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Selloff puts 1Q fund returns in the red
Mar 25 2005 9:33PM (CT)
NEW YORK (AP) - The stock market's retreat over the past three weeks has eroded the value of mutual funds, the vast majority of which posted negative returns for investors for the quarter, according to a preliminary survey released Friday by mutual fund watcher Lipper Inc.
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Wal-Mart director resigns after probe
Mar 25 2005 6:59PM (CT)
LITTLE ROCK, Ark. (AP) - A high-profile Wal-Mart Stores Inc. board member resigned Friday after an internal probe turned up evidence of financial improprieties of up to half-a-million dollars. Three Wal-Mart employees, including a company officer, also lost their jobs.
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Disney's Iger acts quickly to spread power
Mar 25 2005 5:47PM (CT)
LOS ANGELES (AP) - Nearly two weeks after being named Disney's new chief executive, Robert Iger has made his first significant move to change the way decisions are made at the media conglomerate.
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Guild claims Churchill violates rights
Mar 25 2005 5:13PM (CT)
LOUISVILLE, Ky. (AP) - The Jockeys' Guild claims Churchill Downs Inc. trampled on the riders' rights when the thoroughbred racing company banished jockeys from two tracks for boycotting races in a dispute over medical insurance coverage and safety issues.
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Sales drop at Wendy's after finger found
Mar 25 2005 4:33PM (CT)
COLUMBUS, Ohio (AP) - Sales have dropped sharply at Wendy's fast food restaurants in the area of northern California where a woman claimed she found part of a finger in a bowl of chili, but analysts say the company's long-term prognosis should not be affected.
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World Bank board to consider Wolfowitz
Mar 25 2005 3:44PM (CT)
WASHINGTON (AP) - The World Bank's board plans to meet next week to consider the nomination of Deputy Defense Secretary Paul Wolfowitz to take the helm of the development bank.
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Krispy Kreme gets credit line extension
Mar 25 2005 3:43PM (CT)
CHARLOTTE, N.C. (AP) - For the second time this year, Krispy Kreme Doughnuts Inc.'s lenders have agreed to push back a deadline before the company defaults on its $150 million credit line, the company said Friday.
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Welch defends perks, talks about romance
Mar 25 2005 3:21PM (CT)
FAIRFIELD, Conn. (AP) - Former General Electric Co. chief executive Jack Welch says the lavish perks he received in retirement were legitimate, but admits in an upcoming television interview that they made him appear greedy.
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Air France plans to buy Boeing 777s
Mar 25 2005 3:16PM (CT)
SEATTLE (AP) - Air France said Friday it plans to replace part of its aging fleet of cargo planes with Boeing Co.'s new 777 freighter, but the airline would not say whether it will become the launch customer for the proposed new airplane.
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SEC rules against GE on animal testing
Mar 25 2005 3:08PM (CT)
STAMFORD, Conn. (AP) - General Electric Co., the industrial, financial and media company, should allow shareholders to vote on a proposal by an animal rights group to stop animal testing, the Securities and Exchange Commission said.
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Northwest must redeem employee stock
Mar 25 2005 3:04PM (CT)
NEW YORK (AP) - A judge ruled Wednesday that Northwest Airlines Corp. must redeem around $226 million in preferred shares of stock the airline issued to employees more than 10 years ago as part of wage-cut negotiations.
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Blockbuster stops pursuing Hollywood Ent.
Mar 25 2005 2:33PM (CT)
DALLAS (AP) - Blockbuster Inc., the nation's leading movie-rental chain, abandoned its bid Friday to buy rival Hollywood Entertainment Corp. amid opposition from the smaller company's directors and resistance from federal antitrust regulators.
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S&P moves Delta stance to 'developing'
Mar 25 2005 1:53PM (CT)
NEW YORK (AP) - The surging price of fuel has injected a note of uncertainty in Standard & Poor's review of struggling Delta Air Lines Inc.'s credit quality.
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Kmart-Sears deal won't mean store closings
Mar 25 2005 1:38PM (CT)
HOFFMAN ESTATES, Ill. (AP) - Changes are on the way for Kmart and Sears stores following the merger of their parent companies, but widespread store closings won't be part of them.
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Report: AIG's accounting worries grow
Mar 25 2005 1:37PM (CT)
NEW YORK (AP) - American International Group Inc., one of the world's biggest insurance companies, is considering a move to clean up suspected accounting mistakes that may total as much as $3 billion from as many as 30 insurance transactions, The Wall Street Journal reported in Friday's editions.
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May names Dunham permanent chairman, CEO
Mar 25 2005 1:07PM (CT)
ST. LOUIS (AP) - May Department Stores Co. quietly has tapped John Dunham as its chairman and chief executive in advance of the retailer's $11 billion acquisition by rival Federated Department Stores Inc.
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Bill allots $37M for Wal-Mart HQ street
Mar 25 2005 1:06PM (CT)
BENTONVILLE, Ark. (AP) - The U.S. House has approved a federal highway bill that includes $37 million for widening and extending the Bentonville street that provides the main access to the headquarters of Wal-Mart Stores Inc.
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Drug cos. launch discount card ad campaign
Mar 25 2005 12:44PM (CT)
NEW YORK (AP) - The 10 drug companies behind a recently established discount card for the uninsured are launching an advertising campaign to promote it.
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Fifth Fidelity trader leaves amid probe
Mar 25 2005 12:42PM (CT)
BOSTON (AP) - A senior Fidelity Investments trader left the huge mutual funds company this week, the fifth to depart since Fidelity recently began reviewing compliance with conflict-of-interest policies covering gifts and trading involving employees' relatives, a Fidelity spokeswoman said Friday.
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Boston Herald seeking $7 million in cuts
Mar 25 2005 11:44AM (CT)
BOSTON (AP) - Boston Herald publisher Patrick Purcell says he is looking to cut the paper's labor costs by $7 million to compensate for shrinking advertising revenue and stagnant circulation. He said he has no plans to sell the newspaper.
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Home sellers fret as mortgage rates rise
Mar 25 2005 11:40AM (CT)
MARIETTA, Ga. (AP) - A four-bedroom ranch home with a finished basement and swimming pool overlooking a golf course fairway in one of Georgia's top school districts should be a steal for $309,000.
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Rules set to change for bond dealers
Mar 25 2005 11:38AM (CT)
PHILADELPHIA (AP) - A national regulatory board that has been trying to rid the municipal bond business of the stink of political patronage is tightening its rules again in the wake of a corruption scandal in Philadelphia.
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Italy to reduce stake in Enel power co.
Mar 25 2005 11:12AM (CT)
ROME (AP) - Italy's Economy Ministry is reducing its direct stake in power company Enel SPA to about 20 percent, as part of privatization efforts aimed at cutting the country's huge debt.
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TeliaSonera purchases more Turkcell stake
Mar 25 2005 11:12AM (CT)
STOCKHOLM, Sweden (AP) - TeliaSonera Corp., the Nordic region's largest telecommunications operator, said Friday it will buy another 27 percent of Turkish mobile operator Turkcell for $3.1 billion.
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Yahoo lawyers ask court for protection
Mar 25 2005 9:33AM (CT)
SAN FRANCISCO (AP) - Lawyers for Yahoo Inc. asked a federal appeals court Thursday for legal protection for U.S.-based Internet portals whose content is protected by the First Amendment in the United States, but illegal in foreign countries.
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Air France plans to buy Boeing 777s
Mar 25 2005 8:31AM (CT)
PARIS (AP) - Air France said Friday it plans to replace part of its aging fleet of cargo planes with Boeing's new 777 freighter version.
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ING takes stake in Bank of Beijing
Mar 25 2005 7:47AM (CT)
BEIJING (AP) - ING Groep NV said Friday it will buy a 19.9 percent stake in Bank of Beijing in a deal worth 1.78 billion yuan ($215 million) _ the Dutch bank's first acquisition in China.
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London markets are closed for holiday
Mar 25 2005 6:36AM (CT)
LONDON (AP) - British financial markets were closed Friday for Good Friday, beginning a four-day observance of the Easter holiday.
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U.S. dollar is mixed in Asian trading
Mar 25 2005 6:29AM (CT)
TOKYO (AP) - The U.S. dollar rose against the euro but slipped against the yen Friday in Asian trading, benefiting from a U.S. interest rate rise amid quiet trading as the long Easter holiday weekend was observed in many countries.
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Higher mortgage rates may cool home market
Mar 25 2005 6:27AM (CT)
WASHINGTON (AP) - Rising mortgage rates will cool but not crush a national housing market that is still relatively hot, one of the economy's consistently good performers.
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Tokyo stocks close higher in thin trading
Mar 25 2005 6:23AM (CT)
TOKYO (AP) - Tokyo stocks rose in thin trading on Friday, led by blue-chip Japanese exporters that stand to benefit from a stronger U.S. dollar. The dollar fell slightly against the Japanese yen but higher against the euro.
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UPS pilots union approves strike vote
Mar 25 2005 6:03AM (CT)
ATLANTA (AP) - The executive board of the pilot union at UPS, the world's largest shipping carrier, has approved holding a strike authorization vote after protracted contract talks between the two sides broke down, the union said Thursday.
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Chocolate crosses move into mainstream
Mar 25 2005 5:46AM (CT)
KANSAS CITY, Mo. (AP) - A symbol of Christianity that sits atop church steeples, dangles from necks and hangs on walls is being worshipped in a new way _ in the mouths of the faithful.
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Researchers want to make tomatoes tastier
Mar 25 2005 5:35AM (CT)
WOOSTER, Ohio (AP) - Research that has focused on making tomatoes disease resistant and easier to ship could also one day improve their taste and make them more nutritious, researchers say.
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