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Livedoor stock violation trial to begin
May 25 2006 11:35PM (CT)
TOKYO (AP) - Former officials of Japanese Internet company Livedoor faced trial Friday on charges of violating stock regulations in the first of several unfolding cases that have raised questions about the country's checks on ventures.
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Drug makers delay generics hitting market
May 25 2006 11:32PM (CT)
NEW YORK (AP) - The marketers of the world's second-largest selling drug dodged a major threat to their revenues two months ago by reaching a deal to keep a generic competitor at bay until at least 2011.
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Japanese stocks rebound; dollar up vs. yen
May 25 2006 11:28PM (CT)
TOKYO (AP) - Japanese stocks bounced back Friday morning, with domestic demand-related stocks leading the way such as machinery issues, banking, insurance and pharmaceuticals.
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Amtrak faces budget cuts after House vote
May 25 2006 10:30PM (CT)
WASHINGTON (AP) - The troubled Amtrak passenger railroad would see its federal subsidy cut by almost one-third under a bill approved Thursday night by a House panel.
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Lay, Skilling convicted in Enron collapse
May 25 2006 9:58PM (CT)
HOUSTON (AP) - Kenneth Lay and Jeffrey Skilling were convicted of conspiracy and fraud Thursday by a federal jury that laid blame for one of the biggest business scandals in U.S. history squarely on Enron Corp.'s two former top executives.
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Tyson CEO says he wants to save $110M
May 25 2006 9:01PM (CT)
SPRINGDALE, Ark. (AP) - Tyson Foods Inc.'s new chief executive says he has asked company managers to identify $110 million in spending cuts that he hopes will return the company to profitability.
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Lawmakers address issue of executive pay
May 25 2006 6:20PM (CT)
WASHINGTON (AP) - Lawmakers on Thursday addressed an issue that rankles company shareholders and the public _ executive pay packages and perks _ at a time when revelations of excess surface almost daily.
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Stewart faces deadline on SEC suit reply
May 25 2006 5:39PM (CT)
NEW YORK (AP) - Martha Stewart, who completed a five-month prison sentence a year ago for lying about her sale of ImClone stock, is now facing another legal hurdle.
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MasterCard shares jump in trading debut
May 25 2006 4:34PM (CT)
NEW YORK (AP) - In the biggest U.S. IPO of the year, MasterCard Inc. shares surged in their stock market debut Thursday even though the world's No. 2 credit-card brand originally priced below expectations.
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Hormel 2Q earnings surpass expectations
May 25 2006 3:59PM (CT)
AUSTIN, Minn. (AP) - Hormel Foods Corp., maker of Spam and Jennie-O Turkey, said Thursday its fiscal second-quarter earnings climbed 20 percent, beating Wall Street estimates, driven by gains from its refrigerated and specialty foods segments.
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Judge rules against State Farm policies
May 25 2006 3:50PM (CT)
GULFPORT, Miss. (AP) - Provisions in a State Farm Fire & Casualty Co. policy that exclude certain damage from Hurricane Katrina are unenforceable, a federal judge in Mississippi has ruled.
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Regions Financial, AmSouth to combine
May 25 2006 3:49PM (CT)
BIRMINGHAM, Ala. (AP) - The two giants of Alabama banking, Regions Financial Corp. and AmSouth Bancorp, are combining in a $9.8 billion stock deal that executives said Thursday would save money by closing branches and cutting as many as 3,600 jobs.
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Bernanke: Fed can't ignore stock movements
May 25 2006 3:26PM (CT)
WASHINGTON (AP) - Federal Reserve Chairman Ben Bernanke said the central bank can't turn a blind eye to price changes for stocks and homes when setting interest rates but should take action only when they threaten the overall economy.
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McDonald's CEO decries fast food 'fiction'
May 25 2006 3:24PM (CT)
CHICAGO (AP) - McDonald's Corp. CEO Jim Skinner told shareholders Thursday not to believe the recent surge of "fiction" maligning fast food and pledged that the company will be more aggressive and creative in setting the record straight.
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Oil rebounds on concerns about hurricanes
May 25 2006 2:49PM (CT)
WASHINGTON (AP) - Oil prices rose back above $71 a barrel Thursday as concerns about the approach of the U.S. summer driving and Atlantic hurricane seasons outweighed data showing rising supplies of gasoline and flat demand.
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Economy zooms in 1st quarter
May 25 2006 1:54PM (CT)
WASHINGTON (AP) - The economy showed even more pep than initially thought in the first quarter, zipping ahead at a 5.3 percent pace. But a less energetic housing market and high energy prices are now taking out some of the oomph.
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A look at those involved in Enron scandal
May 25 2006 12:21PM (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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Calif. winemakers best French rivals
May 25 2006 12:02PM (CT)
NAPA, Calif. (AP) - French and California winemakers marked the 30th anniversary of the storied Paris tasting with another sip-and-spit showdown.
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Yahoo, eBay to join forces in partnership
May 25 2006 10:07AM (CT)
SAN FRANCISCO (AP) - Internet powerhouses Yahoo and eBay are joining forces in an alliance that appears aimed at thwarting the recent expansions of online search engine leader Google and Microsoft.
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Home Depot shareholders blast CEO over pay
May 25 2006 10:06AM (CT)
ATLANTA (AP) - Shareholders of The Home Depot Inc. blasted Chief Executive Bob Nardelli over his hefty pay and perks at the company's annual meeting Thursday and accused board members who approved the compensation of arrogance for not showing up to defend themselves.
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Bertelsmann to buy GBL stake for $5.8B
May 25 2006 9:22AM (CT)
BERLIN (AP) - Bertelsmann AG, Europe's biggest media company, said Thursday it would buy back a Belgian holding company's 25.1-percent stake for 4.5 billion euros ($5.8 billion) _ a move that frees it from the prospect of an initial public offering.
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Most Asian markets drop in sell-off wave
May 25 2006 9:21AM (CT)
HONG KONG (AP) - Asian markets slumped further Thursday as investors in Tokyo, Hong Kong and across the region dumped shares in what analysts say is a correction after the run-up over the past year became unsustainable.
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Britain to increase retirement age
May 25 2006 9:18AM (CT)
LONDON (AP) - The British government unveiled a major overhaul of the state pensions system Thursday, revealing that it will increase the retirement age and link benefits to earnings to avert a looming funding crisis as people live longer and have fewer children.
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Energy Partners makes 2nd offer for Stone
May 25 2006 9:08AM (CT)
NEW ORLEANS (AP) - Independent petroleum producer Stone Energy Corp. got a second suitor Thursday when Energy Partners Ltd. put up a $2 billion bid, topping an offer from Plains Exploration & Production Co.
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Canon to stop making single-lens camera
May 25 2006 9:08AM (CT)
TOKYO (AP) - Japan's top camera maker, Canon Inc., will stop developing new single-lens reflex film cameras as more people abandon film for digital, company officials said Thursday.
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Treasury concedes telephone tax fight
May 25 2006 9:06AM (CT)
WASHINGTON (AP) - The Treasury Department said Thursday it will stop collecting some telephone taxes on long-distance calls and refund about $15 billion to consumers.
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Lenovo: Computers sold no security threat
May 25 2006 8:54AM (CT)
HONG KONG (AP) - The chairman of Lenovo Group Ltd., partially owned by the Chinese government, insisted Thursday that 16,000 computers sold to the U.S. State Department posed no security threat because the company is an international firm that's not controlled by Beijing.
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Watchdog may probe British airports market
May 25 2006 8:53AM (CT)
LONDON (AP) - Britain's competition watchdog said Thursday it is considering a detailed inquiry into the domestic airport market even as Grupo Ferrovial SA is making a hostile takeover bid for the airport operator BAA PLC.
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Sir Ken Morrison to step down as chairman
May 25 2006 8:27AM (CT)
LONDON (AP) - Sir Ken Morrison on Thursday said he plans to retire as chairman of William Morrison Supermarkets PLC in January 2008 after leading the grocery company for four decades.
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Nintendo profits up 12.5 percent on year
May 25 2006 8:23AM (CT)
TOKYO (AP) - Nintendo's profit jumped 12.5 percent for the fiscal year through March as a foreign exchange gain and robust sales of handhelds offset shrinking sales of home consoles. But its share price dropped 7.3 percent on the Japanese video-game maker's disappointing forecast for the year ahead.
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N.Korea agrees to new economic talks
May 25 2006 8:11AM (CT)
SEOUL, South Korea (AP) - North Korea agreed Thursday to a new round of economic talks with South Korea, but declined to set a date for the negotiations, the South's Unification Ministry said.
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LSE posts rise in annual profit
May 25 2006 8:10AM (CT)
LONDON (AP) - The London Stock Exchange Group PLC, a longtime takeover target in which the Nasdaq Stock Market Inc. has recently built a large stake, posted an 8.8 percent rise in profit for fiscal 2006 on Thursday and forecast a strong 2007.
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Jury awards $125M to OSI Systems vs. L-3
May 25 2006 8:09AM (CT)
NEW YORK (AP) - A federal jury has awarded $125 million in damages to OSI Systems Inc., a California maker of airport security-detection systems, after lawyers successfully argued that a dispute with L-3 Communications Inc. caused it to lose substantial business after the Sept. 11, 2001, terrorist attacks.
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EU, Russia summit centers on energy issues
May 25 2006 6:26AM (CT)
SOCHI, Russia (AP) - Russian President Vladmir Putin and European Union leaders met Thursday for a summit focused on EU concerns about Russia's reliability as a key energy supplier.
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Big Lots 1Q net income up 76 percent
May 25 2006 5:55AM (CT)
COLUMBUS, Ohio (AP) - Closeout retailer Big Lots Inc. said Thursday its first-quarter profit surged 76 percent thanks to higher sales, prompting it to raise its earnings forecast for the year.
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TiVo widens 1Q loss to $10.7 million
May 25 2006 5:41AM (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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Lenovo reports 85 pct. drop in net profit
May 25 2006 5:22AM (CT)
HONG KONG (AP) - China's Lenovo Group Ltd. said Thursday its net profit fell 85 percent in the company's first fiscal year since it bought IBM's personal computer business.
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Oil prices rebound above $70 a barrel
May 25 2006 5:09AM (CT)
SINGAPORE (AP) - Oil prices rebounded above $70 a barrel Thursday after a sharp decline overnight as traders remained concerned about the approach of the U.S. summer driving and Atlantic hurricane seasons.
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Japan's trade surplus with the U.S. rises
May 25 2006 4:40AM (CT)
TOKYO (AP) - Japan's trade surplus with the U.S. rose to its highest level in 20 years in April despite a wider-than-expected decline in the nation's global trade gap, the government said Thursday.
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China resumes IPOs after 1-year halt
May 25 2006 4:18AM (CT)
SHANGHAI, China (AP) - China is to resume initial public offerings on its stock markets after a one-year break, as a major state-run engineering company announced Thursday plans to issue 60 million shares on the Shenzhen Stock Exchange.
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Thai Beverage raises $863 million in IPO
May 25 2006 4:16AM (CT)
SINGAPORE (AP) - Thai Beverage Public Company Ltd., one of Southeast Asia's biggest brewers and distillers in terms of output, raised 1.37 billion Singapore dollars ($863 million) Wednesday in a lackluster initial public offering here hurt by recent turmoil on Asian markets.
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Grape damage from frost widespread in U.S.
May 25 2006 2:37AM (CT)
BUFFALO, N.Y. (AP) - A late-April frost devastated young buds on grape vines in several western New York counties and beyond, challenging growers who had been hoping to rebound from a small crop last year.
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Enron Broadband jury yet to reach verdict
May 25 2006 1:25AM (CT)
HOUSTON (AP) - Jurors in the retrial of two former executives from Enron Corp.'s defunct broadband unit have yet to reach a verdict, the same as another federal panel deliberating the fates of their former bosses, company founder Kenneth Lay and one-time CEO Jeffrey Skilling.
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Lawyers: Delphi has big financial cushion
May 25 2006 12:06AM (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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Cablevision sued over planned DVR service
May 25 2006 12:01AM (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 testing next month.
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