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Hitachi to close Mexico plant, shed jobs
Mar 21 2007 11:53PM (CT)
TOKYO (AP) - Japanese electronics maker Hitachi Ltd. said Thursday it will close a factory in Mexico and shed about 4,400 jobs as part of a global overhaul of its slumping hard disk drive business.
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Businessman says Black knowledgeable
Mar 21 2007 8:49PM (CT)
CHICAGO (AP) - A businessman who steered the big Hollinger newspaper empire through a storm of lawsuits and investigations testified Wednesday that former media mogul Conrad Black "was very knowledgeable" about the finances of the company he's accused of swindling out of $84 million.
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Motorola replaces CFO, slashes outlook
Mar 21 2007 8:35PM (CT)
CHICAGO (AP) - Motorola Inc. replaced its chief financial officer Wednesday in a shake-up of top management as it slashed its first-quarter forecast, blaming weaker-than-expected revenue from its cell-phone unit. Still reeling from sales and profit problems that emerged in the fourth quarter, the company said it now expects to report a first-quarter loss because of what Chairman and CEO Ed Zander called an "unacceptable" performance by its mobile device business.
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FedEx 3Q earnings dip 2 pct. on slowdown
Mar 21 2007 8:29PM (CT)
MEMPHIS, Tenn. (AP) - FedEx Corp. reported a 2 percent drop in third-quarter earnings Wednesday, blaming the decline largely on an economic slowdown that tested the company's ability to quickly adjust costs. The shipping company said it also will have to struggle to keep up with a long-range goal of 10 percent to 15 percent growth a year in per share earnings.
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Morgan Stanley-Perelman judgment flipped
Mar 21 2007 8:28PM (CT)
NEW YORK (AP) - Morgan Stanley Inc. on Wednesday won a reversal of a $1.58 billion verdict handed to billionaire Ron Perelman for misleading him in a deal to sell Coleman Co. to Sunbeam Corp. The Florida Court of Appeal in West Palm Beach ruled that the New York-based investment bank was punished unfairly for destroying e-mails involved in the transaction. The latest decision will be appealed in a case that could end up in the Florida Supreme Court.
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Tweeter to close one-third of its stores
Mar 21 2007 8:15PM (CT)
BOSTON (AP) - Tweeter Home Entertainment Group Inc. will close 49 of its 153 stores over the next eight weeks and lay off about 650 workers as the firm restructures to target customers who want high-end audio and video systems and custom installation, company officials said Wednesday.
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Fed holds the line on interest rates
Mar 21 2007 8:01PM (CT)
WASHINGTON (AP) - The Federal Reserve held interest rates steady on Wednesday and raised the possibility they could be cut in the months ahead, igniting a rally on Wall Street where investors are thirsting for a reduction. Fed Chairman Ben Bernanke and his central bank colleagues left an important interest rate unchanged at 5.25 percent, the sixth straight meeting without budging the rate. The decision was unanimous.
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Broadcom urges ban on Qualcomm chips
Mar 21 2007 5:29PM (CT)
WASHINGTON (AP) - The chief executive of Broadcom Corp. urged a government panel Wednesday to bar imports of cell phones that include chips made by Qualcomm Inc. that infringe on its patents. Appearing before the U.S. International Trade Commission, Scott McGregor and other Broadcom representatives said that such a ban would not hurt consumers, disrupt the wireless telecommunications market, or threaten public safety, as Qualcomm and its supporters have argued.
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Crude prices rise slightly
Mar 21 2007 4:40PM (CT)
NEW YORK (AP) - Crude oil prices edged higher Wednesday after the U.S. government said gasoline inventories dropped for the sixth straight week, keeping worries alive that supplies will be tight going into the peak driving season.
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Stocks soar on Fed economic statement
Mar 21 2007 3:51PM (CT)
NEW YORK (AP) - Wall Street rallied sharply Wednesday after an economic assessment by the Federal Reserve ignited hopes that the central bank has warmed to the idea of lowering short-term interest rates.
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Stocks soar on Fed economic statement
Mar 21 2007 3:51PM (CT)
NEW YORK (AP) - Wall Street rallied sharply Wednesday after an economic assessment by the Federal Reserve ignited hopes that the central bank has warmed to the idea of lowering short-term interest rates.
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Esmark has interest in Md. steel mill
Mar 21 2007 3:50PM (CT)
HAGERSTOWN, Md. (AP) - Esmark Inc., a privately held steelmaker based near Chicago, has "expressed interest" to Mittal Steel Co. in buying its Sparrows Point mill near Baltimore, Esmark President Craig T. Bouchard said Wednesday.
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Esmark has interest in Md. steel mill
Mar 21 2007 3:50PM (CT)
HAGERSTOWN, Md. (AP) - Esmark Inc., a privately held steelmaker based near Chicago, has "expressed interest" to Mittal Steel Co. in buying its Sparrows Point mill near Baltimore, Esmark President Craig T. Bouchard said Wednesday.
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Morgan Stanley 1Q profit up 69 percent
Mar 21 2007 3:37PM (CT)
NEW YORK (AP) - Morgan Stanley Inc., the second-biggest investment bank on Wall Street, said Wednesday its fiscal first-quarter profit soared 69 percent on robust trading and strong advisory fees from stock and bond underwriting.
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Morgan Stanley 1Q profit up 69 percent
Mar 21 2007 3:37PM (CT)
NEW YORK (AP) - Morgan Stanley Inc., the second-biggest investment bank on Wall Street, said Wednesday its fiscal first-quarter profit soared 69 percent on robust trading and strong advisory fees from stock and bond underwriting.
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Sirius promises lower prices in XM combo
Mar 21 2007 2:37PM (CT)
NEW YORK (AP) - Sirius Satellite Radio Inc. is promising more programming choices and lower pricing options as part of an effort to convince federal regulators to approve its proposed acquisition of rival XM Satellite Radio Holdings Inc.
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Firm can't say why pet food is fatal
Mar 21 2007 2:16PM (CT)
WASHINGTON (AP) - The pet food linked to the deaths of 16 animals has shown no signs of contamination, the manufacturer says, and the company cannot explain why the cats and dog developed acute kidney failure and died.
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Sago Mine where 12 died is idled in W.V.
Mar 21 2007 1:16PM (CT)
CHARLESTON, W.Va. (AP) - The owner of the Sago Mine, where 12 men died after an explosion last year, said Wednesday it has idled the coal operation because of high production costs and weak prices.
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New Total CEO quizzed on Iran contracts
Mar 21 2007 1:07PM (CT)
PARIS (AP) - The new CEO of French oil giant Total SA was being held for questioning Wednesday in an investigation into the group's activities in Iran, the latest legal challenge for the company and its embattled chief.
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New Total CEO quizzed on Iran contracts
Mar 21 2007 1:07PM (CT)
PARIS (AP) - The new CEO of French oil giant Total SA was being held for questioning Wednesday in an investigation into the group's activities in Iran, the latest legal challenge for the company and its embattled chief.
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Treasury bond prices lower at midmorning
Mar 21 2007 10:21AM (CT)
NEW YORK (AP) - Treasury bond prices were somewhat lower midmorning Wednesday, as investors pared back bullish bets ahead of the afternoon's Federal Open Market Committee meeting.
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Oracle's 3Q profit rises 35 percent
Mar 21 2007 9:22AM (CT)
SAN FRANCISCO (AP) - Business software maker Oracle Corp. has a tough act to follow as it tackles the biggest quarter of its fiscal year.
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Oracle's 3Q profit rises 35 percent
Mar 21 2007 9:22AM (CT)
SAN FRANCISCO (AP) - Business software maker Oracle Corp. has a tough act to follow as it tackles the biggest quarter of its fiscal year.
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Adobe raises estimate after 1Q surge
Mar 21 2007 9:20AM (CT)
SAN FRANCISCO (AP) - Adobe Systems Inc. executives are raising profit guidance after the company easily exceeded Wall Street expectations with a 37 percent surge in first-quarter profit.
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Chinese shares close at record high
Mar 21 2007 8:26AM (CT)
SHANGHAI (AP) - Chinese stocks rose to a record Wednesday, marking a complete recovery from their late February swoon that sparked a selloff in global financial markets.
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Dollar little changed in Europe
Mar 21 2007 6:21AM (CT)
BERLIN (AP) - The dollar was mixed against other major currencies on Wednesday before the Federal Reserve's verdict on interest rates.
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Probe of BP plant blast cites oversight
Mar 21 2007 3:03AM (CT)
TEXAS CITY, Texas (AP) - Overly lax federal oversight and cost-cutting by BP were factors in a 2005 explosion at the oil giant's Texas City refinery that killed 15 people and injured 170, the worst U.S. industrial accident since 1990, a government report found.
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General Motors' OnStar to work with CDC
Mar 21 2007 12:08AM (CT)
WASHINGTON (AP) - General Motors Corp.'s OnStar service is working with the Centers for Disease Control and Prevention to help emergency responders more effectively treat crash victims.
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