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Analysts: GM buyouts may not stop slide
Mar 23 2006 11:49PM (CT)
DETROIT (AP) - General Motors Corp. has big plans to become a smaller company, and tried to prove it this week by offering buyouts to more than 100,000 workers and selling a majority stake in its commercial mortgage division.
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Lucent and Alcatel in merger talks, again
Mar 23 2006 11:46PM (CT)
MURRAY HILL, N.J. (AP) - Lucent Technologies Inc. and French telecom equipment maker Alcatel SA are discussing a merger in what could be the start of consolidation among the companies that help power telephone and Internet networks.
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Tim Hortons raises nearly $672M in IPO
Mar 23 2006 10:47PM (CT)
COLUMBUS, Ohio (AP) - Canadian coffee and doughnut chain Tim Hortons Inc. raised nearly $672 million Thursday in its initial public offering as the chain prepares to fully separate later this year from its corporate parent, Wendy's.
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Go! airlines debuts, sparking airfare war
Mar 23 2006 10:28PM (CT)
HONOLULU (AP) - A new interisland carrier Thursday began selling one-way fares on its Web site for $39, sparking an airfare war in Hawaii.
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Former financier resentenced to prison
Mar 23 2006 10:15PM (CT)
NEW HAVEN, Conn. (AP) - A federal judge ordered Martin Frankel on Thursday to serve the same sentence he got in 2004 for stealing $200 million from insurance companies _ nearly 17 years in a federal prison.
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Sarbanes counters critics of 2002 law
Mar 23 2006 9:33PM (CT)
WASHINGTON (AP) - Sen. Paul Sarbanes, D-Md., offered his most sweeping defense of a law he co-authored following the collapse of Enron Corp. and suggested that current efforts to roll back the law are on shaky legal footing.
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S&P to add Google to index; stock climbs
Mar 23 2006 9:12PM (CT)
SAN FRANCISCO (AP) - Google Inc.'s stock will be added to the Standard & Poor's 500 index, a long-anticipated rite of passage that lifted the online search engine leader's recently sagging shares.
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U.S., Venezuela reach deal to avoid ban
Mar 23 2006 8:51PM (CT)
CARACAS, Venezuela (AP) - The United States and Venezuela have reached a temporary agreement that will avoid a proposed ban on flights by most U.S. airlines to the South American country, the U.S. ambassador said.
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Palm's 3Q profits soar, beat expectations
Mar 23 2006 8:25PM (CT)
SAN JOSE, Calif. (AP) - Palm Inc. on Thursday said profits surged in its fiscal third quarter, fueled by strong shipments of its Treo smart phones.
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Delta, union ordered to start negotiating
Mar 23 2006 7:15PM (CT)
WASHINGTON (AP) - The head of an arbitration panel on Thursday ordered the management and pilots union at Delta Air Lines Inc. to immediately begin negotiating for an agreement to avoid a collapse of the 77-year-old airline.
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Lawyer cross-examines ex-Enron treasurer
Mar 23 2006 7:06PM (CT)
HOUSTON (AP) - The government's last major witness in the Enron fraud and conspiracy trial backpedaled Thursday when grilled about his assertion that former Chief Executive Officer Jeffrey Skilling approved the use of a fraudulent financial structure.
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Woman: Failed defibrillator killed spouse
Mar 23 2006 7:02PM (CT)
MINNEAPOLIS (AP) - As she paid her last respects to her husband, Kathleen Gohde was shocked to hear a beeping sound coming from his chest when she leaned down to give him a final goodbye hug and kiss.
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Venezuela to cut size of oil drill areas
Mar 23 2006 6:51PM (CT)
CARACAS, Venezuela (AP) - Private oil companies that won 32 operating contracts in the 1990s will see drilling acreage included in the original contracts cut by 60 percent under a proposed law, Oil Minister Rafael Ramirez said Thursday.
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Britannica fires back at Nature article
Mar 23 2006 6:45PM (CT)
CHICAGO (AP) - Encyclopaedia Britannica has completed an exhaustive research article on an unlikely new topic _ questions about its accuracy. The publisher's verdict: It was wronged.
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Schering accepts $19.5B offer from Bayer
Mar 23 2006 6:37PM (CT)
BERLIN (AP) - German pharmaceutical and chemical company Bayer AG said Thursday it would make a 16.3 billion euro ($19.5 billion) white-knight offer for Schering AG, whose management said it would accept the offer over a hostile bid from Merck KgA.
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Northwest issues disclosure of stock sale
Mar 23 2006 6:36PM (CT)
MINNEAPOLIS (AP) - Bankrupt Northwest Airlines Corp. has disclosed that one of its executives sold the last of his company stock months ago, in May 2005.
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GM sells majority interest in division
Mar 23 2006 6:34PM (CT)
DETROIT (AP) - General Motors Corp., struggling with big losses, slow sales and high labor costs, said Thursday it sold a majority interest in its commercial mortgage division in a deal worth $9 billion that gives its finance arm a boost as it prepares for its own sale.
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Ex-Qwest execs oppose settlement of suits
Mar 23 2006 6:17PM (CT)
DENVER (AP) - Two former Qwest executives have asked a federal judge to reject a $400 million proposed settlement of shareholder lawsuits stemming from an accounting scandal, saying it would bar them from seeking indemnification as they work to settle the claims.
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U.S. urges China to address trade tensions
Mar 23 2006 6:11PM (CT)
WASHINGTON (AP) - The Bush administration told China on Thursday that it will be looking for concrete actions to lower trade tensions between the two nations in advance of a U.S. visit next month by Chinese President Hu Jintao.
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Ex-Sovereign critic joins company's board
Mar 23 2006 5:57PM (CT)
PHILADELPHIA (AP) - Sovereign Bancorp Inc., the nation's third-largest thrift, is welcoming a formerly fierce critic as its newest director after reaching a deal to end a long battle with its largest shareholder.
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Hannover Re posts 4Q net loss of $15.2M
Mar 23 2006 5:30PM (CT)
BERLIN (AP) - Hannover Re AG said Thursday that its exposure to Hurricane Wilma last fall caused a fourth-quarter net loss, but the reinsurance company managed to turn a profit for the whole of 2005.
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SEC probes Mills accounting practices
Mar 23 2006 5:20PM (CT)
RICHMOND, Va. (AP) - The Mills Corp., best known for its sprawling shopping centers, says federal regulators are now formally investigating its accounting practices.
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Swatch 2005 profit increases 21 percent
Mar 23 2006 5:18PM (CT)
BIEL, Switzerland (AP) - The world's largest watchmaker, Swatch Group AG, said Thursday its 2005 profit rose 21 percent on strong performance in its core watch and jewelry units.
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Arbitrator rules for Medtronic in dispute
Mar 23 2006 5:16PM (CT)
FRIDLEY, Minn. (AP) - An arbitrator has ruled in favor of Medtronic Inc. in a patent dispute with Johnson & Johnson over the design of its stents, the tiny wire metal mesh used to prop open arteries.
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Allergan closes acquisition of Inamed
Mar 23 2006 5:13PM (CT)
IRVINE, Calif. (AP) - Botox-maker Allergan Inc. said Thursday it completed its $3.2 billion acquisition of specialty pharmaceutical device manufacturer Inamed Corp.
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Gannett sees 1Q profit at low end of range
Mar 23 2006 5:12PM (CT)
MCLEAN, Va. (AP) - Gannett Co., the largest newspaper publisher in the country, said Thursday it expects to report first-quarter earnings at the low end of Wall Street estimates.
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Carnival 1Q profit falls; shares decline
Mar 23 2006 5:10PM (CT)
MIAMI (AP) - Carnival Corp., the world's largest cruise operator, reported Thursday its first-quarter profit fell 19 percent, weighed by a spike in fuel costs.
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General Mills 3Q profit climbs 7 percent
Mar 23 2006 5:08PM (CT)
MINNEAPOLIS (AP) - General Mills Inc., the nation's second-largest cereal maker, said Thursday its third-quarter profit rose 7 percent, beating Wall Street estimates, even as operating profit was flat in its largest divisions.
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Adobe Systems stock down on 1Q profit drop
Mar 23 2006 5:04PM (CT)
SAN FRANCISCO (AP) - Shares of Adobe Systems Inc. fell Thursday after the software maker said its first-quarter profit fell 31 percent, a drop it blamed largely on expenses stemming from its acquisition of Macromedia.
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ConAgra Foods reports $31.7M loss for 3Q
Mar 23 2006 5:01PM (CT)
OMAHA, Neb. (AP) - Packaged food company ConAgra Foods Inc. on Thursday reported a loss of $31.7 million for the third quarter because of one-time charges related to the restructuring plan it announced last week.
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Thursday's commodities roundup
Mar 23 2006 4:56PM (CT)
NEW YORK (AP) - Silver prices rose Thursday, with more follow-through buying occurring in the wake of a ruling earlier in the week from the Securities and Exchange Commission allowing a silver exchange-traded fund to list on the American Stock Exchange.
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Retail money funds rise in latest week
Mar 23 2006 4:49PM (CT)
NEW YORK (AP) - Assets of the nation's retail money market mutual funds rose by $3.53 billion in the latest week to $859.96 billion, the Investment Company Institute said Thursday.
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Harley-Davidson to open China dealership
Mar 23 2006 4:33PM (CT)
MILWAUKEE (AP) - Harley-Davidson Inc. will open its first dealership in China next month, marking its entry into the burgeoning economy.
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Amex to vote on taking for-profit status
Mar 23 2006 4:31PM (CT)
NEW YORK (AP) - The American Stock Exchange has taken the first step in transforming itself into a publicly traded company, and plans to ask its seat owners to vote on becoming a for-profit exchange.
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Oil prices rise more than $2 per barrel
Mar 23 2006 4:20PM (CT)
WASHINGTON (AP) - Oil prices shot up by more than $2 a barrel Thursday in what some analysts described as a delayed reaction to U.S. government data released the previous day that showed shrinking domestic supplies.
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EU leaders discuss ways to boost economy
Mar 23 2006 3:49PM (CT)
BRUSSELS, Belgium (AP) - European Union leaders tried to get past their protectionist squabbling Thursday to work out cooperative ways to boost Europe's economy and ensure energy supplies.
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The Economist names Micklethwait editor
Mar 23 2006 3:46PM (CT)
NEW YORK (AP) - The Economist has named John Micklethwait as its new editor, effective immediately. He replaced Bill Emmott, who retired from the post last month after 13 years to write books.
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Union-backed group to bid for 12 KR papers
Mar 23 2006 3:09PM (CT)
NEW YORK (AP) - An investment firm working with a union of newspaper employees plans to submit a bid for all 12 newspapers that The McClatchy Co. is selling as part of its acquisition of Knight Ridder Inc., an adviser for the firm said Thursday.
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Young's Wal-Mart PR job puzzles activists
Mar 23 2006 3:07PM (CT)
DECATUR, Ga. (AP) - At the grand opening of a Wal-Mart in a black suburb of Atlanta, civil rights leader Andrew Young danced with store clerks, bouncing to the song "We Are Family."
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Ex-Novartis sales rep sues over labor laws
Mar 23 2006 2:57PM (CT)
NEW YORK (AP) - A former Novartis sales representative filed a lawsuit on Thursday against the Swiss drug company seeking $225 million for herself and others whom she alleges were denied overtime pay.
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Clarification: All Business column
Mar 23 2006 2:44PM (CT)
NEW YORK (AP) - In a March 22 column about companies that have been forced to correct inaccurate or improper accounting more than once, The Associated Press reported that American International Group Inc. restated its results twice during 2005 and then filed a third restatement in March 2006.
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Yukos: $3B in promissory notes stolen
Mar 23 2006 1:39PM (CT)
MOSCOW (AP) - Russian oil company OAO Yukos said Thursday that promissory notes worth more than $3 billion are missing and may have been stolen from a defunct trading subsidiary whose former general manager is the subject of a criminal lawsuit.
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British supermarket chain posts loss
Mar 23 2006 1:20PM (CT)
LONDON (AP) - Britain's William Morrison Supermarkets PLC reported its first annual loss on Thursday and outlined a three-year plan to revive its business.
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France OKs defense vs. hostile takeovers
Mar 23 2006 1:16PM (CT)
PARIS (AP) - French lawmakers Thursday adopted measures allowing companies to use so-called "poison pill" defenses to thwart hostile takeovers.
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Xyratex shares jump on strong outlook
Mar 23 2006 12:56PM (CT)
NEW YORK (AP) - Shares of Xyratex Ltd. rose sharply Thursday after the British storage-technology company said it expected second-quarter results would beat Wall Street's expectations.
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30-year mortgage rates fall a second week
Mar 23 2006 12:49PM (CT)
WASHINGTON (AP) - Rates on 30-year mortgages, which had jumped to the highest level in 2 1/2 years, edged down for a second straight week.
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Tokyo commercial land prices rise
Mar 23 2006 12:42PM (CT)
TOKYO (AP) - Commercial land prices in Tokyo rose last year for the first time in more than a decade, while nationwide land prices fell at a slower rate amid a rebound in the world's second-largest economy, the government said Thursday.
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CBI taps former FT editor as its leader
Mar 23 2006 12:40PM (CT)
LONDON (AP) - The Confederation of British Industry, Britain's leading business group, said Thursday it has appointed former Financial Times editor Richard Lambert as director general.
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Dollar rises on U.S. home sales data
Mar 23 2006 12:27PM (CT)
NEW YORK (AP) - The dollar rose against most major currencies Thursday after a report on U.S. existing home sales showed an unexpected rise in February and fueled speculation that the Federal Reserve may raise rates further.
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Dollar up, gold down in Europe
Mar 23 2006 12:17PM (CT)
LONDON (AP) - The U.S. dollar rose against other major currencies in European trading Thursday. Gold fell.
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Jewelry recalled for lead poisoning danger
Mar 23 2006 11:34AM (CT)
WASHINGTON (AP) - Reebok is recalling 300,000 children's charm bracelets because a 4-year-old died from lead poisoning after swallowing a piece of the jewelry, the government said Thursday.
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Fidelity laptop with customer info. stolen
Mar 23 2006 11:29AM (CT)
BOSTON (AP) - A laptop computer belonging to Fidelity Investments and containing sensitive data on about 196,000 retirement-account customers was stolen last week, the company said.
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Local Matters files for IPO
Mar 23 2006 10:49AM (CT)
WASHINGTON (AP) - Local Matters 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.
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Chief of pension benefit agency to leave
Mar 23 2006 10:32AM (CT)
WASHINGTON (AP) - The chief of the financially strapped federal agency that protects private pensions for millions of workers and retirees announced Thursday that he will step down at the end of May.
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Ex-Siemens workers charged with bribery
Mar 23 2006 10:17AM (CT)
FRANKFURT, Germany (AP) - Two former employees of Siemens AG's Power Generation branch have been charged with offering bribes totaling some 6 million euros ($7.3 million) to secure contracts from Italian gas companies, German prosecutors said Thursday.
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British Air to raise retirement age
Mar 23 2006 10:06AM (CT)
LONDON (AP) - British Airways PLC will increase the retirement age of its pilots and other workers in a bid to tackle a 1 billion pound ($1.75 billion) deficit in its pension fund, the airline announced Thursday.
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Japan to freeze loans to China
Mar 23 2006 9:54AM (CT)
TOKYO (AP) - Japan said Thursday it was freezing its loans to China through the end of this month because of worsening relations between the two nations who have increasingly become economic rivals.
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Kookmin to buy stake in Korea Exchange Bank
Mar 23 2006 9:09AM (CT)
SEOUL, South Korea (AP) - Kookmin Bank, South Korea's biggest commercial bank, is buying a controlling stake in Korea Exchange Bank for $6.6 billion from a Texas-based investment fund, the dealmakers announced Thursday.
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Hutchison Whampoa sees 11 pct. profit gain
Mar 23 2006 9:06AM (CT)
HONG KONG (AP) - Holding company Hutchison Whampoa Ltd. on Thursday posted an 11 percent gain in full-year net profit, mainly due to one-time gains and stronger earnings in its ports and energy operations.
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EU regulators OK Time Warner-CBS venture
Mar 23 2006 8:27AM (CT)
BRUSSELS, Belgium (AP) - European Union antitrust regulators cleared the Warner Bros. network's 50-50 joint venture with CBS Corp.'s UPN television network on Thursday, saying there were no competition concerns on the plan for the European market.
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Liberty Global to sell UPC France SA
Mar 23 2006 8:05AM (CT)
DENVER (AP) - Liberty Global Inc. on Thursday said it agreed to sell its French cable business, UPC France SA, for about 1.25 billion euros ($1.51 billion) in cash to two private equity firms.
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NEC worker may have faked purchases
Mar 23 2006 8:03AM (CT)
TOKYO (AP) - Japanese electronics maker NEC Corp. has launched an internal probe after finding an employee at an engineering unit may have faked business deals and inflated sales by 36.3 billion yen ($310 million) over half a decade.
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Rosneft chief: No plans to buy Yukos units
Mar 23 2006 8:00AM (CT)
MOSCOW (AP) - The president of Russia's state-owned oil firm Rosneft, which plans an initial public listing of shares this summer, said Thursday the company's production growth plans did not envisage the acquisition of any remaining units of the shattered Yukos oil company.
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U.S. lawmakers hopeful on China currency
Mar 23 2006 7:51AM (CT)
BEIJING (AP) - Two U.S. senators who are proposing trade sanctions on China for manipulating its currency expressed optimism Thursday that Beijing might change its stance but said they aren't ready to withdraw their legislation.
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Indonesia threatens Freeport with lawsuit
Mar 23 2006 7:36AM (CT)
JAKARTA, Indonesia (AP) - Indonesia's government Thursday threatened legal action against U.S. mining company Freeport unless the company improves the environmental record of its massive gold mine in Papua province.
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EU adopts penalties against shoe imports
Mar 23 2006 7:27AM (CT)
BRUSSELS, Belgium (AP) - The European Union on Thursday adopted antidumping duties on Chinese and Vietnamese leather shoes, saying the penalties are necessary to act against a flood of cheap imports that break world trade rules.
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Thai court nullifies two govt. decrees
Mar 23 2006 6:21AM (CT)
BANGKOK, Thailand (AP) - A Thai court on Thursday nullified two government decrees allowing the partial privatization of the state power company EGAT, setting back plans for a public offering of the company's stock.
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South Korea sets limit on free trade deal
Mar 23 2006 6:12AM (CT)
SEOUL, South Korea (AP) - President Roh Moo-hyun said Thursday South Korea won't sign a free trade agreement with the United States if it perceives it might get the short end of the bargain.
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1st U.S. rice shipment arrives in S. Korea
Mar 23 2006 6:04AM (CT)
SEOUL, South Korea (AP) - The first shipment of U.S. rice for direct sale to consumers arrived in South Korea Thursday amid farmer protests against foreign rice imports.
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Workers riot at site of Dubai skyscraper
Mar 23 2006 2:52AM (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 on the site of a building meant to be the world's tallest skyscraper _ including a luxury hotel run by Giorgio Armani.
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First Marblehead seeks stable growth
Mar 23 2006 2:29AM (CT)
BOSTON (AP) - First Marblehead Corp., a private college student loans servicer, hopes its efforts to build a stable, more diverse customer base will help its stock continue to soar _ but if the past is prologue, it's going to be a bumpy ride.
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Pilot labor unions at Japan airline strike
Mar 23 2006 2:19AM (CT)
TOKYO (AP) - A group of pilot labor unions at subsidiaries of All Nippon Airways began a 24-hour strike Thursday, forcing cancellations of 13 percent of the airline group's domestic flights and affecting 7,600 passengers, an airline official said.
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