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Restraining order granted in AIG dispute
Jan 30 2006 11:59PM (CT)
NEW YORK (AP) - A state judge granted a temporary restraining order Monday preventing private insurance agencies run by American International Group Inc.'s, former CEO, Maurice "Hank" Greenberg, from trying to pry business from his old company.
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U.S. Steel 4Q profit down on lower prices
Jan 30 2006 11:33PM (CT)
PITTSBURGH (AP) - United States Steel Corp. on Monday posted a sharp decline in fourth-quarter profit on lower steel prices and volume as well as an accounting change related to its Slovak operation that resulted in a one-time charge of $35 million.
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India's Times, Reuters start TV channel
Jan 30 2006 11:12PM (CT)
NEW DELHI (AP) - India's Times Group and international news agency Reuters Group PLC launched a 24-hour English language news and current affairs channel Tuesday, as they seek to tap the rapidly growing market of educated Indians.
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Kraft Foods to eliminate 8,000 jobs
Jan 30 2006 11:07PM (CT)
CHICAGO (AP) - Kraft Foods Inc., the nation's largest food manufacturer, said Monday it would eliminate 8,000 more jobs, or about 8 percent of its work force, and close up to 20 production plants as it broadens an ongoing restructuring effort.
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Jury selected for Enron trial
Jan 30 2006 11:06PM (CT)
HOUSTON (AP) - A jury of Houston-area residents was selected Monday for the trial of former Enron Corp. chiefs Kenneth Lay and Jeffrey Skilling, accused of orchestrating the massive fraud that came to symbolize an era of corporate scandals.
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First wave of layoffs hit Electric Boat
Jan 30 2006 10:23PM (CT)
GROTON, Conn. (AP) - More than 200 Electric Boat workers received pink slips Monday, the first of thousands of job cuts expected this year at the submarine builder. The notices came the same day the Navy awarded the company a $1.35 billion contract for new work.
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High oil prices help boost Exxon profits
Jan 30 2006 10:00PM (CT)
DALLAS (AP) - Exxon Mobil Corp. posted record profits for any U.S. company on Monday _ $10.71 billion for the fourth quarter and $36.13 billion for the year _ as the world's biggest publicly traded oil company benefited from high oil and natural-gas prices and solid demand for refined products.
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Prime ministers sign Caribbean trade deal
Jan 30 2006 9:55PM (CT)
KINGSTON, Jamaica (AP) - Prime ministers from six nations on Monday signed a declaration formalizing their entry into the Caribbean Single Market Economy, an agreement designed to allow goods, services and skilled workers to move more easily throughout the region.
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Japan's jobless rate falls to 4.4 percent
Jan 30 2006 9:13PM (CT)
TOKYO (AP) - Japan's unemployment rate fell to 4.4 percent in December, the government announced Tuesday, raising hopes that improvements in the job market will support consumer spending.
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Ralphs pleads not guilty in grocery strike
Jan 30 2006 8:56PM (CT)
LOS ANGELES (AP) - The Ralphs supermarket chain pleaded not guilty Monday to federal charges of hiring hundreds of workers under fake names during a 2003 grocery strike and lockout in Southern California.
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Retiring Wachovia exec may get $100M
Jan 30 2006 8:53PM (CT)
NEW YORK (AP) - Wallace D. Malone Jr.'s 15 months as a Wachovia Corp. vice chairman are paying off. Upon his retirement Tuesday, he may receive more than $100 million in cash, stock and other benefits.
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Doo-wop band wins settlement from Pepsi
Jan 30 2006 8:48PM (CT)
SAN FRANCISCO (AP) - A judge has ordered PepsiCo Inc. and its advertising company to pay $250,000 to the 1950s doo-wop band The Flamingos for using their recording, "I Only Have Eyes For You" in a commercial without permission.
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Fairmont Hotels to be acquired for $3.3B
Jan 30 2006 8:36PM (CT)
TORONTO (AP) - A group of investors including Saudi Prince Alwaleed bin Talal has agreed to buy luxury hotel chain Fairmont Hotels & Resorts Inc. for about $3.3 billion in cash, trumping an earlier bid by billionaire investor Carl Icahn, the company said Monday.
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Japanese stocks open higher Tuesday
Jan 30 2006 8:32PM (CT)
TOKYO (AP) - Japanese stocks opened higher Tuesday as the index extended its rally into a sixth straight session. The dollar was higher against the yen.
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Americans' savings rate declines in 2005
Jan 30 2006 7:58PM (CT)
WASHINGTON (AP) - Americans are spending everything they're making and more, pushing the national savings rate to the lowest point since the Great Depression.
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ONGC set to buy stake in offshore block
Jan 30 2006 7:20PM (CT)
NEW DELHI (AP) - India's Oil and Natural Gas Corp. has reached a tentative deal with Exxon Mobil Corp. to buy its stake in an offshore block off Brazil's southeastern coast for $1.4 billion, an ONGC company official said Monday.
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Treasury prices finish lower
Jan 30 2006 7:19PM (CT)
NEW YORK (AP) - Treasury prices slipped Monday as investors positioned themselves for yet another Federal Reserve rate hike.
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Drugmakers' 4Q profit, revenue rises
Jan 30 2006 6:57PM (CT)
TRENTON, N.J. (AP) - Schering-Plough Corp. reported a fourth-quarter profit Monday, boosted by a strong performance of its cholesterol-fighting drugs and lower income taxes.
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Elpida Memory admits to price fixing
Jan 30 2006 6:50PM (CT)
SAN FRANCISCO (AP) - Japanese computer chip maker Elpida Memory Inc. agreed to pay an $84 million fine and plead guilty to taking part in an international conspiracy that led to higher prices for personal computers, the Justice Department said Monday.
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N.C. lottery commission awards contracts
Jan 30 2006 6:47PM (CT)
RALEIGH, N.C. (AP) - The North Carolina Education Lottery Commission awarded contracts for both instant-win tickets and lotto-style games to GTECH Holdings Corp. on Monday. The deals were estimated to be worth $19.2 million in the first year alone.
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Appeals court questions Ebbers conviction
Jan 30 2006 6:45PM (CT)
NEW YORK (AP) - Federal appeals court judges Monday questioned the fairness of the conviction and 25-year sentence of WorldCom Corp. chief Bernard Ebbers in an $11 billion fraud.
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World Airways pilots strike selectively
Jan 30 2006 6:39PM (CT)
WASHINGTON (AP) - Pilots for the biggest civilian carrier of troops began a "selective work stoppage" over the weekend against World Airways after talks over job security broke down. The pilots said they would continue ferrying military personnel but wouldn't fly some civilian charters.
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Mittal aims to ease misgivings about bid
Jan 30 2006 6:31PM (CT)
PARIS (AP) - Steel magnate Lakshmi Mittal went on a charm offensive Monday to calm misgivings over his 18.6 billion euro ($22.5 billion) unsolicited offer for Arcelor SA _ as the smaller steelmaker went on the attack.
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SEC chairman has surgery to remove tumor
Jan 30 2006 6:28PM (CT)
WASHINGTON (AP) - Securities and Exchange Commission Chairman Christopher Cox had surgery Monday to remove a tumor and is expected to remain in the hospital for a few days, an agency spokesman said.
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Treasury boosts borrowing needs to $188B
Jan 30 2006 6:27PM (CT)
WASHINGTON (AP) - The government expects to borrow a record $188 billion in the January-March quarter, even more than it anticipated three months ago, the Treasury Department announced Monday.
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Icahn enlists Biondi in Time Warner fight
Jan 30 2006 5:53PM (CT)
NEW YORK (AP) - Financier Carl Icahn said Monday that he has enlisted Frank Biondi, a longtime entertainment executive, in his effort to press for change at giant media conglomerate Time Warner Inc.
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Nektar stock down on Exubera sales worries
Jan 30 2006 5:44PM (CT)
NEW YORK (AP) - Nektar Therapeutics' shares fell Monday on concerns that the recently approved diabetes drug Exubera wouldn't meet high commercial expectations.
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Monday's commodities roundup
Jan 30 2006 5:42PM (CT)
NEW YORK (AP) - Silver and gold prices rose Monday on high demand due to speculation and geopolitical jitters, analysts said.
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Rates climb in weekly Treasury auction
Jan 30 2006 5:41PM (CT)
WASHINGTON (AP) - Interest rates on short-term Treasury bills rose in Monday's auction to the highest levels in nearly five years.
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Vioxx seen hurting Merck 2005 earnings
Jan 30 2006 5:40PM (CT)
NEW YORK (AP) - Vioxx is expected to drag down Merck & Co.'s 2005 earnings when they are reported Tuesday. But what's really frustrating analysts is their inability to assess the drug's potential liability and the toll that litigation preparations are taking on the company.
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Tyson Foods 4Q profit declines to $39M
Jan 30 2006 5:36PM (CT)
LITTLE ROCK, Ark. (AP) - Tyson Foods Inc., the world's largest meat processor, said Monday its first-quarter earnings dropped 19 percent to $39 million, and projected its annual earnings to be sharply lower than previously forecast. The company's shares slumped to a new 52-week low.
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Continental flight attendants OK deal
Jan 30 2006 5:28PM (CT)
HOUSTON (AP) - Flight attendants for Continental Airlines Inc. have approved an agreement that calls for $72 million in labor concessions, according to the airline and the union.
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Europe OKs new Guidant drug-coated stent
Jan 30 2006 5:24PM (CT)
INDIANAPOLIS (AP) - European regulators on Monday approved Guidant Corp.'s new drug-coated stent, clearing the way for the product to be marketed in the 25 countries of the European Union.
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SLM gives CEO nearly $6.2M in stock awards
Jan 30 2006 5:22PM (CT)
WASHINGTON (AP) - SLM Corp., the U.S. student loan provider formerly known as Sallie Mae, gave its top executive stock awards valued at about $6.2 million, plus 1 million stock options, according to a regulatory filing Monday.
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Mattel 4Q earnings decline to $279.2M
Jan 30 2006 5:16PM (CT)
LOS ANGELES (AP) - Fourth-quarter profit slid 2 percent at Mattel Inc., the world's largest toy maker, as sales of its Barbie and Hot Wheels brands slumped, the company said Monday.
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Airlines grapple with Chapter 11 status
Jan 30 2006 5:16PM (CT)
ATLANTA (AP) - While United Airlines is about to emerge from more than three years of bankruptcy reorganization, two of its biggest rivals, Delta and Northwest, are still in the early stages of restructuring their own finances under Chapter 11.
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Oil prices up on Iran, Nigeria concerns
Jan 30 2006 5:10PM (CT)
LONDON (AP) - Crude-oil and refined products prices rose Monday despite word from OPEC officials that the cartel intends to maintain current output levels.
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Kodak posts 5th straight quarterly loss
Jan 30 2006 5:04PM (CT)
ROCHESTER, N.Y. (AP) - For the first time, Eastman Kodak Co. is generating more annual sales from digital imaging than from film-based photography, yet its mammoth overhaul brought more pain Monday _ a fifth consecutive quarterly loss, largely due to restructuring costs.
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Steris to shut down Pa. plant, move jobs
Jan 30 2006 4:52PM (CT)
MENTOR, Ohio (AP) - Steris Corp., a maker of sanitizing lotions and soaps, said Monday that it is shutting down the manufacturing operations of a western Pennsylvania plant and moving 450 jobs to Mexico by the summer of 2007.
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USG to settle asbestos-related lawsuits
Jan 30 2006 4:42PM (CT)
CHICAGO (AP) - USG Corp., the world's largest manufacturer of wallboard, said Monday that it has agreed to settle asbestos-related lawsuits, a move expected to help it emerge from 4-1/2 years in bankruptcy this summer.
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Schering-Plough posts 4Q profit of $104M
Jan 30 2006 4:28PM (CT)
TRENTON, N.J. (AP) - Schering-Plough Corp. reported a fourth-quarter profit Monday, boosted by a strong performance of its cholesterol-fighting drugs and lower income taxes.
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Judge OKs ATA to emerge from bankruptcy
Jan 30 2006 4:23PM (CT)
INDIANAPOLIS (AP) - A federal judge on Monday cleared the way for ATA Airlines and its parent company ATA Holdings Corp., to emerge from bankruptcy after more than 14 months of federal financial protection.
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Pepco sets CEO's 2006 salary at $950,000
Jan 30 2006 4:06PM (CT)
WASHINGTON (AP) - Pepco Holdings Inc., a utility-holding company, will pay its top executive a 2006 salary of $950,000, according to a regulatory filing Monday.
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Comerica approves $927,025 salary for CEO
Jan 30 2006 3:37PM (CT)
WASHINGTON (AP) - Financial-services provider Comerica Inc. disclosed Monday that it set the 2006 salary of President, Chairman and Chief Executive Ralph W. Babb Jr. at $927,025 and awarded him a $2.2 million bonus for performance in 2005.
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Gazprom 3Q net profit rises 68 percent
Jan 30 2006 3:21PM (CT)
MOSCOW (AP) - Russia's state-controlled natural gas monopoly OAO Gazprom said Monday its third-quarter net profit surged 68 percent from the same period a year earlier, boosted by an extraordinary gain from sales to Ukraine.
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N.C. sues TVA over air pollution
Jan 30 2006 2:55PM (CT)
RALEIGH, N.C. (AP) - North Carolina's attorney general sued the Tennessee Valley Authority on Monday, accusing the nation's largest federal utility of causing a public nuisance in his state by failing to reduce pollution from its coal-fired power plants.
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Fed transition concerns Wall Street
Jan 30 2006 2:40PM (CT)
NEW YORK (AP) - Wall Street loves incoming Federal Reserve Chairman Ben Bernanke. It makes you wonder how investors would react to someone they hate.
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Fed expected to raise borrowing costs again
Jan 30 2006 2:26PM (CT)
WASHINGTON (AP) - Alan Greenspan, the nation's economic guardian for 18 1/2 years, and his colleagues are poised to raise borrowing costs yet again at his final Federal Reserve meeting Tuesday.
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OPEC set to leave its output unchanged
Jan 30 2006 2:10PM (CT)
VIENNA, Austria (AP) - The Organization of Petroleum Exporting Countries has ruled out any change in production at its meeting this week but has a consensus to cut output in March, oil ministers said Monday.
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Fiat sees first net profit since 2000
Jan 30 2006 1:50PM (CT)
ROME (AP) - Fiat SpA posted a fourth-quarter profit of 38 million euros ($46.3 million) on Monday and said it had a net profit for the full year for the first time since 2000 on gains from asset sales and progress at its core auto division.
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Entergy fights to recover from hurricanes
Jan 30 2006 1:06PM (CT)
NEW ORLEANS (AP) - Faced with staggering damages from the worst natural disaster in U.S. history, Entergy Corp. is maneuvering through a maze of challenges, including the loss of much of its New Orleans power market.
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London shares end lower
Jan 30 2006 12:52PM (CT)
LONDON (AP) - Share prices closed lower Monday on the London Stock Exchange.
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Value of pending Iomai IPO falls 44 percent
Jan 30 2006 12:38PM (CT)
WASHINGTON (AP) - Iomai Corp., a biopharmaceutical company developing needle-free vaccine patches, Monday announced cuts in the estimated price range and size of its proposed initial public offering.
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Hedge fund industry facing new oversight
Jan 30 2006 11:56AM (CT)
WASHINGTON (AP) - As financial lore has it, five pals scraped together $100,000 in 1949 to start what became the first hedge fund. Their ringleader and mastermind, Alfred Winslow Jones, was a Fortune magazine writer and former U.S. diplomat who had a bold new idea.
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Meredith names Stephen Lacy new CEO
Jan 30 2006 9:49AM (CT)
DES MOINES, Iowa (AP) - Meredith Corp., the publisher of Better Homes and Gardens, announced Monday that its board of directors elected Stephen Lacy as chief executive officer.
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Japan official apologizes for inspections
Jan 30 2006 8:47AM (CT)
TOKYO (AP) - The Japanese government failed to inspect U.S. cattle facilities before easing a ban on American beef prompted by concerns about mad cow disease, Japan's farm minister acknowledged Monday before apologizing.
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Vivendi 4Q sales up on mobile phone business
Jan 30 2006 8:38AM (CT)
PARIS (AP) - French entertainment company Vivendi Universal SA on Monday reported a 7 percent rise in sales for the fourth quarter of 2005, boosted by a strong showing at its mobile telephone business SFR Cegetel.
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HMV announces takeover approach from suitor
Jan 30 2006 7:20AM (CT)
LONDON (AP) - Shares of HMV Group Ltd. soared more than 15 percent Monday after the struggling music and books retailer announced it had received a takeover approach from an unidentified suitor.
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India stocks expected to hit 10,000 mark
Jan 30 2006 6:22AM (CT)
NEW DELHI (AP) - India's benchmark share index is poised to hit the 10,000 mark this week, capping a nearly yearlong rally driven by unprecedented demand from foreign investors.
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Digital camera sales lifts Canon's profit
Jan 30 2006 6:20AM (CT)
TOKYO (AP) - Brisk sales of digital cameras and the strong dollar lifted Canon's net profit 34 percent in the fourth quarter and to record annual earnings for a sixth straight year.
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Greenspan readies for central bank finale
Jan 30 2006 6:08AM (CT)
WASHINGTON (AP) - Alan Greenspan, widely viewed as the U.S. economy's maestro, is preparing to turn over his conductor's baton to successor, Ben Bernanke.
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Profits for Nomura rises over fourfold
Jan 30 2006 4:54AM (CT)
TOKYO (AP) - The booming Tokyo stock market boosted earnings at Japan's top brokerage, Nomura Holdings Inc., which said Monday its group net profit climbed more than fourfold in the October-December quarter.
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Calif. monitors air pollution in farm town
Jan 30 2006 3:54AM (CT)
PARLIER, Calif. (AP) - With crop dusters buzzing the skies above, spray rigs stalking the fields and the occasional pesticide drift that hospitalizes scores of people, airborne chemicals are a fact of life in the little farm towns of the San Joaquin Valley.
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