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Oil prices drop below $73 a barrel in Asia
May 11 2006 11:24PM (CT)
SINGAPORE (AP) - Crude oil futures dropped Friday after a big jump on the previous day that was caused by supply worries linked to violence in Nigeria, a major oil producer.
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Ad-sponsored TV on demand gets trial run
May 11 2006 11:22PM (CT)
PHILADELPHIA (AP) - Comcast Corp., CBS Corp. and General Motors Corp. are testing a new concept in video on demand: Primetime TV shows free for digital cable subscribers.
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Venezuela urges control of oil projects
May 11 2006 10:41PM (CT)
CARACAS, Venezuela (AP) - Venezuela's congress, dominated by supporters of President Hugo Chavez, released a report recommending the state assume majority control of key heavy oil projects run by companies like Chevron Corp. and Exxon Mobil Corp. in its oil-rich Orinoco River basin.
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UnitedHealth may have to restate results
May 11 2006 10:09PM (CT)
MINNEAPOLIS (AP) - UnitedHealth Group Inc. admitted a "significant deficiency" in its handling of stock options on Thursday and said it may have to restate several years of earnings.
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Japanese stocks fall sharply
May 11 2006 10:06PM (CT)
TOKYO (AP) - Japanese stocks fell sharply Friday morning, continuing their tumble for a fourth straight day on concerns about the yen's recent strength and Wall Street's earlier steep plunge.
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Alaska gas contract seeks few commitments
May 11 2006 9:53PM (CT)
JUNEAU, Alaska (AP) - The state's draft contract with three oil companies requires no commitment from them to build a North Slope natural gas pipeline, and it allows the companies to withdraw from the deal without penalty.
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Ex-HBO exec ordered to serve jail time
May 11 2006 9:36PM (CT)
NEW YORK (AP) - A former HBO executive who was sentenced to three years and one month of home detention after admitting she received more than $400,000 in kickbacks from printing vendors must now spend seven months in prison, prosecutors say.
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Ringtone company sorry for lyrics satire
May 11 2006 8:57PM (CT)
BROWNSVILLE, Texas (AP) - The company that developed the lyrics for a ringtone about deportation apologized Thursday after Cingular Wireless LLC pulled it for being offensive.
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Bolivia warns companies on compensation
May 11 2006 8:15PM (CT)
LA PAZ, Bolivia (AP) - President Evo Morales warned on Thursday that foreign companies including Brazil's Petrobras may not be compensated following the nationalization of their operations in Bolivia _ just hours after the two countries agreed to study forms of compensation.
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Study: Vioxx users not at increased risk
May 11 2006 7:46PM (CT)
TRENTON, N.J. (AP) - Vioxx users in the study that led to the painkiller being pulled from the market weren't at increased risk of heart attack or stroke in the year after stopping the drug, Merck & Co. said Thursday.
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Delta Air Lines reports 1Q loss of $2.1B
May 11 2006 7:22PM (CT)
ATLANTA (AP) - Delta Air Lines Inc., the nation's third-largest carrier, reported Thursday a first-quarter loss of $2.1 billion, plunging the beleaguered airline into deeper financial straits.
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Ayer upbeat about Alaska Air Group future
May 11 2006 5:51PM (CT)
SEATTLE (AP) - After a bruising year marred by layoffs, delayed flights, complaints about lost bags, and a spate of cabin pressurization scares, the head of Alaska Air Group Inc. exudes confidence the company has "turned the corner."
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Las Vegas Hard Rock casino sold for $770M
May 11 2006 5:40PM (CT)
LAS VEGAS (AP) - Upscale hotel operator Morgans Hotel Group Co. has agreed to buy the Hard Rock Hotel & Casino in Las Vegas for $770 million in cash from the property's founder and chairman, he said Thursday.
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Applebee's shareholders reject proposal
May 11 2006 5:32PM (CT)
OVERLAND PARK, Kan. (AP) - For the second year in a row, shareholders of restaurant chain Applebee's International Inc. on Thursday rejected a proposal from animal rights groups calling for a more humane way to slaughter chickens.
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Developer accused of cheating N.J. bank
May 11 2006 5:22PM (CT)
NEWARK, N.J. (AP) - A real estate developer was arrested on a federal bank fraud charge Thursday, accused of cheating a bank of about $22 million by attempting to deposit two $25 million checks drawn on a closed account and then withdrawing nearly half the money.
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J.C. Penney, Kohl's post 1Q profit growth
May 11 2006 5:13PM (CT)
NEW YORK _ (AP) - Moderate price department store juggernauts J.C. Penney Co. and Kohl's Corp. reported double-digit gains in first-quarter profit that beat Wall Street expectations. They also offered upbeat outlooks.
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Compass Diversified Trust flat in debut
May 11 2006 5:07PM (CT)
WASHINGTON (AP) - Compass Diversified Trust, a company formed to cash in on Americans' yen for private investments, didn't attract much interest in its new publicly traded shares Thursday.
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Biosite shares drop on blood test delays
May 11 2006 5:03PM (CT)
CHICAGO (AP) - Shares of medical diagnostic company Biosite Inc. dropped Thursday amid concerns a new blood test for strokes will see long delays at the U.S. Food and Drug Administration.
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Postal worker nabbed for insider trading
May 11 2006 5:02PM (CT)
NEW YORK (AP) - A postal worker who served on a grand jury was arrested Thursday after authorities said he provided secret developments about a probe of accounting fraud at Bristol-Myers Squibb Co. to people who created a massive inside trading operation.
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Survey: Americans aware of need to save
May 11 2006 5:00PM (CT)
NEW YORK (AP) - A growing number of Americans say they're not putting away as much as they should for retirement, a shift in attitude that experts believe could lead to improved saving practices in the future.
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American Italian Pasta won't file report
May 11 2006 4:58PM (CT)
KANSAS CITY, Mo. (AP) - American Italian Pasta Co. said Thursday it would not be able to file a financial report for the company's second quarter because of an internal accounting investigation that began last summer.
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Thursday's commodities roundup
May 11 2006 4:53PM (CT)
NEW YORK (AP) - Gold and silver prices rose Thursday to levels not seen since the early 1980s, driven by massive fund buying and a weak U.S. dollar.
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Option Care shares decline 5.6 percent
May 11 2006 4:42PM (CT)
NEW YORK (AP) - Shares of Option Care Inc. fell Thursday after Jefferies & Co. downgraded the stock, citing its concern about eroding profit margins in the pharmacy-benefits management company's specialty-pharmacy segment.
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Lay faces second trial in separate case
May 11 2006 4:40PM (CT)
HOUSTON (AP) - Enron founder Kenneth Lay won't settle in for a long wait when 12 jurors begin deliberating in the conspiracy and fraud case against him and former Chief Executive Jeffrey Skilling.
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Mining companies fret over Bolivia plan
May 11 2006 4:40PM (CT)
TORONTO (AP) - In a May 9 story about North American mining companies' concerns about investments in Bolivia, The Associated Press reported erroneously that Coeur d'Alene Mines Corp. had invested $135 million in a Bolivian mining project. Scott Lamb, a spokesman for the Idaho company, said that amount was budgeted for the project, but only $35 million was spent so far.
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Mining companies fret over Bolivia plan
May 11 2006 4:39PM (CT)
TORONTO (AP) - In a May 9 story about North American mining companies' concerns about investments in Bolivia, The Associated Press reported erroneously that Coeur d'Alene Mines Corp. had invested $135 million in a Bolivian mining project. Scott Lamb, a spokesman for the Idaho company, said that amount was budgeted for the project, but only $35 million was spent so far.
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Money funds rise in latest week
May 11 2006 4:34PM (CT)
NEW YORK (AP) - Assets of the nation's retail money market mutual funds rose by $155 million in the latest week to $843.59 billion, the Investment Company Institute said Thursday.
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Talx shares up on profit increase in 4Q
May 11 2006 4:07PM (CT)
NEW YORK (AP) - Shares of Talx Corp. rose Thursday, a day after the payroll-processing company posted a 25 percent jump in profit for its latest quarter.
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Agency: Berlusconi didn't violate rules
May 11 2006 4:00PM (CT)
ROME (AP) - Italy's antitrust authority ruled Thursday that outgoing Prime Minister Silvio Berlusconi did not violate conflict of interest rules when his government approved subsidies to Italians who buy digital television decoders.
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11 charged in stamp-investment scheme
May 11 2006 3:58PM (CT)
MADRID, Spain (AP) - Spanish prosecutors on Thursday charged 11 people allegedly involved in a pyramid scheme that guaranteed high returns on antique stamps and involved billions of dollars and some 350,000 small-time investors.
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EchoStar shares fall on weak 1Q results
May 11 2006 3:54PM (CT)
DENVER (AP) - Shares of Dish Network operator EchoStar Communications Corp. fell 4 percent Thursday after the satellite television company reported slower subscriber growth and a charge from its patent disputes with TiVo Inc.
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J.C. Penney 1Q profit jumps 22 percent
May 11 2006 3:46PM (CT)
PLANO, Texas (AP) - J.C. Penney Co. said Thursday that its profit rose 22 percent in the first quarter, as holding overhead costs below the rate of inflation helped the department store operator supplement a modest revenue increase.
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Adidas-Salomon shareholders to change name
May 11 2006 3:45PM (CT)
BERLIN (AP) - Adidas-Salomon AG shareholders voted Thursday to shorten the sports apparel company's name back to Adidas AG after the sale of the Salomon subsidiary.
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Some of VNU board may quit if bid fails
May 11 2006 3:43PM (CT)
AMSTERDAM, Netherlands (AP) - VNU NV, owner of Nielsen's Television Ratings and publisher of Billboard magazine, said Thursday that some of its board members are likely to quit if a buyout bid by a U.S.-led consortium fails.
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1Q profit at ING Groep rises 3.3 percent
May 11 2006 3:42PM (CT)
AMSTERDAM, Netherlands (AP) - Dutch banking and insurance company ING Groep NV said Thursday its first-quarter net profit rose 3.3 percent due to a robust performance in retail banking.
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Repsol 1Q net profit rises 8.2 percent
May 11 2006 3:39PM (CT)
MADRID, Spain (AP) - Spanish-Argentine oil and gas company Repsol YPF said Thursday its net profit rose 8.2 percent in the first quarter, amid concern that the nationalization of Bolivia's energy industry could affect reserves and further erode declining oil and gas production.
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Ryanair files complaint against Air France
May 11 2006 3:34PM (CT)
LONDON (AP) - Irish low-cost airline Ryanair Holdings PLC lodged a complaint with the European Commission on Thursday against Air France, alleging that the French carrier has received around 1 billion euros ($1.3 billion) in illegal state aid over the past few years.
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Ford CEO weathers criticism at meeting
May 11 2006 3:29PM (CT)
WILMINGTON, Del. (AP) - Ford Motor Co. Chairman and Chief Executive Bill Ford on Thursday reiterated his pledge not to accept a salary or bonus until the company's automotive operations return to profitability, but the action didn't satisfy every shareholder at the automaker's annual meeting.
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Viacom 1Q profit falls 9 pct. to $317.2M
May 11 2006 3:23PM (CT)
NEW YORK (AP) - Viacom Inc., a media conglomerate that owns MTV, VH1 and Paramount Pictures, reported a 9 percent decline in first-quarter earnings Thursday as debt mounted to pay for an acquisition and share buybacks.
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N.H. moves to bar sale of doctors' data
May 11 2006 3:20PM (CT)
CONCORD, N.H. (AP) - New Hampshire moved Thursday to bar the sale of doctors' prescription data, taking the lead against a practice that has angered some doctors around the country.
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Press: Toyota will emerge better from suit
May 11 2006 3:01PM (CT)
DETROIT (AP) - The new head of Toyota Motor Corp.'s North American operations, whose predecessor resigned over a sexual harassment suit, told a women's business association on Thursday that the company will emerge stronger from the scandal because it has prompted it to examine its practices.
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Zoltek Companies shares up to 8-yr. high
May 11 2006 2:44PM (CT)
NEW YORK (AP) - Shares of Zoltek Companies Inc. leaped Thursday to an 8-year high, after the carbon-fibers maker posted a 91 percent year-over-year revenue increase due to expanded production capacity.
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Gold prices soar to new 26-year high
May 11 2006 2:38PM (CT)
NEW YORK (AP) - Gold prices surged to a new 26-year high above $725 an ounce Thursday on inflationary worries expressed by the U.S. Federal Reserve.
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Retailers stock up on movie-related goods
May 11 2006 2:26PM (CT)
NEW YORK (AP) - After enjoying a sales bonanza last year from everything "Star Wars," the nation's merchants _ particularly toy sellers _ are hoping that this summer's blockbuster films will have at least the same power to move an avalanche of merchandise, from inflatable Superman suits to pirate swords with sound effects.
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Airspan Networks shares drop on 1Q loss
May 11 2006 2:25PM (CT)
NEW YORK (AP) - Shares of Airspan Networks Inc. tumbled Thursday, after the wireless-communications supplier posted a wider first-quarter loss, citing a revenue deferral for one of its Japanese customers.
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Arcelor files suit against Mittal Steel
May 11 2006 2:09PM (CT)
BRUSSELS, Belgium (AP) - Arcelor SA said Thursday it is accusing rival Mittal Steel Co. in a lawsuit of illegally copying a type of steel that it makes for the auto industry. Mittal, which has made an unsolicited $27 billion bid for Arcelor, called the suit "without merit."
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Ex-newspaper owners seek to revive suit
May 11 2006 1:46PM (CT)
DENVER (AP) - A lawyer for the former owners of The Salt Lake Tribune asked a federal appeals court Thursday to revive their lawsuit challenging the $355.5 million price set for them to buy the paper back.
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Russia, Algeria take steps to reduce debt
May 11 2006 1:35PM (CT)
PARIS (AP) - Russia and Algeria, both flush with cash from soaring oil export revenue, have taken significant steps to reduce their debt with the Paris Club, the 19-member group of creditor nations said Thursday.
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Air Berlin makes stock market debut
May 11 2006 1:26PM (CT)
BERLIN (AP) - Air Berlin, Germany's second-largest airline, made a flat stock market debut Thursday after calling off its planned IPO earlier this month after its price range was deemed too high.
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Nasdaq now has 24.1 percent stake in LSE
May 11 2006 1:06PM (CT)
LONDON (AP) - Nasdaq Stock Market Inc., which dropped a takeover bid for the London Stock Exchange PLC earlier this year, said Thursday it now holds 24.1 percent of the bourse _ bolstering its position as the largest shareholder.
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Clearwire files for IPO
May 11 2006 12:57PM (CT)
WASHINGTON (AP) - Clearwire Corp., which provides next-generation wireless broadband services, on Thursday registered for an initial public offering of up to $400 million in Class A common stock.
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Telemar Holding files for IPO
May 11 2006 12:55PM (CT)
WASHINGTON (AP) - Telemar Holding Co. on Thursday registered for an initial public offering of up to $1.45 billion in common stock, according to a filing with the Securities and Exchange Commission.
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Refco photography auctions net $9.7M
May 11 2006 12:54PM (CT)
NEW YORK (AP) - Photographs that once belonged to troubled commodities brokerage firm Refco Inc. brought in more than $9.7 million at auction, according to Christie's auction house.
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Infocrossing stock falls on weak outlook
May 11 2006 12:53PM (CT)
NEW YORK (AP) - Shares of Infocrossing Inc. slid Thursday, after the provider of outsourced information-technology services gave a weak 2006 forecast, saying it expects results to be "in the lower end" of its estimates.
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Holcim sees 42 percent rise in 1Q profit
May 11 2006 12:51PM (CT)
JONA, Switzerland (AP) - Holcim Ltd., one of the world's largest cement makers, reported a 42 percent rise in first-quarter net profit Thursday, with a strong increase in sales.
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Euro zone economy's growth doubles
May 11 2006 12:48PM (CT)
BRUSSELS, Belgium (AP) - Economic growth in the 12 nations that use the euro currency accelerated to 0.6 percent in the first quarter, the EU statistics agency Eurostat said Thursday. The data is seen as boosting the case for an interest rate increase by the European Central Bank next month.
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Wharton's Siegel: Stocks poised to rise
May 11 2006 12:47PM (CT)
PHILADELPHIA (AP) - Strong corporate earnings and global economic growth will propel the stock market higher as the Dow flirts with the all-time record it reached in January 2000 and the S&P 500 breaches a five-year high, according to noted Wharton finance professor Jeremy Siegel.
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Spitzer, UMG settle payola probe for $12M
May 11 2006 12:43PM (CT)
ALBANY, N.Y. (AP) - Universal Music Group Recordings Inc., the world's largest record company, has agreed to pay $12 million to settle a payola case that claimed the company provided vacations, electronics and other bribes to increase radio play for their artists, New York Attorney General Eliot Spitzer said Thursday.
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Fiat, Peugeot in deal to build gearboxes
May 11 2006 12:15PM (CT)
MILAN, Italy (AP) - Fiat SpA and France's PSA Peugeot-Citroen announced a 10-year deal Thursday for the Italian automaker to build gearboxes for Peugeot, extending a partnership that Fiat's CEO said could one day extend to autos.
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Trans-Atlantic aviation deal delayed
May 11 2006 12:08PM (CT)
BRUSSELS, Belgium (AP) - The European Union and the United States will miss a June deadline to strike a trans-Atlantic aviation deal that could boost air travel, create jobs and lower passenger fares, officials said Thursday.
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EU to invest in hydrogen-powered bus trial
May 11 2006 12:06PM (CT)
BRUSSELS, Belgium (AP) - The European Commission said Thursday it is investing 48 million euros ($61 million) in an expanded trial of alternative fuels for public transport which should put about 200 hydrogen-powered vehicles on the road in cities in Europe, China and Australia.
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Dollar up, gold mostly down in Europe
May 11 2006 11:40AM (CT)
LONDON (AP) - Gold traded near 25-year highs in Europe Thursday, buoyed by a weakening of the U.S. dollar and fears over Iran's standoff with the West. The U.S. dollar was down against most other major currencies.
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30-year mortgage rates edge down slightly
May 11 2006 11:28AM (CT)
WASHINGTON (AP) - Rates on 30-year mortgages edged down this week, the first decline after six straight increases, according to a nationwide survey.
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WTO faults EU for blocking modified food
May 11 2006 11:16AM (CT)
GENEVA (AP) - The World Trade Organization has upheld a ruling that European countries broke international trade rules by stopping imports of genetically modified foods, officials said Thursday.
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Fed leaves investors guessing on next step
May 11 2006 11:08AM (CT)
WASHINGTON (AP) - The Federal Reserve is no longer on autopilot when it comes to boosting interest rates. Its next decision, at its June meeting, could be for another increase. Or it could opt for the first time in two years to take a break from its credit-tightening campaign and leave rates alone, depending on how economic activity and inflation unfold.
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FAA: No lessons from European airlines
May 11 2006 11:05AM (CT)
WASHINGTON (AP) - The head of the Federal Aviation Administration said Thursday that financial problems among the nation's airlines won't tempt the government to emulate the European pattern of regulating airport access and restricting routes.
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Ex-Hamilton Bank CEO convicted of fraud
May 11 2006 10:20AM (CT)
MIAMI (AP) - A once prominent banker was convicted of fraud and other charges stemming from a scheme to cover the bank's losses in a Russian loan debacle.
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Dollar rises against the euro
May 11 2006 8:56AM (CT)
BERLIN (AP) - The U.S. dollar rose against the 12-nation euro Thursday on positive economic news out of both the United States and the euro zone.
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Japan's Canon appoints new president
May 11 2006 7:22AM (CT)
TOKYO (AP) - Canon Inc. said Thursday it will name Tsuneji Uchida, currently executive vice president, as the camera and precision equipment maker's new president and chief operating officer as of May 23.
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Disney says Hong Kong park attendance down
May 11 2006 6:57AM (CT)
HONG KONG (AP) - Attendance at Hong Kong Disneyland has fallen below expectations, but the park's finances are solid, The Walt Disney Co. says.
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U.S.: China not manipulating currency
May 11 2006 6:30AM (CT)
WASHINGTON (AP) - Critics complain the Bush administration once again dropped the ball by failing to cite China for a currency system they see as a prime culprit in the loss of millions of U.S. manufacturing jobs.
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Deutsche Telekom sees 9.7 pct. profit rise
May 11 2006 6:24AM (CT)
BERLIN (AP) - Germany's Deutsche Telekom AG said Thursday it saw a 9.7 percent rise in first-quarter net profit as growth at its T-Mobile wireless unit outpaced declines in its traditional fixed-line business.
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German economy grows 0.4 percent in 1Q
May 11 2006 6:23AM (CT)
BERLIN (AP) - The German economy, Europe's largest, grew 0.4 percent in the first quarter after a flat performance in the last quarter of 2005, the Federal Statistics Office reported Thursday.
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Kentucky corn growers hoping for good crop
May 11 2006 6:16AM (CT)
LOUISVILLE, Ky. (AP) - In a dozen years of farming, Joe Nichols hasn't seen a faster start to his 4,000-acre corn crop, and he hopes that portends a bumper harvest in a few months.
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NEC reports plunge in annual profit
May 11 2006 5:34AM (CT)
TOKYO (AP) - Japanese electronics maker NEC reported an 84 percent plunge in fiscal year profit on Thursday due to a drop in prices for computer chips, computers and mobile phones.
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Unions, stakeholders argue against Delphi
May 11 2006 12:46AM (CT)
NEW YORK (AP) - Lawyers for Delphi Corp.'s unions and stakeholders tried to convince a bankruptcy judge Wednesday that letting the faltering auto parts company jettison its labor contracts would unfairly sideline them and risk a potentially ruinous strike.
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