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Japanese leader not alarmed by falling yen
Dec 1 2005 11:53PM (CT)
TOKYO (AP) - Japan's Finance Minister said Friday that the yen's tumble to its lowest level in more than two years against the dollar reflects "economic fundamentals," suggesting Tokyo is not about to act to stem the currency's slide.
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Oil prices rise on approaching snowstorm
Dec 1 2005 11:48PM (CT)
NEW YORK (AP) - Oil prices surged more than $1 a barrel Thursday as a winter storm approached the Northeast, which is likely to boost demand for heating oil.
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U.S. sees business prospects improving
Dec 1 2005 11:47PM (CT)
WASHINGTON (AP) - The Bush administration on Thursday issued a slightly more optimistic forecast for economic growth this year.
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Black pleads not guilty to fraud charges
Dec 1 2005 11:44PM (CT)
CHICAGO (AP) - Former media baron Conrad Black pleaded not guilty to federal fraud charges Thursday in connection with the alleged looting of more than $80 million from the Hollinger International Inc. newspaper empire he once controlled.
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China pledges stable growth for 2006
Dec 1 2005 11:15PM (CT)
SHANGHAI, China (AP) - China plans to control investment and promote growth in domestic demand in 2006, state media reported Friday following an annual economic meeting of top Communist Party leaders.
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Financial guru charged with tax fraud
Dec 1 2005 11:13PM (CT)
SEATTLE (AP) - A financial guru whose own business went bust was charged along with his wife Thursday with eight counts of tax fraud, conspiracy and obstruction of justice.
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Pfizer fires exec in whistleblower suit
Dec 1 2005 10:44PM (CT)
NEW YORK (AP) - Drug maker Pfizer Inc. fired outspoken executive Peter Rost on Thursday, citing the government's decision not to participate in a whistleblower suit he brought against the company.
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Costco sues for right to buy wine, beer
Dec 1 2005 10:41PM (CT)
SEATTLE (AP) - Costco Wholesale Corp. is known for selling stuff cheaply, and a lot of it. But the company says it can't sell beer and wine cheaply enough under state rules for distributing alcohol.
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U.S. retailers post mixed sales for Nov.
Dec 1 2005 10:40PM (CT)
NEW YORK (AP) - The holiday shopping outlook was hazy Thursday after the nation's retailers reported a mixed start to the season that showed consumers were willing to spend only when they found a bargain.
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Auto sales in U.S. decline in November
Dec 1 2005 10:39PM (CT)
DETROIT (AP) - Customers avoided car showrooms in November, despite lower gas prices and deep discounts, handing domestic and foreign automakers a disappointing month.
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Doctor says Vioxx can cause heart attacks
Dec 1 2005 10:38PM (CT)
HOUSTON (AP) - An expert witness testified Thursday that he believes Vioxx can cause heart attacks and can trigger an event in less than a month.
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Chief of Australian central bank resigns
Dec 1 2005 10:29PM (CT)
ADELAIDE, Australia (AP) - Businessman Robert Gerard has resigned from the board of Australia's central bank over a political furor involving his company's tax dealings, according to a statement released by his lawyer Friday.
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Report: Japan's Pioneer to cut 600 jobs
Dec 1 2005 9:37PM (CT)
TOKYO (AP) - Troubled Japanese electronics maker Pioneer Corp. will cut 600 jobs in Japan as part of a revival plan that will also better integrate the company's television and audio equipment units, a newspaper reported Friday.
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BP buys Olympic Pipe Line
Dec 1 2005 9:23PM (CT)
RENTON, Wash. (AP) - Energy group BP PLC said Thursday it has become the sole owner of the Olympic Pipe Line Co. after buying shares previously held by Shell Pipeline Co. LP.
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Chicago's City News Service to close
Dec 1 2005 9:08PM (CT)
CHICAGO (AP) - City News was bringing breaking news to Chicago in the days of streetcar messengers and Al Capone, and it evolved through the teletype era and into the computer age. But it couldn't survive the lightning speed of the Internet, its owner said Thursday.
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Agilent completes semiconductor spinoff
Dec 1 2005 8:57PM (CT)
SAN JOSE, Calif. (AP) - Test-and-measurement equipment maker Agilent Technologies Inc. completed the $2.66 billion spinoff of its semiconductor unit Thursday, creating the world's largest privately held chip company.
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Japanese stocks continue to rise
Dec 1 2005 8:33PM (CT)
TOKYO (AP) - Japan's benchmark index continued edging higher early Friday, climbing off of Thursday's five-year high and gains made on Wall Street. The dollar was lower against the yen.
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Senate mulls chemical plant regulations
Dec 1 2005 8:19PM (CT)
WASHINGTON (AP) - Chemical plants that fail to submit security plans for their facilities could be shut down by the Homeland Security Department, according to a draft of legislation awaiting Senate consideration.
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Envoy: Trade deadlock settlement unlikely
Dec 1 2005 8:02PM (CT)
WASHINGTON (AP) - The United States' top trade envoy said Thursday it's unlikely negotiators will settle a farm-subsidy and tariff deadlock at a world trade summit this month.
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Wal-Mart, critics spar over co. stature
Dec 1 2005 7:17PM (CT)
BERRYVILLE, Ark. (AP) - Nancy McShane abruptly quit shopping at Wal-Mart in March after her turkey-farming relatives complained about undue price pressure from the world's largest retailer. But James Butler says the convenience and low prices outweigh any complaints.
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Intel-AMD evidence sealing worries groups
Dec 1 2005 6:28PM (CT)
SAN JOSE, Calif. (AP) - More than two dozen news organizations expressed concern Thursday that a judge was prepared to severely restrict public access to information in Advanced Micro Devices Inc.'s antitrust lawsuit against Intel Corp.
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BP, Shell to form joint ventures with co.
Dec 1 2005 6:21PM (CT)
CARACAS, Venezuela (AP) - BP PLC and Royal Dutch Shell PLC have agreed to form joint ventures with Venezuela's state oil company, replacing old contracts under which they pumped crude independently, Venezuela's oil minister said Thursday.
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Delta Air Lines reports loss of $1.14B
Dec 1 2005 6:12PM (CT)
ATLANTA (AP) - Delta Air Lines Inc., the nation's third-largest carrier, said it lost a whopping $1.14 billion in the first six weeks of its bankruptcy case.
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Money funds fall in latest week
Dec 1 2005 6:08PM (CT)
NEW YORK (AP) - Assets of the nation's retail money market mutual funds fell $2.93 billion in the latest week to $826.58 billion, the Investment Company Institute said Thursday.
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SFBC stock drops on fire exits concerns
Dec 1 2005 6:04PM (CT)
NEW YORK (AP) - SFBC International Inc. stock fell Thursday after the company, which tests drugs for other companies, said it is cooperating with officials to resolve concerns about fire exits at its Miami headquarters and clinical facility.
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Southwest to start Dallas-Missouri routes
Dec 1 2005 6:00PM (CT)
DALLAS (AP) - Southwest Airlines Co. wasted no time in announcing Thursday that it will launch service from Dallas to St. Louis and Kansas City on Dec. 13, and American Airlines plans to challenge Southwest on those same routes.
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Bank of America cuts online trading fees
Dec 1 2005 5:55PM (CT)
CHARLOTTE, N.C. (AP) - Bank of America Corp. launched a new pricing structure Thursday for online stock trades that will cut fees from almost $20 to as little as $5 per transaction for some wealthy customers.
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Regulators settle executive-loan charges
Dec 1 2005 5:50PM (CT)
WASHINGTON (AP) - U.S. regulators brought and settled charges against a pair of Greek shipping executives who allegedly violated a 2002 ban on public company loans to executives. These were the first charges under the ban, which was part of the Sarbanes-Oxley Act, a package of corporate reforms.
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France orders mobile networks to pay fine
Dec 1 2005 5:44PM (CT)
PARIS (AP) - French antitrust authorities slapped record fines on the country's mobile operators Thursday, after a four-year investigation found that Orange, SFR and Bouygues illegally shared sales data and conspired to undermine competition.
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Whirlpool, Maytag enter into agreement
Dec 1 2005 5:43PM (CT)
BENTON HARBOR, Mich. (AP) - Whirlpool Corp. and Maytag Corp. say they have agreed not to close on their planned merger before Feb. 27, to give the antitrust division of the U.S. Department of Justice more time to review the proposal.
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Intel to build second plant in Israel
Dec 1 2005 5:32PM (CT)
JERUSALEM (AP) - Chip maker Intel Corp. said Thursday it would build a $3.5 billion plant in southern Israel alongside an existing one, and the Israeli government said the project would create more than 4,000 jobs in a region hard hit by unemployment.
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Warner Music Group shares reach new high
Dec 1 2005 5:30PM (CT)
NEW YORK (AP) - Warner Music Group Corp., which went public in May and is home to big-name artists including Madonna, Green Day and Faith Hill, said on Thursday its fourth-quarter loss narrowed as strong sales in both digital music and traditional CDs helped boost revenue by 13 percent.
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Judge OKs $23.4M to reorganize Winn-Dixie
Dec 1 2005 5:29PM (CT)
JACKSONVILLE, Fla. (AP) - A bankruptcy judge approved Thursday about $23.4 million in fees and expenses for attorneys and consultants working to reorganize the bankrupt supermarket chain Winn-Dixie Stores Inc.
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Magna to buy Porsche roof unit for $200M
Dec 1 2005 5:27PM (CT)
BERLIN (AP) - German luxury automaker Porsche AG will sell its roof-system subsidiary CTS to Magna International Inc. of Canada for about 170 million euros ($200 million), the companies said Thursday.
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Report: Firms mull bid for Knight Ridder
Dec 1 2005 5:25PM (CT)
NEW YORK (AP) - Three private equity firms are considering a bid for Knight Ridder Inc., the newspaper publisher whose three largest shareholders are pressing for a sale, The Wall Street Journal reported Thursday.
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Freddie Mac sees 3Q profit of about $600M
Dec 1 2005 5:23PM (CT)
WASHINGTON (AP) - Mortgage finance giant Freddie Mac, emerging from an accounting scandal, said Thursday it expects to report third-quarter earnings of around $600 million that reflect substantial losses from the Gulf Coast hurricanes.
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Six Flags names Dan Snyder as chairman
Dec 1 2005 5:23PM (CT)
NEW YORK (AP) - Six Flags Inc., the theme park owner which is considering a possible sale, said Thursday it has unanimously appointed Washington Redskins owner Dan Snyder as non-executive chairman.
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Toyota auto recalls in U.S. double in 2005
Dec 1 2005 5:07PM (CT)
WASHINGTON (AP) - Toyota Motor Corp., which is challenging General Motors Co. to become the world's largest automaker, saw its number of recalled vehicles in the United States double in 2005, according to government records.
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Citigroup closes Legg Mason transaction
Dec 1 2005 5:03PM (CT)
BALTIMORE (AP) - Citigroup Inc. completed the sale of its asset-management business to Legg Mason Inc. on Thursday in exchange for its broker-dealer unit, a deal executives say will improve services to clients by combining the asset management services of Legg Mason with the lending services of Citigroup.
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Thursday's commodities roundup
Dec 1 2005 4:57PM (CT)
NEW YORK (AP) - Fund buying pushed precious metals up sharply Thursday, traders said, with gold hitting another 18-year high.
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Del Monte Foods sees gains in 2Q profit
Dec 1 2005 4:53PM (CT)
CHICAGO (AP) - Higher prices and new products helped Del Monte Foods Co. post higher sales and profit for its latest quarter, though the maker of canned fruit and vegetables said energy costs will hurt its full-year bottom line.
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DSW agrees to measures to fight ID theft
Dec 1 2005 4:52PM (CT)
COLUMBUS, Ohio (AP) - Discount shoe retailer Designer Shoe Warehouse, which discovered in March that information on 1.5 million customers had been stolen, has agreed to do more to keep identity thieves at bay, the Federal Trade Commission said Thursday.
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Coca-Cola Enterprises CEO to exit company
Dec 1 2005 4:49PM (CT)
ATLANTA (AP) - Coca-Cola Enterprises Inc. said Thursday its president and chief executive, John R. Alm, is leaving the company, effective Jan. 1.
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McDonald's shares reach five-year high
Dec 1 2005 4:36PM (CT)
CHICAGO (AP) - Shares of McDonald's Corp. reached their highest level in five years Thursday, ahead of what is expected to be yet another uplifting sales report, analysts say.
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Bally stock rises after hiring JP Morgan
Dec 1 2005 4:27PM (CT)
NEW YORK (AP) - s/AP) _ The stock of Bally Total Fitness Holding Corp. jumped Thursday after the company said it had hired an investment bank to explore a sale.
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Judge sides with Starbucks in name dispute
Dec 1 2005 4:26PM (CT)
ASTORIA, Ore. (AP) - A federal judge says the name "Sambuck's" above a hole-in-the-wall coffee shop is too similar to Starbucks Corp. _ the leading retailer, roaster and brand of specialty coffee in the world _ and must be changed.
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Fitch Ratings cuts ranking on La. bonds
Dec 1 2005 3:34PM (CT)
BATON ROUGE, La. (AP) - A second major credit rating company lowered its ranking on Louisiana's general obligation bonds Thursday, making it more expensive for the state to borrow as it recovers from Hurricane Katrina.
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Law firm wants details on Nymex stake sale
Dec 1 2005 3:16PM (CT)
NEW YORK (AP) - A top class-action law firm slapped the New York Mercantile Exchange this week with a demand for documents detailing the exchange's proposed sale of a stake to private-equity firm General Atlantic LLC and plans to go public next year.
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United to pay $21.6 million in back taxes
Dec 1 2005 3:08PM (CT)
DENVER (AP) - City officials said Thursday United Airlines has agreed to pay $21.6 million in back taxes as the airline works to emerge from bankruptcy protection.
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2 Ameriprise companies to settle charges
Dec 1 2005 2:54PM (CT)
WASHINGTON (AP) - Two companies that were part of American Express Corp. have agreed to pay a total $57.3 million to settle securities regulators' charges of improperly favoring some shareholders and mutual fund companies in special deals, the regulators said Thursday.
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Pier 1 Imports stock drops on 3Q warning
Dec 1 2005 2:52PM (CT)
CHARLOTTE, N.C. (AP) - Pier 1 Imports Inc. stock fell Thursday after the company projected a third-quarter loss despite posting its first positive monthly sales report in more than a year.
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Manufacturing sector grows at slower pace
Dec 1 2005 2:22PM (CT)
NEW YORK (AP) - The manufacturing sector of the nation's economy grew in November at a slower pace than in the previous month as business executives said disruptions related to the Gulf Coast hurricanes continue to hurt delivery of some products.
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CIBC posts higher 4Q profit, loss for year
Dec 1 2005 2:09PM (CT)
TORONTO (AP) - The Canadian Imperial Bank of Commerce said Thursday its profit rose for the fourth quarter but it posted a loss for the full year due to a big charge to settle Enron-related litigation. The company also said it was changing how it determines compensation for its CEO and said it plans to cuts more than 900 jobs this year.
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Joseph A. Bank down on softer sales
Dec 1 2005 1:51PM (CT)
NEW YORK (AP) - Jos. A. Bank Clothiers Inc. stock fell Thursday after posting unexpectedly low November sales, in part due warm weather.
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Defense cos. battle over satellite program
Dec 1 2005 1:46PM (CT)
WASHINGTON (AP) - The Boeing Co. is facing its last chance to win back a major slice of work on a constellation of costly spy satellites that is late, over-budget and tinged by parochial politics.
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ECB lifts rate for 1st time in 5 years
Dec 1 2005 1:33PM (CT)
FRANKFURT, Germany (AP) - The European Central Bank raised its key interest rate by a quarter of a percentage point to 2.25 percent Thursday, but said it was not a sign that more increases were in the offing.
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U.S. treasury prices fall
Dec 1 2005 1:25PM (CT)
NEW YORK (AP) - U.S. treasury prices were lower at midday Thursday. The price of the Treasury's 10-year note was down 7/16 point, or $4.375 per $1,000 in face value, while its yield rose to 4.54 percent from 4.49 percent late Wednesday. Prices and yields move in opposite directions.
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Punch Taverns buys Spirit Group for $2.5B
Dec 1 2005 12:13PM (CT)
LONDON (AP) - Punch Taverns PLC said Thursday it is buying rival Spirit Group for 1.45 billion pounds ($2.5 billion) in a deal that will solidify its position as Britain's largest pub group.
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Rates on 30-year mortgages dip for 2nd week
Dec 1 2005 12:00PM (CT)
WASHINGTON (AP) - Rates on 30-year mortgages fell for a second consecutive week, but analysts still believe the future direction will be up as the Federal Reserve keeps tightening credit to keep inflation under control.
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EU to give Ukraine market-economy status
Dec 1 2005 11:37AM (CT)
KIEV, Ukraine (AP) - The European Union agreed Thursday to recognize Ukraine as a free-market economy, a status this ex-Soviet republic sought in order to give it an economic and political foothold in the union it wants to join.
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Old Mutual lowers acceptance level for bid
Dec 1 2005 11:35AM (CT)
STOCKHOLM, Sweden (AP) - South African financial-services company Old Mutual PLC said Thursday it would go ahead with its takeover bid for Swedish insurer Skandia Insurance Company Ltd. if it gets approval from more than half of the Swedish company's shareholders.
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Millennium Partners, execs to pay $180M
Dec 1 2005 11:15AM (CT)
ALBANY, N.Y. (AP) - Millennium Partners will pay $121.4 million in "ill-gotten revenues," its founder Israel Englander will pay $30 million in civil penalties and two management companies will pay $26.6 million under an agreement in a New York and federal investigation into market timing schemes, New York Attorney General Eliot Spitzer said Thursday.
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EU unemployment rate stable at 8.3 percent
Dec 1 2005 11:09AM (CT)
BRUSSELS, Belgium (AP) - The October jobless rate for the entire European Union was unchanged at 8.5 percent compared to September, the EU statistical agency Eurostat said Thursday.
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Chery facing new dispute over minicar
Dec 1 2005 10:46AM (CT)
SHANGHAI, China (AP) - Chinese automaker Chery Automobile Co., having recently settled a piracy dispute with General Motors Corp., is facing another trademark battle _ this time from a Chinese instant messaging company, reports said Thursday.
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U.S. home prices jump 12.02 percent
Dec 1 2005 10:45AM (CT)
WASHINGTON (AP) - Average U.S. home prices jumped 12.02 percent from the third quarter of 2004 to the same period this year, a slowing from the record pace of the previous quarter yet still a strong increase, federal regulators reported Thursday.
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China arranges $618M bailout of company
Dec 1 2005 8:22AM (CT)
SHANGHAI, China (AP) - China has arranged a 5 billion yuan ($618 million) bailout for one of the nation's biggest state-run conglomerates _ a collection of textile and drug businesses set up in 1992 as a model for restructured enterprises.
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German unemployment dips below 11 percent
Dec 1 2005 7:31AM (CT)
FRANKFURT, Germany (AP) - Germany's unemployment rate edged below 11 percent in November as companies in Europe's biggest economy sought more part-time workers.
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Samsung pleads guilty in price-fixing case
Dec 1 2005 6:59AM (CT)
SAN FRANCISCO (AP) - Samsung, the world's largest maker of computer memory chips, has pleaded guilty to a charge it conspired with other companies to fix the price of chips used in personal computers and other electronic devices, boosting the cost to consumers.
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ThyssenKrupp reports gain in net profit
Dec 1 2005 6:26AM (CT)
FRANKFURT, Germany (AP) - ThyssenKrupp AG's net profit rose 13 percent this year due to worldwide demand for its steel and automotive parts, but the company warned Thursday that high energy prices would likely hamper its 2006 results.
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HSBC posts profit growth across operations
Dec 1 2005 6:13AM (CT)
LONDON (AP) - British bank HSBC Holdings PLC said Thursday its global operations, including private and commercial banking and securities trading, all showed profit growth in the third quarter.
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Cathay Pacific orders 12 Boeing jets
Dec 1 2005 6:11AM (CT)
HONG KONG (AP) - Hong Kong airline Cathay Pacific Airways Ltd. said Thursday it has ordered 12 Boeing 777-300ER aircraft _ its biggest single airplane order ever.
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Farm credit conditions weaken in 3Q
Dec 1 2005 3:43AM (CT)
WICHITA, Kan. (AP) - Farm credit conditions in some parts of the West and Midwest weakened in the third quarter, with more producers falling behind on loan payments and asking for extensions, according to the Federal Reserve Bank of Kansas City.
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Car rental companies shielded from suits
Dec 1 2005 3:00AM (CT)
WASHINGTON (AP) - A New York court's $21 million award last month to a young Wall Street trader paralyzed in an accident involving a Budget Rent-a-Car vehicle may be one of the last of its kind.
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Australia, East Timor agree on seabed deal
Dec 1 2005 12:10AM (CT)
CANBERRA, Australia (AP) - Australia and East Timor have agreed on how to carve up billions of dollars in revenue from disputed oil and gas reserves beneath the sea that divides them, Australia's foreign minister announced Thursday.
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