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Colgate Second-quarter profit climbed to $561.6 million, or $1.07 per share, from $493.8 million, or 92 cents per share, a year earlier. Analysts on average expected $1.05 per share, according to Reuters Estimates. Sales fell 5.5 percent to $3.75 billion, weighed down by the stronger U.S. dollar, which cuts into the value of international revenue. [...]

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The US economy shrank at an annual pace of 1% in the April-to-June quarter, government figures have shown. The data was better than expected, but marked the longest period of decline since records began in 1947. Analysts said the data suggested that the worst could be over for the US economy, which has now been [...]

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The UK economy contracted 2.4% in the first quarter of 2009, a decline not exceeded in 51 years, according to the latest official data. The decline was more severe than the earlier estimate of a 1.9% fall, and worse than analyst expectations. The Office for National Statistics (ONS) blamed the sharp revision

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Serious Fraud Office has said it has frozen $100m (£60m) of assets in London in connection with Sir Allen Stanford’s alleged $7bn fraud. Following a request from the US Department of Justice, the SFO froze a number of accounts held “at certain London financial institutions”.

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Lloyds Banking Group has announced it is to cut a further 2,100 jobs over the next three years. This will be mitigated by the creation of 350 new roles, Lloyds said. The Unite union was “astonished” by the scale of the cuts, which it said brought total job losses at the group since January to [...]

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Japanese industrial output increased 5.9% in May compared with the month before, the third consecutive monthly climb, according to official data. The rise last month was the same as April’s revised figure, though less than analysts’ forecasts of 6.9%. The output of cars, mobile phones and electronic

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Hewlett Packard to cut 700 jobs A total of 700 manufacturing jobs are to be cut at the Hewlett-Packard plant in Erskine near Glasgow. The company is to close its manufacturing operations in Scotland and Germany and transfer the work to the Czech Republic. About 1,300 people are employed by the electronics firm in Erskine [...]

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Dell has seen its latest quarterly profits decline by almost two-thirds as the worldwide recession continues to hit sales of computers. The world’s second-largest maker of personal computers made a net profit of $290m in the three months to 1 May, down 63% from $784m a year ago. Revenues at the firm fell 23% to [...]

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