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Gates warns of 'sea change' in memo
Nov 8 2005 11:58PM (CT)
SEATTLE (AP) - The technology industry shift's to Internet-based software and services represents a massive and disruptive "sea change," Microsoft Chairman Bill Gates wrote to top-level executives in a memo aimed at rallying his troops against the new competitive threats the company faces.
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Experts: Cruises vulnerable to attacks
Nov 8 2005 11:31PM (CT)
MIAMI (AP) - Cruise lines say their crews and ships are well prepared for attacks like the one off the coast of Somalia this past weekend, when pirates fired rocket-propelled grenades and machine guns at the luxury vessel Seabourn Spirit. The ship safely evaded two pirate boats after using an earsplitting sonic weapon, changing course and heading out to sea.
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ChoicePoint warns consumers about fraud
Nov 8 2005 9:18PM (CT)
ALPHARETTA, Ga. (AP) - ChoicePoint Inc., the company that disclosed earlier this year that thieves had accessed its massive database of consumer information, said Tuesday in a regulatory filing it has sent out another 17,000 notices to people telling them they may be victims of fraud.
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Trump wins suit against construction co.
Nov 8 2005 8:44PM (CT)
WHITE PLAINS, N.Y. (AP) - Donald Trump could become a few million dollars richer after winning a lawsuit Tuesday against a construction company he'd accused of overcharging him for work at a golf course.
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Japanese stocks decline in early trading
Nov 8 2005 8:35PM (CT)
TOKYO (AP) - Japanese stocks fell in early trading Wednesday following Wall Street's earlier decline. The dollar slipped against the yen.
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Court: Conseco founder must repay company
Nov 8 2005 8:10PM (CT)
INDIANAPOLIS (AP) - A three-judge panel of the Indiana Court of Appeals on Tuesday unanimously upheld a lower court's ruling ordering Conseco Inc. founder Stephen Hilbert to pay $72 million to his former company.
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Threats alleged in suit against Chevron
Nov 8 2005 7:02PM (CT)
WASHINGTON (AP) - Threats have been made against the Ecuadorean leaders of an environmental lawsuit against Chevron Corp., and an international human rights commission should step in to help, says a petition filed Tuesday.
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Delta to postpone release of 3Q results
Nov 8 2005 7:01PM (CT)
ATLANTA (AP) - Delta Air Lines Inc., which filed for bankruptcy protection on Sept. 14, said Tuesday it is delaying the release of its third-quarter results for another five days.
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McKesson 2Q profit soars to $167 million
Nov 8 2005 6:42PM (CT)
SAN FRANCISCO (AP) - McKesson Corp.'s quarterly profit nearly doubled, continuing a yearlong financial roll that has repeatedly topped analyst expectations.
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Pixar Animation Studios 3Q earnings rise
Nov 8 2005 6:42PM (CT)
LOS ANGELES (AP) - Pixar Animation Studios Inc., which produced such films as "The Incredibles" and "Finding Nemo," reported Tuesday that its third quarter earnings rose 22 percent on robust home video sales of older titles.
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Quest Software shares rise on 3Q results
Nov 8 2005 6:39PM (CT)
LOS ANGELES (AP) - Shares of Quest Software Inc. rose sharply, a day after the company reported third-quarter earnings that beat Wall Street's expectations.
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Trader Classified Media announces IPO
Nov 8 2005 6:39PM (CT)
AMSTERDAM, Netherlands (AP) - Amsterdam-based Trader Classified Media NV, a classified ads publisher, said Tuesday it planned an initial public offering for its Central and Eastern European operations and may sell the rest of the company to the highest bidder.
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MBIA posts 3Q earnings of $141.8 million
Nov 8 2005 6:37PM (CT)
CHICAGO (AP) - MBIA Inc. said Tuesday that third-quarter income fell due to $75 million in charges it is taking to cover a potential settlement with regulators over an investigation into reinsurance agreements. The company also announced it will restate earnings dating back to 1998 to account for the settlement.
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Landry's 3Q earnings miss expectations
Nov 8 2005 6:34PM (CT)
DES MOINES, Iowa (AP) - Landry's Restaurants Inc., the operator of the Joe's Crab Shack, Chart House and Saltgrass Steak House chains, Tuesday posted third-quarter results that narrowly missed meeting Wall Street's expectations despite significant sales losses from hurricanes Katrina and Rita.
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Asarco, unions reach deal to end strike
Nov 8 2005 6:19PM (CT)
TUCSON, Ariz. (AP) - Copper producer Asarco LLC and striking workers reached agreement on a new contract, ending a four-month strike, company and union officials said Tuesday.
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Study: CEO compensation increases in 2004
Nov 8 2005 6:14PM (CT)
NEW YORK (AP) - The overall compensation of U.S. chief executives rose again in 2004 as generally good profits boosted bonuses, but a shift away from stock options slowed the aggregate growth rate, according to a study published Tuesday.
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Bond note up 16/32; yield down 0.07 pct.
Nov 8 2005 6:10PM (CT)
NEW YORK (AP) - The U.S. government bond market rose Tuesday and held its gains after an $18 billion sale of new 3-year notes yielded mixed results.
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Blockbuster posts 3Q loss of $491.4M
Nov 8 2005 6:09PM (CT)
DALLAS (AP) - Blockbuster Inc., the nation's largest movie-rental chain, posted a $491.4 million third-quarter loss as the elimination of most late fees continued to chip away at revenue and the growth of the company's online service stalled. The company's shares tumbled more than 5 percent in trading after the report was released.
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Oil prices end higher; traders await data
Nov 8 2005 6:07PM (CT)
WASHINGTON (AP) - Crude futures ended higher Tuesday, reversing course from an early selloff after traders were unable to keep oil prices below $59 a barrel.
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Visteon posts 3rd-quarter loss of $200M
Nov 8 2005 6:07PM (CT)
DETROIT (AP) - Auto parts maker Visteon Corp., which recently closed on a bailout plan with former parent Ford Motor Co., reported a higher-than-expected third-quarter loss Tuesday due to production cuts at Ford and the high cost of raw materials. The company's shares tumbled 14 percent.
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Linens N Things agrees to $1.3B buyout
Nov 8 2005 6:04PM (CT)
CLIFTON, N.J. (AP) - Linens N Things Inc., a top retailer of bedding, towels and home goods, agreed Tuesday to be acquired by an investment firm in a deal worth about $1.3 billion.
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Tuesday's commodities roundup
Nov 8 2005 5:49PM (CT)
NEW YORK (AP) - Crude-oil futures ended a fairly choppy session with modest gains Tuesday, pushed higher by technically triggered short covering.
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Toll Brothers cuts sales outlook for 2006
Nov 8 2005 5:48PM (CT)
PHILADELPHIA (AP) - In a possible sign of trouble for the housing industry, luxury home builder Toll Brothers Inc. cut its sales forecast for fiscal 2006 Tuesday, citing delayed openings for new developments and weakened demand in several markets.
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AFL-CIO backs employees in Delphi battle
Nov 8 2005 5:26PM (CT)
DETROIT (AP) - The president of the AFL-CIO said Tuesday his union is backing workers who are facing wage and benefit cuts at Delphi Corp.
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China, U.S. agree to 3-year trade pact
Nov 8 2005 5:20PM (CT)
WASHINGTON (AP) - China and the United States agreed Tuesday to a three-year pact to limit Chinese clothing and textile imports, a deal that will help the beleaguered U.S. industry but cost the average American family $10 to $20 annually in higher clothing bills.
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Primedia posts higher 3Q net income
Nov 8 2005 5:08PM (CT)
NEW YORK (AP) - Primedia Inc., publisher of specialty magazines such as Motor Trend and consumer guides, on Tuesday posted higher third-quarter net income on a hefty gain from the sale of its business information segment. But its loss from continuing operations widened.
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Cooper Tire & Rubber reports 3Q loss
Nov 8 2005 4:59PM (CT)
FINDLAY, Ohio (AP) - Cooper Tire & Rubber Co. on Tuesday reported an $840,000 loss for the third quarter, saying it was hurt by higher raw material costs and weak demand for replacement tires. The company's shares tumbled more than 4 percent.
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Wheeling-Pitt reports 3Q loss of $21.1M
Nov 8 2005 4:57PM (CT)
CHARLESTON, W.Va. (AP) - Steelmaker Wheeling-Pittsburgh Corp. on Tuesday reported a third-quarter loss on low steel prices and high costs, amid what CEO James G. Bradley described as a very difficult year. The company's shares tumbled 24 percent.
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Dynegy 3rd-quarter profit falls 68 pct.
Nov 8 2005 4:56PM (CT)
HOUSTON (AP) - Energy company Dynegy Inc. said Tuesday its third-quarter profit slid 68 percent, but results topped Wall Street expectations and the company raised its full-year 2005 forecast.
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EchoStar 3Q earnings up to $208.9 million
Nov 8 2005 4:55PM (CT)
ENGLEWOOD, Colo. (AP) - EchoStar Communications Corp.'s third-quarter earnings more than doubled, driven by double-digit revenue growth and the addition of 255,000 net new subscribers during the quarter.
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Alcan posts lower profit, revenue in 3Q
Nov 8 2005 4:52PM (CT)
MONTREAL (AP) - Alcan Inc., the Canadian aluminum manufacturer, Tuesday said it posted lower earnings and revenue in the third quarter, blaming higher costs for energy and raw materials and the weaker U.S. dollar.
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McDonald's same-store sales up 3 percent
Nov 8 2005 4:51PM (CT)
OAK BROOK, Ill. (AP) - McDonald's Corp.'s latest Monopoly game promotion helped maintain momentum at the fast-food chain last month, contributing to a 3 percent sales increase at U.S. restaurants open at least 13 months.
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Caremark Rx 3Q profit surges 35 percent
Nov 8 2005 4:32PM (CT)
PHILADELPHIA (AP) - Caremark Rx Inc., a pharmacy-benefits manager, Tuesday posted a 35 percent increase in third-quarter profit, helped by increasing use of generic drugs and mail-order services.
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Cablevision reports $62.9M loss for 3Q
Nov 8 2005 4:30PM (CT)
NEW YORK (AP) - Cablevision Systems Corp., a New York area cable TV provider which also owns Madison Square Garden, reported a $62.9 million loss in the third quarter on Tuesday even though revenues rose 11 percent as more customers signed up for high-speed Internet and other premium services.
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Boeing to lay off about 250 employees
Nov 8 2005 4:29PM (CT)
WICHITA, Kan. (AP) - Boeing Co. said Tuesday it would lay off about 250 workers at its Wichita operations, partly because of program delays caused by the recent machinists strike.
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Icahn wants Fairmont to boost stock price
Nov 8 2005 4:09PM (CT)
NEW YORK (AP) - Billionaire investor Carl Icahn has spent about $185 million to acquire a stake in Canadian luxury hotel operator Fairmont Hotels & Resorts Inc. and plans to push the hotel company's management to improve its share price through a sale of the entire business or in individual properties.
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Bank of New York to pay $38M in fines
Nov 8 2005 3:58PM (CT)
NEW YORK (AP) - The nation's oldest bank, The Bank of New York, has agreed to pay $38 million in fines and adopt reforms to end a long-running federal investigation into fraud and money laundering, prosecutors said Tuesday.
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Judge dismisses claim against Commerce
Nov 8 2005 3:48PM (CT)
TRENTON, N.J. (AP) - Commerce Bancorp will not have to pay shareholders who took a financial hit after two company executives were indicted in a Philadelphia City Hall corruption case last year, a judge has ruled.
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Court asked to stop NYSE-Archipelago vote
Nov 8 2005 3:46PM (CT)
NEW YORK (AP) - A group of dissident seat owners on the New York Stock Exchange asked a state court Tuesday to postpone a seat owner and shareholder vote on the Big Board's proposed $6 billion acquisition of electronic rival Archipelago Holdings Inc.
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Six Flags' CEO asks investors to back sale
Nov 8 2005 3:27PM (CT)
NEW YORK (AP) - Six Flags Inc. Chairman and Chief Executive Officer Kieran Burke again urged investors not to support a group seeking to take over the board and instead wait for Six Flags to finish the process of selling the company.
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Bernanke seen as plain-spoken economist
Nov 8 2005 3:23PM (CT)
WASHINGTON (AP) - When Alan Greenspan speaks, people listen but they don't always understand. With Ben Bernanke, there's no need for the economic equivalent of a decoder ring.
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Correction: Newspapers-Circulation story
Nov 8 2005 3:20PM (CT)
NEW YORK (AP) - In a Nov. 7 story about newspaper circulation, The Associated Press erroneously reported that The Daily Leader in Brookhaven, Miss., had not filed a statement with the Audit Bureau of Circulations after its distribution was affected by Hurricane Katrina. However, the newspaper said it did file a statement, but a week late, after receiving an extension from the Audit Bureau.
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Ministers to lower goals for WTO summit
Nov 8 2005 3:03PM (CT)
GENEVA (AP) - Ministers from the world's top commercial powers said Tuesday that they would have to scale down expectations for a crucial meeting next month in Hong Kong that was supposed to deliver a framework deal for liberalizing world trade.
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Dominican financier found liable in suit
Nov 8 2005 1:59PM (CT)
MIAMI (AP) - A powerful financier from the Dominican Republic has been found liable in an illegal money transfer case, handing a victory to authorities trying to recoup millions of dollars lost in the collapse of the Caribbean country's third largest bank.
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Morocco joins Galileo satellite program
Nov 8 2005 1:30PM (CT)
BRUSSELS, Belgium (AP) - Morocco will join the European Union's Galileo satellite navigation program, becoming the first African nation to participate in the project that aims to rival the United States' GPS system, the EU said Tuesday.
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Philippine Airlines to buy Airbus 320s
Nov 8 2005 1:17PM (CT)
MANILA, Philippines (AP) - Philippine Airlines said Tuesday it will purchase nine new Airbus 320 jets over the next three years for its refleeting program.
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VW secures agreement on shift-work plan
Nov 8 2005 1:14PM (CT)
BERLIN (AP) - Volkswagen AG said Tuesday it has agreed with labor representatives on a new shift-work plan at its headquarters plant in Germany, a deal that will save it 50 million euros ($59 million) per year.
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Sotheby's improves from year-ago period
Nov 8 2005 1:06PM (CT)
CHICAGO (AP) - Sotheby's Holdings Inc. stock rose Tuesday in the first day of trading after the company reported solid results during a seasonally slow third quarter.
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Fossil profit falls on weak domestic sales
Nov 8 2005 1:05PM (CT)
RICHARDSON, Texas (AP) - Fossil Inc. said earnings in the latest quarter were hurt by weak domestic watch sales, but it beat analyst expectations.
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American Remanufacturers files for Ch. 11
Nov 8 2005 12:47PM (CT)
WASHINGTON (AP) - American Remanufacturers Inc. said it filed for Chapter 11 protection from its creditors, the latest in a string of auto-parts makers that have filed for bankruptcy this year.
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Abry sues buyout firm Providence Equity
Nov 8 2005 12:45PM (CT)
WELLESLEY, Mass. (AP) - One buyout firm is suing another, alleging fraudulent conduct and misrepresentation, in a rare move for the clubby private-equity industry.
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Northwest seeks temporary pay cuts for some
Nov 8 2005 12:44PM (CT)
MINNEAPOLIS (AP) - Northwest Airlines Corp. is asking a judge to temporarily authorize 19 percent pay cuts for its customer service agents and other ground workers.
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Marks & Spencer posts first-half profit
Nov 8 2005 12:22PM (CT)
LONDON (AP) - British department-store operator Marks & Spencer Group PLC, which has struggled to compete against better-diversified rivals, reported a 63 percent rise in profit Tuesday and said that it had signed a new contract with a key womenswear designer.
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U.S., China sign deal on Chinese imports
Nov 8 2005 12:21PM (CT)
LONDON (AP) - The U.S. and China signed a deal Tuesday limiting imports of Chinese clothing and textile products into the United States, ending three months of negotiations over the thorny issue.
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Freddie Mac cuts first half profit by $220M
Nov 8 2005 12:18PM (CT)
WASHINGTON (AP) - Mortgage finance giant Freddie Mac, emerging from an accounting scandal, said Tuesday that its earnings for the first half of 2005 were about $220 million lower than originally reported due to computer errors.
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EU outlines obstacles to banking mergers
Nov 8 2005 11:49AM (CT)
BRUSSELS, Belgium (AP) - Europe's fragmented banking market stops financial institutions from growing outside their national borders, the European Commission said Tuesday as it outlined why cross-border banking mergers happen so rarely in Europe.
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Parmalat shareholders appoint Bondi as CEO
Nov 8 2005 11:39AM (CT)
ROME (AP) - Turnaround expert Enrico Bondi, who led Parmalat's recovery after a massive fraud scandal two years ago, won a shareholders vote Tuesday to become the dairy company's chief executive.
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EU business leaders dim 2005 forecast
Nov 8 2005 11:34AM (CT)
BRUSSELS, Belgium (AP) - European business leaders and governments closed ranks Tuesday, urging the European Central Bank to avoid raising its key lending rate and saying inflation was under control and will remain so in 2006.
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Western Gas profit nearly doubles on output
Nov 8 2005 10:48AM (CT)
DENVER (AP) - Western Gas Resources Inc. on Tuesday posted a 93 percent jump in third-quarter profit, helped by a combination of production growth and higher commodity prices.
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Clayton Holdings Inc. plans IPO
Nov 8 2005 10:47AM (CT)
WASHINGTON (AP) - Clayton Holdings Inc., a provider of outsourced management services for the financial industry, will go public in an initial stock offering worth as much as $230 million, the company said in a regulatory filing.
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De Beers to sell part of subsidiary
Nov 8 2005 10:19AM (CT)
JOHANNESBURG, South Africa (AP) - The mining giant De Beers SA announced Tuesday it would immediately sell 26 percent of its South African mining subsidiary to a black-empowerment group in a deal that it said would comply with South African legislation aimed at increasing black ownership in the industry.
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European doctors call for legislation
Nov 8 2005 9:43AM (CT)
BRUSSELS, Belgium (AP) - Europe's leading medical associations on Tuesday called for a strict EU legal framework for chemicals, arguing that bending to industry demands and watering down a proposed chemicals bill would further increase the incidence of cancer on the continent.
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EU nets nearly 500 tons of fake goods
Nov 8 2005 9:38AM (CT)
BRUSSELS, Belgium (AP) - The European Union said Tuesday its groundbreaking international operation against fake goods smuggled into the EU netted millions of counterfeit items ranging from cigarettes to soccer outfits and Viagra pills.
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SAS reports leap in its 3Q net profit
Nov 8 2005 9:03AM (CT)
STOCKHOLM, Sweden (AP) - Swedish airline group SAS AB on Tuesday reported a third-quarter profit of 529 million kronor ($65 million), nearly four times the 133 million kronor it earned in last year's third quarter, thanks to higher sales and reduced costs.
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Unions: Layoff threat from Seat serious
Nov 8 2005 8:40AM (CT)
MADRID, Spain (AP) - When automaker Seat SA, a subsidiary of Germany's Volkswagen, threatened to suspend 415 workers last year, management and unions were negotiating a new contract and the threat evaporated after a deal was reached.
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U.S. Treasury's Snow meets Indian leaders
Nov 8 2005 8:34AM (CT)
BOMBAY, India (AP) - U.S. Treasury Secretary John Snow on Tuesday told India to further open its banking and insurance industry to foreign investors in order to build on a decade of high economic growth.
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Axa 9-month revenue up on strong savings
Nov 8 2005 7:53AM (CT)
PARIS (AP) - French insurer Axa SA said Tuesday its nine-month revenue increased 4.7 percent on new business at its life and savings division.
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Sanofi-Aventis profit up before costs
Nov 8 2005 7:37AM (CT)
PARIS (AP) - Sanofi-Aventis SA, one of the world's biggest drugmakers, said Tuesday its third-quarter profit rose 29 percent to 1.92 billion euros ($2.27 billion) before unspecified costs related to Sanofi-Synthelabo's 2004 acquisition of Aventis. It reported strong increases in sales of cancer treatment Eloxatin, as well as anti-stroke drug Plavix.
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Thai settlement erodes Carlsberg earnings
Nov 8 2005 7:35AM (CT)
COPENHAGEN, Denmark (AP) - Carlsberg A/S, the world's fifth-largest brewer, saw profits drop 29 percent in the third quarter as a recent legal settlement with a Thai company bit into higher sales.
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Roche halts Tamiflu sales in China
Nov 8 2005 7:21AM (CT)
BEIJING (AP) - Swiss drug-maker Roche said Tuesday it had stopped selling the antiviral drug Tamiflu in China and was turning over supplies to the government as local officials were ordered to prepare to treat possible human cases of bird flu.
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CBS, NBC to offer TV shows for 99 cents
Nov 8 2005 7:04AM (CT)
NEW YORK (AP) - CBS and NBC have announced deals to offer replays of prime-time programs for 99 cents per episode, shifting television toward a sales model that gained popularity with downloaded music.
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Toyota recalls 246,592 vehicles in Japan
Nov 8 2005 6:23AM (CT)
TOKYO (AP) - Japan's top automaker, Toyota Motor Corp., said Tuesday it will recall 246,592 vehicles in Japan, including Crown sedan and Hiace van models produced between 1998 and 2005, due to possible corrosion of parts in the engine.
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China will soon release new auto policy
Nov 8 2005 5:40AM (CT)
SHANGHAI, China (AP) - China will soon release a new policy encouraging development of fuel-efficient, compact cars, in a shift of strategy for a market that until recently was dominated by gas-guzzling sedans, state media reported Tuesday.
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Lamborghini to open Shanghai dealership
Nov 8 2005 5:36AM (CT)
SHANGHAI, China (AP) - Auto icon Lamborghini opened a dealership Tuesday in China's commercial capital of Shanghai, looking to the country's newly affluent to weather slowdowns elsewhere.
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Fuji Heavy plans job cuts to save costs
Nov 8 2005 5:35AM (CT)
TOKYO (AP) - Fuji Heavy, the Japanese maker of Subaru cars that recently ended its alliance with General Motors, said Tuesday it plans to cut up to 700 jobs to boost flagging profits.
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Samsung Group announces investment plan
Nov 8 2005 5:34AM (CT)
SEOUL, South Korea (AP) - Samsung Group, South Korea's biggest industrial conglomerate with interests ranging from semiconductors to shipbuilding, said Tuesday it plans to double sales by 2010, matching the goals set last week for its huge electronics unit.
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Indian drug firm to buy Roche drug unit
Nov 8 2005 5:33AM (CT)
BANGALORE, India (AP) - Indian pharmaceutical firm Dr. Reddy's Laboratories Ltd. said Tuesday it had agreed to acquire Swiss drug Maker F. Hoffmann-La Roche Ltd.'s bulk drug factory in Mexico for $59 million.
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India, Pakistan top open bank branches
Nov 8 2005 5:32AM (CT)
BOMBAY, India (AP) - India and Pakistan have agreed to allow their banks to open branches in each other's territory after four-decade gap, the Reserve Bank of India, the nation's central bank, said.
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APEC urged to address social disparity
Nov 8 2005 5:31AM (CT)
SEOUL, South Korea (AP) - South Korea's president called for world leaders in an Asia-Pacific trade group to consider the growing social disparities caused in part by the business-friendly policies they are pursuing.
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Farmworkers may lose 4 months due to Wilma
Nov 8 2005 4:39AM (CT)
TALLAHASSEE, Fla. (AP) - Migrant farmworkers who can't afford to miss even a week's pay may face unemployment for up to four months because of Hurricane Wilma, advocates say.
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