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Tokyo stocks higher; Dollar slips vs yen
Nov 23 2005 11:07PM (CT)
TOKYO (AP) - Japan's benchmark index rose Thursday morning during a sixth straight session of gains, with shares in export, high-tech, and nonbank financial companies all higher. The dollar slipped against the yen.
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Luxury items find way into warehouse clubs
Nov 23 2005 11:04PM (CT)
NEW YORK (AP) - When consumers shop for diamond bracelets this holiday season, BJ's Wholesale Club Inc. probably won't be the first retailer they think of. But luxury goods are finding their way into warehouse clubs and other low-to-moderate price retailers who want to be part of the boom in upscale merchandise.
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Arcelor makes $3.75B offer for Dofasco
Nov 23 2005 10:43PM (CT)
BRUSSELS, Belgium (AP) - Luxembourg-based steel giant Arcelor SA made a $3.75 billion hostile takeover offer for Canadian steelmaker Dofasco Inc. on Wednesday, its first foray into North America and a shift from its previous strategy of making acquisitions in developing markets.
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Japan's trade surplus in October shrinks
Nov 23 2005 10:35PM (CT)
TOKYO (AP) - Japan's current account surplus, its broadest measure of trade, shrank 28.8 percent in October from a year earlier as high crude oil prices continued to inflate the value of the nation's imports, the government said Thursday.
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Arcelor launches $4B bid for Dofasco
Nov 23 2005 10:12PM (CT)
TORONTO (AP) - The world's second-biggest steelmaker is offering $4.3 billion (US$3.8 billion) for Dofasco Inc., aiming its pitch at shareholders of Canada's largest steelmaker after being rebuffed by management.
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Dow ends up 45, Nasdaq gains 6
Nov 23 2005 8:07PM (CT)
NEW YORK (AP) - Better-than-expected consumer confidence numbers and a drop in oil prices sent stocks higher Wednesday, extending Wall Street's November rally in light pre-holiday trading.
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French firm ordered to pay nearly $190M
Nov 23 2005 7:22PM (CT)
LOS ANGELES (AP) - A federal judge has ordered a French retailer to pay California nearly $190 million plus interest as restitution for its role in the takeover of failed insurer Executive Life.
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Brazil central bank cuts interest rates
Nov 23 2005 6:48PM (CT)
BRASILIA, Brazil (AP) - Brazil's central bank cuts its benchmark interest rate for the third consecutive month, despite higher-than-expected inflation and a sluggish economy.
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Placer Dome rejects Barrick's $9B takeover
Nov 23 2005 6:46PM (CT)
TORONTO (AP) - Gold mining company Placer Dome Inc. on Wednesday said its board is recommending shareholders reject a $9.2 billion takeover bid by Barrick Gold Corp., calling the offer "inadequate" and "opportunistic."
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Hoover to shutter Ohio production line
Nov 23 2005 6:22PM (CT)
NORTH CANTON, Ohio (AP) - A Hoover Co. production line that makes machines used to clean floors and carpets will shut down, likely eliminating 275 jobs by year end as the company's parent shifts work to lower cost plants.
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Money funds rose in latest week
Nov 23 2005 6:05PM (CT)
NEW YORK (AP) - Assets of the nation's retail money market mutual funds rose by $1.64 billion in the latest week to $829.60 billion, the Investment Company Institute said Thursday.
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Kodak shares jump after IRS settlement
Nov 23 2005 6:03PM (CT)
ROCHESTER, N.Y. (AP) - Shares of Eastman Kodak Co. jumped more than 8 percent Wednesday, a day after the photography-equipment maker reached an income tax-refund settlement with the Internal Revenue Service that will boost its fourth-quarter earnings.
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UAW objects to Delphi's severance plan
Nov 23 2005 6:00PM (CT)
DETROIT (AP) - The United Auto Workers union is asking a bankruptcy court judge to reject Delphi Corp.'s plan to reward executives with cash bonuses and stock options if the auto supplier emerges from bankruptcy.
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Morgan Stanley to pay ex-president $17M
Nov 23 2005 5:57PM (CT)
WASHINGTON (AP) - Former Morgan Stanley president Stephan F. Newhouse will receive $17.4 million from Morgan Stanley under a settlement, the financial-services company disclosed Wednesday.
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Jobs outlook brighter as energy prices fall
Nov 23 2005 4:49PM (CT)
WASHINGTON (AP) - Falling energy prices have economists believing improvement is on the way for hiring, which has been mired in a hurricane-related lethargy for the last few months.
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Sovereign deal opponents ponder next move
Nov 23 2005 4:39PM (CT)
PHILADELPHIA (AP) - Major investors opposed to Sovereign Bancorp's plan to sell a major stake to a Spanish banking conglomerate were considering their options on Wednesday _ a day after the New York Stock Exchange approved the revised deal _ including trying to replace the board of directors.
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Toyota looks to surpass GM in production
Nov 23 2005 4:38PM (CT)
TOKYO (AP) - Toyota Motor Corp. is quickening its quest to unseat ailing rival General Motors Corp. as the world's biggest automaker with reported plans to start manufacturing up to 100,000 Toyota vehicles at a Subaru factory in Indiana.
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RIM cuts subscriber projections; shares dip
Nov 23 2005 4:37PM (CT)
TORONTO (AP) - Research In Motion Ltd., maker of the BlackBerry wireless device, lowered projections Wednesday for new subscribers because of product launch delays, though it backed its revenue forecast for the third quarter.
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Fitch Ratings lowers outlook for Visteon
Nov 23 2005 4:34PM (CT)
DETROIT (AP) - Fitch Ratings said Wednesday it is changing its outlook on Visteon Corp. from positive to negative due to uncertainty about the auto supplier's future as it deals with higher raw material prices and possible production cutbacks at automakers.
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Crude-oil futures end slightly lower
Nov 23 2005 4:32PM (CT)
NEW YORK (AP) - Crude oil futures ended slightly lower the day before Thanksgiving after a report showed larger-than-expected builds in crude and distillate stockpiles.
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Jobs picture is looking brighter
Nov 23 2005 4:21PM (CT)
WASHINGTON (AP) - Falling energy prices have economists believing improvement is on the way for hiring, which has been mired in a hurricane-related lethargy for the last few months.
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Hormel Foods 4Q profit jumps 17 percent
Nov 23 2005 4:19PM (CT)
AUSTIN, Minn. (AP) - Pork and turkey processor Hormel Foods Corp. on Wednesday said fiscal fourth-quarter profit climbed 17 percent on a strong turkey meat market, lower feed costs and improved production.
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Casual Corner closing all 525 stores
Nov 23 2005 4:18PM (CT)
ENFIELD, Conn. (AP) - Casual Corner Group will close or sell all 525 of its stores in 42 states and Puerto Rico, the company announced Wednesday.
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Oil prices slide after inventory report
Nov 23 2005 4:09PM (CT)
NEW YORK (AP) - Energy prices drifted lower Wednesday after a government report showed the nation's crude oil inventories are growing even as demand for some fuels inched forward.
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Bonds slip amid more sober rate outlook
Nov 23 2005 4:07PM (CT)
NEW YORK (AP) - U.S. Treasury bonds fell Wednesday as investors headed into Thanksgiving with a more sober outlook on interest rates. The bond market will remain shuttered Thursday for Thanksgiving.
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Adelphia founder's son pleads guilty
Nov 23 2005 3:19PM (CT)
NEW YORK (AP) - A son of Adelphia Communications Corp. founder John Rigas pleaded guilty Wednesday to a financial crime, ending a Manhattan case that portrayed the family-run cable television business as a house of fraud before it plunged into bankruptcy.
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Airbus says AerCap to buy 70 A320s
Nov 23 2005 3:15PM (CT)
PARIS (AP) - Aircraft leasing company AerCap has signed a letter of intent to buy 70 of Airbus' A320 family of single-aisle commercial jets, the European aircraft maker said Wednesday.
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Lenders push envelope to get more biz
Nov 23 2005 3:13PM (CT)
NEW YORK (AP) - With the housing market cooling and loan demand shrinking, banks and other lenders are turning to nontraditional and sometimes riskier mortgages to bring in more business and make up their lost revenue.
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Homeowners look to refinancing mortgages
Nov 23 2005 3:13PM (CT)
DENVER (AP) - As soon as Lorie Limbaugh heard about a 1.25 percent interest rate on a mortgage loan, she figured it was too good to be true.
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Slowing home appreciation may help buyers
Nov 23 2005 3:12PM (CT)
SAN DIEGO (AP) - When Jason and Laura Bennett bought their home two years ago, the housing market was among the hottest in the nation. Would-be buyers made offers as soon as "For Sale" signs went up, then bid even higher in the frenzy to close the deal.
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Mortgage rates drop in latest report
Nov 23 2005 2:39PM (CT)
WASHINGTON (AP) - Mortgage rates around the country, which have been trending upward, dropped this week, offering a dose of good news for prospective home buyers.
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Ex-Avon exec hired as Longaberger president
Nov 23 2005 2:27PM (CT)
COLUMBUS, Ohio (AP) - Longaberger Co., a privately-held company that produces handmade baskets, hired a former Avon Products Inc. executive as its president on Wednesday.
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UAL reports $698 million net loss for Oct.
Nov 23 2005 2:05PM (CT)
ELK GROVE VILLAGE, Ill. (AP) - United Airlines' holding company reported a $698 million net loss Wednesday for the month of October, continuing to lose money as it nears the completion of a nearly three-year-old overhaul in bankruptcy.
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InBev confirms first job cuts since deal
Nov 23 2005 1:45PM (CT)
BRUSSELS, Belgium (AP) - Belgian-Brazilian brewer InBev SA said it would cut 45 jobs from its world headquarters work force of 400 people in Leuven, Belgium _ the first jobs it has shed since it was formed when Belgium's Interbrew combined with South America's biggest brewer AmBev last year.
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Guidant settles suit over patient's death
Nov 23 2005 1:18PM (CT)
INDIANAPOLIS (AP) - Guidant Corp., which has recalled thousands of its heart devices since June, has agreed to settle a lawsuit over the death of a Minnesota man whose implanted defibrillator failed, an attorney said.
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P&G: Gillette units post lower profits
Nov 23 2005 12:47PM (CT)
NEW YORK (AP) - Procter & Gamble Co. said third-quarter earnings fell at two business units it acquired from Gillette, hurt by marketing expenses and flat sales at its battery business.
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Deadline is set for bank to make LSE bid
Nov 23 2005 12:29PM (CT)
LONDON (AP) - Britain's takeover regulator on Wednesday set a deadline of Dec. 15 for Australian investment bank Macquarie Bank Ltd. to make a formal offer for the London Stock Exchange.
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Pressure on officials to reach sugar deal
Nov 23 2005 12:09PM (CT)
BRUSSELS, Belgium (AP) - The European Union's trade chief put added pressure on the bloc's farm ministers on Wednesday, urging them to overhaul Europe's 40-year-old sugar subsidy program and bring it into line with world trade rules, as talks dragged on into their second day.
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Tetra Pak eyes chemical in milk cartons
Nov 23 2005 11:59AM (CT)
STOCKHOLM, Sweden (AP) - Swedish packaging giant Tetra Pak AB will phase out a chemical used in milk and juice cartons after traces of it were found in baby milk recently recalled by Nestle SA, a Tetra Pak spokeswoman said Wednesday.
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Air France-KLM's quarterly profit triples
Nov 23 2005 11:30AM (CT)
PARIS (AP) - Air France-KLM Group, the world's largest airline, said Wednesday its quarterly net profit more than tripled, aided by a one-time gain from the sale of its stake in the Amadeus booking system. Revenue also surged, suggesting the 2004 merger of Air France and KLM Royal Dutch Airlines is proving to be a success.
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Consortium withdraws from Drax bidding
Nov 23 2005 10:40AM (CT)
LONDON (AP) - A U.S.-based consortium has abandoned efforts to acquire British power generator Drax Group Ltd., the companies announced Wednesday.
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Spain's economy posts growth in 3Q
Nov 23 2005 9:31AM (CT)
MADRID, Spain (AP) - The Spanish economy continued to grow at a healthy pace during the July-September period, backed by strong domestic demand and rising exports, final data published by the National Statistics Institute, or INE, showed Wednesday.
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State Farm insurance may hike some rates
Nov 23 2005 9:29AM (CT)
FORT LAUDERDALE, Fla. (AP) - State Farm Florida Insurance Co., Florida's largest home insurer, has been given approval to increase homeowners policy rates by an average of 8.6 percent next year across the state.
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EU probes suspicions of illegal subsidies
Nov 23 2005 8:16AM (CT)
BRUSSELS, Belgium (AP) - EU regulators have launched an investigation into suspicions of illegal subsidies in Poland's energy and industrial machinery markets.
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Turkmenistan, China to sign gas deal
Nov 23 2005 8:14AM (CT)
ASHGABAT, Turkmenistan (AP) - Central Asia's Turkmenistan will sign a major agreement next year to sell natural gas to China and jointly develop Turkmen gas fields, President Saparmurat Niyazov said Wednesday.
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EU: ink in baby milk unlikely health risk
Nov 23 2005 8:02AM (CT)
BRUSSELS, Belgium (AP) - European Union food safety experts believe ink traces detected in Nestle baby milk do not appear to present a risk to human health, the EU said Wednesday.
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Fortis' profit jumps 94 percent in 3Q
Nov 23 2005 7:30AM (CT)
AMSTERDAM, Netherlands (AP) - Third-quarter profit at Dutch-Belgian bank and insurer Fortis NV jumped 94 percent, due largely to strong banking operations, the company said Wednesday.
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S. Korea watchdog eyes Samsung-Apple deal
Nov 23 2005 6:11AM (CT)
SEOUL, South Korea (AP) - South Korea's Fair Trade Commission said Wednesday it is looking into whether Samsung Electronics Co. may have engaged in unfair practices when it supplied NAND flash memory chips to Apple Computer Inc.
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Turkey farm sticks with free-range birds
Nov 23 2005 3:58AM (CT)
NEW CARLISLE, Ohio (AP) - It's not easy raising turkeys in the great outdoors. Coyotes like to stop by for a snack, and even thunderstorms can pose a threat. But Bowman & Landes has been steadily carving out a market for free-range turkeys, resisting the trend toward indoor-raised birds to stick with the old-fashioned way.
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Paper: Japan investors favor Web trading
Nov 23 2005 3:54AM (CT)
TOKYO (AP) - More than 80 percent of individual investor transactions in Japan were conducted over the Internet, a survey found, according to a newspaper report Wednesday.
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Samsung to provide chips to Qualcomm
Nov 23 2005 2:15AM (CT)
SEOUL, South Korea (AP) - Samsung Electronics Co. will provide made-to-order non-memory chips to U.S. wireless technology and handset maker Qualcomm Inc. as part of a partnership, the companies said Wednesday.
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Japan bank chief: Bank to decide policy
Nov 23 2005 1:23AM (CT)
TOKYO (AP) - It is soley the Bank of Japan's decision when to end its ultra-loose monetary policy, the chief of the central bank said in a news report, apparently seeking to defend the bank's independence amid government pressure to leave policy unchanged to support Japan's nascent economic recovery.
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McDonald's rolls out gift card
Nov 23 2005 12:53AM (CT)
CHICAGO (AP) - McDonald's Corp. has an idea for a stocking stuffer, and it doesn't require substituting burgers and fries for the traditional holiday dinner. The fast-food chain formally launched its new reloadable convenience card _ the Arch Card _ with the kickoff of a nationwide marketing campaign Wednesday, joining the growing group of restaurant operators that offer similar cards.
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Boeing Wichita engineers to vote on deal
Nov 23 2005 12:18AM (CT)
WICHITA, Kan. (AP) - Engineers at Boeing Co.'s Integrated Defense System plant in Wichita will vote Nov. 30 on a new four-year contract offer, the union said Tuesday.
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Australian jailed in airline fraud case
Nov 23 2005 12:14AM (CT)
MELBOURNE, Australia (AP) - Austin Perrott racked up 17.6 million frequent flyer points with airlines around the world without ever setting foot on a plane. On Wednesday, an Australian judge clipped his wings _ jailing him for six months for fraud.
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Malaysia Airlines to increase fares
Nov 23 2005 12:12AM (CT)
KUALA LUMPUR, Malaysia (AP) - Malaysia Airlines plans to increase its fares and sell some of its assets to reverse huge losses, according to a published report.
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