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Hawaiian Airlines sues Mesa
Feb 14 2006 11:37PM (CT)
HONOLULU (AP) - Hawaiian Airlines Inc. is seeking a court order to block Mesa Air Group Inc.'s entry into the island market for two years, alleging that the new airline illegally used confidential business data from Hawaiian's bankruptcy.
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Syria switches from dollars to euros
Feb 14 2006 10:41PM (CT)
DAMASCUS, Syria (AP) - Syria has switched the primary hard currency it uses for foreign goods and services from the U.S. dollar to the euro in a bid to make it less vulnerable to pressure from Washington.
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Japanese stocks continue their climb
Feb 14 2006 10:38PM (CT)
TOKYO (AP) - Japanese stocks continued their climb Wednesday morning, after bouncing back from a two-day decline the session before. The dollar was higher against the yen.
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Jury says Dow, Rockwell should pay $553M
Feb 14 2006 10:34PM (CT)
DENVER (AP) - A federal jury recommended Tuesday that Dow Chemical Co. and the former Rockwell International Corp. pay $553.9 million to thousands of property owners who said their land was contaminated by plutonium from the former Rocky Flats nuclear weapons plant.
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Regulators launch probe of cargo carriers
Feb 14 2006 9:54PM (CT)
LONDON (AP) - U.S. and European regulators have launched a probe of trans-Atlantic cargo carriers, examining possible price fixing in the air cargo industry.
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Las Vegas Sands founder to sell shares
Feb 14 2006 9:42PM (CT)
LAS VEGAS (AP) - Las Vegas Sands Corp.'s founder and chief executive, Sheldon G. Adelson, plans to sell some $2 billion worth of personal shares in the casino-resort operator, just as the company announced fourth quarter net profit rose 59 percent.
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Two trade unions break away from alliance
Feb 14 2006 9:41PM (CT)
WASHINGTON (AP) - In a new sign of dissatisfaction within organized labor, two national trade unions broke away Tuesday from an alliance affiliated with the AFL-CIO after complaints about declining membership and misplaced priorities.
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Delta reports narrower 4Q loss of $1.24B
Feb 14 2006 9:27PM (CT)
ATLANTA (AP) - Delta Air Lines Inc., the nation's third-largest carrier, reported Tuesday a narrower fourth-quarter loss on a solid increase in revenue, but its results pushed its red ink to more than $12 billion since January 2001.
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China orders 35,842 companies to close
Feb 14 2006 9:25PM (CT)
SHANGHAI, China (AP) - China's work safety agency has ordered 35,842 companies that failed to obtain safety licenses by the end of 2005 closed, the government said Wednesday, warning it would ensure compliance by cutting off power and supplies.
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Witness: Skilling aimed to please Wall St.
Feb 14 2006 9:06PM (CT)
HOUSTON (AP) - A former top trader who once enjoyed a place in former Enron Corp. chief Jeffrey Skilling's inner circle testified Tuesday that Skilling set earnings targets to please Wall Street and then expected division heads to meet them.
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GM to invest $545M in 5 Michigan plants
Feb 14 2006 8:58PM (CT)
PONTIAC, Mich. (AP) - General Motors Corp. said Tuesday that it will hire nearly 300 workers and invest $545 million in five Michigan plants, which is good news for the automaker's home state, but still only a fraction of the 30,000 jobs GM is shedding nationally by 2008 in a broad restructuring.
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Abercrombie 4Q earnings jump 58 percent
Feb 14 2006 8:39PM (CT)
COLUMBUS, Ohio (AP) - Casual clothing retailer Abercrombie & Fitch said Tuesday that its fourth-quarter earnings surged 58 percent, but warned that it expects sales at stores open at least a year to slow after growing a remarkable 33 percent in January.
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Oil prices fall below $60 a barrel
Feb 14 2006 7:39PM (CT)
WASHINGTON (AP) - Oil prices sank below $60 a barrel Tuesday, and gasoline futures descended to their lowest price in almost a year as traders turned their attention to rising supplies, and away from geopolitical tensions.
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Berkshire Hathaway reveals stakes in cos.
Feb 14 2006 7:30PM (CT)
OMAHA, Neb. (AP) - Billionaire investor Warren Buffett's company disclosed significant holdings in Wells Fargo & Co. and Anheuser-Busch Cos Inc. on Tuesday as part of required filings detailing Berkshire Hathaway Inc.'s $42.7 billion stock portfolio.
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Monsanto, Solutia to shoulder PCB costs
Feb 14 2006 7:20PM (CT)
ST. LOUIS (AP) - Solutia Inc., the chemical company Monsanto Co. spun off, would share liability with its former parent for lawsuits and environmental cleanup associated with PCB pollution, according to a reorganization plan the company filed Tuesday.
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Directors of RadioShack stand behind CEO
Feb 14 2006 7:19PM (CT)
FORT WORTH, Texas (AP) - Directors of RadioShack Corp. said Tuesday they stand behind the retailer's chief executive despite a published report that he didn't earn two college degrees listed on his resume.
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U.S. hardens stance on trade with China
Feb 14 2006 7:16PM (CT)
WASHINGTON (AP) - The Bush administration declared Tuesday that the United States has entered a new phase in its economic relationship with China and promised "rigorous enforcement" of laws aimed at curbing unfair trade practices.
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France Telecom plans to cut 17,000 jobs
Feb 14 2006 6:45PM (CT)
PARIS (AP) - France Telecom SA, Europe's second biggest telecommunications company, said Tuesday that its profit rose 89 percent in 2005 largely due to one-time gains but also announced it would cut 17,000 jobs, or 8.5 percent of its work force, over three years to reduce costs.
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South America trade zone faces challenges
Feb 14 2006 6:40PM (CT)
SAO PAULO, Brazil (AP) - Brazilian appliance makers are cringing over new trade barriers designed to prevent Argentine industry from being overwhelmed by cheap imports in the so-called "Refrigerator War."
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Sanyo, Nokia agree on mobile-phone venture
Feb 14 2006 6:21PM (CT)
TOKYO (AP) - Japan's Sanyo Electric Corp. and Finland's Nokia Corp. announced Tuesday they will combine some of their cell-phone operations into a joint venture with major operations in San Diego.
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Citgo extends discounted oil sales to Del.
Feb 14 2006 6:20PM (CT)
CARACAS, Venezuela (AP) - Venezuela's Citgo Petroleum Corp. extended discounted sales of heating oil to Delaware on Tuesday, the company's latest effort to provide affordable fuel to low-income families in the United States.
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P&G, McLane settle infringement case
Feb 14 2006 6:14PM (CT)
CINCINNATI (AP) - Procter & Gamble Co. and a Texas-based company it sued said on Tuesday they have settled the case in which P&G charged that packaging of some of its consumer products was being copied illegally.
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Audi sees sales growth in China in 2006
Feb 14 2006 6:01PM (CT)
FRANKFURT, Germany (AP) - Audi AG, the luxury car unit of Volkswagen AG, said Tuesday it expects its Chinese sales to increase at a double-digit percentage for the rest of this year.
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Commerzbank 4Q earnings soar to $395M
Feb 14 2006 5:59PM (CT)
FRANKFURT, Germany (AP) - Commerzbank AG, Germany's second-biggest publicly traded bank, said Tuesday its fourth-quarter profit more than tripled thanks to improved revenues and the sale of a stake in Italy's biggest bank, but the results still missed analysts' estimates.
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Electrolux reports 4Q net loss of $56.1M
Feb 14 2006 5:58PM (CT)
STOCKHOLM, Sweden (AP) - Electrolux AB, the world's biggest maker of household appliances, posted a fourth-quarter net loss Tuesday due largely to restructuring charges and said it expects growth in Europe and North America this year.
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AstraZeneca withdraws Exanta from market
Feb 14 2006 5:53PM (CT)
LONDON (AP) - Pharmaceutical maker AstraZeneca PLC said Tuesday that it has decided to withdraw its controversial anticoagulant Exanta from the market and terminate its development because of links to liver injury.
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Treasury prices drop on retail sales data
Feb 14 2006 5:35PM (CT)
NEW YORK (AP) - Treasury prices fell after January retail sales data soared over economists' expectations Tuesday, a day ahead of the first leg of key testimony on the economy from new Federal Reserve Chairman Ben Bernanke.
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American Italian Pasta to sell assets
Feb 14 2006 5:35PM (CT)
KANSAS CITY, Mo. (AP) - Beleaguered American Italian Pasta Co. said Tuesday it plans to sell a manufacturing plant in Wisconsin, two underperforming brands and miscellaneous other assets, including its aircraft.
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Qwest 4Q profit tops views after losses
Feb 14 2006 5:31PM (CT)
DENVER (AP) - Qwest reported fourth-quarter earnings Tuesday that beat Wall Street estimates after one-time losses as more customers for Internet and bundled packages offset continued declines in access lines.
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Journal Communications revenue up in Jan.
Feb 14 2006 5:28PM (CT)
MILWAUKEE (AP) - Local newspaper publisher and broadcaster Journal Communications Inc. said Tuesday its revenue increased 9.5 percent in January over last year, boosted by recent acquisitions.
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Morgans Hotel stock down in trading debut
Feb 14 2006 5:22PM (CT)
WASHINGTON (AP) - Its luxury hotels may attract the hippest crowds, but shares of Morgans Hotel Group Co. didn't attract hordes of buyers in its first day of trading.
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PolyOne hires Stephen Newlin as its CEO
Feb 14 2006 5:21PM (CT)
AVON LAKE, Ohio (AP) - An executive with a Minnesota maker and seller of sanitizers for pools and spas and chemical dispensing systems was picked on Tuesday to lead PolyOne Corp., a maker of plastics and resins.
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Banca Intesa to buy stake in Ukrsotsbank
Feb 14 2006 5:12PM (CT)
ROME (AP) - Italian bank Banca Intesa has reached an agreement with the controlling shareholder of Ukraine's Ukrsotsbank to buy an 85.42 percent stake of the bank, Intesa said Tuesday.
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Oracle acquires Sleepycat Software
Feb 14 2006 5:07PM (CT)
SAN FRANCISCO (AP) - Continuing a recent shopping spree, business software maker Oracle Corp. on Tuesday announced the acquisition of Sleepycat Software, which provides development tools used in open-source databases.
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Marsh & McLennan posts 4Q profit of $35M
Feb 14 2006 5:05PM (CT)
NEW YORK (AP) - Marsh & McLennan Companies Inc., the nation's largest insurance brokerage, reported profits of $35 million in the fourth quarter _ an improvement from the year-earlier loss but below Wall Street expectations.
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KB Home warns home-order cancellations up
Feb 14 2006 5:04PM (CT)
LOS ANGELES (AP) - KB Home said the number of canceled home orders rose in the first two months of the year while net orders for new homes fell _ a trend that could force the company to adjust revenue projections if it continues.
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Deere 1st-quarter profit rises 6 percent
Feb 14 2006 5:01PM (CT)
Peoria, Ill. (AP) - Deere & Co., the world's largest agricultural equipment maker, said Tuesday profit rose 6 percent in the first quarter as demand for construction and landscaping equipment offset a sales dip for its signature farm machinery.
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Warner Music Group 1Q profit beats views
Feb 14 2006 4:48PM (CT)
LOS ANGELES (AP) - Warner Music Group Corp.'s earnings surged in its first fiscal quarter, beating Wall Street's expectations despite a 4 percent drop in revenue at the record company whose artists include Green Day and Madonna.
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Boeing still on track to stop making 767s
Feb 14 2006 4:44PM (CT)
CHICAGO (AP) - Despite a stream of recent orders for its 767 widebody jet, Boeing Co. still plans to end production of it without a new Pentagon contract for air-refueling tankers, Chief Financial Officer James Bell said Tuesday.
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Kendle Int'l shares jump on 2006 outlook
Feb 14 2006 4:37PM (CT)
NEW YORK (AP) - Kendle International Inc. stock rose Tuesday after the contract clinical research company offered a 2006 outlook above Wall Street's expectations.
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Merck witness testifies in Vioxx retrial
Feb 14 2006 4:31PM (CT)
NEW ORLEANS (AP) - Merck & Co. opened its defense in the retrial of the first federal Vioxx lawsuit with testimony about the history and workings of the once-popular painkiller.
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Buffett won't seek Coke board re-election
Feb 14 2006 4:16PM (CT)
ATLANTA (AP) - Billionaire investor Warren Buffett will not stand for re-election to The Coca-Cola Co.'s board of directors, the world's biggest soft drink company said Tuesday.
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Wall Street looks to Bernanke for clarity
Feb 14 2006 3:57PM (CT)
NEW YORK (AP) - In his 18 years as chairman of the Federal Reserve, Alan Greenspan wielded his economic testimony to Congress with maddening precision, saying just enough to get his point across about budget deficits and inflation _ while leaving Wall Street guessing nearly every time on the Fed's interest rate policy.
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McCormick & Schmick's shares up 8.4 pct.
Feb 14 2006 3:03PM (CT)
NEW YORK (AP) - McCormick & Schmick's Seafood Restaurants Inc. stock rose Tuesday after reporting strong same-store sales in the latest quarter, offsetting a decline in net income.
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GM to invest $545M in five Mich. plants
Feb 14 2006 2:25PM (CT)
PONTIAC, Mich. (AP) - General Motors Corp. said Tuesday that it will hire almost 300 workers and invest $545 million in five Michigan plants.
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Report: China's ICBC ready for IPO
Feb 14 2006 2:22PM (CT)
SHANGHAI, China (AP) - China's biggest lender has begun preparations for an initial public offering and intends to list its shares in 2006, the official Xinhua News Agency reported Tuesday.
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Norilsk Nickel reports first-time reserves
Feb 14 2006 2:03PM (CT)
MOSCOW (AP) - Russian mining giant Norilsk Nickel on Tuesday released data on its platinum group metals reserves for the first time, lifting the veil of secrecy from its Soviet-era mines in a distant Siberian region.
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Ryanair offers 'zero fare' tickets
Feb 14 2006 2:01PM (CT)
LONDON (AP) - Budget airline Ryanair Holdings PLC offered millions of cheap tickets Tuesday as it went on the attack against allegations in a TV program that it has been lax in respecting air safety and security rules.
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Forward Air shares fall
Feb 14 2006 1:53PM (CT)
NEW YORK (AP) - Shares of Forward Air Corp. fell Tuesday after the provider of ground-transportation services to the air cargo industry said declines at its logistics arm hurt fourth-quarter profit.
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Macquarie Bank extends deadline for LSE
Feb 14 2006 1:46PM (CT)
LONDON (AP) - Macquarie Bank Ltd. extended its 1.5 billion pound ($2.6 billion) takeover bid for the London Stock Exchange on Tuesday for the second time, even as it revealed it had received only a few more acceptances of its offer.
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NASD fines Diversified Investors Securities
Feb 14 2006 1:44PM (CT)
WASHINGTON (AP) - The National Association of Securities Dealers said Tuesday it fined Diversified Investors Securities Corp. $1.3 million for facilitating impermissible market timing by certain institutional and other customers in its Diversified Investors International Equity Fund.
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UBS reports 4Q profit more than triples
Feb 14 2006 1:18PM (CT)
ZURICH, Switzerland (AP) - UBS AG, one of Europe's largest banks, said Tuesday its fourth quarter profit more than tripled due in part to a sale of assets to Julius Baer Holding AG. UBS said it was increasing its dividend and announced a new share buyback plan.
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Levi Strauss reports profit for 4Q
Feb 14 2006 1:09PM (CT)
SAN FRANCISCO (AP) - Levi Strauss & Co. posted a fourth-quarter profit as the jeans maker ended an eight-year sales slide marked by fashion missteps, mass layoffs, plant closures and accounting troubles.
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Old Mutual names its CFO new Skandia CEO
Feb 14 2006 1:06PM (CT)
STOCKHOLM, Sweden (AP) - Financial-services company Old Mutual PLC said Tuesday it has nominated its chief financial officer to become chief executive of newly acquired Swedish insurer Skandia and also announced a near-complete reshuffle of its board of directors.
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Recylcing plant uses more than empty cans
Feb 14 2006 12:59PM (CT)
HOLBROOK, N.Y. (AP) - There are a lot more than empty soda and beer cans being recycled at Crestwood Metal Corp., a family-owned business operating on eastern Long Island for the past 50 years.
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Beverly shareholders approve sale
Feb 14 2006 12:32PM (CT)
FORT SMITH, Ark. (AP) - Shareholders of Beverly Enterprises Inc. on Tuesday voted to accept an offer of $1.8 billion by a private investor group to buy the nursing home company.
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Russian pirates cost U.S. companies $1.8B
Feb 14 2006 12:21PM (CT)
MOSCOW (AP) - Pirated films, music and software in Russia cost U.S. companies nearly $1.8 billion in 2005, according to a report by a coalition of U.S. copyright-holders.
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Endesa says Gas Natural must hike bid
Feb 14 2006 12:15PM (CT)
MADRID, Spain (AP) - Gas Natural must raise its $26.5 billion bid if it hopes to succeed in a hostile takeover of Spain's biggest electricity utility, Endesa, the utility's chairman said Tuesday.
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Lufthansa says it will cooperate in probe
Feb 14 2006 12:06PM (CT)
BERLIN (AP) - German airline Lufthansa said Tuesday that antitrust authorities were investigating possible antitrust violations in the air cargo industry.
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Malaysia's Southern Bank rejects takeover
Feb 14 2006 12:04PM (CT)
KUALA LUMPUR, Malaysia (AP) - Malaysia's ninth-largest lender, Southern Bank, on Tuesday rejected a takeover bid by bigger rival Bumiputra-Commerce Holdings, and said it has approached another financial institutional for merger talks.
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Chinese officials defend currency policy
Feb 14 2006 12:04PM (CT)
SHANGHAI, China (AP) - China's currency policy is not responsible for the country's growing trade surplus, a central bank official said Tuesday, defending the country's foreign exchange controls.
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East German workers, employers start talks
Feb 14 2006 11:41AM (CT)
BERLIN (AP) - Germany's main industrial labor union pressed its demand for a 5 percent pay increase for workers in the eastern part of the country as it began wage talks with employers in parts of former East Germany.
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Senate battles over Bush tax cuts
Feb 14 2006 11:33AM (CT)
WASHINGTON (AP) - Republicans and Democrats staged an election-year joust in the Senate on Tuesday over the Bush administration's tax cuts for capital gains and dividends.
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Basic Care Networks files for IPO
Feb 14 2006 11:31AM (CT)
WASHINGTON (AP) - Basic Care Networks Inc., a health-care services holding company, Tuesday said it's planning an initial public offering of stock worth a potential $70 million.
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Japanese corp. bankruptcies fall in Jan.
Feb 14 2006 11:29AM (CT)
TOKYO (AP) - Japanese corporate bankruptcies fell 3.7 percent in January from the previous month to 730 cases, marking the first decline in two months, a private credit research agency said Tuesday.
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NEG Inc. files for IPO
Feb 14 2006 11:16AM (CT)
WASHINGTON (AP) - NEG Inc., an independent oil and gas exploration company, Tuesday said it plans to go public in an initial stock offering worth as much as $460 million.
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KT&G sets stage for showdown with Icahn
Feb 14 2006 11:12AM (CT)
SEOUL, South Korea (AP) - KT&G Corp. on Tuesday announced the date of its annual shareholders meeting, setting the stage for a showdown with U.S. financier Carl Icahn and others pressing for change at South Korea's former government tobacco monopoly.
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Officials don't see rate increases harmful
Feb 14 2006 10:16AM (CT)
BRUSSELS, Belgium (AP) - European Union finance ministers were confident Tuesday a possible quarter-point interest rate increase by the European Central Bank will not harm the region's economy, even though new data showed growth slowing in the fourth quarter.
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Wood Resources withdraws IPO
Feb 14 2006 10:11AM (CT)
WASHINGTON (AP) - Wood Resources LP has withdrawn its initial public offering registration with the Securities and Exchange Commission.
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EchoStar president, COO resigns
Feb 14 2006 9:49AM (CT)
ENGLEWOOD, Colo. (AP) - The president and chief operating officer of the DISH Network's parent company is resigning, effective immediately after about eight months on the job, the company said Tuesday.
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Gol airline starts service to Paraguay
Feb 14 2006 8:41AM (CT)
SAO PAULO, Brazil (AP) - Brazil's Gol airline is adding Paraguay to its list of international destinations, continuing a steady push toward boosting its presence across South America, the company said Tuesday
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German economic growth stalls during 4Q
Feb 14 2006 7:43AM (CT)
FRANKFURT, Germany (AP) - German economic growth stalled during the final quarter of 2005, the government said Tuesday, as consumer spending was stagnant and companies cut production.
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German union: Another 1,000 jobs at risk
Feb 14 2006 7:20AM (CT)
BERLIN (AP) - General Motors Corp.'s Adam Opel AG unit could cut another 1,000 jobs in Europe because of slowing demand for its Astra compact, labor representatives said Tuesday.
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Starbucks donates $1.5M to Chinese charity
Feb 14 2006 7:09AM (CT)
BEIJING (AP) - Starbucks Corp. on Tuesday announced a $1.5 million donation to train schoolteachers in China, raising its profile in what chairman Howard Schultz said is the gourmet coffee chain's No. 1 growth market.
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DOJ to extend Whirlpool-Maytag review
Feb 14 2006 6:48AM (CT)
BENTON HARBOR, Mich. (AP) - The U.S. Justice Department will extend its review of Whirlpool Corp.'s proposed $1.79 billion acquisition of rival appliance-maker Maytag Corp., the companies say.
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Michelin reports 36 percent profit surge
Feb 14 2006 6:30AM (CT)
PARIS (AP) - France's Michelin, the world's leading tire maker, on Tuesday reported its net profit surged by 36 percent in 2005 despite sharply rising raw material costs and lower volume sales.
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Farmworkers sue FEMA over disaster aid
Feb 14 2006 4:17AM (CT)
MIAMI (AP) - A coalition of Florida farmworkers has sued the Federal Emergency Management Agency, alleging the government refused to help undocumented farmworkers displaced by hurricanes with housing because of their immigration status.
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Telmex reports lower 4Q sales, profits
Feb 14 2006 12:14AM (CT)
MEXICO CITY (AP) - Mexican telephone company Telefonos de Mexico SA reported lower sales and profits in the fourth quarter as revenues from voice services declined and financial costs rose.
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