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Sony shareholders OK Stringer as new CEO
Jun 21 2005 11:24PM (CT)
TOKYO (AP) - Sony Corp. shareholders on Wednesday approved Howard Stringer as the new chief executive, the first foreigner to head the Japanese electronics and entertainment company.
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Japanese stocks up slightly; Dollar lower
Jun 21 2005 10:10PM (CT)
TOKYO (AP) - Japan's key stock index was slightly higher Wednesday, lifted by gains in select technology and other major exporters as traders kept an eye on near-record oil prices amid a lack of fresh economic news. The dollar fell against the yen and euro.
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Ford cuts yearly outlook, plans new cuts
Jun 21 2005 9:27PM (CT)
DEARBORN, Mich. (AP) - Ford Motor Co. on Tuesday again lowered its earnings outlook for the full year, citing continued weakness at its North American operations, and announced plans to reduce its management ranks by an additional 5 percent.
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Sources: Airbus picks Ala. for new factory
Jun 21 2005 9:09PM (CT)
WASHINGTON (AP) - The parent company of European aircraft maker Airbus has selected Mobile, Ala., over three other Southern sites for a $600 million refueling tanker factory, The Associated Press has learned.
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Japan trade surplus shrinks 68 pct. in May
Jun 21 2005 8:43PM (CT)
TOKYO (AP) - Japan's trade surplus contracted 68.3 percent in May from the same month a year ago, declining for the second straight month as export shipments slumped, the government said Wednesday in a worrying sign for an export-dependent economy.
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Security flaw exposes CVS purchase data
Jun 21 2005 8:17PM (CT)
PROVIDENCE, R.I. (AP) - A security hole that allowed easy access to the purchase information of millions of CVS Corp.'s loyalty card customers prompted the company to pull Internet access to the data on Tuesday.
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Bankrupt Winn-Dixie to cut 22,000 jobs
Jun 21 2005 7:47PM (CT)
JACKSONVILLE, Fla. (AP) - Bankrupt supermarket chain Winn-Dixie said Tuesday it will cut 22,000 jobs, or 28 percent of its work force, as it shutters 326 stores in an attempt to emerge from bankruptcy.
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Morgan Stanley fighting Perelman verdict
Jun 21 2005 7:26PM (CT)
WEST PALM BEACH, Fla. (AP) - Attorneys for Morgan Stanley on Tuesday argued that $1.45 billion in punitive and compensatory damages awarded to financier Ron Perelman in his fraud lawsuit against the firm could be cut to almost nothing.
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Retrial of former Westar executives opens
Jun 21 2005 7:22PM (CT)
KANSAS CITY, Kan. (AP) - Federal prosecutors opened their retrial Tuesday of two former Westar Inc. executives who are accused of trying to loot Kansas' largest electric utility.
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Mutual fund regulations future in doubt
Jun 21 2005 5:59PM (CT)
WASHINGTON (AP) - Post-scandal rules that could reshape the mutual fund industry, designed to protect investors from abuses, were thrown into doubt Tuesday by a federal appeals court ruling that they must get new scrutiny from regulators.
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Krispy Kreme fires six top executives
Jun 21 2005 5:36PM (CT)
CHARLOTTE, N.C. (AP) - Krispy Kreme Doughnuts Inc. ousted six company executives Tuesday, but declined to name them or say why a special committee formed by the company recommended that they be discharged.
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Knight Ridder expects higher national ads
Jun 21 2005 5:33PM (CT)
NEW YORK (AP) - Knight Ridder Inc., the second-largest newspaper publisher in the country, expects to see national advertising pick up in the second half of the year after slumping in the spring, the company's chief executive said Tuesday.
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Nucor warns on second-quarter earnings
Jun 21 2005 5:32PM (CT)
CHARLOTTE, N.C. (AP) - Weaker demand for sheet steel and lower scrap prices are among the factors causing Nucor Corp. to lower its earnings guidance for the second quarter.
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Journal Register sees higher revenues
Jun 21 2005 5:30PM (CT)
NEW YORK (AP) - Journal Register Co., publisher of the New Haven Register and other newspapers, said Tuesday it expects revenue from its online businesses to rise about 45 percent to $9 million for all of 2005.
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Lennar posts higher second-quarter results
Jun 21 2005 5:26PM (CT)
MIAMI (AP) - Homebuilder Lennar Corp. said Tuesday its second-quarter earnings grew 21 percent, beating Wall Street's expectations, on strong demand and favorable pricing conditions. The company also raised its 2005 profit outlook well above Wall Street's view.
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EDS seeks AT Kearney sale, not spin-off
Jun 21 2005 5:24PM (CT)
LOS ANGELES (AP) - Electronic Data Systems Corp., which outsources computer services to businesses, said it now plans to sell its A.T. Kearney unit to an outside party instead of spinning it off to the consultancy's partners.
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Demand strong for Residential Capital deal
Jun 21 2005 5:15PM (CT)
NEW YORK (AP) - Bondholders came out in droves for a piece of the debut multi-part private note offering from Residential Capital Corp., the new, separate home mortgage unit of General Motors Corp.'s finance unit, General Motors Acceptance Corp.
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AMC plans to acquire Loews Cineplex
Jun 21 2005 5:07PM (CT)
KANSAS CITY, Mo. (AP) - At a time when most Americans say they would rather watch a movie at home, the country's second largest theater chain, AMC Entertainment Inc., announced plans Tuesday to acquire Loews Cineplex Entertainment Corp.
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Havas CEO de Pouzilhac steps down
Jun 21 2005 5:05PM (CT)
NEW YORK (AP) - French advertising firm Havas SA on Tuesday said Alain de Pouzilhac has agreed to step down as chairman and chief executive, and the board named one of its independent directors to fill those roles on an interim basis while it searches for a permanent successor.
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Complaint filed against Vioxx case judge
Jun 21 2005 4:48PM (CT)
MONTGOMERY, Ala. (AP) - A conservative legal group based in Washington, D.C., has filed a judicial ethics complaint against an Alabama judge who accepted large campaign contributions from attorneys pursuing a Vioxx wrongful death lawsuit.
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FTC suit against AmeriDebt going to trial
Jun 21 2005 4:37PM (CT)
GREENBELT, Md. (AP) - A class-action lawsuit against AmeriDebt founder Andris Pukke may be sidetracked, but a court has ruled that the Federal Trade Commission's $172 million lawsuit against the company will go forward.
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Newspapers see higher online revenues
Jun 21 2005 4:27PM (CT)
NEW YORK (AP) - Several newspaper publishers reported strong growth in help-wanted and online advertising revenues Tuesday but cautioned that auto advertising remained sluggish.
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Tuesday's Commodities Roundup
Jun 21 2005 4:24PM (CT)
NEW YORK (AP) - Oil prices ended lower Tuesday after hitting an all-time high but missing the psychologically important $60 level.
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Deal with IBM leading to NiSource layoffs
Jun 21 2005 4:23PM (CT)
MERRILLVILLE, Ind. (AP) - NiSource Inc. announced Tuesday it would cut 445 jobs nationwide as part of a $1.6 billion deal with IBM for it to take over some business support services.
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Talks avert Norwegian oil field strike
Jun 21 2005 4:21PM (CT)
OSLO, Norway (AP) - A last-minute agreement Tuesday averted an offshore platform strike that could have cut Norwegian oil production by 1 million barrels a day at a time when crude prices are nearing a record $60 per barrel.
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P&G, Gillette may divest some products
Jun 21 2005 4:20PM (CT)
CINCINNATI (AP) - Procter & Gamble Co. and Gillette Co. are preparing to divest some of their smaller toothpaste, dental-floss and toothbrush product lines as the companies seek antitrust approval for their merger, The Wall Street Journal reported Tuesday.
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Continental seeks mediator in labor talks
Jun 21 2005 4:16PM (CT)
HOUSTON (AP) - Continental Airlines Inc. said Tuesday it wants a federal mediator to help the company reach a deal with flight attendants to cut wages and benefits.
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W.Va. settles suit with Applied Card
Jun 21 2005 4:12PM (CT)
CHARLESTON, W.Va. (AP) - Applied Card Systems and its parent have agreed to pay West Virginia $1.5 million to settle a consumer protection lawsuit against the companies, Attorney General Darrell McGraw said Tuesday.
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Toys R Us chiefs to leave when firm sold
Jun 21 2005 4:07PM (CT)
NEWARK, N.J. (AP) - The chairman and CEO of Toys R Us Inc., as well as its chief operating officer, will leave the nation's second-largest toy seller when it is sold to a private consortium this summer, a company spokeswoman said Tuesday.
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Report: Oil 'peak' not coming soon
Jun 21 2005 3:59PM (CT)
WASHINGTON (AP) - Global oil production is not likely to peak anytime soon, contrary to talk that has helped propel prices close to $60 a barrel, although lower prices may still be a few years away, a prominent energy consultancy said Tuesday.
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Kroger 1Q earnings jump 12 percent
Jun 21 2005 3:58PM (CT)
CINCINNATI (AP) - Kroger Co., the nation's largest supermarket chain, said Tuesday that lower prices and improving customer service helped drive first-quarter earnings up 12 percent against strong competition from Wal-Mart and other grocers.
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Media General backs second-quarter outlook
Jun 21 2005 3:51PM (CT)
NEW YORK (AP) - Media General Inc., publisher of The Tampa Tribune and other newspapers, reaffirmed its forecast for second-quarter earnings Tuesday.
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Meredith updates financial outlook
Jun 21 2005 3:42PM (CT)
DES MOINES, Iowa (AP) - Meredith Corp., publisher of magazines such as the Ladies' Home Journal and Better Homes and Gardens, cautioned Tuesday that a decline in political advertising will slow earnings growth in 2006 despite the largest acquisition of its history.
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Unocal stock up on reports of CNOOC bid
Jun 21 2005 3:38PM (CT)
NEW YORK (AP) - Unocal Corp. shares rose more than 2 percent Tuesday on reports that CNOOC Ltd., China's largest offshore oil and gas producer, may trump an offer from Chevron Corp.
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Scripps sees cable network growth
Jun 21 2005 3:30PM (CT)
NEW YORK (AP) - E.W. Scripps Co. said Tuesday it expects ad revenues to grow by 23 percent to 28 percent in the second half of the year at its cable networks, and by 5 percent to 7 percent at its newspapers.
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Maytag stock up on second possible offer
Jun 21 2005 3:25PM (CT)
DES MOINES, Iowa (AP) - Shares of Maytag Corp. rose Tuesday after the appliance maker said it will review a $1.28 billion buyout offer from two private equity firms and a rival Chinese manufacturer, a month after Maytag agreed to be acquired by an investor group that wants to take the company private.
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Gas prices drive more consumers to steal
Jun 21 2005 2:55PM (CT)
NEW YORK (AP) - Early last week, a trailer pulled into a Chevron-branded filling station in Cottondale, Ala., to refuel. It ignited by accident, critically burning the driver _ and the hundreds of gallons of gasoline local police allege he intended to steal.
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Project aims to make biotech drugs cheaper
Jun 21 2005 2:21PM (CT)
PHILADELPHIA (AP) - Pharmaceutical giant Wyeth's biotech unit has begun a research project with Irish scientists aimed at reducing the cost, and increasing production, of medicines made from genetically engineered cells.
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New oil reserves found in Venezuela
Jun 21 2005 2:15PM (CT)
CARACAS, Venezuela (AP) - Venezuela's state oil company has found significant new oil reserves after drilling three new oil wells, a company executive said Tuesday.
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Ashanti to continue exploring in Congo
Jun 21 2005 2:06PM (CT)
JOHANNESBURG, South Africa (AP) - AngloGold Ashanti will continue exploration activities in volatile eastern Congo, the South African-based gold mining giant repeated Tuesday after reviewing its operations in the wake of accusations that it was supporting armed militias in the area.
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Liberia signs offshore exploration deals
Jun 21 2005 1:48PM (CT)
MONROVIA, Liberia (AP) - Liberia's government signed deals with one Liberian and two foreign oil companies to explore possible offshore oil deposits along the West African nation's Atlantic Ocean coast, a top industry official said Tuesday.
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Ex-PeopleSoft co-president takes new job
Jun 21 2005 1:40PM (CT)
HERNDON, Va. (AP) - Kevin Parker, who was part of the management team behind PeopleSoft Inc.'s unsuccessful attempt to thwart a takeover by rival business software maker Oracle Corp., has been named as chief executive officer of Deltek Systems Inc., a niche software provider catering to architectural, engineering and construction firms.
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Percentage of late mortgage payments drop
Jun 21 2005 1:31PM (CT)
WASHINGTON (AP) - The percentage of late mortgage payments registered in the first quarter was the lowest in nearly five years as an improving job market and good economic conditions took pressure off household budgets.
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United, union pact calls for pay cut
Jun 21 2005 1:27PM (CT)
CHICAGO (AP) - A tentative contract between UAL Corp.'s United Airlines and the union representing its ramp and customer-service workers calls for a 5.5 percent pay cut.
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World Bank is critical of Indian states
Jun 21 2005 1:19PM (CT)
BANGALORE, India (AP) - India's states are moving slowly on economic liberalization despite the federal government's push toward easing business constraints, World Bank officials said Tuesday.
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Nigerian ethnic organization plans rally
Jun 21 2005 1:09PM (CT)
ASABA, Nigeria (AP) - A major ethnic organization in southern Nigeria said Tuesday it was planning a three-day rally demanding a greater share of oil wealth for producing regions, and warned oil companies they should shut down during the protest.
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German officials see better outlook
Jun 21 2005 12:54PM (CT)
BERLIN (AP) - German finance professionals' outlook for Europe's biggest economy rose in June, on optimism spurred by the depreciation of the euro, a survey showed Tuesday.
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Americans living life partly on the road
Jun 21 2005 12:44PM (CT)
HEMPSTEAD, N.Y. (AP) - It's the carefree life Alona and Jim Robison always dreamed of. Well, almost. The open road stretching out in front of their motor home. No grass to mow, or utility bills to pay. The sound of surf just outside the door. Then the alarm clock rings at 6:30 a.m., and it's time to get up for another day of work.
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Boston Scientific loses stent patent trial
Jun 21 2005 12:41PM (CT)
WILMINGTON, Del. (AP) - A Delaware jury Tuesday ruled that some of the newest stents from Boston Scientific Corp. infringe patents on vascular repair technology held by rival Johnson & Johnson Inc.
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Berlusconi: Italy cannot leave euro zone
Jun 21 2005 12:15PM (CT)
PARMA, Italy (AP) - Italian Premier Silvio Berlusconi said Tuesday that his country cannot leave the euro, Europe's single currency, dismissing suggestions by a government partner that Italy should bring back the lira.
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Yushchenko encourages Murdoch to invest
Jun 21 2005 12:09PM (CT)
KIEV, Ukraine (AP) - Ukrainian President Viktor Yushchenko met Tuesday with Rupert Murdoch, and encouraged the media magnate to invest in Ukraine's media.
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N.Y. Times CEO: About.com integration OK
Jun 21 2005 11:57AM (CT)
NEW YORK (AP) - The New York Times Co.'s integration of About.com, an online network of special-interest sites, is going better than expected, the newspaper's CEO said Tuesday.
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Agency: EU greenhouse gas emissions rise
Jun 21 2005 11:43AM (CT)
COPENHAGEN, Denmark (AP) - Greenhouse gas emissions in the European Union rose 1.3 percent in 2003, the bloc's environment agency said Tuesday, in a setback to efforts to fight global warming.
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Russian investors hear from Ukrainians
Jun 21 2005 11:23AM (CT)
KIEV, Ukraine (AP) - A senior Ukrainian official urged Russians on Tuesday to invest in Ukrainian businesses, saying the amount of current investment was too low for nations with centuries of shared history.
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Austria bank head comments on EU crisis
Jun 21 2005 11:18AM (CT)
VIENNA, Austria (AP) - The euro hasn't been affected by the crisis facing the European Union following the rejection of its proposed constitution, the governor of Austria's Central Bank said Tuesday.
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Scrushy jury gets another day off
Jun 21 2005 11:15AM (CT)
BIRMINGHAM, Ala. (AP) - The start-and-stop jury deliberations in the fraud trial of fired HealthSouth Corp. Chief Executive Richard Scrushy were postponed again Tuesday, this time for a juror's illness.
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Commission: no new enlargement wave seen
Jun 21 2005 10:59AM (CT)
BRUSSELS, Belgium (AP) - The European Commission warned Tuesday it would postpone EU membership for Bulgaria and Romania if they failed to introduce essential reforms, and said the European Union must 'pace itself' after 10 new members joined last year.
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Peugeot widens recall in Nordic countries
Jun 21 2005 10:49AM (CT)
COPENHAGEN, Denmark (AP) - French automaker Peugeot on Tuesday widened a recall of cars in the Nordic countries to nearly 60,000 of its 307 models.
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Schroeder: Europe faces stark choices
Jun 21 2005 10:38AM (CT)
BERLIN (AP) - Chancellor Gerhard Schroeder said Tuesday that Europe faces a choice between being a politically united continent able to hold its own in a globalized economy or an enfeebled trading bloc.
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Syria's assets in Swiss banks declines
Jun 21 2005 10:20AM (CT)
BERN, Switzerland (AP) - Syrian assets held by Swiss banks dropped 5.5 billion Swiss francs ($4.3 billion) during the past year, according to statistics released Tuesday.
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Petronas joint venture aims to up output
Jun 21 2005 10:19AM (CT)
KUALA LUMPUR, Malaysia (AP) - Malaysia's national oil firm Petronas said Tuesday its joint venture company in Sudan aims to raise its output to 1 million barrels of oil a day by 2007.
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Blair says deal on EU budget is possible
Jun 21 2005 10:11AM (CT)
LONDON (AP) - Prime Minister Tony Blair said Tuesday a deal on the European Union budget was possible during his six month presidency of the bloc, and signaled he was willing to give up Britain's lucrative rebate.
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Four consortiums qualify for Turk auction
Jun 21 2005 9:52AM (CT)
ANKARA, Turkey (AP) - Four consortiums have qualified to bid in the landmark privatization of Turkey's state-owned telecommunications company, Turkish authorities announced Tuesday.
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Rodents may be partly to blame for outage
Jun 21 2005 9:45AM (CT)
WELLINGTON, New Zealand (AP) - New Zealand's largest telecommunications provider was checking Tuesday whether rats gnawing a cable were partly to blame for an outage that disrupted mobile phone and Internet services and shut down the country's Stock Exchange on Monday.
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Airbus forecasts India buying 570 planes
Jun 21 2005 9:42AM (CT)
NEW DELHI (AP) - Airbus projected on Tuesday that India would buy 570 planes over the next two decades to meet demand for its expanding airline market.
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Barroso hopeful about budget dispute
Jun 21 2005 9:32AM (CT)
PARMA, Italy (AP) - The head of the European Commission said Tuesday he hoped a budget dispute that brought down a European Union summit last week would be resolved over the next six months.
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EU agriculture ministers OK rural plan
Jun 21 2005 9:28AM (CT)
BRUSSELS, Belgium (AP) - European Union agriculture ministers have agreed to share out an annual 12.7 billion-euro ($15.51 billion) package to support rural development.
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Islamic banking giant to launch in 2006
Jun 21 2005 9:23AM (CT)
PUTRAJAYA, Malaysia (AP) - An international Islamic mega-bank capitalized at $1 billion will be launched next year as the Muslim world's answer to Western banking giants, a senior industry official said Tuesday.
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Greek conservatives dig in for strikes
Jun 21 2005 9:09AM (CT)
ATHENS, Greece (AP) - Conservative government officials, signaling a rare confrontation with unions, refused Tuesday to reopen negotiations on pension and labor reforms.
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Talks resume in Finnish paper shutdown
Jun 21 2005 9:00AM (CT)
HELSINKI, Finland (AP) - Negotiations aimed at ending a five-week shutdown of Finland's vital paper industry resumed Tuesday in an effort to stem huge export losses and avoid worldwide paper shortages.
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Adelphia founder, son sentenced to prison
Jun 21 2005 8:55AM (CT)
NEW YORK (AP) - The sentences given to Adelphia Communications Corp. founder John Rigas and his son are among the harshest handed down in any U.S. court since the 2001 fall of Enron sparked a rash of corporate scandals that rocked the markets and have cost investors billions of dollars.
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Darden Restaurants 4Q profit up on sales
Jun 21 2005 8:52AM (CT)
ORLANDO, Fla. (AP) - Darden Restaurants Inc. said Monday its fourth-quarter earnings rose sharply due to strong performances at its Olive Garden and Red Lobster chains and charges in the year-ago period.
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Report: Productivity may impact price
Jun 21 2005 8:46AM (CT)
GENEVA (AP) - Real prices for most farm goods will likely fall in the next decade due to a rise in exports from developing countries and increased worldwide productivity, according to a report released Tuesday.
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Lifeboat problem closes Norway platform
Jun 21 2005 8:45AM (CT)
OSLO, Norway (AP) - As contract talks meant to avert an offshore oil-field strike entered a second day Tuesday, a defective lifeboat forced the partial evacuation of Norway's Veslefrikk B offshore oil platform, shutting down its 30,000 barrels per day production.
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Japan's 'Family Mart' to open in U.S.
Jun 21 2005 8:24AM (CT)
TOKYO (AP) - Japanese convenience store operator FamilyMart Co. said Tuesday it plans to open 200 stores in the U.S. over the next four years.
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Committee clears software patent law
Jun 21 2005 7:28AM (CT)
BRUSSELS, Belgium (AP) - A European Parliament committee approved a much-delayed legislative proposal creating a single way of patenting software innovations throughout the European Union, a decision seen as victory for big high-tech companies.
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DnB Nor to form banking joint venture
Jun 21 2005 6:43AM (CT)
OSLO, Norway (AP) - Norway's largest bank, DnB Nor ASA, said Tuesday it would form a joint venture in the Baltic Sea region with Germany's Norddeutsche Landesbank.
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L.A. Times suspends 'Wikitorials'
Jun 21 2005 6:23AM (CT)
LOS ANGELES (AP) - A bold Los Angeles Times experiment in letting readers rewrite the paper's editorials lasted all of three days.
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French official cuts growth forecast
Jun 21 2005 5:59AM (CT)
PARIS (AP) - French Finance Minister Thierry Breton reduced his target for 2005 economic growth Tuesday, saying high oil prices caused companies to ease production and sell off inventories in the first quarter.
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Dolans seek to take Cablevision private
Jun 21 2005 5:43AM (CT)
NEW YORK (AP) - After months of intense public scrutiny, the family that controls Cablevision Systems Corp. is offering to take the cable TV provider private, marking the latest dramatic turn for a company that has been riven by a family feud and mounted a fierce showdown with the mayor of New York.
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Ex-Japanese bank executives found guilty
Jun 21 2005 5:06AM (CT)
TOKYO (AP) - A Tokyo court found three former executives of a failed Japanese bank guilty Tuesday of concealing massive bad loans that caused the firm's collapse in one of Japan's biggest postwar banking failures.
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China issues new textile export limits
Jun 21 2005 2:18AM (CT)
BEIJING (AP) - China has announced new limits on its surging textile exports in a bid to ease tensions with the United States and Europe over a flood of low-priced Chinese textiles into foreign markets.
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Texas may be U.S. top watermelon producer
Jun 21 2005 1:09AM (CT)
LOS FRESNOS, Texas (AP) - Two things mark the true beginning of summer in Texas _ the heat and roadside stands selling refreshing, homegrown watermelons. Texas has plenty of the fruit this year.
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Animal rights extremism a priority for FBI
Jun 21 2005 12:53AM (CT)
PHILADELPHIA (AP) - Violence by environmental and animal rights extremists against U.S. drug makers has increased so much in recent years that it's currently the FBI's top domestic terrorism issue, a top agency official says.
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Ex-convicts touting ethics in Ohio
Jun 21 2005 12:45AM (CT)
COLUMBUS, Ohio (AP) - Put a man convicted of stock fraud, wire fraud and tax evasion in front of a room full of auditors, and they'd probably like to teach him a thing or two.
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