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EBay to open Chinese Web site in shift
Dec 18 2006 11:20PM (CT)
SAN FRANCISCO (AP) - EBay Inc. is expected to announce plans Tuesday to open a new Chinese Web site as part of a joint-venture with a Beijing-based Internet company, signaling a strategic shift in the online auction company's Chinese operations.
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Phila. papers' largest union OKs pact
Dec 18 2006 10:15PM (CT)
PHILADELPHIA (AP) - Members of the largest union at Philadelphia's two biggest newspapers voted 498-69 Monday to approve a new three-year contract at the urging of union leaders despite major concessions and looming layoffs.
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Japanese stocks edge lower; Dollar down
Dec 18 2006 10:07PM (CT)
TOKYO (AP) - Japanese stocks fell in morning trading Tuesday as the market took a breather from a seven-month high on Monday. The dollar was lower against the yen.
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Mywaves lets users set up video lineups
Dec 18 2006 9:14PM (CT)
SAN FRANCISCO (AP) - A new startup hopes to draw cell phone users with a service that allows them to design channel lineups for watching videos on their phones.
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Biomet agrees to $10.9 billion buyout
Dec 18 2006 9:03PM (CT)
INDIANAPOLIS (AP) - A group of private investors that could include a founder of Biomet Inc. has offered $10.9 billion in cash for the Warsaw, Ind.-based orthopedics maker as they seek to capitalize on baby boomers who want to turn back the clock.
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FCC commissioner won't vote on AT&T deal
Dec 18 2006 8:03PM (CT)
WASHINGTON (AP) - AT&T Inc.'s proposed buyout of BellSouth was thrown into doubt Monday when Robert McDowell, a member of the Federal Communications Commission and a former telecommunications industry lobbyist, said he will not be voting on the deal.
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Harrah's board said to OK $16.7B offer
Dec 18 2006 7:36PM (CT)
LAS VEGAS (AP) - Harrah's Entertainment Inc., the world's largest casino company, has agreed to a $16.7 billion offer from two private equity groups, two people with knowledge of the negotiations said.
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Delphi accepts $3.4 billion in financing
Dec 18 2006 7:34PM (CT)
DETROIT (AP) - A group of private equity investors has offered to pay up to $3.4 billion to buy shares of Delphi Corp. and could wind up owning as much as 72 percent of the auto parts maker in a deal that creates a framework for its successful emergence from bankruptcy, Delphi said Monday.
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U.S. charges ex-Fannie Mae chief Raines
Dec 18 2006 7:24PM (CT)
WASHINGTON (AP) - The government on Monday filed civil charges against former Fannie Mae chief Franklin Raines and two other top executives, accusing them of misconduct costing shareholders billions of dollars.
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Oracle 2Q earnings surge, meeting views
Dec 18 2006 7:17PM (CT)
SAN FRANCISCO (AP) - Oracle Corp.'s quarterly profit surged 21 percent as the business software maker reaped the latest returns from a two-year shopping spree that has knocked out major rivals and shored up its product line.
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Oil prices down, but above $62 a barrel
Dec 18 2006 5:40PM (CT)
LONDON (AP) - Oil prices retreated from highs reached last week due to balmy weather in the U.S., but stayed above $62 a barrel Monday as blasts tore through two oil-company facilities in southern Nigeria.
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Express Scripts bids $26B for Caremark
Dec 18 2006 5:28PM (CT)
NASHVILLE, Tenn. (AP) - Pharmacy-benefit manager Express Scripts launched an unsolicited $26 billion bid Monday to acquire its larger competitor Caremark Rx, potentially scuttling a competing offer from the CVS drug store chain. The deal, if approved, may help cut drug prices for consumers.
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Carlyle Group buying ElkCorp for $827M
Dec 18 2006 5:23PM (CT)
DALLAS (AP) - The Carlyle Group, a major private equity firm, is buying roofing and building materials maker ElkCorp for about $827 million in cash, plus the assumption of $173 million in debt, ElkCorp said Monday.
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Home Depot opposes shareholder proposal
Dec 18 2006 3:03PM (CT)
ATLANTA (AP) - The Home Depot said Monday its board of directors will oppose a shareholder group's request for an independent committee to review the company's strategic direction, but also said the directors will meet with the shareholder group early next year to discuss it.
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Stocks turn mixed after Dow hits record
Dec 18 2006 2:22PM (CT)
NEW YORK (AP) - Investors pared gains Monday when a barrage of takeover activity sent the Dow Jones industrials into record territory on further evidence of corporate confidence as 2006 draws to a close.
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Report: Eli Lilly Said to Play Down Risk
Dec 18 2006 12:44PM (CT)
NEW YORK (AP) - Eli Lilly and Co. has downplayed for about 10 years the risks associated with Zyprexa, which treats schizophrenia, The New York Times said on its Web site Sunday, citing internal documents from the drug maker and e-mail messages of its managers.
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Business 2006: Who won, who lost
Dec 18 2006 12:15PM (CT)
NEW YORK (AP) - Before 2006, if someone in the business world mentioned "backdated options," you'd be forgiven for thinking they were making a joke about Steve Jobs' necktie collection.
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Stores count on holiday procrastinators
Dec 18 2006 11:24AM (CT)
NEW YORK (AP) - With Dec. 25 only a week away, many stores are finding themselves in the perennial position of counting on procrastinators to meet their sales goals, despite early reports of solid sales this past weekend.
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Statoil, Norsk Hydro planning merger
Dec 18 2006 10:45AM (CT)
OSLO, Norway (AP) - Statoil ASA will acquire the oil and gas operations of Norsk Hydro ASA in a $30 billion deal that would create the world's largest offshore oil operator, the two Norwegian companies said Monday.
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Horseradish growers worry after drought
Dec 18 2006 10:43AM (CT)
COLLINSVILLE, Ill. (AP) - In this kitschy town where a giant ketchup bottle doubles as a 100,000-gallon water tower, Barry McMillin regards the sinus-clearing horseradish as the true king of condiments.
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EU seeks to avert Russia beef trade ban
Dec 18 2006 10:36AM (CT)
BRUSSELS, Belgium (AP) - The EU's food safety chief visits Moscow on Tuesday to try and keep Russian authorities from imposing a ban on all EU beef and other animal products as of Jan. 1.
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EU trade chief pushes green practices
Dec 18 2006 9:58AM (CT)
BRUSSELS, Belgium (AP) - Europe can green the globe by pushing trade partners to eliminate tariffs on clean and renewable power technology, EU trade chief Peter Mandelson said Monday.
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Court: Promoter can't stop eBay scalping
Dec 18 2006 9:24AM (CT)
SYDNEY, Australia (AP) - An Australian court ruled Monday that a concert promoter cannot block eBay users from selling scalped tickets.
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Explosions hit 2 Nigeria oil facilities
Dec 18 2006 8:59AM (CT)
LAGOS, Nigeria (AP) - Explosions tore through two oil-company facilities in southern Nigeria on Monday, officials said, as militants pressed ahead with a yearlong campaign for greater regional control of oil funds in Africa's largest producer of crude.
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U.S. trade deficit balloons
Dec 18 2006 8:44AM (CT)
WASHINGTON (AP) - America's deficit in the broadest measure of trade shot up to an all-time high in the summer, reflecting the huge jump in the country's foreign oil bill.
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Reports: Minister bullish on Russia
Dec 18 2006 8:39AM (CT)
MOSCOW (AP) - Russia's economics minister said Monday that the economy could grow 7 percent this year, beating the government's original forecasts, news reports said.
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VNU says it plans to cut 4,000 jobs
Dec 18 2006 8:32AM (CT)
AMSTERDAM, Netherlands (AP) - VNU Group BV, which owns Nielsen's television ratings service, said Monday it will cut 4,000 jobs, or around 10 percent of its work force, as part of a major reorganization.
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Dollar lower against yen in Asia
Dec 18 2006 3:58AM (CT)
TOKYO (AP) - The dollar edged lower against the yen Monday in Asian trading as players adjusted their dollar positions before the central bank's two-day meeting ends Tuesday.
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Air America Radio close to getting sold
Dec 18 2006 3:03AM (CT)
NEW YORK (AP) - Air America Radio, the liberal talk radio network headlined by the comedian and author Al Franken, is close to a sealing a deal with a buyer, a network spokeswoman said.
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