Citing reduced commercial business and higher-than-expected Medicare-related costs, health insurer UnitedHealth Group Inc. lowered its 2008 profit outlook and says it will cut at least 4,000 jobs from its workforce of more than 80,000.
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PARIS (July 23) - Inflation, the curse of the 1970s, is staging a comeback, led by sky-high oil prices. This time, the menace is more genuinely global than three decades ago, and this time much of it is "Made in China".
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US Airways becomes the latest major airline to reduce its fleet and cut jobs as it struggles with soaring fuel prices. The airline says it will reduce its workforce by 1,700 jobs and will also charge fliers $15 to check their first bag.
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CHICAGO (AP) - Federal officials hunted for the source of a
17-state salmonella outbreak linked to three types of raw tomatoes,
while the list of supermarkets and restaurants yanking those
varieties from shelves and menus grew.
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Rising prices on items like food and fuel are forcing some consumers to make tough choices: eat or pay the mortgage. Meanwhile, the number of homes facing foreclosure shoots up 65 percent in April, contributing to a deepening slide in home values. 24/7 Wall St. has more on how inflation is hurting
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SAN JOSE, Calif. (AP) - Cisco says its fiscal third-quarter
profit declined, but the networking gear maker's adjusted earnings
and revenue topped Wall Street's expectations.
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From corporate earnings to consumer prices to more bad news for homeowners, here's a look at what unfolded in business news over the past week. Take the quiz below to see if you are in the know.
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NEW YORK (AP) - Citigroup Inc. reports earnings for the first
quarter on Friday. The following is a summary of key developments
and analyst opinion related to the period.
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WASHINGTON (AP) - Consumer prices pushed higher last month as
increases in energy, food and airline tickets overwhelmed the
biggest drop in clothing prices in nearly a decade.
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NEW YORK (AP) - The shocking first-quarter loss at Wachovia
Corp., a company long viewed as a relatively conservative player
during the mortgage boom, suggests that 2008 will be at best a
rebuilding year even for the nation's better-positioned banks.
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FORT WORTH, Texas (AP) - The cancellation of thousands of
flights this week will cost American Airlines tens of millions of
dollars, the company's chief executive said Thursday, but he said
the nation's largest carrier can withstand the losses.
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FORT WORTH, Texas (AP) - The cancellation of thousands of
flights this week will cost American Airlines tens of millions of
dollars, the company's chief executive said Thursday, but he said
the nation's largest carrier can withstand the losses.
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RICHMOND, Va. (AP) - Even as he and other central bankers put
out financial fires created by the credit crunch and housing
meltdown, Federal Reserve Chairman Ben Bernanke is thinking
longer-term.
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NEW YORK (AP) - Most retailers reported sluggish sales in March
when consumers - fretting about mounting economic problems -
limited their shopping to food and other essentials.
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WASHINGTON - Worries about a deep recession - not a shallow one - drove Federal Reserve policymakers to slash a key interest rate last month, meeting minutes show.
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NEW YORK (AP) - The gloomiest outlook for the economy in 35
years may be forcing Americans to live with what they have and save
up for what they want.
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