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Greenspan addresses conference in S. Korea
Apr 11 2006 11:36PM (CT)
SEOUL, South Korea (AP) - Former U.S. central bank chief Alan Greenspan said Wednesday that global economic imbalances might improve if some high-growth economies allowed their currencies to strengthen.
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Crude oil prices ease, but supply jitter
Apr 11 2006 11:35PM (CT)
SINGAPORE (AP) - Crude oil futures eased Wednesday as traders took some profits after the front-month contract surpassed $69 a barrel in intraday trade during the previous session.
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China announces new grain subsidies
Apr 11 2006 11:21PM (CT)
SHANGHAI, China (AP) - China will pay an extra 12.5 billion yuan ($1.6 billion) in subsidies to grain growers this year, more than doubling support to help compensate for higher fuel prices and other production costs, the government said.
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Chrysler Group to unveil new Jeep Wrangler
Apr 11 2006 11:20PM (CT)
DETROIT (AP) - Chrysler Group's Jeep brand will drive over some familiar terrain at the New York Auto Show this week when it introduces a new version of the Jeep Wrangler. It also will branch into new territory with the Jeep Patriot, a car-based sport utility vehicle designed to win new customers to the rugged brand.
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Japanese stocks down nearly 1 percent
Apr 11 2006 10:12PM (CT)
TOKYO (AP) - Japanese stocks fell Wednesday morning following declines in U.S. stock prices and a rise in oil prices. The dollar was lower against the yen and euro.
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Japan's account surplus up 6.2 pct.
Apr 11 2006 10:12PM (CT)
TOKYO (AP) - Japan's current account surplus grew 6.2 percent in February on year to 2.209 trillion yen ($18.66 billion) before seasonal adjustment, the Ministry of Finance said Wednesday.
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Gasoline prices rise as summer approaches
Apr 11 2006 10:04PM (CT)
WASHINGTON (AP) - Gasoline prices are surging again with summer on the horizon, pushing or even passing $3 a gallon in some places. Meanwhile, drivers aren't expected to ease off on their mileage, sending demand higher than last year _ but they are grumbling.
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American Airlines increases surcharges
Apr 11 2006 9:25PM (CT)
FORT WORTH, Texas (AP) - American Airlines said Tuesday it is increasing the fuel surcharge on some of its international flights to help offset rising fuel costs.
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Media companies seek to hide stars' pay
Apr 11 2006 8:47PM (CT)
WASHINGTON (AP) - Some big media and entertainment companies hope to keep under wraps the perks and income of their stars and celebrities, challenging a Securities and Exchange Commission proposal that's being called the "Katie Couric clause."
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FCC: Cable's family tiers have problems
Apr 11 2006 8:19PM (CT)
ATLANTA (AP) - In a sign the cable industry may face additional pressure over decency issues, the chairman of the Federal Communications Commission said genuine concerns have been raised about the viability of family-friendly programming tiers cable operators have proposed.
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Music the example for free ABC shows
Apr 11 2006 8:04PM (CT)
LOS ANGELES (AP) - The decision to offer ABC's hit shows for free online was motivated largely by a desire to avoid the kind of distribution troubles suffered by the music industry, The Walt Disney Co.'s president and CEO said Tuesday.
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China to increase copyright enforcement
Apr 11 2006 7:30PM (CT)
WASHINGTON (AP) - The Bush administration, seeking to shrink a soaring trade deficit with China, won agreements Tuesday that the Chinese government will lift a ban on American beef, crack down on copyright piracy and move toward opening up its government bidding process to American firms.
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Dow ends down 52, Nasdaq closes down 23
Apr 11 2006 7:17PM (CT)
NEW YORK (AP) - Stocks tumbled Tuesday as strength in the commodities market fed inflation fears and stifled investors' enthusiasm over upbeat first-quarter earnings from Dow Jones industrial Alcoa Inc.
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China agrees to buy 80 Boeing 737s
Apr 11 2006 6:59PM (CT)
SEATTLE (AP) - Boeing Co. said Tuesday it had struck a tentative agreement with China to purchase 80 narrow-body 737 airplanes.
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SEC charges 13 people with insider trading
Apr 11 2006 6:28PM (CT)
NEW YORK (AP) - Two Goldman Sachs employees made more than $6.7 million through insider trading by enlisting an analyst who provided information on Wall Street deals and a forklift driver who leaked copies of a market-moving magazine, authorities said Tuesday.
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Skilling denies leading Enron conspiracy
Apr 11 2006 6:23PM (CT)
HOUSTON (AP) - Former Enron Corp. Chief Executive Jeffrey Skilling on Tuesday addressed prosecution testimony that painted him as an earnings-obsessed leader so bent on meeting or beating Wall Street expectations that his underlings resorted to fraud with his knowledge.
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Negotiators for Delta, union hold talks
Apr 11 2006 6:22PM (CT)
ATLANTA (AP) - Negotiators for Delta Air Lines Inc. and its pilots union met at a New York hotel Tuesday trying to hammer out an agreement over pay and benefit cuts that would prevent a strike that would doom the nation's third-largest carrier.
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Vioxx plaintiff gets $9M punitive damages
Apr 11 2006 6:11PM (CT)
ATLANTIC CITY, N.J. (AP) - A New Jersey man was awarded $13.5 million from Vioxx maker Merck & Co., including $9 million in punitive damages on Tuesday after a jury found that the company knowingly withheld data about the pain drug's risks from federal regulators.
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Mattel signs deal to market Barbie DVDs
Apr 11 2006 5:31PM (CT)
LOS ANGELES (AP) - Mattel Inc. has signed a deal with Universal Studios to market and distribute DVDs based on two of the toymaker's doll lines, Barbie and Polly Pocket, the companies said Tuesday.
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Judge lets Miss. AG see State Farm papers
Apr 11 2006 5:16PM (CT)
GULFPORT, Miss. (AP) - A judge on Tuesday refused to restrict Mississippi Attorney General Jim Hood from reviewing documents that State Farm Insurance Co. is required to turn over to other investigators in Hood's office.
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Quebecor World to eliminate 735 jobs
Apr 11 2006 5:04PM (CT)
KINGSPORT, Tenn. (AP) - Quebecor World Inc. said Tuesday it will close its book printing plant in Kingsport and a magazine printing factory in Wisconsin, eliminating a total of 735 jobs.
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Wrigley COO steps down; stock drops
Apr 11 2006 4:58PM (CT)
CHICAGO (AP) - Wm. Wrigley Jr. Co., the world's largest chewing gum manufacturer, said Tuesday that its chief operating officer is stepping down to pursue other endeavors. Its stock fell to a new two-year low.
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Bond prices rise amid placid trading
Apr 11 2006 4:49PM (CT)
NEW YORK (AP) - Bond prices posted slender gains Tuesday amid placid trading and a modest bout of short-covering that helped nudge yields lower.
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Lenovo, Best Buy announce partnership
Apr 11 2006 4:48PM (CT)
RALEIGH, N.C. (AP) - Lenovo and Best Buy are aiming for a larger share of the small- and medium-sized business audience, announcing a partnership Tuesday to sell its notebook and desktop computers at Best Buy's business-oriented stores.
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WTO sees growth in world trade in 2006
Apr 11 2006 4:35PM (CT)
GENEVA (AP) - World trade is expected to grow 7 percent as a result of slightly better economic conditions in 2006, although prospects are unpredictable because of concerns over consumption and employment, particularly in Europe, the WTO said Tuesday.
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Porter Bancorp registers for IPO
Apr 11 2006 4:19PM (CT)
WASHINGTON (AP) - Porter Bancorp Inc. registered Tuesday for an initial public offering of up to $44 million in common stock, according to a filing with the Securities and Exchange Commission.
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UBS to buy Piper Jaffray client network
Apr 11 2006 4:04PM (CT)
ZURICH, Switzerland (AP) - Swiss banking company UBS AG said Tuesday it has agreed to buy the U.S. private client branch network of Piper Jaffray Cos. for $500 million in cash, expanding its wealth management business in the Midwest and western United States.
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Adidas signs 11-year deal with the NBA
Apr 11 2006 3:56PM (CT)
FRANKFURT, Germany (AP) - Athletic shoe and apparel maker Adidas said Tuesday it signed an 11-year deal with the National Basketball Association that will make the German company the official uniform provider for the U.S. league.
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Ford recalls nearly 20,000 Mustang Cobras
Apr 11 2006 3:53PM (CT)
WASHINGTON (AP) - Ford Motor Co. said Tuesday that it was recalling nearly 20,000 Mustang Cobra sports cars after receiving complaints that the back of the accelerator pedal could become caught in the floor carpeting and lead to a crash.
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Int'l Paper completes sale of forest land
Apr 11 2006 3:52PM (CT)
STAMFORD, Conn. (AP) - International Paper Co., the world's largest forest products company, completed the sale of all of its forest land with an agreement announced Tuesday to sell off 275,000 acres of land in New York state.
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Bausch & Lomb stock hit by fungus outbreak
Apr 11 2006 3:51PM (CT)
ROCHESTER, N.Y. (AP) - Shares of Bausch & Lomb Inc. tumbled 14.6 percent Tuesday after the eye-care products maker halted shipments of a contact lens solution linked by federal officials to a rare fungal infection that can cause blindness.
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Widow sues HCA, says it understaffs nurses
Apr 11 2006 3:50PM (CT)
WICHITA, Kan. (AP) - A federal lawsuit claims HCA Inc., in an effort to maximize profits, compromises patient care by deliberately understaffing registered nurses at its hospitals.
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J.C. Penney to open Sephora stores
Apr 11 2006 3:46PM (CT)
NEW YORK (AP) - In a bid to lure young female customers, J.C. Penney Co. said Tuesday it will open Sephora stores within its department stores starting this fall, under an agreement with the high-end cosmetics retailer.
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GM looking for buyers for Delphi units
Apr 11 2006 3:44PM (CT)
TROY, Mich. (AP) - General Motors Corp.'s top purchasing executive said Tuesday the automaker is trying to help auto parts supplier Delphi Corp. dispose of noncore businesses by finding buyers for them and contracting with new suppliers for certain parts.
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Europe OKs Boston Scientific-Guidant deal
Apr 11 2006 3:43PM (CT)
NATICK, Mass. (AP) - Boston Scientific Corp. said Tuesday it has won antitrust clearance from the European Commission for its $27 billion acquisition of medical devices rival Guidant Corp., but is still awaiting final approval from the Federal Trade Commission.
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Fidelity, U.S. Trust largest UAL investors
Apr 11 2006 3:42PM (CT)
CHICAGO (AP) - Fidelity Investments and U.S. Trust Corp. have become the largest investors in United Airlines parent UAL Corp., new regulatory filings show, and now own one-fourth of the world's second-largest carrier between them.
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Lear predicts 2006 sales of $17.7B
Apr 11 2006 3:40PM (CT)
SOUTHFIELD, Mich. (AP) - Auto-parts supplier Lear Corp. said Tuesday it expects 2006 sales of about $17.7 billion in 2006, up from $17.1 billion last year, but short of Wall Street expectations.
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Alcoa shares finish up 3.8 percent
Apr 11 2006 3:36PM (CT)
PITTSBURGH (AP) - Alcoa Inc. shares finished up 3.8 percent in Tuesday trading after reporting its profit more than doubled in the first quarter, fueled by hefty metal prices and robust demand from manufacturers.
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Goodyear chief says consumer products key
Apr 11 2006 3:28PM (CT)
AKRON, Ohio (AP) - New, technologically advanced products for everyday consumers, such as a tire that's drivable even when flat, are key to the future of the world's largest tiremaker, the leader of Goodyear Tire & Rubber Co. told shareholders Tuesday.
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Union, labor recruiter reach pact on wages
Apr 11 2006 3:26PM (CT)
YAKIMA, Wash. (AP) - The United Farm Workers of America and one of the nation's largest labor recruiters have reached an unprecedented agreement to improve wages, benefits and working conditions for guest workers brought to the United States for farm work.
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Pfizer plans 2nd non-branded ad campaign
Apr 11 2006 3:24PM (CT)
NEW YORK (AP) - In a sign of how Pfizer Inc. hopes to boost the market for erectile dysfunction drugs, the maker of impotency pill Viagra plans to launch a second non-branded, educational ad campaign about the condition on Wednesday to complement one running since late last year.
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Microsoft releases patch to fix IE flaw
Apr 11 2006 3:04PM (CT)
REDMOND, Wash. (AP) - Microsoft Corp. released three critical patches Tuesday for its Windows operating system, including one to fix an Internet Explorer browser flaw that had already been exploited in some Internet attacks.
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Nasdaq acquires stake in operator of LSE
Apr 11 2006 2:56PM (CT)
LONDON (AP) - The Nasdaq Stock Market Inc. said Tuesday it has acquired a stake of nearly 15 percent in the operator of the London Stock Exchange.
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Drug maker breaking new ground with BiDil
Apr 11 2006 2:25PM (CT)
LEXINGTON, Mass. (AP) - After services at a predominantly black church in Atlanta, parishioners in their Sunday best roll up their sleeves to get their blood pressure checked at a health screening where they learn about symptoms of heart failure and a new drug approved only for use in blacks.
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Citicorp credits S. Dakota deal of 25 yrs.
Apr 11 2006 2:05PM (CT)
SIOUX FALLS, S.D. (AP) - In the early 1980s, rising inflation and a prime rate hovering around 20 percent put South Dakota's farm economy in a crisis.
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Levi Strauss 1Q profit rises 14 percent
Apr 11 2006 1:53PM (CT)
SAN FRANCISCO (AP) - Levi Strauss & Co.'s first-quarter profit rose 14 percent despite a sales downturn driven by persisting problems in Europe and Wal-Mart Stores Inc.'s recent de-emphasis of the jeans maker's discount brand.
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GM hopes to revitalize Saturn brand
Apr 11 2006 1:28PM (CT)
DETROIT (AP) - Saturn, the General Motors Corp. brand launched in 1990 as a "different kind of car company," aims to differentiate itself once again with four new vehicles that will debut this week at the New York Auto Show.
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Vioxx verdict means care for plaintiff
Apr 11 2006 1:27PM (CT)
ATLANTIC CITY, N.J. (AP) - For five weeks, Irma McDarby showed up daily in Courtroom 3A _ sitting in the front row, listening to the lawyers and the doctors and the expert witnesses talk about her husband's angiogram, his broken hips, his diabetes.
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Marks & Spencer says same-store sales up
Apr 11 2006 1:12PM (CT)
LONDON (AP) - British department-store operator Marks & Spencer Group PLC, which has struggled to compete against more modern rivals, surprised the market Tuesday by reporting its strongest quarterly sales in three years.
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U of Mich. to resume buying Coke products
Apr 11 2006 1:03PM (CT)
ANN ARBOR, Mich. (AP) - The University of Michigan on Tuesday agreed to resume the purchase of Coca-Cola products, saying it was satisfied with plans for two investigations into the company's labor and environmental practices in Colombia and India.
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Realtors: Home sales, prices to cool
Apr 11 2006 1:01PM (CT)
WASHINGTON (AP) - The housing market will likely level out in 2006, as sales of existing and new homes are expected to cool in the coming quarters, according to the National Association of Realtors.
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Johnson Controls cutting about 300 jobs
Apr 11 2006 12:54PM (CT)
HOLLAND, Mich. (AP) - Auto parts maker Johnson Controls Inc. said Tuesday it is eliminating about 300 jobs in an effort to improve efficiency and lower costs within its interiors business.
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Scottish & Newcastle buys Foster's lager
Apr 11 2006 11:40AM (CT)
LONDON (AP) - British brewer Scottish & Newcastle PLC said Tuesday it has agreed to buy the Foster's lager brand in Europe and Russia from Australian brewer Foster's Group Ltd. for 309 million pounds ($538 million).
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Deutsche Bank fined for market misconduct
Apr 11 2006 11:27AM (CT)
LONDON (AP) - Britain's Financial Services Authority on Tuesday fined Deutsche Bank AG 6.4 million British pounds ($11.2 million) for market misconduct, the third largest penalty the watchdog has ever imposed.
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India hopes for $7B from oil investments
Apr 11 2006 11:15AM (CT)
NEW DELHI (AP) - India expects to earn more than $7 billion when it awards 55 new oil and natural gas exploration fields to successful bidders over the next two years, a top Indian official said Tuesday.
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Dollar falls against euro
Apr 11 2006 10:10AM (CT)
BERLIN (AP) - The dollar fell against the 12-nation euro on Tuesday, losing ground it gained the day before.
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Posco's quarterly profit falls 48 percent
Apr 11 2006 9:43AM (CT)
SEOUL, South Korea (AP) - Posco, the world's fifth-biggest steel maker, reported Tuesday its first-quarter profit fell 48 percent amid lower steel prices and higher raw material costs.
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GM sells Isuzu shares for $300 million
Apr 11 2006 9:09AM (CT)
TOKYO (AP) - Cash-strapped General Motors Corp. is selling the shares it holds in truckmaker Isuzu to two Japanese trading companies and a bank for about $300 million to fund its turnaround in North America, the U.S. automaker said Tuesday.
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LG.Philips LCD returns to 1Q profit
Apr 11 2006 8:48AM (CT)
SEOUL, South Korea (AP) - LG.Philips LCD Co., one of the world's top two makers of liquid-crystal displays, reported Tuesday it returned to a profit in the first quarter on increased demand for the flat screens used in televisions.
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China's March trade surplus hits $11.2B
Apr 11 2006 8:25AM (CT)
BEIJING (AP) - China's trade surplus in March soared to $11.2 billion, nearly double the same month last year, underscoring the nation's tensions with the United States as its president prepares to visit Washington.
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Survey: German economic outlook darkens
Apr 11 2006 7:15AM (CT)
BERLIN (AP) - German finance professionals' outlook for Europe's biggest economy has darkened slightly for a third consecutive month, held back by oil price worries and slow-moving reforms at home, a closely watched survey showed Tuesday.
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Bank of Japan keeps interest rates at zero
Apr 11 2006 7:09AM (CT)
TOKYO (AP) - Japan's central bank left interest rates at zero Tuesday, deciding to wait on raising rates after abandoning its easy monetary policy a month ago.
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Japan central bank ends easy money policy
Apr 11 2006 3:41AM (CT)
TOKYO (AP) - Imagine a bank that doles out loans but charges no interest. For five years, that's what Japan has been for the world economy _ an all-purpose lender with next-to-nothing borrowing costs thanks to the central bank's zero interest rate policy.
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Mont. farmers to plant 5.5M acres of wheat
Apr 11 2006 2:37AM (CT)
BILLINGS, Mont. (AP) - Montana farmers plan to plant 5.5 million acres of wheat for the crop year, the most since 2002, a federal agriculture agency says.
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