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MG Rover eager to reopen talks with SAIC
Apr 11 2005 10:26PM (CT)
LONDON (AP) - Administrators for MG Rover Group, Britain's last major car manufacturer, said Monday they are eager to reopen talks with a Chinese automaker that precipitated the company's downfall last week when it pulled out of a potential deal.
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Tilton: United to eliminate pension plans
Apr 11 2005 10:03PM (CT)
CHICAGO (AP) - United Airlines CEO Glenn Tilton reiterated the carrier's intent Monday to eliminate unionized employees' current pension plans and replace existing labor contracts as necessary to obtain bankruptcy exit financing.
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Tokyo stocks lower amid tension with China
Apr 11 2005 9:54PM (CT)
TOKYO (AP) - Tokyo stocks fell Tuesday morning amid uncertainty about possible political and economic fallout from anti-Japan protests in China. The dollar was down against the yen and the euro.
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MCI won't amend 'poison pill' provision
Apr 11 2005 9:14PM (CT)
NEW YORK (AP) - MCI Inc. said Monday it won't amend a "poison pill" provision limiting the ability of investors to accumulate more than 15 percent of its stock, a statement that followed Verizon's surprise weekend purchase of a 13.4 percent stake in the long-distance company.
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Investor Buffett questioned in AIG probe
Apr 11 2005 8:53PM (CT)
NEW YORK (AP) - Billionaire investor Warren Buffett was questioned by regulators Monday in connection with federal and state probes into the insurance company American International Group Inc., saying afterward, "I told them everything I know."
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Global Crossing settles with regulators
Apr 11 2005 6:40PM (CT)
WASHINGTON (AP) - Global Crossing Ltd. has reached a settlement with federal regulators, with three former executives agreeing to pay fines but with no finding of fraud in the "capacity swap" deals made before the once high-flying telecommunications company collapsed in bankruptcy.
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Genentech 1Q earnings advance 61 percent
Apr 11 2005 6:23PM (CT)
SAN FRANCISCO (AP) - Biotechnology company Genentech Inc.'s hot streak continued Monday when it reported its first quarter profits surged 61 percent, fueled by strong drug sales.
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Target awards CEO $5M bonus in 2004
Apr 11 2005 6:17PM (CT)
MINNEAPOLIS (AP) - Target Corp. awarded its chief executive, Robert Ulrich, a $5 million bonus last year, up from a $3.3 million bonus in fiscal year 2003, according to a regulatory filing Monday.
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Judge orders Stewart to serve sentence
Apr 11 2005 5:49PM (CT)
NEW YORK (AP) - A federal judge Monday ordered Martha Stewart to serve her full five months of house arrest, brushing aside claims from the celebrity homemaker that the sentence is damaging her business.
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Ford shares fall on lower profit outlook
Apr 11 2005 5:45PM (CT)
DETROIT (AP) - Investors punished Ford Motor Co. on Monday, sending its stock to the lowest level in more than a year, after the nation's second largest automaker warned that profits will fall short of expectations this year and next.
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Judge: Philip Morris pages 'self serving'
Apr 11 2005 5:34PM (CT)
WASHINGTON (AP) - A federal judge said Monday the head of Philip Morris USA had submitted "2- to 300 pages of self-serving testimony" describing "oh how wonderful we are" in a civil racketeering case the government filed against major U.S. cigarette makers.
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Venture capitalists end 2004 on good note
Apr 11 2005 5:16PM (CT)
SAN FRANCISCO (AP) - Venture capitalists ended 2004 on their most profitable run since the dot-com bust, continuing a gradual recovery that has coincided with the stock market's renewed interest in young companies.
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MetLife to eliminate 600 jobs within year
Apr 11 2005 5:08PM (CT)
HARTFORD, Conn. (AP) - MetLife Inc., one of the nation's largest insurers, announced Monday that it will cut 600 jobs within a year as part of its takeover of Travelers Life and Annuity.
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EU works to settle Boeing-Airbus dispute
Apr 11 2005 4:52PM (CT)
BRUSSELS, Belgium (AP) - Despite a missed deadline, the European Union offered Monday to keep negotiating with the United States in an attempt to resolve a dispute over subsidies to the world's two biggest aircraft makers, Europe's Airbus and U.S.-based Boeing Co.
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Agency: Gas prices reach $2.28 per gallon
Apr 11 2005 4:35PM (CT)
NEW YORK (AP) - U.S. gasoline prices again soared to a record last week, and average prices on the West Coast rose above the $2.50 a gallon mark, the federal Energy Information Administration said Monday.
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Lawyers prepare for Enron Broadband trial
Apr 11 2005 4:12PM (CT)
HOUSTON (AP) - Lawyers addressed last-minute details Monday as they prepared for the third trial to emerge from the government's investigation into Enron Corp.'s 2001 scandal-ridden collapse.
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Monday's commodities roundup
Apr 11 2005 3:56PM (CT)
NEW YORK (AP) - Crude-oil futures settled higher in New York on Monday, bolstered by gains in gasoline futures, after losses stalked the market for most of the day.
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Group may vote for Morgan Stanley meeting
Apr 11 2005 3:45PM (CT)
NEW YORK (AP) - The Council of Institutional Investors, a group of major public and corporate pension funds, may vote Tuesday to request a meeting with Morgan Stanley directors over the embattled Wall Street firm's performance, a council member fund confirmed Monday.
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Circuit City fourth-quarter profit falls
Apr 11 2005 3:43PM (CT)
RICHMOND, Va. (AP) - Circuit City Stores Inc., the nation's No. 2 chain of consumer electronics stores, said Monday its fourth-quarter earnings declined almost 5 percent following competitive holiday promotions and aggressive year-end clearance sales.
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U.S. regulators probe sale of Elan shares
Apr 11 2005 3:32PM (CT)
DUBLIN, Ireland (AP) - Elan Corp. PLC said Monday that U.S. regulators were investigating trades in the pharmaceutical company's shares immediately before they plummeted over the surprise withdrawal of a top new drug.
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Anheuser-Busch boosts stake in Tsingtao
Apr 11 2005 3:30PM (CT)
ST. LOUIS (AP) - Anheuser-Busch Cos. said Monday it has nearly tripled its equity stake in Tsingtao Brewery Co., China's biggest brewer, as the maker of top-selling Budweiser and Bud Light tries to overcome stagnancy in its U.S. business.
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NCR triples 1st-quarter profit estimate
Apr 11 2005 3:29PM (CT)
DAYTON, Ohio (AP) - NCR Corp. said Monday that it expects its first-quarter earnings to be more than three times higher than anticipated because of strong performances in each of its three core divisions _ ATMs, retail checkout scanners and data warehouses.
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Interest rates on Treasury bills mixed
Apr 11 2005 2:37PM (CT)
WASHINGTON (AP) - Interest rates on short-term Treasury bills were mixed in Monday's auction with the rate on three-month bills declining while the rate on six-month bills rose.
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Oil prices up; OPEC weighs output boost
Apr 11 2005 2:25PM (CT)
VIENNA, Austria (AP) - Oil prices rose Monday, reversing an earlier decline of more than $1 a barrel as OPEC pondered a production increase next month.
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Canadian farmers sue gov't over mad cow
Apr 11 2005 2:00PM (CT)
TORONTO (AP) - Canadian farmers hard hit by a ban on cattle exports to the United States on Monday sued Canada's federal government, accusing it of negligently allowing mad cow disease to devastate the cattle industry.
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Former Yukos CEO maintains his innocence
Apr 11 2005 1:59PM (CT)
MOSCOW (AP) - In a dramatic finale to Russia's biggest trial in decades, jailed tycoon Mikhail Khodorkovsky ridiculed the fraud and tax charges against him as politically motivated "fantasies of a pulp fiction writer" but stopped short of blaming Russian President Vladimir Putin for his imprisonment and the dismantling of his oil empire.
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EU ponders suspending corn gluten imports
Apr 11 2005 1:57PM (CT)
BRUSSELS, Belgium (AP) - The European Union is considering suspending imports of corn gluten animal feed from the United States worth 347 million euros ($450 million) a year after shipments of an unauthorized genetically modified corn were sent to the EU, a spokesman said Monday.
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Tyler Pipe to lay off more than 200
Apr 11 2005 12:38PM (CT)
TYLER, Texas (AP) - Tyler Pipe Co. laid off more than 200 workers Monday because foreign trade pressures have made it unable to compete in the U.S. market, a company official said.
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Equitable Life launches $7B-plus lawsuit
Apr 11 2005 12:25PM (CT)
LONDON (AP) - Equitable Life began presenting its case Monday in a $7 billion-plus lawsuit against former directors and auditors of the insurance company in the High Court, claiming negligence on the part of both before the insurance company nearly collapsed in 2000.
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TNK-BP faces $792M tax claim for 2001
Apr 11 2005 12:15PM (CT)
MOSCOW (AP) - The Russian-British joint oil venture TNK-BP said Monday that tax authorities had levied a tax claim of $792 million against it for 2001.
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Perelman case takes form of business class
Apr 11 2005 11:54AM (CT)
WEST PALM BEACH, Fla. (AP) - Financier Ronald Perelman's case against Morgan Stanley took on the form of a business class Monday as the court heard a professor explain financial terms and jargon.
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LG Electronics to build a second TV plant
Apr 11 2005 11:10AM (CT)
WARSAW, Poland (AP) - South Korea's LG Electronics said it agreed Monday to build a second plant for producing television sets in central Poland.
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Skoda Auto to produce cars in China
Apr 11 2005 10:56AM (CT)
PRAGUE, Czech Republic (AP) - Czech car manufacturer Skoda Auto is to start production in China, an official said Monday.
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Schroeder and Putin preside over deals
Apr 11 2005 10:40AM (CT)
HANOVER, Germany (AP) - German and Russian companies on Monday signed natural gas and rail equipment deals worth billions of dollars, in what German Chancellor Gerhard Schroeder and Russian President Vladimir Putin hailed as the fruits of ever-closer economic ties between their countries.
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EU won't impose measures for car sector
Apr 11 2005 10:25AM (CT)
BRUSSELS, Belgium (AP) - The European Union and its car industry vowed Monday to resist protectionist measures against foreign rivals and to maintain the industry's high wage structure, despite concerns about competitiveness.
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EU, South Korea face off at WTO meeting
Apr 11 2005 10:21AM (CT)
GENEVA (AP) - South Korea and the European Union faced off at the World Trade Organization on Monday, a continuation of their long-running tussle over financial help for shipyards.
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Crash tests: Redesigned GM minivans safer
Apr 11 2005 9:52AM (CT)
WASHINGTON (AP) - The 2005 Chevrolet Uplander, Pontiac Montana SV6, Saturn Relay and Buick Terraza, newly redesigned General Motors Corp. minivan models, offer better protection for occupants than do earlier versions, according to the results of crash tests conducted by the insurance industry.
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German workers stage warning strikes
Apr 11 2005 9:39AM (CT)
FRANKFURT, Germany (AP) - Thousands of public sector workers staged warning strikes Monday aimed at forcing German states to agree to a deal that would introduce performance-rated pay, union officials said.
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Argentine economy minister defends plan
Apr 11 2005 9:26AM (CT)
GINOWAN, Japan (AP) - Argentina's economy minister on Monday defended his government's debt restructuring plan amid criticism that it wasn't negotiated in good faith and left too many creditors out in the cold.
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EU approves Bertelsmann acquisition
Apr 11 2005 9:16AM (CT)
BRUSSELS, Belgium (AP) - The European Union on Monday cleared the acquisition of German publishing company Motor-Presse Stuttgart by media giant Bertelsmann AG's subsidiary Gruner + Jahr AG & Co.
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Report: MAN AG in DaimlerChrysler talks
Apr 11 2005 9:10AM (CT)
FRANKFURT, Germany (AP) - MAN AG, Germany's second-biggest truck maker, is in talks to buy the diesel engine unit of DaimlerChrysler, a newspaper reported Monday.
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Fiat sells Iveco finance stake to Barclays
Apr 11 2005 9:01AM (CT)
ROME (AP) - Fiat SpA said Monday it has agreed to sell a majority stake in the financing arm of its trucks unit to Barclays PLC, a move that will allow the struggling Italian group to shed some 2 billion euros ($2.56 billion) in debt.
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DBV-Winterthur to cut 550 jobs in Germany
Apr 11 2005 8:55AM (CT)
FRANKFURT, Germany (AP) - DBV-Winterthur Holding AG said Monday it will cut 550 jobs in Germany, or about 15 percent of its work force in the country in the coming months.
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Lazard prices 30.5 million shares in IPO
Apr 11 2005 8:13AM (CT)
WASHINGTON (AP) - Underwriters for Lazard LLC on Monday set the terms of the investment bank's pending initial public offering at 30.5 million Class A shares with an estimated price range of $25 to $27 a share.
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Official urges China on counterfeiters
Apr 11 2005 7:51AM (CT)
BEIJING (AP) - A U.S. trade official called on China to jail product counterfeiters, warning an audience of Chinese business students Monday that rampant piracy was ruining their economy.
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U.S., Japan to discuss airline safety
Apr 11 2005 7:24AM (CT)
TOKYO (AP) - Japan and the United States agreed to start discussions on air transport issues ranging from deregulation to airline safety that affect both nations, an official said Monday.
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Official says Caracas may use reserves
Apr 11 2005 6:59AM (CT)
GINOWAN, Japan (AP) - Venezuela may use a part of its burgeoning $25 billion in currency reserves to pay off some debt and reduce its dependence on foreign creditors, Venezuela's vice finance minister said Monday.
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Japanese businesses are wary of protests
Apr 11 2005 6:36AM (CT)
SHANGHAI, China (AP) - Japan's commercial presence is everywhere in Shanghai, from Sumo Sushi restaurants and Shu Uemura cosmetics billboards to Japanese-style saunas advertising in neon.
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Korean Air orders up to 20 Boeing 787s
Apr 11 2005 6:07AM (CT)
SEOUL, South Korea (AP) - Korean Air is ordering up to 20 of Boeing Co.'s new fuel-efficient 787 aircraft in a deal worth up to $2.6 billion at list prices, the companies said Monday.
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Sheep, insects to help kill exotic weeds
Apr 11 2005 1:12AM (CT)
WILLIAMS, Ariz. (AP) - Three of Arizona's national forests will soon be providing a smorgasbord for weevils, flies, moths, beetles and sheep.
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