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ShopKo completes its sale to Sun Capital
Dec 28 2005 11:56PM (CT)
GREEN BAY, Wis. (AP) - ShopKo Stores Inc. said Wednesday it has completed its sale to Sun Capital Partners Inc., a deal valued at $877 million.
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Bank of China to sell shares in Hong Kong
Dec 28 2005 11:54PM (CT)
SHANGHAI, China (AP) - Bank Of China, the country's third-largest lender, will apply to list its shares on the Hong Kong Stock Exchange early next year, the state-run China Securities Journal reported Thursday.
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Ex-Enron accountant pleads guilty to fraud
Dec 28 2005 11:01PM (CT)
HOUSTON (AP) - A former top accountant at Enron Corp. sealed his plea deal with prosecutors Wednesday, becoming a key potential witness in the upcoming fraud trial of former CEOs Kenneth Lay and Jeffrey Skilling.
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Japan stocks up at end of morning trading
Dec 28 2005 10:12PM (CT)
TOKYO (AP) - Japanese stocks edged higher Thursday morning as traders bought exporter blue chips and economy-sensitive stocks extending gains after hitting a fresh five-year high the day before. The dollar was lower against the yen and euro.
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Mo. gov. orders turkey oil plant closed
Dec 28 2005 10:03PM (CT)
SPRINGFIELD, Mo. (AP) - A foul-smelling plant that turns turkey byproducts into fuel oil was ordered closed by the governor Wednesday until the company finds a way to clear the air.
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China bank said applies to be on exchange
Dec 28 2005 9:45PM (CT)
SHANGHAI, China (AP) - Bank Of China, the country's third-largest lender, will apply to list its shares on the Hong Kong Stock Exchange early next year, the state-run China Securities Journal reported Thursday.
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Goldman Sachs unit to improve operations
Dec 28 2005 8:41PM (CT)
TOKYO (AP) - An investment operations unit of Goldman Sachs Group Inc. in Japan said Thursday it will work to improve its operations following an order by Japan's financial watchdog.
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Sinopec to get $1.17B subsidy from China
Dec 28 2005 8:40PM (CT)
HONG KONG (AP) - China Petroleum & Chemical Corp., the largest Asian oil refiner by capacity, said China's government will give it a one-time subsidy of $1.17 billion to compensate for domestic oil-product prices that are kept below international levels by government controls.
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Guidant shareholders to vote on J&J bid
Dec 28 2005 8:03PM (CT)
INDIANAPOLIS (AP) - Guidant Corp. shareholders will vote Jan. 31, four days later than originally planned, on a $21.5 billion offer by Johnson & Johnson to buy the troubled medical device maker.
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WellPoint completes WellChoice purchase
Dec 28 2005 7:07PM (CT)
INDIANAPOLIS (AP) - WellPoint Inc., the nation's largest health insurer, completed its acquisition of WellChoice Inc. on Wednesday, gaining five million new customers and more access to nationwide accounts.
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Austrian Airlines to pay to settle suit
Dec 28 2005 7:00PM (CT)
NEW YORK (AP) - Austrian Airlines AG has agreed to pay $500,000 to settle an age discrimination lawsuit brought by a 51-year-old former director of sales in the United States, the U.S. Equal Employment Opportunity Commission announced Wednesday.
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Delta pilots approve 14 percent pay cut
Dec 28 2005 6:59PM (CT)
ATLANTA (AP) - Delta Air Lines Inc. pilots accepted a 14 percent pay cut in a deal their union negotiated with management to help the bankrupt carrier cope with an expected cash crunch.
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Hollinger seeks 2 seats on board of unit
Dec 28 2005 6:20PM (CT)
WASHINGTON (AP) - Hollinger Inc. wants two seats on the board of its newspaper-publishing subsidiary, Hollinger International Inc., the latest move in the continuing battle for control between the two entities.
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Treasury prices end lower in light trading
Dec 28 2005 6:11PM (CT)
NEW YORK (AP) - The yield on the 10-year Treasury note moved back above the yield on the 2-year note Wednesday, undoing an "inversion" of yields that had spooked investors the day before.
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HealthSouth files complaint vs. Scrushy
Dec 28 2005 5:59PM (CT)
BIRMINGHAM, Ala. (AP) - HealthSouth Corp. accused ousted CEO Richard Scrushy of trying to "pillage" the company of more than $100 million in court papers filed Wednesday and said he isn't due anything for his firing.
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Hershey settles lawsuit over book cover
Dec 28 2005 5:49PM (CT)
HARRISBURG, Pa. (AP) - The Hershey Co. has settled a trademark-violation lawsuit against Simon & Schuster Inc. over a new book with a dust jacket that includes the familiar image of a Hershey chocolate bar.
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A look at those involved in Enron scandal
Dec 28 2005 5:44PM (CT)
HOUSTON (AP) - Here is a list of the indicted, the convicted, the settlements and those who have pleaded guilty since the Enron scandal erupted in December 2001:
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Wednesday's commodities roundup
Dec 28 2005 5:28PM (CT)
NEW YORK (AP) - Futures on precious metals climbed Wednesday, helped by fund buying, traders and analysts said.
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Experts: Bond market bears close watching
Dec 28 2005 5:24PM (CT)
WASHINGTON (AP) - Whether a harbinger of troubled economic times or a quirk due to light trading around the holidays, this week's flip in the bond market _ where long-term investments for a while fetched lower interest rates than short-term ones _ bears close watching.
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Comair pilots to vote in Jan. on pay cuts
Dec 28 2005 5:16PM (CT)
ERLANGER, Ky. (AP) - Comair pilots will vote next month on the airline's proposed revisions on pay, pension and work rules, a union spokesman said Wednesday.
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Covad shares soar on Verizon settlements
Dec 28 2005 5:14PM (CT)
SAN JOSE, Calif. (AP) - Shares of Covad Communications Group Inc. jumped more than 40 percent Wednesday after the high-speed Internet access company announced it resolved an antitrust lawsuit and other disputes with Verizon Communications Inc.
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UPS pilots lose bid to leave mediation
Dec 28 2005 5:00PM (CT)
ATLANTA (AP) - The National Mediation Board on Wednesday rejected a bid by pilots for UPS Inc. to be released from federal mediation over contract talks with the company. The pilots union had threatened to go on strike within 30 days, if the request had been granted.
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Group: 2005 buybacks hint at bullish 2006
Dec 28 2005 4:57PM (CT)
BOSTON (AP) - Companies planned to shell out record amounts to buy their own shares and other public companies in 2005, which could be a positive sign for stocks next year, TrimTabs Investment Research said Wednesday.
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Yields hold steady despite recession fears
Dec 28 2005 4:20PM (CT)
NEW YORK (AP) - After two straight years of profiting as the difference between short- and long-term yields steadily shrank, investors in Treasury bonds faced their moment of truth this week.
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Energy prices rise on official's remarks
Dec 28 2005 4:06PM (CT)
NEW YORK (AP) - Energy futures rose sharply on Wednesday after Iran's oil minister said OPEC should consider cutting production next month.
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Ex-Qwest exec pleads guilty to wire fraud
Dec 28 2005 4:05PM (CT)
DENVER (AP) - Former Qwest Communications executive Marc Weisberg pleaded guilty Wednesday to wire fraud and agreed to cooperate with federal prosecutors trying to convict former Chief Executive Joseph Nacchio of illegally dumping more than $100 million in stock.
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Attorneys prepare for Murphy Oil hearing
Dec 28 2005 4:01PM (CT)
HOUSTON (AP) - Attorneys in the litigation over Murphy Oil Co.'s spill in Meraux, La., are gearing up for a Jan. 12 federal hearing in New Orleans that will determine whether the cases qualify for class-action status.
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Judge confirms award for InterDigital
Dec 28 2005 3:55PM (CT)
NEW YORK (AP) - A federal judge Wednesday confirmed an arbitration award of about $250 million for InterDigital Communications Corp. in a dispute with cell-phone maker Nokia Corp. over royalties.
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Petrobras to tap major offshore oil field
Dec 28 2005 3:54PM (CT)
RIO DE JANEIRO, Brazil (AP) - Government-run oil giant Petroleo Brasileiro BR, or Petrobras, announced that a huge offshore oil field off Brazil's southeast Atlantic coast is "commercially viable."
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Ukraine, Russia fail to resolve dispute
Dec 28 2005 3:38PM (CT)
MOSCOW (AP) - The energy ministers of Ukraine and Russia on Wednesday failed to resolve a politically charged dispute over Russia's plans to raise the price of natural gas exports to Ukraine.
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Unipol head, vice president to resign
Dec 28 2005 3:23PM (CT)
ROME (AP) - The president of Italian insurer Unipol Assicurazione SpA and his deputy are to resign, the company said Wednesday, amid a growing bank takeover scandal that has seen several bankers jailed and forced the Bank of Italy governor to resign.
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Last-minute shopping surge helps retailers
Dec 28 2005 3:02PM (CT)
NEW YORK (AP) - Procrastinators may have saved retailers this holiday season with a last-minute shopping surge that put merchants on track to meet their modest sales goals, two reports confirmed Wednesday.
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Xcel Energy aims to be No. 1 in wind power
Dec 28 2005 3:01PM (CT)
DENVER (AP) - Xcel Energy said Wednesday it plans to add 775 megawatts to its Colorado wind power network by 2007 and that, taking into account the expansion plans of other utilities, this would make it the nation's largest user of the renewable energy source.
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Saudis caught up in stock market mania
Dec 28 2005 2:22PM (CT)
RIYADH, Saudi Arabia (AP) - So many people crush the banks to get on board an initial public offering that the police have to be called out. Some Saudis disappear from work during trading hours, and teachers bring their laptops to class to trade stocks.
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Unipol boosts bid for BNL to $6 billion
Dec 28 2005 2:03PM (CT)
MILAN, Italy (AP) - Italian insurer Unipol Assicurazioni SpA increased its bid for Banca Nazionale del Lavoro SpA, valuing its offer at around 5 billion euros ($6 billion), after market watchdog Consob ordered it to raise its bid.
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Venezuela: Petrobras consortia owes money
Dec 28 2005 1:24PM (CT)
CARACAS, Venezuela (AP) - Venezuelan tax authorities said Wednesday that four consortia operated by Brazil's state oil company Petrobras owe about 22.5 billion bolivars ($10.5 million) in back taxes.
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Consumer confidence soars in December
Dec 28 2005 1:23PM (CT)
NEW YORK (AP) - Consumer confidence has nearly recovered from the beating it took from Hurricane Katrina and other severe storms, boding well for spending in 2006.
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Interstate Bakeries sees large 1-month loss
Dec 28 2005 12:41PM (CT)
KANSAS CITY, Mo. (AP) - Interstate Bakeries Corp., the maker of Hostess Twinkies and Wonder Bread, announced Wednesday that it lost $32.5 million last month, its largest one-month drop since filing for bankruptcy last year.
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Italy's president signs bank reform
Dec 28 2005 12:29PM (CT)
ROME (AP) - Italy's president signed legislation on Wednesday to reform the Bank of Italy and allow the appointment of the bank's next governor after the resignation of Antonio Fazio amid a banking scandal.
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DaimlerChrysler sells diesel-engine maker
Dec 28 2005 12:25PM (CT)
BERLIN (AP) - Automaker DaimlerChrysler AG said Wednesday it is selling diesel-engine maker MTU Friedrichshafen GmbH to financial investor EQT as part of a drive to focus on its core vehicles business.
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Spanish gov't aids workers with family time
Dec 28 2005 12:18PM (CT)
MADRID, Spain (AP) - Spain, famous for its long work days and long lunches, is closing its government offices earlier and giving civil servants flex time so they can spend more time with friends and family.
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Petroleum Development may stay on Nasdaq
Dec 28 2005 11:35AM (CT)
BRIDGEPORT, W.Va. (AP) - Petroleum Development Corp. can remain listed on the Nasdaq Stock Market, but only if it files two quarterly reports that were delayed when faulty accounting practices prompted the oil and natural gas producer to revise financial statements going back several years.
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Mittal Steel eyes Baotou Iron & Steel
Dec 28 2005 10:48AM (CT)
SHANGHAI, China (AP) - Mittal Steel Co. NV is considering taking a stake in China's Baotou Iron & Steel, company officials said Wednesday, part of the top-ranked steelmaker's push into the world's biggest steel market.
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Consumer confidence up as gas prices dip
Dec 28 2005 10:07AM (CT)
NEW YORK (AP) - Consumer confidence surged in December as declining gasoline prices and improving job opportunities buoyed spirits, boding well for spending in the new year.
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Argentina to repay IMF debt next week
Dec 28 2005 9:13AM (CT)
BUENOS AIRES, Argentina (AP) - Argentina will erase its $9.8 billion debt with the International Monetary Fund early next week, tapping Central Bank reserves to make full repayment and freeing the country from a once-crushing debt load.
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German consumer confidence seen rising
Dec 28 2005 8:30AM (CT)
BERLIN (AP) - German consumer confidence is rising amid increased optimism over the outlook for Europe's biggest economy, with Germans at last becoming more willing to consider major purchases, a closely watched survey found Wednesday.
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Consortium gets Saudi power plant order
Dec 28 2005 8:27AM (CT)
BERLIN (AP) - A consortium led by Siemens AG has won a contract worth some 1.8 billion euros ($2.1 billion) to build a power plant and associated desalination facility in Saudi Arabia, the German industrial conglomerate said Wednesday.
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Marriott customer data for 200,000 missing
Dec 28 2005 6:21AM (CT)
ORLANDO, Fla. (AP) - The timeshare unit of Marriott International Inc. is notifying more than 200,000 people that their personal data are missing after backup computer tapes went missing from a Florida office.
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China's stock exchanges to get more power
Dec 28 2005 12:54AM (CT)
SHANGHAI, China (AP) - China's stock exchanges will take responsibility for approving companies for share listings under new rules due for approval soon, state media reports said Wednesday, part of an effort to shore up ravaged investor confidence.
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Philips to boost stake in China TV maker
Dec 28 2005 12:06AM (CT)
SHANGHAI, China (AP) - A unit of Royal Philips Electronics NV, Europe's largest consumer electronics maker, will buy an additional 5 percent stake in Chinese television and mobile phone maker TCL Corp., becoming the company's third-largest shareholder, TCL said Wednesday.
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