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Venture capital investments up 12 percent
Apr 24 2006 11:31PM (CT)
SAN FRANCISCO (AP) - The pace of venture capital investing is off to its fastest start in four years, propelled by a high-tech comeback that's again pumping cash into the Internet.
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Japanese stocks edge higher; dollar rises
Apr 24 2006 11:21PM (CT)
TOKYO (AP) - Japanese stocks edged higher Tuesday after the benchmark index suffered its biggest one-day drop since January. The dollar was higher against the yen and euro.
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Agreement restores NHL carrier OLN to Dish
Apr 24 2006 10:31PM (CT)
DENVER (AP) - The owner of The Dish Network and cable channel OLN reached a multiyear agreement on Monday that restores the NHL carrier to subscribers of the nation's second-largest satellite television provider, just as the playoffs begin.
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Dollar falls against major currencies
Apr 24 2006 10:28PM (CT)
NEW YORK (AP) - The dollar fell against most major currencies Monday following a G-7 call for flexible exchange rates and signs that foreign central banks may be diversifying their reserves.
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Alaska Senate weighs oil tax rewrite
Apr 24 2006 10:15PM (CT)
JUNEAU, Alaska (AP) - The Alaska Senate on Monday approved a rewrite of the state's oil production tax, a change that would add billions to oil companies' taxes and may have consequences for a future North Slope natural-gas pipeline project.
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SUN CEO steps down after 22 years at helm
Apr 24 2006 10:11PM (CT)
SAN FRANCISCO (AP) - Scott McNealy, the often outspoken co-founder of Sun Microsystems Inc. and one of Microsoft Corp.'s most vocal critics, stepped down as CEO after 22 years Monday as the pioneering maker of computer servers reported a wider quarterly loss.
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Hyundai CEO quizzed on slush fund scandal
Apr 24 2006 8:05PM (CT)
SEOUL, South Korea (AP) - Hyundai Motor Co. Chairman Chung Mong-koo was released by prosecutors early Tuesday after appearing 15 hours earlier for questioning about a slush fund scandal engulfing South Korea's largest automaker.
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Generic drug payoff draws gov't. interest
Apr 24 2006 7:58PM (CT)
WASHINGTON (AP) - Brand-name pharmaceutical companies have resumed paying generic drug manufacturers to stay off the market under the terms of some legal settlements, attracting renewed scrutiny from federal regulators, trade officials said Monday.
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Minnesota AG seeks votes against McGuire
Apr 24 2006 7:47PM (CT)
MINNEAPOLIS (AP) - Minnesota Attorney General Mike Hatch said Monday he'll press the state's $50 billion investment fund to vote against UnitedHealth Group Inc. CEO Bill McGuire for a new term as board chairman to protest McGuire's compensation.
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Computer Associates ex-CEO pleads guilty
Apr 24 2006 7:43PM (CT)
NEW YORK (AP) - Sanjay Kumar, the former CEO of Computer Associates International Inc., pleaded guilty on Monday to obstruction of justice and securities fraud charges in a massive accounting scandal at the Long Island-based software company.
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Organized labor fails to heal rift
Apr 24 2006 7:29PM (CT)
WASHINGTON (AP) - Efforts to heal the sharp divisions in organized labor are faltering as the AFL-CIO and the breakaway unions in the Change to Win coalition quarrel over the best way for the divided unions to cooperate from afar.
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AARP starts selling mutual funds
Apr 24 2006 7:09PM (CT)
WASHINGTON (AP) - AARP, the big seniors advocacy group, has started selling three mutual funds geared toward retirement savings.
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Sovereign expects to close deals by June 1
Apr 24 2006 7:07PM (CT)
PHILADELPHIA (AP) - Sovereign Bancorp Inc. said Monday it expects to complete its sale of a stake in the company to Spain's Banco Santander Central Hispano SA and close its acquisition of Independence Community Bank Corp. by June 1.
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Lay declares his innocence at Enron trial
Apr 24 2006 7:04PM (CT)
HOUSTON (AP) - Enron Corp. founder Kenneth Lay declared his innocence Monday on the witness stand, somberly saying the company's legacy of lost jobs and wrecked retirement savings pained him even more than the loss of a loved one.
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Sun Microsystems 3Q loss widens to $217M
Apr 24 2006 7:04PM (CT)
SAN FRANCISCO (AP) - Sun Microsystems Inc. on Monday said its fiscal third-quarter loss widened, as costs for acquisitions, stock-based compensation and restructuring chipped away at higher revenue.
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Former securities trader sentenced, fined
Apr 24 2006 6:23PM (CT)
NEW YORK (AP) - A former securities trader who pleaded guilty to using information he learned from his former live-in girlfriend to make insider trades before an acquisition was sentenced Monday to six months home confinement and three years probation.
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Entertainment groups target TV indecency
Apr 24 2006 6:16PM (CT)
LAS VEGAS (AP) - A coalition of entertainment groups will launch a $300 million educational campaign next month to urge parents to control what their children watch on television, the groups said Monday.
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Venezuela seeks control over oil projects
Apr 24 2006 6:14PM (CT)
CARACAS, Venezuela (AP) - Venezuelan President Hugo Chavez wants to further increase state control over some of the country's most promising oil projects in a move industry analysts warn could squeeze corporate profits and spook foreign investment.
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Judge increases Wittig prison sentence
Apr 24 2006 6:09PM (CT)
TOPEKA, Kan. (AP) - A federal judge on Monday increased former Westar Energy Inc. Chief Executive David Wittig's prison sentence on bank fraud charges, partly because of his conviction last year for looting the Topeka-based utility.
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Netflix 1Q earnings beat analysts' views
Apr 24 2006 6:04PM (CT)
SAN FRANCISCO (AP) - Netflix Inc. continued to win over new fans in the first quarter, boosting the online DVD rental pioneer's profit above analysts' expectations and emboldening management to brighten its outlook for the rest of the year.
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LendingTree executive indicted on charges
Apr 24 2006 6:02PM (CT)
CHARLOTTE, N.C. (AP) - A top executive of financial services company LendingTree Inc. has been indicted on federal charges of insider trading tied to the company's purchase by USA Interactive in 2003.
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Yum Brands 1Q profit climbs 11 percent
Apr 24 2006 6:01PM (CT)
LOUISVILLE, Ky. (AP) - Fast-food giant Yum Brands Inc. on Monday reported an 11 percent gain in first-quarter profit, led by strong growth in U.S. operations and higher China earnings that had slumped amid concerns of avian flu.
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TD Ameritrade 2Q net income up to $172.8M
Apr 24 2006 5:59PM (CT)
OMAHA, Neb. (AP) - Online brokerage TD Ameritrade Holding Corp. said Monday its second-quarter net income more than doubled because of Ameritrade's acquisition of TD Waterhouse's U.S. retail securities business and high trading volumes.
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Fed cites Bank of N.Y. for alleged lapses
Apr 24 2006 5:57PM (CT)
WASHINGTON (AP) - The Federal Reserve has accused the Bank of New York of failing to tighten its controls against money laundering as it had promised in 2000 in a case that resulted in its paying $38 million in criminal penalties.
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Burger King posts income drop for 3 qtrs.
Apr 24 2006 5:09PM (CT)
MIAMI (AP) - Despite increased sales, Burger King's parent company said Monday profits fell 18 percent for its first three quarters, mainly because of a cash payout to certain stockholders of the No. 2 hamburger chain ahead of its planned initial public offering.
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Avon to fire 1,300 workers by end of 2006
Apr 24 2006 4:55PM (CT)
WASHINGTON (AP) - Avon Products Inc. said Monday it will fire 1,300 workers by the end of the year and record $70 million in charges in the first quarter in connection with its previously announced restructuring.
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S&P lowers rating on Knight Ridder debt
Apr 24 2006 4:39PM (CT)
NEW YORK (AP) - Standard & Poor's said Monday it would lower its rating on the debt being transferred from Knight Ridder Inc. to McClatchy Co. by one notch once McClatchy's deal to acquire the other newspaper publisher is complete.
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DIFC ups Euronext stake to 1.67 percent
Apr 24 2006 4:35PM (CT)
PARIS (AP) - Dubai International Finance Centre, the owner of the Dubai stock exchange, said Monday it had raised its stake in Euronext NV to 1.67 percent but declined to comment on reports that it planned an all-out bid for the European exchange operator.
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Lafarge raises buyout offer for business
Apr 24 2006 4:33PM (CT)
PARIS (AP) - French building-materials maker Lafarge SA on Monday sweetened its offer to acquire the rest of its North American business, and a special committee of the North American company's board unanimously accepted.
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Kimberly-Clark 1Q profit slides to $275M
Apr 24 2006 4:31PM (CT)
DALLAS (AP) - Kimberly-Clark Corp. said its first-quarter profit fell by more than one-third on higher costs for energy and raw materials, but the maker of Kleenex tissues and Huggies diapers beat Wall Street's expectations and said it could meet 2006 earnings goals despite more inflation in the rest of the year.
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Saab 1st-qtr. net profit soars to $56.7M
Apr 24 2006 4:25PM (CT)
STOCKHOLM, Sweden (AP) - Swedish defense and aerospace company Saab AB on Monday said its first-quarter net profit nearly doubled, boosted by the sale of measurement technology subsidiary Saab Metech AB.
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Heinz assures shareholders on 2006 goals
Apr 24 2006 4:16PM (CT)
PITTSBURGH (AP) - H.J. Heinz Co. on Monday sought to assure investors it would meet its financial goals for 2006 and expects further growth next year following a successful restructuring effort.
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American Express net profit drops in 1Q
Apr 24 2006 4:11PM (CT)
NEW YORK (AP) - American Express Co., which specializes in travel services and credit cards, said Monday that its net profit fell in the first quarter, reflecting the spinoff last year of its Ameriprise Financial Inc. advisory unit.
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Rambus wins in lawsuit against Hynix
Apr 24 2006 4:03PM (CT)
SAN FRANCISCO (AP) - Rambus Inc., a designer of high-speed computer-chip interfaces, won a $306.5 million jury verdict Monday in its patent-infringement lawsuit against South Korea's Hynix Semiconductor Inc., company officials said.
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Blackstone to buy part of Deutsche Telekom
Apr 24 2006 4:00PM (CT)
BERLIN (AP) - U.S. investment group Blackstone will buy 4.5 percent of Deutsche Telekom AG, Europe's biggest phone company, for 2.68 billion euros ($3.3 billion) from a government-owned bank, the parties said Monday.
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Washington Mutual to buy California bank
Apr 24 2006 3:58PM (CT)
SEATTLE (AP) - Washington Mutual Inc., the nation's largest thrift bank, has agreed to buy Commercial Capital Bancorp Inc. for about $983 million in a deal designed to strengthen its position in making real estate loans in California.
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Viacom to buy Xfire for $102M in cash
Apr 24 2006 3:57PM (CT)
NEW YORK (AP) - Viacom Inc., the entertainment conglomerate that owns MTV and VH1, on Monday said it would buy an online video gaming company called Xfire Inc. for $102 million in cash.
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Pinnacle Entertainment raises Aztar offer
Apr 24 2006 3:56PM (CT)
LAS VEGAS (AP) - Casino operator Pinnacle Entertainment Inc. raised its offer Monday for Aztar Corp. to $45 per share, or about $1.62 billion, matching a competing offer in a bidding war for the owner of the Tropicana casino properties.
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Xerox first-quarter profit, shares fall
Apr 24 2006 3:55PM (CT)
NEW YORK (AP) - Xerox Corp., a maker of copiers, printers and other imaging equipment, on Monday reported a modest decline in first-quarter profit as sales dropped. Its shares dropped more than 5 percent in Monday trading.
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Monday's commodities roundup
Apr 24 2006 3:51PM (CT)
NEW YORK (AP) - Silver futures fell sharply Monday, largely due to more liquidation after a sharp run-up in recent weeks.
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Hasbro posts wider 1Q loss of $4.9M
Apr 24 2006 3:45PM (CT)
PROVIDENCE, R.I. (AP) - Hasbro Inc., the nation's second biggest toy maker, on Monday reported a wider loss for the first quarter, and said the second quarter would be challenging as the company braces for a falloff in "Star Wars" merchandise.
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Caterpillar posts record 1st-qtr. profit
Apr 24 2006 3:40PM (CT)
PEORIA, Ill. (AP) - Heavy equipment maker Caterpillar Inc. posted a record first-quarter profit Monday and boosted its earnings forecast for the year amid a sales surge sparked by ongoing global demand for its hulking construction and mining machinery.
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Light to serve as Harvard business dean
Apr 24 2006 3:10PM (CT)
BOSTON (AP) - Jay O. Light, who has served as acting dean of Harvard Business School for nearly nine months, was named Monday to the post on a permanent basis.
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Icahn group raises ImClone Systems stake
Apr 24 2006 2:47PM (CT)
WASHINGTON (AP) - A group including billionaire Carl C. Icahn reported Monday increasing its stake in ImClone Systems Inc. and said it held discussions with the company on topics including adding a director to the board.
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Interest rates mixed at Treasury auction
Apr 24 2006 2:45PM (CT)
WASHINGTON (AP) - Interest rates on short-term Treasury bills were mixed in Monday's auction with rates on six-month bills declining while rates on three-month bills hit the highest level in more than five years.
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Microsoft seeks to overturn EU ruling
Apr 24 2006 2:43PM (CT)
LUXEMBOURG (AP) - The European Commission forced the world's largest software maker to offer a product no one wanted and virtually no one bought, Microsoft Corp. told the EU's second highest court Monday as it began trying to overturn a landmark antitrust ruling against it.
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Ford shares drop to 3-year low
Apr 24 2006 2:24PM (CT)
DETROIT (AP) - Ford Motor Co. shares dropped more than 5 percent to a three-year low Monday, three days after the company reported a first quarter loss of $1.2 billion.
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Dutch co. battles mayor over ads on sheep
Apr 24 2006 2:15PM (CT)
AMSTERDAM, Netherlands (AP) - A Dutch Internet hotel bookings company said Monday it is doing its best to make the mayor of a small town look sheepish after he threatened a 50,000 euro ($60,000) fine if the company doesn't remove advertisements on livestock in his district.
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Freddie Mac steps up mortgage purchases
Apr 24 2006 1:41PM (CT)
NEW YORK (AP) - Freddie Mac took advantage of cheaper valuations in March to boost its holdings of mortgage bonds for the second month in a row.
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Crowds throng IKEA megastore in Japan
Apr 24 2006 1:34PM (CT)
FUNABASHI, Japan (AP) - Crowds of shoppers greeted the opening of an IKEA megastore outside Tokyo Monday, marking a promising start for the furnishings retailer two decades after its first abortive foray into Japan's notoriously fickle market.
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LSE: No takeover approach from NYSE
Apr 24 2006 1:14PM (CT)
LONDON (AP) - Shares in the London Stock Exchange PLC, a perennial takeover target, fell Monday after the bourse said it had not received an approach from the New York Stock Exchange.
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Younger buyers fuel Vera Bradley's growth
Apr 24 2006 1:01PM (CT)
FORT WAYNE, Ind. (AP) - Inside a bustling warehouse, new hires at Vera Bradley Designs practice stitching paisley placemats and pink coin purses in patterns with names like Petal Pink and Chelsea Green. Nearby, others slice swatches of bold pink, blue and green quilted fabric destined to become handbags, purses and luggage.
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MIVA stock up
Apr 24 2006 12:51PM (CT)
NEW YORK (AP) - MIVA Inc. shares jumped Monday, after the online-marketing company said it expects its first-quarter results to show sequential revenue growth.
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Novartis posts 32 pct. rise in 1Q profit
Apr 24 2006 12:46PM (CT)
BASEL, Switzerland (AP) - Swiss pharmaceutical company Novartis AG on Monday posted a 32 percent rise in first-quarter net profit to $2 billion, boosted by a one-time gain of $129 million from the sale of a business unit.
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Wal-Mart settles complaint for up to $1.5M
Apr 24 2006 12:40PM (CT)
LANSING, Mich. (AP) - Wal-Mart has agreed to pay up to $1.5 million to settle claims that its merchandise did not carry price tags as state law requires in Michigan, Attorney General Mike Cox said Monday.
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Chief of CIA's investment group resigns
Apr 24 2006 12:24PM (CT)
WASHINGTON (AP) - The new chief of the CIA's venture capital organization, In-Q-Tel, has resigned after just four months on the job.
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HMV receives offer for Waterstone's
Apr 24 2006 12:16PM (CT)
LONDON (AP) - Struggling books and music retailer HMV Group PLC said Monday it has received a 280 million pound ($501.1 million) offer for its Waterstone's book unit from a consortium that includes the division's founder, Tim Waterstone.
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Official: Europe 'overfed' with Russia oil
Apr 24 2006 11:55AM (CT)
MOSCOW (AP) - The head of Russia's pipeline monopoly said in an interview published Monday that Europe was "overfed" on Russian oil and that a new oil pipeline to Asia would see a portion of European supplies diverted to the East.
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Autostrade defends $14.7B Abertis deal
Apr 24 2006 11:46AM (CT)
MILAN, Italy (AP) - The chairman of Italian highway operator Autostrade SPA on Monday defended its $14.7 billion deal with Spain's Abertis that would create Europe's largest highway and infrastructure operator.
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Mitsubishi to end DaimlerChrysler venture
Apr 24 2006 11:43AM (CT)
TOKYO (AP) - Mitsubishi Motors Corp. will dissolve an engine-production venture with DaimlerChrysler AG by selling its stake to the German automaker, a news report said Monday.
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Bonds edge higher
Apr 24 2006 11:41AM (CT)
NEW YORK (AP) - Bond prices were higher in quiet trading Monday, with the 10-year note yield testing the 5 percent threshold.
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Spain's Banco Popular sees 1Q profit rise
Apr 24 2006 11:05AM (CT)
MADRID, Spain (AP) - Spain's Banco Popular Espanol said Monday its profit rose 15 percent in the first quarter, buoyed by further lending growth and higher commission income.
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Meredith buys interactive marketing firm
Apr 24 2006 11:00AM (CT)
DES MOINES, Iowa (AP) - Meredith Corp., a magazine publisher and TV station owner, on Monday said it has acquired the California-based marketing firm O'Grady Meyers Interactive Agency. Terms of the deal were not disclosed.
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Jazz Semiconductor files for IPO
Apr 24 2006 10:31AM (CT)
WASHINGTON (AP) - Jazz Semiconductor Inc. registered Monday for an initial public offering of up to $105 million in common stock, according to a filing with the Securities and Exchange Commission.
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CEO: BellSouth recovering from hurricane
Apr 24 2006 10:15AM (CT)
ATLANTA (AP) - As BellSouth Corp. prepares to be absorbed by AT&T Inc., it is still recovering from hurricane damage to its equipment and disruption to its customer base along the Gulf Coast, Chief Executive Duane Ackerman told shareholders Monday.
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French business confidence rises in April
Apr 24 2006 9:18AM (CT)
PARIS (AP) - French business sentiment rose to a five-year high in April, official statistics agency Insee said Monday, despite the government's withdrawal of labor reforms in the face of angry student protests.
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Wendy's taps former CEO's son as new COO
Apr 24 2006 9:08AM (CT)
DUBLIN, Ohio (AP) - Wendy's International Inc. hired a franchisee _ the son of the former top executive at the hamburger chain _ to the newly created position of chief operations officer for the Wendy's brand.
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Court: If it's Indian, it can't be Scotch
Apr 24 2006 8:57AM (CT)
NEW DELHI (AP) - An Indian court has ruled that Indian whiskey manufacturers cannot use the words "Scot" or "Scotch" to describe their products, in compliance with World Trade Organization rules, a newspaper reported Monday.
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Electrolux sees lower profits in 1Q
Apr 24 2006 8:26AM (CT)
STOCKHOLM, Sweden (AP) - Electrolux AB, the world's biggest maker of household appliances, on Monday said earnings dropped 5.5 percent in the first quarter, partly due to a 6 1/2-week strike by workers at a plant in Germany.
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Cendant weighs offers for travel unit
Apr 24 2006 7:21AM (CT)
NEW YORK (AP) - Cendant Corp. has received unsolicited offers for its Travel Distribution Services division, which includes the Orbitz Web site and other businesses, and said Monday it will consider selling the unit instead of spinning it off.
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7 Asian mobile companies form alliance
Apr 24 2006 4:58AM (CT)
TOKYO (AP) - Seven Asian mobile phone operators have formed an alliance to work together in global roaming and other services to attract business travelers and tourists in the region, the companies said Monday.
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Finance leaders OK plans for oil hike
Apr 24 2006 3:10AM (CT)
WASHINGTON (AP) - The International Monetary Fund and the World Bank received new guidelines to deal with high and rising oil prices, trade gaps and other problems that threaten to disrupt global economic growth.
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