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Archive for February 29th, 2008Pentagon picks EADS/Northrop for tanker contract: reportPosted by UK Economy News
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29Feb 08 The Pentagon has chosen Europe's EADS, parent of Airbus, and US partner Northrop Grumman for a massive refueling tanker aircraft contract, the Wall Street Journal said Friday.
Read full story Oil hits record high above 103 dollarsPosted by UK Economy News
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29Feb 08 Oil prices briefly charted fresh record territory Friday, rising to 103.05 dollars as the dollar fell to all-time lows, before profit-taking trimmed the gains, traders said.
Read full story Comments Off PDVSA says Exxon’s asset freeze based on fantasyPosted by UK Economy News
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29Feb 08 Venezuelan state oil firm PDVSA told a UK court on Friday that a $12 billion (6 billion pound) freeze on its assets should not have been granted to Exxon Mobil as the oil major's arguments were "sheer fantasy land."
Read full story Comments Off GM halts production at four truck plants on supplier strikePosted by UK Economy News
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29Feb 08 General Motors Corp. will halt production at four assembly plants due to a strike at a key supplier, the US automaker said Friday.
Read full story Comments Off Oil slips from record $103 as Turkey removes troopsPosted by UK Economy News
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29Feb 08 Oil prices fell from peaks above $103 a barrel on Friday as Turkey's withdrawal of troops from northern Iraq eased geopolitical tensions, clipping a fund-driven rally to new inflation-adjusted highs.
Read full story Comments Off Interpublic quarterly profit beats forecastsPosted by UK Economy News
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29Feb 08 Advertising services company Interpublic Group posted stronger-than-expected quarterly earnings on Friday due to higher revenue from its public relations and advertising clients, capping its most profitable year since 2000.
Read full story Comments Off China demand helps deliver 12-bln-dlr profit to Brazil’s ValePosted by UK Economy News
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29Feb 08 China's hunger for metals helped give Brazilian mining giant Vale a record 12-billion-dollar profit last year that is funding acquisition ambitions which still might include Anglo-Swiss concern Xstrata, management said Friday.
Read full story Comments Off Gazprom to cut Ukraine gas supplies by 25 pct from MondayPosted by UK Economy News
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29Feb 08 Russian gas giant Gazprom said Friday it would cut its supplies to ex-Soviet neighbour Ukraine by 25 percent from Monday in the latest twist to a long-running dispute over debt payments.
Read full story Comments Off EU seeks answers from Italy over olive oil labelsPosted by UK Economy News
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29Feb 08 The European Commission has given Italy two months to explain why it obliges olive oil producers to mark the origin of the olives on product labels in contravention of EU laws, a spokesman said Friday.
Read full story Comments Off VW reports 50 percent jump in net earnings on salesPosted by UK Economy News
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29Feb 08 German automaker Volkswagen on Friday said its full-year 2007 net profit jumped nearly 50 percent on solid sales.
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