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China
makes it easier to buy a .cn Web site name
Beijing: Relaxed rules for registering Web site
names in China are likely to spark a surge in applications,
including from foreign companies previously barred from
using the .cn designation, China Internet watchers said.
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Majority
of WorldCom board resigns
New York: WorldCom, battered by financial scandals
and investigations, on Tuesday announced the resignation
of six board members who oversaw the telephone company
in the years it racked up more than $9 billion in accounting
problems that led to its bankruptcy.
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Bank
of New York to take charge on UAL leases
New York: The Bank of New York on Tuesday said
it would take a $390 million provision and a $240 million
charge in the fourth quarter mainly to account for losses
on aircraft leases to bankrupt United Airlines, a unit
of UAL.
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United
may scrap labour agreements with key unions
Chicago: UAL's United Airlines said on Tuesday
it would take a step in bankruptcy court as early as next
week to scrap labour agreements with key unions, stepping
up the pressure on workers to agree to major wage cuts.
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Ex-Tyco
director pleads guilty to fraud
Paris: Former Tyco International lead director
Frank Walsh whipped out a checkbook in court on Tuesday
and paid more than $22 million to settle charges that
he defrauded Tyco when it bought The CIT Group last year.
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McDonald's
to post first-ever loss
New York: McDonald's said on Tuesday it will post
its first-ever quarterly loss after cutting jobs and closing
outlets, as sales at the world's largest restaurant company
deteriorated in the saturated US fast-food market.
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Yahoo,
AP establish fee-based news archive
New York: Internet media company Yahoo, in its
latest move to expand its business through fee-based services,
on Tuesday said it has opened a pay-for-use archive of
Associated Press news stories.
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Cadbury
to snap up Adams for $4.2bn
London: Britain's Cadbury Schweppes said on Tuesday
it had agreed to buy US sweet maker Adams for $4.2 bn
in cash to make it the global joint leader in confectionery
and number two in chewing gum.
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