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Mittal has no plans to restart W.Va. mill
Nov 29 2005 11:24PM (CT)
WEIRTON, W.Va. (AP) - Mittal Steel Co. has no plans to restart the furnace at its West Virginia operation in 2006, a move that could mean the elimination of as many as 800 jobs at the long-struggling mill.
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Judge OKs Delta request to sell airplanes
Nov 29 2005 11:06PM (CT)
NEW YORK (AP) - A U.S. bankruptcy court judge on Tuesday approved Delta Air Lines Inc.'s request to sell some of its airplanes and to reject an Atlanta office lease.
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Lawyer blames Vioxx for man's heart attack
Nov 29 2005 10:21PM (CT)
HOUSTON (AP) - A lawyer representing the widow of man who claims that Merck & Co.'s Vioxx caused her husband's death argued on Tuesday that taking the pain reliever for one month was enough to cause the 53-year old man's heart attack.
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Ex-Gemstar exec. to strike deal with SEC
Nov 29 2005 9:50PM (CT)
LOS ANGELES (AP) - A former executive at Gemstar-TV Guide International Inc. has agreed to a tentative deal with federal regulators to settle charges that she inflated the company's revenue by nearly $250 million.
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Orlando Sentinel cuts 50 positions
Nov 29 2005 9:22PM (CT)
ORLANDO, Fla. (AP) - The Orlando Sentinel is eliminating about 50 positions through layoffs and leaving open jobs unfilled as a cost-cutting measure, the newspaper's publisher said Tuesday in a memo to workers.
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Merck to cut workers in Ga., Pa., Canada
Nov 29 2005 8:54PM (CT)
TRENTON, N.J. (AP) - Merck & Co. workers in Georgia, rural Pennsylvania and Canada are among 7,000 employees to be laid off as the struggling drugmaker begins a global restructuring that aims to slash costs by cutting jobs and shuttering factories and research facilities.
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Harrah's to sell casino to Icahn company
Nov 29 2005 7:29PM (CT)
LAS VEGAS (AP) - Harrah's Entertainment Inc. said Tuesday it will sell the Flamingo hotel-casino in Laughlin to American Real Estate Partners LP, which owns the Stratosphere hotel-casino in Las Vegas and the Sands hotel-casino in Atlantic City, N.J.
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TiVo posts narrower-than-expected 3Q loss
Nov 29 2005 7:21PM (CT)
SAN JOSE, Calif. (AP) - A jump in new subscribers helped TiVo Inc. achieve a narrower-than-expected loss for the third quarter but the company cautioned Tuesday that its fourth-quarter loss will range from $17 million to $22 million.
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Interstate Bakeries reports low sales
Nov 29 2005 6:50PM (CT)
KANSAS CITY, Mo. (AP) - Interstate Bakeries Corp., the maker of Hostess Twinkies and Wonder Bread, on Tuesday reported its lowest level of monthly sales since filing for bankruptcy protection more than a year ago and said it lost $19 million.
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Frontier Airlines to sell $80M in debt
Nov 29 2005 6:46PM (CT)
DENVER (AP) - Frontier Airlines Inc., saddled with high fuel costs, hurricane-related service disruptions and a new competitive threat, said Tuesday it plans to sell about $80 million in convertible debt to help pay for aircraft and expanded operations.
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Mellon Financial denies plans to sell unit
Nov 29 2005 6:32PM (CT)
PITTSBURGH (AP) - Mellon Financial Corp. said Tuesday it had no plans to sell one of its major units after a magazine article suggested shareholders had pressured the company to consider spinning off its asset management business to boost its stock price.
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Doctors warned about pacemaker problem
Nov 29 2005 6:23PM (CT)
FRIDLEY, Minn. (AP) - Medical device maker Medtronic Inc. warned doctors on Tuesday that wires on some of its Sigma pacemakers could separate, preventing them from working.
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Judge rules for Delphi in bankruptcy case
Nov 29 2005 6:22PM (CT)
NEW YORK (AP) - Delphi Corp. can enter into amended agreements with its critical suppliers, a bankruptcy judge ruled Tuesday, which may help the embattled company cut costs and debt while continuing to supply automakers during its Chapter 11 restructuring.
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S&P says it could further downgrade Ford
Nov 29 2005 6:07PM (CT)
DETROIT (AP) - Standard & Poor's Ratings Services said Tuesday it could lower Ford Motor Co.'s credit rating by more than one notch in January after the automaker announces its fourth-quarter results.
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U.S. Treasury prices sink on bullish data
Nov 29 2005 5:42PM (CT)
NEW YORK (AP) - U.S. Treasury prices were punished Tuesday, as strong economic data dampened market belief that the Federal Reserve will soon signal an end to rate increases.
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Navteq shares decline on analyst outlook
Nov 29 2005 5:31PM (CT)
NEW YORK (AP) - The stock of Navteq Corp., operator of a digital mapping database, fell Tuesday after a Lehman Bros. analyst said earnings could be restrained by a shift by the public toward lower-priced portable mapping systems.
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Calpine replaces CEO, CFO in shake-up
Nov 29 2005 5:30PM (CT)
SAN FRANCISCO (AP) - Power merchant Calpine Corp. said Tuesday that it has replaced its longtime chief executive as well as its chief financial officer in an abrupt shake-up that sent the company's stock price below $1 as investors fretted about a possible bankruptcy.
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NeuroMetrix shares tumble 9 percent
Nov 29 2005 5:25PM (CT)
NEW YORK (AP) - Shares of NeuroMetrix Inc., which makes medical devices used to diagnose diseases of the nerves, slid Tuesday as the company's largest venture-capital backer distributed nearly 800,000 shares to its partners, who were immediately able to sell their holdings.
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Oil prices drop as warm weather persists
Nov 29 2005 5:23PM (CT)
NEW YORK (AP) - Energy prices drifted lower Tuesday as warm weather persisted throughout the Northeast amid expectations that U.S. oil reserves are sufficient for increased demand this winter.
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Primedia shareholder sues KKR over deals
Nov 29 2005 5:17PM (CT)
WILMINGTON, Del. (AP) - A Primedia Inc. shareholder Tuesday filed suit against Kohlberg Kravis Roberts & Co., accusing the leveraged buyout firm of enriching itself in a series of deals involving the media company it controls.
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GE buys power transmission lines abroad
Nov 29 2005 5:13PM (CT)
STAMFORD, Conn. (AP) - General Electric Co. is making its first investment in power transmission lines abroad, part of a strategy to step up business in developing countries and diversify its energy holdings.
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Lunch box maker strikes deal with N.Y.
Nov 29 2005 5:10PM (CT)
ALBANY, N.Y. (AP) - Families that bought tens of thousands of super hero lunch boxes that government tests have shown include traces of lead can get their money back under an agreement between the distributor and the state attorney general in New York.
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Tuesday's commodities roundup
Nov 29 2005 5:07PM (CT)
NEW YORK (AP) - Gold futures reached the $500 an ounce barrier for the first time in nearly two decades during overnight trade but gave back some of its gains on Tuesday.
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Gold prices pass $500 an ounce in Asia
Nov 29 2005 5:01PM (CT)
TOKYO (AP) - Gold prices broke through the critical threshold of $500 an ounce in Asian trading Tuesday for the first time since late 1987, driven by investor demand for the metal as a diversifying asset. Prices retreated in later trading.
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Delphi hourly workers protest at plants
Nov 29 2005 4:45PM (CT)
DETROIT (AP) - Delphi Corp. hourly workers protested the company's executive compensation plan in pickets Tuesday at the auto supplier's plants, saying it's unfair to pay generous bonuses to top management while proposing drastic wage cuts for hourly workers.
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Marsh Supermarkets to study possible sale
Nov 29 2005 4:44PM (CT)
INDIANAPOLIS (AP) - Marsh Supermarkets Inc. said Tuesday it would study a possible sale of the company after it lost $3.4 million during its most recent quarter.
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US Airways orders 20 Airbus A350 jets
Nov 29 2005 4:40PM (CT)
PHOENIX (AP) - US Airways Group Inc. has ordered 20 Airbus A350 planes honoring its promise to buy the fuel-efficient aircraft aimed at trans-Atlantic flights as part of a financing deal for the airline's acquisition by America West Airlines.
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EPA, DuPont in settlement over chemical
Nov 29 2005 4:39PM (CT)
CHARLESTON, W.Va. (AP) - Federal regulators have reached an agreement with DuPont to settle allegations the company hid information about the dangers of a toxic chemical known as C8 used in the manufacture of Teflon.
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Wachovia to sell units to U.S. Bancorp
Nov 29 2005 4:36PM (CT)
CHARLOTTE, N.C. (AP) - Wachovia Corp. is selling its corporate trust, institutional and document custody, and structured finance trust-service units to U.S. Bancorp for $720 million in cash, the bank said Tuesday.
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Black arraignment delayed until Thursday
Nov 29 2005 4:27PM (CT)
CHICAGO (AP) - Former press baron Conrad Black's arraignment on federal fraud charges was postponed Tuesday for a second time when a judge gave the former Hollinger International Inc. chief until Thursday to appear in court with his new defense attorneys.
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WTO panel: Mexico unfairly imposed tariffs
Nov 29 2005 4:26PM (CT)
GENEVA (AP) - A World Trade Organization panel ruled Tuesday that Mexico had unfairly imposed antidumping tariffs on U.S. rice, rejecting a Mexican appeal against a previous ruling.
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Sales of new homes up 13 percent in Oct.
Nov 29 2005 4:24PM (CT)
WASHINGTON (AP) - Sales of new homes jumped to an all-time high in October in what could be a final spurt from a housing market that is expected to slow after five record-breaking years.
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Surma to succeed Usher as U.S. Steel chair
Nov 29 2005 4:01PM (CT)
PITTSBURGH (AP) - United States Steel Corp. CEO John P. Surma will become the company's chairman of the board Feb. 1, succeeding current chairman Thomas J. Usher, who is retiring at the end of January, the company said Tuesday.
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Fannie, Freddie raise limit on mortgages
Nov 29 2005 3:57PM (CT)
NEW YORK (AP) - Fannie Mae and Freddie Mac are raising the limit on the size of single-family home mortgages they will purchase by 16 percent to $417,000, increasing the pool of buyers who will qualify for lower-cost financing.
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SEC to weigh Internet material proposal
Nov 29 2005 2:41PM (CT)
WASHINGTON (AP) - Shareholders would be able to get material from companies through the Internet on issues being put to a vote at annual meetings under a proposal made Tuesday by the Securities and Exchange Commission.
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Judge OKs rejection of aircraft leases
Nov 29 2005 2:07PM (CT)
NEW YORK (AP) - A U.S. bankruptcy judge on Tuesday allowed Northwest Airlines Corp. to reject the leases on 15 commuter jets held by Wells Fargo & Co., turning aside a claim by the lender that Northwest was favoring other lessors at Wells Fargo's expense.
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EU gov'ts may scale back chemicals law
Nov 29 2005 1:50PM (CT)
BRUSSELS, Belgium (AP) - European Union governments are set to further scale back a controversial chemicals legislation in an effort to reduce costs for industry, officials said Tuesday.
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Highest wages in East, lowest in South
Nov 29 2005 1:46PM (CT)
WASHINGTON (AP) - Americans have been migrating south and west for decades, but it appears they've been leaving some high-paying jobs behind. While there are many pockets of wealth in the South and West, the states with the highest wage earners line the East Coast, according to Census data released Tuesday.
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P&O OKs takeover bid from Dubai Ports World
Nov 29 2005 1:41PM (CT)
LONDON (AP) - The Peninsular and Oriental Steam Navigation Co. said Tuesday it has agreed to be acquired by government-owned Dubai Ports World for 3.3 billion pounds ($5.7 billion) in cash, ending more than 165 years of independence for the British shipping and port operator.
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NASD charges Kirlin Securities with fraud
Nov 29 2005 12:57PM (CT)
NEW YORK (AP) - The National Association of Securities Dealers charged Kirlin Securities, a brokerage firm in Syosset, N.Y., with artificially inflating the price of its parent company's stock in order to maintain its listing on the Nasdaq National Market.
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Fifth Third Bancorp's no. 2 exec resigns
Nov 29 2005 12:56PM (CT)
NEW YORK (AP) - A senior executive has abruptly left Fifth Third Bancorp, marking the second high-profile departure from the Cincinnati bank in two months.
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Harper's names editor to replace Lapham
Nov 29 2005 12:39PM (CT)
NEW YORK (AP) - Harper's Magazine has named Roger D. Hodge, who started there as an intern in 1996, to replace departing editor Lewis Lapham, publisher John R. MacArthur announced Tuesday.
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Cayman Island firms sue Bank of America
Nov 29 2005 12:37PM (CT)
CHARLOTTE, N.C. (AP) - Three Cayman Islands companies that invested in the Italian dairy and juice conglomerate Parmalat SpA have sued Bank of America Corp. claiming the bank was involved in a fraud that resulted in losses of nearly $1 billion.
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Consumer confidence soars in November
Nov 29 2005 11:45AM (CT)
NEW YORK (AP) - Consumer confidence soared in November as declining gasoline prices and an improving job market contributed to a stronger-than-expected reading that could bode well for the holiday shopping season.
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British Airways exec slams EU-U.S. talks
Nov 29 2005 11:41AM (CT)
BRUSSELS, Belgium (AP) - Talks between the European Union and the United States on a new aviation agreement were a "disappointment," British Airways PLC Chairman Martin Broughton said Tuesday.
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US Airways orders 20 Airbus A350 jets
Nov 29 2005 11:36AM (CT)
PARIS (AP) - US Airways Group Inc. has placed binding orders for 20 Airbus A350 planes, the European aircraft maker said Tuesday.
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India's prime minister sees economy growing
Nov 29 2005 11:24AM (CT)
NEW DELHI (AP) - India's economy will grow 7.5 percent this fiscal year and the expansion could accelerate to 10 percent in the next two to three years because of stronger growth in agriculture, Prime Minister Manmohan Singh said Tuesday.
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Watchdog concerned about Axel Springer deal
Nov 29 2005 10:42AM (CT)
FRANKFURT, Germany (AP) - Germany's media watchdog said Tuesday it is examining concerns publisher Axel Springer AG's 3.5 billion-euro ($4.1 billion) deal to buy broadcaster ProSiebenSat.1 would give the company too much influence over public opinion.
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EU to introduce $206 per ton banana tariff
Nov 29 2005 10:31AM (CT)
BRUSSELS, Belgium (AP) - The European Union said Tuesday it would introduce a 176 euros ($206) per ton tariff for bananas imported from Latin America from the start of next year in its latest effort to end a global trade dispute.
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OECD: ECB should leave rates 'unchanged'
Nov 29 2005 10:00AM (CT)
PARIS (AP) - The OECD weighed in on the debate over an expected increase in euro-zone interest rates, warning Tuesday that the cost of borrowing should be left "unchanged" until the economic recovery takes a firmer hold.
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Eutelsat to trade in revived IPO
Nov 29 2005 9:50AM (CT)
PARIS (AP) - Shares in Eutelsat Communications will begin trading Friday after the satellite operator revived the initial public offering it canceled last month, the stock exchange Euronext said Tuesday.
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Gazprom to hike prices for ex-republics
Nov 29 2005 9:21AM (CT)
MOSCOW (AP) - Natural gas monopoly Gazprom announced Tuesday that it would raise the cost of gas it supplies to former Soviet republics to prices nearer to what its European customers pay as of next year, a move some countries have criticized as politically motivated.
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T-Online, Deutsche Telekom merger nixed
Nov 29 2005 8:59AM (CT)
FRANKFURT, Germany (AP) - Shares of Internet service provider T-Online International surged Tuesday after a court ruled that Deutsche Telekom AG's acquisition of the unit cannot move forward until complaints by dissident shareholders are resolved first.
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Japanese auto production in October slips
Nov 29 2005 8:42AM (CT)
TOKYO (AP) - The production of cars, trucks and buses in Japan fell 1.0 percent in October compared to the same month a year ago, marking the first drop in three months, an industry organization said Tuesday.
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ECB is expected to raise interest rates
Nov 29 2005 8:40AM (CT)
FRANKFURT, Germany (AP) - The European Central Bank is poised to raise its key interest rate this week for the first time since June 2003 _ despite concerns a rate hike may not be warranted.
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Japan's economic outlook upgraded by OECD
Nov 29 2005 8:34AM (CT)
TOKYO (AP) - Japan's economic outlook has improved with domestic demand on the rebound along with corporate profits and employment, the Organization for Economic Cooperation and Development said Tuesday.
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Kmart workers, retirees in pension deal
Nov 29 2005 6:57AM (CT)
TROY, Mich. (AP) - As many as 150,000 employees and retirees of the former Kmart Corp. would share $11.75 million in a proposed settlement of a lawsuit against ex-company officials over the investment of pension funds in Kmart's now worthless stock.
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Ahold posts loss in 3Q on charge
Nov 29 2005 6:11AM (CT)
AMSTERDAM, Netherlands (AP) - Royal Ahold NV, the global retailer that owns the Stop & Shop and Giant supermarket chains in the United States, posted a third-quarter loss of 239 million euros ($280.7 million) on Tuesday, including a 585 million euro ($687 million) charge for a settlement with shareholders who lost money because of Ahold's 2003 accounting scandal.
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Yuan hits new high againt the dollar
Nov 29 2005 5:25AM (CT)
SHANGHAI, China (AP) - The Chinese yuan rose to a new high against the dollar on Tuesday, a day after the Bush administration decided against accusing Beijing of manipulating its currency to gain trade advantages.
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Sony, Idemitsu to share patents
Nov 29 2005 4:48AM (CT)
TOKYO (AP) - Sony has agreed to cooperate with Idemitsu, a major material maker, to develop new kinds of luminous material for next-generation diplay panels, both companies said Tuesday, a move that underlines Sony's drive to play catch-up in the display business.
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Japanese stocks fall, dollar higher
Nov 29 2005 4:37AM (CT)
TOKYO (AP) - Japanese stocks declined Tuesday, breaking an eight-day winning streak, as traders sold technology and auto issues to lock in profits after the market's recent rally to five-year highs. The dollar recovered some its losses against the yen overnight.
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Va. Ag secretary seeks to protect farmland
Nov 29 2005 3:40AM (CT)
NORFOLK, Va. (AP) - Virginia's top agriculture chief wants the state to invest in programs that protect farmland and forests from being sold for development.
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U.S. criticized over China currency report
Nov 29 2005 2:30AM (CT)
WASHINGTON (AP) - Advocates of a get-tough economic policy with China say they will lobby Congress to overrule the Bush administration's failure to brand China as a currency manipulator and impose economic sanctions as a way to deal with America's soaring trade deficit.
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