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Amid testy lawyers, Vioxx plaintiff calm
Apr 25 2005 11:28PM (CT)
TALLADEGA, Ala. (AP) - Cheryl Rogers says she's no liar. The plaintiff at the center of the first trial from pain reliever Vioxx said Monday she's furious that the drug's manufacturer, Merck & Co., is branding her untruthful in court documents filed earlier this month in Alabama.
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Dining lessons for the corporate world
Apr 25 2005 11:22PM (CT)
NEW YORK (AP) - Inside a tiny banquet room with sunset views of a New Jersey highway, a group of Rutgers University students is eating cream of asparagus soup _ slowly and carefully.
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Former Mattel executive pleads guilty
Apr 25 2005 10:57PM (CT)
LOS ANGELES (AP) - A former executive at toy maker Mattel Inc. pleaded guilty Monday to a federal charge resulting from a scheme to launder political donations involving company funds.
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Adelphia to pay $700M to resolve probe
Apr 25 2005 9:58PM (CT)
WASHINGTON (AP) - Adelphia Communications Corp. has agreed to pay $715 million to settle a federal investigation into the accounting fraud and looting fiasco that led to the collapse of the fifth-largest cable television company in the country.
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Genentech cancer treatment shows promise
Apr 25 2005 9:55PM (CT)
SAN FRANCISCO (AP) - Genentech Inc. said Monday that its breast cancer treatment Herceptin showed promise in treating the early stages of a certain type of the disease, the latest positive drug news to emerge from a biotechnology company whose stock has surged nearly 40 percent in the last year.
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Tokyo stocks edge lower, dollar higher
Apr 25 2005 9:42PM (CT)
TOKYO (AP) - Tokyo stocks edged lower Tuesday morning, despite advances on Wall Street. The dollar was higher against the yen and the euro.
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Morgan Stanley judge declines mistrial
Apr 25 2005 9:41PM (CT)
WEST PALM BEACH, Fla. (AP) - The judge in the trial of billionaire financier Ronald Perelman's civil suit against Morgan Stanley declined to call a mistrial Monday after three jurors told her they had been approached by a man who questioned them about the case.
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Wal-Mart to restrict some cold medicines
Apr 25 2005 9:19PM (CT)
NEW YORK (AP) - All Wal-Mart stores will move many nonprescription cold and allergy medications behind pharmacy counters by June because they include an ingredient used to make the illegal stimulant methamphetamine, the company said Monday.
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Arthur Andersen settles World Com lawsuit
Apr 25 2005 9:10PM (CT)
NEW YORK (AP) - Arthur Andersen denied wrongdoing Monday after reaching a settlement with WorldCom investors who had accused the telecommunications company's former outside auditor of failing to protect them from WorldCom's historic $11 billion accounting fraud.
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SBC earnings down, but surpass estimates
Apr 25 2005 8:43PM (CT)
SAN ANTONIO (AP) - SBC Communications Inc., the huge local phone company that is buying AT&T Corp., on Monday reported a 53 percent drop in first-quarter earnings, with part of the decline due to costs related to Cingular Wireless's purchase of AT&T Wireless.
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Exelon posts 26.5 percent rise in 1Q
Apr 25 2005 7:43PM (CT)
CHICAGO (AP) - Electric utility operator Exelon Corp. said Monday its first-quarter earnings rose 26.5 percent from strength in its power generation unit, beating analysts' expectations.
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MGM Mirage, Mandalay complete merger
Apr 25 2005 7:24PM (CT)
LAS VEGAS (AP) - MGM Mirage and Mandalay Resort Group completed their merger Monday, closing on a long-awaited deal that creates a combined company with about $7 billion in revenues and 70,000 employees.
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Ex-Ford chairman Alex Trotman, 71, dies
Apr 25 2005 7:04PM (CT)
DETROIT (AP) - Retired Ford Motor Co. Chairman Alex Trotman, who spearheaded a $5 billion restructuring to restore the automaker to profitability in the 1990s, has died. He was 71.
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Hellman & Friedman to acquire DoubleClick
Apr 25 2005 6:37PM (CT)
SAN FRANCISCO (AP) - Still hurting from a shift in Internet marketing practices, online advertising service DoubleClick Inc. is being sold to Hellman & Friedman LLC for $1.1 billion, ending a six-month search for a buyer.
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Chiquita Brands pushes back acquisition
Apr 25 2005 6:29PM (CT)
CINCINNATI (AP) - Chiquita Brands International Inc. is investigating the conduct of some of its employees and will need more time to complete its acquisition of the country's leading seller of bagged salads.
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Safety-Kleen suit ends with $200M judgment
Apr 25 2005 5:41PM (CT)
COLUMBIA, S.C. (AP) - An investor lawsuit brought against the nation's largest hazardous waste operator has ended with a court-ordered $200 million judgment against former officers and $84 million in settlements with Safety-Kleen Corp.'s former auditor and directors.
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Air Canada spends $6B to improve fleet
Apr 25 2005 5:30PM (CT)
TORONTO (AP) - Fresh out of bankruptcy, Air Canada will spend at least $6 billion to burnish its image and operations by purchasing new Boeing aircraft that are more modern and fuel efficient than its current planes.
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Qwest files at FCC to halt SBC acquisitio
Apr 25 2005 5:21PM (CT)
DENVER (AP) - Qwest Communications International Inc. said Monday it will file comments at the Federal Communications Commission, opposing the $16 billion acquisition of AT&T Corp. by SBC Communications Inc.
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Bonds mostly lower
Apr 25 2005 5:19PM (CT)
NEW YORK (AP) - Bond prices edged mostly lower Monday, with longer-dated Treasurys proving the exception, as stocks gained ground.
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Monday's commodities roundup
Apr 25 2005 5:16PM (CT)
NEW YORK (AP) - Crude-oil futures dropped as much as a dollar in New York just before settling lower Monday, as traders assessed U.S. petroleum supplies as ample.
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Rates rise on Treasury bills
Apr 25 2005 5:12PM (CT)
WASHINGTON (AP) - Interest rates on short-term Treasury bills rose in Monday's auction to the highest levels since September 2001.
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Former Enron broadband head testifies
Apr 25 2005 5:08PM (CT)
HOUSTON (AP) - The former head of Enron Corp.'s failed Internet unit said Monday that he and others deliberately lied to analysts about the network's abilities in hopes of winning Wall Street's support.
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Former Vans executive sentenced
Apr 25 2005 5:07PM (CT)
LOS ANGELES (AP) - A former vice president of Vans Inc. was sentenced Monday to 71 months in prison for taking $4.7 million in bribes and kickbacks from Chinese factories that produced shoes and clothing for the company.
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Sturm Ruger: Charges in suit dismissed
Apr 25 2005 5:06PM (CT)
SOUTHPORT, Conn. (AP) - Gun manufacturer Sturm, Ruger & Co. Monday said a court dismissed all common-law claims, including those of negligence and public nuisance, in a Washington municipal lawsuit against the company and other members of the firearms industry.
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Langone outlines his plans to buy NYSE
Apr 25 2005 5:02PM (CT)
NEW YORK (AP) - Seat holders of the New York Stock Exchange were told by former NYSE director Kenneth Langone Monday that the Big Board's deal to merge with Archipelago Holdings Inc. would shortchange them and the exchange, sources told The Associated Press.
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Andersen prepares to appeal conviction
Apr 25 2005 4:54PM (CT)
HOUSTON (AP) - For many people, Arthur Andersen LLP conjures up images of the fall of Enron Corp. The memories are particularly painful for Andersen employees laid off when the accounting firm cratered amid the Enron scandal. And so this week, when Andersen is expected to appeal its 2002 obstruction of justice conviction to the U.S. Supreme Court, they're showing little enthusiasm.
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GM recalling more than 2 million vehicles
Apr 25 2005 4:50PM (CT)
WASHINGTON (AP) - General Motors Corp. is recalling more than 2 million vehicles, including nearly 1.5 million sport utility vans and pickup trucks that have problems with their seat belts.
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Oil refiner Valero to buy Premcor for $7B
Apr 25 2005 4:49PM (CT)
DALLAS (AP) - Valero Energy Corp.'s $6.9 billion purchase of Premcor Inc. _ a deal that would create the largest oil refiner in North America _ comes as high prices drive up the industry's profit margins.
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Jurors hear recordings in Scrushy trial
Apr 25 2005 4:36PM (CT)
BIRMINGHAM, Ala. (AP) - Jurors in Richard Scrushy's trial heard recordings Monday of slamming car doors and rustling clothes _ noises that prosecutors say prove the authenticity of secret recordings linking Scrushy to a huge accounting fraud at HealthSouth Corp.
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Kimberly-Clark profit falls 2 percent
Apr 25 2005 4:09PM (CT)
NEW YORK (AP) - Consumer-products firm Kimberly-Clark Corp., the maker of Kleenex tissues and Huggies diapers, said Monday that its first-quarter profit slipped 2 percent as the company raised prices and cut costs to help stem swelling expenses.
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SEC OKs rules regarding road shows
Apr 25 2005 4:07PM (CT)
WASHINGTON (AP) - The Securities and Exchange Commission announced Monday it has approved NASD and New York Stock Exchange rules to prohibit research analysts from taking part in "road shows" to pitch securities offerings.
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Microsoft names Chris Liddell new CFO
Apr 25 2005 3:58PM (CT)
REDMOND, Wash. (AP) - The software maker Microsoft Corp. said Monday it hired Chris Liddell, chief financial officer at International Paper Co., to become its CFO effective May 9, replacing John Connors who retired in January to join a Seattle-area venture capital firm.
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NYSE seat market remains bullish
Apr 25 2005 3:55PM (CT)
NEW YORK (AP) - The market for New York Stock Exchange memberships is up strongly after the decision to merge with Archipelago Holdings Inc.
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Huntington Bancshares proposes paying $7.5M
Apr 25 2005 3:53PM (CT)
COLUMBUS, Ohio (AP) - Huntington Bancshares Inc. said Monday that it has proposed paying a $7.5 million penalty and requiring current and former executives to give back bonuses to settle a federal investigation into the company's past accounting practices.
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Saudi Arabia orders 15 Embraer jets
Apr 25 2005 3:51PM (CT)
SAO PAULO, Brazil (AP) - Saudi Arabian Airlines has placed a $400 million order for 15 mid-sized jetliners made by Brazil's Embraer in the biggest purchase for the state-owned airline in a decade, the companies said Monday.
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Constellation Brands considers offer
Apr 25 2005 3:39PM (CT)
LONDON (AP) - U.S. winemaker Constellation Brands Inc. said Monday that it is considering making an offer to rival last week's $14.2 billion buyout proposal for British liquor company Allied Domecq PLC from France's Pernod Ricard SA.
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Qwest sees profit for first quarter
Apr 25 2005 3:38PM (CT)
DENVER (AP) - Qwest Communications Inc., which is locked in a battle with Verizon Communications Inc., to acquire MCI Inc., on Monday said it expects to report a profit for the first quarter after logging a $250 million gain from selling its wireless business to Verizon Wireless.
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Navistar revises first-quarter results
Apr 25 2005 3:35PM (CT)
WARRENVILLE, Ill. (AP) - Navistar International Corp. said Monday that after reviewing charges related to its engine foundry operations, the company lowered first-quarter results by $2 million.
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Reebok posts 5 percent rise in profit
Apr 25 2005 3:31PM (CT)
BOSTON (AP) - Reebok International Ltd. said Monday that its first-quarter earnings grew about 5 percent and sales rose 11 percent amid a controversial advertising campaign that is the athletic shoe and apparel maker's biggest in nearly a decade.
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NYSE-Archipelago deal may affect trading
Apr 25 2005 2:40PM (CT)
NEW YORK (AP) - While some fans of extended-hours stock-trading are cheering the planned merger between the New York Stock Exchange and Archipelago Holdings Inc., it's not clear that the deal will actually do much to encourage investors to buy and sell stocks outside of the Big Board's normal operating hours.
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Brown optimistic on debt relief agreement
Apr 25 2005 1:56PM (CT)
WASHINGTON (AP) - Britain's finance minister, Gordon Brown, expressed optimism Monday that leaders of wealthy industrialized nations will reach agreement on wiping out poor countries' debts even though differences persist on how to do so.
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Northrop plans bid on Los Alamos contract
Apr 25 2005 1:55PM (CT)
McLEAN, Va. (AP) - Northrop Grumman Corp. plans to bid on a seven-year contract to manage Los Alamos National Laboratory, a Department of Energy facility now run by the University of California.
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Toyota may increase car prices in U.S.
Apr 25 2005 1:40PM (CT)
TOKYO (AP) - Toyota Motor Corp.'s chairman suggested Monday the Japanese carmaker may consider raising the prices of the cars it sells in the United States to help support its ailing U.S. peers, Kyodo News reported.
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Volvo posts higher first-quarter profit
Apr 25 2005 1:19PM (CT)
STOCKHOLM, Sweden (AP) - Truck and bus maker Volvo AB on Monday said its first-quarter profit soared 34 percent as demand grew in North America.
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Dow Jones stock falls to new 52-week low
Apr 25 2005 1:10PM (CT)
NEW YORK (AP) - Dow Jones & Co.'s shares dropped to a new 52-week low Monday after an analyst placed a "sell" recommendation on the stock, citing financial pressures and changes in spending behavior at the publishing company's key advertisers.
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Philip Morris buys majority of Coltabaco
Apr 25 2005 12:28PM (CT)
BOGOTA, Colombia (AP) - Philip Morris International's Dutch unit, GWP CV, Monday acquired 96.7 percent of Colombia's largest tobacco firm, Compania Colombiana de Tabaco, for $299.6 million.
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Existing homes sales inch up by 1 percent
Apr 25 2005 12:17PM (CT)
WASHINGTON (AP) - Sales of existing homes and condominiums rose by 1 percent in March to the third-highest sales pace on record while the nationwide median price jumped by the largest amount in more than 14 years, a real estate trade group reported Monday.
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EU trade ministers back probe into imports
Apr 25 2005 12:02PM (CT)
LUXEMBOURG (AP) - European Union trade ministers on Monday backed a full investigation into allegations that cheap textiles and clothing from China were flooding the EU market, but disagreed on imposing fast action to block imports.
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London shares end higher
Apr 25 2005 11:53AM (CT)
LONDON (AP) - Share prices were higher on the London Stock Exchange Monday.
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EU approves acquisition of Radianz
Apr 25 2005 11:24AM (CT)
BRUSSELS, Belgium (AP) - The European Union on Monday approved the acquisition of Radianz, which provides the financial community with remote network services, by Britain's BT Group PLC.
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Brilliance China's profits sink 95 percent
Apr 25 2005 11:07AM (CT)
HONG KONG (AP) - Brilliance China Automotive Holdings Ltd., China's largest minibus maker, said Monday its 2004 net profit fell 95 percent amid declining demand caused by the government's economic cooling measures.
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Boeing gets big order from Air Canada
Apr 25 2005 10:54AM (CT)
SEATTLE (AP) - Air Canada plans to renew its fleet of widebody jetliners with the purchase of as many as 96 Boeing 777 and 787 planes, The Boeing Co. said Monday.
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Hungarian central bank slashes rate
Apr 25 2005 10:41AM (CT)
BUDAPEST, Hungary (AP) - The Hungarian central bank cut its benchmark two-week deposit rate by one-quarter of a percentage point to 7.5 percent Monday, citing favorable inflationary data.
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IPO backlog in decline versus last year
Apr 25 2005 10:32AM (CT)
WASHINGTON (AP) - The backlog of IPOs waiting to be priced has declined compared with last year, an indicator of a worsening environment for bringing companies public.
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Florida official subpoenas reinsurers
Apr 25 2005 10:25AM (CT)
FRANKFURT, Germany (AP) - Florida's insurance regulation commissioner has subpoenaed officials of 17 insurance companies in a probe over the alleged improper use of reinsurance to overstate the value of a company, according to the commissioner's Web site.
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Arch Coal's first-quarter earnings drop
Apr 25 2005 9:49AM (CT)
ST. LOUIS (AP) - Arch Coal Inc., the nation's second-largest coal producer, said Monday its first-quarter earnings fell from the previous year, when it had a large gain tied to the partial sale of the company's interest in Natural Resource Partners. But the latest earnings still beat Wall Street expectations, and the company's stock surged 3 percent early Monday.
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Report: GE may sell self-storage business
Apr 25 2005 9:46AM (CT)
NEW YORK (AP) - General Electric Co. is in talks to sell its self-storage business for around $2.5 billion to a group that includes a unit of Prudential Financial Inc. and the real-estate investment trust Extra Space Storage Inc., The Wall Street Journal reported Monday.
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Talks for German state workers break down
Apr 25 2005 9:14AM (CT)
BERLIN (AP) - Pay talks for some 900,000 people employed by German state governments broke down Monday, and the country's biggest service workers' union refused to rule out strike action.
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Schering AG posts higher 1Q earnings
Apr 25 2005 8:35AM (CT)
FRANKFURT, Germany (AP) - Pharmaceutical maker Schering AG reported stronger first-quarter earnings Monday, due in part to sales of birth control pills.
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Nestle reports slight increase in 1Q sales
Apr 25 2005 8:24AM (CT)
VEVEY, Switzerland (AP) - Nestle AG, the world's biggest food and drink company, on Monday reported a slight increase in first-quarter sales from the same period in 2004, up 0.3 percent to 20.5 billion Swiss francs ($17.4 billion).
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U.S. pork industry sees big gains
Apr 25 2005 8:20AM (CT)
KANSAS CITY, Mo. (AP) - A rise in overseas pork sales _ due partly to concerns over the safety of beef _ and the popularity of diets high in protein and low in carbohydrates have helped fuel big gains in the U.S. pork industry.
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DaimlerChrysler in talks to sell stake
Apr 25 2005 8:11AM (CT)
FRANKFURT, Germany (AP) - DaimlerChrysler AG said Monday it is in talks to sell its stake in Debis AirFinance BV to Cerberus Capital Management.
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EU prolongs antitrust exemption until 2010
Apr 25 2005 8:09AM (CT)
BRUSSELS, Belgium (AP) - The European Union on Monday prolonged until 2010 its arrangement for providing exemption to antitrust laws for shipping companies which team up to form consortia.
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Instinet posts sharply lower 1Q profit
Apr 25 2005 8:01AM (CT)
NEW YORK (AP) - Instinet Group Inc., which has agreed to be acquired by Nasdaq Stock Market Inc., said Monday that its first-quarter profit slipped 36 percent as revenue declined amid lower volume on its electronic-trading platforms.
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Barclays waiting for investor response
Apr 25 2005 7:54AM (CT)
LONDON (AP) - Britain's third largest bank, Barclays PLC, said Monday that it is considering a 32 billion rand ($5.3 billion) bid to take a 60 percent majority stake in Absa Ltd., South Africa's largest retail lender.
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U.S. firms call on China to open markets
Apr 25 2005 7:23AM (CT)
BEIJING (AP) - Major U.S. financial and other service firms on Monday urged China to speed up market-opening measures, saying that allowing them to do more business could help Beijing cut its politically volatile trade surplus with the United States.
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Nissan reports record fiscal year profits
Apr 25 2005 7:15AM (CT)
TOKYO (AP) - Japanese automaker Nissan Motor Co. reported Monday a 1.7 percent rise in profit for recently-ended fiscal year as it sold more vehicles than it ever has worldwide, including an 18 percent sales surge in the United States.
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Federal panel sees too many tax breaks
Apr 25 2005 7:05AM (CT)
WASHINGTON (AP) - As taxpayers recover from finishing their annual filing chores, a presidential commission studying the tax laws has reached the conclusion that there are just too many deductions and credits.
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Pilgrim's Pride 2Q profit surges on growth
Apr 25 2005 6:59AM (CT)
PITTSBURG, Texas (AP) - Pilgrim's Pride Corp., the nation's second-largest poultry producer, said Monday that second-quarter earnings rose 71 percent due to strong growth in the company's chicken business, lower average feed costs and a one-time gain from a legal settlement.
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EU lab OKs testing method for biotech corn
Apr 25 2005 6:32AM (CT)
BRUSSELS, Belgium (AP) - The European Union announced Monday it has approved a testing method for the unauthorized Bt10 genetically modified corn, a move which should end an EU ban on suspect corn gluten imports from the United States.
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Hybrid car sales soar in U.S. in 2004
Apr 25 2005 6:30AM (CT)
DETROIT (AP) - The lure of the Toyota Prius and other hybrid cars helped drive healthy sales of electric and alternative-powered vehicles last year, according to new data that shows the hybrid market has grown by 960 percent since 2000.
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German business confidence index declines
Apr 25 2005 6:20AM (CT)
FRANKFURT, Germany (AP) - German business confidence fell for a third straight month in April, reaching its lowest level in 19 months, a closely watched survey showed Monday. The results raised fears that Europe's biggest economy would show only sluggish growth.
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U.S. pork industry sees big gains
Apr 25 2005 1:13AM (CT)
KANSAS CITY, Mo. (AP) - A rise in overseas pork sales _ due partly to concerns over the safety of beef _ and the popularity of diets high in protein and low in carbohydrates have helped fuel big gains in the U.S. pork industry.
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