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AP Financial News Summary at 1:16 p.m. EDT

May 3, 2006

Time Warner Profit Climbs Almost 60 Pct.

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NEW YORK (AP) _ Time Warner Inc. reported a higher first-quarter profit Wednesday, driven by strong results in cable TV and a gain from selling its book group, but investors were disappointed by another slump at AOL.

Oil Prices Fall More Than $1

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WASHINGTON (AP) _ Oil prices fell by more than $1 a barrel Wednesday after the U.S. government released data showing that gasoline demand has been flat over the past four weeks and that motor fuel supplies are growing as refineries ramp up output.

Northwest Pilots Vote to OK Pay-Cut Deal

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MINNEAPOLIS (AP) _ Northwest Airlines Corp. pilots approved a package of deep pay cuts and other concessions that the carrier said it needs to reorganize successfully and emerge from bankruptcy protection.

Fed Chief Urges Teamwork in Communities

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WASHINGTON (AP) _ Reviving economically distressed communities takes teamwork between the government and private developers and a creative vision of not only a place to live, but also places to work and shop, Federal Reserve Chairman Ben Bernanke said Wednesday.

Rate Worries Pull Stocks Lower

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NEW YORK (AP) _ Strong economic data pulled stocks lower Wednesday as Wall Street mulled the likelihood of more interest rate hikes amid strength in oil and gold prices.

Service Sector Expands, Factories Hum

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WASHINGTON (AP) _ America’s service sector expanded with gusto and the country’s factories saw orders shoot up by the largest amount in nearly a year, fresh evidence the economy was pushing ahead at a good clip into the spring.

Professor: Enron Financials Not Misleading

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HOUSTON (AP) _ Enron founder Kenneth Lay did not mislead investors about the company’s financial health in the weeks before it plunged into bankruptcy, an accounting professor hired by Lay testified on Wednesday.

Procter & Gamble Says 3Q Profit Up 37 Pct.

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CINCINNATI (AP) _ Procter & Gamble Co. said Wednesday that its third-quarter profit rose 37 percent, but its sales came in below Wall Street’s estimates and the company forecast a profit for the fourth quarter that was below analysts’ expectations.

Soda Distributors to End Most School Sales

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NEW YORK (AP) _ The nation’s largest beverage distributors have agreed to halt nearly all sales of sodas to public schools _ a step that will remove the sugary, caloric drinks from vending machines and cafeterias around the country.

MasterCard: IPO to Be Priced at $40 to $43

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NEW YORK (AP) _ MasterCard Inc., the bank-controlled payment card association, said Wednesday that it plans to sell a 46 percent stake in the company in an initial public offering of stock expected to be priced in a range of $40 to $43 per share, according to a filing with the Securities and Exchange Commission.

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