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Report says U.S. banks helped Pinochet
Mar 15 2005 10:01PM (CT)
WASHINGTON (AP) - Citigroup, Bank of America and seven other banks enabled former Chilean dictator Augusto Pinochet and members of his family to build a sprawling secret network of accounts to conceal his wealth, Senate investigators charged in a report released Tuesday.
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Former WorldCom CEO guilty on all counts
Mar 15 2005 9:31PM (CT)
NEW YORK (AP) - Bernard Ebbers, the once-swaggering CEO of WorldCom, was convicted Tuesday of engineering the largest corporate fraud in U.S. history _ an $11 billion accounting scandal that capsized the big telecom company three years ago.
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Gillette facing shareholder suits
Mar 15 2005 9:07PM (CT)
WASHINGTON (AP) - Gillette Co. said Tuesday it is facing shareholder lawsuits related to its pending $54 billion acquisition by consumer-products company Procter & Gamble Co.
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Tokyo stocks mixed, dollar down versus yen
Mar 15 2005 8:56PM (CT)
TOKYO (AP) - Tokyo stocks were mixed Wednesday morning as investors limited their trading to position adjustment after Wall Street's weakness. The dollar was down against the Japanese yen but higher versus the euro.
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EU official still undecided on Microsoft
Mar 15 2005 8:35PM (CT)
BRUSSELS, Belgium (AP) - European Union antitrust chief Neelie Kroes said Tuesday her office was still determining whether Microsoft Corp. was complying with last year's landmark EU ruling against it.
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TiVo to make customized Comcast version
Mar 15 2005 8:35PM (CT)
SAN FRANCISCO (AP) - TiVo Inc.'s deal to adapt its popular digital video recorders for Comcast cable subscribers is only the first of the partnerships the struggling pioneer hopes to forge with cable operators, a top executive said Tuesday.
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Bond prices fall as stock market dips
Mar 15 2005 8:00PM (CT)
NEW YORK (AP) - Bond prices fell Tuesday as the stock market retrenched on nagging worries about inflation and a gloomy outlook on semiconductor stocks.
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Albertsons profit tumbles after hurricanes
Mar 15 2005 7:44PM (CT)
BOISE, Idaho (AP) - Albertsons Inc., the No. 2 U.S. supermarket chain, plans to expand a cost-cutting program after 2004 earnings tumbled 20 percent, hurt by hurricanes in Florida, sluggish business in Southern California and Texas and changes in lease accounting.
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Autobytel in danger of being delisted
Mar 15 2005 7:34PM (CT)
IRVINE, Calif. (AP) - Autobytel Inc., an Internet automotive marketing services company, said Tuesday it will not meet a Nasdaq Stock Market deadline to file updated, audited financial statements and that its stock may be delisted as a result.
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Continental warns of furloughs
Mar 15 2005 7:17PM (CT)
HOUSTON (AP) - Continental Airlines Inc. would slash $300 million in salaries and benefits, shrink its fleet, furlough workers and cancel new jet orders if unions representing pilots, flight attendants, mechanics and dispatchers don't ratify new agreements for further cost savings, the carrier said Tuesday in its annual regulatory filing.
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Petrobras to begin exploration near Libya
Mar 15 2005 6:49PM (CT)
SAO PAULO, Brazil (AP) - Brazil's state-owned oil giant, Petrobras signed a contract with Libya's National Oil Corporation, to explore and produce oil and gas off the African country's Mediterranean coast.
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Key lawmakers attack trading overhaul plan
Mar 15 2005 6:35PM (CT)
WASHINGTON (AP) - Key House lawmakers on Tuesday attacked a plan by the Securities and Exchange Commission to revamp how U.S. stocks are traded, saying it would damage competition among stock markets and hurt investors.
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Airbus plans inspections after rudder lost
Mar 15 2005 5:33PM (CT)
WASHINGTON (AP) - European aircraft maker Airbus SAS said Tuesday it plans to ask airlines to inspect hundreds of planes after part of the rudder fell off an A310 jetliner in flight, an incident that resembled the accident that caused a deadly crash in New York in November 2001.
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Greenspan, Clinton clash on forecasts
Mar 15 2005 5:22PM (CT)
WASHINGTON (AP) - Alan Greenspan and Sen. Hillary Rodham Clinton clashed briefly Tuesday over rosy surplus forecasts the Federal Reserve chairman relied on to support President Bush's 2001 tax cuts, estimates that turned out to be considerably off the mark.
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Citigroup awards $9.7 million bonus to CEO
Mar 15 2005 5:19PM (CT)
NEW YORK (AP) - Citigroup Inc., the nation's largest financial institution, awarded Chief Executive Officer Charles Prince a $9.7 million bonus in 2004 on top of his $983,333 salary, the bank said in a filing Tuesday with the Securities and Exchange Commission.
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SEC files charges against ex-Qwest CEO
Mar 15 2005 5:10PM (CT)
DENVER (AP) - The Securities and Exchange Commission charged former Qwest Communications CEO Joseph Nacchio and six other executives Tuesday with orchestrating a "massive financial fraud" at the telecommunications company that concealed the source of billions of dollars in revenue later wiped off the books.
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Northwest reverses plan for 2005 growth
Mar 15 2005 4:58PM (CT)
MINNEAPOLIS (AP) - High fuel prices combined with abundant airline capacity are forcing Northwest Airlines Corp. to scale back its expansion plans, while other carriers are standing by plans for modest growth.
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Tuesday's Commodities Roundup
Mar 15 2005 4:45PM (CT)
CHICAGO (AP) - Grain futures at the Chicago Board of Trade rallied Tuesday to multi-month highs as speculators sought to buy up soybean, wheat and corn. Crude oil rose slightly to finish above $55 for the third time since it began trading on Nymex in 1983. Gold fell as the U.S. dollar rose.
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Grasso defamation claim is dismissed
Mar 15 2005 4:24PM (CT)
NEW YORK (AP) - A New York state court judge on Tuesday dismissed a defamation claim sought by former New York Stock Exchange Chairman Dick Grasso against his successor at the Big Board, John Reed.
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'I didn't know' defense didn't help Ebbers
Mar 15 2005 4:24PM (CT)
HOUSTON (AP) - Jurors didn't buy Bernard Ebbers' claim that he knew nothing of the massive accounting fraud that sank WorldCom. And his conviction Tuesday may give pause to other former CEOs, including the men who ran Enron Corp., who also say they were ignorant of dirty dealings at the companies they once ran.
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Liberty Media narrows its loss in 4Q
Mar 15 2005 3:56PM (CT)
WASHINGTON (AP) - Liberty Media Corp., which owns stakes in several cable TV channels and other media companies, Tuesday posted a narrower loss for the fourth quarter.
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Cruise prices to surpass pre-2001 levels
Mar 15 2005 3:52PM (CT)
MIAMI BEACH, Fla. (AP) - Ticket prices for cruise vacations should soon reach record highs that were set before the 2001 terrorist attacks and economic recession, expanding the cruise lines' already fat profits, industry executives said Tuesday.
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Internet bank has textbook auction IPO
Mar 15 2005 3:51PM (CT)
WASHINGTON (AP) - An Internet bank that ran its initial public offering as an auction began trading Tuesday near its offer price and sold more shares than originally planned.
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Genzyme loss widens on accounting change
Mar 15 2005 3:49PM (CT)
CAMBRIDGE, Mass. (AP) - Genzyme Corp., in filing its 2004 annual report, reported a larger fourth-quarter loss due to a final accounting reclassification made for acquisition-related costs.
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Vodafone buys 2 mobile phone operators
Mar 15 2005 3:48PM (CT)
LONDON (AP) - British telecommunications company Vodafone Group PLC said Tuesday it would acquire two mobile phone operators in Romania and the Czech Republic for $3.5 billion, expanding its reach into what it sees as attractive markets.
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Toys R Us indefinitely delaying 4Q data
Mar 15 2005 3:45PM (CT)
NEWARK, N.J. (AP) - Toys R Us Inc., the nation's second biggest toy retailer, said Tuesday it would indefinitely delay the release of its fourth-quarter earnings figures so it could reflect changes in how it accounts for leases.
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AIG turns to a slate of new leaders
Mar 15 2005 3:42PM (CT)
NEW YORK (AP) - Concerned about the upheaval in management at American International Group Inc. and regulatory probes of its business operations, major credit agencies on Tuesday either lowered the insurance company's debt rating or said they would review whether it should be cut. AIG shares sank 3 percent.
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Beverly Enterprises profit sinks 84 percent
Mar 15 2005 3:40PM (CT)
FORT SMITH, Ark. (AP) - Beverly Enterprises Inc., one of the nation's largest operators of nursing homes, Tuesday posted an 84 percent plunge in fourth-quarter profit from a year ago, when it posted a large gain.
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Lehman shares up on record 1Q profits
Mar 15 2005 3:34PM (CT)
NEW YORK (AP) - Surprising strength in Lehman Brothers Holdings Inc.'s bond and fixed-income business resulted in record profits for the brokerage house Tuesday, and Wall Street responded by sending the company's shares up 3 percent.
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Union members approve Lockheed contract
Mar 15 2005 3:28PM (CT)
MARIETTA, Ga. (AP) - About 2,800 union machinists at a Lockheed Martin Corp. plant who went on strike last week over retirement, medical and wage benefits will return to work after approving a new contract Tuesday.
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Ebbers conviction no help to ex-employees
Mar 15 2005 2:50PM (CT)
BROOKHAVEN, Miss. (AP) - The conviction of disgraced WorldCom chief Bernard Ebbers on fraud charges changed nothing for the employees and shareholders who lost jobs and retirement savings in the $11 billion collapse of the telecommunications conglomerate.
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Saudis try to wrestle oil prices lower
Mar 15 2005 2:39PM (CT)
ISFAHAN, Iran (AP) - Saudi Arabia is trying to wrestle oil prices lower with a pledge to pump more crude _ with or without OPEC. But so far, it isn't working.
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U.S. dollar edges higher against euro
Mar 15 2005 2:35PM (CT)
FRANKFURT, Germany (AP) - The U.S. dollar rose against the euro Tuesday after capital flows data from the Treasury Department indicated that the United States is still not struggling to finance its large current account deficit.
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CeBIT shows no limits in gadgets, price
Mar 15 2005 2:32PM (CT)
HANOVER, Germany (AP) - When it comes to gadgets, there appears to be no limit in idea or price. At least that's the impression you get strolling the halls of CeBIT, the world's biggest tech fair.
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Scientist tracks mass cricket migration
Mar 15 2005 2:28PM (CT)
CHAPEL HILL, N.C. (AP) - Armed with a glue gun and radio transmitters the size of a penny, a University of North Carolina scientist is trying to stop mass insect migrations that devastate ranches in the mountain West.
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Ebbers vows appeal, but faces tough battle
Mar 15 2005 2:08PM (CT)
NEW YORK (AP) - The top lawyer for former WorldCom chief Bernard Ebbers promised an appeal of his conviction on accounting-fraud charges, saying his client would "ultimately be vindicated."
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Witness: Ex-Tyco execs deferred bonuses
Mar 15 2005 1:45PM (CT)
NEW YORK (AP) - Tyco International Ltd.'s ex-director of executive compensation testified Tuesday that former top executives L. Dennis Kozlowski and Mark H. Swartz deferred millions of dollars of cash bonuses in an effort to reduce the size of the compensation reported in the company's proxy.
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Survey: Third of Americans are overworked
Mar 15 2005 12:59PM (CT)
NEW YORK (AP) - One in three American workers are chronically overworked, with job-related stress varying significantly by age, employment situation, and demands at home, according to a new survey.
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WorldCom goes from titan to takeover target
Mar 15 2005 12:39PM (CT)
NEW YORK (AP) - Not long before Bernie Ebbers was forced out as WorldCom's chief executive in spring 2002, the telecom empire he left behind was valued at $35 billion, employed 85,000 workers and served 20 million customers. The business showed several billion dollars in operating profit.
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Both sides claim victory in WTO name fight
Mar 15 2005 12:26PM (CT)
GENEVA (AP) - Both sides claimed victory Tuesday in a trade fight pitting the United States and Australia against the European Union, centering on the right of foreign exporters to use geographic food names such as Florida oranges or Idaho potatoes to describe their products in European markets.
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Oil prices hover around $55 a barrel mark
Mar 15 2005 11:42AM (CT)
SINGAPORE (AP) - Crude oil futures slipped but remained near the $55 a barrel mark Tuesday as the Organization of Petroleum Exporting Countries debated Saudi Arabia's call to increase production quotas _ and the Saudis suggested they were ready to go it alone.
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Sara Lee raises ground coffee price
Mar 15 2005 11:36AM (CT)
NEW YORK (AP) - Sara Lee Corp. raised its coffee prices Tuesday because of increasing prices on the commodities markets.
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Ikea convicted of trademark infringement
Mar 15 2005 10:56AM (CT)
STOCKHOLM, Sweden (AP) - Swedish home furnishings retailer Ikea has been ordered to pay 300,000 kronor ($44,000) in damages to American company Mag Instrument Inc. for trademark infringement.
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Media watchdogs criticize Eutelsat
Mar 15 2005 10:53AM (CT)
BRUSSELS, Belgium (AP) - International media watchdogs on Tuesday accused leading satellite operator Eutelsat of bowing to pressure from Beijing by refusing to renew a contract that allows a U.S.-based Chinese television company to broadcast into China.
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Media watchdogs criticize Eutelsat
Mar 15 2005 10:53AM (CT)
BRUSSELS, Belgium (AP) - International media watchdogs on Tuesday accused leading satellite operator Eutelsat of bowing to pressure from Beijing by refusing to renew a contract that allows a U.S.-based Chinese television company to broadcast into China.
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American Express CEO gets $6M 2004 bonus
Mar 15 2005 9:50AM (CT)
WASHINGTON (AP) - American Express Co. paid Chairman and Chief Executive Kenneth Chenault a bonus of $6 million for 2004, up from a bonus of $3.5 million for 2003.
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Ivax profit skyrockets on revenue jump
Mar 15 2005 9:36AM (CT)
MIAMI (AP) - Drug maker Ivax Corp. on Tuesday posted a big jump in fourth-quarter profit, helped by a strong performance from its branded-products division. Revenue jumped 28 percent.
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Stewart says ankle device is uncomfortable
Mar 15 2005 9:33AM (CT)
NEW YORK (AP) - As if home confinement wasn't bad enough, Martha Stewart says the electronic monitoring device she wears around her ankle chafes, too.
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Germany's Bayer sees 2005 sales growth
Mar 15 2005 9:16AM (CT)
BERLIN (AP) - Drug and chemical maker Bayer AG said Tuesday it expected solid earnings growth and strong sales this year, but the company's shares dropped as investors focused on a flat outlook for its health care division.
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Jailed Yukos lawyer comes off hunger strike
Mar 15 2005 8:58AM (CT)
MOSCOW (AP) - A jailed lawyer for the embattled Yukos oil company has come off a hunger strike after suffering health problems, her lawyer said Tuesday.
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Ericsson says industry, outlook improving
Mar 15 2005 8:35AM (CT)
STOCKHOLM, Sweden (AP) - Wireless equipment maker LM Ericsson said Tuesday it was cheered by improvements in the technology sector amid renewed spending, adding it would seek to improve its margins.
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EU clears Finmeccanica-BAE defense deal
Mar 15 2005 8:23AM (CT)
BRUSSELS, Belgium (AP) - European Union regulators on Tuesday approved a deal between Finmeccanica SpA of Italy and Britain's BAE Systems PLC to create a major joint venture in defense electronics.
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Japan unlikely to give beef time frame
Mar 15 2005 8:13AM (CT)
TOKYO (AP) - Japan is unlikely to give U.S. Secretary of State Condoleezza Rice a timetable for lifting its ban on U.S. beef imports when she visits Tokyo this week, a top government spokesman said Tuesday.
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Judge: Disney can't recoup court costs
Mar 15 2005 8:00AM (CT)
LOS ANGELES (AP) - A judge has ruled that The Walt Disney Co. cannot recoup about $524,000 of what it spent fighting a 13-year lawsuit over royalties on Winnie the Pooh movies.
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Liberty Media to spin off Ascent Media
Mar 15 2005 7:33AM (CT)
ENGLEWOOD, Colo. (AP) - Liberty Media Corp., which owns stakes in several cable TV channels and other media companies, plans to spin off its Ascent Media Group Inc. unit and its 50 percent stake in Discovery Communications Inc. to shareholders.
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German president comments on unemployment
Mar 15 2005 7:32AM (CT)
BERLIN (AP) - President Horst Koehler urged Germany's political leaders Tuesday to step up their fight against sluggish growth and record unemployment, arguing that Germany has strayed from its post-World War II "recipe for success."
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Court suspends hearing Rosneft lawsuit
Mar 15 2005 7:20AM (CT)
MOSCOW (AP) - A Moscow court on Tuesday suspended hearing a lawsuit filed by the buyer of the Yukos oil company's biggest production unit, which sought to sue the shattered company for $11 billion for lost profits and unpaid taxes.
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Report: Ameriquest reaches settlement
Mar 15 2005 6:45AM (CT)
LOS ANGELES (AP) - Home loan lender Ameriquest Mortgage Co. has agreed to pay as much as $50 million to settle a class-action lawsuit that alleges it cheated thousands of borrowers in four states, a newspaper reported Tuesday.
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EU drops probe into anti-piracy deal
Mar 15 2005 6:40AM (CT)
BRUSSELS, Belgium (AP) - European Union regulators said Tuesday they had dropped an antitrust review into the investment by Microsoft Corp. and Time Warner Inc. in anti-piracy software company ContentGuard Inc. because a third investor had joined the venture.
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Michelin posts strong profit increase
Mar 15 2005 6:38AM (CT)
PARIS (AP) - Michelin SA overcame high rubber prices to post a 62 percent increase in profit for 2004, but the tire maker's shares dipped Tuesday after its results and forecasts fell short of expectations.
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Official: Move to hike output losing favor
Mar 15 2005 5:54AM (CT)
ISFAHAN, Iran (AP) - A Saudi proposal to hike OPEC's oil production ceiling to bring it in line with real output appeared to be losing favor Tuesday, with Libya's oil minister saying most members were opposed. Even before he spoke, oil prices spiked to near-record levels.
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