air Lines Inc. tries to reshape itself for survival while operating under bankrupcty protection.
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Some Delphi plants at risk for closure
Oct 13 2005 3:20PM (CT)
DETROIT (AP) - Auto supplier Delphi Corp., which filed for bankruptcy protection last weekend, expects to close plants as part of its restructuring, and while the company hasn't said which plants are on the chopping block, some are at more risk than others.
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FAA extends flight caps at O'Hare
Oct 13 2005 3:00PM (CT)
CHICAGO (AP) - Federal aviation regulators have extended a temporary cap on flights into O'Hare International Airport into next spring as a way to reduce delays, according to a federal order made public Thursday.
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S. America goes nationalist with oil, gas
Oct 13 2005 2:56PM (CT)
CARACAS, Venezuela (AP) - Protesters in Ecuador have dynamited oil pipelines, a Bolivian presidential candidate says he wants to seize private gas fields, and Venezuela is threatening to kick out any foreign oil companies that won't submit to more state control.
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Ex-CEO: China likely to own U.S. oil co.
Oct 13 2005 2:46PM (CT)
LOS ANGELES (AP) - Sooner or later a Chinese company will buy an American oil and gas company despite political objections in the United States, according to former Unocal Corp. chief executive Charles R. Williamson.
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NetJets and pilots reach agreement
Oct 13 2005 1:57PM (CT)
COLUMBUS, Ohio (AP) - NetJets Inc., a private air charter service that caters to companies and business executives, reached a tentative agreement with its pilots to end a four-year-old labor dispute.
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Bankruptcy law tightens homestead rules
Oct 13 2005 1:22PM (CT)
MIAMI (AP) - Elona Kaplan moved to Florida 2 1/2 years ago after going through a divorce. She bought a $178,000 bayfront condo in Sunny Isles Beach, just north of here, where she hoped to start a new life.
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Arris shares fall on analyst downgrade
Oct 13 2005 12:55PM (CT)
NEW YORK (AP) - Arris Group Inc. stock fell Thursday after a Wall Street analyst downgraded the communications technology maker, citing its "lackluster" fourth-quarter outlook.
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Lone Star Tech stock falls after warning
Oct 13 2005 12:53PM (CT)
AUSTIN, Texas (AP) - Lone Star Technologies Inc. stock fell Thursday after the oilfield equipment company warned that third-quarter results will fall significantly below Wall Street views.
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Corsican ferry workers to return to work
Oct 13 2005 12:39PM (CT)
MARSEILLE, France (AP) - Workers at a state-run ferry company linking France with the island of Corsica voted overwhelmingly Thursday to end a strike that brought traffic to a standstill for more than three weeks.
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Home loan program to aid storm victims
Oct 13 2005 11:24AM (CT)
BATON ROUGE, La. (AP) - Mortgage investor Freddie Mac is offering a $1 billion program for low-interest loans to help up to 10,000 low-income Louisiana and Gulf Coast homeowners recover from Hurricane Katrina.
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Double Hull Tankers flat in trading
Oct 13 2005 11:04AM (CT)
NEW YORK (AP) - Shares of Double Hull Tankers Inc. were flat on Thursday, the first day of trading after the tanker shipping company's initial public offering.
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BP, Hindustan Petroleum to build refinery
Oct 13 2005 11:01AM (CT)
NEW DELHI (AP) - British oil company BP Group PLC and India's state-owned Hindustan Petroleum Corp. on Thursday signed an agreement to build a $3 billion refinery in northern India.
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Japanese shop amid economic optimism
Oct 13 2005 10:20AM (CT)
TOKYO (AP) - Kenshin Nakanishi peruses the wall of flat-screened televisions with price tags reaching the equivalent of $15,000 at a gleaming new nine-story electronics store as big as a city block.
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Alitalia, unions look to boost productivity
Oct 13 2005 10:15AM (CT)
ROME (AP) - Alitalia and unions said Thursday they had reached an agreement on increasing productivity, as banks monitor the struggling airline's cost-cutting measures before deciding on a possible 1.2 billion euros ($1.44 billion) capital increase deal.
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EU exec wary of regulating hedge funds
Oct 13 2005 10:12AM (CT)
BRUSSELS, Belgium (AP) - The EU's internal market commissioner said Thursday he was wary of heavy-handed legislation for alternative investment funds such as hedge funds.
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China UnionPay plans to expand network
Oct 13 2005 10:11AM (CT)
SHANGHAI (AP) - China UnionPay, which has sole responsibility for mainland China's bank-card transactions, plans to expand its network to 10 more countries by the end of this year, a company executive said Thursday.
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Judge rules against United workers in suit
Oct 13 2005 7:51AM (CT)
CHICAGO (AP) - A bank that served as trustee for a now-defunct United Airlines employee stock-ownership plan cannot be held responsible for its steep losses, a federal judge ruled.
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Gazprom's Sibneft purchase gets approval
Oct 13 2005 7:42AM (CT)
MOSCOW (AP) - Prime Minister Mikhail Fradkov's government has approved the state-controlled gas monopoly Gazprom's purchase of the Sibneft oil company, a deal that will give the state control over one-third of Russia's oil output.
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EU clears Amer Sports to buy Salomon
Oct 13 2005 7:35AM (CT)
BRUSSELS, Belgium (AP) - The European Union head office approved Finnish winter sports company Amer Group's purchase of Adidas AG's French unit Salomon on Thursday after the companies agreed to end close cooperation with a ski maker rival.
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U.S, China textile talks still at impasse
Oct 13 2005 7:03AM (CT)
BEIJING (AP) - A fourth round of U.S.-Chinese talks on a dispute over surging Chinese exports of low-priced textiles that American producers say threaten thousands of jobs ended Thursday without agreement, the chief U.S. negotiator said.
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UK official: spending plans affordable
Oct 13 2005 7:01AM (CT)
LONDON (AP) - Treasury Chief Gordon Brown acknowledged Thursday that the British economy is facing bigger hurdles to growth, but said the government would be able to meet its future spending plans.
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CCB's IPO expected to be biggest this year
Oct 13 2005 6:38AM (CT)
HONG KONG (AP) - China Construction Bank said Thursday it has set a price range of 1.90 Hong Kong dollars to 2.40 Hong Kong dollars (24 cents to 31 cents) per share for its initial public offering in Hong Kong _ expected to be the world's biggest IPO this year.
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Leak shuts down 2 Norwegian platforms
Oct 13 2005 5:42AM (CT)
OSLO, Norway (AP) - A natural-gas leak aboard the North Sea oil platform Sleipner A forced two offshore fields to shut down, the Statoil ASA oil company announced Thursday.
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Stewart, KB Home unite on housing project
Oct 13 2005 5:31AM (CT)
NEW YORK (AP) - Fans of Martha Stewart who snapped up her towels and sheets will soon be able to live in a house designed by the domestic maven.
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China rejects currency control pressure
Oct 13 2005 5:24AM (CT)
BEIJING (AP) - China's finance minister on Thursday rejected U.S. pressure for a quick end to currency controls, saying ahead of a visit by his American counterpart that Beijing will move at its own pace.
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Honda hybrid tops auto fuel economy list
Oct 13 2005 5:24AM (CT)
WASHINGTON (AP) - The manual version of the hybrid Honda Insight tops the latest government auto fuel economy list, with 60 miles per gallon in the city and 66 mpg on the highway.
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Time Warner CEO says India is good market
Oct 13 2005 5:20AM (CT)
HONG KONG (AP) - The chief executive of Time Warner Inc., the world's largest media company, said Thursday that India offers better immediate growth prospects for his firm than China because India has stronger rule of law and less censorship.
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Hynix Semiconductor's 3Q profit drops
Oct 13 2005 5:19AM (CT)
SEOUL, South Korea (AP) - Hynix Semiconductor Inc., the world's second-largest memory chip maker, reported Thursday that weaker chip prices caused its third-quarter profit to fall 3.5 percent from the same period a year earlier.
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Lawmakers, dairy farmers wrangle on program
Oct 13 2005 5:16AM (CT)
WASHINGTON (AP) - A rift among lawmakers and dairy farmers across the nation has led to the end of a federal program which may be crucial to upstate New York farmers if prices continue to drop.
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Koreas' trade volume expected to hit $1B
Oct 13 2005 4:52AM (CT)
SEOUL, South Korea (AP) - Trade volume between the divided Koreas is expected to reach a record $1 billion this year, a South Korean official said Thursday.
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Senators, dairy farmers clash over program
Oct 13 2005 3:57AM (CT)
WASHINGTON (AP) - A rift among lawmakers and dairy farmers across the nation has led to the end of a federal program which may be crucial to upstate New York farmers if prices continue to drop.
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Northwest asks judge to cancel contracts
Oct 13 2005 12:21AM (CT)
MINNEAPOLIS (AP) - Northwest Airlines Corp. asked a bankruptcy judge on Wednesday for permission to reject union contracts, starting a countdown for workers to either make a deal or live with pay cuts imposed by the company. The nation's fourth-largest airline said it would be forced to shut down unless employees work for less.
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Delphi: Hourly workers could see wage cuts
Oct 13 2005 12:18AM (CT)
TROY, Mich. (AP) - Delphi Corp.'s hourly workers could see wage and benefit cuts as early as this spring, officials from the auto supplier, which sought bankruptcy protection last weekend, said Wednesday.
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