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AP Financial News Summary at 1:17 p.m. EST

December 3, 2006

Morales Nationalizes Bolivia Natural Gas

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LA PAZ, Bolivia (AP) _ President Evo Morales signed into law Sunday contracts giving the government control over foreign energy companies’ operations, completing a process begun May 1 with the nationalization of Bolivia’s petroleum industry.

Despite Label, Fish Might Not Be Organic

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WASHINGTON (AP) _ If you buy salmon with an organic label, do not assume it is truly organic. The round, green ``USDA Organic″ seal is not allowed on seafood. At least not yet. If the label says organic, the fish are not from the United States. Rather, they come from countries where chemicals and antibiotics might be used to keep fish healthy.

Pfizer Ends Cholesterol Drug Development

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Pfizer Inc. said Saturday it has cut off all clinical trials and development for a cholesterol drug that was supposed to be the star of its pipeline because of an unexpected number of deaths and cardiovascular problems in patients who used it.

Ex-Livedoor Exec Denies Breaking the Law

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TOKYO (AP) _ Disgraced Internet entrepreneur Takafumi Horie on Sunday accused a former subordinate of making false statements against him in court, and said neither had been aware of alleged accounting fraud at their startup, Livedoor Co.

Philly Papers, Union Talks to Continue

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PHILADELPHIA (AP) _ The largest union at Philadelphia’s two biggest newspapers reported some progress after 14 hours of contract negotiations.

Wall Street Gains Foster IPO Boom

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NEW YORK (AP) _ There’s a billion dollar side benefit to Wall Street’s fourth-quarter march into record territory _ 2006 looks to be one of the best years for initial public offerings since the end of the dot-com boom.

Nintendo’s Wii Hits Japanese Stores

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TOKYO (AP) _ Nintendo’s Wii video game system hit Japanese stores Saturday with long lineups and shortages, following its sellout U.S. launch last month.

Prosecutors: Ex-KeyBank VP Stole $40M

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CLEVELAND (AP) _ Federal prosecutors now say a former KeyBank vice president embezzled $40.6 million, up from a previous estimate of $29 million.

Bush May End Drilling Ban in Alaskan Bay

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WASHINGTON (AP) _ President Bush is deciding whether to lift a ban on oil and gas drilling in federal waters off Alaska’s Bristol Bay, home to endangered whales and sea lions and the world’s largest sockeye salmon run.

Dollars Drop in Asia Double-Edged Sword

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SEOUL, South Korea (AP) _ Thai frozen food exporters are calling for the government to stop the baht’s surge and South Korean automakers are seeing their earnings shrink.

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