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Kodak restates results for 2005 quarters
Nov 9 2005 11:45PM (CT)
BOSTON (AP) - Eastman Kodak Corp. said that due to accounting errors involving restructuring charges, its third-quarter net loss was $9 million, or 3 cents a share, wider than previously reported, and it said it is restating previously reported results for the first and second quarter of this year to slightly reduce net losses in those periods.
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Judge issues injunction on Mich. game law
Nov 9 2005 11:19PM (CT)
DETROIT (AP) - A federal judge issued a preliminary injunction Wednesday stopping a Michigan law that bars retailers from selling or renting violent video games to minors from going into effect until a lawsuit filed by the gaming industry is resolved.
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Judith Miller retires from the N.Y. Times
Nov 9 2005 10:59PM (CT)
NEW YORK (AP) - Judith Miller, the New York Times reporter who was first lionized, then vilified by her own newspaper for her role in the CIA leak case, has retired from the Times, declaring that she had to leave because she had "become the news."
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Delta pilots offer $90.7M in concessions
Nov 9 2005 9:55PM (CT)
ATLANTA (AP) - The pilots union at bankrupt Delta Air Lines Inc. said in a court filing it is offering the carrier an average of nearly $91 million a year in concessions, which the union contends is sufficient to help Delta trim labor costs to a competitive level.
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Japanese stocks fall slightly
Nov 9 2005 9:49PM (CT)
TOKYO (AP) - Japanese stocks fell slightly Thursday morning as investors stepped to the sidelines ahead of the release of closely watched economic indicators. The dollar was higher against the yen.
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Nissan expected to move North American HQ
Nov 9 2005 8:51PM (CT)
NASHVILLE, Tenn. (AP) - Nissan Motor Co. is expected to announce Thursday that it will move its North American headquarters from suburban Los Angeles to Tennessee, a Tennessee representative said Wednesday.
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Pixar shares soar after earnings rise
Nov 9 2005 8:29PM (CT)
LOS ANGELES (AP) - Shares of Pixar Animation Studios Inc. soared on Wednesday, a day after the studio behind films such as "Finding Nemo" and "The Incredibles" reported robust income in the latest quarter.
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Whole Foods Market 4Q earnings decline
Nov 9 2005 8:28PM (CT)
AUSTIN, Texas (AP) - Natural-food grocer Whole Foods Market Inc. posted strong sales growth but saw profits slump last quarter due to higher costs related to Hurricane Katrina, which knocked out two of its Louisiana stores.
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General Motors to restate 2001 earnings
Nov 9 2005 8:14PM (CT)
DETROIT (AP) - General Motors Corp. said Wednesday it plans to restate its earnings from 2001 because an accounting error led the company to overstate its earnings by up to 35 percent. In an unrelated action, Fitch Ratings lowered GM's debt deeper into "junk" status Wednesday and the automaker's shares tumbled to a 13-year low.
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Amtrak board fires Gunn as president
Nov 9 2005 7:44PM (CT)
WASHINGTON (AP) - Amtrak's president was fired Wednesday by the company's board of directors, who said David Gunn did not drive the debt-laden rail service fast enough toward major changes.
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Oil prices settle below $59 per barrel
Nov 9 2005 7:42PM (CT)
NEW YORK (AP) - Oil prices fell Wednesday to their lowest level in more than three months, settling below $59 a barrel after the U.S. government said supplies of oil and gasoline rose.
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Official: WTO meeting won't achieve goal
Nov 9 2005 7:41PM (CT)
WASHINGTON (AP) - President Bush's top trade negotiator said Wednesday that a meeting next month of 148 countries will not be able to achieve a hoped-for breakthrough.
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Cisco posts lower first-quarter earnings
Nov 9 2005 7:39PM (CT)
SAN JOSE, Calif. (AP) - Cisco Systems Inc. posted lower fiscal first-quarter earnings but higher sales Wednesday after the network equipment maker was required to take into account the expense of employee stock options for the first time.
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Judge rejects Northwest Airlines' request
Nov 9 2005 7:07PM (CT)
MINNEAPOLIS (AP) - A bankruptcy court judge rejected Northwest Airlines Corp.'s request for a contempt finding against regional partner Mesaba Airlines on Wednesday in a spat over whether the bankrupt airlines can withhold payments from each other.
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Intervention sought in Sovereign deals
Nov 9 2005 6:57PM (CT)
PHILADELPHIA (AP) - A second major shareholder of Sovereign Bancorp is asking the New York Stock Exchange to either block the thrift's two acquisition deals or give shareholders the right to vote on the transactions.
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Final Refco subsidiary to enter Chapter 7
Nov 9 2005 6:32PM (CT)
NEW YORK (AP) - Refco Inc. hopes to put its final solvent subsidiary, commodities broker Refco LLC, into Chapter 7 bankruptcy to make the company more attractive to potential buyers, the company said in court filings Wednesday.
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ACE Aviation strikes deal with Boeing
Nov 9 2005 6:24PM (CT)
SEATTLE (AP) - Air Canada's parent company has struck a deal with Boeing Co. to buy as many as eight dozen new widebody jets, after previously canceling a similar order because of a dispute with pilots, Boeing said Wednesday.
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Blackstone to acquire La Quinta for $2.3B
Nov 9 2005 6:12PM (CT)
DALLAS (AP) - Hotel chain La Quinta Corp., which operates or franchises 600 hotels under the La Quinta, Baymont and Woodfield brands, said Wednesday that it agreed to be acquired by equity firm Blackstone Group for about $2.3 billion in cash in a deal that reflects continuing consolidation in the lodging industry.
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1-800 Contacts shares drop on 3Q results
Nov 9 2005 6:08PM (CT)
NEW YORK (AP) - Shares of 1-800 Contacts Inc. fell Wednesday after the company reported disappointing third-quarter results, blaming "unfair" trading practices.
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Upgrade boosts Comtech Group shares
Nov 9 2005 6:07PM (CT)
NEW YORK (AP) - The stock of Chinese cell-phone designer Comtech Group Inc. jumped Wednesday on an analyst's upgrade.
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Guidant exec sells stock before warning
Nov 9 2005 5:56PM (CT)
PHILADELPHIA (AP) - Guidant Corp.'s chief medical and technology officer sold $3.4 million in Guidant stock in the week leading up to the company's May disclosure that some of its heart devices were faulty.
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Fitch cuts General Motors' credit rating
Nov 9 2005 5:54PM (CT)
DETROIT (AP) - General Motors Corp.'s credit rating took another hit Wednesday as Fitch Ratings lowered its rating on the automaker's debt deeper into "junk" status.
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Marvel 3Q profit falls to $23.4 million
Nov 9 2005 5:53PM (CT)
NEW YORK (AP) - Marvel Entertainment Inc. reported a 32 percent plunge in third-quarter profit Wednesday and warned investors its earnings next year would fall well below analysts' forecasts as revenue dries up from the blockbuster success of Spider-Man 2.
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Bond prices settle lower after auction
Nov 9 2005 5:42PM (CT)
NEW YORK (AP) - Treasury-bond prices settled lower Wednesday, with the market's bearish tone underlined by a poorly received 5-year auction.
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iRobot shares advance in trading debut
Nov 9 2005 5:41PM (CT)
BOSTON (AP) - Shares of iRobot Corp. closed up more than 11 percent in Wednesday's trading debut for the world's largest maker of mobile robots for the consumer market, from the floor-cleaning Roomba to the soldier-accompanying Packbot.
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Calif. ballot defeat a win for drug cos.
Nov 9 2005 5:40PM (CT)
LOS ANGELES (AP) - The pharmaceutical industry scored a huge victory this week in beating back a consumer-sponsored initiative that would have penalized drug companies unless they provided low-cost prescriptions to uninsured Californians.
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AIG to again restates previous results
Nov 9 2005 5:31PM (CT)
NEW YORK (AP) - American International Group Inc., one of the world's largest insurers, said Wednesday it was delaying its third-quarter earnings report until next week because it must again restate earlier financial results to correct accounting errors.
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Liberty names Maffei CEO, posts 3Q loss
Nov 9 2005 5:13PM (CT)
DENVER (AP) - Liberty Media Corp. said Wednesday it is focusing on the future of its interactive business, hiring a former Oracle Corp. finance chief to head the company and creating a tracking stock for the home shopping network QVC and related assets. It also said it swung to a third-quarter loss due to higher expenses.
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Bank of America subpoenaed in Refco probe
Nov 9 2005 5:03PM (CT)
NEW YORK (AP) - Bank of America Corp. has received regulatory inquiries, including subpoenas, as part of investigations into the collapse of Refco Inc., the bank said Wednesday.
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Guidant releases product information
Nov 9 2005 4:59PM (CT)
INDIANAPOLIS (AP) - Under fire for recalling thousands of its pacemakers and defibrillators, Guidant Corp. released a massive product report card Wednesday in an effort to allay concerns about its implantable devices.
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German economic advisers see 2006 growth
Nov 9 2005 4:57PM (CT)
BERLIN (AP) - The German economy, Europe's biggest, will grow by only 1 percent next year amid high oil prices, the government's panel of economic advisers forecast Wednesday.
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PepsiCo unit to to slash up to 250 jobs
Nov 9 2005 4:50PM (CT)
NEW YORK (AP) - PepsiCo Inc.'s Frito-Lay snack foods division plans to cut as many as 250 jobs as part of a broader cost-cutting restructuring by its parent company that will result in a $65 million to $85 million pre-tax charge against earnings.
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First Data to decide fate of credit unit
Nov 9 2005 4:37PM (CT)
NEW YORK (AP) - First Data Corp. has hired Morgan Stanley to help it decide what to do with its U.S. credit-card issuing business, which is a drain on the company's financial results, the company said Wednesday.
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Interpublic third-quarter revenue falls
Nov 9 2005 4:35PM (CT)
CHICAGO (AP) - Client defections and divestitures dragged down third-quarter revenue at The Interpublic Group of Companies Inc., but the advertising conglomerate still managed to sharply narrow its losses.
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US Airways Group widens 3Q loss to $87M
Nov 9 2005 4:35PM (CT)
TEMPE, Ariz. (AP) - US Airways Group Inc., which was bought by America West Holdings Corp. in September, on Wednesday posted a sharply wider third-quarter loss because of acquisition-related expenses and fuel costs.
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Federated third-quarter earnings surge
Nov 9 2005 4:34PM (CT)
CINCINNATI (AP) - Federated Department Stores Inc., operator of Macy's and Bloomingdale's department store chains, reported Wednesday its third-quarter profit climbed more than fivefold from last year, aided by a large gain from the sale of credit card accounts to the nation's biggest banking company. Federated's shares rose more almost 8 percent.
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Ford Motor Co. introduces new engine
Nov 9 2005 4:27PM (CT)
DETROIT (AP) - Ford Motor Co. introduced a new engine and transmission Wednesday designed to offer more power and improve fuel economy. The No. 2 U.S. automaker also said a hybrid version of the Ford Escape sport unility vehicle will begin service as a taxi in New York City.
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Delphi widens 3Q loss to $788 million
Nov 9 2005 3:28PM (CT)
DETROIT (AP) - Auto parts supplier Delphi Corp., which filed for bankruptcy protection last month, said Wednesday its losses widened to $788 million in the third quarter, dragged down by labor costs and production cuts at its former parent, General Motors Corp.
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Refco considers class action on lawsuits
Nov 9 2005 3:06PM (CT)
WASHINGTON (AP) - Refco Inc. is contemplating having the lawsuits filed by customers who are demanding their money back consolidated into a class action, saying it would be the most cost-effective way to settle a dispute that already involves more than $1.8 billion in customer claims.
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Ballmer: Products define Microsoft success
Nov 9 2005 2:40PM (CT)
BELLEVUE, Wash. (AP) - Microsoft Corp. Chief Executive Steve Ballmer told shareholders Wednesday that the software behemoth measures its success by its products, not its share price.
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Airbus signs wing box deal with Avic 1
Nov 9 2005 2:18PM (CT)
PARIS (AP) - European aircraft maker Airbus SAS said it signed a $500 million deal Wednesday with China's AVIC 1 to manufacture wing boxes for Airbus jets in China.
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German broadcasters ordered to pay subsidy
Nov 9 2005 2:13PM (CT)
BRUSSELS, Belgium (AP) - The European Commission ordered German commercial broadcasters on Wednesday to pay back a government grant designed to ease the shift to digital television.
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Violence has businesses, investors worried
Nov 9 2005 2:06PM (CT)
PARIS (AP) - French businesses are worried that the cost of the past 13 nights of rioting that has swept the country could go beyond clean-up to hurt investment and consumer confidence going into the all-important winter shopping season.
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AstraZeneca files lawsuit against Teva
Nov 9 2005 2:03PM (CT)
LONDON (AP) - Drugmaker AstraZeneca PLC said Wednesday that it has filed a lawsuit in a U.S. court against Teva Pharmaceutical Industries Ltd. over a patent challenge to one of its key drugs from its Israeli rival.
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Morningstar profits jump 83 percent
Nov 9 2005 1:51PM (CT)
CHICAGO (AP) - Investment research company Morningstar Inc. reported an 83 percent jump in third-quarter profits Wednesday, continuing its success in its first year as a publicly traded firm.
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Roche: Enough Tamiflu for 55M people in '05
Nov 9 2005 1:46PM (CT)
BASEL, Switzerland (AP) - Swiss drugmaker Roche Holding AG, seeking to reassure governments concerned about bird flu, said Wednesday it is producing enough of its antiviral drug Tamiflu to treat 55 million people this year.
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Amgen sues Roche units over Epogen patents
Nov 9 2005 1:40PM (CT)
BOSTON (AP) - Amgen Inc., the world's largest biotech company, sued units of the Roche Holding AG in federal court here, alleging patent infringement of its popular anemia treatment.
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Alaron fails to qualify for Refco asset bid
Nov 9 2005 1:38PM (CT)
CHICAGO (AP) - Chicago-based futures and options brokerage Alaron Trading Corp. is out of the race for Refco Inc. assets after failing to qualify as a bidder, Alaron said Wednesday.
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Mexican gov't pays off $1.4B in debt
Nov 9 2005 1:32PM (CT)
MEXICO CITY (AP) - Mexico has paid off $1.41 billion in foreign debt to ensure its financial stability through next year's presidential elections, Mexico's Treasury Department said Wednesday.
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Washington Mutual nixes surcharge-free ATMs
Nov 9 2005 1:28PM (CT)
NEW YORK (AP) - Washington Mutual Inc., which has touted its surcharge-free ATMs as a way to lure new customers, is abandoning the program next week.
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Kellogg Co. to repurchase some stock
Nov 9 2005 1:14PM (CT)
BATTLE CREEK, Mich. (AP) - Kellogg Co. has agreed to spend $400 million to buy back 9.3 million of its outstanding shares from the W.K. Kellogg Foundation Trust, the cereal maker said.
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Sonus Networks stock dips on 3Q loss
Nov 9 2005 12:35PM (CT)
SAN FRANCISCO (AP) - Sonus Networks Inc. stock fell Wednesday, a day after the communications-technology specialist reported a third-quarter loss.
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Microsoft, AP team on online video venture
Nov 9 2005 11:36AM (CT)
NEW YORK (AP) - Microsoft Corp. is teaming with The Associated Press to offer an advertising-supported online video news network in the first quarter of 2006, the companies announced Wednesday.
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Panel urges U.S.-China energy cooperation
Nov 9 2005 11:08AM (CT)
WASHINGTON (AP) - A congressional advisory panel examining U.S.-China relations is urging lawmakers to kick-start efforts at energy and military cooperation with Beijing and to respond more aggressively to its dramatic rise to power.
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Bayer AG 3Q profit up, raises guidance
Nov 9 2005 10:54AM (CT)
FRANKFURT, Germany (AP) - Bayer AG, which makes health-care products and specialty materials, said Wednesday its third-quarter earnings rose dramatically because of higher demand for its medicines and plastics, along with gains from its pension program. The company also increased its guidance for the rest of the year.
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Toshiba, NEC Electronics to join on chips
Nov 9 2005 10:30AM (CT)
TOKYO (AP) - Japanese electronics makers Toshiba Corp. and NEC Electronics Corp. will jointly develop technology to produce next-generation semiconductors that are smaller, faster, more efficient and less costly, the two companies announced Wednesday.
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Oil company executives defend profits
Nov 9 2005 10:03AM (CT)
WASHINGTON (AP) - The chiefs of five major oil companies defended the industry's huge profits Wednesday at a Senate hearing where lawmakers said they should explain prices and assure people they're not being gouged.
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U.S. Airways third-quarter deficit grows
Nov 9 2005 10:03AM (CT)
TEMPE, Ariz. (AP) - U.S. Airways Group Inc., which combined with America West Holdings Corp. in September, on Wednesday posted a sharply wider third-quarter loss as merger-related expenses and fuel costs weighed on its bottom line.
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EU to probe Belgian subsidy to Ford
Nov 9 2005 9:58AM (CT)
BRUSSELS, Belgium (AP) - The European Commission opened an investigation Wednesday into a 12.28 million-euro ($14.42 million) government subsidy to Ford Motor Co.'s Belgian plant.
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More Yukos assets may be sold off
Nov 9 2005 9:53AM (CT)
MOSCOW (AP) - The remaining assets of the shattered Yukos oil company may be sold to pay off its tax debts, the Interfax news agency quoted the director of the Bailiffs' Service as saying Wednesday.
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Mittal Steel quarterly profit tumbles
Nov 9 2005 9:46AM (CT)
LONDON (AP) - Mittal Steel Co., the world's largest steel producer, said Wednesday its quarterly profit declined 64 percent following a rise in costs and a worldwide drop in prices.
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Gates warns of 'sea change' in memo
Nov 9 2005 8:53AM (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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Deutsche Telekom posts profit on sales
Nov 9 2005 8:39AM (CT)
FRANKFURT, Germany (AP) - Deutsche Telekom AG, Europe's biggest telecommunications company, posted its fourth straight quarterly profit Wednesday on rising sales in the United States but warned that more job cuts were likely and lowered its earnings outlook for next year.
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Bertelsmann third-quarter profit triples
Nov 9 2005 8:14AM (CT)
FRANKFURT, Germany (AP) - Bertelsmann AG, Europe's largest media company and parent of book-publisher Random House, said Wednesday its third-quarter net profit more than tripled as its core businesses showed solid gains. The company also said it was on track to see higher sales and profit for the year.
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Britain's trade gap narrows to $6.8B
Nov 9 2005 7:25AM (CT)
LONDON (AP) - Britain's trade gap narrowed to 3.9 billion pounds ($6.8 billion) in September but the oil balance remained in deficit for a second straight month, the Office for National Statistics said Wednesday.
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EADS posts 3Q profit rise, raises guidance
Nov 9 2005 6:20AM (CT)
PARIS (AP) - European Aeronautic Defence & Space Co., Europe's largest aerospace company, posted just a 1 percent rise in third-quarter net profit on Wednesday but raised its guidance for the full year due to an expected increase in Airbus plane deliveries.
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Australia's biggest bank posts profit rise
Nov 9 2005 6:09AM (CT)
SYDNEY, Australia (AP) - Australia's largest bank, National Australia Bank, reported Wednesday its annual net profit rose 30 percent to 4.13 billion Australian dollars, or $3.03 billion, after a slump in the previous year.
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Vietnam launches broadband gateway
Nov 9 2005 6:04AM (CT)
HANOI, Vietnam (AP) - Vietnam launched its first satellite-based broadband gateway Wednesday from a ground station located near the capital as part of a plan to provide telecommunications services across the country by the end of this year, industry officials said.
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Banking, financial reform on Snow agenda
Nov 9 2005 5:14AM (CT)
NEW DELHI (AP) - The United States and India are making "excellent" progress in talks on economic cooperation, Treasury Secretary John Snow said Wednesday as he pressed India to further open its banking and insurance industry to foreign investment.
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NTT reports lower fiscal half profit
Nov 9 2005 5:06AM (CT)
TOKYO (AP) - Nippon Telegraph and Telephone Corp. on Wednesday reported a 4 percent drop in net profit for the April-September half-year as the popularity of Voice over Internet Protocol and other cheaper services eroded earnings.
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Calif. gives money for farmworker housing
Nov 9 2005 4:41AM (CT)
PARLIER, Calif. (AP) - Victoria Vasquez prepares dinner and watches her 2-year-old son while her husband works in the apple and pear orchards just outside the county-run farmworker housing complex.
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EU said lacks will to defy wealth farmers
Nov 9 2005 3:53AM (CT)
SYDNEY, Australia (AP) - The European Union won't cut agricultural tariffs to free up world trade because it lacks the political will to take on wealthy farmers, an Australian trade negotiator said Wednesday.
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Boeing to attempt world's longest flight
Nov 9 2005 3:43AM (CT)
HONG KONG (AP) - Boeing Co. plans to break the record for the longest nonstop flight by a commercial jet _ a 12,500-mile trip that is to begin in Hong Kong, fly over northern Canada and land in London, the company said Wednesday.
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KFC plans TV ads to respond to bird flu
Nov 9 2005 2:22AM (CT)
LOUISVILLE, Ky. (AP) - In coming days, KFC will have television commercials ready to reassure customers that its chicken is safe to eat if there is a bird flu outbreak.
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Mexican Senate approves Pemex tax reform
Nov 9 2005 1:56AM (CT)
MEXICO CITY (AP) - Mexico's Energy Department applauded a Senate decision Tuesday to approve changes in tax rules for state oil monopoly Petroleos Mexicanos, or Pemex, that will leave the company with more money for exploration and production.
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Toll Brothers cuts sales outlook for 2006
Nov 9 2005 12:09AM (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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