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The Canadian Auto Workers union on Friday rejected Ford Motor Co.'s initial proposal in new contract talks, warning of a possible strike next week.

Ford proposed a 1 percent raise in each year of a three-year contract and a signing bonus of $500 for each worker, according to union President Buzz Hargrove.

The union, which represents 12,930 Ford employees, has set a strike deadline of midnight Tuesday. The CAW struck General Motors Corp.'s Oshawa, Ontario, assembly plant during 1996 contract talks, idling some U.S. parts and assembly plants.

A Ford spokesman said the company wants to return to the bargaining table with the CAW, but the autoworkers said they won't discuss the current offer.

On Thursday, the United Auto Workers reached a tentative deal with DaimlerChrysler AG that provides a 3 percent raise for each year of a four-year deal.

Ray-Ban owner to cut 110 jobs
ROCHESTER (AP) -- Luxottica Group SpA, which bought Bausch & Lomb Inc.'s sunglasses business in the spring, said Friday it is cutting about 110 jobs at a unit that makes premium Ray-Ban eyewear.

The administrative and field sales jobs at Ray-Ban Optics Inc. will be eliminated over the next two months. The layoffs were needed to maintain Luxottica's competitive edge, the Italian company said in a statement.

The cutbacks will almost halve the Ray-Ban unit's work force here to around 115. An additional 25 employees work in sales outside Rochester.

Luxottica, owner of the LensCrafters retail chain, bought the sunglasses business in April for $640 million.

Bausch & Lomb Inc., maker of Ray-Ban sunglasses since the 1920s, is refocusing on eye care products, notably contact lenses.

Flight attendants reject contract
FORT WORTH, Texas (AP) -- The union representing 21,000 American Airlines flight attendants said Friday its members had overwhelmingly rejected a proposed four-year contract with the carrier.

The Association of Professional Flight Attendants said 11,895 members voted against the deal that would have resulted in pay raises totaling 15.9 percent between November 1999 and November 2003.

The 500-page contract, which was supported by 4,358 union employees, also would have included a 3 percent signing bonus and extra pay for workers with 25 years of experience.

Airline management and union leaders initialed the agreement May 16 and expressed optimism that the deal would be accepted by members. Union leaders had touted the deal they said would make American flight attendants the highest-paid in the industry.

Opponents of the contract complained that it would eliminate profit-sharing and force them to work more hours per month. No date has been set for the resumption of talks.

Vanguard's Bogle stepping down
NEW YORK (AP) -- John C. Bogle, legendary founder and senior chairman of mutual fund giant Vanguard Group, agreed to step down Friday despite winning an exemption from a company policy that requires directors to retire after they turn 70.

Vanguard, best known for creating mutual funds that mimic stock indexes like the Standard & Poor's 500, announced that its board passed a resolution Friday that exempted Bogle from the policy, but he decided to retire anyway.

Vanguard chief executive and chairman John Brennan will succeed Bogle at the helm.

Buffalo stock index declines in week
Buffalo stocks fell this week, led by Royal Ahold NV, Ingram Micro Inc. and Moog Inc. as gains Friday couldn't make up for earlier losses.

The Buffalo Bloomberg Stock Index fell 4.01, or 2.05 percent, to 191.94. Forty stocks slipped in the employee-weighted list of 55 companies with operations in the region, while 11 rose and four were unchanged.

Royal Ahold, which owns Tops Markets, lost 1 5/8 to 34 1/1 6 on reports that U.S. regulators may object to its planned $1.7 billion purchase of Pathmark Stores Inc.

Ingram Micro, the world's biggest wholesale distributor of computers, fell 2 1/1 6 to 13 7/8 .

Aerospace parts maker Moog fell 1 3/1 6 to 31 1/1 6.

The Buffalo index set a 52-week closing high of 214.74 on July 6, and a 52-week low of 162.47 on Oct. 8.

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