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Shipping co. to pay $6.5M for oil dumping
Mar 22 2006 11:44PM (CT)
NEWARK, N.J. (AP) - A Singapore shipping company pleaded guilty Wednesday to seven felony charges and must pay $6.5 million in fines after a ship crew dumped oil sludge and oil-contaminated waste into the ocean, federal authorities said.
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Japanese stocks rise on Wall Street gains
Mar 22 2006 10:56PM (CT)
TOKYO (AP) - Japanese stocks rose Thursday morning following earlier gains on Wall Street, lifted by retailers, autos and electronics shares. The dollar slipped against the yen.
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Sovereign, investor agree to settle fight
Mar 22 2006 10:45PM (CT)
PHILADELPHIA (AP) - Sovereign Bancorp Inc. and its largest shareholder reached a settlement Wednesday to resolve a six-month legal battle that arose from a pair of multibillion-dollar deals.
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GM, Delphi offer buyouts, early retirement
Mar 22 2006 9:34PM (CT)
DETROIT (AP) - In one of the largest buyout programs ever, more than 125,000 hourly workers of General Motors Corp. and auto supplier Delphi Corp. are being offered up to $140,000 to give up their jobs to help cut the companies' crippling labor costs.
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Adobe 1Q profit declines on acquisition
Mar 22 2006 8:59PM (CT)
SAN FRANCISCO (AP) - Adobe Systems Inc., which makes software such as Acrobat for creating digital documents, said Wednesday its first-quarter profit fell 31 percent, due largely to expenses from its acquisition of Macromedia.
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Approval of Netflix settlement is delayed
Mar 22 2006 8:57PM (CT)
SAN FRANCISCO (AP) - A judge on Wednesday delayed approval of a proposed class-action settlement that would require Netflix Inc. to offer a free month of DVD rentals to resolve a lawsuit that prompted the popular online service to acknowledge it gives preferential treatment to its most profitable customers.
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US Airways extends maintenance lease
Mar 22 2006 8:35PM (CT)
PITTSBURGH (AP) - US Airways said Wednesday it will extend a lease to continue aircraft maintenance at Pittsburgh International Airport by five years, a move expected to keep more than 1,000 jobs in the region.
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KB Home 1Q profit soars on higher revenues
Mar 22 2006 7:56PM (CT)
LOS ANGELES (AP) - KB Home, one of the nation's biggest homebuilders, said Wednesday that its fiscal first-quarter profit rose 42 percent on higher revenues and improved margins, but reported a 12 percent drop in net home orders.
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Pepsi, Coke settle suit over Powerade ad
Mar 22 2006 7:41PM (CT)
ATLANTA (AP) - The Coca-Cola Co. and a subsidiary of its chief rival, PepsiCo Inc., have reached a settlement in a lawsuit over an advertising campaign for Coke's Powerade Option sports drink.
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Former prosecutor drops in on Enron trial
Mar 22 2006 7:29PM (CT)
HOUSTON (AP) - The man who brought the indictment against former Enron Corp. Chief Executive Jeffrey Skilling visited his fraud and conspiracy trial Wednesday with a slew of law students in tow.
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British Airways to close 4 call centers
Mar 22 2006 7:22PM (CT)
ST. JOHN'S, Antigua (AP) - British Airways PLC will close its four call centers in the Caribbean due to reduced demand for the services and to the growth of the Internet, a company official said Wednesday.
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Glisan: Lay worried about Enron problems
Mar 22 2006 7:14PM (CT)
HOUSTON (AP) - Enron Corp. founder Kenneth Lay worried in 2001 that the company's mounting financial problems would jeopardize its credit rating and inquired about managing its accounting to avoid a downgrade, a former Enron treasurer testified Wednesday.
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Delta pilots union affirms strike promise
Mar 22 2006 7:14PM (CT)
WASHINGTON (AP) - The head of the pilots union at embattled Delta Air Lines Inc. affirmed Wednesday the union's promise to strike if pay cuts are imposed on the 6,000 pilots while urging the two sides to reach agreement.
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CBS inks deal to appear in supermarkets
Mar 22 2006 6:55PM (CT)
NEW YORK (AP) - As TV viewing habits evolve, networks are constantly trying new ways to reach viewers, through the Internet, video iPods, and on-demand services from cable providers. Next up: the produce aisle.
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Exxon moves to halt oil field production
Mar 22 2006 6:12PM (CT)
CARACAS, Venezuela (AP) - Exxon Mobil Corp. is moving to temporarily halt production at a Venezuelan oil field amid problems in getting the state oil company to transport crude being pumped there to market, the company said Wednesday.
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Dairy co-op warns milk supply hurts prices
Mar 22 2006 6:04PM (CT)
KANSAS CITY, Mo. (AP) - U.S. dairies are selling more milk but at much lower prices, creating a tough economic environment for the coming year, the nation's largest dairy network warned members at its annual meeting.
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YRC Worldwide reduces 1Q expectations
Mar 22 2006 6:02PM (CT)
KANSAS CITY, Mo. (AP) - Trucking company YRC Worldwide Inc. lowered its expectations for the first quarter on Wednesday, saying smaller volumes and cost overruns were cutting into the bottom line.
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Scientist: Merck didn't try to hide data
Mar 22 2006 5:56PM (CT)
ATLANTIC CITY, N.J. (AP) - A scientist who helped develop the painkiller Vioxx rejected assertions by a plaintiff's lawyer Wednesday that Merck & Co. actively tried to conceal from regulators unfavorable data about the popular arthritis drug's potential heart safety problems.
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Longer-dated bond prices rise
Mar 22 2006 5:46PM (CT)
NEW YORK (AP) - Longer-dated bond prices rose slightly Wednesday, and their yields slipped a little further below those seen on their shorter-dated counterparts.
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Marketers see TV ads as less effective
Mar 22 2006 5:34PM (CT)
NEW YORK (AP) - Nearly four in five marketers surveyed believe that television advertising is less effective than it was just two years ago, according to a study released Wednesday.
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Drugmaker to fight medicine counterfeiting
Mar 22 2006 5:27PM (CT)
RESEARCH TRIANGLE PARK, N.C. (AP) - GlaxoSmithKline PLC will fight counterfeiting of an HIV medication by tagging each medicine bottle with a tiny radio beacon, the pharmaceutical company said Wednesday.
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Spek fears low sales on Ambien publicity
Mar 22 2006 5:16PM (CT)
NEW YORK (AP) - A senior Sanofi-Aventis SA executive said he fears the negative publicity over bizarre side effects tied to the sleeping pill Ambien will hurt the drug's sales.
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Bristol-Myers, Sanofi-Aventis shares up
Mar 22 2006 5:13PM (CT)
NEW YORK (AP) - Shares of Bristol-Myers Squibb Co. and partner Sanofi-Aventis SA jumped Wednesday after the two drugmakers agreed to settle a patent challenge to the blood thinning drug Plavix.
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Lufthansa taps Gemkow to be company CFO
Mar 22 2006 5:09PM (CT)
FRANKFURT, Germany (AP) - German airline Lufthansa AG said Wednesday that the chief financial officer of its cargo unit will become CFO for the entire company.
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NitroMed says talk of buyout is premature
Mar 22 2006 4:59PM (CT)
LEXINGTON, Mass. (AP) - The new interim CEO of NitroMed Inc., maker of a heart-failure drug approved only for black patients, said Wednesday it was premature to consider a buyout of the company, which became the subject of takeover rumors after two top executives suddenly resigned.
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Nextest Systems stock up in trading debut
Mar 22 2006 4:52PM (CT)
WASHINGTON (AP) - Shares of Nextest Systems Corp. climbed Wednesday, in the semiconductor-test equipment maker's trading debut on the Nasdaq Stock Market.
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New York Times expects lower 1Q profits
Mar 22 2006 4:51PM (CT)
NEW YORK (AP) - The New York Times Co. said Wednesday that it expects lower profits in the first quarter and reported uneven advertising results for February amid weakness at its New England media group, which includes The Boston Globe.
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Financier to be resentenced for theft
Mar 22 2006 4:49PM (CT)
NEW HAVEN, Conn. (AP) - Financier Martin Frankel, sentenced to 16 years in federal prison for masterminding a scheme to loot insurance companies of more than $200 million, is scheduled to be resentenced Thursday to comply with a U.S. Supreme Court ruling on sentencing guidelines.
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Bank of America, China bank cut ATM fees
Mar 22 2006 4:48PM (CT)
CHARLOTTE, N.C. (AP) - Bank of America Corp. has reached a deal with a Chinese bank to offer both of their customers free ATM access while they're traveling abroad.
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Wednesday's commodities roundup
Mar 22 2006 4:48PM (CT)
NEW YORK (AP) - Silver prices fell Wednesday after hitting a contract high, stalling when they couldn't break through key levels.
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Nike 3Q net income tops views; shares up
Mar 22 2006 4:45PM (CT)
BEAVERTON, Ore. (AP) - Nike Inc. easily cruised past Wall Street's forecast in its last quarter as net income jumped 19 percent in the first report under its new chief executive.
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FedEx posts 35 percent rise in 3Q profit
Mar 22 2006 4:39PM (CT)
MEMPHIS, Tenn. (AP) - Shipping company FedEx Corp. on Wednesday said its profit rose 35 percent in the third quarter, lifted by continued growth of business abroad and holding down costs.
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Morgan Stanley 1Q net income up to $1.64B
Mar 22 2006 4:35PM (CT)
NEW YORK (AP) - Net income at Wall Street firm Morgan Stanley rose 17 percent in its fiscal first quarter on record revenues stemming from growth in both investment banking and fixed-income trading.
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Morgan Stanley posts record 1Q revenue
Mar 22 2006 4:28PM (CT)
NEW YORK (AP) - Morgan Stanley became the fourth major investment bank to post record first-quarter revenue _ and the latest beneficiary of the stock market's strong start to 2006.
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Gap to add five Forth & Towne stores
Mar 22 2006 4:26PM (CT)
NEW YORK (AP) - Gap Inc., encouraged by strong response from its new store concept called Forth & Towne aimed at the baby boomer customer, plans to add stores in five new markets this fall.
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U.S. to finish revising fuel economy rules
Mar 22 2006 4:09PM (CT)
WASHINGTON (AP) - Focusing on better gas mileage, the Bush administration is expected to complete its overhaul of fuel economy rules for pickup trucks, minivans and most sport utility vehicles next week.
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Group sees lower losses for airlines
Mar 22 2006 3:56PM (CT)
WASHINGTON (AP) - Higher fares and lower labor costs will help the global airline industry combat soaring jet-fuel prices and trim its losses in 2006, an industry group said Wednesday.
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Oil futures fall, dragged down by gasoline
Mar 22 2006 3:29PM (CT)
WASHINGTON (AP) - Crude-oil futures fell Wednesday, dragged down by a steep drop in gasoline, even though fresh U.S. government data showed domestic supplies of oil and gasoline shrank last week.
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Delphi, GM offers get mixed reception
Mar 22 2006 3:23PM (CT)
LANSING, Mich. (AP) - Buyout deals being offered to UAW members at General Motors Corp. and auto parts supplier Delphi Corp. are getting a favorable reception from some workers.
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Caterpillar CEO assails anti-China tariffs
Mar 22 2006 3:17PM (CT)
ROSEMONT, Ill. (AP) - Caterpillar Inc. CEO Jim Owens said Wednesday that protectionists in Congress who want to "bully" China by imposing a tariff on Chinese imports risk serious global economic consequences if they succeed.
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Medical devices gathered from crematorium
Mar 22 2006 3:14PM (CT)
MINNEAPOLIS (AP) - Law firms pressing legal cases against medical device makers took their quest for evidence to an unusual place: a crematorium.
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Coca-Cola disappears in Zimbabwe
Mar 22 2006 3:11PM (CT)
HARARE, Zimbabwe (AP) - For the first time in at least 40 years, supplies of Coca Cola dried up Wednesday in yet another sign of crippling economic crisis in Zimbabwe, where people suffer acute bread shortages and farmers warn that worse is yet to come.
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Samsung executives agree to guilty pleas
Mar 22 2006 2:48PM (CT)
SAN FRANCISCO (AP) - Three executives from South Korea's Samsung Electronics Co. Ltd. agreed to plead guilty and serve jail time for participating in a conspiracy to fix the price of computer memory chips, the U.S. Justice Department said Wednesday.
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Treasury chief: Britain economy is strong
Mar 22 2006 2:42PM (CT)
LONDON (AP) - British Treasury chief Gordon Brown said the country's economy is growing, with inflation on target, as he presented his 10th annual budget Wednesday.
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Cyclone ruins Australia banana farmers
Mar 22 2006 2:39PM (CT)
INNISFAIL, Australia (AP) - Plantation owner Kerry Alcock roamed his fields, machete in hand, seeking to salvage what he could of his banana crop. When he finds a heavy bunch still fit to sell amid the tangle of debris covering his plantation, the 58-year-old lugs it out on his back _ a method he hasn't used since his youth.
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EU closes dispute with Premier League
Mar 22 2006 2:34PM (CT)
BRUSSELS, Belgium (AP) - The European Union closed a long-standing antitrust dispute with England's Premier League on Wednesday, forcing one the of richest leagues in the world to stop selling the rights to its live soccer matches exclusively to one TV channel.
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Three ex-Yukos workers charged in Russia
Mar 22 2006 2:08PM (CT)
MOSCOW (AP) - Russian prosecutors said Wednesday they have charged three former employees of the shattered Yukos oil company, one of them a Spanish passport-holder, with money laundering and theft.
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Workers riot at site of Dubai skyscraper
Mar 22 2006 2:07PM (CT)
DUBAI, United Arab Emirates (AP) - Asian workers angered by low salaries and mistreatment smashed cars and offices in a riot that interrupted construction Wednesday of what is meant to be the world's tallest skyscraper _ including a luxury hotel run by Giorgio Armani.
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Luxembourg panel backs changes to rules
Mar 22 2006 2:06PM (CT)
BRUSSELS, Belgium (AP) - The finance committee in Luxembourg's national parliament unanimously backed changes to takeover rules Wednesday that could affect Mittal Steel Co.'s 19 billion euro ($23 billion) unsolicited buyout offer for Luxembourg-based Arcelor SA.
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ITV rejects private equity consortium bid
Mar 22 2006 1:19PM (CT)
LONDON (AP) - ITV PLC, Britain's largest independent land-based broadcaster, said Wednesday it had rejected a bid from a private equity consortium for a controlling stake in the company.
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EU leaders set to clash over energy policy
Mar 22 2006 1:01PM (CT)
BRUSSELS, Belgium (AP) - European Union leaders appeared headed for a clash over crafting a joint energy policy at their summit starting Thursday, amid protectionist sniping over the shielding of national oil and gas companies from takeovers.
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EU agrees to cut several import tariffs
Mar 22 2006 1:00PM (CT)
GENEVA (AP) - The United States and European Union on Wednesday agreed to cut several tariffs for U.S. farm and industrial goods being exported to 10 countries that joined the EU in 2004.
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Tokyo Stock Exchange to invest 62B yen
Mar 22 2006 12:53PM (CT)
TOKYO (AP) - The Tokyo Stock Exchange, still reeling from a recent computer overload and embarrassing computer glitch, said Wednesday it will spend 62 billion yen ($531.5 million) to strengthen its trading system.
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France proposes draft law on nuclear waste
Mar 22 2006 12:46PM (CT)
PARIS (AP) - The French government submitted a draft law to parliament Wednesday on how to deal with nuclear waste, angering environmental groups with proposed measures to bury radioactive refuse.
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Nabi Biopharma shares rise
Mar 22 2006 12:41PM (CT)
NEW YORK (AP) - Shares of Nabi Biopharmaceuticals climbed Wednesday, after the company said it will continue developing two drugs targeting gram-positive bacterial infections, such as staph infections, after an outside advisery panel assessed the prospects for the products.
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CEO says Progress Energy not being shopped
Mar 22 2006 12:34PM (CT)
RALEIGH, N.C. (AP) - Progress Energy CEO Robert McGehee has told the energy company's 11,600 employees that top managers are not shopping the company to potential buyers.
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SMART Papers seeks Chapter 11 protection
Mar 22 2006 12:19PM (CT)
HAMILTON, Ohio (AP) - SMART Papers LLC has filed for Chapter 11 bankruptcy protection, blaming rising costs for energy, wood fiber and transportation, the specialty papers company said on Wednesday.
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French clothing magnate Lacoste dies
Mar 22 2006 11:33AM (CT)
PARIS (AP) - Bernard Lacoste, who spent more than 40 years at the helm of the Lacoste clothing empire best known for its crocodile-embossed polo shirts, has died, the company said Wednesday. He was 74.
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Bertelsmann says 2005 net profit dips
Mar 22 2006 8:18AM (CT)
BERLIN (AP) - Bertelsmann AG, Europe's largest media company and parent of book-publisher Random House, on Wednesday reported a dip in full-year profit and said a decision on whether to take the company public could come as soon as May.
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Teco says TV-panel patent dispute settled
Mar 22 2006 8:07AM (CT)
TAIPEI, Taiwan (AP) - Taiwanese home appliances maker Teco Electric & Machinery Co. said on Wednesday its Japanese unit has settled a patent dispute brought against it by Japan's Sharp Corp. Terms of the settlement were not disclosed.
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Barents Sea well fails to strike oil
Mar 22 2006 8:01AM (CT)
OSLO, Norway (AP) - A closely watched oil exploration well project in the Barents Sea was a disappointment, with no recoverable petroleum, the Norwegian Petroleum Directorate said Wednesday.
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China to tax luxury goods
Mar 22 2006 7:57AM (CT)
SHANGHAI, China (AP) - China has announced several new sales taxes, on goods ranging from disposable wooden chopsticks to luxury items such as yachts, citing a need to protect the environment and redress the gap between rich and poor.
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Germany's Siemens names CFO, tech officer
Mar 22 2006 7:35AM (CT)
BERLIN (AP) - German industrial conglomerate Siemens AG on Wednesday said it is replacing its chief financial and chief technology officers as part of an overhaul of its management board.
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Makers of MS drug say FDA delaying verdict
Mar 22 2006 7:26AM (CT)
DUBLIN, Ireland (AP) - The Irish and U.S. manufacturers of a suspended multiple sclerosis drug said Wednesday that American regulators have delayed until June their decision on whether to permit Tysabri to return to the market.
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China, Russia seek more oil cooperation
Mar 22 2006 5:27AM (CT)
BEIJING (AP) - Russia and China pledged Wednesday to cooperate more closely in producing oil and gas, and the Russian president vowed to go forward with a much-anticipated pipeline to carry Siberian oil to fuel China's booming economy.
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Mushroom trade grows along Calif. coast
Mar 22 2006 5:18AM (CT)
LOS ANGELES (AP) - Doug Stenger pulled the lid from a small cardboard box of chanterelle mushrooms in a chilly storage room. Inside was a jumble of the knotted, fleshy lumps that command nearly $20 a pound from restaurants and upscale markets this time of year.
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Wal-Mart targeting upscale shoppers
Mar 22 2006 2:52AM (CT)
PLANO, Texas (AP) - Wal-Mart Stores Inc. has overcome its rural roots and downscale image to attract affluent shoppers, but executives admit that many of those well-heeled consumers come only for cheap groceries and steer clear of the other merchandise.
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China Aviation ex-CEO's jailed
Mar 22 2006 1:29AM (CT)
SINGAPORE (AP) - The convicted former chief executive of China Aviation Oil (Singapore) Ltd. began his prison term immediately on Tuesday after prosecutors objected to a three-week deferment that had initially been granted to him.
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