AP Financial News Summary at 10:26 a.m. EDT
Jul. 05, 2006
Enron's Ken Lay Has Died at Age 64
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HOUSTON (AP) _ Convicted Enron Corp. founder Kenneth Lay has died, according to his lawyer. He was 64.
Dow, Nasdaq Tumble in Midmorning Trading
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NEW YORK (AP) _ Concerns over North Korea's nuclear ambitions and high oil prices pressured stocks Wednesday, one session after the start of the third quarter brought new money into the market.
Factory Orders Up by 0.7 Percent in May
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WASHINGTON (AP) _ Orders to U.S. factories for manufactured goods rebounded in May following a big decline in the previous month as strengthened demand for petroleum and chemicals offset weakness in commercial aircraft and autos.
Oil Prices Jump on Geopolitical Concerns
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LONDON (AP) _ Brent crude rose and Nymex futures pared their losses Wednesday after North Korea test-launched several missiles, bringing geopolitical concerns back in focus.
German Cabinet Approves 2007 Budget
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BERLIN (AP) _ Germany's Cabinet on Wednesday approved a 2007 budget that foresees trimming the deficit to comply with European Union rules, and the finance minister said Berlin likely would hit the target this year.
Japan Stocks Drop After Missile Launches
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TOKYO (AP) _ North Korea's brazen missile tests sent Japanese stocks lower Wednesday, snapping a four-day winning streak, and the dollar higher. Auto, electronics and retail shares led the market's decline.
Jackson Leads Anti-BP March Near Refinery
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TEXAS CITY, Texas (AP) _ The Rev. Jesse Jackson brought his protest of BP PLC to the site of one of the state's worst refinery accidents Tuesday to speak against what he calls price gouging, discriminatory hiring practices and unsafe working conditions at the company.
EU: Euronext-NYSE Should Retain EU Rules
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BRUSSELS, Belgium (AP) _ Euronext NV's exchanges should continue to operate under EU financial rules if a takeover bid from the owner of the New York Stock Exchange Group Inc. succeeds, the European Union's financial services chief said Wednesday.
Analysts: GM Revival Challenge for Ghosn
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TOKYO (AP) _ Carlos Ghosn has earned a reputation as a fixer by turning around Japanese automaker Nissan from the verge of bankruptcy under an alliance with France's Renault. But he faces a far bigger challenge if he hopes to revive General Motors, analysts say.
ECB Set to Hold Interest Rates Steady
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FRANKFURT, Germany (AP) _ The European Central Bank is set to hold interest rates steady this week but may set the stage for a series of increases starting in August in the face of faster economic expansion and higher oil prices.