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Shareholders approve sale of Albertson's
May 30 2006 10:08PM (CT)
MINNEAPOLIS (AP) - Shareholders approved the sale of much of Albertson's Inc. to Supervalu Inc. on Tuesday, bringing Supervalu closer to its goal of being one of the nation's largest grocers.
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McAfee fires counsel over stock options
May 30 2006 9:11PM (CT)
SAN FRANCISCO (AP) - McAfee Inc. on Tuesday said it fired its general counsel for improper conduct involving the software maker's stock options, raising more intrigue over an inquiry into how the company priced some of the incentives awarded to its top executives.
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Freddie Mac 2005 earnings drop to $2.1B
May 30 2006 8:07PM (CT)
WASHINGTON (AP) - Mortgage finance giant Freddie Mac, emerging from an accounting scandal, reported Tuesday that its income slid to $2.1 billion last year from $2.9 billion in 2004 as it paid to settle a suit by shareholders and took charges related to Hurricane Katrina.
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Japanese stocks fall; Dollar gains
May 30 2006 8:02PM (CT)
TOKYO (AP) - Japanese stocks slid in early trading Wednesday following an earlier plunge on Wall Street. The dollar was higher against the yen.
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OPEC nations seen maintaining oil output
May 30 2006 7:56PM (CT)
CARACAS, Venezuela (AP) - OPEC is expected to vote to maintain current output levels when it meets later this week and reject efforts by Venezuela _ a perennial price hawk _ to implement a production cut.
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Mirant submits $8 billion bid for NRG
May 30 2006 7:53PM (CT)
ATLANTA (AP) - Mirant Corp. is proposing to acquire rival power producer NRG Energy Inc. for about $8 billion, although NRG says the offer is not in its shareholders' best interests.
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Tribune shares climb on repurchase plans
May 30 2006 5:39PM (CT)
CHICAGO (AP) - Media group Tribune Co. took action Tuesday to boost its slumping stock price, announcing plans to buy back a quarter of its outstanding shares for more than $2 billion and pledging to sell at least $500 million in noncore assets. Its shares made their biggest jump in more than six years.
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Group: Consumer confidence slides in May
May 30 2006 4:52PM (CT)
NEW YORK (AP) - Consumer confidence soured in May, as Americans fretted about the overall economy's future and the job outlook. The drop in a widely watched barometer of sentiment was the steepest since hurricanes pummeled the Gulf Coast last year, increasing worries about the health of consumer spending.
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Clarke to lead North America unit at GM
May 30 2006 3:59PM (CT)
DETROIT (AP) - General Motors Corp. on Tuesday appointed Troy Clarke president of its North American operations, a position currently held by Chairman and CEO Rick Wagoner.
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Blankfein seen as next Goldman Sachs CEO
May 30 2006 3:55PM (CT)
NEW YORK (AP) - Goldman Sachs is widely expected to pluck its next chief executive from within, and the most likely candidate is said to be its president and chief operating officer, Lloyd Blankfein.
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Oil prices settle at $72 a barrel
May 30 2006 3:44PM (CT)
WASHINGTON (AP) - Oil prices rose above $72 a barrel Tuesday ahead of an OPEC meeting in Venezuela and the start of the Atlantic hurricane season later this week.
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Organic farms see growth on more demand
May 30 2006 2:45PM (CT)
SAN JUAN BAUTISTA, Calif. (AP) - Earthbound Farm's fields of organic baby spinach and romaine lettuce are a living symbol of the organic food movement's explosive growth in recent years.
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Dubai hotel co. enters U.S. market
May 30 2006 2:27PM (CT)
NEW YORK (AP) - From a sail-shaped hotel taller than the Eiffel Tower to two soaring towers coated in dark mirrored glass, the images of its hotels the new management showed the staff of the Essex House left employees awe-struck.
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Tribune Co. accused of falsifying figures
May 30 2006 1:52PM (CT)
WASHINGTON (AP) - Federal regulators on Tuesday charged big media group Tribune Co. with reporting falsified circulation figures for two of its newspapers in New York as it settled the case without a fine.
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Albertson's 1Q earnings jumps 67 percent
May 30 2006 1:19PM (CT)
BOISE, Idaho (AP) - Albertson's Inc., the nation's second-largest traditional supermarket chain behind Kroger Co., said Tuesday its fiscal first-quarter earnings rose 67 percent, helped by a one-time gain for pension curtailments.
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Supreme Court to review Philip Morris case
May 30 2006 12:54PM (CT)
WASHINGTON (AP) - The Supreme Court said Tuesday it will decide if tobacco giant Philip Morris must pay nearly $80 million in damages to a longtime smoker, a case that could shield companies from large jury awards.
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Vodafone posts full-year loss of $40.7B
May 30 2006 11:59AM (CT)
LONDON (AP) - Vodafone Group PLC on Tuesday reported a full-year net loss of 21.9 billion pounds ($40.7 billion), but its stock closed unchanged the mobile-phone carrier announced it would return an additional 3 billion pounds ($5.6 billion) to shareholders.
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Engelhard agrees to $5 billion BASF bid
May 30 2006 10:45AM (CT)
NEWARK, N.J. (AP) - Chemical company Engelhard Corp. abandoned months of resistance Tuesday and agreed to a $5 billion takeover from German rival BASF AG.
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China steelmakers reject iron price hike
May 30 2006 8:55AM (CT)
SHANGHAI, China (AP) - The industry group for China's steelmakers said Tuesday they reject a proposed 19 percent increase in the price of foreign iron ore and want to continue contract talks with their suppliers, the government's main news agency reported.
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Most Asian markets drop
May 30 2006 7:05AM (CT)
HONG KONG (AP) - Most Asian markets finished lower Tuesday, with Tokyo stocks dragged down by selling of retailers and automakers and Hong Kong falling amid cautious trading.
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Senior managers offer to buy Kinder Morgan
May 30 2006 6:50AM (CT)
HOUSTON (AP) - The chairman and CEO of pipeline operator Kinder Morgan Inc. has teamed up with senior managers and outside investors to purchase the company for about $13.4 billion and take it private, officials announced Monday.
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Aer Lingus chief says IPO likely in Sept.
May 30 2006 6:04AM (CT)
DUBLIN, Ireland (AP) - Ireland's state-owned airline, Aer Lingus, is likely to be privatized in September in a long-awaited initial public offering, its chief executive said Tuesday.
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World Bank not yet ready for N. Korea role
May 30 2006 5:58AM (CT)
SEOUL, South Korea (AP) - The World Bank could potentially play a role in North Korea's economy though is not yet ready to do so, Paul Wolfowitz, the institution's president, said Tuesday.
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Daewoo founder sentenced to prison term
May 30 2006 5:46AM (CT)
SEOUL, South Korea (AP) - A Seoul court on Tuesday sentenced the founder and former chairman of collapsed conglomerate Daewoo to 10 years in prison for a range of charges including embezzlement and accounting fraud.
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Group seeks to relax Taiwan trade barriers
May 30 2006 5:02AM (CT)
TAIPEI, Taiwan (AP) - An American business group in Taiwan on Tuesday called on the island to relax trade barriers with China, saying that measures like direct flights were necessary to insure Taiwanese economic integration into the international community.
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Auto production in Japan rises in April
May 30 2006 4:56AM (CT)
TOKYO (AP) - Japanese auto production in April rose 3.9 percent from a year ago, marking the sixth straight month of gains, an industry group said Tuesday.
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Australian consortium announces wheat sale
May 30 2006 4:41AM (CT)
CANBERRA, Australia (AP) - An Australian consortium announced Tuesday that it has clinched a deal to sell 350,000 tons of wheat to Iraq _ the first wheat sale since Australia's monopoly exporter was barred from the market.
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Economic data drags down Japanese markets
May 30 2006 4:37AM (CT)
TOKYO (AP) - Japanese consumer spending in April dropped for a fourth straight month and industrial production was weaker than expected, government data showed Tuesday, sending Tokyo share prices lower.
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Mongolian miners protest profits tax
May 30 2006 4:29AM (CT)
ULAN BATOR, Mongolia (AP) - Mongolian mining companies protested Tuesday a new windfall profits tax, accusing politicians of neglecting the industry and damaging the economy.
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Malaysia in talks to build Disney park
May 30 2006 3:43AM (CT)
KUALA LUMPUR, Malaysia (AP) - Malaysia is exploring plans to build the first Disney theme park in Southeast Asia, a government minister said Tuesday.
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