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Oil prices drop below $60 per barrel
Jul 13 2005 11:17PM (CT)
SINGAPORE (AP) - Oil prices dipped Thursday as traders took profits in Asia, continuing an overnight slide after the Department of Energy said distillate stocks grew in the United States and an international energy watchdog's forecast of cooling demand worldwide.
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Japanese stocks jump 1.07 pct.; dollar up
Jul 13 2005 11:06PM (CT)
TOKYO (AP) - Japanese stocks jumped Thursday morning as traders bought high-tech issues following strong U.S. earnings from Apple Computer Inc. and chip maker Advanced Micro Devices Inc. The dollar rose against the yen and euro.
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Boeing Machinists OK strike authorization
Jul 13 2005 10:29PM (CT)
SEATTLE (AP) - Boeing Co. machinists on Wednesday overwhelmingly approved a strike authorization measure in a show of support for negotiators involved in contract talks with the aerospace company.
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KB Home to pay $2M to settle FTC complaint
Jul 13 2005 10:24PM (CT)
LOS ANGELES (AP) - KB Home has agreed to pay $2 million to settle Federal Trade Commission charges that the homebuilder violated guidelines for resolving disputes with customers over construction complaints.
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Newmont pollution trial to begin Aug. 5
Jul 13 2005 10:20PM (CT)
JAKARTA, Indonesia (AP) - The pollution trial of the local unit of U.S-based Newmont Mining Corp. and its top American executive in Indonesia will begin Aug. 5, a judge said Thursday.
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High-speed Internet service war sparks
Jul 13 2005 9:49PM (CT)
PHILADELPHIA (AP) - Telephone and cable TV companies are slashing broadband prices and boosting connection speeds as the two monopoly-prone industries prepare to lock horns on multiple fronts.
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Apple sales leap 75 percent on iPod sales
Jul 13 2005 9:49PM (CT)
SAN JOSE, Calif. (AP) - Apple Computer Inc. saw sales jump 75 percent in its latest quarter _ and net income more than quadruple _ as sizzling sales of iPod music players led the company to what CEO Steve Jobs called its best quarterly performance.
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WorldCom's Ebbers gets 25 years, weeps
Jul 13 2005 9:48PM (CT)
NEW YORK (AP) - Weeping in court as he learned his fate, former WorldCom boss Bernard Ebbers was sentenced to 25 years in prison Wednesday for leading the largest corporate fraud in U.S. history.
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Mitsubishi issued recall for Eclipse model
Jul 13 2005 9:39PM (CT)
NORMAL, Ill. (AP) - Mitsubishi Motors North America has recalled about 3,700 of its 2006 Eclipse models for brake problems, the company said Wednesday.
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Some Parmalat claims can proceed
Jul 13 2005 9:38PM (CT)
NEW YORK (AP) - A federal judge in Manhattan will allow some shareholder lawsuit claims arising from the collapse of Italy's Parmalat Finanziaria SpA to proceed against Citigroup Inc., Banca Nazionale del Lavoro and Credit Suisse First Boston Corp.
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Maytag says FTC approves of buyout offer
Jul 13 2005 9:05PM (CT)
NEWTON, Iowa (AP) - Maytag Corp. said Wednesday it has received Federal Trade Commission approval for the appliance maker's proposed acquisition by an investor group led by Ripplewood Holdings LLC.
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Personal info stolen from health insurer
Jul 13 2005 8:11PM (CT)
PHOENIX (AP) - A theft at an Arizona managed care company has exposed the personal information of 57,000 health insurance customers and 3,000 health care providers, including Social Security numbers and partial treatment histories of some patients.
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Jury selected for first Vioxx trial
Jul 13 2005 7:51PM (CT)
ANGLETON, Texas (AP) - A jury of seven men and five women was seated Wednesday to decide the outcome of the nation's first Vioxx-related lawsuit to go to trial.
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Yum Brands 2Q profit rises
Jul 13 2005 6:22PM (CT)
LOUISVILLE, Ky. (AP) - Yum Brands Inc. on Wednesday posted 6 percent higher second-quarter profits, beating Wall Street expectations, on the strength of solid U.S. sales for its pizza, chicken and Mexican fast-food brands _ led by its resurgent KFC chain.
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AMD profits top Wall Street Forecast
Jul 13 2005 6:08PM (CT)
SAN JOSE, Calif. (AP) - Advanced Micro Devices Inc.'s second-quarter profit fell 65 percent but beat Wall Street expectations as the chip maker on Wednesday reported record microprocessor sales and a drop in flash memory chip revenue.
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Adelphia founder, son free pending appeal
Jul 13 2005 6:07PM (CT)
NEW YORK (AP) - Adelphia Communications Corp. founder John Rigas and his son, Timothy, can remain free pending appeal of convictions in a fraud scandal that plunged the cable giant into bankruptcy three years ago, a judge said Wednesday.
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Unocal board weighs takeover bids
Jul 13 2005 5:54PM (CT)
LOS ANGELES (AP) - Politicians may be all worked up about the security implications of a Chinese oil company's effort to buy an American one, but analysts say Unocal Corp.'s board is focused on dollars and cents as it decides whether to accept Hong Kong-based CNOOC Ltd.'s $18.5 billion offer.
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Shareholders OK Federated, May merger
Jul 13 2005 5:32PM (CT)
CINCINNATI (AP) - With the deal one step closer to completion, Federated Department Stores Inc.'s top executive says he's eager to see rival May Department Stores Co. absorbed into his company, bringing together such names as Macy's and Bloomingdale's with Lord & Taylor and Famous-Barr.
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Ford, Hertz agree to extend new cars deal
Jul 13 2005 5:27PM (CT)
DETROIT (AP) - Hertz Corp. has agreed to continue buying and promoting Ford Motor Co. vehicles through 2010, even if Ford sells off the Hertz rental car unit as planned, according to a new agreement between the companies.
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Tough negotiations signaled for FAA
Jul 13 2005 5:15PM (CT)
WASHINGTON (AP) - The Federal Aviation Administration and the union representing air traffic controllers traded barbs ahead of what's expected to be contentious contract negotiations beginning next week.
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Bond prices fall, yields end higher
Jul 13 2005 4:57PM (CT)
NEW YORK (AP) - Bond prices fell Wednesday, sending their yields slightly higher, as traders hedged their bets ahead of the release Thursday of a key reading on consumer price inflation.
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Harley-Davidson profit dips, faces inquiry
Jul 13 2005 4:40PM (CT)
MILWAUKEE (AP) - Motorcycle maker Harley-Davidson Inc. said Wednesday its second-quarter profit fell by 4 percent because of a planned production cut that has triggered lawsuits and a Securities and Exchange Commission investigation.
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Indian co. mulling bid for PetroKazakhstan
Jul 13 2005 4:39PM (CT)
LONDON (AP) - ONGC Videsh Ltd., the international arm of Indian state-controlled Oil & Natural Gas Corp., Wednesday said it is considering launching a $3.5 billion bid for Canada-based PetroKazakhstan Inc.
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Data broker Acxiom to review takover offer
Jul 13 2005 4:35PM (CT)
LITTLE ROCK, Ark. (AP) - Data broker Acxiom Corp. said Wednesday its board would review a $2 billion takeover offer by ValueAct Capital Partners LP, a day after Acxiom's top executive said he hadn't heard from the investment company since it made its first bid early last month.
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BP works to right $1 billion oil platform
Jul 13 2005 4:28PM (CT)
NEW ORLEANS (AP) - BP worked Wednesday to right a $1 billion petroleum platform found listing in the deepwater Gulf of Mexico after Hurricane Dennis.
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Wednesday's Commodities Roundup
Jul 13 2005 4:27PM (CT)
NEW YORK (AP) - Oil prices fell Wednesday after the government reported a surprisingly big build in distillate stocks and supply fears related to Tropical Storm Emily eased.
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Ebbers won't face state charges in Okla.
Jul 13 2005 4:21PM (CT)
OKLAHOMA CITY (AP) - Oklahoma will drop its prosecution of former WorldCom chief executive Bernard Ebbers now that a federal judge has given him a 25-year prison sentence, the state's attorney general said Wednesday.
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Gap's factory inspections uncover abuses
Jul 13 2005 4:15PM (CT)
SAN FRANCISCO (AP) - Gap Inc.'s continuing crackdown on labor abuses at the overseas factories making the retailer's clothes identified hundreds of plants engaged in a wide range of unsavory practices, including excessive overtime, paltry wages and fining workers who wanted to quit their jobs.
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Metris reports receiving Wells notice
Jul 13 2005 4:04PM (CT)
MINNETONKA, Minn. (AP) - Credit-card issuer Metris Companies Inc. said the Securities and Exchange Commission has notified it that its staff will recommend bringing a civil action against the company and its chief executive in an accounting investigation.
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FedEx to close its hub in Philippines
Jul 13 2005 4:04PM (CT)
HONG KONG (AP) - In a move to exploit China's fast-growing market, FedEx Corp. said Wednesday it will close its Asian hub in the Philippines and replace it with a new $150 million facility in Guangzhou, southern China.
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Shareholders approve Sprint, Nextel merger
Jul 13 2005 3:54PM (CT)
OVERLAND PARK, Kan. (AP) - With shareholders' blessing in hand, Sprint Corp. and Nextel Communications Inc. are pressing forward to have their unified brand in stores in time for the holidays.
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Boston Scientific stent problems persisted
Jul 13 2005 3:53PM (CT)
NATICK, Mass. (AP) - Doctors continued reporting surgical problems with a heart stent made by Boston Scientific Corp. even after the company recalled nearly 100,000 of the devices and fixed a manufacturing flaw, according to a published report.
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Abbott Labs' 2Q profit climbs on sales
Jul 13 2005 3:48PM (CT)
CHICAGO (AP) - Health care products maker Abbott Laboratories Inc. posted a 38 percent gain in second-quarter profit Wednesday, but its stock fell after the company forecast third-quarter earnings below Wall Street's expectations.
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XM pays $200 million for more spectrum
Jul 13 2005 3:46PM (CT)
NEW YORK (AP) - XM Satellite Radio Holdings Inc. is paying almost $200 million in stock to acquire additional broadcasting licenses that would allow the company to nearly double the amount of material it offers subscribers.
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Homeowners face delays in getting shutters
Jul 13 2005 3:03PM (CT)
MIAMI (AP) - Bruce and Stephanie Good felt lucky last year when their home wasn't hit by Florida's four hurricanes. Not wanting to tempt fate again this season, they ordered a full set of aluminum storm shutters. Five months and one hurricane later, the shutters still haven't arrived.
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Investors wait for WorldCom settlement
Jul 13 2005 3:01PM (CT)
NEW YORK (AP) - Bernard Ebbers is heading to prison, but investors victimized in WorldCom Inc.'s $11 billion accounting fraud and hoping for a share of the settlement money still have a wait ahead of them.
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Microsoft, Alacritech settle dispute
Jul 13 2005 2:48PM (CT)
SAN JOSE, Calif. (AP) - Microsoft Corp. on Wednesday settled a lawsuit that claimed it planned to incorporate a patented networking technology into future versions of the Windows operating system without permission.
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Pharmacists' union critical of Walgreens
Jul 13 2005 2:00PM (CT)
CHICAGO (AP) - The union representing striking pharmacists at 400 Chicago-area Walgreens drugstores accused the chain Wednesday of jeopardizing safety in the push for higher profits, but Walgreens said the allegation was a bargaining tactic.
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Bank of America offers annuity refunds
Jul 13 2005 1:32PM (CT)
BOSTON (AP) - Bank of America Corp.'s agreement to offer refunds to thousands of elderly investors who bought variable annuities could lead to similar deals with other banks whose annuities sales are also being investigated, the state's top securities regulator said Wednesday.
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Gov't drops plans to retry Scrushy
Jul 13 2005 1:20PM (CT)
BIRMINGHAM, Ala. (AP) - The government dropped plans to retry Richard Scrushy on Wednesday, saying it would not appeal a judge's decision to dismiss perjury charges against the fired HealthSouth Corp. chief executive, acquitted of directing a $2.7 billion fraud.
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Defense: Enron case based on twised facts
Jul 13 2005 1:13PM (CT)
HOUSTON (AP) - Federal prosecutors bought witnesses with immunity and then twisted facts to make their case against five former executives of Enron Corp.'s defunct broadband unit, lawyers for two of the defendants said Wednesday in closing arguments.
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ISS buys Investor Responsibility Research
Jul 13 2005 12:43PM (CT)
NEW YORK (AP) - Institutional Shareholder Services, which advises shareholders on how to vote at corporate meetings, is acquiring a respected Washington research firm often held up as its antithesis.
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Court considers Canada cattle imports
Jul 13 2005 12:22PM (CT)
SEATTLE (AP) - Whether it's protecting profits or consumer health, the U.S. meat industry has a lot riding on the government's effort to reopen the border to Canadian cattle.
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Bally to miss July 31 deadline for results
Jul 13 2005 12:14PM (CT)
CHICAGO (AP) - Bally Total Fitness Holding Corp. said Wednesday it won't be able to release financial statements for 2002-2004 by a July 31 deadline and will be in technical default on some of its debt unless it can obtain an extension.
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Judge orders NYSE to turn over documents
Jul 13 2005 12:08PM (CT)
NEW YORK (AP) - The New York Stock Exchange must turn over documents and analyses related to its pending acquisition of Archipelago Holdings Inc. to three seat holders who are suing to block the deal, a state judge ruled Wednesday.
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Lawyers set to challenge re-privatization
Jul 13 2005 11:45AM (CT)
KIEV, Ukraine (AP) - Lawyers for one of Ukraine's wealthiest men said Wednesday they were challenging the government's re-privatization of the country's biggest steel mill, citing what they said were violations in court procedures.
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VW: billions of dollars in cost cuts needed
Jul 13 2005 11:36AM (CT)
BERLIN (AP) - Volkswagen AG's woes deepened Wednesday as company officials said the automaker needed billions of dollars in cost cuts to halt a slide toward the red and recommended the departure of its personnel chief amid a corruption scandal.
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Gannett earnings dip on various expenses
Jul 13 2005 11:27AM (CT)
NEW YORK (AP) - Gannett Co., the nation's biggest newspaper publisher, posted a slight decline in second-quarter earnings Wednesday on lower revenue from its broadcast and U.K. units, and additional expenses, including for new presses at its Detroit newspaper, The Detroit News.
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Japanese company agrees to settle suit
Jul 13 2005 11:16AM (CT)
TOKYO (AP) - Toyobo Co. is paying $29 million to settle class-action litigation in the United States that sought damages from the Japanese textile manufacturer for bulletproof vests suspected of defects, the company said Wednesday.
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British American Tobacco to close two plants
Jul 13 2005 11:06AM (CT)
LONDON (AP) - Cigarette maker British American Tobacco Ltd. said Wednesday that it is closing two factories in England and Ireland, cutting nearly 600 jobs.
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Developer: skyscraper to be safe building
Jul 13 2005 10:51AM (CT)
MOSCOW (AP) - The developer for a Moscow skyscraper billed as Europe's tallest vowed Wednesday that state-of-the-art construction and design methods would make it safe from terrorist airplane attacks like those that destroyed the World Trade Center in New York.
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Report: CNOOC may raise its Unocal bid
Jul 13 2005 10:27AM (CT)
BEIJING (AP) - Chinese oil company CNOOC Ltd. is considering raising its $18.5 billion bid for Unocal Corp., according to a published report Wednesday.
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London Stock Exchange says not for sale
Jul 13 2005 10:03AM (CT)
LONDON (AP) - London Stock Exchange Chairman Chris Gibson-Smith told investors Wednesday that the bourse is not up for sale as he talked up the exchange's growth prospects.
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Lego sells amusement parks to Blackstone
Jul 13 2005 9:46AM (CT)
COPENHAGEN, Denmark (AP) - Danish toy maker Lego Co. announced Wednesday that it will sell four Legoland amusement parks to U.S.-based private equity company the Blackstone Group for 375 million euros ($456 million).
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SEC starts inquiry into Harley-Davidson
Jul 13 2005 9:29AM (CT)
NEW YORK (AP) - Motorcycle maker Harley-Davidson Inc. said Wednesday that the staff of the Securities and Exchange Commission is launching an inquiry into the company's April announcement that it would limit short-term production and decrease planned motorcycle shipments.
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China bars some stations on partnerships
Jul 13 2005 9:27AM (CT)
BEIJING (AP) - China on Wednesday tightened controls on its television and radio stations, announcing a ban on forming partnerships with foreign broadcasters to operate channels.
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Delphi sells stake in auto parts maker
Jul 13 2005 9:21AM (CT)
TOKYO (AP) - Delphi Corp., a major U.S. auto parts-maker that does the bulk of its business with General Motors, has sold its entire stake in Akebono Brake Industry Co. of Japan, both sides said Wednesday.
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EU official: WTO meeting making progress
Jul 13 2005 9:06AM (CT)
DALIAN, China (AP) - Trade officials wrapped up talks in China on Wednesday amid warnings of huge efforts needed to reach agreements on tariff and agricultural subsidy reductions ahead of a crucial December World Trade Organization meeting in Hong Kong.
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Turning waste to wealth advancing at farms
Jul 13 2005 8:46AM (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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Siemens wins EU approval to buy VA Tech
Jul 13 2005 8:21AM (CT)
BRUSSELS, Belgium (AP) - Germany's Siemens AG won European Commission approval to buy Austrian engineering company VA Tech on Wednesday after it promised regulators it would sell off VA Tech's hydropower business.
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Cos. announce 41 asbestos-related deaths
Jul 13 2005 8:09AM (CT)
TOKYO (AP) - Three major Japanese engineering companies said Wednesday that that 41 employees who had handled asbestos in recent decades had died, while 14 others were still receiving medical treatment.
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ASML 2Q profit skyrockets 72 percent
Jul 13 2005 7:39AM (CT)
AMSTERDAM, Netherlands (AP) - ASML Holding NV, a Dutch supplier of equipment to computer chip makers, said Wednesday its second-quarter profit rose 72 percent due to higher selling prices.
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EU not ready to grant China market status
Jul 13 2005 7:31AM (CT)
BRUSSELS, Belgium (AP) - The European Commission said Wednesday it was not ready to grant market economy status to China _ a move that would help Beijing avoid punitive antidumping measures.
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Philippines to repay debt despite crisis
Jul 13 2005 7:09AM (CT)
MANILA, Philippines (AP) - The Philippines is fully capable of repaying its foreign debt despite the political turmoil and a recent string of warnings from credit rating agencies, the national treasurer said Wednesday.
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India, Pakistan end talks on gas pipeline
Jul 13 2005 7:00AM (CT)
NEW DELHI (AP) - Indian and Pakistani officials on Wednesday tentatively agreed to start building a $4 billion pipeline late next year that would bring Iranian natural gas to India through Pakistan despite U.S. objections to the project.
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Stokely, who added Gatorade to co, dies
Jul 13 2005 6:59AM (CT)
WHITESTOWN, Ind. (AP) - Alfred Jehu Stokely, the retired Stokely-Van Camp Inc. president who transformed his family's food company by adding Gatorade to its lineup of products in the 1960s, died Sunday at his home in Whitestown. He was 89.
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British jobless claims up in June
Jul 13 2005 6:54AM (CT)
LONDON (AP) - The number of people out of work and claiming benefits in Britain rose in June for the fifth consecutive month to reach its highest level for more than a year, the government said Wednesday.
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Marks & Spencer says sales still poor
Jul 13 2005 6:36AM (CT)
LONDON (AP) - Struggling retailer Marks & Spencer Group PLC reported another sharp drop in sales Wednesday, but maintained the company was still in a better position than a year ago.
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Sprint, Nextel holders to vote on union
Jul 13 2005 6:32AM (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 contracts
Jul 13 2005 6:31AM (CT)
TOKYO (AP) - Japan's current account surplus contracted 19.5 percent in May from a year earlier, hurt by sluggish exports and inflated import bills caused by soaring oil prices, the government said Wednesday.
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Sony recalling 16,000 TVs sold in Japan
Jul 13 2005 6:19AM (CT)
TOKYO (AP) - Sony is recalling about 16,000 liquid-crystal-display televisions sold only in Japan that may cause electric shock, the Japanese electronics and entertainment company said Wednesday.
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Report: CNOOC may raise its Unocal bid
Jul 13 2005 5:41AM (CT)
BEIJING (AP) - CNOOC Ltd. is considering raising its US$18.5 billion (euro15.3 billion) bid for Unocal Corp., a newspaper said Wednesday.
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Report: China nets almost 300 suspects
Jul 13 2005 5:39AM (CT)
BEIJING (AP) - China has arrested hundreds of people and seized more than $2 billion in currency since it stepped up efforts to crack down on illegal currency transactions since April last year, state media reported Wednesday.
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Japan co. settles bulletproof vest suit
Jul 13 2005 4:14AM (CT)
TOKYO (AP) - Toyobo Co. is paying $29 million to settle a class-action lawsuit in the United States that had demanded damages from the Japanese textile manufacturer for bulletproof vests suspected of defects, the company said Wednesday.
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Lacoste wins round in China crocodile feud
Jul 13 2005 2:24AM (CT)
BEIJING (AP) - French sportswear maker Lacoste has won a round against Singaporean rival Crocodile International in a court battle over which can use a crocodile logo in China, a news report said Wednesday.
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