AP Financial News Summary at 12:21 a.m. EDT
SUN CEO Steps Down After 22 Years at Helm
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SAN FRANCISCO (AP) _ Scott McNealy, the often outspoken co-founder of Sun Microsystems Inc. and one of Microsoft Corp.’s most vocal critics, stepped down as CEO after 22 years Monday as the pioneering maker of computer servers reported a wider quarterly loss.
Sun Microsystems 3Q Loss Widens to $217M
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SAN FRANCISCO (AP) _ Sun Microsystems Inc. on Monday said its fiscal third-quarter loss widened, as costs for acquisitions, stock-based compensation and restructuring chipped away at higher revenue.
Lay Declares His Innocence at Enron Trial
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HOUSTON (AP) _ Enron Corp. founder Kenneth Lay declared his innocence Monday on the witness stand, somberly saying the company’s legacy of lost jobs and wrecked retirement savings pained him even more than the loss of a loved one.
Generic Drug Payoff Draws Gov’t. Interest
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WASHINGTON (AP) _ Brand-name pharmaceutical companies have resumed paying generic drug manufacturers to stay off the market under the terms of some legal settlements, attracting renewed scrutiny from federal regulators, trade officials said Monday.
Japanese Stocks Edge Higher; Dollar Rises
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TOKYO (AP) _ Japanese stocks edged higher Tuesday after the benchmark index suffered its biggest one-day drop since January. The dollar was higher against the yen and euro.
Computer Associates Ex-CEO Pleads Guilty
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NEW YORK (AP) _ Sanjay Kumar, the former CEO of Computer Associates International Inc., pleaded guilty on Monday to obstruction of justice and securities fraud charges in a massive accounting scandal at the Long Island-based software company.
Dow Ends Down 11, Nasdaq Finishes Down 9
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NEW YORK (AP) _ Stocks declined modestly Monday as a weakening U.S. dollar and a mixed batch of earnings reports led cautious investors to cash in on last week’s gains. Oil prices also fell sharply as energy traders took profits following futures’ recent runup.
Organized Labor Fails to Heal Rift
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WASHINGTON (AP) _ Efforts to heal the sharp divisions in organized labor are faltering as the AFL-CIO and the breakaway unions in the Change to Win coalition quarrel over the best way for the divided unions to cooperate from afar.
Hyundai CEO Quizzed on Slush Fund Scandal
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SEOUL, South Korea (AP) _ Hyundai Motor Co. Chairman Chung Mong-koo was released by prosecutors early Tuesday after appearing 15 hours earlier for questioning about a slush fund scandal engulfing South Korea’s largest automaker.
AARP Starts Selling Mutual Funds
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WASHINGTON (AP) _ AARP, the big seniors advocacy group, has started selling three mutual funds geared toward retirement savings.