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Bernanke: Globalization doesn't hurt Fed
Mar 2 2007 11:12PM (CT)
WASHINGTON (AP) - Globalization hasn't hobbled the Federal Reserve's ability to influence economic activity at home by lowering or raising interest rates, Fed Chairman Ben Bernanke said Friday. Yet, Bernanke said, increasingly connected financial markets around the world has certainly complicated the Fed's ongoing job of analyzing financial conditions and weighing their implications for monetary policy.
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Govt. urges caution on subprime rates
Mar 2 2007 8:47PM (CT)
WASHINGTON (AP) - Federal bank regulators, worried about a surge in defaults on high-risk home mortgages, on Friday called on lenders to exercise caution in making subprime loans and strictly evaluate borrowers' ability to repay them.
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Motorola paid CEO Zander $13.2M in 2006
Mar 2 2007 7:10PM (CT)
CHICAGO (AP) - Motorola Inc. Chief Executive Ed Zander received $13.2 million in compensation in 2006, according to a proxy statement filed Friday, for a year in which the cell-phone maker boosted sales and market share but saw profits decline under pressure from rivals.
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Comair pilots approve concessions
Mar 2 2007 6:47PM (CT)
ERLANGER, Ky. (AP) - Comair pilots agreed by more than a 2-to-1 margin Friday to accept wage cuts and other concessions the Delta Air Lines Inc. subsidiary said it needs to stay competitive and emerge from bankruptcy.
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Oil prices finish lower as stocks fall
Mar 2 2007 6:46PM (CT)
NEW YORK (AP) - Oil prices settled lower Friday as traders watched the stock market decline even further, renewing concerns that economic growth may stall. The tenuous stock market saga overshadowed tightening gasoline supplies that helped push oil's Thursday settlement price to a more than two month high.
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Bayer to cut 6,100 jobs worldwide
Mar 2 2007 6:45PM (CT)
FRANKFURT, Germany (AP) - The drugmaker Bayer AG said Friday that it will cut 6,100 jobs, or 5.5 percent of its work force, as it integrates Schering AG into its health care unit. More than half of the cuts will be in Europe, but about 1,000 positions will be eliminated in the United States.
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Guidant suits mount at Boston Scientific
Mar 2 2007 6:42PM (CT)
BOSTON (AP) - Lawsuits over problems with Guidant heart-rhythm devices have recently grown at a rate of nearly three new cases per day, according to a regulatory filing tallying up the legal risks Boston Scientific Corp. inherited in its $27 billion Guidant Corp. acquisition.
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Toyota may face backlash from Congress
Mar 2 2007 6:38PM (CT)
WASHINGTON (AP) - From a high school auditorium near the birthplace of Elvis, Toyota was greeted like a hometown hero this week when it announced its eighth vehicle assembly plant in North America.
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SEC files insider trading suit over TXU
Mar 2 2007 6:37PM (CT)
DALLAS (AP) - Federal regulators charged Friday that unknown investors pocketed more than $5.3 million in illegal profits from insider trading before TXU Corp. announced it had agreed to be sold for $32 billion.
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Airbus losing remaining A380 cargo order
Mar 2 2007 6:30PM (CT)
PARIS (AP) - Airbus was left with an empty order book for the cargo version of its much-delayed superjumbo plane after UPS Inc. said Friday it would cancel its order for 10 A380s.The move comes just a week after UPS, the world's largest shipping carrier, and Airbus announced a revised agreement that gave either party the right to terminate the order.
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Hundreds bid 1st Wendy's farewell
Mar 2 2007 6:15PM (CT)
COLUMBUS, Ohio (AP) - They came in droves, regulars and first-timers, children, parents and grandparents, to order burgers, fries and milkshakes at the first Wendy's restaurant, closing Friday after 37 years downtown because of persistent lagging sales.
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Boeing ceases orders for C-17 parts
Mar 2 2007 6:11PM (CT)
WASHINGTON (AP) - Boeing Co. on Friday said it will cease ordering parts for C-17 military cargo jets that are not under contract or firm commitments, a step that could mark the end of the aircraft's production altogether.
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U.S., EU reach Open Skies agreement
Mar 2 2007 5:48PM (CT)
WASHINGTON (AP) - European companies would be allowed larger stakes in U.S. airlines under a tentative agreement reached Friday between the U.S. and European Union. It also would give carriers more freedom to choose trans-Atlantic routes and potentially lead to lower fares.
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SEC alleges insider trading in TXU deal
Mar 2 2007 4:21PM (CT)
WASHINGTON (AP) - Federal regulators on Friday charged that unknown individuals illegally profited from advance knowledge of the proposed $32 billion buyout of electric utility TXU Corp., using foreign brokerage firms for the transactions to conceal their identities.
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SEC alleges insider trading in TXU deal
Mar 2 2007 4:21PM (CT)
WASHINGTON (AP) - Federal regulators on Friday charged that unknown individuals illegally profited from advance knowledge of the proposed $32 billion buyout of electric utility TXU Corp., using foreign brokerage firms for the transactions to conceal their identities.
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Insurance tax case may benefit investors
Mar 2 2007 3:07PM (CT)
WASHINGTON (AP) - An ad hoc group of accountants and lawyers may be close to winning a federal court battle that could help millions of investors claim billions of dollars in overpaid federal taxes the past 15 years.
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EMI rejects $4.1 billion Warner bid
Mar 2 2007 2:10PM (CT)
LONDON (AP) - Music company EMI Group PLC said Friday that it rejected a nonbinding $4.1 billion takeover proposal from Warner Music Group.
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Automakers' woes hit home state hard
Mar 2 2007 1:57PM (CT)
HARRISON, Mich. (AP) - Laid-off factory worker Bob Rose fiddles with an unlit cigar and strokes his salt-and-pepper beard as he contemplates his future in Michigan.
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U.S., EU agree on air travel arrangement
Mar 2 2007 1:49PM (CT)
WASHINGTON (AP) - The U.S. and European Union have reached a tentative agreement that would give airlines greater freedom to choose trans-Atlantic routes and potentially lead to lower fares, the government announced Friday.
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U.S., EU agree on air travel arrangement
Mar 2 2007 1:49PM (CT)
WASHINGTON (AP) - The U.S. and European Union have reached a tentative agreement that would give airlines greater freedom to choose trans-Atlantic routes and potentially lead to lower fares, the government announced Friday.
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BBC-YouTube pact seen as 'win' for both
Mar 2 2007 12:48PM (CT)
LONDON (AP) - The British Broadcasting Corp. began showing excerpts from its news and entertainment programs on the YouTube video-sharing Web site Friday, becoming the first international broadcaster to ink a major deal with the Google Inc.-owned portal.
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HUD rejects $1.3B NYC real estate deal
Mar 2 2007 11:52AM (CT)
WASHINGTON (AP) - The federal government said Friday it had rejected a developer's $1.3 billion deal to buy the nation's largest federally subsidized rental housing complex, Brooklyn's Starrett City.
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HUD rejects $1.3B NYC real estate deal
Mar 2 2007 11:52AM (CT)
WASHINGTON (AP) - The federal government said Friday it had rejected a developer's $1.3 billion deal to buy the nation's largest federally subsidized rental housing complex, Brooklyn's Starrett City.
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EU-style integration unlikely in Asia
Mar 2 2007 11:22AM (CT)
MANILA, Philippines (AP) - An economic and political integration in Asia based on the European Union model is unlikely at this stage because the region is too diverse, the president of the Asian Development Bank said.
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EU-style integration unlikely in Asia
Mar 2 2007 11:22AM (CT)
MANILA, Philippines (AP) - An economic and political integration in Asia based on the European Union model is unlikely at this stage because the region is too diverse, the president of the Asian Development Bank said.
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Ford sells APC to private equity fund
Mar 2 2007 10:51AM (CT)
DEARBORN, Mich. (AP) - Ford Motor Co. said Friday it will sell a subsidiary that offers vehicle service contracts and related products to dealers to a private equity fund. Terms were not disclosed.
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Ford sells APC to private equity fund
Mar 2 2007 10:51AM (CT)
DEARBORN, Mich. (AP) - Ford Motor Co. said Friday it will sell a subsidiary that offers vehicle service contracts and related products to dealers to a private equity fund. Terms were not disclosed.
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Shares in China gain after rocky week
Mar 2 2007 10:34AM (CT)
SHANGHAI, China (AP) - Chinese shares rose Friday as investors snapped up bargain blue chips following losses earlier in the week.
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Shares in China gain after rocky week
Mar 2 2007 10:34AM (CT)
SHANGHAI, China (AP) - Chinese shares rose Friday as investors snapped up bargain blue chips following losses earlier in the week.
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UPS to cancel Airbus freighters order
Mar 2 2007 9:48AM (CT)
ATLANTA (AP) - UPS Inc., the world's largest shipping carrier, said Friday it will cancel its order for 10 Airbus A380 freighters, following delivery delays. The decision will leave the European aircraft manufacturer with no firm orders for its jumbo freighter.
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Treasury bond prices end slightly higher
Mar 2 2007 6:52AM (CT)
NEW YORK (AP) - U.S. Treasury bond prices rose slightly Thursday, settling down in afternoon trading after a volatile morning marked by sharp shifts in stock, bond and other asset markets.
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Prosecutors crack insider-trading ring
Mar 2 2007 6:45AM (CT)
NEW YORK (AP) - The defendants included husband-and-wife lawyers, registered representatives, compliance personnel and hedge fund portfolio managers who improperly relied on hundreds of tips during five years of illegal trading.
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Manufacturing report calms markets
Mar 2 2007 5:47AM (CT)
WASHINGTON (AP) - A better than expected performance from the U.S. manufacturing sector in February helped calm investors on Thursday, even as economists cautioned that one month's worth of data is not a cause for too much optimism.
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Gap's 4Q profit plunges 35 percent
Mar 2 2007 5:46AM (CT)
SAN FRANCISCO (AP) - Gap Inc.'s fourth-quarter profit fell 35 percent in a gloomy performance that triggered a recent management purge and doomed the slumping retailer's newest chain. After releasing the results Thursday, the San Francisco-based company warned the upcoming year is likely to bring more turbulence as a new management team tries to stock Gap's stores with more appealing clothes while trimming expenses that had been rising on the expectation of higher sales.
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Gap's 4Q profit plunges 35 percent
Mar 2 2007 5:46AM (CT)
SAN FRANCISCO (AP) - Gap Inc.'s fourth-quarter profit fell 35 percent in a gloomy performance that triggered a recent management purge and doomed the slumping retailer's newest chain. After releasing the results Thursday, the San Francisco-based company warned the upcoming year is likely to bring more turbulence as a new management team tries to stock Gap's stores with more appealing clothes while trimming expenses that had been rising on the expectation of higher sales.
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Gap's 4Q profit plunges 35 percent
Mar 2 2007 5:46AM (CT)
SAN FRANCISCO (AP) - Gap Inc.'s fourth-quarter profit fell 35 percent in a gloomy performance that triggered a recent management purge and doomed the slumping retailer's newest chain. After releasing the results Thursday, the San Francisco-based company warned the upcoming year is likely to bring more turbulence as a new management team tries to stock Gap's stores with more appealing clothes while trimming expenses that had been rising on the expectation of higher sales.
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Oracle to buy Hyperion for $3.3B in cash
Mar 2 2007 5:44AM (CT)
SAN FRANCISCO (AP) - Business software maker Oracle Corp. will buy Hyperion Solutions Corp. for $3.3 billion in cash, renewing a shopping spree aimed at toppling rival SAP AG.
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Buffett wants charities to spend fast
Mar 2 2007 5:32AM (CT)
OMAHA, Neb. (AP) - Warren Buffett, the world's second-richest man, wowed the world last summer when he announced that he plans to give away most of his $48.4 billion fortune, and now he wants to make sure those donations are spent quickly.
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Hot summer leaves honey bees lethargic
Mar 2 2007 4:49AM (CT)
BISMARCK, N.D. (AP) - Dry, hot weather soured honey production in the nation's top two beekeeping states last year, leading to one of the smallest U.S. honey crops in at least 35 years.
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Dollar rises vs. yen in Asian trading
Mar 2 2007 4:33AM (CT)
TOKYO (AP) - The dollar rose slightly against the yen in Asia Friday as traders remained jittery over the direction of regional stock markets following the global sell-off earlier this week.
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Japanese stocks decline; dollar gains
Mar 2 2007 3:10AM (CT)
TOKYO (AP) - Japanese stocks fell Friday for a fourth straight session, dragged down by exporters on worries that the U.S. economy might be slowing and amid jitters over this past week's global market slide.
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Berkshire to release annual report early
Mar 2 2007 12:32AM (CT)
OMAHA, Neb. (AP) - Investors will be able to react immediately Friday to the latest wrinkle in legendary investor Warren Buffett's succession plan, instead of having to wait through the rest of a weekend as in years past.
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