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Oil prices rebound after two-day decline
May 18 2006 11:53PM (CT)
SINGAPORE (AP) - Oil prices extended gains Friday as traders judged declines earlier this week as premature given persistent concerns about Iran's nuclear program and the upcoming summer driving season.
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Japanese stocks fall; dollar down vs. yen
May 18 2006 11:46PM (CT)
TOKYO (AP) - Japanese stocks fell Friday morning following earlier declines on Wall Street, gaining little support from figures showing that Japan's economy was growing at a healthy pace in the first quarter.
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Dell to use AMD microprocessors; shares up
May 18 2006 11:09PM (CT)
DALLAS (AP) - Dell Inc. said Thursday it will start using microprocessors from Advanced Micro Devices Inc. in some of its high-end servers, sending shares of the world's largest PC maker higher Thursday even as it reported an 18 percent drop in quarterly profit.
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Study: Vioxx risks started within months
May 18 2006 11:08PM (CT)
TRENTON, N.J. (AP) - Unpublished data from the Merck & Co. study that led the drugmaker to halt sales of Vioxx appear to show the blockbuster painkiller raised the risk of heart attack and stroke within just a few months _ not after at least 18 months' use, as Merck has consistently argued.
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Talks end without Japan beef exports plan
May 18 2006 11:00PM (CT)
TOKYO (AP) - American and Japanese negotiators ended talks on Friday without setting a timeline for reopening the once-lucrative Japanese market to American beef, a U.S. agricultural official said.
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Japanese economy grows 1.9 percent
May 18 2006 10:45PM (CT)
TOKYO (AP) - Japan's economy grew at a better-than-expected 1.9 percent annual rate in the first quarter, marking the fifth straight quarter of expansion driven by continued consumer spending, solid company investment and booming exports.
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Greenspan says housing boom over
May 18 2006 9:47PM (CT)
NEW YORK (AP) - Former Federal Reserve Chairman Alan Greenspan said Thursday that Americans' consumption could taper off somewhat now that the U.S. housing market's "extraordinary boom" has ended.
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Enron jurors end 1st day of deliberations
May 18 2006 9:45PM (CT)
HOUSTON (AP) - Jurors in the fraud and conspiracy trial of Enron Corp. founder Kenneth Lay and former Chief Executive Jeffrey Skilling finished their first full day of deliberations Thursday in the premiere case to emerge from one of the biggest corporate scandals in U.S. history.
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Caremark stock options draw subpoena
May 18 2006 8:58PM (CT)
NASHVILLE, Tenn. (AP) - Pharmacy benefits manager Caremark Rx Inc. said Thursday that it has received a federal grand jury subpoena for records about its stock options, a day after UnitedHealth Group Inc. was subpoenaed on the same subject.
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New runway in Atlanta may reduce delays
May 18 2006 8:29PM (CT)
ATLANTA (AP) - As a business traveler who flies 100,000 miles a year on Delta Air Lines, Jay Spencer is used to flying through the world's busiest hub at Hartsfield-Jackson Atlanta International Airport.
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Principal names Zimpleman president, COO
May 18 2006 8:00PM (CT)
DES MOINES, Iowa (AP) - Retirement and financial services provider Principal Financial Group Inc. promoted its president of retirement and investor services to company president and chief operating officer on Thursday.
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Union sees more aid for laid-off workers
May 18 2006 7:44PM (CT)
MONTPELIER, Vt. (AP) - Former employees of a Vermont printing company that sent their work abroad are eligible for federal financial and training help, the U.S. Labor Department ruled this week.
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Dow ends down 77, Nasdaq closes down 15
May 18 2006 7:24PM (CT)
NEW YORK (AP) - Wall Street extended its losses Thursday, a day after an inflation scare sent the Dow Jones industrial average on its biggest one-day drop in three years and put the Nasdaq composite index in the red for 2006.
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AMD's win with Dell shows new landscape
May 18 2006 7:12PM (CT)
SAN JOSE, Calif. (AP) - Dell Inc.'s decision to sell server computers with microprocessors made by Advanced Micro Devices Inc. underscores the changing competitive landscape in the computer and chip industries, analysts said.
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Defense contractor indicted on charges
May 18 2006 6:44PM (CT)
NEWARK, N.J. (AP) - A defense contractor, its president and three employees were indicted Thursday on charges they conspired to produce thousands of substandard air filters for the Army's main battle tank, putting soldiers and Marines at risk.
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Judge approves Winn-Dixie sale of stores
May 18 2006 6:43PM (CT)
JACKSONVILLE, Fla. (AP) - Bankrupt supermarket giant Winn-Dixie Stores Inc., was given approval Thursday by a judge to sell 17 stores in Florida, 12 in the Bahamas and a warehouse, bringing in about $118 million.
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RadioShack to sell flat-panel televisions
May 18 2006 5:48PM (CT)
FORT WORTH, Texas (AP) - RadioShack Corp. plans to stock flat-panel televisions as it closes 480 stores and freshens its merchandise, interim Chief Executive Claire Babrowski told shareholders Thursday.
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Sens. criticize Treasury on China currency
May 18 2006 5:46PM (CT)
WASHINGTON (AP) - Treasury Secretary John Snow received a tongue-lashing Thursday from senators over what they said was the adminstration's failure to force China to adjust its overvalued currency.
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Automakers push lawmakers on ethanol fuels
May 18 2006 5:42PM (CT)
WASHINGTON (AP) - The Big Three automakers pressed Congress on Thursday to help make ethanol fuels more widely available, saying that would be an immediate step toward lessening U.S. dependence on foreign oil.
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Trustees seek meeting with Exxon directors
May 18 2006 5:38PM (CT)
DALLAS (AP) - Pension fund trustees from seven states and New York City on Thursday demanded to meet with Exxon Mobil Corp.'s independent directors to discuss what they called the oil company's failure to consider how concern over global warming could affect energy companies.
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Gap 1Q profit drops 17 percent to $242M
May 18 2006 5:30PM (CT)
SAN FRANCISCO (AP) - Gap Inc.'s first-quarter profit fell by 17 percent, dragged down by a deepening sales slump that has underscored the clothing retailer's inability to keep up with fickle fashion tastes.
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Officials: 'Little cigars' are cigarettes
May 18 2006 5:30PM (CT)
WASHINGTON (AP) - If it looks like a cigarette, feels like a cigarette and smokes like a cigarette _ it must be a cigarette. At least that's what 39 states and Guam are saying about "little cigars."
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Nordstrom 1Q earnings climb 26 percent
May 18 2006 5:28PM (CT)
SEATTLE (AP) - Clothing retailer Nordstrom Inc. said Thursday that its first-quarter profits rose nearly 26 percent, beating Wall Street expectations, as the company continued to make progress in controlling expenses, managing its inventory and improving its merchandise.
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Kohn to serve as vice chairman at Fed
May 18 2006 5:27PM (CT)
WASHINGTON (AP) - Federal Reserve governor Donald Kohn will take over the No. 2 spot at the central bank, the White House announced Thursday.
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Lay goes on trial in bank fraud case
May 18 2006 5:04PM (CT)
HOUSTON (AP) - Enron Corp. founder Kenneth Lay wasn't satisfied with federal loan rules that limited his purchase of stock, so he lied on bank forms and used the borrowed money to improperly buy stocks anyway, prosecutors said as his bank fraud trial began Thursday.
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Honda to stop making Insight hybrid
May 18 2006 5:02PM (CT)
DETROIT (AP) - Honda Motor Co. will stop making the slow-selling Honda Insight hybrid in September and will introduce a new, more affordable hybrid to the North American market in 2009, a company spokesman said Thursday.
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Tenet Healthcare settles legal battle
May 18 2006 4:57PM (CT)
DALLAS (AP) - Hospital operator Tenet Healthcare Corp. has settled a three-year legal battle that included two trials by agreeing to pay a $21 million fine and close or sell a San Diego hospital accused of making kickbacks to doctors for referring patients.
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Grand jury indicts law firm, 2 partners
May 18 2006 4:53PM (CT)
LOS ANGELES (AP) - One of the nation's highest profile class-action law firms, two of its top partners, and two other individuals were indicted Thursday by a federal grand jury on charges alleging a scheme that paid millions of dollars in illegal kickbacks to plaintiffs and others.
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Treasury bond prices rebound in rally
May 18 2006 4:48PM (CT)
NEW YORK (AP) - Treasury bond prices rebounded Thursday in a relief rally, after data suggesting higher than expected inflation caused a drop a day earlier.
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Bush to nominate Senate aide to SEC
May 18 2006 4:47PM (CT)
WASHINGTON (AP) - President Bush will nominate Kathleen L. Casey, a Senate aide and expert on banking and securities law, to the five-member Securities and Exchange Commission, the White House said Thursday.
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CBS Radio signs deal on Arbitron system
May 18 2006 4:47PM (CT)
NEW YORK (AP) - Arbitron Inc., a company that provides ratings for radio stations, made a breakthrough toward establishing its new electronic audience measurement system Thursday with an announcement that CBS Radio had signed a seven-year deal to use its system.
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BMW unveils bonuses for German employees
May 18 2006 4:34PM (CT)
MUNICH, Germany (AP) - BMW AG said Thursday its German employees could get profit-sharing bonuses worth more than a month-and-a-half's salary following a strong performance last year for the luxury automaker.
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Retail money funds rise in latest week
May 18 2006 4:31PM (CT)
NEW YORK (AP) - Assets of the nation's retail money market mutual funds rose by $8.99 billion in the latest week to $852.58 billion, the Investment Company Institute said Thursday.
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BellSouth seeks retraction from USA Today
May 18 2006 4:30PM (CT)
ATLANTA (AP) - BellSouth Corp. is pressing USA Today to retract claims in a story asserting that the telecommunications company provided phone records of its customers to the National Security Agency.
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Boston Scientific to phase out Guidant
May 18 2006 4:20PM (CT)
BOSTON (AP) - Boston Scientific Corp. has decided to phase out its newly acquired Guidant brand, a name synonymous with potentially lifesaving defibrillators and pacemakers but also burdened by recent bad publicity over safety-related product recalls.
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Societe Generale 1Q profit up 20 percent
May 18 2006 4:19PM (CT)
PARIS (AP) - French bank Societe Generale SA said Thursday that strong financial markets helped lift its net profit by 20 percent in the first quarter.
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Cadbury Schweppes shares fall 2.2 percent
May 18 2006 4:18PM (CT)
LONDON (AP) - Cadbury Schweppes PLC, the world's largest confectionary company, said Thursday it had a slow start to the year, triggering a slide in its share price.
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Air France-KLM 4Q profit down 30 percent
May 18 2006 4:16PM (CT)
PARIS (AP) - Air France-KLM, the world's largest airline by sales, posted a 30 percent drop in net profit for its fiscal fourth quarter Thursday but said underlying earnings were stable despite soaring oil prices.
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BT Group 4Q profit down 11 pct. to $739M
May 18 2006 4:14PM (CT)
LONDON (AP) - BT Group PLC on Thursday reported an 11 percent decline in profit for its fourth fiscal quarter but said revenue from its "new wave" services such as broadband and information technology services rose 28 percent.
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Mass. court rules against Philip Morris
May 18 2006 4:05PM (CT)
BOSTON (AP) - The state's highest court on Thursday rejected one of the tobacco industry's most successful defenses in wrongful death lawsuits, ruling the companies cannot shield themselves from liability simply by claiming that smokers should know cigarettes are dangerous.
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Embarq shares fall in 1st day of trading
May 18 2006 4:03PM (CT)
KANSAS CITY, Mo. (AP) - Investors largely hung up on Embarq Corp., Sprint Nextel Corp.'s former local phone division, as its shares began trading for the first time Thursday.
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GM to unveil new engines, transmissions
May 18 2006 4:03PM (CT)
DETROIT (AP) - General Motors Corp. said Thursday it is introducing 19 new or significantly redesigned engines and transmissions in its 2007 model year vehicles, including a new hybrid system and a fuel-saving V-6.
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Natural gas prices slide to 15-month low
May 18 2006 4:02PM (CT)
WASHINGTON (AP) - With the price of natural gas at a 15-month low, the industry that supplies this mostly domestic fuel has a message to consumers: don't get used to it.
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Burger King shares rise in trading debut
May 18 2006 3:53PM (CT)
MIAMI (AP) - Shares of Burger King's parent company rose 3 percent from their initial public offering price Thursday, in their first day of trading.
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Yum Brands to open restaurants in China
May 18 2006 3:48PM (CT)
LOUISVILLE, Ky. (AP) - Yum Brands Inc., the parent of fast food chains KFC, Taco Bell and Pizza Hut, plans to open at least 400 restaurants in China, 700 in its international division, the company's chairman and chief executive said Thursday.
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Thursday's commodities roundup
May 18 2006 3:46PM (CT)
NEW YORK (AP) - Gold and silver prices slipped Thursday, despite a sharp rise in U.S. jobless claims and the dollar's drop against the euro.
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Abbott accused of inflating drug prices
May 18 2006 3:44PM (CT)
WASHINGTON (AP) - The Justice Department is accusing Abbott Laboratories of vastly inflating prices of its drugs as part of a fraudulent billing scheme alleged to have cost government health programs more than $175 million over 10 years.
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Rato recommends Lipsky for key IMF post
May 18 2006 3:41PM (CT)
WASHINGTON (AP) - International Monetary Fund chief Rodrigo Rato on Thursday proposed that an executive with JP Morgan Investment Bank take a key job with the fund.
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Sears Holdings 1Q profit beats estimates
May 18 2006 3:40PM (CT)
CHICAGO (AP) - Cost-cutting moves helped Sears Holdings Corp. post a profit in the first quarter versus a loss a year ago, sending its shares up almost 18 percent.
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Gun makers look to attract women buyers
May 18 2006 3:38PM (CT)
MILWAUKEE (AP) - Kay Clark Miculek is a champion shot, especially with a handgun. Though she may be pretty deft with a shotgun, she's got to put some work into using that weapon. That's because this gun shop owner in Louisiana usually must get shotguns shortened to fit her 5-foot-3-inch frame.
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Barnes & Noble posts gains in 1Q profit
May 18 2006 3:34PM (CT)
NEW YORK (AP) - Barnes & Noble Inc., reported on Thursday a slight increase in first-quarter profit, helped by such bestselling titles from financial guru Jim Cramer and novelists Stephen King and James Patterson. The results narrowly beat Wall Street expectations.
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Oracle director resigns over new job
May 18 2006 2:44PM (CT)
SAN FRANCISCO (AP) - A prominent director of Oracle Corp., Joseph Grundfest, said he resigned because of company concerns about his new job helping to manage a corporate-governance center at Stanford University.
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Lacker: Innovation driving credit boom
May 18 2006 2:22PM (CT)
WASHINGTON (AP) - A wave of innovation in consumer credit markets has driven a surge in credit availability for the average consumer, but that rapid growth has also seen an increase in "bad outcomes," according to Federal Reserve Bank of Richmond President Jeffrey Lacker.
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30-year mortgage rates highest in 4 years
May 18 2006 2:04PM (CT)
WASHINGTON (AP) - Rates on 30-year mortgages climbed this week to their highest point in nearly four years, helping take the exuberance out of the housing market.
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Ctrip.com stock rises on climbing profit
May 18 2006 1:58PM (CT)
NEW YORK (AP) - Ctrip.com International Ltd. stock rose Thursday, a day after the company posted stronger-than-expected earnings in the latest quarter on strength in all of its business segments.
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Companies slow on boomers' desire to work
May 18 2006 1:30PM (CT)
NEW YORK (AP) - A majority of baby boomers say they want to work in retirement, but U.S. companies are only just beginning to try to figure out how to accommodate that, according to a study released Thursday.
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Missing hedge fund manager arrested in Fla.
May 18 2006 1:16PM (CT)
ATLANTA (AP) - A hedge fund manager who has been missing for three months since he was accused of defrauding hundreds of investors, including several famous athletes, was arrested at a Miami Beach hotel Wednesday, FBI officials said.
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IMF leans on financial heavyweights
May 18 2006 12:49PM (CT)
WASHINGTON (AP) - Facing its first annual loss in decades, the International Monetary Fund on Thursday turned to a group of international financial heavyweights to figure out how to pay its bills.
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Euronext shares up on progress with talks
May 18 2006 12:27PM (CT)
PARIS (AP) - Euronext NV shares rose sharply Thursday after the company said it hopes to finalize a tie-up with another stock exchange operator soon after its annual shareholder meeting next week.
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Zurich Financial reports rise in 1Q profit
May 18 2006 12:14PM (CT)
ZURICH, Switzerland (AP) - Swiss insurance company Zurich Financial Services AG on Thursday reported a 1 percent increase in first-quarter net profit despite a heavy charge linked to bid-rigging settlements in the United States.
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India's Tata Motors to produce $2,000 car
May 18 2006 12:07PM (CT)
NEW DELHI (AP) - India's largest automobile manufacturer, Tata Motors Ltd., said Thursday it plans to set up a plant in the communist-ruled West Bengal state to manufacture a family car that will cost little more than $2,000.
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Brewer SABMiller says annual profits down
May 18 2006 11:31AM (CT)
LONDON (AP) - International brewer SABMiller PLC reported a 5.3 percent drop in full-year profits Thursday, in part reflecting the impact of price-cutting in the U.S. market.
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Van der Moolen stock falls
May 18 2006 11:30AM (CT)
SAN FRANCISCO (AP) - Van der Moolen Holdings stock fell Thursday after the company said business remains challenging, despite reporting a big jump in first-quarter earnings due to gains from the NSYE's recent initial public offering.
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HealthSouth to pay additional $3M to settle
May 18 2006 11:18AM (CT)
BIRMINGHAM, Ala. (AP) - HealthSouth Corp., which already has agreed to pay $870 million to settle claims over a $2.7 billion accounting fraud, will pay another $3 million under an agreement released Thursday that ends the threat of federal prosecution for the scam.
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SFBC shares climb amid Fla. shutdown plan
May 18 2006 10:58AM (CT)
NEW YORK (AP) - Shares of SFBC International Inc. climbed Thursday as Wall Street welcomed the drug developer's plan to cease its Florida operations.
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Bernanke: Housing market is cooling
May 18 2006 10:56AM (CT)
WASHINGTON (AP) - The housing market, after flying high for five years, has lost altitude and appears headed for a safe landing, Federal Reserve Chairman Ben Bernanke said Thursday.
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S. Korean auto industry seeks leniency
May 18 2006 10:46AM (CT)
SEOUL, South Korea (AP) - South Korea's automobile industry began a campaign Thursday asking for leniency and temporarily release of the indicted chairman of Hyundai Motor Co., the country's largest vehicle maker.
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Euro gains on dollar
May 18 2006 10:37AM (CT)
BERLIN (AP) - The euro climbed higher against the dollar Thursday, reversing gains it made the previous day after a widely watched barometer of U.S. economic activity slipped in April, despite projections of an increase.
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Russia warns not to 'discriminate' in WTO
May 18 2006 10:29AM (CT)
MOSCOW (AP) - The Kremlin said Thursday that any attempts to discriminate against Moscow in its negotiations to join the World Trade Organization would bring tougher terms for foreign companies seeking access to Russian markets _ a policy that could affect U.S. oil companies hoping to develop a natural gas field.
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South Africa unions call one-day strike
May 18 2006 10:13AM (CT)
CAPE TOWN, South Africa (AP) - A one-day national strike organized by the main trade union movement to protest poverty and unemployment hit production in South Africa's mining and car-manufacturing industries Thursday and had a patchy response in other sectors.
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Stocks up in respite from week of selling
May 18 2006 9:46AM (CT)
NEW YORK (AP) - Wall Street rebounded slightly Thursday, a day after inflation jitters prompted a selloff that saw the Dow Jones industrial average suffer its biggest one-day loss in three years and the Nasdaq composite index turn negative for 2006.
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Leading economic indicators fall in April
May 18 2006 9:44AM (CT)
NEW YORK (AP) - A widely watched barometer of economic activity slipped in April despite projections of an increase, a private research group said on Thursday, signaling a possible stalling of the nation's economy.
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Biggest passenger plane lands at Heathrow
May 18 2006 8:54AM (CT)
LONDON (AP) - The world's biggest passenger airliner landed at Europe's busiest airport Thursday to test whether London's Heathrow was ready for the Airbus A380.
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India's key stock index drops by most ever
May 18 2006 7:06AM (CT)
BOMBAY, India (AP) - India's benchmark stock index posted its biggest point drop ever on Thursday, tumbling 6.8 percent largely due to fears of higher taxes on foreign funds that invest in Indian stocks.
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EU court upholds $57 million fine vs. ADM
May 18 2006 6:17AM (CT)
BRUSSELS, Belgium (AP) - The European Union's Court of Justice on Thursday upheld a 43.9 million euro ($56.6 million) EU fine against U.S. agriculture company Archer Daniels Midland Co. for price-fixing on animal feed ingredients in the EU.
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Sanyo slumped to deeper loss last year
May 18 2006 5:42AM (CT)
TOKYO (AP) - Struggling Japanese electronics maker Sanyo Electric Co. slumped deeper into the red last year, reporting a wider loss on sliding sales, but predicted a return to profitability in the current business year.
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Vodafone, Softbank set up joint venture
May 18 2006 5:40AM (CT)
TOKYO (AP) - British cell-phone carrier Vodafone PLC and Japanese Internet services company Softbank are setting up a 50-50 joint venture to develop mobile phones, services and content, mostly for Japan, the companies said Thursday.
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Mittal launches official offer for Arcelor
May 18 2006 5:23AM (CT)
BRUSSELS, Belgium (AP) - Mittal Steel Co. officially launched its $27 billion offer for rival Arcelor SA, seeking a tie-up that would join the world's two largest steelmakers into a global titan.
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Court vacates verdict vs. Philip Morris
May 18 2006 3:14AM (CT)
PORTLAND, Ore. (AP) - A second jury will have to decide whether $100 million was too much _ or too little _ for Philip Morris to pay for fraudulent marketing that suggested low-tar cigarettes were safer than regular cigarettes.
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Farmers feel pinch of high fuel prices
May 18 2006 2:26AM (CT)
FRESNO, Calif. (AP) - The high price of fuel that powers irrigation equipment, tractors and trucks hauling produce to market is taking a toll on California farmers, and some say it is only a matter of time before the pain is passed on to consumers at the grocery store.
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Japan's central bank meets
May 18 2006 2:01AM (CT)
TOKYO (AP) - Bank of Japan board members will analyze financial market trends in a two-day policy meeting that started Thursday amid volatility in the currency and stock markets that may affect when the bank decides to end its zero-interest-rate policy.
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Hong Kongers line up to buy stock in bank
May 18 2006 12:42AM (CT)
HONG KONG (AP) - Hundreds of people waited in long lines Thursday to pick up applications to buy shares in Bank of China, whose $9.9 billion initial public offering next month in Hong Kong is expected to be the world's biggest this year.
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