AP Financial News Summary at 6:01 p.m. EST
Nov. 07, 2006
Baquet Resigns As Editor of L.A. Times
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LOS ANGELES (AP) _ Los Angeles Times editor Dean Baquet resigned Tuesday, just weeks after the paper's publisher, Jeff Johnson, was forced to leave following a dispute with the paper's parent, Tribune Co., over cost cuts.
Stocks End Higher Ahead of Vote Results
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NEW YORK (AP) _ Wall Street extended its November rally Tuesday, carrying the Dow Jones industrials to a new trading high as investors anticipated a business-friendly outcome of the mid-term elections and bought stocks across the market.
Consumer Borrowing Down in September
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WASHINGTON (AP) _ Consumer borrowing fell in September by the largest amount since the recession of the early 1990s, weakened by a huge drop in auto loans.
2 Major Homebuilders See Orders Dive
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PHILADELPHIA (AP) _ In a sign of a deepening housing slump, two major homebuilders on Tuesday reported steep declines in new orders and weaker fourth-quarter results.
FedEx Drops Airbus A380, Cites Delays
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PARIS (AP) _ Boeing scored a victory in the airliner wars Tuesday when FedEx became the first customer to cancel an order for Airbus's much delayed A380 jumbo jets and said it will instead will buy Boeing 777s.
Toyota's Quarterly Profit Rises 34 Pct.
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TOKYO (AP) _ Toyota said Tuesday its net profit surged 34 percent in the July-September quarter, boosted by strong sales in the North American and European markets at a time its U.S. rivals are struggling.
Citgo Not Likely Hurt by Chavez Factor
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BOSTON (AP) _ Venezuelan President Hugo Chavez' calls for a socialist revolution haven't made it easy for Citgo Petroleum Corp. to quietly go about refining oil and selling gas to U.S. consumers, or steer clear of spats between Caracas and Washington.
Volkswagen CEO Stepping Down
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BERLIN (AP) _ Volkswagen AG, Europe's biggest car maker, said Tuesday that Bernd Pischetsrieder will step down as chief executive after four years and be replaced by Martin Winterkorn, head of the company's premium Audi unit.
Australia Bank Raises Interest Rate
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SYDNEY, Australia (AP) _ Australia's central bank said Wednesday it had boosted the benchmark interest rate by a quarter of a percentage point to 6.25 percent.
GM Reduces 3Q Loss by $24 Million
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DETROIT (AP) _ When General Motors Corp. reported its third-quarter earnings in October, it didn't know about $24 million worth of loans made by its finance arm.