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GM
nets $1.5bn in Q1, may go slow in '03
Detriot: General Motors on Tuesday reported stronger
quarterly profits of $1.5bn but warned that it may not
meet its earnings target for the full year due to uncertain
global economic conditions.
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Continental
suffers $221m loss
Chicago: Continental Airlines posted a wider quarterly
loss of $221m, kicking off the reporting season for what
analysts expect to be one of the worst quarters in airline
industry history.
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American
Stock Exchange may be sold for $100m
New York: After more than two years on the block,
the embattled American Stock Exchange is close to being
sold. The Amex's parent organisation is expected to complete
an agreement as early as this week with the Chicago private-equity
firm GTCR Golder Rauner.
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NY
Fed chief to head US accounting oversight board
Washington: The head of the Federal Reserve Bank
of New York will become chairman of the new US agency
created by Congress to oversee the accounting industry,
the Securities and Exchange Commission announced on Tuesday.
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JP
Morgan faces probe for Enron connections
New York: JP Morgan Chase & Co has received
notice of the likelihood of legal action from the Securities
& Exchange Commission, said the sources.
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Philips
incurs €69 million loss on poor sales
Amsterdam: Philips Electronics reported a better-than-expected
first-quarter profit at most of its operations, boosting
its shares despite sales that were sharply below forecasts.
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IBM
sales up 11 per cent to $20bn on cost cuts
New York: International Business Machines (IBM)
said its quarterly earnings rose for the first time in
almost two years as it cut costs and relied on acquisitions
to grow amid a technology spending downturn.
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Johnson's
revenues jump 13 per cent
New York: Johnson & Johnson said its first-quarter
earnings jumped 13 per cent on higher sales of prescription
drugs and the diversified healthcare firm's wide array
of medical devices.
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America
Online files 5 spam lawsuits
Seatle: America Online has filed five federal lawsuits
targetting spammers it accuses of sending some one billion
junk e-mail messages promoting mortgages, steroids and
pornography to its subscribers.
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Marilyn
Monroe jewellery stolen from exhibition in London
London: Two pieces of jewellery that once belonged
to Hollywood legend Marilyn Monroe have been stolen from
an exhibition, police said on Tuesday.
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