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China acts against property speculation
May 17 2006 11:19PM (CT)
SHANGHAI, China (AP) - China will adjust lending and other policies to cope with surging real estate prices, the government says, reacting to a potentially destabilizing scarcity of affordable housing and rising financial risks from property speculation.
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California's credit rating improves
May 17 2006 11:15PM (CT)
SACRAMENTO, Calif. (AP) - A Wall Street bond house raised California's credit ratings Wednesday, breaking the state's long-standing tie with hurricane-ravaged Louisiana for the worst credit marks in the nation.
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Oil prices fall to hover above $68
May 17 2006 11:14PM (CT)
SINGAPORE (AP) - Oil prices extended losses Thursday in a sell-off triggered by rising gasoline supplies in the U.S. and concerns that high oil prices have weakened demand.
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Japanese stocks fall sharply; Dollar mixed
May 17 2006 11:04PM (CT)
TOKYO (AP) - Japanese stocks fell sharply Thursday morning, following an earlier plunge on Wall Street, where the Dow Jones industrial average suffered its biggest one-day loss in three years. The dollar rose against the yen.
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Costa Rican farmers win Benlate lawsuit
May 17 2006 10:13PM (CT)
DOVER, Del. (AP) - A group of Costa Rican fern growers received a multimillion-dollar award against DuPont Co. on Wednesday for damages to their crops caused by the fungicide Benlate.
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La. officials to review insurers complaints
May 17 2006 9:08PM (CT)
NEW ORLEANS (AP) - Louisiana's top insurance regulator ordered reviews Wednesday into consumer complaints about the way Allstate Insurance Co. and St. Paul Travelers Cos. handled homeowner claims after hurricanes Katrina and Rita.
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UnitedHealth stock options subpoenaed
May 17 2006 8:41PM (CT)
MINNETONKA, Minn. (AP) - UnitedHealth Group Inc. said Wednesday it has received a subpoena from the U.S. attorney in New York the for documents related to stock options granted by the company.
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Occidental files arbitration claim
May 17 2006 8:07PM (CT)
LOS ANGELES (AP) - Occidental Petroleum Corp. on Wednesday filed an arbitration claim against the government of Ecuador over the nation's takeover of the oil and gas company's operations in the Andean nation earlier this week.
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Vitesse Semiconductor fires 3 executives
May 17 2006 7:57PM (CT)
CAMARILLO, Calif. (AP) - Vitesse Semiconductor Corp. said Wednesday it fired three top executives the chip maker had suspended in April amid questions over how it awarded stock options and other accounting irregularities.
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NASD panel awards Exxon Mobil retirees
May 17 2006 7:55PM (CT)
WASHINGTON (AP) - A securities-industry arbitration panel has awarded $22 million to a group of Exxon Mobil Corp. retirees who accused brokerage firm Securities America Inc. of improperly steering them into high-risk investments between 1996 and mid-2003.
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Burger King shares IPO price at $17
May 17 2006 7:45PM (CT)
MIAMI (AP) - Burger King's parent company said Wednesday it expects to net $393 million from its initial public offering to pay off debt, as the No. 2 hamburger chain priced the sale at the top end of its expected range.
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McClatchy considers bids for Pa. papers
May 17 2006 6:00PM (CT)
NEW YORK (AP) - McClatchy Co. on Wednesday began considering bids from several parties for two newspapers in Philadelphia, the latest to be sold as part of McClatchy's acquisition of Knight Ridder Inc.
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Napster narrows 4th-quarter loss to $4.4M
May 17 2006 5:43PM (CT)
LOS ANGELES (AP) - Napster Inc. on Wednesday reported its fourth-quarter loss narrowed from the year-ago period as the online music service saw strong growth in the number of subscribers during the quarter.
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Yahoo execs tout Internet advertising boom
May 17 2006 5:34PM (CT)
SAN FRANCISCO (AP) - Hoping to win back recently disillusioned investors, Yahoo Inc. assured stock market analysts Wednesday that it's poised to make more money off the Internet advertising boom and tighten its grip on the Web's largest audience.
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DuPont cites higher costs for price hikes
May 17 2006 5:33PM (CT)
DOVER, Del. (AP) - Chemicals producer DuPont Co. said Wednesday it is raising prices across most of its businesses in response to continued cost increases for raw materials.
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SEC: Small companies not exempt from law
May 17 2006 5:28PM (CT)
WASHINGTON (AP) - The Securities and Exchange Commission said Wednesday that it has decided not to exempt smaller public companies from a key requirement of a 2002 anti-fraud law, resisting entreaties from business interests that have been complaining about the costs of compliance.
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Embarq begins journey into unsure future
May 17 2006 5:26PM (CT)
OVERLAND PARK, Kan. (AP) - The final piece of the merger that created wireless carrier Sprint Nextel Corp. last summer falls into place Thursday when its local wireline business, renamed Embarq Corp., begins trading as a separate company.
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Jury begins deliberations in Enron case
May 17 2006 5:23PM (CT)
HOUSTON (AP) - The question of whether Enron Corp. founder Kenneth Lay and former Chief Executive Jeffrey Skilling are crooks and liars in what a prosecutor deemed a "historic case" was left in the hands of a jury Wednesday.
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Court vacates verdict vs. Philip Morris
May 17 2006 5:07PM (CT)
PORTLAND, Ore. (AP) - A landmark $150 million jury verdict against Philip Morris was vacated Wednesday by an appeals court, which ordered a new trial to reconsider damages against the tobacco manufacturer after a trial judge ruled the amount was excessive.
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Intuit 3Q profit off less than 1 percent
May 17 2006 4:53PM (CT)
SAN JOSE, Calif. (AP) - Personal finance software maker Intuit Inc. said Wednesday its fiscal third-quarter earnings dipped less than 1 percent on new stock option expenses and a higher tax rate, though a strong consumer tax season drove up sales by 14 percent.
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Sovereign to use partner to woo Hispanics
May 17 2006 4:41PM (CT)
PHILADELPHIA (AP) - With Sovereign Bancorp Inc.'s deal to sell a stake to a Spanish banking conglomerate expected to close in two weeks, the Philadelphia thrift said Wednesday it will tap its European partner's expertise to target the Hispanic market in the United States.
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Limited Brands 1Q earnings up 19 percent
May 17 2006 4:20PM (CT)
COLUMBUS, Ohio (AP) - Limited Brands Inc., a maker of women's clothing and apparel, said Wednesday its first-quarter earnings were up 19 percent, driven by strong sales at Victoria's Secret.
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Bausch & Lomb defends actions on outbreak
May 17 2006 4:16PM (CT)
ROCHESTER, N.Y. (AP) - Bausch & Lomb Inc. said Wednesday it began discussions with U.S. health regulators within days of receiving reports in February of an unusual incidence of severe fungal infections among contact lens wearers in Singapore.
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Molson Coors CEO touts brand-building
May 17 2006 4:10PM (CT)
DENVER (AP) - Building up Molson Coors Brewing Co. brands will be key to pulling the brewer through tough times that have kept beer sales mostly flat, as well as position the company for the long haul, Chief Executive W. Leo Kiely III said Wednesday.
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Saturn shows off new mid-size Aura
May 17 2006 4:05PM (CT)
KANSAS CITY, Kan. (AP) - Saturn showed off its sleek new mid-size Aura on Wednesday, with company officials saying they hope its European-inspired design will entice customers back to the brand for General Motors Corp., which has been fighting slumping sales in the U.S.
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HP shares up on investor OK of CEO plans
May 17 2006 4:01PM (CT)
SAN FRANCISCO (AP) - Hewlett-Packard Co. shares rose more than 3.3 percent Wednesday as investors signaled their approval of Chief Executive Mark Hurd's moves to cut costs and boost profit in divisions where sales had stagnated for years.
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Zale 3Q profit up 16 percent to $16.8M
May 17 2006 3:58PM (CT)
DALLAS (AP) - Zale Corp., the nation's largest jewelry store operator, reported 16 percent third-quarter profit growth on Wednesday, a boost helped by a one-time gain for the settlement of retirement benefit obligations.
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Gateway to build 1st U.S. plant in Tenn.
May 17 2006 3:57PM (CT)
NASHVILLE, Tenn. (AP) - Computer maker Gateway Inc. announced Wednesday it has picked Nashville for the company's first U.S. manufacturing facility employing 300 people in the first year.
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GM hires outside financial advisers
May 17 2006 3:56PM (CT)
DETROIT (AP) - General Motors Corp., the subject of several federal investigations because of recent accounting errors, said Wednesday it has hired outside financial advisers to help restructure its corporate controller's office.
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Pitney Bowes to sell financing business
May 17 2006 3:54PM (CT)
STAMFORD, Conn. (AP) - Pitney Bowes Inc. agreed Wednesday to sell its Capital Services financing business to Cerberus Capital Management for about $745 million.
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Office Depot buys Allied Office Products
May 17 2006 3:53PM (CT)
CLIFTON, N.J. (AP) - Office-supplies retailer Office Depot Inc. on Wednesday said it bought New Jersey-based Allied Office Products, the largest independent dealer of office supplies. Terms were not disclosed.
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Wednesday's commodities roundup
May 17 2006 3:52PM (CT)
NEW YORK (AP) - Gold and silver prices fell Wednesday, despite a rise in U.S. inflation data that gave the New York precious metals a bounce earlier in the session.
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UPS unveils $1B expansion at Ky. air hub
May 17 2006 3:49PM (CT)
LOUISVILLE, Ky. (AP) - UPS Inc. announced plans Wednesday for a second $1 billion expansion at its main air hub in recent years, this time adding 5,000 jobs as the world's largest shipping carrier anticipates strong growth in global commerce.
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Colorado leads U.S. in home foreclosures
May 17 2006 3:37PM (CT)
DENVER (AP) - Colorado has posted the highest foreclosure rate in the nation for the second month in a row, the result of what one expert calls a "perfect storm" of factors that include debt, unsold homes and bankruptcies.
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Vivendi 1Q net profit soars 41 percent
May 17 2006 3:33PM (CT)
PARIS (AP) - Vivendi SA rejected a proposal from a top shareholder to break up the company as it reported Wednesday that its first-quarter net profit rose 41 percent on strong growth at its music and games businesses.
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Halliburton protesters arrested in Okla.
May 17 2006 3:31PM (CT)
DUNCAN, Okla. (AP) - Sixteen people protesting Halliburton Co.'s role as a military contractor were arrested Wednesday outside a building where shareholders discussed spinning off the subsidiary that provides meals, clean laundry and other services to U.S. troops in Iraq.
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Arpey: American needs to cut $1B in costs
May 17 2006 3:29PM (CT)
FORT WORTH, Texas (AP) - American Airlines expects passengers to pack its flights this summer, but the nation's largest carrier must cut more than $1 billion in expenses to offset the rising cost of fuel, Chief Executive Gerard Arpey said Wednesday.
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Gold prices fall back below $700 an ounce
May 17 2006 3:13PM (CT)
NEW YORK (AP) - Gold prices fell back below $700 an ounce Wednesday after rallying as high as $720, reversing course as traders took profit, the dollar rose and crude oil prices fell.
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Fla. proposes more taxes on citrus growers
May 17 2006 3:06PM (CT)
LAKELAND, Fla. (AP) - The Florida Citrus Commission on Wednesday proposed raising taxes on orange and grapefruit growers, hoping the additional revenue will strengthen an advertising campaign that could save the troubled industry.
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Japanese police arrest property developer
May 17 2006 3:02PM (CT)
TOKYO (AP) - Authorities on Wednesday arrested a property developer accused of fraud in a scandal over hundreds of buildings that had not been built according to earthquake-resistance standards, sparking nationwide outrage.
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Former Dow Chemical CEO Doan dies at 83
May 17 2006 3:01PM (CT)
ANN ARBOR, Mich. (AP) - Former Dow Chemical Co. President and CEO Herbert D. "Ted" Doan, the last Dow family member to run the company, has died. He was 83.
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Fla. AG seeks $17M from tobacco company
May 17 2006 2:59PM (CT)
WEST PALM BEACH, Fla. (AP) - Cigarette maker Brown & Williamson owes Florida $17 million as part of the landmark 1997 tobacco settlement after it failed to report the sale of billions of cigarettes produced under another company's name, Attorney General Charlie Crist said Wednesday.
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Xstrata launches bid for Falconbridge
May 17 2006 2:32PM (CT)
ZUG, Switzerland (AP) - Mining company Xstrata PLC launched a $14.5 billion bid Wednesday to take over Falconbridge Ltd., topping an offer for the company from Canadian nickel miner Inco Ltd.
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Cos. to give energy shares to Bolivia
May 17 2006 2:30PM (CT)
LA PAZ, Bolivia (AP) - A Spanish bank and Swiss insurance company ended their standoff with the Bolivian government Wednesday, dropping demands for immediate compensation for handing over energy shares they administer for a public pension fund.
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Judge keeps papers sealed in AT&T spy suit
May 17 2006 2:28PM (CT)
SAN FRANCISCO (AP) - Secret documents that allegedly detail the surveillance of AT&T phone lines under the Bush administration's domestic spying program can be used in a lawsuit against the telephone giant, a federal judge ruled Wednesday, but the records will remain sealed.
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GlaxoSmithKline: Firm won't leave Britain
May 17 2006 2:20PM (CT)
LONDON (AP) - GlaxoSmithKline won't be driven out of Britain by animal rights extremists, Chief Executive Jean-Pierre Garnier said Wednesday, pledging his commitment to the drugmaker by extending his term at the helm.
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GE building plant to make nuclear reactors
May 17 2006 2:19PM (CT)
WILMINGTON, N.C. (AP) - GE Energy, which moved its nuclear business from California to Wilmington three years ago, has broken ground here on a plant here that will focus on developing a new line of nuclear reactors for the international market.
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Chile lowers 2006 economic growth forecast
May 17 2006 2:18PM (CT)
SANTIAGO, Chile (AP) - The Central Bank on Wednesday shaved its estimate of the country's economic growth this year to between 5 percent and 6 percent.
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More vets making house calls for pets
May 17 2006 2:08PM (CT)
GLENDALE, Wis. (AP) - Fourteen-year-old Murphy hisses and growls as Dr. Barb Rossi tries to draw blood from her leg to find out if the cat's kidney failure has progressed.
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Stocks tumble after consumer prices surge
May 17 2006 1:44PM (CT)
WASHINGTON (AP) - Consumer prices vaulted higher in April, fueling concerns the Federal Reserve might keep pushing interest rates up to fend off inflation. Discouraged Wall Street investors sent stocks tumbling.
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Models strike in Italy's fashion capital
May 17 2006 1:37PM (CT)
MILAN, Italy (AP) - Models refused to pose, photographers stilled their flashes and stylists laid down their brushes for three hours Wednesday to protest the lack of rules governing their industry, which they complain is taking the gloss off Italy's fashion capital.
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A look at those involved in Enron scandal
May 17 2006 1:34PM (CT)
HOUSTON (AP) - Here is a list of the people charged in connection with the Enron scandal since it erupted in December 2001, and the status of their cases:
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Key witnesses in the Enron trial
May 17 2006 1:33PM (CT)
HOUSTON (AP) - Here is a rundown of the key witnesses among the 54 people who testified for the prosecution and defense in the fraud and conspiracy trial of Enron Corp. founder Kenneth Lay and former Chief Executive Jeffrey Skilling. Both defendants testified.
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LaserCard shares fall on order delay
May 17 2006 12:54PM (CT)
NEW YORK (AP) - Identity-card maker LaserCard Corp. stock fell Wednesday as the company's Italian national ID-card program remained uncertain due to delays caused by recent elections.
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Arab energy ministers seek more exploration
May 17 2006 12:51PM (CT)
AMMAN, Jordan (AP) - Arab energy ministers called Wednesday for more of their oil revenues to be reinvested in exploration, saying their countries needed to realize the potential of their reserves.
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Charming Shoppes posts profit
May 17 2006 12:42PM (CT)
NEW YORK (AP) - Charming Shoppes Inc.'s profit rose in the latest quarter, but its stock fell after the women's apparel retailer left its 2007 forecast unchanged and reported a slowdown in traffic at its Fashion Bug stores.
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Random House to use more recycled paper
May 17 2006 12:33PM (CT)
NEW YORK (AP) - Publishing giant Random House is planning a tenfold increase in the amount of recycled paper it uses in books printed in the United States.
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Euronext CEO to meet with Deutsche Boerse
May 17 2006 12:17PM (CT)
PARIS (AP) - The chief executive of stock-exchange operator Euronext, which is in merger talks with both Germany's Deutsche Boerse and the New York Stock Exchange, is to hold more discussions with the head of the German exchange ahead of a Euronext shareholder meeting next Tuesday.
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Regulator examining AstraZeneca bid for CAT
May 17 2006 11:59AM (CT)
LONDON (AP) - Britain's antitrust regulator said Wednesday that it is examining AstraZeneca PLC's proposed takeover of Cambridge Antibody Technology Group PLC for possible breaches of competition rules.
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Suit claims rodent tooth in Kraft peanuts
May 17 2006 11:53AM (CT)
BELLEVILLE, Ill. (AP) - A man is suing Kraft Foods Inc., claiming he found what appeared to be a rodent tooth in a package of Planters peanuts he bought last year.
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Regulators raid gas cos. in 5 EU nations
May 17 2006 11:20AM (CT)
BRUSSELS, Belgium (AP) - The European Commission said Wednesday it raided gas companies in five nations, including Germany, Italy, France, Belgium and Austria, over concerns the companies might have abused their market position.
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Dollar mixed, gold up in Europe
May 17 2006 10:53AM (CT)
LONDON (AP) - The U.S. dollar was mixed against other major currencies in European trading late Wednesday. Gold prices rose.
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Alitalia aims to introduce new routes
May 17 2006 10:35AM (CT)
ROME (AP) - Alitalia SpA aims to introduce new routes and boost passenger traffic from Rome's main airport as part of a wide-ranging agreement to increase tourism in the Italian capital, the chief executive of the ailing airline said Wednesday.
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Stengel is named editor of Time magazine
May 17 2006 10:34AM (CT)
NEW YORK (AP) - Time magazine named Richard Stengel, a 20-year veteran of the newsweekly, as its new editor on Wednesday, replacing Jim Kelly, who is taking a senior position at corporate parent Time Inc.
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Interstate Bakeries reports $15.2M loss
May 17 2006 10:08AM (CT)
KANSAS CITY, Mo. (AP) - Interstate Bakeries Corp., the bankrupt maker of Hostess Twinkies and Wonder bread, said Wednesday that losses in March increased 52 percent from the month before.
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Amicus Therapeutics files IPO
May 17 2006 10:07AM (CT)
WASHINGTON (AP) - Amicus Therapeutics Inc., a clinical-stage biopharmaceutical company, filed an initial public offering Wednesday to sell up to $86.25 million in common stock.
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EU to comply with WTO sugar rulings
May 17 2006 10:03AM (CT)
GENEVA (AP) - The EU said Wednesday that it would adopt further measures to reform its sugar subsidy policy within the next week to comply with WTO rulings.
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Euro down slightly against U.S. dollar
May 17 2006 10:02AM (CT)
BERLIN (AP) - The dollar rose slightly against the euro, but fell versus the yen on Wednesday after the U.S. reported slightly stronger-than-expected inflation and Germany warned that an overly strong euro could harm exports.
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GM to slash 900 jobs at British factory
May 17 2006 9:24AM (CT)
LONDON (AP) - General Motors Corp. said Wednesday it is axing 900 jobs at the British plant of its subsidiary Vauxhall, confirming union fears and renewing a lament for Britain's rapidly disappearing car manufacturing sector.
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German prosecutors drop Commerzbank probe
May 17 2006 9:03AM (CT)
FRANKFURT, Germany (AP) - Prosecutors said Wednesday they have dropped an investigation of suspected money laundering against the chief executive of Commerzbank AG, citing a lack of sufficient evidence.
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Tribune April revenue falls 3 percent
May 17 2006 7:55AM (CT)
CHICAGO (AP) - Newspaper publisher Tribune Co. said Wednesday its April revenue fell 3 percent from last year as income declined from both publishing and advertising.
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J. Sainsbury: Net profit down 69 percent
May 17 2006 7:53AM (CT)
LONDON (AP) - J. Sainsbury PLC reported stronger than expected full-year earnings Wednesday, but shares in Britain's third-largest supermarket operator fell as it warned that rising energy costs would crimp future profits.
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MMC to buy Malakoff for $2.6 billion
May 17 2006 7:52AM (CT)
KUALA LUMPUR, Malaysia (AP) - Infrastructure group MMC Corp. said Wednesday it plans to buy power-generator Malakoff Bhd. for 9.3 billion ringgit ($2.58 billion; euro2.15 billion) in Malaysia's biggest corporate takeover.
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Verizon denies giving NSA phone records
May 17 2006 7:22AM (CT)
NEW YORK (AP) - Verizon Communications Inc. says it did not give the government records of millions of phone calls, joining fellow phone company BellSouth in disputing key assertions in a USA Today article.
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Parliament OKs new 2007-2013 EU budget
May 17 2006 6:55AM (CT)
STRASBOURG, France (AP) - The European Parliament approved the EU's multibillion euro budget for 2007-2013 on Wednesday, ending months of wrangling with governments and averting a funding crisis.
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UAW authorizes strike against Delphi
May 17 2006 6:39AM (CT)
DETROIT (AP) - United Auto Workers members have voted to authorize a strike against auto supplier Delphi Corp. if the company fails to honor its labor agreements, an action that could have severe consequences for Delphi and its largest customer, General Motors Corp.
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U.S., Japanese officials resume beef talks
May 17 2006 6:26AM (CT)
TOKYO (AP) - Japanese and U.S. officials on Wednesday wrapped up the first day of talks on a survey of the U.S. meatpacking industry, as Washington seeks a reopening of the Japanese market to U.S. beef imports.
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Britons claiming jobless benefits rise
May 17 2006 5:55AM (CT)
LONDON (AP) - The number of people claiming jobless benefits in Britain remained at its highest level in almost three years in April, the government said Wednesday.
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Xstrata launches bid for Falconbridge
May 17 2006 5:14AM (CT)
ZUG, Switzerland (AP) - Mining company Xstrata PLC launched a 16.1 billion Canadian dollar ($14.5 billion) bid Wednesday to take over Falconbridge Ltd., topping an offer for the company from Canadian nickel miner Inco Ltd.
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Midwest farmers turn to alternative fuel
May 17 2006 3:23AM (CT)
ST. ANSGAR, Iowa (AP) - Mark McKinley need only look out across his car dealership to see the rise in demand for the newest renewable fuel _ E85.
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Cablevision to unveil new calling plan
May 17 2006 12:20AM (CT)
NEW YORK (AP) - Cable operator Cablevision Systems Corp. is preparing to unveil a new international calling plan that lets users make calls to anywhere in the world for a flat fee of $19.95 a month.
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