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Judge approves United exit from bankruptcy
Jan 20 2006 11:48PM (CT)
CHICAGO (AP) - United Airlines got a judge's final go-ahead Friday to leave bankruptcy after a record three-year stay _ a smaller and more efficient carrier than when it began its overhaul but challenged more than ever by near-record fuel costs.
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Ameriquest in $325M settlement with states
Jan 20 2006 9:43PM (CT)
LOS ANGELES (AP) - The parent company of mortgage lender Ameriquest has agreed to pay $325 million to settle investigations into its practices by attorneys general in several states, a person familiar with the terms of the agreement said late Friday.
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Super Bowl advertisers make online tie-ins
Jan 20 2006 9:04PM (CT)
NEW YORK (AP) - If Miss Piggy is dressing up like Jessica Simpson, monkeys are rampaging around office cubicles and networking druids are yammering into cell phones, it can only mean one thing: Super Bowl ads are on the way.
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Google's stock sinks on worries about 4Q
Jan 20 2006 8:38PM (CT)
SAN FRANCISCO (AP) - Google Inc.'s stock price plunged below $400 Friday for the first time in two months as a brewing battle with the Bush administration compounded investor worries about the online search engine leader's upcoming fourth quarter earnings report.
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Lay-Skilling trial is really about lying
Jan 20 2006 7:56PM (CT)
HOUSTON (AP) - At its heart, the biggest criminal case to emerge from the largest corporate scandal of recent years comes down to whether Enron Corp.'s top two former executives lied.
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Sony to close Calif. factory, ax 400 jobs
Jan 20 2006 7:24PM (CT)
SAN DIEGO (AP) - Sony Electronics Inc. said Friday that it will close its television-tube factory in San Diego, eliminating about 400 jobs.
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Ford set to announce restructuring plan
Jan 20 2006 7:11PM (CT)
DETROIT (AP) - In a survey released this week, Ford Motor Co. ranked last among major automakers in the use of its North American plant capacity. The company aims to change that with a restructuring plan to be announced Monday that likely will include closing some U.S. plants, cutting jobs and changing the company's product lineup.
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Expert: Northwest Airlines must cut costs
Jan 20 2006 6:52PM (CT)
NEW YORK (AP) - Northwest Airlines Corp. must slash costs and cut debt to attract the investors it needs to finance $10 billion to $11 billion of new planes it plans to buy over the next decade, an industry specialist told a New York bankruptcy court on Friday.
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Comair pilots agree to pay, pension cuts
Jan 20 2006 6:08PM (CT)
CINCINNATI (AP) - Comair pilots on Friday approved concessions worth about $17 million annually that the airline says it needs to remain competitive with other regional carriers that want to provide feeder service to its parent, Delta Air Lines Inc.
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Bonds rise on sagging stocks
Jan 20 2006 6:02PM (CT)
NEW YORK (AP) - Treasurys prices gained slightly Friday as a late bid emerged amid weakness in the stock market, the pricing of some corporate deals and position-squaring ahead of the weekend.
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Brine shrimp harvest big business in Utah
Jan 20 2006 5:40PM (CT)
SALT LAKE CITY (AP) - In a landlocked state 600 miles from the nearest ocean, fleets of commercial fishermen compete for a creature that in spite of its minuscule size makes for quite a fish tale.
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Potential jurors get Vioxx retrial notices
Jan 20 2006 5:36PM (CT)
NEW ORLEANS (AP) - Although New Orleans has fewer than half the residents it did before Hurricane Katrina, the judge hearing the first federal Vioxx trial has told attorneys he does not expect any problems finding a jury to retry that case.
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Synaptics shares drop on 2nd-quarter loss
Jan 20 2006 5:33PM (CT)
SAN FRANCISCO (AP) - Synaptics Inc. shares fell sharply Friday after the maker of computer-touchpad technology posted a sharp decline in profit for its latest quarter amid uncertainty over its relationship with Apple Computer Inc.
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Friday's commodities roundup
Jan 20 2006 5:31PM (CT)
NEW YORK (AP) - Crude oil futures leaped above $68 a barrel to settle at a 20-week high Friday on unrest in Nigeria and an international standoff in Iran over its growing nuclear ambitions.
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Enron trial legal teams settle in Texas
Jan 20 2006 5:22PM (CT)
HOUSTON (AP) - Jeffrey Skilling used to hash out ideas and strategies on huge erasable boards when he was CEO of Enron Corp. Now his legal team is using his methods in the so-called war room they've set up for his upcoming trial.
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Unions call for strike at Alitalia
Jan 20 2006 5:15PM (CT)
ROME (AP) - Unions called a strike at Alitalia for Monday, the second 24-hour strike at the ailing carrier in less than a week, while the airline warned travelers that continuing labor unrest could force the cancellation or delay of 130 flights on Saturday.
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Russell to cut jobs, freeze pension plan
Jan 20 2006 5:12PM (CT)
BIRMINGHAM, Ala. (AP) - Textile manufacturer Russell Corp. will eliminate 2,300 jobs _ about 15 percent of its worldwide work force _ and freeze its pension plan.
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Experts praise judge in Enron trial
Jan 20 2006 5:06PM (CT)
HOUSTON (AP) - The judge presiding over the fraud and conspiracy trial of Enron Corp. founder Kenneth Lay and former CEO Jeffrey Skilling isn't overpowering, but he leaves no question about who's boss.
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Gotta to retire from Lincoln National unit
Jan 20 2006 5:02PM (CT)
WASHINGTON (AP) - Lincoln National Corp. on Friday said John Gotta, chief executive and president of its Lincoln National Life Insurance Co. unit, will retire July 31.
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Volkswagen to build new model of car
Jan 20 2006 5:00PM (CT)
FRANKFURT, Germany (AP) - German automaker Volkswagen AG said Friday it would build a new model of car at its sprawling Autoeuropa plant in Setubal, Portugal.
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Supervalu resumes talks to buy Albertson's
Jan 20 2006 4:58PM (CT)
BOISE, Idaho (AP) - Grocery chain Supervalu Inc. said Friday it has resumed talks to acquire Albertson's Inc., the nation's second-largest traditional supermarket chain.
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Alltel earnings down for 4Q, up for 2005
Jan 20 2006 4:56PM (CT)
LITTLE ROCK, Ark. (AP) - Telecommunications company Alltel Corp., which is shedding its traditional telephone business, Friday said its fourth-quarter profit fell 6 percent due to damage from Hurricane Katrina and the cost of acquisitions and sales.
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Difficult rate hurts Citigroup 4Q profit
Jan 20 2006 4:52PM (CT)
NEW YORK (AP) - The difficult interest rate environment in the United States depressed Citigroup Inc.'s fourth-quarter earnings, and investors sent its shares down sharply in trading Friday.
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GE 4Q profit falls to $3.06B, meets views
Jan 20 2006 4:43PM (CT)
STAMFORD, Conn. (AP) - General Electric Co. said Friday fourth-quarter profits fell 46 percent as the industrial products, financial services and media giant absorbed nearly $3 billion in losses selling most of its insurance business.
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Motorola shares fall on 4Q profit report
Jan 20 2006 4:37PM (CT)
CHICAGO (AP) - Motorola Inc. shares fell more than 7 percent Friday after the world's second biggest cell phone maker reported slightly lower than expected revenue for the fourth quarter.
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Siemens subsidiary indicted on charges
Jan 20 2006 4:36PM (CT)
CHICAGO (AP) - A U.S. subsidiary of Siemens AG and two of its executives have been indicted on charges of forming a sham partnership with a minority-owned company to land a $49 million county contract, prosecutors announced Friday.
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Analysts: Iran move may boost oil prices
Jan 20 2006 4:25PM (CT)
FRANKFURT, Germany (AP) - Iran's decision Friday to transfer part of its foreign currency reserves out of Europe ahead of possible U.N. sanctions helped send oil prices higher. But economists said the overall impact on European economies is likely to be muted.
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Prosecutor: Fraud not key in Nacchio case
Jan 20 2006 4:18PM (CT)
DENVER (AP) - The government does not have to prove accounting fraud at Qwest Communications International Inc. to convict former Chief Executive Officer Joseph Nacchio of insider trading, a prosecutor has argued.
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Calpers asks SEC to block Sovereign deal
Jan 20 2006 4:07PM (CT)
NEW YORK (AP) - The California Public Employees' Retirement System is supporting an effort to press federal securities regulators to kill a transaction between Sovereign Bancorp Inc. and a Spanish bank because shareholders won't have a say in the contested deal.
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Oil prices soar to settle at 4 1/2-month high
Jan 20 2006 3:40PM (CT)
WASHINGTON (AP) - Oil prices zoomed to a four-and-a-half month high above $68 a barrel Friday, rallying on supply fears tied to Iran's tense diplomatic standoff with the West over its nuclear ambitions.
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Enron jury holds fate of Lay, Skilling
Jan 20 2006 3:32PM (CT)
HOUSTON (AP) - Powerful defense lawyers or not, the fate of Enron Corp. founder Kenneth Lay and former CEO Jeffrey Skilling will lie in the hands of a dozen Houston-area citizens chosen to determine the outcome of the fraud and conspiracy trial stemming from the energy company's spectacular 2001 implosion.
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Enron is 1st criminal case for Petrocelli
Jan 20 2006 3:27PM (CT)
HOUSTON (AP) - When the man who leads the dozen lawyers representing former Enron Corp. CEO Jeffrey Skilling takes something on for the first time, he does it in a big way. Skilling's multimillion-dollar defense against fraud and conspiracy charges growing out of Enron's 2001 collapse is Daniel Petrocelli's first criminal case.
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Lay faces uncertain future ahead of trial
Jan 20 2006 3:04PM (CT)
HOUSTON (AP) - He once had President Bush's ear and Houston in the palm of his hand. Now Enron Corp. founder Kenneth Lay faces an uncertain future dependent on whether a dozen jurors and a federal judge deem him guilty of crimes that could send the 63-year-old to prison for the rest of his life.
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Morales ready to negotiate with oil cos.
Jan 20 2006 2:59PM (CT)
LA PAZ, Bolivia (AP) - President-elect Evo Morales is ready to negotiate with foreign oil companies over the future of Bolivia's vast natural gas reserves and wants to boost exports beyond South America, a key member of his transition team said Friday.
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Iran moves to protect assets from U.N.
Jan 20 2006 2:56PM (CT)
TEHRAN, Iran (AP) - Iran is withdrawing its foreign currency deposits from European banks, the central bank governor said Friday, a move designed to protect its assets from U.N. sanctions that might be imposed over the country's nuclear program.
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List of lawyers in Lay-Skilling trial
Jan 20 2006 2:56PM (CT)
HOUSTON (AP) - Here is a list of the main prosecution and defense lawyers in the fraud and conspiracy trial of Enron Corp. founder Kenneth Lay and former CEO Jeffrey Skilling:
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Breakdown of charges against Lay, Skilling
Jan 20 2006 2:54PM (CT)
HOUSTON (AP) - Here is a breakdown of the specific charges against Enron founder Kenneth Lay and former CEO Jeffrey Skilling. Both have pleaded not guilty.
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List of witnesses in Lay-Skilling trial
Jan 20 2006 2:53PM (CT)
HOUSTON (AP) - Here is a list of some key potential witnesses identified on prosecution and defense witness lists for the fraud and conspiracy trial of Enron founder Kenneth Lay and former CEO Jeffrey Skilling, scheduled to begin Jan. 30:
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A look at those involved in Enron scandal
Jan 20 2006 2:52PM (CT)
HOUSTON (AP) - Here is a list of the people charged in connection with the Enron scandal since it erupted in December 2001, and the status of their cases:
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FirstEnergy to pay fines, admits cover-up
Jan 20 2006 2:25PM (CT)
CLEVELAND (AP) - Acknowledging that its employees covered up serious damage at a nuclear power plant, the facility's owner has agreed to pay $28 million in fines, restitution and community service projects, the U.S. Justice Department announced Friday.
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Dams that were marvels being mothballed
Jan 20 2006 2:14PM (CT)
SANDY, Ore. (AP) - A century ago, when engineers for the Portland General Electric were looking for places to harness rivers to supply growing demand for electricity, they found the Sandy River tumbling off the flanks of Mount Hood, the snowcapped volcano that is the highest point in Oregon.
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Eastern Europe's economies see prices soar
Jan 20 2006 2:08PM (CT)
BRUSSELS, Belgium (AP) - When Latvians join film fans across Europe flocking to see King Kong, they need only pay for the ticket to feel inflation squeezing their paychecks tighter than the giant ape's handshake.
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Barrick Gold becomes biggest gold miner
Jan 20 2006 1:52PM (CT)
TORONTO (AP) - Barrick Gold Corp. became the world's largest gold miner on Friday after announcing it has acquired 81 percent of former rival Placer Dome Inc.'s outstanding stock.
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Takeover artists to survive Livedoor probe
Jan 20 2006 1:47PM (CT)
TOKYO (AP) - Less than a year ago, up-and-coming Japanese Internet entrepreneur Takafumi Horie boldly declared an ambitious goal: "We want to build the world's most powerful media and information technology group."
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Europe's business with Iran may disappear
Jan 20 2006 1:38PM (CT)
PARIS (AP) - As EU diplomats take a step toward possible United Nations sanctions against Iran over its nuclear ambitions, companies across Europe will be paying close attention. Major oil companies, automakers and engineering firms are among those doing billions of dollars in trade with the Islamic regime _ business that would be lost in the event of sanctions.
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Dow falls 150 points on GE, Citigroup
Jan 20 2006 1:17PM (CT)
NEW YORK (AP) - Lackluster earnings reports from Dow Jones industrials General Electric Co. and Citigroup Inc. triggered a selloff on Wall Street Friday as soaring energy prices compounded the gloom. The Dow lost more than 150 points.
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Gulf petroleum interruptions continue
Jan 20 2006 12:54PM (CT)
NEW ORLEANS (AP) - The Gulf of Mexico's offshore petroleum industry is far from recovering from hurricanes Katrina and Rita, and at least one-sixth of the region's normal daily oil production will still be off line at the start of next storm season, a federal agency says.
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IG Metall wants 5 percent wage increase
Jan 20 2006 12:32PM (CT)
FRANKFURT, Germany (AP) - Labor union IG Metall said Friday it will seek a 5 percent increase in wages for its 3.4 million members when negotiations begin next month.
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Ex-Credit Lyonnais chairman pleads guilty
Jan 20 2006 12:08PM (CT)
LOS ANGELES (AP) - Former Credit Lyonnais chairman Jean Peyrelevade has pleaded guilty to federal charges arising from the French bank's purchase of failed insurer Executive Life.
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Swisscom chief resigns after disagreement
Jan 20 2006 12:02PM (CT)
ZURICH, Switzerland (AP) - Swisscom AG said Chief Executive Jens Alder quit Friday in the wake of the national telephone carrier's battle with the government over the company's expansion plans.
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Workers strike at AEG plant set to close
Jan 20 2006 11:21AM (CT)
BERLIN (AP) - German factory workers at Swedish home-appliances maker AB Electrolux launched a strike Friday, demanding a better severance package when the plant shuts down late next year.
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White House pushes economic accomplishments
Jan 20 2006 10:48AM (CT)
WASHINGTON (AP) - The Bush administration, trying to publicize its economic accomplishments, made more than 20 administration officials available Friday to radio talk show hosts to discuss the president's record in creating jobs and boosting economic growth.
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KeyCorp 4Q earnings jump on higher fees
Jan 20 2006 10:42AM (CT)
CLEVELAND (AP) - KeyCorp, a banking company based in Cleveland with operations nationwide, said on Friday that fourth-quarter profits jumped 39 percent, helped by strong commercial loan and deposit growth, higher fees and a wider interest margin.
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Citigroup profit rises but stock slips
Jan 20 2006 10:08AM (CT)
NEW YORK (AP) - Citigroup Inc., the nation's largest financial institution, on Friday said its profit rose 30 percent in the fourth quarter, largely on strength in its international operations and a gain on the sale of its asset management business. Excluding the sale, however, earnings were below expectations and investors punished the stock.
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Japan to stop all imports of U.S. beef
Jan 20 2006 8:18AM (CT)
TOKYO (AP) - Prime Minister Junichiro Koizumi said on Friday Japan would halt all imports of U.S. beef after a recent shipment was found to possibly contain material considered at risk for mad cow disease.
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Swedish central bank raises its key rate
Jan 20 2006 8:05AM (CT)
STOCKHOLM, Sweden (AP) - Sweden's central bank on Friday raised its key interest rate by 0.25 percentage points to 1.75 percent, saying the country's economy was performing better than previously forecast.
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Bank of Japan upgrades economic assessment
Jan 20 2006 6:45AM (CT)
TOKYO (AP) - The Bank of Japan on Friday upgraded its core economic assessment slightly in January from December, and added the economy is performing better than it expected it to three months ago.
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Tokyo exchange to lift trading capacity
Jan 20 2006 6:43AM (CT)
TOKYO (AP) - The Tokyo Stock Exchange will increase its trading capacity to 5 million transactions next week but continue its emergency measure to shorten trading hours for the time being, exchange officials said Friday.
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Scrushy said to pay for positive articles
Jan 20 2006 5:49AM (CT)
BIRMINGHAM, Ala. (AP) - A writer who turned out a stream of sympathetic newspaper stories about former HealthSouth Corp. CEO Richard Scrushy during his fraud trial says Scrushy secretly paid her $11,000 through a public relations firm and typically read her articles before publication.
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Japanese market ends turbulent week flat
Jan 20 2006 5:34AM (CT)
TOKYO (AP) - Japanese stocks ended flat Friday, winding up a turbulent week in which the market plunged _ and then recovered some _ amid jitters over criminal probe into prominent Internet company Livedoor Co.
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Tokyo Stock Exchange may delist Livedoor
Jan 20 2006 5:29AM (CT)
TOKYO (AP) - Prosecutors began questioning some of the top executives of Internet startup Livedoor Co. on allegations of securities fraud, media reports said Friday as the Tokyo Stock Exchange hinted at delisting the company.
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China's yuan closes at new high vs. dollar
Jan 20 2006 5:15AM (CT)
SHANGHAI, China (AP) - In its biggest one-day shift since a revaluation six months ago, China's currency rose Friday to a new high against the U.S. dollar.
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Peanut farmers worry about new farm bill
Jan 20 2006 5:05AM (CT)
ALBANY, Ga. (AP) - Louie Grimes still remembers his first peanut crop in 1954, which was ruined by a drought. He'll remember his 50th peanut crop, harvested last fall, as the most expensive he's ever grown.
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Former Enron CEO says legal team ready
Jan 20 2006 4:46AM (CT)
HOUSTON (AP) - Former Enron Corp. CEO Jeffrey Skilling is not the haggard, paunchy man he was when he surrendered to the FBI nearly two years ago to face criminal charges stemming from the company's scandalous downfall. Trim and confident less than two weeks before his Jan. 30 fraud and conspiracy trial, Skilling appears more as he did on pre-scandal Enron TV commercials saying the company was "on the side of angels."
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Cargill offers health plan to farmers
Jan 20 2006 4:29AM (CT)
MINNEAPOLIS (AP) - Farm families have a new option for covering their medical bills _ let agribusiness giant Cargill Inc. help pay them.
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Japan to levy import duties on Hynix chips
Jan 20 2006 3:42AM (CT)
SEOUL, South Korea (AP) - A long-simmering trade dispute boiled over Friday as Japan said it will slap import duties of 27.2 percent on computer memory chips made by South Korea's Hynix Semiconductor Inc. in retaliation for alleged government subsidies.
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Group urges Guidant to reject J&J offer
Jan 20 2006 2:44AM (CT)
BOSTON (AP) - A proxy advisory firm is recommending Guidant Corp. shareholders reject Johnson & Johnson's latest buyout proposal, a move that comes as J&J weighs whether to sweeten its offer for the medical device maker once again to trump Guidant's favored suitor of the moment, Boston Scientific Corp.
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Nasdaq glitch results in incorrect quotes
Jan 20 2006 1:26AM (CT)
NEW YORK (AP) - A computer glitch at the Nasdaq Stock Market left erroneous stock price swings on major online financial news Web sites and brokerage sites all day Thursday.
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