AP Financial News Summary at 10:52 a.m. EST
Ex-Enron CFO Says He Helped Mask Losses
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HOUSTON (AP) _ Former Enron Corp. finance chief Andrew Fastow testified Tuesday he ran financial partnerships designed to help the company mask as much as hundreds of millions of dollars in losses.
Krispy Kreme Shares Up on News of New CEO
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CHARLOTTE, N.C. (AP) _ Food industry veteran Daryl G. Brewster has been hired as the new chief executive and president of troubled doughnut chain Krispy Kreme Doughnuts Inc., the company said Tuesday.
Public Storage to Buy Shurgard for $3.2B
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GLENDALE, Calif. (AP) _ Public Storage Inc., a real estate investment trust that owns self-storage centers, said Tuesday it agreed to acquire rival Shurgard Storage Centers Inc. for $3.2 billion, after having its first offer rebuffed last year.
Stocks Down on Interest Rate Worries
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NEW YORK (AP) _ Stocks were mostly lower Tuesday on resurgent fears of rising interest rates. Investors sold stocks as bond yields rose further, government data showed wages rising and a Federal Reserve official warned more interest rate hikes may be needed.
Shares in P&O Trade for Last Time
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LONDON (AP) _ British shipping icon P&O said its shares were trading on the London Stock Exchange for the last time Tuesday, ahead of the company’s formal delisting Wednesday.
Productivity Drops in 4Q, Labor Costs Rise
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WASHINGTON (AP) _ The efficiency of American workers actually declined in the final three months of 2005, the first time that has happened in more than four years, while wage pressures accelerated.
Texas Instruments Shares Fall 3.5 Percent
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DALLAS (AP) _ Shares of Texas Instruments Inc. fell Tuesday after the world’s largest supplier of cell-phone chips narrowed its first-quarter guidance and an analyst warned that a peak in the chip industry could come in the second quarter.
Albertson’s 4Q Profit Drops 17 Percent
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BOISE, Idaho (AP) _ Albertson’s Inc., the nation’s second-largest supermarket chain, said Tuesday its profit in the fourth quarter declined 17 percent, weighed down by charges.
OPEC Oil Ministers Focus on Terrorism
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VIENNA, Austria (AP) _ OPEC oil ministers, most resolved not to cut production levels amid stubbornly high prices, focused Tuesday on political instability, terrorist threats and other factors shaking confidence in the world’s crude markets.
Volkswagen Says Deliveries Up 15 Percent
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WOLFSBURG, Germany (AP) _ Volkswagen AG saw its car deliveries rise by 15 percent in the first two months of this year, outpacing growth in global demand, the company’s chief executive said Tuesday.
Kroger Co. Posts Fourth-Quarter Profit
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CINCINNATI (AP) _ Kroger Co., the operator of Ralphs, Food 4 Less and other supermarket chains, reported a fourth-quarter profit on Tuesday, reversing a loss in the year-ago period, which included a large goodwill impairment charge.