Market Watch Dow Jones and Nasdaq Close Mixed
Market indicators for June 17 2005 show Dow Jones Industrial average at 4442 with 10 62307 points, Nasdaq near 2090 11 with 0 96 rise. Advancers and decliners are listed for NYSE and Nasdaq with volume figures about 2 4 billion shares.
United granted plan extension
A bankruptcy judge granted United Airlines two more months to file a reorganization plan without outside bidders. Judge Eugene We doff ruled exclusivity extension would aid a successful reorganization for the nation’s No. 2 airline, despite creditors’ objections. Attorneys for two banks with over $2 billion in United debt argued that allowing competing proposals would not delay the exit from Chapter 11.
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Chicago
United Airlines
Eugene Wedoff
United Debt
Disney World rides exempt from most Florida safety laws
Florida inspectors cannot close Disney World rides without permission as the park is exempt from most state amusement ride rules. The Daudi Bamuwamye death renews calls for federal oversight. Rep. Markey seeks to close a 1981 loophole letting CPSC regulate traveling fairs but not fixed parks. Meanwhile EU and US trade talks resume over Airbus Boeing subsidies with open dialogue.
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Orlando
Fla
Florida
Walt Disney World
Disney World
Rob Jacobs
Bureau of Fair Rides Inspection
Daudi Bamuwamye
Edward Markey
D-Mass
Consumer Product Safety Commission
Trade deficit hits record high in wide balance
The Commerce Department reports the current account deficit from January through March at a record 195.1 billion dollars, up 3.6 percent from late 2004, as demand for imported goods drives the gap with Japan and China. Experts warn foreign financing may not last. The report notes 668.1 billion for all of 2004, with consumer sentiment rising and stocks edging higher despite oil hitting record intraday prices.
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America
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Global Insight
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Former Tyco executives found guilty in multimillion looting case
Former Tyco International CEO Dennis Kozlowski and finance chief Mark H. Swartz were convicted of grand larceny and related charges for looting more than 600 million to fund lavish parties art and a Manhattan apartment. They face up to 30 years in prison with appeals planned.
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Tyco International, Center
New York
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WorldCom
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Adelphia Communications Corp
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Timothy
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HealthSouth Corp
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Enron Corp
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Jeffrey Skilling
Swartz
Auto insurance relief spreads as rates ease in 2005
After years of steep increases, drivers see lower costs as competition forces insurers to cut prices. Consumers like Melissa Senatore report sizable savings, dropping annual premiums from about 14 000 to 10 000 after switching to Allstate. Nationally, average per vehicle costs rise only 1.5 percent this year, with New York insurers cutting 5 to 6 percent for many policyholders.
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Melissa Senatore
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Allstate Corp
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The
Insurance Information Institute
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State Farm
North Dakota
Cell phones evolve toward wallet role in payments
The evolving cell phone could replace credit cards and wallets by embedding a short range radio chip to beam payment data at checkout. Japan already hosts 3 million Mobile Wallet users with 20,000 stores. MasterCard tested PayPass since 2003 and eyeing major trials next year as banks weigh broader finance management via phones.
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