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Japanese stocks climb in early trading
Jul 20 2005 11:17PM (CT)
TOKYO (AP) - Japanese stocks rose Thursday morning as investors bought technology, auto and bank shares following Wall Street's gains. The dollar slipped against the yen.
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Oil prices slide on U.S. inventory report
Jul 20 2005 11:14PM (CT)
SINGAPORE (AP) - Crude oil prices extended their losses Thursday after the U.S. Department of Energy's weekly report on petroleum stocks eased concerns of supply disruptions from hurricanes in the Gulf of Mexico.
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Diamond Foods raises $100M in IPO
Jul 20 2005 10:50PM (CT)
WASHINGTON (AP) - Diamond Foods Inc., a walnut-growing cooperative in California, said late Wednesday its initial public offering of 6 million shares of common stock had priced at $17 per share.
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Lawyer seeks bail relaxation for Vilar
Jul 20 2005 10:43PM (CT)
NEW YORK (AP) - A lawyer for a philanthropist accused of a $5 million fraud said Wednesday he will seek to relax bail conditions so his client can more easily visit his attorneys.
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Dollar declines in Asian trading
Jul 20 2005 9:59PM (CT)
TOKYO (AP) - The dollar continued to fall Thursday in Asian trading after earlier remarks from the U.S. Federal Reserve chairman failed to spark fresh optimism about the U.S. economy.
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Walgreen, pharmacists fail to reach deal
Jul 20 2005 9:16PM (CT)
CHICAGO (AP) - A strike by pharmacists at 400 Chicago-area Walgreen Co. drugstores continued Wednesday after negotiations between the chain, its pharmacists and a federal mediator failed to produce a new agreement.
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Acxiom board rejects takeover bid
Jul 20 2005 9:13PM (CT)
LITTLE ROCK, Ark. (AP) - Acxiom Corp. said Wednesday that its board has rejected a hedge fund's proposed $2 billion takeover of the data management company.
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Japan's trade surplus shrinks in June
Jul 20 2005 8:45PM (CT)
TOKYO (AP) - Japan's trade surplus contracted 23.5 percent in June from the same month a year ago, declining for the third straight month, the government said Thursday.
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China's Kingway Brewery Holdings invests
Jul 20 2005 8:43PM (CT)
HONG KONG (AP) - Kingway Brewery Holdings Ltd. said it has entered into an agreement with Xi'an to invest US$100 million (euro82 million) in a brewing unit in the western Chinese city.
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Microsoft to acquire messaging provider
Jul 20 2005 8:43PM (CT)
REDMOND, Wash. (AP) - Microsoft Corp. said Wednesday it plans to acquire FrontBridge Technologies Inc., a provider of secure e-mail and messaging services.
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Calif. title insurers to pay fines
Jul 20 2005 7:45PM (CT)
SAN FRANCISCO (AP) - Three of California's largest title insurers agreed to halt what officials called a kickback scheme that cost home buyers $25.4 million and will pay more than $38 million in refunds and fines, state insurance commissioner John Garamendi said Wednesday.
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Verdict mixed on Enron broadband case
Jul 20 2005 7:41PM (CT)
HOUSTON (AP) - A federal court jury Wednesday acquitted three former Enron Corp. broadband executives of some charges but deadlocked on the remaining charges involving them and two other executives.
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GM posts another huge quarterly loss
Jul 20 2005 7:20PM (CT)
DETROIT (AP) - General Motors Corp. reported another huge quarterly loss Wednesday, intensifying pressure on CEO Rick Wagoner to speed up the overhaul of North American operations that produced a $1.2 billion torrent of red ink in the second quarter.
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Kodak shedding up to 10,000 more jobs
Jul 20 2005 7:20PM (CT)
ROCHESTER, N.Y. (AP) - Eastman Kodak Co. said Wednesday it is cutting as many as 10,000 more jobs as the company that turned picture-taking into a hobby for the masses navigates a tough transition from film to digital photography.
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Ford bonds gain after Fitch downgrade
Jul 20 2005 7:10PM (CT)
NEW YORK (AP) - Ford Motor Co. and finance arm Ford Motor Credit were nudged closer to junk status Wednesday when Fitch Ratings sliced their credit ratings by a notch, leaving them a single step above speculative grade.
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Chinese oil firm to stick with Unocal bid
Jul 20 2005 6:57PM (CT)
LOS ANGELES (AP) - The Chinese oil and gas company seeking to buy Unocal Corp. said Wednesday it would stick by its current bid _ even after Unocal's board endorsed a sweetened offer from rival bidder Chevron Corp.
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Pfizer Q2 profit up, R&D being reorganized
Jul 20 2005 6:56PM (CT)
NEW YORK (AP) - Pfizer Inc. said Wednesday that second-quarter earnings rose 21 percent and that on Thursday it will announce a reorganization of its research-and-development operations, which will include layoffs, as part of its previously disclosed plan to return to double-digit percentage profit growth by next year.
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JPMorgan Chase beats reduced target
Jul 20 2005 6:55PM (CT)
NEW YORK (AP) - JPMorgan Chase & Co., the nation's third-largest bank, on Wednesday reported second-quarter earnings of $994 million, or 28 cents a share, beating reduced Wall Street earnings' projections despite a sharp drop in trading revenue.
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American and Continental report 2Q profits
Jul 20 2005 6:49PM (CT)
WASHINGTON (AP) - American Airlines and Continental Airlines turned profits in the second quarter in spite of sky-high fuel prices, benefiting from increased passenger demand, higher fares and reduced labor expenses.
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EBay's 2Q earnings climb 53 percent
Jul 20 2005 6:22PM (CT)
SAN FRANCISCO (AP) - EBay Inc.'s second-quarter profit eclipsed analyst expectations as the online auction leader brushed aside worries that it may be losing its competitive edge.
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Crude oil prices down nearly $1
Jul 20 2005 6:19PM (CT)
NEW YORK (AP) - Oil prices fell nearly $1 Wednesday after government data showed a smaller-than-expected decline in crude inventories in a sign that the recent Atlantic storms have had only a marginal impact on supplies.
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Crude oil prices down nearly $1
Jul 20 2005 6:16PM (CT)
NEW YORK (AP) - Oil prices fell nearly $1 Wednesday after government data showed a smaller-than-expected decline in crude inventories in a sign that the recent Atlantic storms have had only a marginal impact on supplies.
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Greenspan signals more rate increases
Jul 20 2005 6:11PM (CT)
WASHINGTON (AP) - Alan Greenspan signaled Wednesday that the Federal Reserve will keep pushing interest rates higher this year in an effort to keep inflation on an even keel.
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Amgen shares surge after strong earnings
Jul 20 2005 6:07PM (CT)
SAN FRANCISCO (AP) - Shares of Amgen Inc. surged to a new 52-week high Wednesday after the biotechnology titan reported Tuesday that its profit rose sharply, beating Wall Street expectations for the second quarter, and increased its already rosy financial outlook for the year.
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Altria Q2 profit rises 1.5 percent
Jul 20 2005 6:06PM (CT)
RICHMOND, Va. (AP) - Altria Group Inc., parent of Richmond-based Philip Morris USA, said Wednesday its second-quarter profit rose 1.5 percent as its robust international tobacco operations helped offset its food division's lagging performance.
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Taser posts lower second-quarter profit
Jul 20 2005 6:06PM (CT)
SCOTTSDALE, Ariz. (AP) - Taser International Inc. on Wednesday reported a steep drop in second-quarter profit as the debate over the safety of its stun guns ate into sales.
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Dana's second quarter earnings fall
Jul 20 2005 6:01PM (CT)
TOLEDO, Ohio (AP) - Auto-parts maker Dana Corp. on Wednesday reported its second-quarter profits were cut in half, mainly due to a gain it recorded a year ago when it sold its automotive aftermarket business.
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Journal Communications net falls
Jul 20 2005 6:00PM (CT)
MILWAUKEE (AP) - Journal Communications Inc. reported Wednesday that its second quarter earnings fell 12.9 percent amid soft demand for television advertising, and the company said its third quarter profits would be below last year's.
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ChoicePoint reports flat second quarter
Jul 20 2005 5:59PM (CT)
ATLANTA (AP) - ChoicePoint Inc., whose massive database of consumer information was accessed by thieves, reported that its second-quarter earnings were essentially flat compared to a year ago despite a 15 percent increase in revenue.
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Ford, Canadian Auto Workers begin talks
Jul 20 2005 5:53PM (CT)
TORONTO (AP) - The Canadian Auto Workers union and Ford Motor Co. began contract talks on a subdued note Wednesday, with union leaders saying Ford is clearly the weakest of the Big Three automakers in this round of negotiations.
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General Dynamics 2Q profit jumps on sales
Jul 20 2005 5:46PM (CT)
FALLS CHURCH, Va. (AP) - General Dynamics Corp., one of the nation's largest defense contractors, said Wednesday its second-quarter profit grew 15 percent as strong sales helped the company beat Wall Street estimates. The company's shares soared more than 4 percent in late trading to surpass the previous 52-week high.
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French vows to resist rumored Danone bid
Jul 20 2005 5:44PM (CT)
PARIS (AP) - The French government signaled hostility to a foreign takeover amid rumored plans by PepsiCo Inc. to launch a takeover bid for Groupe Danone SA, sending the food company's shares to a new high.
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Impasse is declared in Northwest talks
Jul 20 2005 5:33PM (CT)
MINNEAPOLIS (AP) - Northwest Airlines CEO Doug Steenland said he wanted a deadline for a pay-cut deal with mechanics. He has one now.
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Eyes now on Whirlpool in Maytag auction
Jul 20 2005 5:27PM (CT)
DES MOINES, Iowa (AP) - Whirlpool Corp.'s $17-per-share offer for rival Maytag Corp. appears to have foiled an attempt by Haier America and its investing partners to acquire the Iowa-based appliance maker, analysts said Wednesday.
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Bonds rise after Greenspan assessment
Jul 20 2005 5:05PM (CT)
NEW YORK (AP) - Bond prices rose slightly Wednesday after Federal Reserve Chairman Alan Greenspan delivered an expected upbeat assessment of the economy.
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Delta replaces chief financial officer
Jul 20 2005 5:02PM (CT)
ATLANTA (AP) - Delta Air Lines Inc. abruptly replaced its chief financial officer and made other executive changes Wednesday, including reinstating a top senior position, as it prepared to record another hefty loss amid persistently high fuel prices.
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Allstate posts 11 percent gain in 2Q
Jul 20 2005 4:56PM (CT)
CHICAGO (AP) - Allstate Corp., the No. 2 U.S. property and casualty insurer after State Farm, said Wednesday its second-quarter earnings increased 11 percent on double-digit gains in underwriting income and a mild quarter for natural disasters.
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Work begins in Pa. flu-vaccine factory
Jul 20 2005 4:49PM (CT)
SWIFTWATER, Pa. (AP) - Work began Wednesday on a new $150 million factory to make flu vaccines, a facility designed to boost the nation's precarious vaccine supply.
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AT&T boosts second-quarter profit
Jul 20 2005 4:48PM (CT)
NEW YORK (AP) - AT&T Corp. nearly tripled its second-quarter profit to $307 million as lower depreciation costs offset another sharp revenue drop and costs from the long distance phone company's deal to be acquired by SBC Communications Inc.
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Capital One reports 30 percent jump
Jul 20 2005 4:33PM (CT)
McLEAN, Va. (AP) - Credit card lender Capital One Financial Corp. reported a 30 percent jump in second-quarter earnings from a year ago, as the company increased its loan volume and wrote off fewer bad accounts.
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Honeywell to cut 2,000 jobs at division
Jul 20 2005 4:30PM (CT)
TRENTON, N.J. (AP) - Aerospace and high-tech manufacturer Honeywell International Inc. said Wednesday it will trim 2,000 jobs from its aerospace business and reported brisk sales boosted second-quarter operating income.
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Businesses campaign to end data theft
Jul 20 2005 4:28PM (CT)
WASHINGTON (AP) - After a string of high-profile data thefts and losses, business leaders on Wednesday announced an education campaign to better protect sensitive client information from hackers and other thieves.
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CIBC agrees to pay $125M settlement
Jul 20 2005 4:18PM (CT)
ALBANY, N.Y. (AP) - The Canadian Imperial Bank of Commerce will pay $125 million to settle regulators' charges of improper trading that hurt ordinary shareholders, authorities announced Wednesday.
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Washington Mutual profit up sharply
Jul 20 2005 4:04PM (CT)
SEATTLE (AP) - Washington Mutual Inc., the nation's largest savings bank, on Wednesday reported that its second-quarter earnings rose 73 percent from last year, driven by an improving home mortgage business and strength in other core operations.
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E-Trade beats Wall Street estimates
Jul 20 2005 3:59PM (CT)
NEW YORK (AP) - Earnings at E-Trade Financial Corp. fell 17 percent in the second quarter due to one-time charges, the company said Wednesday, but its profits still beat Wall Street profit expectations by a healthy margin.
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Pfizer's 2Q earnings rise 21 percent
Jul 20 2005 3:14PM (CT)
NEW YORK (AP) - Strong sales of some key products helped Pfizer Inc. and Wyeth post double-digit second quarter earnings growth on Wednesday. Meanwhile, cancer drug sales pushed profits for the six months up 4 percent at Roche Holding AG.
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Lawmaker wants Greenspan five more years
Jul 20 2005 3:01PM (CT)
WASHINGTON (AP) - Like a supporter chanting for a president to serve "four more years," a California congressman wants to give Alan Greenspan five more years as chairman of the Federal Reserve.
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Toyota to recall Sienna minivans
Jul 20 2005 2:47PM (CT)
WASHINGTON (AP) - Toyota Motor Co. said Wednesday it would recall 345,000 Sienna minivans because the seat belt in some seating positions may become difficult to retract when unbuckled.
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Vioxx jurors mostly high school graduate
Jul 20 2005 2:35PM (CT)
ANGLETON, Texas (AP) - The five-woman, seven-man jury that will decide the outcome of the nation's first Vioxx-related lawsuit to go to trial is made up mostly of working-class people either in their 20s or 40s.
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Grasso: open to settling NYSE suit
Jul 20 2005 1:55PM (CT)
NEW YORK (AP) - Former New York Stock Exchange chief Richard A. Grasso, who was sued by New York's attorney general over his $187.5 million pay package, said Wednesday he would be willing to settle the case.
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ConAgra retiree alleges co. manipulation
Jul 20 2005 1:49PM (CT)
LINCOLN, Neb. (AP) - A third class-action lawsuit _ this one from a retiree of ConAgra Foods Inc. _ has been filed accusing top executives of manipulating the Omaha-based company's earnings.
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Roche's first-half net profit up on sales
Jul 20 2005 1:45PM (CT)
BASEL, Switzerland (AP) - Pharmaceutical company Roche Holding AG said Wednesday its first-half net profit rose 4 percent to 3.24 billion Swiss francs ($2.5 billion) on the back of strong sales growth, particularly of its cancer drugs.
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Wyeth's Q2 profit climbs on drug sales
Jul 20 2005 12:10PM (CT)
TRENTON, N.J. (AP) - Drugmaker Wyeth on Wednesday reported an 18 percent jump in second-quarter profit fueled by strong sales of its arthritis and heartburn drugs and double-digit growth in sales of several other medicines.
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5 WorldCom fraud sentencings are delayed
Jul 20 2005 11:59AM (CT)
NEW YORK (AP) - A federal judge has delayed the sentencings of five former WorldCom Inc. executives and accountants who pleaded guilty in the record $11 billion fraud at the company.
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Volvo asks gov't if it could drive drunk
Jul 20 2005 11:53AM (CT)
STOCKHOLM, Sweden (AP) - Car maker Volvo has asked the Swedish government to waive the country's strict drunken driving laws to allow its test drivers to booze on the job, news reports said Wednesday.
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Unified Royal Dutch Shell shares trade
Jul 20 2005 11:42AM (CT)
THE HAGUE, Netherlands (AP) - The new Royal Dutch Shell PLC began trading as one company Wednesday after a unification brought about by a scandal over the company's estimated oil and gas reserves.
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JPMorgan Chase beats reduced profit target
Jul 20 2005 11:26AM (CT)
NEW YORK (AP) - JPMorgan Chase & Co., the nation's third largest bank, on Wednesday reported second quarter earnings of $994 million, or 28 cents a share, beating reduced Wall Street earnings' projections despite a sharp drop in trading revenue.
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United Technologies Q2 profit increases
Jul 20 2005 11:13AM (CT)
HARTFORD, Conn. (AP) - Diversified manufacturing company United Technologies Corp. said Wednesday its second-quarter profit rose 19 percent, aided by improved performance in most of its businesses and favorable tax and interest income changes from previous audits.
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Thousands protest possible beer listing
Jul 20 2005 11:13AM (CT)
BANGKOK, Thailand (AP) - Thousands of people demonstrated Wednesday outside the Stock Exchange of Thailand to protest plans by the country's largest beer company to list its shares on the market, saying the need to make a profit would encourage drinking.
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WTO creates panels to probe plane subsidies
Jul 20 2005 10:51AM (CT)
GENEVA (AP) - The World Trade Organization set up panels Wednesday to investigate allegedly illegal subsidies paid by the EU and U.S. to airplane makers Airbus and Boeing Co., although both sides say they are still willing to try to reach a negotiated settlement.
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EU recommends giving Portugal time for cuts
Jul 20 2005 10:48AM (CT)
BRUSSELS, Belgium (AP) - The European Commission on Wednesday recommended giving Portugal until 2008 to cut a budget deficit that has swollen to more than double the limit set by EU rules.
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EU regulators clear Le Meridien sale
Jul 20 2005 10:36AM (CT)
BRUSSELS, Belgium (AP) - EU regulators cleared the sale of British hotel group Le Meridien on Wednesday to Lehman Brothers Holdings Inc., Starwood Hotels & Resorts Worldwide Inc. and Starwood Capital Group Global LLC.
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Hong Kong Disneyland gives reporters peek
Jul 20 2005 10:31AM (CT)
HONG KONG (AP) - Hong Kong Disneyland gave journalists a sneak peek Wednesday, two months before the newest park opens to the public, showing off an East-meets-West mix of classic thrill rides like Space Mountain and restaurants serving Asian cuisines.
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EU relaunches its jobs and growth plan
Jul 20 2005 10:22AM (CT)
BRUSSELS, Belgium (AP) - The European Union relaunched its plan Wednesday to create jobs and boost growth in Europe's flagging economies by opening up national markets, reducing bureaucracy and investing in infrastructure.
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Continental Q2 earnings above estimates
Jul 20 2005 10:20AM (CT)
HOUSTON (AP) - Continental Airlines Inc. on Wednesday posted a second-quarter profit that beat Wall Street expectations, as the carrier's passenger traffic grew and it trimmed wages and other costs to overcome higher fuel prices.
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Minutes reveal close call on British rates
Jul 20 2005 9:40AM (CT)
LONDON (AP) - The Bank of England revealed Wednesday that its decision earlier this month to hold interests rates steady came on a much tighter vote than economists had anticipated, raising expectations of a cut next month.
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Asiana Airlines, union fail to progress
Jul 20 2005 9:16AM (CT)
SEOUL, South Korea (AP) - Asiana Airlines was forced to cancel more flights as management and union leaders failed to resolve differences at a meeting Wednesday, the fourth day of a strike by pilots at South Korea's No. 2 carrier.
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Bank of New York Q2 earnings edge higher
Jul 20 2005 9:13AM (CT)
NEW YORK (AP) - Bank of New York Co., a securities processing bank that also operates some 350 retail bank branches in the New York metropolitan area, said Wednesday that second-quarter earnings rose 7 percent, helped by increased securities servicing fees and higher net interest income.
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AMR's Q2 profit soars on higher revenue
Jul 20 2005 9:07AM (CT)
FORT WORTH, Texas (AP) - AMR Corp., the parent of No. 1 carrier American Airlines, on Wednesday said second-quarter earnings rose sharply to beat Wall Street targets, as increased revenue and cost controls helped the struggling airline post its first operating profit in almost five years.
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Wal-Mart seeks ways to conserve resources
Jul 20 2005 8:22AM (CT)
McKINNEY, Texas (AP) - Wal-Mart is experimenting with its first environmentally friendly store as it searches for ways to conserve resources and save money.
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Russia oil shipments to China up 28 percent
Jul 20 2005 7:30AM (CT)
MOSCOW (AP) - Russia increased oil shipments to China by 28 percent in the first half of 2005, Russia's state-controlled railway said Wednesday, as China continues to gobble up energy supplies from its giant neighbor.
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Euro gains vs. dollar ahead of Greenspan
Jul 20 2005 6:18AM (CT)
BERLIN (AP) - The euro gained against the dollar Wednesday amid signs that the German economy may be recovering and ahead of comments from U.S. Federal Reserve Chairman Alan Greenspan.
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Wal-Mart's Japan unit lowers forecast
Jul 20 2005 4:51AM (CT)
TOKYO (AP) - The chief executive of Wal-Mart's Japan unit, Seiyu Ltd., resigned Wednesday as the retail chain announced that it expected a loss for the year because of faltering sales.
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S&P's upgrades China's credit rating
Jul 20 2005 4:51AM (CT)
HONG KONG (AP) - Standard & Poor's upgraded China's sovereign credit rating Wednesday, saying the government has made significant progress in reforms to its shaky financial system and state-owned enterprises.
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China's economy surges 9.5 pct in 1st half
Jul 20 2005 4:47AM (CT)
SHANGHAI, China (AP) - China's huge economy grew by a blazing 9.5 percent in the first half of 2005 from the same period a year earlier, surging ahead despite efforts to ease breakneck growth, the government said Wednesday.
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Calif. monitoring farm pollution in water
Jul 20 2005 4:17AM (CT)
FRESNO, Calif. (AP) - Two years into California's first attempt to monitor farm pollution flowing into rivers and streams, state water regulators are still unsure how many farmers are complying with the program.
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Honda aims to raise global vehicle sales
Jul 20 2005 1:52AM (CT)
TOKYO (AP) - Honda aims to boost its annual vehicle sales by nearly 25 percent over the next three years to 4 million vehicles, President Takeo Fukui said Wednesday, outlining the Japanese automaker ambitious global growth strategy.
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Senators seek votes on Wright Amendment
Jul 20 2005 12:42AM (CT)
WASHINGTON (AP) - Hoping to force a vote on the law that limits flights to and from Dallas Love Field airport, Nevada Sen. John Ensign on Tuesday introduced legislation to repeal the Wright Amendment.
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Trade conference in Senegal raises hope
Jul 20 2005 12:25AM (CT)
DAKAR, Senegal (AP) - For three years, Senegalese fashion designer Colle Sow Ardo worked to gain the right to export her hand-woven clothing to the U.S. under a preferential trade agreement. She's still waiting to make her first sale.
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