U.S. stocks were trading sharply lower at midday, with big tech stocks spitting up gains accumulated during the recent string of record highs on the
Nasdaq Composite Index
European bourses closed lower, as did Asian markets, with Japan's
dumping 115.35 to close at 14,349.83, and Hong Kong's
losing 96.83 to 9,502.72.
is stepping down as president of Brazil's central bank, to be succeeded by
, a former
adviser. Finance Minister
said he will retain his office after his resignation was rejected by Brazil's president,
Fernando Henrique Cardoso
reported on the news today.
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will cut 2,450 jobs this year to cope with falling energy prices. The company laid off 4,000 workers last year.
reported on Baker Hughes' strategy in a
Medical devices company
said it has received
approval for its next-generation defibrillator, the
GEM II DR
said it will emerge reorganized from Chapter 11 bankruptcy by the middle of this year.
, which owns half of Montgomery Ward, will acquire the department store's direct-marketing
Polo Ralph Lauren
will close nine stores and cut 250 jobs after reporting sluggish third-quarter profits.
examined Polo's woes in a
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will outsource production of its popular
personal computer to South Korea's
. The LG contract will eliminate 450 jobs at Apple's plant in Cork, Ireland, as well as an unspecified number of jobs in plants in Singapore and Sacramento, Calif.
Welcome to AOL.
for $388 million in stock and rename it
. AOL plans to integrate the movie listing and ticketing service with its
Shares of tech consulting and services firm
skyrocketed today, their first day of trading. The stock, priced at 16 a share, was lately up 26 to 42.
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China said it will close five of its largest state investment trusts for insolvency:
Bank of China's Dongfang Trust & Investment
Industrial & Commercial Bank of China's Huarong Trust & Investment
Agricultural Bank of China's Changcheng Trust & Investment
China Construction Bank's Xinda Trust & Investment
and the investment unit of
People's Insurance Co. of China
and German conglomerate
have increased their stake of European mobile-phone network
Omnitel Pronto Italia
by gaining control over
Cellular Communications International
-- a holding company for 10.3% of Omnitel -- with a $1.8 billion bid. Olivetti and Mannesmann already own 40% of Omnitel through joint-venture
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U.S. warplanes dropped two bombs on an antiaircraft facility in Northern Iraq after being lit up by radar.
The impeachment trial of
today continues as
, of the famed Soho publishing house
Calder & Boyars
, is dead at the age of 71.
The mausoleum holding
body will close its doors until April 5, as doctors inject fresh embalming fluid and change his coat and tie.
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