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GM to ax 30,000 jobs, close 12 facilities
Nov 21 2005 11:14PM (CT)
DETROIT (AP) - General Motors Corp., pounded by declining sales and rising health care costs, said Monday it will cut more than a quarter of its North American manufacturing jobs and close 12 facilities by 2008. The United Auto Workers called the plan "devastating" and warned it will make negotiations more difficult, but some Wall Street analysts said GM's actions may not go far enough.
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French rail workers strike
Nov 21 2005 10:58PM (CT)
PARIS (AP) - Railworkers on the French state-run system went on strike Monday night with officials predicted major disruptions to national lines and Paris area commuter trains.
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Hollinger Int'l to replace 6 board members
Nov 21 2005 10:49PM (CT)
CHICAGO (AP) - Hollinger International Inc., a newspaper publisher formerly run by fallen media tycoon Conrad Black, will lose three well-known members of its board of directors.
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Japanese stocks gain on auto, tech issues
Nov 21 2005 9:45PM (CT)
TOKYO (AP) - Japanese stocks rose Tuesday for a fifth straight session on traders' continued purchases of export-oriented issues such as autos and electronics. The dollar strengthened.
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Judge delays Wittig, Lake sentencing
Nov 21 2005 8:02PM (CT)
TOPEKA, Kan. (AP) - A federal judge on Monday delayed the sentencing date for two former Westar Energy Inc. executives convicted of looting the utility, allowing their attorneys more time to review and respond to presentencing reports for the men.
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Teachers' fund objects to Sovereign deals
Nov 21 2005 7:53PM (CT)
PHILADELPHIA (AP) - Another large investor has asked the New York Stock Exchange to force Sovereign Bancorp Inc. to submit two acquisition deals to a shareholder vote.
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GM plant closing has impact on Tenn. town
Nov 21 2005 7:37PM (CT)
SPRING HILL, Tenn. (AP) - When General Motors Corp. started building cars in this sleepy farming town nearly 15 years ago, the Saturn plant was touted as a key component of the automaker's vision for the future.
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Target sees 'improved' sales in November
Nov 21 2005 7:20PM (CT)
NEW YORK (AP) - Target Corp., the nation's second-largest retail discounter, said Monday its business had "somewhat improved" during the week ended Saturday, compared to the first two weeks of the month, but still did not meet expectations.
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Commercial mortgage-bond delinquencies up
Nov 21 2005 7:19PM (CT)
NEW YORK (AP) - Commercial mortgage-backed securities delinquencies are rising in the wake of hurricanes Katrina and Rita, after declining for most of the past year.
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Wave Systems shares advance on Dell deal
Nov 21 2005 7:17PM (CT)
NEW YORK (AP) - Shares of Wave Systems Corp. jumped Monday after Dell Inc. agreed to distribute Wave Systems' security software on its business computers equipped with trusted computing chips, or TPMs.
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Allscripts shares fall on debt offering
Nov 21 2005 7:15PM (CT)
NEW YORK (AP) - Allscripts Healthcare Solutions Inc. shares slid Monday after the company filed a $200 million debt offering on Friday.
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Mentor open to sweeten offer for Medicis
Nov 21 2005 7:05PM (CT)
LOS ANGELES (AP) - Cosmetic-surgery product maker Mentor Corp. said Monday it would be open to beefing up its rejected $2.2 billion takeover bid for Medicis Pharmaceutical Corp.
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Group: Economic activity rises in October
Nov 21 2005 7:00PM (CT)
NEW YORK (AP) - A widely watched measure of future economic activity rose in October, signaling that the economy will grow this year _ but at a more moderate pace than in 2004 _ despite being battered by hurricanes in September.
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Judge drops charges against ex-CIBC exec
Nov 21 2005 6:24PM (CT)
NEW YORK (AP) - A state judge dismissed charges Monday that were filed against a Canadian Imperial Bank of Commerce official who had been accused of aiding an improper trading scheme that stole more than $2 million from two mutual funds.
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AT&T plans to resurrect wireless brand
Nov 21 2005 6:16PM (CT)
NEW YORK (AP) - AT&T Inc., the company created by SBC Communications Inc.'s just-completed purchase of its former corporate parent, plans to resurrect the AT&T Wireless brand for cell phone service provided by its Cingular Wireless partnership with BellSouth Corp.
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Sprint to buy Alamosa for $3.4 billion
Nov 21 2005 5:54PM (CT)
KANSAS CITY, Mo. (AP) - Sprint Nextel Corp. said Monday it will acquire Alamosa Holdings Inc., its largest Sprint-branded wireless affiliate, for $3.4 billion.
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Carrier seeks deal with Vietnam Airlines
Nov 21 2005 5:46PM (CT)
FORT WORTH, Texas (AP) - American Airlines, the nation's largest carrier, is asking federal officials to let it and Vietnam Airlines sell seats on each other's flights beginning early next year.
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Beverly agrees to Fillmore acquisition
Nov 21 2005 5:42PM (CT)
LITTLE ROCK, Ark. (AP) - Nursing home operator Beverly Enterprises Inc. said Monday it has agreed to be acquired by a private-equity firm for about $1.5 billion after a previous sale fell through because financing couldn't be lined up in time.
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U.S. Treasury bonds post modest gains
Nov 21 2005 5:40PM (CT)
NEW YORK (AP) - U.S. Treasury bonds carved out modest gains Monday as traders and investors continued to reposition themselves after a recent round of heavy selling in the market.
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Maytag pushes back shareholder meeting
Nov 21 2005 5:25PM (CT)
DES MOINES, Iowa (AP) - Maytag Corp. on Monday pushed back to Dec. 22 its shareholder meeting to vote on its proposed acquisition by rival Whirlpool Corp.
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EDF has disappointing stock market debut
Nov 21 2005 5:24PM (CT)
PARIS (AP) - The much-hyped flotation of French power company EDF failed to electrify the market Monday, disappointing investors who had hoped for an instant return on the world's biggest IPO this year.
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Monday's commodities roundup
Nov 21 2005 5:10PM (CT)
NEW YORK (AP) - Forecasts of colder weather sent crude-oil futures moderately higher in a thinly traded session Monday.
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Oil prices up on U.S. snowstorm warnings
Nov 21 2005 5:05PM (CT)
NEW YORK (AP) - A winter storm forecast for the Northeast lifted energy prices Monday and fueled speculation about whether prices have bottomed out following a recent decline.
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New AT&T logo is variation on old globe
Nov 21 2005 5:04PM (CT)
NEW YORK (AP) - The new AT&T Inc., freshly formed by SBC Communications Inc.'s purchase of its former parent company, on Monday unveiled its new corporate logo: a variation on the familiar blue AT&T globe with the company's name spelled in lowercase letters just below.
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Boeing shares finish higher on 2 orders
Nov 21 2005 4:51PM (CT)
DUBAI, United Arab Emirates (AP) - Boeing Co. shares closed at nearly a five-year high on Monday after the company announced deals for 26 Boeing 787 Dreamliners from two leasing companies. The list price for both orders is $3.4 billion but big customers normally get a discount.
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Groups question vehicle roof crush idea
Nov 21 2005 4:35PM (CT)
WASHINGTON (AP) - Safety groups said Monday a proposed regulation to require stronger vehicle roofs was inadequate for protecting motorists in rollover crashes, which kill more than 10,000 people a year.
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Campbell Soup 1Q profit up to $302M
Nov 21 2005 4:29PM (CT)
TRENTON, N.J. (AP) - Campbell Soup Co.'s first-quarter profit climbed 31 percent, helped by lower expenses and a large tax benefit, but revenues were flat as sales in the mainstay soup business fell after a strong quarter last year.
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GM job cuts fail to assuage investors
Nov 21 2005 4:02PM (CT)
NEW YORK (AP) - General Motors Corp., which has operated more like a bank than an automaker by offering low-cost financing, may have to do more to placate investors who shrugged off the massive staff cuts it announced Monday.
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Interest rates on Treasury bills mixed
Nov 21 2005 4:00PM (CT)
WASHINGTON (AP) - Interest rates on short-term Treasury bills were mixed in Monday's auction with rates on three-month bills rising to the highest level since April 2001.
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Eurostat: EU trade deficit down in Sept.
Nov 21 2005 2:38PM (CT)
BRUSSELS, Belgium (AP) - The European Union's overall trade deficit shrank to 9.1 billion euros ($10.6 billion) in September, according to first estimates released Monday by the EU statistics agency Eurostat.
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Malaysia unveils Islamic REIT guidelines
Nov 21 2005 2:27PM (CT)
KUALA LUMPUR, Malaysia (AP) - Malaysia's Securities Commission on Monday unveiled what is believed to be the first-ever guidelines for Islamic real-estate investment trusts, bolstering the country's aim of becoming a regional Islamic financial hub.
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Indian official: Deal unlikely at summit
Nov 21 2005 2:17PM (CT)
NEW DELHI (AP) - A deal on a new global trade treaty is unlikely to come out of next month's World Trade Organization meeting, but the Hong Kong summit won't collapse like the previous one, India's trade minister said Monday.
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More work called for in Lukoil case
Nov 21 2005 1:59PM (CT)
DENVER (AP) - The state Supreme Court ruled Monday that a Canadian diamond mining company that had been based in Colorado will get a chance to revive its $1 billion lawsuit against Russia's top oil producer Lukoil Co.
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Wrigley sells Trolli rights and plant
Nov 21 2005 12:54PM (CT)
CRESTON, Iowa (AP) - Wm. Wrigley Jr. Co. will sell the North American trademark rights for Trolli gummy candy and an Iowa factory that produces the chewy treats, the company announced Monday.
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Computer Sciences falls after talks end
Nov 21 2005 12:10PM (CT)
NEW YORK (AP) - Computer Sciences Corp. stock fell Monday on news that defense contractor Lockheed Martin Corp. and three private-equity firms broke off talks to buy the computer-services company.
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ECB chief ready to 'moderately' up rates
Nov 21 2005 10:53AM (CT)
BRUSSELS, Belgium (AP) - European Central Bank President Jean-Claude Trichet said Monday he was ready to "moderately augment" interest rates to stem inflation but did not see a series of increases ahead.
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EU officials adopt plan to open arms market
Nov 21 2005 10:34AM (CT)
BRUSSELS, Belgium (AP) - European Union defense ministers adopted a plan Monday to open up their 30 billion euros ($35 billion) arms industry to increased cross-border competition within the EU _ a landmark move designed to cut costs.
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Report: Gazprom share proposal submitted
Nov 21 2005 10:20AM (CT)
MOSCOW (AP) - Russia's economic ministry has submitted to the government a package of proposals aimed at lifting restrictions on foreign ownership of shares in the world's biggest gas producer, the Interfax news agency reported Monday.
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Cadbury accepts $2.19B offer for unit
Nov 21 2005 10:04AM (CT)
LONDON (AP) - Cadbury Schweppes PLC said Monday it agreed to sell its European soft-drinks arm for 1.85 billion euros, or $2.19 billion, to a consortium comprising private-equity firms Blackstone Group and Lion Capital.
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Europe moves toward hiking interest rates
Nov 21 2005 9:47AM (CT)
BRUSSELS, Belgium (AP) - European Central Bank President Jean-Claude Trichet said Monday he was ready to "moderately augment" interest rates to keep prices stable.
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EU nations to monitor EU chief negotiator
Nov 21 2005 8:43AM (CT)
BRUSSELS, Belgium (AP) - European Union nations said Monday they will closely monitor EU trade negotiator Peter Mandelson at crucial global trade talks next month to ensure he makes no excessively generous offers on cuts in farm subsidies.
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Russian President outlines pipeline plans
Nov 21 2005 8:10AM (CT)
TOKYO (AP) - Russian President Vladimir Putin called for stronger economic ties with Japan on Monday and said his country was committed to a pipeline that will supply crude oil to Japan and other countries in east Asia.
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Bank that lent to ex-Refco exec names CEO
Nov 21 2005 8:08AM (CT)
VIENNA, Austria (AP) - The Austrian bank that lent hundreds of millions of dollars to the former head of embattled commodities brokerage Refco Inc. said Monday it has appointed the ex-chief of the EU's lending institution as its new CEO.
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Boeing seeks binding arbitration
Nov 21 2005 7:42AM (CT)
BRUSSELS, Belgium (AP) - A Boeing Co. executive said Monday that any negotiated settlement of his company's current dispute with European aircraft maker Airbus over government subsidies should lead to a broad, trans-Atlantic deal that ensures financial transparency and binding arbitration of future public funding disputes.
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Cartel office details takeover objections
Nov 21 2005 7:31AM (CT)
BERLIN (AP) - Germany's antitrust authority on Monday detailed its objections to publisher Axel Springer AG's planned takeover of broadcaster ProSiebenSat.1 Media AG, and said it would decide by the year's end whether the deal could go ahead.
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Russian President outlines pipeline plans
Nov 21 2005 6:00AM (CT)
TOKYO (AP) - Russian President Vladimir Putin called for stronger economic ties with Japan on Monday and said his country was committed to a pipeline that will supply crude oil to Japan and other countries in East Asia.
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Samsung to increase chip production
Nov 21 2005 5:53AM (CT)
SEOUL, South Korea (AP) - Samsung Electronics Co.'s board of directors Monday signed off on plans to invest 636.9 billion won, or $615.4 million, to build a new memory-chip production facility to meet rising demand.
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China to order 60 Japanese bullet trains
Nov 21 2005 5:32AM (CT)
TOKYO (AP) - China plans to place an order for 60 Japanese high-speed Shinkansen "bullet" trains to upgrade the country's railway system, according to a Japanese news report Monday.
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Mizuho Financial reports rise in profit
Nov 21 2005 5:31AM (CT)
TOKYO (AP) - Mizuho Financial, Japan's second largest banking group, reported a 45 percent rise in net profit Monday for the fiscal half-year, reflecting the recovery at Japanese banks and the broader economy after a lengthy slump.
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Japan stays upbeat over economic recovery
Nov 21 2005 4:50AM (CT)
TOKYO (AP) - The Japanese government remained upbeat about the economy in its latest monthly report Monday, saying strong consumer demand combined with a rebound in exports is keeping the nation's recovery going.
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Sega Sammy reports $210 million profit
Nov 21 2005 4:40AM (CT)
TOKYO (AP) - Sega Sammy Holdings Inc., a company formed from a merger between a game-maker and a pinball maker, reported a net profit of 25 billion yen ($210 million) for the half-year through September.
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East Asia said must bolster investments
Nov 21 2005 4:38AM (CT)
KUALA LUMPUR, Malaysia (AP) - East Asian nations must speed up efforts to liberalize their trade and investment policies to woo foreign investment, a World Bank economist said Monday.
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Emirates Airlines to buy 42 Boeing 777s
Nov 21 2005 4:17AM (CT)
DUBAI, United Arab Emirates (AP) - Emirates Airlines has placed an order for 42 Boeing 777 jets worth $9.7 billion at list prices, the airlines' chairman said Sunday, while China has signed a deal to buy 70 Boeing 737 airliners valued at $4 billion. Chinese airlines also will buy 80 more soon, the government said Sunday during a visit to Beijing by President Bush.
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Dollar rises against yen
Nov 21 2005 3:49AM (CT)
TOKYO (AP) - The dollar rose slightly against the yen in Asia Monday after a weekend meeting between President Bush and Chinese President Hu Jintao failed to produce a breakthrough on Chinese currency policies.
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Black farmers intrigued by Ethiopian crop
Nov 21 2005 3:38AM (CT)
WICHITA, Kan. (AP) - When Kansas farmers Gary and Gil Alexander were approached with the idea of growing teff, an Ethiopian cereal grain, they were intrigued by the crop's connection to Africa.
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New law would force payment in Hardie case
Nov 21 2005 12:27AM (CT)
SYDNEY, Australia (AP) - The government of Australia's most populous state threatened Monday to pass laws forcing building materials company James Hardie to compensate people killed or left with crippling lung diseases by the company's asbestos.
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