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SBC strikes defiant tone after legislation
May 31 2005 11:52PM (CT)
DALLAS (AP) - Telephone company SBC Communications Inc. says a legislative defeat in Texas won't stop it form competing against cable TV without the local licenses traditionally required by municipal governments.
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Key labor deals avert strike at United
May 31 2005 11:49PM (CT)
CHICAGO (AP) - United Airlines has vanquished the threat of a strike and all but secured the labor savings the carrier says it needs to help it emerge from a 2 1/2 year bankruptcy.
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Tokyo stocks rebound from early losses
May 31 2005 11:47PM (CT)
TOKYO (AP) - Tokyo stocks rebounded from early losses Wednesday morning, as investors bought Matsushita Electric Industrial and other blue-chip technology shares. The dollar was higher against the Japanese yen and the euro.
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Nielsen asked to delay new ratings system
May 31 2005 11:43PM (CT)
CHICAGO (AP) - Seventeen major media companies asked Nielsen Media Research to postpone an expansion of its electronic television ratings system until an independent group accredits the new method in each market, company officials said Tuesday.
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Crude prices rise above $52 mark
May 31 2005 11:36PM (CT)
SINGAPORE (AP) - Crude futures climbed past the $52 mark on Wednesday as traders remained wary ahead of a U.S. petroleum stocks report that they say has become increasingly difficult to predict.
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Russian oil tycoon sentenced to nine years
May 31 2005 10:09PM (CT)
MOSCOW (AP) - One year and three days after it began, the biggest trial in post-Soviet Russia ended Tuesday with a nine-year sentence for fallen tycoon Mikhail Khodorkovsky, whose oil empire was broken up after he became a political challenge to President Vladimir Putin.
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Judge OKs US Airways' request on bidding
May 31 2005 9:43PM (CT)
ALEXANDRIA, Va. (AP) - A judge on Tuesday approved procedures outlining a roadmap for the merger of US Airways and America West through the bankruptcy process, limiting to 30 days any potential competing bids.
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Enron broadband defendants seek dismissal
May 31 2005 9:38PM (CT)
HOUSTON (AP) - Five former executives from Enron Corp.'s defunct broadband unit urged a judge Tuesday to drop all or most charges pending against them because prosecutors haven't proven their guilt.
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Court denies oil Exxon Mobil's petition
May 31 2005 9:06PM (CT)
NEW ORLEANS (AP) - A panel of Louisiana appeals court judges berated Exxon Mobil Corp., refusing to rehear a pollution case in which the judges had already lowered a $1 billion verdict against the oil company to about $219 million.
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NStar workers approve new labor contract
May 31 2005 8:43PM (CT)
BOSTON (AP) - A 16-day strike against energy utility NStar ended Tuesday when workers overwhelmingly approved a four-year contract that calls for a 12 percent pay raise and increased employee medical plan contributions, union and company officials said.
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Ethiopian Airlines orders more 787s
May 31 2005 8:42PM (CT)
SEATTLE (AP) - Ethiopian Airlines said Tuesday it will buy 10 new Boeing 787 jets, doubling the number of firm orders it announced earlier this year.
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Rates on college loans to rise by record
May 31 2005 7:38PM (CT)
NEW YORK (AP) - Interest rates on federally backed loans for college students are set to jump by a record amount on July 1, the Department of Education said Tuesday.
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American Family Association boycotts Ford
May 31 2005 7:19PM (CT)
DETROIT (AP) - A conservative Christian group launched a boycott against Ford Motor Co. Tuesday, saying the second-largest U.S. automaker has given thousands of dollars to gay rights groups, offers benefits to same-sex couples and actively recruits gay employees.
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AIG acknowledges accounting improprieties
May 31 2005 5:33PM (CT)
NEW YORK (AP) - American International Group Inc., the huge insurance company under investigation by state and federal regulators over accounting issues, filed its long-awaited 2004 annual report with the Securities and Exchange Commission on Tuesday, restating financial results for the past five years.
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Justice joins Caremark whistleblower suit
May 31 2005 4:59PM (CT)
NASHVILLE, Tenn. (AP) - The Department of Justice is joining several other states in a whistleblower lawsuit alleging pharmacy benefits manager Caremark Rx Inc. did not appropriately repay Medicaid and other federal health insurance programs.
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Soros downplays role in Georgia revolution
May 31 2005 4:53PM (CT)
TBILISI, Georgia (AP) - U.S. billionaire George Soros on Tuesday praised Georgia's "Rose Revolution," which catapulted opposition leaders to power 16 months ago, but played down the role of organizations that received funding from his foundation.
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Tuesday's commodities roundup
May 31 2005 4:52PM (CT)
NEW YORK (AP) - Crude oil futures on the New York Mercantile Exchange set for July delivery settled up 12 cents at $51.97 a barrel after dipping as low as $50.90 at one point.
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Tuesday's commodities roundup
May 31 2005 4:51PM (CT)
NEW YORK (AP) - Crude oil futures on the New York Mercantile Exchange set for July delivery settled up 12 cents at $51.97 a barrel after dipping as low as $50.90 at one point.
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Gruma buys three U.S. tortilla plants
May 31 2005 4:49PM (CT)
MEXICO CITY (AP) - Mexican corn miller and tortilla maker Gruma said Tuesday it has purchased three plants from Minnesota-based Cenex Harvest States, or CHS Inc.
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Brazil economy expands less than expected
May 31 2005 4:21PM (CT)
SAO PAULO, Brazil (AP) - Brazil's economy expanded more slowly than expected in the first quarter of 2005 as the country's central bank repeatedly hiked the benchmark interest rate in a bid to control inflation, the government said Tuesday.
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Medco resisting request for documents
May 31 2005 4:11PM (CT)
TRENTON, N.J. (AP) - Four months after Medco Health Solutions Inc. was subpoenaed by one government agency probing its dealings with drugmakers, the huge prescription benefit manager still is trying to keep documents from being passed on to other government investigators.
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Utilities still seek FERC hearing
May 31 2005 4:08PM (CT)
CHICAGO (AP) - Major utilities still want federal regulators to hold a hearing on Exelon Corp.'s proposed purchase of Public Service Enterprise Group Inc., arguing the two companies still haven't proposed good enough measures to lessen their combined market power.
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Spitzer: Employment agencies to end bias
May 31 2005 3:56PM (CT)
NEW YORK (AP) - Eight employment agencies have agreed to end practices in which race was used as a criteria for screening candidates for domestic positions, state Attorney General Eliot Spitzer announced Tuesday.
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Gasoline prices decline by three cents
May 31 2005 3:48PM (CT)
WASHINGTON (AP) - The retail price of gasoline fell by nearly 3 cents last week to average $2.10 a gallon nationwide, the Energy Department reported Tuesday.
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Deliberations continue in Scrushy trial
May 31 2005 3:39PM (CT)
BIRMINGHAM, Ala. (AP) - With no verdict yet through eight days of deliberations, jurors in the fraud trial of HealthSouth Corp. founder and fired CEO Richard Scrushy took a judge's suggestion Tuesday and decided to work longer days.
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Deere acquires western irrigation
May 31 2005 3:20PM (CT)
MOLINE, Ill. (AP) - Equipment maker Deere & Co. has acquired United Green Mark Inc., expanding its nationwide network of wholesale dealerships for irrigation, nursery and landscape materials, the company said Tuesday.
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Defense: Broker had no criminal intent
May 31 2005 3:01PM (CT)
NEW YORK (AP) - A former Bank of America securities broker, accused of stealing millions of dollars through the late trading of mutual funds, had no criminal intent when he took part in an activity he and others thought was legal, his lawyer told jurors Tuesday.
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Morgan Stanley moves to overturn judgment
May 31 2005 2:52PM (CT)
NEW YORK (AP) - Morgan Stanley has started its attempt to throw out the massive $1.45 billion award it has to pay financier Ronald Perelman.
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EU, Washington resume battle over Boeing
May 31 2005 2:33PM (CT)
BRUSSELS, Belgium (AP) - Digging in for a new trade war with Washington, the European Union filed a counter complaint Tuesday at the World Trade Organization claiming that U.S.-based Boeing Co. receives illegal government aid.
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Verizon, SBC find TV venture a tough go
May 31 2005 2:18PM (CT)
DALLAS (AP) - Verizon and SBC believe they can break cable's powerful grip and get consumers to switch to the enhanced TV services they're cooking up, but they are having a tough time getting state legislators to help.
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Citigroup to pay $208M to settle charges
May 31 2005 2:12PM (CT)
NEW YORK (AP) - Citigroup Inc. has agreed to pay $208 million to settle fraud charges brought by the Securities and Exchange Commission against two of the company's units, related to the creation and operation of an affiliated transfer agent that has served the Smith Barney family of mutual funds since 1999.
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Calpine selling power plant in England
May 31 2005 2:09PM (CT)
SAN JOSE, Calif. (AP) - Struggling energy wholesaler Calpine Corp. on Tuesday said it will sell power plant in England for $925 million, raising money for the company's plan to reduce its debt by more than 20 percent by the end of the year.
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Weyerhaeuser sees antitrust verdict upheld
May 31 2005 2:07PM (CT)
PORTLAND, Ore. (AP) - A federal appeals court Tuesday upheld an antitrust judgment of nearly $80 million against timber giant Weyerhaeuser Co. for trying to maintain a monopoly on alder logs.
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Treasury bills mixed in weekly auction
May 31 2005 1:17PM (CT)
WASHINGTON (AP) - Interest rates on short-term Treasury bills were mixed in Tuesday's auction with rates on three-month bills rising to the highest level since September 2001.
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Rigas sentencings delayed until June 13
May 31 2005 12:44PM (CT)
NEW YORK (AP) - A federal judge has delayed the sentencings of John and Timothy Rigas, convicted last year in the massive fraud at Adelphia Communications Corp., until June 13.
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Leica shareholders approve new measures
May 31 2005 12:44PM (CT)
FRANKFURT, Germany (AP) - Shareholders of Germany's struggling Leica Camera AG approved a plan Tuesday to raise 23 million euros ($28.4 million) in a share sale aimed at allowing the company to continue funding its operations.
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Consumer confidence unexpectedly rebounds
May 31 2005 12:22PM (CT)
NEW YORK (AP) - Consumer confidence unexpectedly rebounded in May after declining in April, as worries about the economy and jobs eased, a private research group said Tuesday. But another closely watched report that tracks Midwestern manufacturing activity dropped in May, spooking Wall Street.
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Finnish paper-industry lockout extended
May 31 2005 12:18PM (CT)
HELSINKI, Finland (AP) - A labor dispute that shut down Finland's paper industry escalated Tuesday as employers announced a two-week extension of a lockout now set to last until the end of June.
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EU trade chief: China settlement possible
May 31 2005 11:40AM (CT)
BRUSSELS, Belgium (AP) - European Union trade chief Peter Mandelson said Tuesday a negotiated settlement to the textiles standoff with China can be found despite Beijing's decision to scrap export tariffs on textile goods.
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Khodorkovsky an allegory of modern Russia
May 31 2005 11:36AM (CT)
MOSCOW (AP) - Mikhail Khodorkovsky's path took him through most of the extremes of Russia's recent history: from Young Communist to boyish capitalist, from wheeler-dealer to reformer _ and from the pinnacle of wealth on top of a huge oil empire to the depths of a decaying jail.
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S. Korean auto-building expected to jump
May 31 2005 11:14AM (CT)
SEOUL, South Korea (AP) - South Korean auto manufacturing will rise 44 percent to more than 5 million units by 2012, with 2.1 million produced in factories overseas, a report said Tuesday.
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Toyota, Peugeot Citroen open Czech plant
May 31 2005 11:14AM (CT)
PRAGUE, Czech Republic (AP) - Toyota Motor Corp. and PSA Peugeot Citroen SA officially opened a joint car plant in the Czech Republic on Tuesday, officials said.
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Ameritrade, TD Bank confirm talks
May 31 2005 11:13AM (CT)
NEW YORK (AP) - TD Bank Financial Group and Ameritrade Holding Corp. on Tuesday confirmed that they are in discussions regarding a potential transaction involving the online brokerage TD Waterhouse USA. The companies said they will make no further comment until an agreement is reached.
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Survey: CEOs cut expectations of economy
May 31 2005 11:12AM (CT)
WASHINGTON (AP) - U.S. chief executives are much less optimistic about the economic outlook than they were three months ago, although most expect economic growth to be strong enough to drive up sales, according to a new survey.
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EU to decide on fines against Microsoft
May 31 2005 10:54AM (CT)
BRUSSELS, Belgium (AP) - The European Union head office said Tuesday it expects to make a decision by the end of July on whether to impose new fines on Microsoft Corp., which faces a Wednesday deadline for complying with an earlier order aimed at assuring that rivals can compete to supply accessories for its Windows platform.
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Judge postpones Tyco jury deliberations
May 31 2005 10:50AM (CT)
NEW YORK (AP) - A state judge on Tuesday postponed his instructions to the jury before they began deliberations in the retrial of former Tyco International Ltd. top executives L. Dennis Kozlowski and Mark H. Swartz.
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Japanese workers to go casual this summer
May 31 2005 10:28AM (CT)
TOKYO (AP) - Japan's bureaucratic rank and file march in dark jackets and ties to government offices every day, sweating their way through the country's sticky, sweltering summers. Starting Wednesday, they'll be sweating a little less.
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Bank of Italy denies showing favoritism
May 31 2005 10:10AM (CT)
ROME (AP) - The Bank of Italy said Tuesday it is neutral on the nationality of bidders in bank mergers, rejecting criticism that it favors domestic players over foreign banks.
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Lack of movement marks Trichet's tenure
May 31 2005 9:43AM (CT)
FRANKFURT, Germany (AP) - Jean-Claude Trichet took the wheel at the European Central Bank almost 18 months ago. And he's been stuck in neutral ever since.
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Repsol to spend $26.1B on investment plan
May 31 2005 9:24AM (CT)
MADRID, Spain (AP) - Spanish-Argentine oil and energy company Repsol YPF said Tuesday that it will spend more than 21.1 billion euros ($26.1 billion) as part of a five-year global investment plan, with particular emphasis on exploration and production.
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Irish airline Ryanair's profit up
May 31 2005 8:57AM (CT)
DUBLIN, Ireland (AP) - Irish budget airline Ryanair reported better-than-expected profits Tuesday, citing its stringent cost controls and continued growth in passenger numbers and routes across western Europe.
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Irish airline Ryanair's profit up
May 31 2005 8:45AM (CT)
DUBLIN, Ireland (AP) - Irish budget airline Ryanair reported better-than-expected profits Tuesday, citing its stringent cost controls and continued growth in passenger numbers and routes across western Europe.
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Boeing exec: EU aid to Airbus must stop
May 31 2005 8:40AM (CT)
TOKYO (AP) - The chief executive of Boeing Co.'s commercial airplanes unit said Tuesday the only acceptable resolution to the dogfight over the European Union's aid to rival Airbus is for the EU to stop the subsidies.
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Chinese state banks prepare for IPOs
May 31 2005 8:24AM (CT)
SHANGHAI, China (AP) - Two major Chinese state banks _ the Bank of China and China Construction Bank _ say they are looking for backing from strategic investors as they prepare for share listings on overseas and domestic markets.
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U.S. official urges Russia investment laws
May 31 2005 8:21AM (CT)
MOSCOW (AP) - Russia needs to set clear rules and apply laws consistently if it wants to attract the investment it needs to thrive, U.S. Commerce Secretary Carlos Gutierrez said Tuesday.
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EU trade chief warns of slow progress
May 31 2005 8:04AM (CT)
GENEVA (AP) - Too little progress is being made toward agreeing on a trade accord this summer, endangering efforts to liberalize global commerce, EU Trade Commissioner Peter Mandelson said Tuesday.
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Toyota to recall 173,000 vehicles in Asia
May 31 2005 7:41AM (CT)
TOKYO (AP) - Toyota Motor Corp., Japan's biggest automaker, said Tuesday it will recall about 173,000 vehicles in Japan, Singapore and Malaysia due to defects in their brakes and fuel systems.
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Widow loses claim against tobacco company
May 31 2005 7:35AM (CT)
LONDON (AP) - A widow lost her claim for damages Tuesday against the tobacco company she blames for her husband's death from lung cancer, throwing into doubt the outcome of other potential smoking liability cases in Europe.
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EU court rules on GlaxoSmithKline
May 31 2005 7:29AM (CT)
BRUSSELS, Belgium (AP) - The European Union's Court of Justice said Tuesday it had no jurisdiction in a case involving pharmaceuticals giant GlaxoSmithKline PLC's efforts to restrict some supplies of its patented medicines in Europe.
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Alstom slashes losses after restructuring
May 31 2005 7:12AM (CT)
PARIS (AP) - French engineering company Alstom SA said Tuesday that it more than halved its full-year net loss and reiterated plans to return to profit in the current fiscal year.
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German jobless rate down to 11.6 percent
May 31 2005 6:50AM (CT)
BERLIN (AP) - Germany's jobless rate edged down to 11.6 percent in May, government figures showed Tuesday, but the drop reflected a seasonal upturn instead of economic improvement in Europe's biggest economy.
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Yukos challenges production-unit selloff
May 31 2005 6:38AM (CT)
MOSCOW (AP) - The Yukos oil company said Tuesday it has filed a court challenge to last year's state selloff of its main production unit to partially pay disputed back taxes.
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Mitsubishi Fuso names new president, CEO
May 31 2005 4:58AM (CT)
TOKYO (AP) - Troubled Japanese truckmaker Mitsubishi Fuso Truck & Bus announced a new president and CEO on Tuesday, vowing to regain customer trust as it struggles to recover from a scandal over auto defect cover-ups.
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Khodorkovsky found guilty of fraud
May 31 2005 3:53AM (CT)
MOSCOW (AP) - A court on Tuesday declared tycoon Mikhail Khodorkovsky guilty of an array of charges including fraud and tax evasion, and sentenced him to nine years in prison minus time served.
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Ocean Conservancy scorecard released
May 31 2005 1:51AM (CT)
NEW ORLEANS (AP) - The Gulf of Mexico and South Atlantic fisheries rank poorly in an environmental group's assessment of how well fish stocks are being managed to save them from being overfished.
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