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Greenspan can't explain rates divergence
Jun 6 2005 10:03PM (CT)
WASHINGTON (AP) - Federal Reserve Chairman Alan Greenspan said Monday he does not have a good explanation for why long-term interest rates have been falling at a time when he and his Fed colleagues have been raising short-term rates.
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Nikkei lower in morning Tokyo trading
Jun 6 2005 9:49PM (CT)
TOKYO (AP) - Tokyo stocks edged down Tuesday morning as investors took profits from recent gains. The dollar was down against the Japanese yen but higher versus the euro.
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Lawyer: General Re exec to plead guilty
Jun 6 2005 8:42PM (CT)
NEW YORK (AP) - A former executive for Berkshire Hathaway Inc.'s Gen Re insurance unit will plead guilty later this week to a criminal charge that he helped rival American International Group Inc. exaggerate its finances and will cooperate in the continuing investigation, his lawyer said Monday.
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Ohio sues shoe retailer DSW over breach
Jun 6 2005 8:23PM (CT)
COLUMBUS, Ohio (AP) - Ohio authorities filed suit Monday against Designer Shoe Warehouse, nearly three months after credit and banking information for 1.4 million of the retailer's customers was stolen.
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Norway excludes Kerr McGee from oil fund
Jun 6 2005 7:38PM (CT)
OSLO, Norway (AP) - Norway said Monday it has excluded U.S.-based Kerr-McGee Corp. from its national oil fund because of the oil and gas company's exploration off the disputed Western Sahara region.
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Disney dissidents' suit can go to trial
Jun 6 2005 7:33PM (CT)
LOS ANGELES (AP) - A lawsuit against The Walt Disney Co. filed by two former board members challenging the way the company selected its new CEO can go to trial, a Delaware Chancery court judge ruled Monday.
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Interest-only mortgages all the craze
Jun 6 2005 5:41PM (CT)
SAN FRANCISCO (AP) - Once a frustrated renter, Chris Economou is now a happy homeowner, enjoying a splendid view of San Francisco and an $80,000 increase in his property's value since he bought the one-bedroom condominium for $435,000 a year ago.
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Ameritrade shares rise on E-Trade report
Jun 6 2005 5:34PM (CT)
OMAHA, Neb. (AP) - Ameritrade shares rose close to a 52-week high after The Wall Street Journal reported the online stock brokerage had received an improved bid from rival E-Trade Financial Corp.
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CitiFinancial to notify of lost data
Jun 6 2005 5:30PM (CT)
NEW YORK (AP) - CitiFinancial, the consumer finance division of Citigroup Inc., said Monday it has begun notifying some 3.9 million U.S. customers that computer tapes containing information about their accounts _ including Social Security numbers and payment histories _ have been lost.
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Businessman sues over sale of teams
Jun 6 2005 5:15PM (CT)
ATLANTA (AP) - A Dallas auto dealer who lost his bid to buy the Atlanta Hawks and Atlanta Thrashers on Monday sued the struggling franchises' former parent company, Time Warner Inc., and accused the media conglomerate of reneging on the deal.
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ProLogis to buy Catellus in $3.6B deal
Jun 6 2005 4:52PM (CT)
DENVER (AP) - ProLogis has agreed to buy rival real-estate investment trust Catellus Development Corp. for $3.6 billion in a cash and stock deal that will create the world's largest network of warehouses and distribution services.
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Lea Fastow leaves prison for halfway house
Jun 6 2005 4:48PM (CT)
HOUSTON (AP) - The real estate and grocery heiress married to former Enron Corp. finance chief Andrew Fastow is beginning her life outside of prison.
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Archipelago shares rise to all-time high
Jun 6 2005 4:46PM (CT)
NEW YORK (AP) - Shares of Archipelago LLC, which is planning a merger with the New York Stock Exchange, rose steadily to an all-time high Monday, while the price of an NYSE seat climbed by $70,000.
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Nymex crude futures fall on profit taking
Jun 6 2005 4:38PM (CT)
NEW YORK (AP) - Crude-oil futures fell Monday as traders booked profits on last week's big gains. Meanwhile, heating-oil futures, the driving force behind those gains, put in another strong performance as worries about supplies persisted.
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Firm may make hostile offer for Acxiom
Jun 6 2005 4:34PM (CT)
LITTLE ROCK, Ark. (AP) - Business-software maker Acxiom Corp.'s stock surged Monday after its largest shareholder indicated it may launch a hostile takeover attempt to buy the remainder of the company's shares in order to revamp Acxiom's financial management. The deal would value the entire company at about $2 billion.
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Lowe's to expand into Canada in 2007
Jun 6 2005 4:33PM (CT)
CHARLOTTE, N.C. (AP) - Lowe's Cos. plans to expand into Canada in 2007 by opening as many as 10 stores in the Toronto area, the home improvement retailer said Monday.
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Sikorsky gets Army Black Hawk contract
Jun 6 2005 4:29PM (CT)
STRATFORD, Conn. (AP) - Sikorsky Aircraft has won a $245 million contract to make 22 next-generation Black Hawk helicopters for the U.S. Army, company officials said Monday.
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Agilent shares up on reported unit sale
Jun 6 2005 4:28PM (CT)
PALO ALTO, Calif. (AP) - Shares of Agilent Technologies Inc. rose Monday after a published report that the company is searching for a buyer for its semiconductor products division, which has been struggling amid a five-year downturn in the broader technology sector.
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Smart: Small-car market share to grow
Jun 6 2005 4:27PM (CT)
FRANKFURT, Germany (AP) - The head of DaimlerChrysler AG's Smart unit said Monday he expects small passenger cars will account for half of the world's vehicle market by 2010.
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Ford extends alliance with Sirius
Jun 6 2005 4:26PM (CT)
DETROIT (AP) - Ford Motor Co. said Monday it's extending through 2011 its exclusive contract with Sirius Satellite Radio Holdings Inc. to offer Sirius radios as factory-installed options in select models.
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Washington Mutual to acquire Providian
Jun 6 2005 4:22PM (CT)
SAN FRANCISCO (AP) - Washington Mutual Inc., the nation's largest savings and loan, said Monday it is expanding into the credit card business by buying Providian Financial Corp., a once-troubled lender that bounced back from the brink of failure to become a prime takeover target.
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UAW union members vote for Visteon plan
Jun 6 2005 3:54PM (CT)
DETROIT (AP) - Members of the United Auto Workers union have voted overwhelmingly in favor of a plan to restructure and revive auto supplier Visteon Corp., the union said Monday.
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Gasoline prices rise 2 cents nationwide
Jun 6 2005 3:52PM (CT)
WASHINGTON (AP) - The retail price of gasoline rose by about 2 cents last week to average $2.12 a gallon nationwide, the Energy Department reported Monday.
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Jurors can't reach HealthSouth verdict
Jun 6 2005 3:50PM (CT)
BIRMINGHAM, Ala. (AP) - Deadlocked jurors in the corporate fraud trial of HealthSouth Corp. founder and fired CEO Richard Scrushy deliberated an 11th day Monday without reaching a verdict.
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Crude oil prices fall below $55 a barrel
Jun 6 2005 3:47PM (CT)
VIENNA, Austria (AP) - Crude oil futures fell below $55 a barrel Monday in what appeared to be profit-taking following last week's sharp advance.
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Harvard dean named BYU-Idaho president
Jun 6 2005 2:58PM (CT)
SALT LAKE CITY (AP) - Harvard Business School Dean Kim B. Clark was named Monday as president of Brigham Young University-Idaho, the head of the Mormon church said.
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Treasury bill rates mixed in auction
Jun 6 2005 2:41PM (CT)
WASHINGTON (AP) - Interest rates on short-term Treasury bills were mixed in Monday's auction with three-month bills rising to the highest level in nearly four years.
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True Value appoints Heidemann as CEO
Jun 6 2005 1:56PM (CT)
CHICAGO (AP) - True Value Co., which operates a chain of hardware stores, said Monday it has appointed former Sears, Roebuck and Co. executive Lyle G. Heidemann as president and CEO.
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Diageo enters agreement to buy Bushmills
Jun 6 2005 1:48PM (CT)
LONDON (AP) - Diageo PLC, the world's largest drinks company, said Monday it has agreed to buy Irish whiskey brand Bushmills from French group Pernod Ricard SA for 200 million pounds ($363 million).
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Argentine auto workers begin fresh strikes
Jun 6 2005 1:48PM (CT)
BUENOS AIRES (AP) - Argentina's automotive workers union started a new round of strikes at several carmakers' local plants on Monday, halting production as negotiations continue over wage increases.
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Report: Volkswagen chief seeks cost cuts
Jun 6 2005 1:45PM (CT)
BERLIN (AP) - Volkswagen AG plans to cut its costs by more than 4 billion euros ($4.9 billion) a year, the chief executive of Europe's largest carmaker was quoted as saying Monday.
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Siemens board to discuss mobile phone unit
Jun 6 2005 1:35PM (CT)
FRANKFURT, Germany (AP) - Shares of Siemens AG rose Monday after the company said its supervisory board was holding talks on its suffering mobile phone unit.
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EU finance ministers stand by euro
Jun 6 2005 1:30PM (CT)
LUXEMBOURG (AP) - European Union finance ministers opened a two-day meeting Monday, determined to stand by their euro currency at a time of political turmoil over the French and Dutch rejections of the EU constitution and Britain's decision to not even put it to a vote.
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Havas standoff deepens ahead of meeting
Jun 6 2005 12:16PM (CT)
PARIS (AP) - The head of Havas SA accused shareholder Vincent Bollore _ who is pushing for seats on the board at Thursday's annual meeting _ of disloyalty toward the French advertising company during its recent failed efforts to acquire a rival.
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Shares of MTU Aero gain in trading debut
Jun 6 2005 12:05PM (CT)
FRANKFURT, Germany (AP) - Shares in German aircraft engine maker MTU Aero Engines Holding AG closed little changed Monday as the company made its stock market debut.
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Court overturns judgment against Home Depot
Jun 6 2005 11:49AM (CT)
SANTA FE, N.M. (AP) - The New Mexico Court of Appeals has overturned a $15 million judgment that a Santa Fe shutter company won against home improvement chain Home Depot Inc.
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Adelphia to sell Puerto Rico cable system
Jun 6 2005 11:42AM (CT)
GREENWOOD VILLAGE, Colo. (AP) - Adelphia Communications Corp. and ML Media Partners LP agreed to sell their jointly owned cable operations in the San Juan, Puerto Rico, area to a private-equity venture between MidOcean Partners and Crestview Partners for $520 million.
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London shares end lower
Jun 6 2005 11:37AM (CT)
LONDON (AP) - Share prices fell on the London Stock Exchange Monday.
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Finnish paper industry shutdown in 4th week
Jun 6 2005 11:27AM (CT)
HELSINKI, Finland (AP) - A labor dispute in Finland's vital paper sector pushed an industrywide shutdown into a fourth week Monday as unions in other sectors pledged to take action in support of locked-out paper mill workers.
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Satellite channel to repackage Russia
Jun 6 2005 10:43AM (CT)
MOSCOW (AP) - Worried that the West's perceptions of Russia go no further than stereotypes, a new satellite station _ Russia Today _ aims to beam made-in-Moscow coverage to countries around the world, newspapers reported Monday.
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Microsoft makes concessions for EU ruling
Jun 6 2005 10:37AM (CT)
BRUSSELS, Belgium (AP) - Microsoft Corp. said Monday it had made several concessions to ensure that its dominant Windows operating system complies with the European Union's landmark antitrust ruling against the U.S. software giant.
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Asda buys first stores in Northern Ireland
Jun 6 2005 10:29AM (CT)
LONDON (AP) - Asda, the British supermarket chain owned by Wal-Mart Stores Inc., said Monday it has bought 12 stores in Northern Ireland _ its first in the territory _ from rival Morrison Supermarkets PLC for 73 million pounds ($133 million).
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Correction: EDS-Outlook story
Jun 6 2005 10:17AM (CT)
PLANO, Texas (AP) - In a June 2 story about money-losing contracts at Electronic Data Systems Corp., The Associated Press erroneously reported the amount of assets and software devoted to a deal that EDS might have to devalue.
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Russia tycoon probes likely to continue
Jun 6 2005 10:00AM (CT)
MOSCOW (AP) - A senior prosecutor said law-enforcement agencies would continue to investigate Russia's tycoons, raising the prospect of new high-profile cases days after billionaire Mikhail Khodorkovsky was sentenced to nine years in prison on fraud and embezzlement charges.
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DaimlerChrysler: Mercedes group sales dip
Jun 6 2005 9:57AM (CT)
FRANKFURT, Germany (AP) - DaimlerChrysler AG said sales at its Mercedes car group fell 5.8 percent in May after an increase the month before.
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Nokia in $212M deal to expand DTAC network
Jun 6 2005 9:03AM (CT)
HELSINKI, Finland (AP) - Nokia Corp. the world's largest cell phone maker, said Monday it will expand a digital network for Thailand's second largest mobile service provider, Total Access Communications PLC, or DTAC, in a $212 million (170 million euros) deal.
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Coca-Cola bottling workers end strike
Jun 6 2005 7:42AM (CT)
LOS ANGELES (AP) - Workers at Coca-Cola bottling plants in Southern California have returned to work following a two-week strike after members ratified a five-year contract over the weekend, a union spokeswoman said.
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EU approves DaimlerChrysler joint venture
Jun 6 2005 7:38AM (CT)
BRUSSELS, Belgium (AP) - European Union regulators approved a joint venture Monday between carmaker DaimlerChrysler AG and Austria's MB-Automobilvertriebsgesellschaft, or MAV, to import cars, spare parts and accessories in Hungary.
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Shanghai begins work on large shipyard
Jun 6 2005 7:15AM (CT)
SHANGHAI, China (AP) - Construction has begun on what China says will eventually be the world's biggest shipyard, part of the country's plan for taking a dominant role in the industry.
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China-U.S. textile trade tensions a problem
Jun 6 2005 7:13AM (CT)
SHANGHAI, China (AP) - China and the U.S. must resolve their dispute over textile trade if they are to keep relations on track, a top Chinese official said Monday.
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Company's second act in homeland security
Jun 6 2005 7:12AM (CT)
NEW MADRID, Mo. (AP) - In a low-sitting building across the street from cotton fields in southeast Missouri, a company that once questioned its ability to survive has found a second life as a homeland security business.
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Nissan Maxima gets marginal crash rating
Jun 6 2005 6:16AM (CT)
WASHINGTON (AP) - The 2005 Nissan Maxima and Suzuki Verona received marginal ratings in crash tests released Sunday by the insurance industry. Researchers questioned how well the vehicles would protect occupants in side impact collisions.
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Number of farmers markets growing steadily
Jun 6 2005 2:36AM (CT)
PHILADELPHIA (AP) - Gina Humphreys has been in the espresso business for 15 years, managing coffee bars from coast to coast. But lately she's been getting more excited about carrot juice and salad greens than cappuccino.
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