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Japan's main stock index gains 3.33 pct.
Jun 15 2006 11:55PM (CT)
TOKYO (AP) - Japanese stocks surged Friday as investors, heartened by an overnight gain on Wall Street, snapped up shares that had tumbled to eight-month lows earlier this week.
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Oil prices above $70 a barrel in Asia
Jun 15 2006 10:27PM (CT)
SINGAPORE (AP) - Crude oil prices climbed above $70 a barrel Friday, as renewed fears mounted over Iran's response to a package of incentives to give up uranium enrichment.
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Adobe 2Q profit falls on acquisitions
Jun 15 2006 10:16PM (CT)
SAN FRANCISCO (AP) - Adobe Systems Inc., which makes software such as Acrobat for creating digital documents, reported an 18 percent drop in second-quarter profit as acquisition costs negated higher sales.
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Gates to give up daily role at Microsoft
Jun 15 2006 9:38PM (CT)
REDMOND, Wash. (AP) - Bill Gates plans to withdraw from day-to-day duties at Microsoft Corp., so he can focus on his charitable foundation while others run the company he co-founded and guided to industry dominance and vast personal wealth.
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Chevron agrees to limit underage tobacco
Jun 15 2006 9:32PM (CT)
HARRISBURG, Pa. (AP) - Chevron Products Co. will take steps to reduce cigarette sales to children under an agreement announced Thursday with 27 states and Washington, D.C.
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Venevision joins group eyeing Univision
Jun 15 2006 9:22PM (CT)
LOS ANGELES (AP) - Venezuelan broadcaster Venevision said Thursday it has joined a consortium of private equity firms and Mexican media giant Grupo Televisa exploring a bid for U.S. Spanish-language broadcaster Univision Communications Inc.
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Oracle's 4Q profit to top expectations
Jun 15 2006 9:20PM (CT)
SAN FRANCISCO (AP) - Business software maker Oracle Corp. disclosed late Thursday that its fiscal fourth-quarter results will be better than analysts anticipated, providing the strongest evidence yet that a nearly $20 billion shopping spree is finally beginning to pay off.
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7 Canadians charged in alleged scam
Jun 15 2006 9:19PM (CT)
CALGARY, Alberta (AP) - Seven people have been charged after the federal Competition Bureau received more than 170 complaints about a Canadian telemarketing company.
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Foundation says Gates, wife involved
Jun 15 2006 8:45PM (CT)
SEATTLE (AP) - Bill Gates and his wife, Melinda, will both increase their involvement in the philanthropic foundation that bears their name, the nonprofit organization's CEO said Thursday.
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Florida catastrophe fund to borrow $2.8B
Jun 15 2006 8:41PM (CT)
TALLAHASSEE, Fla. (AP) - The Florida Hurricane Catastrophe Fund received approval Thursday to borrow $2.8 billion in case it has to back up insurers during the hurricane season.
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2 senators lift hold on fisheries bill
Jun 15 2006 7:08PM (CT)
WASHINGTON (AP) - Two Democratic senators let a fisheries management bill go forward Thursday after Senate leaders agreed to a provision making West Coast salmon fishermen eligible for disaster assistance.
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Senate approves nominee to head FDIC
Jun 15 2006 6:56PM (CT)
WASHINGTON (AP) - Sheila Bair, President Bush's nominee to head the Federal Deposit Insurance Corp., was approved by the Senate on Thursday along with nominees for three other government positions.
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Whole Foods bans sale of live lobsters
Jun 15 2006 6:55PM (CT)
AUSTIN, Texas (AP) - Customers craving fresh crustaceans will have to look beyond Whole Foods Market Inc. after the natural-foods grocery chain decided Thursday to stop selling live lobsters and crabs on the grounds that it's inhumane.
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Delphi creditors support rejection effort
Jun 15 2006 6:54PM (CT)
DETROIT (AP) - Delphi Corp.'s creditors on Thursday asked a bankruptcy judge to approve the auto supplier's bid to reject about 5,000 contracts with its biggest customer, General Motors Corp.
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Amazon.com begins selling groceries
Jun 15 2006 6:33PM (CT)
NEW YORK (AP) - Customers shopping for books, DVDs, clothing and toys on Internet powerhouse Amazon.com can now add groceries like canned tuna to their shopping cart.
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Nissan begins new Nashville headquarters
Jun 15 2006 6:32PM (CT)
FRANKLIN, Tenn. (AP) - Nissan Motor Co. and Tennessee officials formally launched construction Thursday of the Japanese carmaker's North American headquarters in suburban Nashville.
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Venezuela, Colombia to build pipeline
Jun 15 2006 6:10PM (CT)
CARACAS, Venezuela (AP) - The construction of a natural gas pipeline to connect Colombia with Venezuela and eventually offer access to markets in Asia will begin next month, officials said Thursday.
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Neurocrine: May need sleeping pill tests
Jun 15 2006 6:05PM (CT)
NEW YORK (AP) - Neurocrine Biosciences Inc. said on Thursday it may have to conduct additional clinical tests to receive final approval for its experimental sleeping pill, sending its shares down nearly 5 percent in after-hours trading.
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Smithfield to split chairman, CEO slots
Jun 15 2006 6:04PM (CT)
SMITHFIELD, Va. (AP) - Joseph W. Luter III will give up the title of chief executive officer of Smithfield Foods Inc. after 31 years as both chairman and CEO, the world's largest pork processor said Thursday.
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Former HealthSouth exec gets 8 years
Jun 15 2006 5:56PM (CT)
BIRMINGHAM, Ala. (AP) - The only HealthSouth Corp. executive convicted by jurors in a $2.7 billion fraud was sentenced to eight years in federal prison Thursday, the longest term given to anyone in the huge accounting scam at the rehabilitation chain.
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UAW chooses key negotiators for bargaining
Jun 15 2006 5:42PM (CT)
LAS VEGAS (AP) - United Auto Workers President Ron Gettelfinger on Thursday appointed two veteran vice presidents and his former executive assistant to lead bargaining with the Big Three automakers in 2007.
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Michaels understates $60M in compensation
Jun 15 2006 5:26PM (CT)
IRVING, Texas (AP) - The Securities and Exchange Commission has asked Michaels Stores Inc. to preserve all documents pertaining to stock options granted since 1990, the arts and crafts retailer reported in a regulatory filing on Thursday, after an internal review revealed the company understated some $60 million in compensation.
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Cruise tops Forbes' annual Celebrity 100
Jun 15 2006 5:19PM (CT)
LOS ANGELES (AP) - Never mind the couch-jumping and the depression-dismissing. Tom Cruise is the world's No. 1 star, according to Forbes' annual "Celebrity 100 Power List," which ranks famous folks based on earnings and buzz.
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Travel tour companies remain strong
Jun 15 2006 5:19PM (CT)
MINNEAPOLIS (AP) - Carol Henning and her 18-year-old niece will be touring France by bus this July, seeing the D-Day beaches of Normandy, basking in the sun on the Riviera, and taking in the medieval sites of Avignon.
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Moody's cuts Tribune's rating to 'junk'
Jun 15 2006 5:16PM (CT)
CHICAGO (AP) - Credit ratings agency Moody's Investor Services said Thursday it cut Tribune Co.'s ratings to speculative grade, or junk, on concern that the media company's debt would mount as a result of its decision to return cash to shareholders.
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Treasury prices dip on market expectations
Jun 15 2006 4:48PM (CT)
NEW YORK (AP) - Treasurys were under pressure in trading Thursday, with prices lower across the board as the market priced in a higher likelihood of a rate hike in August.
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KB Home 2Q profit up but outlook weak
Jun 15 2006 4:43PM (CT)
LOS ANGELES (AP) - Homebuilder KB Home said Thursday that its fiscal second-quarter profit rose 14 percent due to higher revenues and higher selling prices, but also reported a drop in net home orders and lowered its earnings forecast as higher interest rates cool the housing market.
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Takeover battle for Britain's AB Ports
Jun 15 2006 4:40PM (CT)
LONDON (AP) - A takeover battle erupted for Associated British Ports Holdings PLC on Thursday as a consortium led by investment bank Goldman Sachs Group Inc. raised its offer and a rival group led by Australia's Macquarie Bank Ltd. made a bid at the same level.
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Industrial production dips in May
Jun 15 2006 4:37PM (CT)
WASHINGTON (AP) - Industrial production unexpectedly fell in May, reflecting weakness in manufacturing, as the economy flashed more signals of a spring slowdown.
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Pier 1 Imports losses continue
Jun 15 2006 4:34PM (CT)
DALLAS (AP) - Home furnishings retailer Pier 1 Imports Inc. said Thursday its first-quarter loss nearly doubled on weak customer traffic, and that it will close more stores than previously announced.
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Prosecutor says 2 NYSE specialists cheated
Jun 15 2006 4:33PM (CT)
NEW YORK (AP) - Two specialists who supervised trades on the floor of the New York Stock Exchange each made more than $1 million illegally by cheating the public of pennies and nickles a share on thousands of trades, a prosecutor charged at a trial's opening.
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Treasury official cites Freddie Mac trouble
Jun 15 2006 4:27PM (CT)
WASHINGTON (AP) - U.S. Assistant Treasury Secretary Emil Henry Thursday cited "new and troubling revelations that Freddie Mac's accounting and internal controls continue to be in disarray."
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Fannie Mae CEO questioned on misdeeds
Jun 15 2006 4:25PM (CT)
WASHINGTON (AP) - The chief executive of mortgage giant Fannie Mae, who was the top operations official at the time of accounting misdeeds, endured pointed questioning Thursday from senators demanding details of his actions.
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Precious metals rise in broad rally
Jun 15 2006 4:11PM (CT)
NEW YORK (AP) - Gold and other precious metals took part in a broad rally in the commodities Thursday, aided by stronger crude oil and equities and a softer dollar, traders and analysts said.
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Precious metals rise in broad rally
Jun 15 2006 4:11PM (CT)
NEW YORK (AP) - Gold and other precious metals took part in a broad rally in the commodities Thursday, aided by stronger crude oil and equities and a softer dollar, traders and analysts said.
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Bear Stearns 2Q profit rises 83 percent
Jun 15 2006 4:08PM (CT)
NEW YORK (AP) - Bear Stearns Cos. restored brokerage investors' confidence Thursday after the nation's seventh-largest investment house posted record quarterly results on surprisingly strong stock and bond trading.
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EADS to launch probe into A380 delays
Jun 15 2006 4:04PM (CT)
PARIS (AP) - Airbus parent company EADS will launch a probe into the latest delays of the superjumbo A380, its co-chairman said in an interview published Thursday, amid mounting questions about the company's management and stock sales earlier this year.
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Rubbermaid to close plant in Iowa
Jun 15 2006 4:03PM (CT)
DES MOINES, Iowa (AP) - About 525 workers at the Newell Rubbermaid Inc. plant in Centerville will lose their jobs when the consumer products maker closes the plant after 21 years of operation.
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Microsoft's Gates to leave daily role
Jun 15 2006 4:01PM (CT)
REDMOND, Wash. (AP) - Microsoft Corp. Chairman Bill Gates announced Thursday that he will transition from day-to-day responsibilities at the company he co-founded to concentrate on the charitable work of the Bill & Melinda Gates Foundation.
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Philips to buy Intermagnetics General
Jun 15 2006 3:57PM (CT)
AMSTERDAM, Netherlands (AP) - Royal Philips Electronics NV on Thursday launched a $1.3 billion cash offer for U.S. magnet maker Intermagnetics General Corp. as part of a strategy to strengthen its medical equipment division.
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Mayors announce plan to limit Love gates
Jun 15 2006 3:56PM (CT)
GRAPEVINE, Texas (AP) - Love Field would shrink but Dallas travelers would eventually be able to fly from the airport near downtown to distant cities under an agreement announced Thursday by American Airlines, Southwest Airlines Co. and the mayors of Dallas and Fort Worth.
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Energizer devices power up portables
Jun 15 2006 3:54PM (CT)
ST. LOUIS (AP) - Energizer Inc. on Thursday introduced portable devices that will allow travelers to charge most cell phones, iPods and gaming devices without plugging into the wall.
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Hewitt says CEO to retire, reviews 3Q view
Jun 15 2006 3:47PM (CT)
LINCOLNSHIRE, Ill. (AP) - Hewitt Associates Inc., one of the world's largest human resources and outsourcing firms, said Thursday that Chairman and CEO Dale L. Gifford is retiring at year's end and the company is reviewing its guidance for the third quarter and full year. Its stock fell sharply.
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U.S., Mexico, Canada officials laud ties
Jun 15 2006 3:28PM (CT)
WASHINGTON (AP) - Trade officials from the United States, Canada and Mexico said Thursday the nations' economic ties have grown stronger despite strains over immigration and border security.
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Feds: N.J. company to settle Medicare case
Jun 15 2006 3:26PM (CT)
NEWARK, N.J. (AP) - New Jersey's largest health care provider will pay $265 million to settle federal charges that it cheated Medicare out of more than half a billion dollars by inflating charges for seriously ill patients, prosecutors said Thursday.
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Dollar mixed against major currencies
Jun 15 2006 3:05PM (CT)
NEW YORK (AP) - The dollar traded mixed against other major currencies Thursday after new data showed a slowdown in U.S. industrial production in May.
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Bernanke: Fed needs to watch for inflation
Jun 15 2006 2:47PM (CT)
WASHINGTON (AP) - Energy prices are likely to stay high and officials must keep a close eye on how much they push up the costs of other goods and services, Federal Reserve Chairman Ben Bernanke said Thursday.
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Honeywell agrees to pay U.S. $2.6M
Jun 15 2006 2:03PM (CT)
NEWARK, N.J. (AP) - Honeywell International Inc. has paid the federal government $2.625 million to settle charges it failed to properly test packaging for sensitive parts used by the Defense Department and NASA, authorities said Thursday.
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Wall Street extends rally to second day
Jun 15 2006 1:27PM (CT)
NEW YORK (AP) - Wall Street rallied for a second session Thursday as strong earnings from Bear Stearns Cos. and mild economic data helped stocks regain their footing after several weeks of hefty losses. The Dow Jones industrials gained more than 110 points.
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Mortgage rates rise on Fed rate worries
Jun 15 2006 12:46PM (CT)
WASHINGTON (AP) - Mortgage rates resumed rising this week as financial markets became more convinced the Federal Reserve will boost interest rates further.
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Airline fare increases continue
Jun 15 2006 12:21PM (CT)
ATLANTA (AP) - Last-minute business travelers and some first-class fliers will pay more this summer for domestic tickets on some of the major airlines.
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Short covering, weak dollar lift gold
Jun 15 2006 11:16AM (CT)
BEND, Ore. (AP) - Short covering and an end to recent U.S. dollar gains boosted prices for gold and other precious metals in New York on Thursday morning.
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Reports: Grasso took the 5th in deposition
Jun 15 2006 9:45AM (CT)
NEW YORK (AP) - Former New York Stock Exchange Chairman Richard A. Grasso invoked his Fifth Amendment rights more than 150 times in a deposition as federal regulators probed any possible attempts to prop up the stock price of American International Group Inc. in 2001, according to news reports.
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Bank of Japan says economy is recovering
Jun 15 2006 7:40AM (CT)
TOKYO (AP) - Japan's central bank gave an upbeat assessment of the country's economy Thursday, saying in its monthly report for June that a recovery is continuing.
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Bank of Japan chief under fire in scandal
Jun 15 2006 7:26AM (CT)
TOKYO (AP) - Long respected for piloting Japan back to economic health, Bank of Japan Gov. Toshihiko Fukui fended off calls to resign Thursday in a scandal threatening the central bank's delicate task of managing a long-awaited interest rate hike amid Japan's budding recovery.
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Nicholas Piramal buys UK plant from Pfizer
Jun 15 2006 7:24AM (CT)
NEW DELHI (AP) - A leading Indian pharmaceutical company, Nicholas Piramal Ltd., said Thursday it has struck a deal to acquire one of Pfizer Inc.'s plants in Britain.
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Ex-Govt official arrested in Hyundai probe
Jun 15 2006 4:34AM (CT)
SEOUL, South Korea (AP) - A former government official was arrested on bribery charges, authorities said Thursday, as prosecutors stepped up a probe into where Hyundai Motor Co. used slush funds allegedly siphoned off from affiliates.
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Wine researchers using biotechnology
Jun 15 2006 3:39AM (CT)
MOUNTAIN GROVE, Mo. (AP) - Every season, wine makers fight the same battles to protect their grapevines they have been fighting for thousands of years.
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Bill has Texas town eyeing new refinery
Jun 15 2006 1:51AM (CT)
DALLAS (AP) - A U.S. House bill designed to convert closed military bases into oil refineries has one Texas town hopeful it can turn economic misfortune into the first new U.S. refinery in 30 years.
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China construction, factory investment up
Jun 15 2006 12:08AM (CT)
SHANGHAI, China (AP) - China reported Thursday that the country's spending on construction and factory equipment surged 30.3 percent in January-May over the same period a year earlier, as central bank Gov. Zhou Xiaochuan said economic fine-tuning measures were on the way.
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