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July 15, 2006

* Tribune Co. plans to cut 120 jobs at its second-largest newspaper, the Chicago Tribune, by the end of this year as advertising sales slump. Publisher David Hiller told employees that the paper would not fill 40 open positions and would eliminate 80 full-time and part-time jobs. The company also owns the Los Angeles Times.

* Hertz Global Holdings Inc., owner of the largest U.S. car-rental company, plans to sell as much as $1 billion of shares to the public, seven months after being acquired from Ford Motor Co. by buyout firms led by Clayton, Dubilier & Rice Inc.

* United Parcel Service Inc. and FedEx Corp. received federal subpoenas for documents as part of a Justice Department investigation into alleged price fixing in the air-cargo industry.

* Hyundai Motor Co. Chairman Chung Mong-koo returned to the helm of South Korea's largest carmaker after spending more than two months in jail and a hospital amid a slush fund scandal.

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