AP Financial News Summary at 7:07 a.m. EDT
Aug. 10, 2006
European Carriers Cancel Flights to U.K.
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FRANKFURT, Germany (AP) _ European carriers canceled flights Thursday to Britain, where airports were experiencing massive delays after authorities said they thwarted a terrorist plot to blow up aircraft in flight.
European Airline, Travel Shares Plunge
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LONDON (AP) _ Shares of airlines and travel companies dropped sharply Thursday after British authorities reported they thwarted a terrorist plot to blow up several aircraft in flight between the United States and the Britain.
Oil Prices Drop Nearly $1 a Barrel
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LONDON (AP) _ Crude oil prices fell nearly $1 a barrel Thursday after thwarted attacks on airplanes led many carriers to cancel flights, and could mean lower demand for jet fuel and dent consumer confidence.
Pipeline Repairs May Take Several Months
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ANCHORAGE, Alaska (AP) _ BP PLC said it is working with a number of suppliers in hopes of quickly amassing materials needed to replace 16 miles of aging oil pipes on Alaska's North Slope.
Urban Outfitters 2Q Profit Falls 16 Pct.
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PHILADELPHIA (AP) _ Apparel and accessories retailer Urban Outfitters Inc., operator of the Anthropologie, Free People and Urban Outfitters brands, said Thursday that second-quarter earnings fell 16 percent due to higher fixed store occupancy costs related to lower same-store sales and additional markdowns.
Delta Posts $2.2 Billion Loss in 2Q
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ATLANTA (AP) _ With higher ticket prices and fuller planes driving up revenue, Delta Air Lines Inc. said it turned its first adjusted profit in nearly six years during the second quarter.
Drought-Related Losses Mount in Missouri
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SPRINGFIELD, Mo. (AP) _ Pastures are browning and dusty across much of Missouri. Fewer barges can navigate the low water on the Mississippi and Missouri rivers. Water utilities are spending more to get mud out of sluggish rivers.
Wal-Mart to Help Create Chinese Unions
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BEIJING (AP) _ Wal-Mart Stores Inc. said Thursday it has agreed to cooperate with China's state-sanctioned labor group in creating unions at its 60 Chinese outlets.
Bank of Korea Raises Key Interest Rate
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SEOUL, South Korea (AP) _ The Bank of Korea unexpectedly raised its key interest rate Thursday in a bid to curb what is sees as inflationary pressures in the world's 10th-largest economy.
Japanese Stocks Mixed, Dollar Down
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TOKYO (AP) _ Japanese stocks were mixed Thursday as investors sold pharmaceuticals and some technology stocks that gained ground the previous day. The dollar was lower against the yen.