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AP Financial News Summary at 1:47 p.m. EDT

May 31, 2005

Court Overturns Arthur Andersen Conviction

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WASHINGTON (AP) _ The Supreme Court on Tuesday overturned the conviction of the Arthur Andersen accounting firm for destroying Enron Corp.-related documents before the energy giant’s collapse.

United Airlines’ Mechanics Ratify Deal

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CHICAGO (AP) _ United Airlines’ mechanics union ratified a five-year contract Tuesday, removing one strike threat from the carrier as another labor group negotiated down to the deadline.

Stocks Fall on Poor Midwest Economic Data

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NEW YORK (AP) _ A surprisingly poor reading of economic activity in the Midwest sent stocks sliding Tuesday as investors focused on concerns about manufacturing and looked past a surge in consumer confidence.

Consumer Confidence Unexpectedly Rebounds

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NEW YORK (AP) _ Consumer confidence unexpectedly rebounded in May after declining in April, as worries about the economy and jobs eased, a private research group said Tuesday. But another closely watched report that tracks Midwestern manufacturing activity dropped in May, spooking Wall Street.

AIG Acknowledges Accounting Improprieties

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NEW YORK (AP) _ American International Group Inc., the huge insurance company that is being investigated by state and federal regulators over accounting issues, filed its long-awaited 2004 annual report with the Securities and Exchange Commission on Tuesday, restating financial results for 2000 through 2003 and adjusting the firm’s 2004 results.

EU, Washington Resume Battle Over Boeing

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BRUSSELS, Belgium (AP) _ Digging in for a new trade war with Washington, the European Union announced plans Tuesday to file a counter complaint at the World Trade Organization claiming that U.S.-based Boeing Co. receives illegal government aid.

Oil Prices Fall, Despite Supply Fears

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BUDAPEST, Hungary (AP) _ Oil prices dipped Tuesday as traders appeared to shake off fears that U.S. gasoline demand will outstrip supplies in the summer driving season.

Jury Resumes Scrushy Deliberations

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BIRMINGHAM, Ala. (AP) _ Jurors in the corporate fraud trial of fired HealthSouth Corp. CEO Richard Scrushy deliberated an eighth day Tuesday after a three-day holiday weekend.

Russian Oil Tycoon Sentenced to Nine Years

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MOSCOW (AP) _ Former oil tycoon Mikhail Khodorkovsky, who was Russia’s richest man before the government dismantled his empire, was convicted Tuesday of fraud and tax evasion. He was sentenced to nine years in prison following a trial widely denounced as politically motivated.

Japanese Workers to Go Casual This Summer

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TOKYO (AP) _ Japan’s bureaucratic rank and file march in dark jackets and ties to government offices every day, sweating their way through the country’s sticky, sweltering summers. Starting Wednesday, they’ll be sweating a little less.

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