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Shanghai Industry to sell stake
Jan 4 2006 11:19PM (CT)
SHANGHAI, China (AP) - Shanghai Industry Development Co. said Thursday it plans to sell its 1.57 percent stake in Shanghai Pudong Development Bank for 338.25 million yuan ($41.9 million).
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Sempra Energy to settle class-action suits
Jan 4 2006 11:04PM (CT)
SAN DIEGO (AP) - Sempra Energy agreed Wednesday to pay $377 million and change its business practices to settle class-action lawsuits accusing the company of conspiring to limit supplies and drive up prices during California's energy crisis in 2000 and 2001.
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Japanese automakers report sales increases
Jan 4 2006 10:49PM (CT)
DETROIT (AP) - Chevrolet was the best-selling brand in the U.S. market in 2005, outpacing Ford for the first time in 19 years, General Motors Corp. said Wednesday. But that was where the good news ended for GM and other U.S. automakers, who continued to lose ground to foreign rivals.
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Venezuelan coffee producers protest prices
Jan 4 2006 10:20PM (CT)
CARACAS, Venezuela (AP) - Coffee-loving Venezuelans are facing a scarcity of their favorite brew as producers protest government price controls, which they say are forcing them to sell beans below cost.
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Japan stocks rise, dollar higher vs yen
Jan 4 2006 10:12PM (CT)
TOKYO (AP) - Japanese stocks rose Thursday morning as investors welcomed Wall Street's solid gains. The dollar was higher against the yen.
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Venezuela's tax agency may expand audits
Jan 4 2006 8:53PM (CT)
CARACAS, Venezuela (AP) - Venezuela's tax agency said Wednesday it may expand an audit of foreign companies operating 32 oil fields to reclaim unpaid taxes, and has also begun auditing foreign mining companies to increase revenue from that industry.
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SEC settles case with software maker
Jan 4 2006 8:31PM (CT)
BOSTON (AP) - The Securities and Exchange Commission on Wednesday settled an accounting fraud investigation with Applix Inc., but brought a civil fraud complaint against two of the business software maker's former executives and one current executive.
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Mary Berner quits Conde Nast Publications
Jan 4 2006 7:23PM (CT)
NEW YORK (AP) - Mary Berner resigned Wednesday as the head of the Fairchild unit of Conde Nast Publications Inc., a major magazine publisher whose titles include Vanity Fair and the New Yorker.
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Armando Bucelo Jr. named SIPC chairman
Jan 4 2006 7:21PM (CT)
WASHINGTON (AP) - Armando J. Bucelo Jr., a Miami attorney who is a director of the Securities Investor Protection Corp., has been named chairman of the independent insurance fund, the SIPC said Wednesday.
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Lay, Skilling seek new Enron trial venue
Jan 4 2006 7:06PM (CT)
HOUSTON (AP) - Enron Corp. founder Kenneth Lay and former CEO Jeffrey Skilling say potential jurors' answers to questionnaires in their fraud and conspiracy case are so vitriolic the men can't get a fair trial in Houston.
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Calpine dealt setback on energy contracts
Jan 4 2006 7:06PM (CT)
NEW YORK (AP) - Power generator Calpine Corp. suffered a setback in its bankruptcy reorganization Wednesday when a federal judge blocked its efforts to get eight key energy contracts thrown out.
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Sovereign Bancorp delays annual meeting
Jan 4 2006 7:05PM (CT)
PHILADELPHIA (AP) - Sovereign Bancorp Inc. said Wednesday it will delay its annual meeting for several months as it attempts to complete two transactions that have drawn severe shareholder wrath. The change of the meeting until after Aug. 31 came as Sovereign amended its bylaws to remove a reference to its annual meeting date, held on the third Thursday in April.
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Treasury prices finish slightly higher
Jan 4 2006 6:31PM (CT)
NEW YORK (AP) - Treasury prices finished slightly higher Wednesday, shaking off early weakness as investors grappled with the future course of interest rates.
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Calpine dealt setback on energy contracts
Jan 4 2006 6:12PM (CT)
NEW YORK (AP) - Calpine Corp., a California energy company that declared bankruptcy last month, was dealt a setback Wednesday when a federal judge blocked its efforts to get eight key energy contracts thrown out.
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Aetna CEO John Rowe to retire in February
Jan 4 2006 6:10PM (CT)
HARTFORD, Conn. (AP) - The chief executive of Aetna Inc., one of the nation's largest health insurers, will retire next month, ending a tenure in which he led the once-struggling company to renewed profitability and expanded operations that include specialty businesses and national participation in a new Medicare drug program.
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Scott pleased with 2005 Wal-Mart results
Jan 4 2006 6:01PM (CT)
BENTONVILLE, Ark. (AP) - Wal-Mart Chief Executive Lee Scott, questioning Wall Street's judgment of the company's holiday sales performance, said Wednesday he is pleased with 2005 results and is counting on changes in merchandise, management and public relations to bolster growth in 2006.
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Monsanto 1Q earnings beat expectations
Jan 4 2006 5:44PM (CT)
ST. LOUIS (AP) - Monsanto Co. swung to a profit in the first quarter of its fiscal year, beating expectations, as it boosted sales of genetically engineered crops at home and abroad.
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ABN AMRO Mortgage Group agrees to deal
Jan 4 2006 5:43PM (CT)
GRAND RAPIDS, Mich. (AP) - ABN AMRO Mortgage Group Inc. has agreed to a $41 million-plus settlement with the federal government for falsifying documents in tens of thousands of loans insured by the Federal Housing Administration, the U.S. Department of Housing and Urban Development said Wednesday.
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SEC announces guidelines for fining cos.
Jan 4 2006 5:35PM (CT)
WASHINGTON (AP) - A federal agency announced new guidelines Wednesday for fining companies for fraudulent conduct, addressing an issue that has split securities regulators along political lines.
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Boyd Gaming unveils $4B complex for Vegas
Jan 4 2006 5:30PM (CT)
LAS VEGAS (AP) - Boyd Gaming Corp. plans to tear down the old Stardust casino to make way for a $4 billion hotel and casino complex on 63 acres on the Las Vegas Strip _ one of the largest such developments planned in a town known for megaresorts.
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McAfee agrees to pay to settle SEC charges
Jan 4 2006 5:24PM (CT)
SAN JOSE, Calif. (AP) - McAfee Inc., a maker of antivirus and security software, said Wednesday it agreed to pay $50 million to settle accounting fraud charges filed by the Securities and Exchange Commission.
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Zoltek stock up 11 pct. on sales growth
Jan 4 2006 5:18PM (CT)
NEW YORK (AP) - Zoltek Cos. stock rose Wednesday in the first day of trading after the company posted an increase in sales from the previous year and said its customers agreed to higher prices.
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Wednesday's commodities roundup
Jan 4 2006 5:03PM (CT)
NEW YORK (AP) - Copper futures prices rose Wednesday after labor unrest at Codelco, the world's largest copper-mining company.
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Ford exec promotes brand's U.S. identity
Jan 4 2006 5:02PM (CT)
LOS ANGELES (AP) - Ford Motor Co.'s new president of the Americas on Wednesday aggressively promoted the brand's U.S. identity and charged that foreign competitors were posturing as American.
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Ameritrade OKs buy of TD Waterhouse unit
Jan 4 2006 5:02PM (CT)
OMAHA, Neb. (AP) - Shareholders of online brokerage Ameritrade Holding Corp. approved the company's acquisition of TD Waterhouse Group Inc.'s U.S. retail securities business on Wednesday, an Ameritrade official said.
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Re-sentencing delayed for ex-Dynegy exec
Jan 4 2006 4:49PM (CT)
HOUSTON (AP) - A judge who sentenced a former executive at energy company Dynegy Inc. to 24 years in prison only to have the sentence thrown out by an appeals panel said Wednesday he will allow experts to hash out how long the executive should remain behind bars.
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Abbott suit granted class-action status
Jan 4 2006 4:47PM (CT)
CHICAGO (AP) - A federal judge has granted class-action status to a lawsuit accusing Abbott Laboratories Inc. of cheating older workers out of retirement benefits when it spun off its hospital equipment business in 2004.
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Oil prices settle above $63 per barrel
Jan 4 2006 4:46PM (CT)
WASHINGTON (AP) - Oil prices rose Wednesday in a continuation of bullish market sentiment that drove crude futures $2 higher the day before, although natural gas futures declined amid mild temperatures in the U.S.
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Washington Post to launch radio station
Jan 4 2006 4:44PM (CT)
WASHINGTON (AP) - Washington Post Co. said Wednesday it is launching a new radio news station that will begin broadcasting in the nation's capital in March, saying the move could boost interest in its flagship newspaper.
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H&R Block makes error in software mailing
Jan 4 2006 3:45PM (CT)
KANSAS CITY, Mo. (AP) - H&R Block Inc. mistakenly mailed out free copies of its tax return software that included the recipients' Social Security numbers on the mailing label, a company spokeswoman acknowledged Wednesday.
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Russia, Ukraine settle gas dispute
Jan 4 2006 3:30PM (CT)
MOSCOW (AP) - Russia and Ukraine reached agreement Wednesday on restoring natural gas supplies to Ukraine, ending _ for now, at least _ a dispute that ripped an even larger chasm between the two former Soviet republics, rattled European consumers of Russian gas and called into question Moscow's reputation as a reliable energy provider to the West.
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Shell subsidiary agrees to settle charges
Jan 4 2006 2:38PM (CT)
WASHINGTON (AP) - Federal commodity-trading regulators on Wednesday announced that a subsidiary of Royal Dutch Shell PLC has agreed to pay a $200,000 penalty to settle charges of making "fictitious" trades of crude oil futures contracts.
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Starz to offer download movie service
Jan 4 2006 2:20PM (CT)
LOS ANGELES (AP) - Starz Entertainment Group is launching a movie download service that allows consumers to view full-length studio films, concerts and TV shows on portable devices powered by Microsoft Corp. software.
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Scrushy ordered to repay $47.8M in bonuses
Jan 4 2006 2:19PM (CT)
BIRMINGHAM, Ala. (AP) - Fired HealthSouth Corp. CEO Richard Scrushy must repay more than $47 million in bonuses he received while running the medical rehabilitation chain amid a huge fraud despite being acquitted in the scheme, a judge ruled.
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NYSE likely to rack up $60M from auction
Jan 4 2006 1:59PM (CT)
NEW YORK (AP) - The New York Stock Exchange will generate at least $60 million in annualized revenue this year from the sale of trading rights that were once the sole privilege of seat owners, the exchange said Wednesday.
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Workers, police clash at Chilean mine
Jan 4 2006 1:51PM (CT)
SANTIAGO, Chile (AP) - More than 1,000 contract workers at Chile's state-owned copper corporation went on strike Wednesday to demand bonuses amid record prices for the commodity.
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US Airways looks to shed America West name
Jan 4 2006 1:47PM (CT)
PHOENIX (AP) - The new US Airways Group Inc., formed by Tempe-based America West Airlines' acquisition of the old US Airways last year, is beginning its biggest push yet to operate under a single name.
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U.S. faces severe worker shortage in future
Jan 4 2006 1:42PM (CT)
WASHINGTON (AP) - The United States faces a severe worker shortage in the near future, the U.S. Chamber of Commerce said Wednesday in advocating better education for Americans and changes in immigration law to allow in more foreign workers.
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Holiday sales forecasts likely to be met
Jan 4 2006 1:12PM (CT)
NEW YORK (AP) - While the nation's retailers didn't get their hoped-for sales blitz the week after Christmas, they're still expected to generally meet their modest holiday sales forecasts.
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London stocks close higher
Jan 4 2006 1:07PM (CT)
LONDON (AP) - Share prices on the London Stock Exchange closed higher Wednesday.
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CEO exits Panalpina after exec's misconduct
Jan 4 2006 12:49PM (CT)
BASEL, Switzerland (AP) - The Swiss logistics company Panalpina said Wednesday its chief executive has left the company because of accounting misconduct by a high-ranking manager that will cost the company about 33 million Swiss francs ($25 million).
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Samsung's market value soars past $100B
Jan 4 2006 12:37PM (CT)
SEOUL, South Korea (AP) - Samsung Electronics Co.'s market value surged past $100 billion on Wednesday as its stock jumped 5.1 percent, putting it among Asia's largest companies by market capitalization.
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Intermagnetics rises after topping views
Jan 4 2006 12:31PM (CT)
NEW YORK (AP) - Intermagnetics General Corp. stock rose Wednesday after the magnet maker posted robust fiscal second-quarter results and received a $10.7 million contract expansion from the U.S. Department of Defense.
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Alstom offloads shipbuilding division
Jan 4 2006 11:30AM (CT)
PARIS (AP) - Alstom SA will offload its money-losing shipbuilding division in a deal with Norway's Aker Yards ASA, the companies announced Wednesday, boosting shares in the French maker of high-speed trains and power stations.
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Auto execs predict growth for hybrids
Jan 4 2006 10:35AM (CT)
DETROIT (AP) - Auto executives worldwide believe sales of hybrid cars and low-cost, fuel efficient models will outpace sales of sport utility vehicles, pickups and luxury models over the next five years because of lingering concerns about fuel prices, according to an annual survey released Wednesday.
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Stock promoter to settle SEC charges
Jan 4 2006 10:24AM (CT)
NEW YORK (AP) - A Florida stock promoter has agreed to settle civil charges by the Securities and Exchange Commission that he orchestrated a "pump-and-dump" scheme to boost a penny stock's price by transmitting false faxes, according to court documents filed late Tuesday.
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System glitch mars debut of Japan bank
Jan 4 2006 10:00AM (CT)
TOKYO (AP) - The debut of the world's biggest bank, Bank of Tokyo-Mitsubishi UFJ, was marred Wednesday by a minor system glitch that halted some online remittance services on the newly created bank's first day of business.
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Renault 2005 vehicle sales up 1.7 percent
Jan 4 2006 9:59AM (CT)
PARIS (AP) - French car maker Renault SA on Wednesday reported a 1.7 percent increase in its 2005 vehicle sales to 2.53 million units, with overseas sales more than compensating for weakness in European markets.
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Some Skandia holders demand board seats
Jan 4 2006 9:44AM (CT)
STOCKHOLM, Sweden (AP) - A group of Skandia shareholders opposing a takeover bid by South Africa's Old Mutual PLC on Wednesday demanded three seats on the eight-member board of the Swedish insurer if the deal goes through.
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German economy minister ups prediction
Jan 4 2006 8:56AM (CT)
BERLIN (AP) - Germany's economy is expected to grow at least 1.5 percent to 1.8 percent in 2006, the economy minister said, an upward increase from the previous government's forecast.
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China says textile exports jump in '05
Jan 4 2006 8:49AM (CT)
BEIJING (AP) - China's textile exports to the United States and Europe jumped 62.7 percent in the first 10 months of 2005 following the end of a global quota system, the government said Wednesday.
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Euro-zone inflation cools to 2.2 percent
Jan 4 2006 6:06AM (CT)
BRUSSELS, Belgium (AP) - Inflation in the 12 nations that use the euro currency cooled to 2.2 percent in December from 2.3 percent a month earlier, according to a first estimate from the EU statistical agency Eurostat on Wednesday.
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Yuan rises to new high vs dollar
Jan 4 2006 4:37AM (CT)
SHANGHAI, China (AP) - China's currency rose to its highest level against the dollar on Wednesday after the central bank began allowing banks a greater role in setting the yuan's value.
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Ag education teachers hard to find in Kan.
Jan 4 2006 3:56AM (CT)
HOLTON, Kan. (AP) - Jason Larison moves around his classroom, helping students in an agriculture business class at Holton High School use their laptops to complete a test review.
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Computer glitch delays United flights
Jan 4 2006 12:14AM (CT)
CHICAGO (AP) - About 200 United Airlines flights worldwide were delayed up to 90 minutes Tuesday night because of a computer glitch.
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