AP Financial News Summary at 7:38 a.m. EST
Group to Buy Albertson’s in $9.7B Deal
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BOISE, Idaho (AP) _ Albertson’s Inc., the nation’s second biggest traditional grocery store, said Monday it has agreed to sell the company for about $9.7 billion in cash and stock to an investment group including supermarket chain Supervalu Inc. and drugstore chain CVS Corp.
Nike CEO Perez Resigns, Parker Successor
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BEAVERTON, Ore. (AP) _ Nike Inc., the world’s largest athletic-shoe company, on Monday said that CEO William D. Perez had resigned over differences with company founder and chairman Phil Knight and was replaced by Mark Parker, co-president of the Nike brand.
Stocks Set to Open Up on Earnings Reports
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LONDON (AP) _ Whether it’s a dead-cat bounce or a genuine recovery, U.S. stock market futures pointed higher on Monday, with earnings from Bank of America Corp., American Express Co. and Ford Motor Co. set to provide a backdrop to a reporting season that’s been less than stellar so far.
Livedoor CEO Is Arrested on Fraud Charges
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TOKYO (AP) _ Japanese authorities on Monday arrested Takafumi Horie, the chief executive of Internet portal Livedoor Co. at the center of a financial fraud probe that has roiled Tokyo’s stock market, prosecutors said.
Oil Prices Pull Back on Official’s Comments
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LONDON (AP) _ Oil prices pulled back Monday in a corrective move after Saudi Oil Minister Ali Naimi said there is enough supply to meet demand.
Plant Closings, Job Cuts Loom at Ford
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DETROIT (AP) _ Ford Motor Co. employees are bracing for thousands of jobs cuts in North America as the company embarks on a new restructuring plan.
Philips 4Q Earnings Slump on Charge
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AMSTERDAM, Netherlands (AP) _ Royal Philips Electronics NV said Monday its earnings fell 33 percent in the fourth quarter to 332 million euros ($1.2 million) from 498 million euros a year earlier, mostly due to an impairment charge.
Japanese Stocks Drop Sharply
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TOKYO (AP) _ Japan’s benchmark stock index fell more than 2 percent Monday amid continuing investor jitters over a criminal probe into prominent Internet company Livedoor Co.
Japan to Inspect All U.S. Beef Imports
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TOKYO (AP) _ Japan has ordered inspections of all U.S. beef imported over the past month, calling for a full explanation of an American violation of the countries’ beef pact.
Iconic Fed Chief Prepares His Departure
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WASHINGTON (AP) _ America has embraced Alan Greenspan with irrational exuberance. The slight, aging economist with the supersize glasses and claymation facial expressions has inspired a symphonic overture, a country music paean and a red-hot gallery exhibition of ``Alan as Art.″ Queen Elizabeth awarded him honorary knighthood.