Latest Business News
Economic Figures
Dollar & Gold News
Board of Trade News
Personal Finance
|
|
|
|
|
|
Hong Kong court OKs property trust IPO
Jul 19 2005 11:10PM (CT)
HONG KONG (AP) - Hong Kong's highest court on Wednesday approved the initial public offering of what could be the world's biggest real estate investment trust, ending an eight-month legal wrangle that stoked concerns that the city's reputation as a global business capital was eroding.
|
|
|
Wells Fargo, Wachovia 2Q profits higher
Jul 19 2005 10:01PM (CT)
SAN FRANCISCO (AP) - Wells Fargo & Co. said Tuesday its profits climbed 11 percent in the second quarter, but they missed Wall Street projections by a penny.
|
|
|
China's economy grows 9.5 pct. this year
Jul 19 2005 10:00PM (CT)
BEIJING (AP) - China's economy grew 9.5 percent in the first half of 2005, surging ahead despite efforts to ease breakneck growth, the government said Wednesday.
|
|
|
HealthSouth prosecutors drop charges
Jul 19 2005 9:52PM (CT)
BIRMINGHAM, Ala. (AP) - Federal prosecutors asked a court to throw out an indictment accusing a former HealthSouth Corp. president of fraud in a huge accounting scandal at the medical services chain.
|
|
|
Visa, Amex cut ties with card processor
Jul 19 2005 9:44PM (CT)
BOSTON (AP) - Visa USA Inc. and American Express Co. are cutting ties with the payment-processing company that left 40 million credit and debit card accounts vulnerable to hackers in one of the biggest breaches of consumer data security.
|
|
|
Merck executive testifies in Vioxx trial
Jul 19 2005 9:44PM (CT)
ANGLETON, Texas (AP) - Merck & Co.'s marketing team targeted doctors viewed as unfriendly toward Vioxx to bring them into the fold, neutralize or discredit them, the plaintiff's lawyer in the nation's first Vioxx-related lawsuit to go to trial alleged Tuesday.
|
|
|
Ford's Q2 earnings slump 19 percent
Jul 19 2005 9:43PM (CT)
DEARBORN, Mich. (AP) - Ford Motor Co.'s profits fell 19 percent in the second quarter, hurt by lower production and harsh competition in North America, where it lost more than $900 million. And the company's overall automotive outlook isn't much rosier for the rest of the year.
|
|
|
Haier, partners drop bid to buy Maytag
Jul 19 2005 9:43PM (CT)
NEWTON, Iowa (AP) - Chinese appliance manufacturer Haier America and two investment partners are ending their bid to buy rival Maytag Corp.
|
|
|
Hewlett-Packard to slash 14,500 jobs
Jul 19 2005 9:40PM (CT)
SAN JOSE, Calif. (AP) - Striving for Dell Inc.'s efficiency and IBM Corp.'s breadth, Hewlett-Packard Co. said Tuesday it will cut 14,500 jobs and overhaul its retirement plan in a move that all but buries the legendary company-employee bond known as the "HP Way."
|
|
|
Winn-Dixie sells leases to 102 stores
Jul 19 2005 8:07PM (CT)
JACKSONVILLE, Fla. (AP) - Bankrupt supermarket giant Winn-Dixie Stores Inc. announced Tuesday that it had sold leases to 102 of its stores for $45.6 million to 30 purchasers, with most planning to operate them as grocery and liquor stores.
|
|
|
No verdict in Enron case after day three
Jul 19 2005 7:47PM (CT)
HOUSTON (AP) - Jurors deliberated for a third full day Tuesday without reaching a verdict in a federal conspiracy and fraud case involving five former executives of Enron Corp.'s defunct broadband unit.
|
|
|
Motorola beats views with $933M profit
Jul 19 2005 6:30PM (CT)
CHICAGO (AP) - Motorola Inc., the world's No. 2 maker of mobile phones, bettered Wall Street's expectations Tuesday by reporting second-quarter profit of $933 million, reflecting continuing strong sales of its Razr and other new products.
|
|
|
Kraft profits drop on commodity costs
Jul 19 2005 5:59PM (CT)
CHICAGO (AP) - Kraft Foods Inc., the nation's largest food manufacturer, reported a 32 percent drop in second-quarter profit, mainly due to a loss from the sale of its sugar confectionary business and higher commodity costs.
|
|
|
Gap to expand product line of perfume
Jul 19 2005 5:46PM (CT)
SAN FRANCISCO (AP) - Sniffing an opportunity to boost its recently sagging sales, clothing retailer Gap Inc. plans to expand its line of perfume and other personal care products next year in a partnership with Inter Parfums Inc.
|
|
|
Bond prices rise slightly
Jul 19 2005 5:43PM (CT)
NEW YORK (AP) - Bond prices ticked up slightly Tuesday as traders squared their positions before Federal Reserve Chairman Alan Greenspan's congressional testimony, which starts Wednesday.
|
|
|
Tuesday's commodities roundup
Jul 19 2005 5:41PM (CT)
NEW YORK (AP) - Crude-oil futures closed moderately higher Tuesday, boosted by a combination of rising gasoline prices, expectations of lower inventories and the suspension of Mexican oil production in the Gulf of Mexico caused by Hurricane Emily.
|
|
|
E.W. Scripps 2Q profit jumps 13 percent
Jul 19 2005 5:32PM (CT)
CINCINNATI (AP) - E.W. Scripps Co. reported a 13 percent rise in second-quarter profit on continued growth at its newspapers and television network business, including Home & Garden Television, Food Network, and other channels.
|
|
|
Amgen profits rise sharply
Jul 19 2005 5:31PM (CT)
SAN FRANCISCO (AP) - Amgen Inc. reported Tuesday that its profit rose sharply, beating Wall Street expectations for the second quarter, because of strong drug sales, and the biotechnology titan increased its already rosy financial outlook for the year.
|
|
|
Federal Vioxx trial set for November
Jul 19 2005 5:28PM (CT)
NEW ORLEANS (AP) - The first federal trial over Merck & Co.'s withdrawn painkiller Vioxx has been set for Nov. 28, although it is not yet clear which of the hundreds of cases filed against the company will be heard.
|
|
|
Journal Register 2Q profit up on ad sales
Jul 19 2005 5:15PM (CT)
TRENTON, N.J. (AP) - Newspaper publisher Journal Register Co. said Tuesday that its second-quarter profit grew 4 percent, helped by a sharp rise in advertising sales and higher circulation revenue.
|
|
|
PNC Financial posts drop in 2Q profit
Jul 19 2005 5:13PM (CT)
PITTSBURGH (AP) - PNC Financial Services Group Inc. on Tuesday reported a 7 percent drop in second-quarter profit because of lower trading revenue and equity management gains. The Pennsylvania bank also announced a corporate restructuring that will eliminate 3,000 jobs.
|
|
|
Northwest mechanics authorize strike
Jul 19 2005 4:59PM (CT)
MINNEAPOLIS (AP) - Mechanics at Northwest Airlines Corp. said Tuesday that they had voted overwhelmingly to authorize a strike, a day after the airline, which is struggling to slash costs, declined arbitration.
|
|
|
Merrill Lynch posts modest earnings rise
Jul 19 2005 4:57PM (CT)
NEW YORK (AP) - Merrill Lynch & Co. Inc. managed to avoid the earnings troubles of its competitors and peers in the second quarter, posting a 6 percent profit gain despite a sluggish bond market that sabotaged results at other Wall Street firms.
|
|
|
Lucent 3Q profit slips, beats targets
Jul 19 2005 4:57PM (CT)
TRENTON, N.J. (AP) - Telecommunications equipment maker Lucent Technologies Inc. said Tuesday its third-quarter profit slipped 3.9 percent but still topped Wall Street targets due to strong wireless equipment sales and service revenues.
|
|
|
IBM shares up after posting bigger profit
Jul 19 2005 4:54PM (CT)
BOSTON (AP) - Shares of International Business Machines Corp. jumped Tuesday after the technology bellwether's second-quarter earnings beat Wall Street's expectations, providing evidence that Big Blue has rebounded from difficulties early in the year.
|
|
|
Tyson settles swine lawsuit
Jul 19 2005 4:47PM (CT)
LITTLE ROCK (AP) - Tyson Foods Inc. said Tuesday it settled a lawsuit with swine producers, agreeing to pay $42.5 million to 85 contract producers and take a third-quarter charge of $33 million, or 6 cents per share.
|
|
|
Canadian Auto Workers, GM begin talks
Jul 19 2005 4:27PM (CT)
TORONTO (AP) - General Motors Corp. said Tuesday it doesn't want any increase in its Canadian labor costs in its next contract with the Canadian Auto Workers union and will ask the union to pay for wage increases by cutting other benefits.
|
|
|
PSEG shareholders OK acquisition by Exelon
Jul 19 2005 4:26PM (CT)
NEWARK, N.J. (AP) - Shareholders of Public Service Enterprise Group Inc. on Tuesday voted overwhelmingly in favor of the company being acquired by Exelon Corp., a merger that would create the country's largest power generation company.
|
|
|
Avon reports 41 percent rise in 2Q
Jul 19 2005 4:16PM (CT)
NEW YORK (AP) - Avon Products Inc., the world's largest direct seller of cosmetics, said Tuesday that second-quarter earnings grew 41 percent year-over-year due to a hefty tax benefit, but revenue fell short of expectations and the company lowered its forecast for full-year profit. Avon shares fell more than 14 percent.
|
|
|
Boston Scientific profit falters in 2Q
Jul 19 2005 4:08PM (CT)
NEW YORK (AP) - Acquisition issues hung over both Boston Scientific Corp. and Johnson & Johnson on Tuesday as each reported second quarter earnings.
|
|
|
Johnson & Johnson Q2 profit up on sales
Jul 19 2005 4:01PM (CT)
TRENTON, N.J. (AP) - Health care giant Johnson & Johnson said Tuesday that second-quarter profit rose 9 percent on strong sales of medical devices and consumer products, as well as on double-digit sales growth overseas in all three of its divisions.
|
|
|
Danone shares soar on rumors of Pepsi bid
Jul 19 2005 3:55PM (CT)
PARIS (AP) - Shares in Groupe Danone SA, the world's largest dairy products maker and No. 2 bottled water producer, soared Tuesday on rumors of a possible bid by U.S.-based PepsiCo Inc.
|
|
|
International Paper plans to restructure
Jul 19 2005 3:53PM (CT)
STAMFORD, Conn. (AP) - International Paper Co. announced a sweeping restructuring plan Tuesday that will dramatically shrink the world's largest paper company in an effort to boost profits and cut debt by focusing on core businesses.
|
|
|
Male vanity spurs new skin care products
Jul 19 2005 3:47PM (CT)
NEW YORK (AP) - Alex Grossman heads to the gym four mornings a week for an hour-long workout and shuns most carbohydrates to keep himself looking fit and vibrant.
|
|
|
Anchor Glass stock falls on default fears
Jul 19 2005 3:47PM (CT)
NEW YORK (AP) - The stock and high-yield bonds of Anchor Glass Container Corp. plunged Tuesday after the company said it miss a bond interest payment due next month and might have to delay its second-quarter filing with the Securities and Exchange Commission due to possible improper accounting.
|
|
|
Employees get average 3.6 pay raise
Jul 19 2005 3:40PM (CT)
NEW YORK (AP) - A rebounding economy and improving job market aren't translating into big pay raises for U.S. workers, who'll get an average 3.6 percent increase this year. Some workers, though, might find something extra in their paychecks if their bosses are really pleased with their work.
|
|
|
Oil prices fall on easing supply concerns
Jul 19 2005 2:46PM (CT)
VIENNA, Austria (AP) - Oil prices drifted higher Tuesday despite only limited supply disruptions caused by Hurricane Emily in the Gulf of Mexico.
|
|
|
Spirit gets $100M to speed up deliveries
Jul 19 2005 1:59PM (CT)
MIAMI (AP) - Spirit Airlines said Tuesday it received a $100 million investment to help switch to a more economical, all-Airbus fleet two years earlier than planned and expand the low-cost carrier's hedges against rising fuel prices.
|
|
|
La Samaritaine to close up to 6 years
Jul 19 2005 1:15PM (CT)
PARIS (AP) - One of France's oldest department stores, La Samaritaine, will remain closed up to six years for essential repairs to its 1870s-era structure, the store said Tuesday.
|
|
|
Greek union calls strike for July 26
Jul 19 2005 12:33PM (CT)
ATHENS, Greece (AP) - Greece's largest labor union on Tuesday called a nationwide 24-hour strike for July 26 to protest at the conservative government's draft labor reforms.
|
|
|
Court backs Bank of Italy clearance
Jul 19 2005 12:32PM (CT)
ROME (AP) - A regional Italian court said Tuesday the Bank of Italy acted correctly when it authorized Banca Popolare Italiana Scarl, or BPI, to increase its stake in Banca Antonveneta SpA.
|
|
|
EMI Group launches joint record company
Jul 19 2005 12:25PM (CT)
MEXICO CITY (AP) - London-based music company EMI Group PLC and Mexico's Grupo Televisa said Tuesday they will form a new joint venture record company in Mexico and a U.S. partnership that will give Televisa greater access to the U.S. market.
|
|
|
Wells Fargo Q2 profit up on deposit growth
Jul 19 2005 12:18PM (CT)
SAN FRANCISCO (AP) - Wells Fargo & Co. said Tuesday its second-quarter profit climbed 11 percent as increased customer borrowing, continued deposit growth and investment gains helped the nation's fifth largest bank overcome a sharp drop in revenue from home mortgages.
|
|
|
Suit being filed against DuPont over Teflon
Jul 19 2005 12:02PM (CT)
WASHINGTON (AP) - A $5 billion class-action lawsuit is being filed against DuPont Co. saying the chemical giant long failed to warn consumers on the dangers of a Teflon chemical.
|
|
|
Alcoa secures $75M loan for plant upgrade
Jul 19 2005 11:54AM (CT)
MOSCOW (AP) - Alcoa Inc. said Tuesday that it had secured a $75 million, five-year loan from the European Bank for Reconstruction and Development to fund the modernization of its two recently acquired Russian plants.
|
|
|
Able Laboratories files for Chapter 11
Jul 19 2005 11:52AM (CT)
TRENTON, N.J. (AP) - Rocked by recalls, with production halted and its work force slashed, pharmaceutical maker Able Laboratories Inc. filed for Chapter 11 bankruptcy in hopes of salvaging the company with a restructuring.
|
|
|
SAB Miller buys Bavaria controlling stake
Jul 19 2005 11:32AM (CT)
LONDON (AP) - SABMiller PLC said Tuesday it is acquiring a controlling stake in Bavaria SA, South America's second-largest brewer, in a deal worth about $5.6 billion.
|
|
|
Wachovia Q2 profit climbs on acquisition
Jul 19 2005 10:56AM (CT)
CHARLOTTE, N.C. (AP) - Earnings at Wachovia Corp., the nation's fourth-largest bank, rose 32 percent in the second quarter from the same period last year, driven largely by its acquisition of SouthTrust Corp. and aggressive cost cutting.
|
|
|
UnitedHealth launches education program
Jul 19 2005 10:42AM (CT)
MINNEAPOLIS (AP) - UnitedHealth Group Inc. rolled out a major effort on Tuesday to educate seniors about the new Medicare prescription drug program, including a 24-page guide the company will distribute through pharmacies.
|
|
|
Asiana Airlines gives up on cargo flights
Jul 19 2005 10:09AM (CT)
SEOUL, South Korea (AP) - South Korea's Asiana Airlines has indefinitely suspended international cargo flights as it tries to ride out a strike by unionized pilots that shows no signs of a breakthrough.
|
|
|
U.S. Bancorp profit up on lower tax expense
Jul 19 2005 9:42AM (CT)
MINNEAPOLIS (AP) - U.S. Bancorp said Tuesday its second-quarter earnings rose 8.1 percent from last year, driven by strong growth in fee-based businesses, reduced credit costs and lower tax expense.
|
|
|
Boston Scientific profit drops by a third
Jul 19 2005 9:06AM (CT)
BOSTON (AP) - Boston Scientific Corp. on Tuesday said its second-quarter profit fell by more than a third amid growing acquisition costs and moderating sales growth for its heart stents, but the medical-device maker matched Wall Street's expectations.
|
|
|
Court OKs higher claim of damages by unit
Jul 19 2005 8:57AM (CT)
MOSCOW (AP) - A Moscow court on Tuesday accepted an updated claim by a former unit of the shattered Yukos oil company, which filed for a 150 percent increase in the damages it said its former parent had inflicted on it.
|
|
|
EU says research spending stagnates
Jul 19 2005 8:52AM (CT)
BRUSSELS, Belgium (AP) - China's research spending is catching up with the European Union, which still lags behind the U.S. and Japan, EU Research Commissioner Janez Potocnik warned Monday.
|
|
|
Beijing power crunch prompts shut down
Jul 19 2005 8:42AM (CT)
BEIJING (AP) - Workers at thousands of Beijing companies are about to get an unscheduled vacation thanks to the scorching summer heat.
|
|
|
EU clears Solvay acquisition of Fournier
Jul 19 2005 8:41AM (CT)
BRUSSELS, Belgium (AP) - European Union regulators on Tuesday cleared the acquisition by Belgian pharmaceuticals and chemicals giant Solvay SA of France's fifth-largest pharmaceutical company, Fournier Pharma.
|
|
|
Nebraska's farm production expenditures up
Jul 19 2005 8:36AM (CT)
LINCOLN, Neb. (AP) - Nebraska's farm production expenditures were up 7.3 percent last year, to $9.88 billion dollars, the U.S. Department of Agriculture says.
|
|
|
Sanofi-Aventis revenue up on strong sales
Jul 19 2005 8:32AM (CT)
PARIS (AP) - Sanofi-Aventis SA said Tuesday its second-quarter revenue rose 6.5 percent, boosted by strong sales of its anti-stroke drug Plavix, diabetes medicine Lantus and cancer drug Eloxatin.
|
|
|
Parmalat receives Morgan Stanley settlement
Jul 19 2005 8:19AM (CT)
ROME (AP) - Italian dairy giant Parmalat said Tuesday it had received a 155 million euro ($187 million) payment from Morgan Stanley, the first international bank to settle with Parmalat following the massive fraud scandal at the company.
|
|
|
Court approves unification of Shell group
Jul 19 2005 8:07AM (CT)
THE HAGUE, Netherlands (AP) - A British court on Tuesday approved the unification of the Royal Dutch/Shell Group of Cos. into one corporation in time for the start of trading a day later.
|
|
|
Wal-Mart applies to create a Utah bank
Jul 19 2005 7:31AM (CT)
SALT LAKE CITY (AP) - Wal-Mart Stores Inc. has applied to establish a Utah industrial bank that would process credit card, debit card and electronic check transactions from its retail locations, the bank's chief said.
|
|
|
Home Depot to buy wastewater equipment co.
Jul 19 2005 7:26AM (CT)
ATLANTA (AP) - The Home Depot Inc. is buying a leading distributor of products used to build and repair wastewater transmission systems in an effort to expand its division focused on business-to-business customers.
|
|
|
CDW says Q2 profit rises on strong demand
Jul 19 2005 7:23AM (CT)
VERNON HILLS, Ill. (AP) - Computer supplier CDW Corp. on Tuesday posted a 15 percent rise in second-quarter profit, lifted by an upswing in business in both its corporate and government sectors.
|
|
|
Regulators: no collusion among oil cos.
Jul 19 2005 7:19AM (CT)
KIEV, Ukraine (AP) - Ukrainian regulators on Tuesday ruled there was no collusion among Russian oil companies earlier this year during a fuel crisis that caused gas prices to rise sharply and filling stations to run dry.
|
|
|
German economic confidence up for 2nd month
Jul 19 2005 7:13AM (CT)
BERLIN (AP) - German economic sentiment jumped in July due to a weaker euro and stable global economic activity, according to a survey published Tuesday, a sign of recovery in the EU's most populous country.
|
|
|
RadioShack Q2 profit slips 23 percent
Jul 19 2005 6:33AM (CT)
FORT WORTH, Texas (AP) - RadioShack Corp., one of the nation's biggest consumer electronics chains, said Tuesday its second-quarter profit slid 23 percent from a year ago, citing lower same-store sales and poor performance in its wireless business.
|
|
|
Hewlett-Packard to lay off 14,500 workers
Jul 19 2005 6:09AM (CT)
PALO ALTO, Calif. (AP) - PC manufacturer Hewlett-Packard Co. on Tuesday announced a restructuring plan designed to save $1.9 billion annually and boost business performance. The company said it will lay off 10 percent of its regular full-time staff, or 14,500 employees, over the next six quarters.
|
|
|
Integra tops 2004 most-stolen vehicle list
Jul 19 2005 5:49AM (CT)
DETROIT (AP) - The 1999 Acura Integra coupe was the most-stolen vehicle last year and Integras from other model years weren't far behind, likely the targets of street racers who want their fast engines, according to a report released Tuesday.
|
|
|
Electrolux reports drop in Q2 earnings
Jul 19 2005 5:40AM (CT)
STOCKHOLM, Sweden (AP) - Household appliance maker Electrolux AB reported stronger sales in the second quarter but earnings fell 3.5 percent mainly due to higher costs for raw materials.
|
|
|
SAB Miller buys stake in Bavaria SA
Jul 19 2005 4:29AM (CT)
LONDON (AP) - SABMiller PLC said Tuesday it is acquiring a controlling stake in Bavaria SA, South America's second-largest brewer, in a deal worth about $5.6 billion.
|
|
|
|
|
|