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May, Federated shareholders vote on merger
Jul 12 2005 11:39PM (CT)
CINCINNATI (AP) - Federated Department Stores and May Department Stores are looking to have their merger in place in time for the holiday shopping season.
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Ebbers faces sentencing in WorldCom fraud
Jul 12 2005 11:33PM (CT)
NEW YORK (AP) - Three years after WorldCom collapsed in an epic accounting fraud, former CEO Bernard Ebbers _ convicted earlier this year of orchestrating the debacle _ is finally learning his fate.
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Crude nears $61 as Emily gathers strength
Jul 12 2005 11:29PM (CT)
SINGAPORE (AP) - Crude futures jumped Wednesday, approaching $61 a barrel mark as Tropical Storm Emily began to churn in earnest toward the already storm-battered Gulf of Mexico oil platforms, escalating concerns over supply disruptions.
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FedEx to set up second Asian hub in China
Jul 12 2005 11:29PM (CT)
HONG KONG (AP) - FedEx Corp. said Wednesday it will spend $150 million on a second Asian hub in the southern Chinese city of Guangzhou, adding to its existing regional center in the Philippines.
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Turning waste to energy advances at farms
Jul 12 2005 11:29PM (CT)
RALEIGH, N.C. (AP) - Jim Voss hopes his company will make a fortune out of garbage _ specifically the methane gas produced when tons of trash decay in landfills across the nation.
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Sprint, Nextel shareholders vote on union
Jul 12 2005 11:21PM (CT)
KANSAS CITY, Mo. (AP) - Shareholders of Sprint Corp. and Nextel Communications Inc. are poised to approve the companies' union, creating the nation's third-largest wireless phone company with more than 40 million subscribers.
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Sprint, Nextel shareholders vote on union
Jul 12 2005 11:18PM (CT)
KANSAS CITY, Mo. (AP) - Shareholders of Sprint Corp. and Nextel Communications Inc. are poised to approve the companies' union, creating the nation's third-largest wireless phone company with more than 40 million subscribers.
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Japan's current account surplus shrinks
Jul 12 2005 11:07PM (CT)
TOKYO (AP) - Japan's current account surplus contracted 19.5 percent in May from a year earlier, hurt by sluggish exports and an inflated import bill caused by soaring oil prices, the government said Wednesday.
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Robert Friedman to step down at Paramount
Jul 12 2005 10:48PM (CT)
LOS ANGELES (AP) - Robert Friedman will resign as chief operating officer and vice chairman of Paramount Pictures' motion picture group to pursue other interests, the company said Tuesday
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Japanese stocks fall slightly
Jul 12 2005 10:17PM (CT)
TOKYO (AP) - Japanese stocks fell slightly Wednesday morning as traders grew cautious about pushing prices higher after recent gains. The dollar fell against the yen and euro.
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PepsiCo 2Q profit climbs on higher sales
Jul 12 2005 10:12PM (CT)
NEW YORK (AP) - Soft drink and snack food maker PepsiCo Inc. on Tuesday reported a 13 percent rise in second-quarter earnings, driven by strength in China and other developing markets as well as strong domestic sales of cereal and pasta in its Quaker Foods business.
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EEOC accuses company of discrimination
Jul 12 2005 8:54PM (CT)
DALLAS (AP) - Federal officials have accused an aviation-services company of discriminating against black and Hispanic workers and failing to stop white employees from routinely using racial slurs in the work place.
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Trial begins in Arkansas hacker case
Jul 12 2005 8:25PM (CT)
LITTLE ROCK, Ark. (AP) - Four Acxiom Corp. employees told jurors Tuesday about their discovery that the database-management company's computer system had been penetrated, and how they responded.
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DoubleClick shareholders OK $1.1B buyout
Jul 12 2005 8:22PM (CT)
NEW YORK (AP) - DoubleClick Inc. said Tuesday that shareholders approved by large margins a $1.1 billion buyout led by a private-equity group.
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Varig airlines starts restructuring plan
Jul 12 2005 8:05PM (CT)
SAO PAULO, Brazil (AP) - The 60-day period which Varig, Brazil's debt-laden airline, has to present a restructuring plan aimed at recovering its financial health began on Tuesday, local media reported.
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Regulators raid various Intel offices
Jul 12 2005 6:57PM (CT)
BRUSSELS, Belgium (AP) - European regulators raided Intel Corp. offices in Britain, Germany, Spain and Italy on Tuesday, two weeks after rival U.S. chipmaker Advanced Micro Devices filed lawsuits in Japan and the United States claiming Intel violated antitrust rules.
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Exxon Mobil again targeted by protesters
Jul 12 2005 6:34PM (CT)
DALLAS (AP) - A dozen environmental and liberal-advocacy groups organized protests against Exxon Mobil Corp. on Tuesday to object to the oil giant's effort to expand oil drilling in Alaska and to cast doubt on the science of global warming.
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Petroleum companies reopen platforms
Jul 12 2005 6:26PM (CT)
NEW ORLEANS (AP) - Just two days after Hurricane Dennis plowed into the Gulf Coast, petroleum companies Tuesday restarted scores of production platforms in the Gulf of Mexico that were evacuated as the storm approached.
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Trump breaks ground on Vegast hotel
Jul 12 2005 5:37PM (CT)
LAS VEGAS (AP) - Donald Trump broke ground Tuesday on a luxury hotel-condominium designed to be the tallest residential building on the Las Vegas Strip, and promised a second identical tower nearby.
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P&G, Gillette shareholders OK acquisition
Jul 12 2005 5:13PM (CT)
CINCINNATI (AP) - After strong shows of shareholder support on Tuesday, Procter & Gamble Co. and Gillette Co. now face regulatory hurdles as they prepare to blend their giant consumer products operations.
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FDA says drug maker altered data on pills
Jul 12 2005 5:04PM (CT)
CRANBURY, N.J. (AP) - Able Laboratories Inc., a maker of generic drugs that recalled all of its products in May, gave the government fabricated data so its drugs would appear to meet federal standards when they did not, according a Food and Drug Administration report.
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Nominee for SEC chairman has stock holdings
Jul 12 2005 4:51PM (CT)
WASHINGTON (AP) - President Bush's choice to head the Securities and Exchange Commission, Rep. Christopher Cox, has hundreds of thousands of dollars in money-market and mutual funds and large holdings in stocks of some big companies, his financial report shows.
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Alcatel reports strong earnings on mobile
Jul 12 2005 4:47PM (CT)
LONDON (AP) - Alcatel SA Tuesday announced better-than-expected second-quarter results, signaling that the maker of telecom equipment may be back on track after a downturn in the previous two quarters.
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Bonds fall in quiet session
Jul 12 2005 4:46PM (CT)
NEW YORK (AP) - Bond prices drifted lower on Tuesday in a muted trading session devoid of market moving news as investors awaited important economic data later in the week.
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Former NYSE seat holder accuses fraud
Jul 12 2005 4:36PM (CT)
NEW YORK (AP) - A former New York Stock Exchange seat holder has accused Big Board Chief Executive John Thain of lying outright to her husband about the exchange's prospects for going public _ a statement she said cost her at least $1 million.
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Tuesday's commodities roundup
Jul 12 2005 4:35PM (CT)
NEW YORK (AP) - Oil prices shot above $60 Tuesday, as a new tropical storm heightened worries about Gulf of Mexico production.
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Chinese oil company rolls out ad campaign
Jul 12 2005 4:17PM (CT)
WASHINGTON (AP) - With a hearing in Congress on Wednesday to discuss the national security implications of a Chinese oil company's bid for Unocal Corp., Hong Kong-based CNOOC Ltd. is rolling out an advertising campaign aimed at abating the fears of Washington insiders.
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Humana agrees to pay $1M in back wages
Jul 12 2005 4:13PM (CT)
LOUISVILLE, Ky. (AP) - Humana Inc. will pay more than $1 million in back wages for violations of the Fair Labor Standards Act, the U.S. Labor Department said Tuesday.
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Illinois Tool says CEO is stepping down
Jul 12 2005 4:12PM (CT)
GLENVIEW, Ill. (AP) - Illinois Tool Works Inc., which makes automotive parts, construction supplies and food service equipment, said Tuesday that W. James Farrell will step down as chief executive officer on Aug. 5 and turn over the top job to President David Speer.
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NCR: 2Q profit to exceed expectations
Jul 12 2005 4:11PM (CT)
DAYTON, Ohio (AP) - NCR Corp. said on Tuesday that its second-quarter earnings will exceed expectations, but profits for the year would be below Wall Street expectations. The company's stock fell 4 percent.
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Exelon to bring in executives from PSEG
Jul 12 2005 4:08PM (CT)
NEW YORK (AP) - Utility holding company Exelon Corp. said Tuesday that will bring in several executives from Public Service Enterprise Group Inc. following its acquisition of the New Jersey power company.
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Ameritrade on track for record earnings
Jul 12 2005 4:03PM (CT)
OMAHA, Neb. (AP) - Online brokerage Ameritrade Holding Corp., which recently agreed to buy rival TD Waterhouse USA, said Tuesday third-quarter earnings rose 20 percent from a year ago, meeting Wall Street expectations, and said it is on track to deliver record earnings for the fiscal year.
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Investor wants Wendy's to spin off Hortons
Jul 12 2005 3:50PM (CT)
COLUMBUS, Ohio (AP) - A major Wendy's International Inc. investor says the third-largest hamburger chain should spin off its doughnut operation and turn nearly all of its corporate-owned restaurants into franchises to increase the value of the company's stock.
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Amex settles with N.H. for $7.4 million
Jul 12 2005 3:39PM (CT)
CONCORD, N.H. (AP) - New Hampshire regulators and American Express Financial Advisors Inc. have reached a record $7.4 million settlement over allegations that the company illegally rewarded its financial advisers who steered clients toward underperforming, in-house mutual funds.
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American plans nonstop route to India
Jul 12 2005 3:35PM (CT)
FORT WORTH, Texas (AP) - American Airlines plans its longest nonstop flight, from Chicago to Delhi, India, after agreeing with pilots on long-haul routes.
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Media General earnings up on stake sale
Jul 12 2005 3:32PM (CT)
McLEAN, Va. (AP) - Media General Inc., a newspaper publisher and broadcaster, reported Tuesday that its earnings doubled to $38.4 million due in large part to the sale of its 20 percent stake in the Denver Post.
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TD Banknorth to buy Hudson United Bancorp
Jul 12 2005 3:14PM (CT)
PORTLAND, Maine (AP) - Financial services company TD Banknorth Inc. said Tuesday that it agreed to acquire Hudson United Bancorp Inc. in a $1.9 billion deal that will extend its business into the New Jersey and Philadelphia markets.
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Acxiom cuts 4 percent of its workforce
Jul 12 2005 3:06PM (CT)
LITTLE ROCK (AP) - Data broker Acxiom Corp., which is the target of a possible takeover, announced Tuesday its first quarter profits would fall short of expectations and the company will lay off 250 employees as part of a larger plan to cut annual costs by some $60 million.
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Court upholds limits on supplement sales
Jul 12 2005 2:59PM (CT)
BRUSSELS, Belgium (AP) - The European Union's high court upheld proposed restrictions on the sale of food supplements on Tuesday despite objections from trade organizations that claimed the rules would ban popular vitamin pills.
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Corporate raider Bollore named Havas head
Jul 12 2005 2:55PM (CT)
PARIS (AP) - Havas SA on Tuesday named corporate raider Vincent Bollore as chairman, ending weeks of management turmoil and a yearlong tug-of-war at one of the world's largest advertising firms.
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State governments reap unclaimed cash
Jul 12 2005 2:35PM (CT)
BATON ROUGE, La. (AP) - Passage of the Sarbanes-Oxley corporate reporting law and other changes in corporate governance have caused a large increase in the amount of "unclaimed property" money being collected by all 50 states, state treasurers said.
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SEC charges Texas fund with fraud
Jul 12 2005 2:29PM (CT)
FORT WORTH, Texas (AP) - The Securities and Exchange Commission has sued a Texas-based fund, claiming it fraudulently collected $13.8 million from Christian ministries and nonprofit groups since June 2004. A federal judge has agreed to freeze the fund's assets.
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Hot, dry weather hurts corn, rice crops
Jul 12 2005 2:21PM (CT)
WASHINGTON (AP) - Hot, dry weather has hurt corn, rice and soybeans in the Midwest, but rain from Hurricane Dennis could help crops rebound, the Agriculture Department said Tuesday.
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Quattrone wants conviction overturned
Jul 12 2005 2:06PM (CT)
NEW YORK (AP) - A lawyer for former star investment banker Frank Quattrone asked a federal appeals court Tuesday to toss out his conviction, citing unfair and confusing instructions given to the jury.
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Levi Strauss 2Q profit more than quadruples
Jul 12 2005 1:50PM (CT)
SAN FRANCISCO (AP) - Levi Strauss & Co.'s second-quarter profit more than quadrupled, reflecting a more disciplined financial approach that could set the stage for an initial public offering by the fabled maker of jeans.
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Report: Disney considering radio spinoff
Jul 12 2005 1:18PM (CT)
NEW YORK (AP) - The Walt Disney Co. is considering a multistep transaction that would result in a spin-off of its radio stations and radio network group, The Wall Street Journal reported Tuesday.
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Carrefour second-quarter revenue climbs
Jul 12 2005 1:05PM (CT)
PARIS (AP) - French supermarket retailer Carrefour SA said Tuesday its second-quarter revenue rose 2.9 percent, as it increased domestic market share for the first time since 2000.
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Technip wins $800 million oil field pact
Jul 12 2005 12:44PM (CT)
LAGOS, Nigeria (AP) - French company Technip SA said Tuesday it has been awarded a $800 million contract by Chevron Corp. to develop its largest Nigerian oil project.
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Bank of Italy approves two bids
Jul 12 2005 12:04PM (CT)
ROME (AP) - The Bank of Italy on Tuesday approved two bids by Banca Popolare Italiana Scarl for Banca Antonveneta SpA, clearing the way for a market battle to control Italy's sixth-largest bank.
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Closing arguments begin in Enron trial
Jul 12 2005 12:02PM (CT)
HOUSTON (AP) - Jurors who spent three months hearing evidence in the trial of five former executives of Enron Corp.'s defunct broadband unit were privy to what was hidden from investors and Wall Street years ago _ that the company's much-ballyhooed network was a money-losing phantom, prosecutors said Tuesday.
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Colgate-Palmolive sells detergent brands
Jul 12 2005 11:39AM (CT)
NEW YORK (AP) - Colgate-Palmolive Co. said Tuesday it agreed to sell its North American laundry detergent brands for an undisclosed sum to consumer products company Phoenix Brands LLC.
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Russian budget surplus exceeds 2004 already
Jul 12 2005 11:27AM (CT)
MOSCOW (AP) - Russia's burgeoning budget surplus has already exceeded the entire surplus for 2004 in the first six months of this year, according to preliminary statistics released by the Finance Ministry.
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Winn-Dixie retirees lose committee bid
Jul 12 2005 10:58AM (CT)
JACKSONVILLE, Fla. (AP) - Winn-Dixie retirees, jittery over fears the company's bankruptcy could disrupt their benefits, lost their bid for a formal committee to represent their interests as the supermarket chain works toward reorganization.
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No immediate risk of oil platform shutdowns
Jul 12 2005 10:43AM (CT)
OSLO, Norway (AP) - A check of lifeboats on all offshore oil platforms revealed no immediate problems that would force production shutdowns, Norwegian safety authorities said Tuesday.
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China Unocal support may violate WTO rules
Jul 12 2005 10:35AM (CT)
WASHINGTON (AP) - Two senators have asked senior American trade officials to look into whether Beijing's financial support for Chinese oil company CNOOC Ltd.'s bid to buy Unocal Corp. violates World Trade Organization rules.
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Feds charge pair in cheese-making scam
Jul 12 2005 10:22AM (CT)
NEWARK, N.J. (AP) - The former chief executive and chief financial officer of a now-defunct cheese maker have been indicted on charges they participated in a massive scheme with customers and suppliers to claim more than $600 million in nonexistent sales.
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Thailand announces energy-saving measures
Jul 12 2005 9:44AM (CT)
BANGKOK, Thailand (AP) - Thailand will light up advertising billboards only three hours a day and close down gas stations at night as part of a plan approved Tuesday to save energy amid rising oil prices.
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BBC boss bonuses anger British unions
Jul 12 2005 9:11AM (CT)
LONDON (AP) - The British Broadcasting Corp., which earlier this year announced thousands of job cuts, said Tuesday it paid its executives substantial bonuses in the 2004-5 financial year _ angering unions and prompting calls for an inquiry.
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Royal Dutch/Shell agrees to settle suit
Jul 12 2005 9:04AM (CT)
LONDON (AP) - The Royal Dutch/Shell Group of Cos. said Tuesday that it has agreed to pay $90 million to settle a U.S. lawsuit related to its writedown of its oil and gas reserves last year.
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Infosys' shares fall despite higher profit
Jul 12 2005 8:54AM (CT)
BANGALORE, India (AP) - India's second largest outsourcing company, Infosys Technologies Ltd., said Tuesday its profit for the April-June quarter rose 47 percent from a year earlier to $122 million, but its stock fell 4.1 percent because of market expectations of higher quarter-to-quarter growth.
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Genentech shares soar after strong report
Jul 12 2005 8:48AM (CT)
SAN FRANCISCO (AP) - Shares of Genentech Inc. rose Tuesday, a day after the biotechnology company reported its second-quarter profit surged 73 percent, fueled by continued strong drug sales.
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France fined $24M on fishing rule failures
Jul 12 2005 8:40AM (CT)
BRUSSELS, Belgium (AP) - The European Union's high court Tuesday fined France 20 million euros ($24 million) for persistent failure to implement EU rules designed to protect fish stocks.
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Bear Stearns increases its legal reserves
Jul 12 2005 8:20AM (CT)
WASHINGTON (AP) - Wall Street firm Bear, Stearns & Cos., facing a regulatory probe into improper mutual-fund trading, said it increased its legal reserves by $100 million, a move that will hurt its second-quarter bottom line.
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Alstom revenue boosted by plant business
Jul 12 2005 8:15AM (CT)
PARIS (AP) - French engineering company Alstom SA said Tuesday its first-quarter revenue rose 8.8 percent, as buoyant sales of power-generating equipment offset a decline in shipbuilding.
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Dennis' remnants may spread soybean rust
Jul 12 2005 8:11AM (CT)
INDIANAPOLIS (AP) - Remnants of Hurricane Dennis could bring more than rainfall to the Midwest's parched fields: The storm clouds also could carry spores of a potentially devastating soybean fungus.
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Ukrainian court seizes control of factory
Jul 12 2005 7:55AM (CT)
KIEV, Ukraine (AP) - A Kiev court seized control Tuesday of a major metal plant owned by the son-in-law of Ukraine's former president, the latest skirmish in President Viktor Yushchenko's campaign to review dozens of suspect privatizations.
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Saab AB reports 43 percent 2Q profit dip
Jul 12 2005 7:48AM (CT)
STOCKHOLM, Sweden (AP) - Swedish defense and aerospace company Saab AB said Tuesday its second quarter profit dropped 43 percent, mainly due to an order delay, while sales rose slightly.
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Commission proposes counterfeit clampdown
Jul 12 2005 7:39AM (CT)
BRUSSELS, Belgium (AP) - The European Commission on Tuesday proposed prison sentences of at least four years for criminal gangs involved in counterfeit goods as part of a clampdown on piracy.
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Food prices keep British inflation high
Jul 12 2005 7:28AM (CT)
LONDON (AP) - Rising food prices pushed consumer prices slightly higher in June, keeping them at seven-year highs, Britain's Office for National Statistics said Tuesday.
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Vodafone in Japan promises turnaround
Jul 12 2005 7:19AM (CT)
TOKYO (AP) - The new management team at Vodafone's Japan unit acknowledged Tuesday that the British mobile company was struggling here but promised a turnaround.
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Indonesian prosecutors confident in case
Jul 12 2005 7:16AM (CT)
JAKARTA, Indonesia (AP) - Indonesian villagers allegedly poisoned by waste from a gold mine run by Newmont Mining Corp. on Sulawesi Island will testify against the company during its upcoming pollution trial, prosecutors said Tuesday.
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Japan's economic rebound 'moderate' in July
Jul 12 2005 6:40AM (CT)
TOKYO (AP) - Japan's economy is bouncing back at a "moderate" clip, the government said in a monthly report Tuesday, amid signs that businesses are becoming more optimistic about the near future.
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Head of Fidelity stock trading reassigned
Jul 12 2005 6:39AM (CT)
BOSTON (AP) - Fidelity Investments, under investigation for alleged improper dealings with brokers, reassigned its head of stock trading to senior vice president of Fidelity's Strategic New Business Development group, which seeks new product ideas, the company said.
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Former Mattel exec sentenced to probation
Jul 12 2005 5:56AM (CT)
LOS ANGELES (AP) - A former executive at toy maker Mattel Inc. was sentenced to two-years probation in a scheme to launder political donations involving company funds.
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Labor Dept. settles suit against Enron
Jul 12 2005 5:43AM (CT)
WASHINGTON (AP) - Enron employees whose retirement plans vanished when the company imploded may be getting some compensation after all, thanks to a settlement announced Monday by the government.
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Hynix Semiconductor ends debt payback
Jul 12 2005 4:39AM (CT)
SEOUL, South Korea (AP) - Computer chipmaker Hynix Semiconductor Inc., which four years ago was bailed out by creditors amid mounting losses, repaid those debts a year-and-a-half earlier than planned on Tuesday.
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Philippine political woes threaten economy
Jul 12 2005 3:10AM (CT)
MANILA, Philippines (AP) - A protracted political crisis and delayed fiscal reforms are casting a long shadow over the Philippine economy, already beset by a yawning budget deficit and a huge debt, with analysts predicting more gloom amid a looming credit rating downgrade.
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WTO trade officials meet in China
Jul 12 2005 1:22AM (CT)
DALIAN, China (AP) - Trade officials from the United States, China, the European Union and 27 other countries are looking for progress on liberalizing trade in services and farm goods as they meet this week to prepare for a key conference in Hong Kong in December.
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