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AP Financial News Summary at 4:39 p.m. EDT

August 12, 2005

British Airways Flights Resume

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LONDON (AP) _ British Airways resumed flights to and from Heathrow Airport Friday night when a strike by ground crews ended _ and began what was likely to be a days-long process of getting thousands of stranded passengers to their final destinations.

Stocks Close Down on Deficit, Oil Woes

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NEW YORK (AP) _ Wall Street retrenched Friday as the trade deficit widened and oil prices surged, while a weak quarterly report from Dell Inc. also disheartened the market.

Poll: Many Fear Financial Hit of Gas Prices

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WASHINGTON (AP) _ More people are feeling that record-high gas prices soon will have their wallets running on empty.

Trade Deficit Up As Oil Imports Hit High

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WASHINGTON (AP) _ The United States imported a record amount of foreign oil in June and shipments of Chinese clothing and textiles soared, too, pushing the nation’s monthly trade deficit to the third-highest level in history.

Oil Prices Hit Record Near $67

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Oil prices settled at a record high near $67 Friday, as U.S. refinery outages looked set to test gasoline supplies in the world’s biggest-consuming nation.

More Airlines Match Domestic Fare Hikes

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DALLAS (AP) _ Higher air fares looked more likely Friday as American Airlines, Northwest Airlines and JetBlue Airways went along with competitors’ increases that the companies said were necessary to offset rising fuel prices.

Dell Shares Sink on Weak 2Q Revenue

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DALLAS (AP) _ Dell Inc.’s shares stumbled on Friday after the company reported that low-priced laptops and other bargain systems cramped its second-quarter revenues.

TiVo Tests Internet Download Service

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SAN FRANCISCO (AP) _ Add TiVo Inc. to the list of companies trying to wed the Internet to television. The digital recording company is preparing to enable customers to download TV shows to their set-top boxes via the Internet _ even before the shows air on TV.

Blockbuster Details Plans for Recovery

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DALLAS (AP) _ Blockbuster Inc. moved Friday to shore up investor support as the movie-rental chain’s stock hovered close to its all-time low on the heels of a disappointing financial report for the April-June quarter.

Knight Ridder Shares Up on Stock Buy-Back

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NEW YORK (AP) _ Shares of Knight Ridder Inc. rose Friday after the company said it would accelerate the repurchase of 10 million shares of its own stock, but the move also led two credit agencies to lower ratings on the newspaper publisher’s debt.

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