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Earnings: Changes cut into Wamu profits

Washington Mutual Inc., in a hurry to remake the company and boost profitability, said Wednesday it is putting its mutual funds business up for sale, has an agreement to sell a huge portfolio of mortgage servicing rights and plans to speed up the shift of work to offshore vendors.

The net effect of the announcements was a cut in second-quarter earnings to $767 million, or 79 cents a share, down from $844 million, or 95 cents a share, a year ago.

The Seattle-based consumer bank and mortgage lender said its second-quarter earnings would have been higher than a year ago, and would have beaten analysts' per-share estimates by 1 cent, had it not taken charges for the sale of the mortgage servicing rights and restructuring.

Wamu Chief Executive Kerry Killinger said in a conference call with investment analysts that the announcements reflect "a major acceleration point in the transformation of our business."

Killinger said in a later interview the moves are not prompted by a concern that bad times are coming.

Japan's Average Land Price Rises

TOKYO (AP) - Japan's tax agency said Tuesday that the average price of land rose around the country for the first time in 14 years, lifted by gains in the country's three major metropolitan areas.

The National Tax Agency's survey found the average price of land along selected major streets across the country rose to 114,000 yen (US$994; euro779) per sq. meter (yard) as of Jan. 1, 2006, up 1,000 yen (US$8.72, euro6.83), or 0.9 percent, from the year before.

Jose Has Lost The Plot Again - And The Ability To Count

Not only can the guy not count how long he has been in the States, he shows a complete lack of knowledge of other squads. It appears that Arsenal and Chelsea both had 15 players at the World Cup with 11 in the second round or beyond. Arsenal are without Henry as the season starts as they have to begin a full 10 days before Chelsea. How does this disadvantage Chelsea? May be if they had played games in their own time zone it would have been less taxing. Mourinho has again showed he has little grasp of, or respect for, the truth and will continue to be a blight on football again this season. Andy Green ...I m sure you will have a million e-mails saying this but - Arsenal and Chelski both had 16 players at the World Cup. Who's obsessed with who you Portuguese p***? Paul Williams ...According to the Premiership's very own Mr Cheerful: "Because we had so many players at the World Cup, we start at a disadvantage to every other club.

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