AP Financial News Summary at 6:43 a.m. EST
Ex-Enron CFO Takes Stand Against Ex-Bosses
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HOUSTON (AP) _ For more than four years, Enron Corp.’s former finance chief has been seen as the engineer behind financial schemes that fueled the company’s collapse. Andrew Fastow portrayed himself to a jury as an opportunistic savior who helped prop up a failing business while lining his own pockets.
EADS Fourth-Quarter Profit Falls
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PARIS (AP) _ European Aeronautic Defence & Space Co. posted a 13 percent drop in fourth-quarter net profit Wednesday, largely due to higher Airbus research and development costs and unfavorable currency effects.
Some NWA Ground Workers Vote Down Pay Cut
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MINNEAPOLIS (AP) _ Baggage handlers tried to yank Northwest Airlines Corp. back to the bargaining table by voting down its proposed pay cut and authorizing a strike.
OPEC to Forgo Production Cut
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VIENNA, Austria (AP) _ OPEC all but abandoned the idea of cutting production at a meeting Wednesday, and Kuwait’s oil minister predicted prices would fall below the $60 per barrel threshold in the second quarter.
Dow Closes Up 22, Nasdaq Ends Down 18
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NEW YORK (AP) _ Stocks closed mostly lower Tuesday on resurgent fears of rising interest rates. Investors sold as bond yields remained high, government data showed wages rising and a Federal Reserve official warned more interest rate hikes may be needed.
Oil Prices Drop on OPEC Output Indications
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LONDON (AP) _ Oil prices fell Wednesday as OPEC oil ministers appeared ready to keep output levels intact and data from the United States was expected to show crude inventories growing.
Pixar Fourth Quarter Net Falls
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LOS ANGELES (AP) _ Profits at Pixar Animation Studios Inc. dropped in the fourth quarter, but the company behind such hits as ``Finding Nemo″ reported record net income for the full year.
Intel Unveils Details of New Chip Design
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SAN FRANCISCO (AP) _ Hoping to leap ahead of smaller rival Advanced Micro Devices Inc., Intel Corp. unveiled details of a next-generation computer chip design that it claims will perform better _ and consume less power _ than its current offerings.
Japanese Stocks Drop for Second Day
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TOKYO (AP) _ Japanese stocks fell for a second day Wednesday as the Bank of Japan began a two-day meeting that many investors believe could mark the end of the central bank’s super-easy monetary policy.
Dana Corp. Names New Finance Chief
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TOLEDO, Ohio (AP) _ Auto parts maker Dana Corp., which filed for Chapter 11 bankruptcy protection for its U.S. operations last week, has hired a new chief financial officer.
Shareholders Sue HP Over Fiorina Severance
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SAN FRANCISCO (AP) _ A group of Hewlett Packard Co. shareholders are suing the company, alleging its board broke its own rules by awarding more than $42 million in cash, stock and other benefits to Carleton ``Carly″ Fiorina after she was dumped as CEO last year.