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Sovereign Bancorp sues major shareholder
Nov 10 2005 11:20PM (CT)
PHILADELPHIA (AP) - Sovereign Bancorp Inc., which has been battling some shareholders over pending acquisition deals, sued its largest stockholder Thursday over demands that the thrift open certain company records to inspection.
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World's largest jet completes Asia test
Nov 10 2005 11:01PM (CT)
SINGAPORE (AP) - The Airbus A380, the world's largest passenger jet, completed its first flight outside of Europe on Friday, landing at Singapore's Changi Airport to begin a regional tour aimed at wooing new customers a year before the first commercial delivery.
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Microsoft settles trade lawsuit for $30M
Nov 10 2005 10:54PM (CT)
SEOUL, South Korea (AP) - Microsoft Corp. has reached a $30 million settlement with a South Korean Internet portal that accused it of unfair trade practices, the companies said Friday.
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Japanese stocks higher, dollar rises
Nov 10 2005 10:14PM (CT)
TOKYO (AP) - Japan's benchmark stock rose Friday morning, extending its 4 1/2 year high the day before, as better-than-expected economic data cheered investors. The dollar was higher against the yen and euro.
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Japan's economy continues growth
Nov 10 2005 9:54PM (CT)
TOKYO (AP) - Japan's economy expanded at an annual pace of 1.7 percent in the July-September quarter, the government said Friday, marking the fourth straight quarter of growth, thanks to healthy consumer spending and booming trade.
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DreamWorks swings to 3Q loss on charges
Nov 10 2005 9:17PM (CT)
LOS ANGELES (AP) - DreamWorks Animation SKG Inc. swung to a loss in the third quarter on one-time charges, including a writedown associated with the disappointing box-office performance of its latest release.
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Delta reports wider $1.13 billion loss
Nov 10 2005 9:10PM (CT)
ATLANTA (AP) - Delta Air Lines Inc., which is operating under bankruptcy court protection, blamed high fuel costs Thursday as it reported a wider third-quarter loss of $1.13 billion and said it is concerned it continues to use borrowed money to fund its red ink.
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Former Refco chief executive indicted
Nov 10 2005 8:49PM (CT)
NEW YORK (AP) - The former chief executive of Refco Inc., one of the world's biggest commodities brokerages, engaged in a conspiracy that caused Refco to sell $583 million in stock to the public based on "false and fraudulent" statements of its finances, an indictment charged Thursday.
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SBC sets post-merger management
Nov 10 2005 8:35PM (CT)
NEW YORK (AP) - AT&T Corp. Chief Executive David Dorman confirmed expectations Thursday he will not stay on long after AT&T is acquired by SBC Communications Inc., opting for nearly $20 million in severance pay and consulting fees rather than a subordinate post at the combined company.
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Fannie Mae discloses new accounting errors
Nov 10 2005 8:33PM (CT)
WASHINGTON (AP) - Mortgage giant Fannie Mae, struggling to untangle its accounting in an $11 billion scandal, disclosed Thursday that new errors have been uncovered as it reached outside the company to hire a new finance chief.
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GM stock slides further on restatement news
Nov 10 2005 8:07PM (CT)
DETROIT (AP) - General Motors Corp. shares, already at 13-year lows, fell another 5 percent Thursday after the world's largest automaker said it would restate its earnings for 2001 because an accounting error led it to overstate its 2001 profit by up to $400 million.
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Man Group wins Refco auction with $282M bid
Nov 10 2005 8:01PM (CT)
NEW YORK (AP) - British hedge fund and brokerage Man Group PLC was the apparent winner in the bidding war to acquire the solvent remnants of bankrupt rival Refco Inc. for $282 million in cash, but the deal still requires approval by a bankruptcy court judge.
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Trade deficit hits record on oil imports
Nov 10 2005 7:52PM (CT)
WASHINGTON (AP) - The trade deficit surged to a record in September as oil imports hit an all-time high, driven up by hurricane-related shutdowns of Gulf Coast production.
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Nissan moving North American headquarters
Nov 10 2005 7:33PM (CT)
NASHVILLE, Tenn. (AP) - Nissan Motor Co. announced Thursday it is moving its North American headquarters and nearly 1,300 jobs from California to the Nashville area to take advantage of the lower cost of doing business in the Southeast.
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Equity fund agrees to help finance ATA
Nov 10 2005 7:16PM (CT)
INDIANAPOLIS (AP) - The parent company of bankrupt airline ATA has reached an agreement with private equity fund MatlinPatterson Global Opportunities Partners LP for as much as $100 million in financing.
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FASB OKs project for pension standards
Nov 10 2005 7:14PM (CT)
NORWALK, Conn. (AP) - The nation's accounting standards board voted Thursday to move ahead with a broad overhaul that would require companies to more fully disclose the financial health of their pension plans.
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Intel raises dividend, boosts buyback
Nov 10 2005 7:14PM (CT)
SAN JOSE, Calif. (AP) - In a move to return cash to shareholders and boost its stock price, chip-maker Intel Corp. said Thursday it will increase its quarterly dividend by 25 percent and buy back up to $25 billion in common shares.
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Judge gives Northwest more time on leases
Nov 10 2005 6:32PM (CT)
NEW YORK (AP) - Northwest Airlines Corp., which filed for Chapter 11 bankruptcy protection in September, was given more time by a judge Thursday to decide which property leases it will reject.
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News Corp. posts loss on TV license charge
Nov 10 2005 6:28PM (CT)
NEW YORK (AP) - Rupert Murdoch's News Corp. media conglomerate swung to a loss of $433 million in the latest quarter on a $1 billion accounting charge to write down the value of its TV stations' broadcasting licenses.
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GM stock falls as union votes on insurance
Nov 10 2005 6:23PM (CT)
DETROIT (AP) - Shares of General Motors Corp. tumbled to a 16-year low Thursday on news the world's biggest automaker will restate its earnings from 2001 because of an accounting error.
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Treasurys see big gains amid hot auction
Nov 10 2005 6:12PM (CT)
NEW YORK (AP) - Prices on U.S. government bonds posted strong gains Thursday, as the market rallied into and built on a strong 10-year note auction that saw a very good turnout from a key class of bidders.
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Oil futures slide to late-July lows
Nov 10 2005 6:01PM (CT)
NEW YORK (AP) - Oil prices fell to their lowest level in nearly four months Thursday as supply worries continued to wane.
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Dell profits fall on charge
Nov 10 2005 5:55PM (CT)
DALLAS (AP) - Dell Inc.'s quarterly income disappointed Wall Street for a second straight quarter Thursday as the world's largest personal computer maker saw its income fall on repair and restructuring charges.
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Retail money funds rise
Nov 10 2005 5:54PM (CT)
NEW YORK (AP) - Assets of the nation's retail money market mutual funds rose by $805.4 million in the latest week to $827.95 billion, the Investment Company Institute said Thursday.
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Kodak retains lead in U.S. digital cameras
Nov 10 2005 5:39PM (CT)
ROCHESTER, N.Y. (AP) - For the fourth straight quarter, Eastman Kodak Co. retained its lead over Japanese rivals Canon Inc. and Sony Corp. in the U.S. digital-camera market.
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Delta reports $1.1 billion loss in 3Q
Nov 10 2005 5:37PM (CT)
ATLANTA (AP) - Delta Air Lines Inc., which is operating under bankruptcy court protection, said Thursday it lost $1.13 billion in the third quarter and blamed high fuel costs for the wider loss. The nation's third biggest carrier said it is concerned that it continues to use borrowed money to fund its red ink.
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McDonald's shareholder going public
Nov 10 2005 5:08PM (CT)
CHICAGO (AP) - The hedge-fund investor who bought a stake in McDonald's Corp. this fall is stepping up efforts to get the fast-food company to sell some of its real estate to drive up its stock price.
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ImClone CEO resigns, interim chief named
Nov 10 2005 4:59PM (CT)
NEW YORK (AP) - ImClone Systems Inc., the company shaken by insider trading charges that ensnared domestic diva Martha Stewart, announced Thursday that its chief executive has resigned.
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Cisco posts lower first-quarter earnings
Nov 10 2005 4:57PM (CT)
SAN JOSE, Calif. (AP) - Shares of Cisco Systems Inc. tumbled over 3 percent Thursday, a day after the world's largest network equipment maker reported its fiscal first-quarter profit slipped as it expensed employee stock options for the first time and the company predicted weaker-than-expected sales.
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Movie Gallery posts loss in 3Q
Nov 10 2005 4:44PM (CT)
DOTHAN, Ala. (AP) - Movie Gallery Inc. Thursday posted a loss in the third quarter, hurt by acquisition-related charges and a persistent and sharp decline in rental revenue.
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Investor turns up heat on Knight Ridder
Nov 10 2005 4:38PM (CT)
NEW YORK (AP) - The largest shareholder in Knight Ridder Inc. is turning up the pressure on the newspaper publisher, saying in a regulatory filing Thursday that it may nominate a slate of directors at the company's annual meeting next year.
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Kohl's 3Q profit rises 15 percent
Nov 10 2005 4:37PM (CT)
MENOMONEE FALLS, Wis. (AP) - Kohl's Corp. on Thursday reported third-quarter profit increased 15 percent on higher sales as the department-store chain opened more stores during the period.
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Target earnings sag, beats expectations
Nov 10 2005 4:34PM (CT)
MINNEAPOLIS (AP) - Target Corp., the nation's No. 2 discount retailer, on Thursday reported an 18 percent drop in third-quarter earnings versus a year ago when a one-time gain inflated its profits, but it still beat Wall Street expectations. The company's shares soared 4 percent.
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Hybrid cabs debut in New York
Nov 10 2005 3:36PM (CT)
NEW YORK (AP) - Hybrid taxis that get double the gas mileage of traditional cabs and generate far less pollution have begun rolling in small numbers on New York's streets.
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ICG expects to net nearly $300M from IPO
Nov 10 2005 3:29PM (CT)
CHARLESTON, W.Va. (AP) - International Coal Group Inc. hopes to raise up to $291.7 million when it makes its initial public offering on the New York Stock Exchange, according to registration documents filed with the Securities and Exchange Commission.
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House Democrat targets executive pay
Nov 10 2005 3:28PM (CT)
WASHINGTON (AP) - The top Democrat on the House Financial Services Committee is taking on the issue of executive pay amid revelations of giant awards for chief executives whose performance proves lackluster, fraudulent, or leads to significant shareholder losses.
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NYSE chairman blasts opposition to deal
Nov 10 2005 2:19PM (CT)
BOCA RATON, Fla. (AP) - A lawsuit that is challenging the New York Stock Exchange's planned acquisition of Archipelago Holdings Inc., is costing the NYSE millions of dollars and makes "unreasonable demands," New York Stock Exchange Chairman Marshall Carter said in a memorandum released Thursday.
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EU outlines plan to boost some businesses
Nov 10 2005 2:15PM (CT)
BRUSSELS, Belgium (AP) - The European Union on Thursday outlined plans to boost small- and medium-sized businesses, saying the sector was crucial to create jobs in Europe and may need to be exempted from excessive red tape.
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Rates on 30-year mortgages climb
Nov 10 2005 1:57PM (CT)
WASHINGTON (AP) - Rates on 30-year mortgages jumped to the highest level in more than two years this week as financial markets grew more concerned about inflation.
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Dubai investment group buys N.Y. property
Nov 10 2005 1:08PM (CT)
NEW YORK (AP) - A Dubai-based investment firm said Thursday it has purchased 230 Park Avenue, a 34-story midtown Manhattan office building commonly known as the Helmsley building that sits above Grand Central Terminal's underground commuter train and subway complex.
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Swisscom posts profit rise, sales decline
Nov 10 2005 1:04PM (CT)
BERN, Switzerland (AP) - Telecommunications company Swisscom AG said Thursday its third-quarter profit rose 28 percent to 609 million Swiss francs ($465 million), due to lower costs and a charge in the year-earlier quarter. The company's sales declined in the quarter.
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French economy rebounds sharply in 3Q
Nov 10 2005 1:03PM (CT)
PARIS (AP) - French economic growth gathered pace in the third quarter as buoyant exports narrowed September's trade deficit and manufacturing output rose, official data revealed Thursday, in a much-needed boost for the government after two weeks of rioting.
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Siemens signs pact to build China trains
Nov 10 2005 12:21PM (CT)
BERLIN (AP) - German industrial conglomerate Siemens AG said Thursday it signed a contract with the Chinese government to build 60 high-speed trains for the country along with a Chinese partner.
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3 Cos. OK'd in Japan mobile phone market
Nov 10 2005 11:57AM (CT)
TOKYO (AP) - Three Tokyo-based companies were formally granted access to Japan's mobile phone market Thursday, signaling changes ahead for a sector that has not seen a new entrant for 12 years.
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Lower corn, soybean prices predicted
Nov 10 2005 11:54AM (CT)
WASHINGTON (AP) - The government raised its estimate of the size of this year's corn and soybean crops and predicted prices will continue to drop, further stressing farmers whose production costs have soared along with energy prices.
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HVB Group posts sharply higher profit
Nov 10 2005 11:25AM (CT)
FRANKFURT, Germany (AP) - HVB Group AG, Germany's second-biggest bank, posted a sharply higher profit Thursday because of a rise in trading profit and commission income.
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Poland delays update to EU on euro adoption
Nov 10 2005 11:19AM (CT)
WARSAW, Poland (AP) - Poland said it will tell the European Union it needs more time to plan its eventual adoption of the euro because of the country's recent change in governments.
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Inamed says SEC staff urges closing probe
Nov 10 2005 11:13AM (CT)
WASHINGTON (AP) - The staff of the Securities and Exchange Commission plans to recommend closing the probe into whether surgical and medical-device maker Inamed Corp. violated federal securities laws, according to a regulatory filing.
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WTO chief: Aim still to finish Doha talks
Nov 10 2005 11:12AM (CT)
GENEVA (AP) - WTO members are aiming to complete the Doha round of trade liberalization talks by the end of 2006 despite a scaling-back of ambitions for a year-end summit in Hong Kong, the head of the body said Thursday.
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Unicredito third-quarter profit climbs
Nov 10 2005 11:10AM (CT)
MILAN, Italy (AP) - Unicredito Italiano SPA's said Thursday its third-quarter earnings rose 32.5 percent under International Financial Reporting Standards, thanks to higher commissions and trading fees.
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U.S. dollar strengthens against euro
Nov 10 2005 11:08AM (CT)
FRANKFURT, Germany (AP) - The dollar continued to climb against the euro Thursday, reaching an almost-2 1/2 year high even as a report showed the U.S. trade deficit gaping to a record.
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Honda recalling 25,000 Civics over pedal
Nov 10 2005 11:05AM (CT)
WASHINGTON (AP) - Honda Motor Co. recalled about 25,000 Civics on Thursday because the accelerator pedal was improperly installed on some 2006 models, which could cause a crash.
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EU publishes new corporate tax rules
Nov 10 2005 10:56AM (CT)
BRUSSELS, Belgium (AP) - The European Commission on Thursday published new rules which will simplify tax filing requirements for sales within companies which operate in more than one EU country.
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InBev posts $420M third-quarter profit
Nov 10 2005 10:44AM (CT)
BRUSSELS, Belgium (AP) - InBev SA, the world's largest brewer by volume, said on Thursday it had a 358 million-euro ($420 million) profit in the third quarter because of strong growth in the Asia-Pacific region and in Central and Eastern Europe.
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Sky Radio to close a station in Denmark
Nov 10 2005 10:44AM (CT)
COPENHAGEN, Denmark (AP) - Rupert Murdoch's Sky Radio said Thursday it will close its Danish FM radio station because it had not been given the nationwide audience coverage which the government had promised two years ago when the commercial station won its broadcast license.
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Court rules against cigarette tax break
Nov 10 2005 10:42AM (CT)
BRUSSELS, Belgium (AP) - The European Union's Court of Justice on Thursday ruled illegal a German tax loophole that allows tobacco companies to avoid high taxes on a type of cigarettes that smokers must assemble themselves, a decision the tobacco industry claims will cost up to 2,000 German jobs.
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Judith Miller retires from the N.Y. Times
Nov 10 2005 9:53AM (CT)
NEW YORK (AP) - Judith Miller, the recently jailed and much-criticized reporter who left The New York Times, says she plans to keep lobbying for a federal shield law that protects journalists from revealing their sources.
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BT's 2Q profit drops as revenue slides
Nov 10 2005 9:08AM (CT)
LONDON (AP) - British telecommunications company BT Group PLC reported a 14 percent drop in second-quarter net profit on Thursday, hurt by a charge to comply with a regulator's order and a further decline in revenues from traditional telephone services.
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Spanish autoworkers protest layoff threat
Nov 10 2005 8:54AM (CT)
MADRID, Spain (AP) - Thousands of workers from SEAT car factories marched through Barcelona Thursday as part of a one-day strike to protest plans by the German-owned company to cut 1,346 jobs _ or 8 percent of the work force.
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Pernod Ricard revenue rises on Allied deal
Nov 10 2005 8:44AM (CT)
PARIS (AP) - Pernod Ricard SA, the world's second-largest spirits company, said Thursday its first-quarter revenue rose 55 percent in the July-September quarter, boosted by its takeover of British rival drinks group Allied Domecq.
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Profit at Dutch ING bank climbs in 3Q
Nov 10 2005 8:18AM (CT)
THE HAGUE, Netherlands (AP) - ING NV, the Dutch bank and insurer, said Thursday its third-quarter profit rose 21 percent, due mainly to a strong performance at its banking arm.
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Aegon's 3Q profit rises 25 percent
Nov 10 2005 8:11AM (CT)
AMSTERDAM, Netherlands (AP) - Netherlands-based insurer Aegon NV, owner of U.S. insurance and investment company Transamerica, reported a 25 percent increase in third-quarter net profit on Thursday, crediting a strong performance by its life-insurance operations.
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Hannover Re posts wider third-quarter loss
Nov 10 2005 7:53AM (CT)
FRANKFURT, Germany (AP) - German reinsurer Hannover Re said the damage caused by hurricanes in the Gulf of Mexico this summer hurt its bottom line as it posted a third-quarter loss and warned that it would not earn a profit for 2005.
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China's trade surplus grows to $12B in Oct.
Nov 10 2005 7:44AM (CT)
SHANGHAI, China (AP) - China's trade surplus surged to $12 billion in October, the highest monthly total this year, as exports continued to outpace imports, the government reported Thursday.
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Siemen profit tumbles in fourth quarter
Nov 10 2005 7:24AM (CT)
FRANKFURT, Germany (AP) - Siemens AG, Europe's biggest electronics and electrical engineering company, said Thursday its net profit fell by 88 percent in the fourth quarter with losses at its information technology and mobile-phone units pushing its earnings down.
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Bank of England holds key rate steady
Nov 10 2005 7:12AM (CT)
LONDON (AP) - The Bank of England held official interest rates steady at 4.5 percent Thursday for the third consecutive month.
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Mitsubishi posts $543M loss for half year
Nov 10 2005 6:59AM (CT)
TOKYO (AP) - Mitsubishi Motors Corp., struggling to overcome a spate of defect scandals, said Thursday it lost 63.8 billion yen ($543 million) in the half-year through September, although that was an improvement over the heftier 178.8 billion yen loss racked up the same period a year ago.
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Kodak restates results for 2005 quarters
Nov 10 2005 6:25AM (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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The Avon Lady needs a face lift
Nov 10 2005 5:55AM (CT)
NEW YORK (AP) - One by one, New York-based Avon Products Inc.'s most important global markets have slowed. But management appears poised to make more than cosmetic changes when it unveils a turnaround plan later this month.
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AIG to again restate previous results
Nov 10 2005 5:54AM (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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Ex-Doosan exec indicted for embezzlement
Nov 10 2005 5:24AM (CT)
SEOUL, South Korea (AP) - Prosecutors on Thursday indicted a business tycoon who is also a member of the International Olympic Committee on charges of embezzling company funds in a case stemming from a family row over control of South Korea's oldest conglomerate.
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EU accused of holding trade talks hostage
Nov 10 2005 5:11AM (CT)
SYDNEY, Australia (AP) - The European Union came under harsh attack here Thursday, with a bloc of agricultural nations accusing Brussels of holding the world trade talks hostage and the Australian trade minister saying he believes the EU can cut agricultural tariffs more than it has so far pledged.
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TSE executives fined for computer glitch
Nov 10 2005 5:00AM (CT)
TOKYO (AP) - Executives at the Tokyo Stock Exchange will take temporary pay cuts after a computer breakdown shut down trading on the exchange for three hours earlier this month, frustrating investors and shaking confidence in Asia's biggest bourse.
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Amtrak board fires Gunn as president
Nov 10 2005 1:23AM (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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PepsiCo unit to slash up to 250 jobs
Nov 10 2005 12:51AM (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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