AP Financial News Summary at 12:16 p.m. EDT
Oil Prices Rise As IAEA Finds Iran Defiant
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NEW YORK (AP) _ Crude futures rose Friday, as the International Atomic Energy Agency said Iran had enriched uranium and was in defiance of the U.N. Security Council.
GDP Rebounds With 4.8 Percent Growth Spurt
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WASHINGTON (AP) _ Casting off an end-of-year lethargy, the U.S. economy bounded ahead in the opening quarter of this year at a 4.8 percent pace, the strongest growth spurt in 2 1/2 years.
Q&A: New ADM CEO Sees Many Growth Chances
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CHICAGO (AP) _ Patricia Woertz, the newly appointed president and chief executive officer of Archer Daniels Midland Co., is switching industries from oil and gas to agribusiness as she takes over as only the eighth CEO in the company’s 104-year history.
Chevron Latest Oil Co. With Colossal Earns
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SAN RAMON, Calif. (AP) _ Chevron Corp.’s first-quarter profit soared 49 percent to $4 billion, joining the procession of U.S. oil companies to report colossal earnings as lawmakers consider ways to pacify motorists agitated about rising gas prices.
Microsoft Stock Tumbles on Lower Guidance
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SEATTLE (AP) _ Shares of Microsoft Corp. tumbled 11 percent Friday, after the world’s largest software maker reported third-quarter profit that missed Wall Street expectations and lowered its earnings guidance.
Stocks Drift on GDP Data, Microsoft
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NEW YORK (AP) _ Stocks fluctuated Friday as investors weighed a rebound in first-quarter economic growth against a tepid outlook from software company Microsoft Corp.
Customer-Hungry Banks Offering Rewards
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CLEVELAND (AP) _ A trip to the islands for paying the water bill. Free coffee and pasta dinners for grocery shopping. A clothing store gift card for picking up dry cleaning.
Hyundai Chairman Arrested Amid Scandal
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SEOUL, South Korea (AP) _ Prosecutors on Friday arrested Hyundai Motor Co. Chairman Chung Mong-koo in an embezzlement and slush fund scandal engulfing South Korea’s largest automaker, an official said.
United, Humana Win With Medicare Benefit
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WASHINGTON (AP) _ UnitedHealth Group and Humana are the biggest winners among insurers offering the new Medicare drug benefit, according to enrollment numbers released Friday.
Tyson to Shut Some Plants During Rallies
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SPRINGDALE, Ark. (AP) _ Tyson Foods Inc., the world’s largest meat producer, says it will temporarily shut down nine of its beef and pork plants Monday because many of the workers plan to attend immigration rallies.