ANAHEIM, Calif. (AP) – With prescription drugs Vioxx and Bextra already pulled from the market, a study has raised disturbing questions about the heart safety of long-term use of over-the-counter pain relievers such as Advil, Motrin and Aleve.
Smokers in Norway who took such drugs for at least six months had twice the risk of dying of a heart attack, stroke or other heart-related problem.
The findings came from a study of whether these pain relievers could prevent oral cancer. The drugs did, in fact, cut the risk of developing oral cancer in half, but the deaths that were prevented were offset by the increased risk of dying from cardiovascular disease, according to the study, reported Monday at an American Association for Cancer Research conference in Anaheim.
– By The Associated Press
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TOKYO (AP) – Shares of Japanese companies tumbled Monday amid fears about the economic fallout from intensifying Chinese civil and political protests against Japan as relations between them soured to the worst in decades.
Analysts said Japanese companies, many of which are counting on China’s booming economy to drive profits, weren’t taking the anti-Japan sentiment and unrest seriously enough – a concern investors appeared to share. The benchmark Nikkei Stock Average plunged 3.8 percent to close at its lowest point since Dec. 16.
Some of the most noticeable declines were in companies with business in or tied to Chinese and U.S. markets. Shares of shipping company Mitsui O.S.K. Lines Ltd., which deals in steel, chemicals, machinery and other products in China, stumbled 6.6 percent. Electrical machinery maker Fanuc Ltd.’s stock sank 5.5 percent, while shares of consumer electronics conglomerate Sony Corp., itself a target of anti-Japan hackers, shed 5 percent.
– By The Associated Press
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ATLANTA (AP) – The Justice Department has ended without taking action its nearly two-year-old criminal investigation of allegations raised in a whistleblower lawsuit of accounting irregularities at The Coca-Cola Co., the world’s biggest soft drink maker said Monday.
Separately, the Atlanta-based company said it has reached a settlement with the Securities and Exchange Commission over its business practices in Japan.
The end to the dual investigations closes an embarrassing chapter for the company that was sparked by a 2003 lawsuit filed by former Coke manager Matthew Whitley, who claimed he was fired in retaliation for reporting allegations of fraud and accounting mistakes.
– By The Associated Press
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CHARLOTTE, N.C. (AP) – Bank of America Corp.’s first-quarter earnings rose sharply from a year ago as the nation’s No. 3 bank benefited from its acquisition of FleetBoston as well as strong commercial loan growth and deposit growth.
An acquisition also boosted results at Atlanta-based SunTrust Banks Inc., which said Monday its first-quarter earnings rose 36 percent because of its acquisition of National Commerce Financial Corp., strong interest income growth and improved credit quality.
Both banks soundly beat analysts’ projections for the January-March quarter.
– By The Associated Press
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DALLAS (AP) – Video-game retailer GameStop Corp. has agreed to buy rival Electronics Boutique Holdings Corp. for about $1.4 billion in cash and stock, creating a chain of about 3,800 stores worldwide.
The sale price reflects a 34 percent premium over Electronics Boutique’s closing stock price on Friday.
Shares of Electronics Boutique rose even higher – up $14.42 or 35.1 percent, to $55.54 – in trading Monday morning on the Nasdaq Stock Market. GameStop shares rose $2.15 or 10 percent, to $23.76 on the New York Stock Exchange.
The deal would combine two companies of similar size and sales. Grapevine, Texas-based GameStop operates about 1,800 stores and had revenue of $1.84 billion in its last fiscal year. Electronics Boutique, based in West Chester, Pa., has about 2,000 stores, with 2004 sales of $1.99 billion.
– By The Associated Press
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NEW YORK (AP) – Former WorldCom chief Bernard Ebbers, convicted last month of orchestrating the $11 billion accounting fraud that sank the company, has asked for a new trial, citing unfair rulings by the judge.
In papers made public Monday, lawyers for Ebbers said the judge should have granted immunity to three former WorldCom Inc. executives who were reluctant to testify – but who the defense claims could have helped prove Ebbers’ innocence.
Lawyers for Ebbers also said the trial judge unfairly told jurors they could find him guilty based on “conscious avoidance,” which they said allowed jurors to convict Ebbers because he “should have known” about the fraud.
– By The Associated Press
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The Dow Jones Industrial Average fell 16.26, or 0.16 percent, to 10,071.25 after losing 420 points the past three sessions. The Standard & Poor’s 500 index was up 3.36, or 0.29 percent, at 1,145.98. The Nasdaq composite index gained 4.77, or 0.25 percent, to 1,912.92.
Light, sweet crude for May delivery fell 12 cents to $50.37 per barrel on the New York Mercantile Exchange. Heating oil fell 1.76 cent to $1.4423 per gallon while unleaded gasoline rose 1.62 cent to $1.50 per gallon.
Brent crude for June fell 83 cents to $50.78 per barrel on London’s International Petroleum Exchange.
– By The Associated Press
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