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Court dismisses Sovereign records lawsuit
Feb 22 2006 10:52PM (CT)
PHILADELPHIA (AP) - A county court dismissed a lawsuit in which Sovereign Bancorp Inc.'s largest shareholder sought access to the thrift's books and records, but left open the possibility that the suit could be refiled.
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Mo. jury sides with cigarette maker
Feb 22 2006 10:46PM (CT)
KANSAS CITY, Mo. (AP) - A Missouri jury on Wednesday rejected claims that tobacco makers were responsible for an 80-year-old man's lung cancer and other health problems.
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Limited Brands 4Q earnings up 36 percent
Feb 22 2006 10:39PM (CT)
COLUMBUS, Ohio (AP) - Limited Brands Inc. said Wednesday that its fourth-quarter earnings jumped 36 percent on the strength of sales at Victoria's Secret and a turnaround performance at its Express brand.
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Drug maker Biovail files $4.6B lawsuit
Feb 22 2006 9:57PM (CT)
TORONTO (AP) - Biovail Corp., Canada's largest drug maker, filed a lawsuit Wednesday in New Jersey seeking $4.6 billion in damages from 22 defendants, mostly hedge funds and investment researchers.
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Viacom posts lower fourth-quarter profit
Feb 22 2006 9:55PM (CT)
NEW YORK (AP) - The newly formed Viacom Inc., owner of MTV, VH1 and Nickelodeon, reported lower fourth-quarter earnings Wednesday due mainly to charges and weak results at its Paramount movie studio.
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Japanese stocks higher; dollar lower
Feb 22 2006 9:03PM (CT)
TOKYO (AP) - Japan's benchmark stock index was higher at Thursday's open, boosted by earlier gains on Wall Street. The dollar was lower against the yen and euro.
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Sears Essentials to become Sears Grand
Feb 22 2006 8:40PM (CT)
HOFFMAN ESTATES, Ill. (AP) - Sears Essentials stores will become Sears Grand as part of a retooling of the retailer's midsize store format, Sears Holdings Corp. said Wednesday.
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Tenet to restate results over tax expense
Feb 22 2006 8:16PM (CT)
DALLAS (AP) - Hospital operator Tenet Healthcare Corp. said Wednesday that it would restate its 2004 financial results to increase a tax expense on its income statement by $120 million.
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Journal continues criticism of Vioxx study
Feb 22 2006 8:00PM (CT)
NEW YORK (AP) - The editors of the New England Journal of Medicine published additional criticism of a Vioxx study on Wednesday even as it allowed the authors of the article to defend themselves against the critique it delivered two months ago.
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Netflix modifies class-action settlement
Feb 22 2006 7:23PM (CT)
SAN FRANCISCO (AP) - Netflix Inc. told a judge on Wednesday that it has changed a class-action settlement so 6 million consumers eligible for free DVDs from the online rental service won't be charged automatically after the one-month offer expires.
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Japan posts trade deficit in January
Feb 22 2006 7:19PM (CT)
TOKYO (AP) - Japan's January trade balance turned into a deficit from a surplus a year earlier to 348.94 billion ($2.94 billion), mainly due to higher fuel costs, the Finance Ministry said Thursday.
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Enron unit said had 'alarming' earnings
Feb 22 2006 7:18PM (CT)
HOUSTON (AP) - Enron Corp.'s most profitable division raked in "alarming" earnings that undercut top executives' portrayal of the company as a steady growth machine rather than an energy trader vulnerable to market volatility, a former company vice president testified Wednesday.
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Groups set to profit from ethanol shipping
Feb 22 2006 7:05PM (CT)
GARNETT, Kan. (AP) - On early mornings at East Kansas Agri-Energy, trucks pack the driveway loop to unload bushels of dry, yellow corn into a hopper. By nighttime, those kernels are ready to transform _ they'll turn into fuel.
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Guidant: FDA incorrectly told about fixes
Feb 22 2006 7:00PM (CT)
INDIANAPOLIS (AP) - A Guidant Corp. executive acknowledged the medical device maker made changes to one of its defibrillators in 2002 and later incorrectly told federal regulators it had no effect on the product's performance.
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Experts: Alaska pipeline won't solve woes
Feb 22 2006 6:58PM (CT)
WASHINGTON (AP) - A $25 billion pipeline carrying natural gas from Alaska to the lower 48 states would play an important role in satisfying the nation's long-term supply needs, but experts say it will not reverse America's rising dependence on imports or cause fuel prices to plunge.
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Ecuador seeks to defuse protest conflict
Feb 22 2006 6:58PM (CT)
BAEZA, Ecuador (AP) - About 3,000 protesters hurled rocks and dynamite Wednesday at police and soldiers trying to reach an oil pumping station, where demonstrators were holding 24 oil workers against their will.
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Greenies to change dog treat packaging
Feb 22 2006 6:53PM (CT)
KANSAS CITY, Mo. (AP) - The maker of Greenies, the country's best-selling dog treat, said Wednesday it plans to change its packaging in response to complaints from some pet owners and veterinarians that the treat may pose a health hazard to some dogs.
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Oil prices fall by more than $1 a barrel
Feb 22 2006 6:37PM (CT)
LONDON (AP) - Crude-oil prices fell by more than $1 a barrel Wednesday as expectations of a build in U.S. supplies brought some calm to a market that has been rattled recently by supply disruptions in Nigeria and concerns about Iran's nuclear ambitions.
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Harrah's Entertainment reports 4Q loss
Feb 22 2006 6:36PM (CT)
LAS VEGAS (AP) - Casino operator Harrah's Entertainment Inc., the world's largest gambling company, posted a fourth-quarter loss Wednesday, citing hurricane-related expenses and costs from writing off a Mississippi property it plans to sell.
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Regulators delay H&R Block bank decision
Feb 22 2006 6:31PM (CT)
KANSAS CITY, Mo. (AP) - Federal regulators have told H&R Block Inc. they need another month to review the company's request to start its own bank.
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Hard Rock considers selling Nev. casino
Feb 22 2006 6:30PM (CT)
LAS VEGAS (AP) - The owners of the Hard Rock Hotel & Casino in Las Vegas are considering selling the hip property just east of the Strip.
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Judge gives approval on Enron settlements
Feb 22 2006 6:29PM (CT)
HOUSTON (AP) - Down the hall from the fraud and conspiracy trial of Enron Corp. founder Kenneth Lay and former Chief Executive Jeffrey Skilling, a federal judge gave initial approval Wednesday for three more banks to pay $6.6 billion to settle civil claims that they helped the company manipulate earnings.
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Bank of America to restate past earnings
Feb 22 2006 6:28PM (CT)
CHARLOTTE, N.C. (AP) - Bank of America Corp. said Wednesday it will restate its earnings going back to 2002, resulting in a net gain of $345 million at the nation's second-largest bank.
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PDVSA to buy back $83 million in debt
Feb 22 2006 6:21PM (CT)
CARACAS, Venezuela (AP) - Venezuela's state oil company will buy back $83 million in debt registered with the U.S. Securities and Exchange Commission, allowing it to stop filing public financial reports with the agency.
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Bonds rally, shrug off mediocre auction
Feb 22 2006 6:20PM (CT)
NEW YORK (AP) - Neither a mediocre two-year note sale nor a modest gain in consumer prices could derail a U.S. government bond rally Wednesday that picked up steam as the New York session wound down.
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Liberty Media seeks share conversion OK
Feb 22 2006 6:10PM (CT)
ENGLEWOOD, Colo. (AP) - Liberty Media Corp. said Wednesday it has asked regulators for permission to convert its non-voting interest in Time Warner Inc. into voting shares ahead of schedule.
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Officials: No progress on farm trade talks
Feb 22 2006 6:04PM (CT)
WASHINGTON (AP) - Trade negotiators for the United States and the 25-nation European Union reported no breakthroughs Wednesday after two days of discussions aimed at narrowing differences on farm trade that have stalled global trade talks.
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Salesforce.com 4Q profit rises 66 percent
Feb 22 2006 5:43PM (CT)
SAN FRANCISCO (AP) - s/AP) _ Salesforce.com Inc., which makes software applications to manage customer information for sales, marketing and customer support, said Wednesday its income in the latest quarter rose 66 percent, boosted by an increase in paying subscribers.
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GM seeks seat on Delphi's creditors' panel
Feb 22 2006 5:40PM (CT)
DETROIT (AP) - General Motors Corp. is seeking a spot on Delphi Corp.'s creditors' committee, saying its interests aren't being represented by the current committee as Delphi reorganizes in bankruptcy court.
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Anglo American profit nearly flat in 2005
Feb 22 2006 5:38PM (CT)
LONDON (AP) - Mining company Anglo American PLC reported a nearly flat yearly net profit Wednesday even as China's surging economy helped drive up prices of coal, copper, zinc, platinum, iron ore and vanadium.
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Judge OKs Delta management severance plan
Feb 22 2006 5:22PM (CT)
NEW YORK (AP) - A New York bankruptcy judge approved a Delta Air Lines Inc. severance package for directors and officers that is part of a plan to save the carrier $200 million annually.
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Quiksilver shares climb 12 percent
Feb 22 2006 5:18PM (CT)
LOS ANGELES (AP) - Shares of Quiksilver Inc. climbed Wednesday, after an analyst said a positive meeting at a Las Vegas trade show reinforced the view that the surfwear maker's integration of French ski equipment maker Rossignol SA was going according to plan.
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Metrologic Instruments shares up 17 pct.
Feb 22 2006 5:17PM (CT)
NEW YORK (AP) - Metrologic Instruments Inc. stock rose Wednesday after the maker of bar-code scanners reported stronger-than-expected fourth-quarter earnings.
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BASF 4Q profit rises but misses estimates
Feb 22 2006 5:07PM (CT)
FRANKFURT, Germany (AP) - BASF AG, the world's biggest chemical maker, said Wednesday its fourth-quarter profit rose more than 38 percent because of demand in its plastics, oil and gas unit _ but the results still fell short of analyst expectations.
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Heineken profit rises 19 percent in 2005
Feb 22 2006 5:05PM (CT)
AMSTERDAM, Netherlands (AP) - Dutch brewer Heineken Holding NV on Wednesday reported full year profit of 761 million euros ($906.5 million), up 19 percent from a year earlier due to stronger sales and lower restructuring costs.
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Wednesday's commodities roundup
Feb 22 2006 4:59PM (CT)
NEW YORK (AP) - Gold futures finished flat Wednesday after the January consumer price index was seen as "mixed" for the metal.
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Medtronic shares decline on 3Q results
Feb 22 2006 4:47PM (CT)
MINNEAPOLIS (AP) - Medtronic Inc. reported a 23 percent jump in quarterly income as recall woes at rival medical device maker Guidant Corp. helped spur some business. Still, revenue for the quarter fell short of Wall Street's forecast, and Medtronic shares fell nearly 2.3 percent to close New York trading.
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Jury rules against ex-lead paint makers
Feb 22 2006 4:41PM (CT)
PROVIDENCE, R.I. (AP) - Three former makers of lead paint created a public nuisance that continues to poison children, a jury decided Wednesday in the state's landmark lawsuit against the companies.
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AK Steel CEO appeals for cuts via video
Feb 22 2006 4:39PM (CT)
MIDDLETOWN, Ohio (AP) - The chief executive of AK Steel Holding Corp. is taking his case for worker concessions directly to their homes as the contract between the company and the employees nears expiration.
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Taser Int'l 4Q earnings slide 98 percent
Feb 22 2006 4:36PM (CT)
PHOENIX (AP) - Stun-gun maker Taser International Inc. reported Wednesday its fourth-quarter profit dropped 98 percent on lower sales and higher expenses as the company fought lawsuits and continuing bad publicity during the period.
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Dow Jones announces reorganization
Feb 22 2006 4:35PM (CT)
NEW YORK (AP) - Dow Jones & Co. announced a new organizational structure on Wednesday that will divide the company into three business units, one of which will include the print and online editions of The Wall Street Journal.
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OfficeMax posts wider fourth-quarter loss
Feb 22 2006 4:33PM (CT)
ITASCA, Ill. (AP) - OfficeMax Inc. on Wednesday posted a wider loss for the fourth quarter as the office products retailer recorded losses for discontinued operations and other items. But excluding those items, its earnings matched Wall Street expectations and the company's stock soared.
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Sprint Nextel posts 55 percent drop in 4Q
Feb 22 2006 4:28PM (CT)
KANSAS CITY, Mo. (AP) - Sprint Nextel Corp. reported Wednesday a 55 percent drop in fourth-quarter income, dragged down largely by expenses related to merger last year that created the company.
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Martha Stewart Living shares post gains
Feb 22 2006 4:26PM (CT)
NEW YORK (AP) - Martha Stewart Living Omnimedia Inc. on Wednesday posted a fourth-quarter profit, boosted by a sharp rebound in advertising revenue at its flagship Martha Stewart Living magazine.
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Survey: New bankruptcy law isn't working
Feb 22 2006 3:36PM (CT)
NEW YORK (AP) - Last year's overhaul of the nation's bankruptcy code has done little to prevent people from skipping out on debts while burdening others who seek bankruptcy protections for legitimate reasons, according to a survey commissioned by a trade group of bankruptcy attorneys.
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Campbell Soup finds new way to cut sodium
Feb 22 2006 3:20PM (CT)
CAMDEN, N.J. (AP) - Executives at the Campbell Soup Co. have heard the same thing almost since Andy Warhol was making art out of their cans in the 1960s: Lower the sodium in soup without sacrificing taste and people will eat even more of it.
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Arcelor purchase of Erdemir falls through
Feb 22 2006 3:11PM (CT)
BRUSSELS, Belgium (AP) - Luxembourg-based steelmaker Arcelor SA said Wednesday it had been forced to back out of buying a stake in Turkey's state steel company, Erdemir, after Turkish regulators postponed a decision to clear the deal.
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No. 2 Fed governor leaving central bank
Feb 22 2006 2:04PM (CT)
WASHINGTON (AP) - Federal Reserve Governor Roger Ferguson, who played a key role in shepherding the nation's financial system through the 2001 terror attacks, announced Wednesday that he will leave the central bank near the end of April.
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4 defendants in KPMG's Xerox case settle
Feb 22 2006 1:33PM (CT)
WASHINGTON (AP) - The four remaining defendants in the Securities and Exchange Commission's lawsuit against KPMG LLP and several of its partners have settled charges of allowing Xerox Corp. to manipulate its accounting in a $1.2 billion fraud, the SEC said Wednesday.
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EU OKs Italy's budget, warns others
Feb 22 2006 1:17PM (CT)
BRUSSELS, Belgium (AP) - Italy's budget won EU approval Wednesday when the European Commission said it would not take further disciplinary action against Rome for breaking its budget rules.
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European businesses planning for bird flu
Feb 22 2006 1:14PM (CT)
LONDON (AP) - Supermarkets, airports, banks and other businesses across Europe have begun preparing to cope with a possible full-scale outbreak of a human variety of bird flu.
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EU opens antitrust probe into Telefonica
Feb 22 2006 12:01PM (CT)
BRUSSELS, Belgium (AP) - European Union antitrust regulators opened a probe Wednesday into Spanish telecommunications company Telefonica S.A., claiming it appears to have abused a dominant position in Spain's market for broadband Internet access.
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No. 2 person leaving Federal Reserve Board
Feb 22 2006 11:58AM (CT)
WASHINGTON (AP) - Federal Reserve Governor Roger Ferguson, who played a key role in shepherding the nation's financial system through the 2001 terror attacks, is leaving the central bank near the end of April.
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Venezuela asks Chevron to hike oil output
Feb 22 2006 10:54AM (CT)
CARACAS, Venezuela (AP) - Venezuela is asking Chevron Corp. to increase heavy oil production by 16.6 percent under a plan to pay royalties with crude instead of cash, the company's top executive for the region said Wednesday.
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Deutsche Boerse CEO: Euronext is favorite
Feb 22 2006 10:01AM (CT)
FRANKFURT, Germany (AP) - Deutsche Boerse AG's chief executive said Wednesday that a combination with Euronext NV would be the best case for establishing a European stock market operator that could rival the U.S. and Asia.
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Zapatero: No plans for 'golden share' veto
Feb 22 2006 9:28AM (CT)
MADRID, Spain (AP) - Spain's prime minister said Wednesday his administration doesn't plan to veto the bid by German utility E.On for Spanish electric company Endesa by using the government's so-called "golden share" in the former state-owned company.
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Lear CFO to take same job at Raytheon
Feb 22 2006 8:52AM (CT)
SOUTHFIELD, Mich. (AP) - David C. Wajsgras will resign his position as chief financial officer at auto-parts supplier Lear Corp. to take the same position at missile and defense systems maker Raytheon Co.
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Indian carriers snap up planes, engines
Feb 22 2006 8:11AM (CT)
SINGAPORE (AP) - India's airlines bought billions of dollars worth of planes and engines this week, but the lightning-paced expansion of the country's aviation sector has triggered a shortfall of pilots, officials warned Wednesday.
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Honda not commenting on hybrid report
Feb 22 2006 5:59AM (CT)
TOKYO (AP) - Honda will start selling a hybrid version of the Fit subcompact as early as 2007, leading Japanese business daily Nihon Keizai Shimbun reported Wednesday.
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New arrest warrants for Livedor executives
Feb 22 2006 5:59AM (CT)
TOKYO (AP) - Japanese prosecutors served fresh arrest warrants Wednesday to the ex-president of embattled Internet portal Livedoor and three other company officials on suspicion of falsifying financial results, authorities said.
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Baidu posts jump in fourth-quarter profit
Feb 22 2006 5:54AM (CT)
BEIJING (AP) - Chinese-language search engine Baidu.com Inc. reported stronger-than-expected quarterly profits Wednesday despite growing competition from industry giants Google Inc. and Yahoo Inc. in its home market, sending its U.S. shares up in after-hours trading.
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Boeing, Airbus face off to promote jets
Feb 22 2006 4:23AM (CT)
SINGAPORE (AP) - The world's two largest plane makers faced off Wednesday to promote their jets in Asia, with Boeing dismissing archrival Airbus' predictions of enthusiastic demand for its A380 superjumbo, saying few carriers want such a large jet.
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ConocoPhillips closer to buying Burlington
Feb 22 2006 3:36AM (CT)
HOUSTON (AP) - Petroleum giant ConocoPhillips said Tuesday that it has moved closer to completing its $35 billion acquisition of Burlington Resources Inc. as federal regulators raised no antitrust objections to the deal.
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Williams Cos. to pay $50 million fine
Feb 22 2006 3:34AM (CT)
SAN FRANCISCO (AP) - The Williams Cos. Inc., a supplier and processor of natural gas, agreed Tuesday to pay a $50 million fine and accept responsibility for two employees who manipulated gas prices between 1998 and 2002, according to the U.S. Attorney's office.
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