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AP Financial News Summary at 7:55 a.m. EDT

June 24, 2004

Stock Prices Are Set to Open Lower

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NEW YORK (AP) _ U.S. stocks are seen slightly lower at the open as investors take some cash off the table after Wednesday’s run-up in valuations.

SEC Orders Independent Fund Board Chairs

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WASHINGTON (AP) _ Mutual fund boards must have chairmen who are independent from the companies managing the funds, the Securities and Exchange Commission ordered in a narrow vote as it addressed an industry scandal.

AT&T to Stop Selling Service in 7 States

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NEW YORK (AP) _ AT&T Corp. said Wednesday it will stop selling traditional local and long-distance residential service in seven states, blaming its move on a court decision that it says will result in higher prices for its use of regional networks.

Tokyo Stocks End Higher, Dollar Down

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TOKYO (AP) _ Tokyo stocks advanced to a two-month high Thursday after a U.S. ratings agency hiked its view of eight Japanese banks and investors snapped up technology issues following gains on Wall Street overnight. The U.S. dollar was down against the Japanese yen.

Northwest Airlines Threatens Picketers

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EAGAN, Minn. (AP) _ Northwest Airlines is threatening to discipline, and possibly fire, union employees if they proceed with picketing that questions the safety and security of Northwest flights, according to a letter the airline sent to the mechanics union.

Group Outlines Women’s Workplace Rights

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UNITED NATIONS (AP) _ Nearly 500 business and labor leaders from around the globe converged on the United Nations for an unprecedented meeting to encourage companies to take more responsibility for human rights, labor practices, the environment and to help fight corruption.

States Curb Campus Credit Card Marketing

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ALBANY, N.Y. (AP) _ For college-bound high school graduate Kenneth Cashwell, the credit card offers started coming that summer of 2000 too fast to count and too alluring to resist.

Norwegian Oil Employers Threaten Lockout

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OSLO, Norway (AP) _ Norwegian oil industry employers on Thursday called for a labor lockout on offshore platforms next week that would virtually halt the 3 million barrels of oil produced daily by the world’s third biggest oil exporter.

States Take Aim at ‘Geoffrey’ Tax Loophole

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NEW ORLEANS (AP) _ The ``Geoffrey Loophole,″ named after the familiar giraffe mascot of Toys ``R″ Us, is no fun for state taxing authorities.

Air Canada Accepts Deal for Airline Stake

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TORONTO (AP) _ Air Canada accepted a $183 million investment proposal from New York-based investment firm Cerberus Capital Management LP on Wednesday for a 9.2 percent stake in the struggling airline.

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