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XM shares drop on reduced growth forecast
May 24 2006 11:59PM (CT)
NEW YORK (AP) - XM Satellite Radio Holdings Inc. lowered its forecast for full-year subscriber growth and revenue on Wednesday, citing "overall softness" of retail sales for satellite radios in the second quarter and product availability problems. The company's shares tumbled 11 percent.
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TiVo widens 1Q loss to $10.7 million
May 24 2006 11:58PM (CT)
SAN JOSE, Calif. (AP) - TiVo Inc., a provider of digital video recorders, posted a wider first-quarter loss on Wednesday, citing legal costs, aggressive pricing and stock option expenses.
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Jurors end 5th day of Enron deliberations
May 24 2006 11:58PM (CT)
HOUSTON (AP) - Jurors in the fraud and conspiracy trial of Enron Corp. founder Kenneth Lay and former Chief Executive Jeffrey Skilling deliberated for a fifth day Wednesday without reaching a verdict in the premier criminal case to emerge from the company's collapse.
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Winemakers to promote products in China
May 24 2006 11:45PM (CT)
HONG KONG (AP) - Victor Dejesus, a Spanish winemaker, is eager to sell his wines in China, but he found he may have a problem. "China is a very big market, of course, but they're less sophisticated," he said. "I was in Shanghai, and I had too many mixtures of wine with 7-Up there," he added, referring to the common Chinese practice of drinking wine mixed with soda.
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Oil prices steady on rising U.S. supply
May 24 2006 11:42PM (CT)
SINGAPORE (AP) - Oil prices were little changed Thursday after weekly U.S. government data showed rising domestic gasoline supplies and flat demand.
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Japanese stocks fall; dollar up vs. yen
May 24 2006 11:33PM (CT)
TOKYO (AP) - Japanese stocks fell Thursday morning following sharp advances the previous day, with electronics, metals and auto issues leading the decline.
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Cablevision sued over planned DVR service
May 24 2006 11:29PM (CT)
LOS ANGELES (AP) - Hollywood studios and TV networks are asking a federal court to stop a video recording service that Cablevision Systems Corp. planned to start offering next month.
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MasterCard prices IPO at $39 per share
May 24 2006 11:25PM (CT)
NEW YORK (AP) - MasterCard Corp.'s bid to become a public company got off to a shaky start Wednesday after the world's No. 2 credit-card brand priced its stock below expectations, falling victim to volatile market conditions and concerns over its mounting legal problems.
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Bank of China prices IPO near top range
May 24 2006 9:25PM (CT)
HONG KONG (AP) - Bank of China Ltd., the nation's No. 2 lender, priced its initial public offering in Hong Kong near the top of the expected range as investors brushed off recent volatility in Asian markets and flocked to buy the IPO _ the world's largest in six years.
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Alaska gov. backs gas contract proposal
May 24 2006 9:06PM (CT)
JUNEAU, Alaska (AP) - Gov. Frank Murkowski and executives from the state's three largest oil companies appeared together Wednesday to endorse a contract proposal that now includes placeholder language for a long-term freeze on the companies' oil and gas taxes.
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Heinz board nixes shareholder growth plan
May 24 2006 8:23PM (CT)
PITTSBURGH (AP) - H.J. Heinz Co. directors on Wednesday rejected a plan by a shareholder group led by billionaire investor Nelson Peltz to slash costs and nominate five candidates to the food company's board.
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Hasbro shelves plans for Pussycat Dolls
May 24 2006 7:16PM (CT)
PAWTUCKET, R.I. (AP) - Hasbro Inc. shelved plans Wednesday to release a line of dolls based on the Pussycat Dolls, an all-female music group known for risque lyrics and skimpy outfits.
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Lawyers: Delphi has big financial cushion
May 24 2006 7:12PM (CT)
NEW YORK (AP) - Lawyers for Delphi Corp.'s labor unions and stakeholders insisted Wednesday that the auto parts supplier has a bigger financial cushion than company officials admit.
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Enron broadband jury yet to reach verdict
May 24 2006 6:31PM (CT)
HOUSTON (AP) - Jurors in the retrial of two former executives from Enron Corp.'s defunct broadband unit wrapped up deliberations Wednesday without reaching a verdict.
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Qwest to weigh idea on directors' vote
May 24 2006 6:28PM (CT)
DENVER (AP) - A group of Qwest shareholders failed to draw adequate support Wednesday for a proposal requiring directors to win election by a majority rather than a plurality, but CEO Richard Notebaert said the board would review the idea.
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Affiliates win in dispute with EchoStar
May 24 2006 5:20PM (CT)
ATLANTA (AP) - A federal appeals court has ruled EchoStar Communications Corp. essentially ignored federal law by transmitting network television signals to some of its customers and said the satellite TV provider should be banned from the practice.
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Delta pilots to oppose blocking of deal
May 24 2006 4:59PM (CT)
ATLANTA (AP) - Delta Air Lines Inc.'s pilots union said Wednesday it would oppose an effort by some retired pilots to block the union's wage concession deal with the bankrupt carrier.
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Wyeth to give money to diet drug users
May 24 2006 4:44PM (CT)
PHILADELPHIA (AP) - Drug maker Wyeth is preparing to distribute $1.28 billion from a supplemental fund to about 40,000 people who took a diet drug linked to heart problems.
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Polo to stop selling jeans in U.S. in 2007
May 24 2006 4:28PM (CT)
NEW YORK (AP) - Polo Ralph Lauren Corp. said Wednesday it will stop selling its Polo Jeans Co. brand starting next spring in the United States as the New York-based apparel company refashions its denim business worldwide. The company's shares rose 2.5 percent on the news.
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Latin American currencies, stocks tumble
May 24 2006 4:25PM (CT)
RIO DE JANEIRO, Brazil (AP) - Currencies and stocks kept falling across Latin America Wednesday as investors shifted money out of emerging markets toward more secure investments.
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Andersen to acquire Silver Line
May 24 2006 4:02PM (CT)
BAYPORT, Minn. (AP) - Andersen Corp., the nation's biggest wooden window maker, said on Wednesday it is buying Silver Line Building Products Corp., the nation's largest vinyl window maker.
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Vonage shares finish down in NYSE debut
May 24 2006 3:44PM (CT)
NEW YORK (AP) - Shares of Vonage Holdings Corp., the Internet telephone pioneer, dropped sharply in their trading debut Wednesday, dismaying customers who had been given a chance to participate in the initial public offering.
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Wednesday's commodities roundup
May 24 2006 3:43PM (CT)
NEW YORK (AP) - Gold and silver prices fell sharply Wednesday, as traders took profits from a rise a day earlier and as the dollar strengthened.
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P&G replaces ex-Gillette CEO at operations
May 24 2006 3:42PM (CT)
CINCINNATI (AP) - Procter & Gamble Co. is replacing former Gillette Co. chief executive James M. Kilts as head of the combined company's Gillette operations, saying Wednesday Kilts will focus on integrating the companies' operations until retiring Oct. 1.
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OMV shares climb, Verbund shares slide
May 24 2006 3:41PM (CT)
VIENNA, Austria (AP) - Shares of oil company OMV AG rose Wednesday after its takeover of electric company Verbund AG fell through, a collapse the utility blamed on politics.
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Sara Lee proceeds with spinoff of unit
May 24 2006 3:23PM (CT)
CHICAGO (AP) - Consumer goods maker Sara Lee Corp. said Wednesday it is on track to complete the spinoff of its apparel unit by September, creating an independent company with brands including Hanes, Champion, Playtex and Wonderbra.
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Venezuela seeks stake in Orinoco projects
May 24 2006 2:50PM (CT)
CARACAS, Venezuela (AP) - Venezuela seeks up to a 60 percent stake in four heavy oil projects in the Orinoco River basin where it is partnered with companies like Chevron Corp. and ConocoPhillips, a state oil company official said Wednesday.
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Oil prices fall on increase in gas supply
May 24 2006 2:48PM (CT)
WASHINGTON (AP) - Oil prices fell by almost $2 a barrel Wednesday after weekly government data showed rising supplies of gasoline and flat demand.
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EU makes tentative offer on import tariffs
May 24 2006 2:36PM (CT)
PARIS (AP) - The United States faced mounting pressure to slash domestic farm subsidies after the EU said Wednesday it was willing to move toward developing countries' demands by making bigger cuts to its import tariffs.
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Deutsche Boerse offers a concession
May 24 2006 2:29PM (CT)
FRANKFURT, Germany (AP) - Germany's Deutsche Boerse AG offered a concession in its battle with the New York Stock Exchange to take over European stock-market operator Euronext, saying Wednesday that Euronext CEO Jean-Francois Theodore initially could become sole boss of the combined company.
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Warhol, Arab art on Dubai auction block
May 24 2006 2:28PM (CT)
DUBAI, United Arab Emirates (AP) - This status-obsessed Gulf city notched another milestone Wednesday as auction house Christie's sold works by Indian and Arab artists alongside works by Western icons like Andy Warhol in the Middle East's first major international art auction.
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Freston sees more online moves for Viacom
May 24 2006 1:45PM (CT)
NEW YORK (AP) - Tom Freston took the stage Wednesday for Viacom Inc.'s first shareholder meeting as an independent company following its breakup earlier this year with corporate sibling CBS Corp.
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Fox asks Congress to end soft drink tax
May 24 2006 1:38PM (CT)
MEXICO CITY (AP) - Mexican President Vicente Fox has asked Congress to eliminate a 20 percent tax on corn syrup sweetened soft drinks to abide with a World Trade Organization ruling.
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Brazil's currency, markets continue slide
May 24 2006 1:16PM (CT)
RIO DE JANEIRO, Brazil (AP) - The Brazilian currency fell to its weakest point this year in midday trading Wednesday as investors continued to pull their money out of emerging markets toward more secure investments.
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Chavez: Venezuela to buy Russian planes
May 24 2006 1:15PM (CT)
CARACAS, Venezuela (AP) - Venezuelan President Hugo Chavez said Wednesday that his government will buy Russian-made Antonov planes because the U.S. has blocked a deal for Venezuela to buy similar military planes from Brazil.
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Gold, silver drop on profit-taking
May 24 2006 1:09PM (CT)
NEW YORK (AP) - Gold and silver prices fell sharply Wednesday, as traders took profits from a rise a day earlier and as the dollar strengthened.
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Russia tentatively OKs ban on dollar, euro
May 24 2006 1:04PM (CT)
MOSCOW (AP) - Russian lawmakers on Wednesday tentatively approved legislation that would ban stores, restaurants and other businesses from listing prices in dollars or euros as well as bar Cabinet ministers from peppering public statements with references to currencies other than the ruble.
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Ex-Skandia CEO sentenced to prison
May 24 2006 12:24PM (CT)
STOCKHOLM, Sweden (AP) - A former chief executive of Sweden's largest insurer, Skandia Insurance Co. Ltd., was sentenced to two years in prison for fraud on Wednesday, court officials said.
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Judge gives OK to $6.6B Enron settlement
May 24 2006 11:16AM (CT)
HOUSTON (AP) - A federal judge gave final approval Wednesday for three more banks to pay $6.6 billion to settle civil claims that they helped Enron Corp. manipulate earnings.
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Court allows Budweiser sales in Hungary
May 24 2006 10:56AM (CT)
ST. LOUIS (AP) - A Hungarian appeals court has ruled that Anheuser-Busch Cos. Inc. can sell its Budweiser brand in Hungary, the St. Louis-based brewer said Wednesday.
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Gazprom reappoints Miller CEO for 5 years
May 24 2006 10:47AM (CT)
MOSCOW (AP) - The board of Russian state-controlled natural gas monopoly OAO Gazprom Wednesday reappointed chief executive officer Alexei Miller _ who has presided over the company's soaring stock price and apparently rising political role _ for a further five years.
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Dollar rises, gold down in Europe
May 24 2006 10:44AM (CT)
LONDON (AP) - The U.S. dollar rose against other major currencies in European trading late Wednesday. Gold prices were lower.
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Interest in silver increased in 2005
May 24 2006 10:17AM (CT)
NEW YORK (AP) - Demand for silver rose in 2005 to the highest level in five years as strength in jewelry and industrial products offset softness in photography and coins, the Silver Institute said Wednesday.
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EU OKs BASF to buy Degussa chem business
May 24 2006 10:15AM (CT)
BRUSSELS, Belgium (AP) - EU regulators on Wednesday approved German chemical maker BASF AG's bid to buy Degussa AG's construction chemicals business.
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U.S. dollar rises against the euro
May 24 2006 9:41AM (CT)
BERLIN (AP) - The dollar was higher against the euro Wednesday even as U.S. data showed a drop in orders to factories for big-ticket manufactured goods.
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3 Japanese carmakers post production rise
May 24 2006 8:42AM (CT)
TOKYO (AP) - Toyota Motor and two other major Japanese automakers said Wednesday that their global production rose in April, but two other manufacturers reported a decline.
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Saudi, ConocoPhillips sign $6 billion deal
May 24 2006 7:56AM (CT)
RIYADH, Saudi Arabia (AP) - State-run Saudi Arabian Oil Co. and ConocoPhillips signed a $6 billion agreement Wednesday to build a 400,000 barrel-a-day oil refinery in the kingdom's Red Sea city of Yanbu.
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Canon chief to head Japan business lobby
May 24 2006 7:50AM (CT)
TOKYO (AP) - Fujio Mitarai, the chairman of camera maker Canon Inc., was named the head of Japan's powerful business lobbying group Japan Business Federation, also known as Nippon Keidanren.
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Fannie Mae fined $400M for bad accounting
May 24 2006 7:39AM (CT)
WASHINGTON (AP) - Federal regulators issued a blistering report about mortgage giant Fannie Mae on Tuesday, alleging accounting manipulation aimed at lining executives' pockets and lying to investors about smooth growth in profits and earnings. The government-sponsored mortgage company was fined $400 million and agreed to limit its growth.
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Washington Mutual lays off 1,400 workers
May 24 2006 7:39AM (CT)
SEATTLE (AP) - Washington Mutual Inc., the nation's largest savings and loan, has notified 1,400 workers in Washington and Florida that they will lose their jobs as part of the company's cost-saving strategy.
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McClatchy sells Philadelphia newspapers
May 24 2006 6:41AM (CT)
PHILADELPHIA (AP) - The soon-to-be new owners of Philadelphia's two major daily newspapers have a daunting task ahead: reversing circulation declines and shrinking profits.
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ACLU launching Don't Spy On Me campaign
May 24 2006 6:38AM (CT)
NEW YORK (AP) - A civil rights group was launching a nationwide Don't Spy On Me campaign Wednesday to urge the public to demand that the Federal Communications Commission and state utility commissions probe whether phone companies broke laws by sharing customer records with the government's biggest spy agency.
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Ahold says 1Q sales rose 8.5 percent
May 24 2006 5:10AM (CT)
AMSTERDAM, Netherlands (AP) - Food retailer Royal Ahold NV said sales rose 8.5 percent in the first quarter, mostly due to a stronger dollar in the United States where the company has more than two-thirds of its business.
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German business confidence slips
May 24 2006 5:09AM (CT)
BERLIN (AP) - German business confidence has slipped back after five consecutive months of increases, reflecting managers' cooling outlook for the coming months, a closely watched survey showed Wednesday.
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China banks deny breakup plans
May 24 2006 5:03AM (CT)
BEIJING (AP) - China's central bank and the state-owned Agricultural Bank of China are denying a report that the government plans to break up the huge but troubled bank.
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Vintage rematch set for wine tasting
May 24 2006 2:58AM (CT)
NAPA, Calif. (AP) - The U.S. wine industry has changed a lot since a handful of little-known California reds and whites left French winemakers blue.
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Farmers pressing lawmakers on immigration
May 24 2006 2:57AM (CT)
FRESNO, Calif. (AP) - Growers facing a dwindling supply of farmworkers are pressing lawmakers in hopes of influencing the outcome of immigration reform measures before Congress to ensure they have a work force in the future.
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Council fights Wal-Mart on eminent domain
May 24 2006 1:52AM (CT)
HERCULES, Calif. (AP) - A San Francisco suburb voted Tuesday to use the power of eminent domain to prevent Wal-Mart Stores Inc. from setting up shop after hearing from dozens of residents opposed to the big-box retailer.
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Young adults lacking health insurance
May 24 2006 12:37AM (CT)
NEW YORK (AP) - Young adults between the ages of 19 and 29 are the largest and fastest growing segment of the U.S. population lacking health insurance, according to a report released Wednesday.
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