Latest Business News
Economic Figures
Dollar & Gold News
Board of Trade News
Personal Finance
|
|
|
|
|
|
Ex-CEO of China Aviation Oil sentenced
Mar 20 2006 11:42PM (CT)
SINGAPORE (AP) - The former chief executive of China Aviation Oil (Singapore) Ltd. was sentenced to more than four years in jail and fined 350,000 Singapore dollars ($207,300) on Tuesday for his role in the Beijing-backed jet fuel trader's near-collapse in 2004.
|
|
|
WTO praises U.S. for open market
Mar 20 2006 11:27PM (CT)
GENEVA (AP) - America's open market remains a key engine of global economic growth, but the United States runs the risk of a backlash at home in favor of protectionism, the World Trade Organization said in a review of U.S. commerce policy.
|
|
|
Ethanol industry braces for growing pains
Mar 20 2006 11:14PM (CT)
WASHINGTON (AP) - After a spurt of good fortune, the fledgling U.S. ethanol industry is anticipating some growing pains that could bring it unwanted attention this summer.
|
|
|
Tim Hortons boosts IPO estimate
Mar 20 2006 10:40PM (CT)
DUBLIN, Ohio (AP) - Canadian coffee and doughnut chain Tim Hortons Inc. increased the estimated price range for its upcoming initial public offering to $22 to $24 per share late Monday.
|
|
|
Court overturns Quattrone conviction
Mar 20 2006 10:39PM (CT)
NEW YORK (AP) - High-powered technology banker Frank Quattrone was granted a new trial Monday when a federal appeals court tossed out his conviction on charges he obstructed a government probe of stock offerings at the height of the dot-com boom.
|
|
|
Sirius reaches deals with record labels
Mar 20 2006 9:56PM (CT)
LOS ANGELES (AP) - Sirius Satellite Radio Inc. reached agreements with three major recording companies to settle disputes over a portable music player that enables users to store digital copies of music, a Sirius spokesman said Monday.
|
|
|
Ex-Southwest employees charged in scam
Mar 20 2006 9:32PM (CT)
EL PASO, Texas (AP) - Eight former employees of Southwest Airlines Co. have been charged with wire fraud after allegedly stealing more than $1 million from the company in a scheme involving used tickets.
|
|
|
Bernanke: Fed must weigh signals on rates
Mar 20 2006 9:17PM (CT)
WASHINGTON (AP) - Federal Reserve policy-makers must monitor various economic vital signs when diagnosing where interest rates need to go to keep the economy healthy, Federal Reserve Chairman Ben Bernanke said Monday.
|
|
|
Judge: Yuen liable for securities fraud
Mar 20 2006 8:56PM (CT)
LOS ANGELES (AP) - A judge found former Gemstar-TV Guide CEO Henry C. Yuen liable for securities fraud, according to a ruling unsealed Monday in a regulatory lawsuit that claimed Yuen inflated the company's revenue by $248 million to boost its stock.
|
|
|
Ex-accountant testifies at Enron trial
Mar 20 2006 7:18PM (CT)
HOUSTON (AP) - Enron Corp. tried to dodge accounting rules by dropping a plan to sell assets in a failed water business, a former Arthur Andersen LLP accountant said on Monday.
|
|
|
Vanguard boosts stock holdings of funds
Mar 20 2006 6:47PM (CT)
PHILADELPHIA (AP) - The Vanguard Group is raising the stock holdings of its six target retirement funds by 10 to 20 percentage points starting in June to boost returns.
|
|
|
EMC CEO gets 2005 compensation worth $30M
Mar 20 2006 6:41PM (CT)
BOSTON (AP) - EMC Corp.'s top executive was awarded a 2005 compensation package of nearly $30 million _ mostly in long-term restricted stock _ after a year in which the data storage company's stock price remained largely flat despite a 30 percent profit gain.
|
|
|
Delta seeks to nix employee stock options
Mar 20 2006 6:34PM (CT)
ATLANTA (AP) - Delta Air Lines Inc., which is operating under bankruptcy protection, asked a judge Monday to allow the nation's third-largest carrier to void roughly 93 million stock options held by 70,000 current and former employees and directors.
|
|
|
Oracle 3Q profit surpasses expectations
Mar 20 2006 6:33PM (CT)
SAN FRANCISCO (AP) - Oracle Corp. said Monday its quarterly profit rose 42 percent, marking the business software maker's most significant strides since embarking on a high-priced shopping spree of software makers more than a year ago.
|
|
|
Ex-accountant accuses SEC of intimidation
Mar 20 2006 6:04PM (CT)
DENVER (AP) - A former Qwest accountant accused federal regulators Monday of filing fraud charges against him because he did not "spill the beans" to their satisfaction against ex-Chief Executive Officer Joseph Nacchio and other former executives.
|
|
|
Bonds rise as market looks to Bernanke
Mar 20 2006 5:46PM (CT)
NEW YORK (AP) - Bond prices edged slightly higher Monday, as the market began looking ahead to an after-hours speech from Federal Reserve Chairman Ben Bernanke.
|
|
|
Monsanto to boost growth hormone creation
Mar 20 2006 5:44PM (CT)
ST. LOUIS (AP) - Monsanto Co. will boost production of a growth hormone that makes dairy cows produce more milk after receiving federal approval to make the drug entirely in the United States, the company said Monday.
|
|
|
Gas prices up to highest level since Oct.
Mar 20 2006 5:37PM (CT)
WASHINGTON (AP) - The average retail price of gasoline soared by almost 14 cents last week, rising above $2.50 a gallon for the first time since late October.
|
|
|
Monday's commodities roundup
Mar 20 2006 5:05PM (CT)
NEW YORK (AP) - Crude oil fell more than $2 a barrel Monday, settling at a week low and nearing $60 a barrel.
|
|
|
Wal-Mart to hire up to 150,000 in China
Mar 20 2006 4:55PM (CT)
BENTONVILLE, Ark. (AP) - Wal-Mart Stores Inc. plans to hire up to 150,000 employees in China over the next five years, five times its current work force there, as it expands its number of stores, the company said Monday.
|
|
|
Bradesco to buy American Express unit
Mar 20 2006 4:54PM (CT)
SAO PAULO, Brazil (AP) - Bradesco, Brazil's largest private sector bank, will buy the Brazilian credit-card operations of American Express for $490 million, the companies said Monday.
|
|
|
UPS paid CEO $2.5M in 2005 compensation
Mar 20 2006 4:47PM (CT)
ATLANTA (AP) - UPS Inc., the world's largest shipping carrier, paid its chief executive, Mike Eskew, $2.5 million in total compensation in 2005.
|
|
|
Norske Skog board forces CEO to resign
Mar 20 2006 4:46PM (CT)
OSLO, Norway (AP) - The board of the world's largest newsprint maker, Norske Skog, forced the resignation Monday of the company's chief executive in the wake of weak economic results.
|
|
|
Michaels Stores considers possible sale
Mar 20 2006 4:44PM (CT)
IRVING, Texas (AP) - Michaels Stores Inc., an arts and crafts retail chain, put itself up for sale Monday and said its longtime president and chief executive, R. Michael Rouleau, is retiring. Its shares rose nearly 13 percent.
|
|
|
Sears buys more shares of Sears Canada
Mar 20 2006 4:42PM (CT)
HOFFMAN ESTATES, Ill. (AP) - Sears Holdings Corp. said Monday it has acquired another 10.2 million shares of Sears Canada as part of its bid to fully take it over, raising its stake to 63.2 percent.
|
|
|
Unisys sells distributor stake for $374M
Mar 20 2006 4:41PM (CT)
PHILADELPHIA (AP) - Technology services company Unisys Corp. said Monday it has sold its stake in a Japanese distributor for $374 million, and will use proceeds of that sale to pay severance and related costs for 3,600 previously announced layoffs.
|
|
|
Verizon signs retransmission deal with CBS
Mar 20 2006 4:40PM (CT)
NEW YORK (AP) - Verizon Communications Inc. and CBS Corp. said Monday that the companies reached a deal for Verizon to carry CBS programming on its new television service.
|
|
|
Jefferson-Pilot shareholders OK buyout
Mar 20 2006 4:39PM (CT)
CHARLOTTE, N.C. (AP) - Jefferson-Pilot Corp. shareholders on Monday approved a $7.5 billion buyout by Lincoln National Corp., combining two century-old insurers into one of the nation's largest publicly traded life insurance companies.
|
|
|
Bank of Italy clears BNP Paribas proposal
Mar 20 2006 4:38PM (CT)
ROME (AP) - Italy's central bank said Monday it has cleared the proposal by France's BNP Paribas SA to acquire control of Italy's Banca Nazionale del Lavoro in the latest European bank takeover.
|
|
|
Heinz completes sale of seafood business
Mar 20 2006 4:36PM (CT)
PITTSBURGH (AP) - H.J. Heinz Co. closed the sale of its European seafood business to Lehman Brothers Merchant Banking for about $517 million, less than two weeks after European Union regulators cleared the deal, the foodmaker announced Monday.
|
|
|
Leading economic indicators fall in Feb.
Mar 20 2006 4:35PM (CT)
NEW YORK (AP) - A closely watched gauge of future economic activity declined slightly in February following a sharp rise in January, a private research group said Monday.
|
|
|
Delphi delays filing year-end statement
Mar 20 2006 4:33PM (CT)
DETROIT (AP) - Delphi Corp. has delayed filing its year-end financial statement with the government until it concludes its discussions with General Motors Corp. and the United Auto Workers on a restructuring plan.
|
|
|
R.R. Donnelley agrees to buy OfficeTiger
Mar 20 2006 4:30PM (CT)
CHICAGO (AP) - Printing company R.R. Donnelley & Sons Co. said Monday it agreed to acquire business outsourcing company OfficeTiger LLC .
|
|
|
Williams-Sonoma 4Q profit rises 6 percent
Mar 20 2006 4:29PM (CT)
SAN FRANCISCO (AP) - Home furnishing retailer Williams-Sonoma Inc., which owns the Pottery Barn and West Elm brands, said Monday that its fourth-quarter profit rose 6 percent and initiated its first quarterly cash dividend.
|
|
|
Aviva urges Prudential to consider offer
Mar 20 2006 4:26PM (CT)
LONDON (AP) - Aviva PLC, Britain's largest insurance company, attempted to publicly woo reluctant takeover target Prudential PLC Monday, unveiling details of a 17 billion pound ($30 billion) offer.
|
|
|
DuPont grapples with legacy of Benlate
Mar 20 2006 4:22PM (CT)
DOVER, Del. (AP) - While the DuPont Co. faces lawsuits in several states regarding the potential health risks of a key ingredient in producing Teflon, the company has yet to rid itself of the legal legacy of another controversial chemical.
|
|
|
Interest rates mixed in Treasury auction
Mar 20 2006 3:44PM (CT)
WASHINGTON (AP) - Interest rates on short-term Treasury bills were mixed in Monday's auction with three-month bills rising to the highest level in five years while the rate on six-month bills edged down slightly.
|
|
|
Oil prices decline as U.S. supplies grow
Mar 20 2006 3:30PM (CT)
WASHINGTON (AP) - Oil prices fell by more than $2 a barrel Monday, maintaining downward momentum from late last week after OPEC lowered its demand forecasts and U.S. crude oil inventories grew. Even sabotage to an oil pipeline in Nigeria couldn't rouse the bulls.
|
|
|
J.P. Morgan to become Quiznos partner
Mar 20 2006 2:04PM (CT)
DENVER (AP) - J.P. Morgan Partners LLC said Monday it will become an ownership partner in Quiznos, one of the nation's largest and fastest-growing sandwich chains.
|
|
|
Private equity firm drops bid for HMV
Mar 20 2006 1:59PM (CT)
LONDON (AP) - Private equity firm Permira Advisers dropped its 842 million pound ($1.5 billion) takeover bid for struggling music and books retailer HMV Group PLC Monday.
|
|
|
India to make currency fully convertible
Mar 20 2006 1:37PM (CT)
NEW DELHI (AP) - India's central bank on Monday appointed a panel of experts to create a fully convertible currency, nearly a decade after such plans were shelved following the Asian economic crisis.
|
|
|
EU criticizes Polish challenge to merger
Mar 20 2006 1:17PM (CT)
BRUSSELS, Belgium (AP) - Poland's challenge to the European Union's approval of a cross-border bank merger and government moves that could undermine the central bank raise questions about its commitment to European ideals, European Commission President Jose Manuel Barroso said Monday.
|
|
|
Aging farmers leave uncertain future
Mar 20 2006 1:07PM (CT)
BLUE GRASS, Iowa (AP) - Earl Martz winces at the idea that one day someone other than a Martz may work the farm his family has owned for generations.
|
|
|
Dell to double staff in India in 3 years
Mar 20 2006 12:49PM (CT)
NEW DELHI (AP) - Dell Inc. plans to double the number of its employees in India to 20,000 in three years, Chairman Michael Dell said Monday, in what appeared to be moves by the world's largest personal computer maker to beef up its presence in one of the world's fastest growing markets.
|
|
|
Russia's biggest portfolio investor barred
Mar 20 2006 12:04PM (CT)
MOSCOW (AP) - A crusading manager with the biggest investment fund in Russia has been barred from entering the country because authorities say he could pose a threat to national security, according to documents obtained by The Associated Press Monday.
|
|
|
EU to speed up bird flu aid to farmers
Mar 20 2006 12:02PM (CT)
BRUSSELS, Belgium (AP) - European Union agriculture ministers said Monday they would expedite aid to poultry farmers hit by the spread of bird flu, and aim to have a package of measures ready by the end of April.
|
|
|
Belgium to seek concessions on GDF-Suez
Mar 20 2006 11:56AM (CT)
PARIS (AP) - Belgian Prime Minister Guy Verhofstadt said Monday he plans to hold talks to seek concessions on the French government-backed plan for Gaz de France SA to acquire French utility company Suez SA.
|
|
|
CommVault Systems files for IPO
Mar 20 2006 11:50AM (CT)
WASHINGTON (AP) - CommVault Systems Inc. has registered for an initial public offering of up to $150 million in common stock, according to a filing with the Securities and Exchange Commission.
|
|
|
Progress Rail Services files IPO
Mar 20 2006 11:47AM (CT)
WASHINGTON (AP) - Progress Rail Services Inc. registered an initial public offering Friday to sell up to $345 million in common stock, according to a filing with the Securities and Exchange Commission.
|
|
|
Bidz.com files for IPO of up to $57.5M
Mar 20 2006 11:46AM (CT)
WASHINGTON (AP) - Bidz.com Inc. has registered for an initial public offering of up to $57.5 million in common stock, according to a filing with the Securities and Exchange Commission.
|
|
|
EU OKs simplifying food trademark rules
Mar 20 2006 11:40AM (CT)
BRUSSELS, Belgium (AP) - European Union agriculture ministers approved plans to simplify rules for protecting geographic food names like Kalamata olives and Stilton cheese Monday, ensuring they adhere to world trade regulations.
|
|
|
Oneida files for Chapter 11 protection
Mar 20 2006 11:05AM (CT)
ONEIDA, N.Y. (AP) - Oneida Ltd., which was once the world's largest maker of stainless steel flatware, has filed a pre-negotiated plan to reorganize under Chapter 11 bankruptcy protection that calls for the company to shed about $100 million in debt.
|
|
|
Arbitration effort fails in Germany
Mar 20 2006 10:25AM (CT)
STUTTGART, Germany (AP) - Arbitrators' efforts to help end a six-week strike by public workers in southwestern Germany failed Monday when negotiators rejected their proposal for solving the dispute over working hours.
|
|
|
Mitsubishi Electric boosts profit forecast
Mar 20 2006 10:00AM (CT)
TOKYO (AP) - Japan's Mitsubishi Electric Corp. raised its group net profit outlook Monday for the year ending March 31on brisk sales of its electrical systems, industrial automation equipment and mobile phones.
|
|
|
Dollar slightly higher against the euro
Mar 20 2006 9:47AM (CT)
BERLIN (AP) - The dollar was slightly higher against the euro Monday, as the 12-nation European currency gave up small gains from the end of last week while markets waited for signals from the Federal Reserve chairman on the direction of interest rates.
|
|
|
Britain announces increase in minimum wage
Mar 20 2006 9:26AM (CT)
LONDON (AP) - Britain's minimum wage for workers 22 and older will increase by 30 pence, or nearly 6 percent, to 5.35 pounds ($9.40) per hour in October, the government announced Monday.
|
|
|
EU says it doesn't need Spanish response
Mar 20 2006 9:21AM (CT)
BRUSSELS, Belgium (AP) - The European Commission on Monday shrugged off Spain's failure to fully explain steps that could block a German bid for the nation's largest power utility, saying it could take action without more information from the Spanish government.
|
|
|
German producer prices show big rise
Mar 20 2006 9:12AM (CT)
BERLIN (AP) - Higher prices for oil and energy pushed German producer prices up in February at the fastest annual rate in nearly 24 years, according to government figures released Monday.
|
|
|
Chrysler recalls 268,800 vehicles
Mar 20 2006 9:10AM (CT)
AUBURN HILLS, Mich. (AP) - DaimlerChrysler AG's Chrysler Group is recalling 268,800 vehicles from the 2005-2006 model years to replace a faulty front windshield wiper motor, the company said Monday.
|
|
|
Bradesco to buy American Express unit
Mar 20 2006 8:07AM (CT)
SAO PAULO, Brazil (AP) - Bradesco, Brazil's largest private bank, will buy the Brazilian credit card operations of American Express for US$490 million, the companies announced Monday.
|
|
|
Taiwan pushes India trade ties
Mar 20 2006 6:18AM (CT)
TAIPEI, Taiwan (AP) - Taiwan's creation of a business council to promote commercial ties with India is part of the government's effort to reduce the island's growing economic dependence on rival China, experts said Monday.
|
|
|
Zurich's U.S. unit to pay $171M settlement
Mar 20 2006 4:27AM (CT)
DALLAS (AP) - Zurich American Insurance Co. has agreed to pay nearly $172 million in a deal with nine states to settle allegations of bid-rigging and price-fixing in the commercial insurance market, state officials said Sunday.
|
|
|
Taxes, competition burden younger farmers
Mar 20 2006 3:24AM (CT)
BLUE GRASS, Iowa (AP) - Earl Martz winces at the idea that one day someone other than a Martz may work the farm his family has owned for generations.
|
|
|
Pixar stock certificates to be collectable
Mar 20 2006 12:32AM (CT)
SAN FRANCISCO (AP) - Pixar Animation Studios Inc.'s upcoming sale to Walt Disney Co. has inspired an audience of investors more interested in buying a piece of paper than a piece of the $7.4 billion deal.
|
|
|
|
|
|