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Northwest to cooperate with pension probe
Mar 15 2006 11:57PM (CT)
MINNEAPOLIS (AP) - Northwest Airlines Corp. said on Wednesday that it will cooperate with Labor Department investigators investigating its underfunded pension plan.
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Lehman Brothers 1Q profit up 25 percent
Mar 15 2006 11:15PM (CT)
NEW YORK (AP) - Record profits and revenue at Lehman Brothers Holdings Inc. prompted a modest selloff in the brokerage's stock Wednesday _ but only because those stellar gains followed even more impressive results from rival Goldman Sachs Group Inc.
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Report: Vodafone unit target of offer
Mar 15 2006 10:21PM (CT)
TOKYO (AP) - Two private equity funds are expected to offer $15 billion for the Japanese subsidiary of mobile phone operator Vodafone Group PLC, according to a newspaper report.
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N.Y. files fraud suit against H&R Block
Mar 15 2006 8:58PM (CT)
NEW YORK (AP) - New York state filed a $250 million fraud suit Wednesday against H&R Block Inc., charging that the nation's largest tax preparation service steered more than 500,000 customers into a money-losing retirement account plan.
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Banks retool to meet market segment needs
Mar 15 2006 8:56PM (CT)
KANSAS CITY, Kan. (AP) - One of Maria Carrillo's clients said thieves jumped him on payday because they knew he'd leave the check-cashing business with his pockets full of bills. How was he to know he could open a bank account in this country, Carrillo said, if he was still struggling to read in Spanish?
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Venezuela warns Total on its tax bill
Mar 15 2006 8:42PM (CT)
CARACAS, Venezuela (AP) - Venezuela's tax authority warned the French oil firm Total SA that it could have its administrative offices shut as soon as Friday if it fails to pay a $107 million tax bill.
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Watkins: I tried to warn Lay about Enron
Mar 15 2006 8:20PM (CT)
HOUSTON (AP) - Sherron Watkins, the former Enron vice president who warned higher-ups the company was a house of cards ready to fall, testified Wednesday that she discussed her concerns with founder Kenneth Lay only to learn months later her job was threatened for speaking up.
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Hearst to acquire 20 percent Fitch stake
Mar 15 2006 8:17PM (CT)
PARIS (AP) - Hearst Corp. agreed to acquire a 20 percent stake in Fitch Group, the parent of credit-ratings company Fitch Ratings, for $592 million from French financial holding company Fimalac SA.
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Judge denies Grasso request on lawsuit
Mar 15 2006 8:11PM (CT)
NEW YORK (AP) - A judge on Wednesday refused to dismiss most of a complaint New York's attorney general filed against Richard A. Grasso, former president of the New York Stock Exchange, over his $187.5 million severance package.
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Japanese stocks up at open, dollar higher
Mar 15 2006 8:10PM (CT)
TOKYO (AP) - Japanese stocks rose Thursday morning as traders bought exporter issues such as auto and electronics. The dollar was higher against the yen.
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CVS reaches agreement on tobacco sales
Mar 15 2006 8:07PM (CT)
PROVIDENCE, R.I. (AP) - CVS Corp. has reached an agreement with 42 states and the District of Columbia by promising to strengthen practices that keep minors from buying tobacco products.
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Starbucks to install cargo security devices
Mar 15 2006 7:35PM (CT)
WASHINGTON (AP) - Starbucks Corp. announced Wednesday it will install high-tech sensors to detect tampering with its cargo containers filled with coffee beans shipped from Guatemala to Europe or the United States.
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Judge orders FDA whistleblower to testify
Mar 15 2006 7:16PM (CT)
NEW YORK (AP) - The Food and Drug Administration whistleblower who has criticized the agency's handling of Vioxx will be deposed, a judge ruled, offering evidence that could aid thousands of lawsuits over the withdrawn pain killer.
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Expert: Delta needs to lower its costs
Mar 15 2006 6:45PM (CT)
WASHINGTON (AP) - Delta Air Lines Inc. is living off borrowed cash and needs to lower its costs if it wants to avoid the fate of nearly a dozen carriers that have liquidated or been sold after filing for Chapter 11 since the 1980s, a restructuring expert testified Wednesday.
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Displaced Tyson workers transfer to plants
Mar 15 2006 6:14PM (CT)
LINCOLN, Neb. (AP) - Tyson Foods Inc. said Wednesday that more than 500 workers displaced by two plant closings have transferred to other Tyson plants in the region, and that it would donate $125,000 to help the communities.
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Gulf markets hit with widespread selling
Mar 15 2006 5:56PM (CT)
DUBAI, United Arab Emirates (AP) - The relatively new stock markets in the Gulf have been getting a lesson in the old stock market saw that no market rises forever.
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Creditor banks sell Yukos debt to Rosneft
Mar 15 2006 5:44PM (CT)
MOSCOW (AP) - Western creditor banks have sold nearly $500 million of debt owed to them by the Russian oil company OAO Yukos to state-owned oil group OAO Rosneft, Yukos said Wednesday.
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H&R Block gets OK to open bank in Mo.
Mar 15 2006 5:35PM (CT)
KANSAS CITY, Mo. (AP) - Federal regulators have approved H&R Block Inc.'s application to open its own bank, the company said Wednesday.
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British Airways to close travel shops
Mar 15 2006 5:32PM (CT)
LONDON (AP) - British Airways PLC said Wednesday it will close its travel shops across the country as more people book flights over the Internet.
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Deutsche Boerse plans talks with Euronext
Mar 15 2006 5:29PM (CT)
FRANKFURT, Germany (AP) - German stock-exchange operator Deutsche Boerse AG said Wednesday it plans to enter talks with the four-nation Euronext exchange on a possible merger and said it would make no more bids for the London Stock Exchange.
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Moody's increases debt ratings of Boeing
Mar 15 2006 5:26PM (CT)
CHICAGO (AP) - Moody's Investors Service raised the debt ratings of Boeing Co. Wednesday, citing its increased cash flow and recent focus on debt reduction.
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BMW plans to boost 2006 pre-tax profit
Mar 15 2006 5:23PM (CT)
FRANKFURT, Germany (AP) - German automaker BMW AG said Wednesday it plans to increase its 2006 pre-tax profit to 4 billion euros ($4.7 billion) as it strives to deliver a record number of its luxury cars.
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MAN to sell unit stake to Allianz division
Mar 15 2006 5:18PM (CT)
BERLIN (AP) - German truckmaking and industrial company MAN AG said Wednesday it will sell a majority stake in its printing press unit to a division of insurer Allianz AG.
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GM said weighs new bid for financing arm
Mar 15 2006 5:17PM (CT)
DETROIT (AP) - General Motors Corp. is considering a bid of $12.5 billion to $13 billion for a majority stake in its financing arm from a group led by New York private-equity firm Kohlberg, Kravis & Roberts and some banks, The Wall Street Journal reported Wednesday.
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Sun-Maid raisin girl to be in ad campaign
Mar 15 2006 5:08PM (CT)
KINGSBURG, Calif. (AP) - The bonneted Sun-Maid girl depicted on red boxes of raisins will become animated for the first time in a national ad campaign.
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Wednesday's commodities roundup
Mar 15 2006 5:01PM (CT)
NEW YORK (AP) - Gold finished slightly stronger Wednesday, after popping to its highest level in more than a week on a weakening dollar.
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Belo shares decline on lower 1Q forecast
Mar 15 2006 5:00PM (CT)
DALLAS (AP) - Shares of Belo Corp., owner of The Dallas Morning News and television stations, fell Wednesday after the media company gave a surprisingly weak outlook for first-quarter profits.
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US Airways Group works to refinance debt
Mar 15 2006 4:59PM (CT)
PHOENIX (AP) - US Airways Group Inc. is working with GE Commercial Finance to refinance about one-third of its approximately $3 billion in debt.
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Dynegy restates 4Q, full-year 2005 profit
Mar 15 2006 4:58PM (CT)
DALLAS (AP) - Electricity producer Dynegy Inc. said on Wednesday it has restated fourth-quarter and full-year profit for 2005, lowering its earnings by $7 million two weeks after reporting the results
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EchoStar Communications 4Q profit soars
Mar 15 2006 4:51PM (CT)
ENGLEWOOD, Colo. (AP) - Amid an increasingly competitive industry, satellite television provider EchoStar Communications Corp. credited healthy subscriber growth Wednesday for a 90 percent increase in fourth-quarter net income.
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DuPont to slash jobs, raise 2006 outlook
Mar 15 2006 4:49PM (CT)
DOVER, Del. (AP) - Chemicals maker DuPont Co. said Wednesday it plans to cut 1,500 jobs and close four facilities in Europe in a restructuring of its performance coatings business and raised its overall earnings outlook. Its shares rose nearly 2.3 percent.
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Sears Holdings 4Q earnings soar to $648M
Mar 15 2006 4:44PM (CT)
CHICAGO (AP) - Sears Holdings Corp. overcame a steep sales dropoff at its Sears department stores to more than double its fourth-quarter profit to $648 million Wednesday, benefiting from continued cost-cutting and the addition of Sears' results to Kmart's.
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Airline, union reach tentative agreement
Mar 15 2006 4:42PM (CT)
SEATTLE (AP) - Alaska Airlines and the union representing nearly 2,500 of its flight attendants said Wednesday they had reached a tentative settlement on a four-year contract.
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High prices fuel offshore tracts bidding
Mar 15 2006 4:37PM (CT)
NEW ORLEANS (AP) - High oil and natural gas prices figured heavily Wednesday as petroleum exploration companies put up $588.3 million in winning bids for 405 offshore tracts off the coasts of Louisiana, Mississippi and Alabama.
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Wireless Facilities stock down on results
Mar 15 2006 4:34PM (CT)
NEW YORK (AP) - Wireless Facilities Inc. shares fell Wednesday after the provider of outsourced services for the telecommunications industry reported disappointing fourth-quarter results.
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Survey: Mortgage rates near 4-year high
Mar 15 2006 3:52PM (CT)
NEW YORK (AP) - U.S. mortgage rates hit highs not seen since July 2002 last week, on the eve of the spring buying season, according to a survey of lenders published Wednesday by an industry group.
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Union: Hurdles remain in Delphi, GM deal
Mar 15 2006 3:49PM (CT)
DETROIT (AP) - The United Auto Workers has had "constructive" talks on a deal with Delphi Corp. and its former parent, General Motors Corp., but the parties still face hurdles in the negotiations, the union said Wednesday.
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Home Bancshares registers for IPO
Mar 15 2006 3:22PM (CT)
WASHINGTON (AP) - Home Bancshares Inc. has registered to sell up to $51.75 million of common stock in an initial public offering.
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Banks aim at needs of Latino immigrants
Mar 15 2006 2:26PM (CT)
KANSAS CITY, Kan. (AP) - One of Maria Carrillo's clients said thieves jumped him on payday because they knew he'd leave the check-cashing business with his pockets full of bills. How was he to know he could open a bank account in this country, Carrillo said, if he was still struggling to read in Spanish?
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Mittal presents Arcelor takeover plan
Mar 15 2006 1:40PM (CT)
BRUSSELS, Belgium (AP) - Mittal Steel Co. on Wednesday presented its plans for the proposed takeover of rival steelmaker Arcelor SA to the government of Luxembourg, Arcelor's biggest shareholder.
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Kimberly-Clark plans to close Wis. plant
Mar 15 2006 1:39PM (CT)
NEENAH, Wis. (AP) - Kimberly-Clark Corp. said Wednesday it plans to close a diaper plant and distribution center and either close or sell another mill, moves that could affect nearly 700 workers.
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Economic nationalism concerns EU official
Mar 15 2006 1:13PM (CT)
STRASBOURG, France (AP) - European Commission President Jose Manuel Barroso lashed out Wednesday at countries pursuing protectionist policies, saying the EU's executive arm would act rigorously against companies abusing their dominant position in national markets.
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Repsol execs surrender in oil probe
Mar 15 2006 1:09PM (CT)
LA PAZ, Bolivia (AP) - The two top executives of Spanish-Argentine energy company Repsol YPF's Bolivian subsidiary were arrested early Wednesday in an oil smuggling investigation involving the company's alleged avoidance of $9.2 million in taxes.
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Former Reliant trader sentenced to prison
Mar 15 2006 1:08PM (CT)
HOUSTON (AP) - A former trader for Reliant Energy was sentenced to almost five years in prison for submitting false information about natural gas trades to an industry publication, in what is believed to be the first such case in the nation.
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Another trial is planned in Cendant case
Mar 15 2006 12:16PM (CT)
BRIDGEPORT, Conn. (AP) - Prosecutors plan to try former Cendant Corp. chairman Walter Forbes for a third time on charges he participated in a massive fraud that cost the company and investors more than $3 billion.
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Stocks fluctuate on Tuesday's gains
Mar 15 2006 12:13PM (CT)
NEW YORK (AP) - Stocks fluctuated in a narrow range Wednesday as investors, digesting the market's recent big gains, looked past upbeat news from Lehman Brothers Holdings Inc. and DuPont Co.
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Number of jobless people in Britain rises
Mar 15 2006 12:07PM (CT)
LONDON (AP) - The number of people claiming jobless benefits in Britain has risen to the worst level since 2003 after the highest monthly increase in almost 15 years in February, the government said Wednesday.
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Sony postpones PlayStation 3 release
Mar 15 2006 11:49AM (CT)
TOKYO (AP) - Sony will put off the release of its much awaited PlayStation 3 console until November from its planned spring debut because more work is needed on its next-generation DVD technology, the company said Wednesday.
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Ex-CEO of China Aviation Oil pleads guilty
Mar 15 2006 11:41AM (CT)
SINGAPORE (AP) - The former chief executive of China Aviation Oil (Singapore) Ltd. pleaded guilty Wednesday to six charges related to the Chinese-backed jet fuel trader's near collapse in 2004.
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B/E Aerospace unveils N. Ireland expansion
Mar 15 2006 11:38AM (CT)
BELFAST, Northern Ireland (AP) - B/E Aerospace Inc., a manufacturer of aircraft seats, said Wednesday it would double the manufacturing space at its Northern Ireland plant.
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DP World unveils port operation sale plans
Mar 15 2006 11:34AM (CT)
WASHINGTON (AP) - A Dubai-owned company said Wednesday it plans to sell all its U.S. port operations within four to six months to an unrelated American buyer and laid out new details about how it plans to pursue the sale under pressure from Congress.
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Golfsmith International files for IPO
Mar 15 2006 11:10AM (CT)
WASHINGTON (AP) - Golfsmith International Holdings Inc. registered for an initial public offering of up to $115 million in common stock, according to a filing with the Securities and Exchange Commission.
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Dollar loses a little ground versus euro
Mar 15 2006 10:42AM (CT)
BERLIN (AP) - The dollar slipped a bit against the euro Wednesday as data showed foreign purchases of U.S. securities falling short of expectations.
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Japan's NEC names Yano new president
Mar 15 2006 10:33AM (CT)
TOKYO (AP) - Japanese electronics maker NEC Corp. named Kaoru Yano, a senior executive vice president who once headed its U.S. operations, as its new president, replacing ailing Akinobu Kanasugi.
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SeraCare expects to restate financials
Mar 15 2006 10:22AM (CT)
OCEANSIDE, Calif. (AP) - SeraCare Life Sciences Inc. on Wednesday said that due to findings of an internal audit, the company expects to restate one or more of its financial statements for the first three quarters of fiscal 2005 and has terminated four senior executives, including the chief executive and chief financial officer.
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Court cuts fines in vitamin cartel case
Mar 15 2006 8:09AM (CT)
BRUSSELS, Belgium (AP) - A European Union court reduced fines Wednesday that regulators had imposed on German chemical maker BASF AG and Japanese pharmaceutical company Daiichi for participating in illegal cartels in the market for several vitamins.
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Japan reaffirms upbeat economic assessment
Mar 15 2006 7:43AM (CT)
TOKYO (AP) - The Japanese government reaffirmed its upbeat assessment of the economy Wednesday, citing improved consumer spending and company investments.
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NASA to make money from shuttle runway
Mar 15 2006 3:18AM (CT)
CAPE CANAVERAL, Fla. (AP) - For rent: 15,000-foot runway. Aircraft hangar included. Affordable. Historic. Scenic Florida location.
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China investigating Heinz baby cereal
Mar 15 2006 1:13AM (CT)
BEIJING (AP) - China's government said Wednesday it is investigating a claim that baby cereal made by H.J. Heinz Co. improperly contained genetically modified rice, but the company denied using any such crops.
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Two chemical companies admit price fixing
Mar 15 2006 12:57AM (CT)
SAN FRANCISCO (AP) - Belgian chemical company Solvay SA and Dutch firm Akzo Novel Chemicals International BV agreed Tuesday to pay $72.8 million in fines to settle Justice Department allegations they conspired to fix prices in the United States.
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