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AP Financial News Summary at 12:30 p.m. EDT

May 8, 2006

Testimony Ends in Enron Trial

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HOUSTON (AP) _ Testimony ended Monday in the federal fraud and conspiracy trial of Enron Corp. founder Kenneth Lay and former Chief Executive Jeffrey Skilling after attorneys on both sides cut short their witness lineups.

Wachovia to Acquire Golden West for $25B

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SAN FRANCISCO (AP) _ Wachovia Corp., the nation’s fourth largest bank, is muscling into the West with a $25.5 billion deal to buy Golden West Financial Corp., a mom-and-pop shop that blossomed into a prized savings and loan.

Newspaper Circulation Declines 2.6 Percent

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NEW YORK (AP) _ Newspaper circulation fell 2.6 percent in the six-month period ending in March, according to data released Monday, as more people turned to the Internet and other media outlets for news and information.

Stocks Vacillate Ahead of Fed Meeting

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NEW YORK (AP) _ Stocks fluctuated Monday as Wall Street weighed a sliding U.S. dollar against another sharp dropoff in oil prices and a trio of multibillion-dollar acquisitions.

Congress to Get China Currency Report

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WASHINGTON (AP) _ The Bush administration said it will send Congress its report on China’s currency practices on Wednesday, a report that American manufacturers hope will brand the country a ``currency manipulator.″

Thermo Electron, Fisher Scientific in Deal

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BOSTON (AP) _ Thermo Electron Corp. is paying about $10.6 billion in stock for the larger Fisher Scientific International Inc. in a deal that would create a laboratory supply powerhouse making equipment and materials for the life and health sciences industries.

Emmis CEO Bids to Buy Company for $567M

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INDIANAPOLIS (AP) _ Media group Emmis Communications Corp. said Monday that its chairman and chief executive has proposed buying its publicly held common shares in a deal valuing them at $567 million.

United Airlines Parent Posts Wider 1Q Loss

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CHICAGO (AP) _ United Airlines parent UAL Corp. said Monday that its first-quarter loss before unusual items widened slightly, reflecting the impact of record fuel prices in its first quarter since emerging from a 38-month bankruptcy restructuring.

Buffett’s Israeli Acquisition Born in Shed

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JERUSALEM (AP) _ Israeli industrialist Stef Wertheimer couldn’t even afford a lathe when he started his cutting tools company in 1952 in a backyard shed.

Oil Prices Fall Amid Stagnant Gas Demand

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NEW YORK (AP) _ Crude-oil prices dropped below $69 a barrel Monday on rising U.S. gasoline supplies and a letter from Iran’s leader to President Bush proposing ``new solutions″ to escalating tensions.

Dubai to Build 2nd Airport to Keep Pace

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DUBAI, United Arab Emirates (AP) _ A patch of empty desert being flattened by bulldozers outside this fast-sprawling city could eventually become one of the world’s largest airports, officials here say.

Beatles Lose Suit Against Apple Computer

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LONDON (AP) _ Apple Computer Inc. is entitled to use the apple logo on its iTunes Music Store, a judge ruled Monday, rejecting a suit filed by Apple Corps Ltd., the guardian of The Beatles’ commercial interests.

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