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Judge OKs health plans' suit against Merck
Jul 29 2005 7:19PM (CT)
TRENTON, N.J. (AP) - In the latest blow for beleaguered drug maker Merck & Co., a New Jersey judge has ruled health plans that paid for members' Vioxx prescriptions can sue as a class to recover billions of dollars they spent on the recalled painkiller.
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Prosecutors subpoena Home Depot records
Jul 29 2005 6:59PM (CT)
ATLANTA (AP) - Federal prosecutors in Los Angeles have issued a grand jury subpoena to The Home Depot Inc. seeking documents and information relating to the company's handling, storage and disposal of hazardous waste.
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Reliant, Deloitte & Touche to settle suits
Jul 29 2005 6:04PM (CT)
HOUSTON (AP) - Reliant Energy Inc. and Big Four accounting firm Deloitte & Touche LLP have agreed to pay $75 million to settle 15 class-action lawsuits alleging the energy company's shares plummeted in 2002 because of revelations about improper trading.
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Sprint settles suit with affiliate iPCS
Jul 29 2005 5:44PM (CT)
OVERLAND PARK, Kan. (AP) - It's one step forward and one back for Sprint Corp. as it tries to deal with a mutiny from its affiliates over its pending acquisition of Nextel Communications Inc.
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Merck appeals ruling on blocked testimony
Jul 29 2005 5:42PM (CT)
ANGLETON, Texas (AP) - A Texas appeals court Friday denied a request from Merck & Co. lawyers to block a pathologist's potentially damaging testimony that the death of the plaintiff's husband was probably brought on by a heart attack.
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Golf Galaxy shares close higher after IPO
Jul 29 2005 5:06PM (CT)
WASHINGTON (AP) - Shares of golfing retailer Golf Galaxy Inc. closed up 33 percent from its initial public offering price on Friday, its first day of trading.
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UFCW is third union to abandon AFL-CIO
Jul 29 2005 5:04PM (CT)
WASHINGTON (AP) - The United Food and Commercial Workers on Friday joined the Teamsters and Service Workers in abandoning the AFL-CIO, depriving the labor federation of three of its largest unions and close to $28 million of its estimated $120 million budget.
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American Electric Power 2Q earnings soar
Jul 29 2005 4:53PM (CT)
COLUMBUS, Ohio (AP) - American Electric Power Co., the nation's largest power generator, said Friday its second-quarter profit more than doubled, helped by increased sales to residential and commercial customers, higher wholesale sales of power to other utilities and lower operation and maintenance costs.
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Allegheny Energy to sell W.Va. gas co.
Jul 29 2005 4:50PM (CT)
GREENSBURG, Pa. (AP) - Allegheny Energy Inc. said Friday it will sell its gas business in West Virginia as part of a settlement regarding natural gas base rates in the state.
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Shares of stem-cell research cos. rise
Jul 29 2005 4:47PM (CT)
NEW YORK (AP) - Shares of stem-cell research companies rose Friday, after the U.S. Senate majority leader said he supported expanding federal financing of the controversial medical research.
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ADM 4Q earnings top analysts' estimates
Jul 29 2005 4:43PM (CT)
DECATUR, Ill. (AP) - Agricultural processing giant Archer Daniels Midland Co. reported increased annual profits in almost all its operating segments Friday as it posted final-quarter earnings that exceeded Wall Street's expectations.
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Investors embrace solid earnings reports
Jul 29 2005 4:30PM (CT)
NEW YORK (AP) - Wall Street is enjoying a surprisingly good second-quarter earnings season _ so good that investors are discounting predictions of an economic slowdown later this year and betting instead on strong profit growth and higher stock prices.
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Western Wireless shareholders OK buyout
Jul 29 2005 4:26PM (CT)
BELLEVUE, Wash. (AP) - Western Wireless Corp. said Friday its shareholders have approved the cell phone service provider's $4.5 billion acquisition by Alltel Corp. in a deal that would create the nation's fifth-largest U.S. cellular phone company.
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Friday's commodities roundup
Jul 29 2005 4:13PM (CT)
NEW YORK (AP) - Crude oil futures in New York settled higher to top $60 a barrel for the first time in more than two weeks, as a string of supply disruptions jacked prices up.
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Volkswagen 2Q earnings drop 6.7 percent
Jul 29 2005 4:06PM (CT)
FRANKFURT, Germany (AP) - German automaker Volkswagen AG reported a surprise 6.7 percent drop in second-quarter profits Friday because of one-time financial effects, but cheered investors with strong operating figures and rising sales in Europe.
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Chevron, Unocal earnings top expectations
Jul 29 2005 3:59PM (CT)
SAN RAMON, Calif. (AP) - Chevron Corp.'s second-quarter profit topped analyst expectations, but it wasn't enough to impress investors as the second largest U.S. oil company jousts with a Chinese rival in a battle to buy Unocal Corp.
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Ambassador creditors to receive $119.9M
Jul 29 2005 3:45PM (CT)
NEWARK, N.J. (AP) - A federal jury on Friday awarded Vermont's insurance commissioner $119.9 million to distribute to creditors of the Ambassador Insurance Co., which failed more than two decades ago.
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Wendy's Int'l to spin off Tim Hortons
Jul 29 2005 3:43PM (CT)
COLUMBUS, Ohio (AP) - For months, Wendy's International Inc. stayed mum as a major shareholder repeated demands that the company separate its profitable Tim Hortons chain from its sluggish burger restaurants. Wendy's finally ended its silence on Friday, announcing a plan to spin off the coffee and doughnut chain.
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Lachlan Murdoch resigns from News Corp.
Jul 29 2005 3:32PM (CT)
NEW YORK (AP) - Rupert Murdoch's son Lachlan resigned unexpectedly as a senior executive at News Corp. Friday, ending his father's hopes that he would someday command the sprawling media empire that owns Twentieth Century Fox and Fox News Channel.
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Electronic Data Systems raises outlook
Jul 29 2005 3:15PM (CT)
DALLAS (AP) - Electronic Data Systems Corp. on Friday said second-quarter earnings will be well ahead of prior estimates and raised its outlook for the year, sparking a heavy trading day for the technology services company.
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China said to sign deal on Boeing orders
Jul 29 2005 3:05PM (CT)
SEATTLE (AP) - China plans to sign a deal next month confirming five airlines' orders for 50 Boeing 787 Dreamliners, a Chinese news agency said Friday. The Boeing Co. said it was still negotiating with those carriers and a sixth airline to seal commitments for a total of 60 orders placed in January.
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Winn-Dixie, major vendors reach agreement
Jul 29 2005 2:27PM (CT)
JACKSONVILLE, Fla. (AP) - Winn-Dixie and its major vendors agreed to a plan Friday that frees up credit and provides about $100 million in liquidity for the bankrupt supermarket giant.
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Dove ads with 'real' women get attention
Jul 29 2005 1:54PM (CT)
CHICAGO (AP) - Gina Crisanti was taking out the trash at work one day when a stranger approached her with an odd request. It was a talent scout who wanted her to try out for an ad campaign to sell Dove beauty products _ wearing nothing but her underwear.
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Farmers struggle with air program
Jul 29 2005 1:20PM (CT)
MEXICO, Mo. (AP) - Hog farmer Bill Kessler hopes a voluntary federal program for monitoring livestock emissions will keep his 500-sow operation out of court for a few years.
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Municipalities test paving alternative
Jul 29 2005 1:08PM (CT)
ATLANTA (AP) - Thomas Settles grew up on a dirt road in Edgefield, S.C., a road so crummy it washed out completely after a heavy rain and he sometimes couldn't get to school. Summers were spent choking at the road's dust.
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Social Security number access being eyed
Jul 29 2005 12:56PM (CT)
NEW YORK (AP) - Recent disclosures of massive data leaks at information brokers, banks and retailers have prompted Congress to once again consider tightening access to Social Security numbers, which have evolved into dangerous master keys for fraudsters.
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Moody's gets subpoena from Spitzer
Jul 29 2005 12:32PM (CT)
WASHINGTON (AP) - Moody's Corp. on Friday said it received a subpoena in mid-May from New York Attorney General Eliot Spitzer's office seeking documents on securities offerings Moody's rated or sought to rate.
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Superior Well Services opens up post-IPO
Jul 29 2005 12:00PM (CT)
WASHINGTON (AP) - Shares of Superior Well Services Inc. opened up 25 percent from the initial public offering price on Friday, their first day of trading.
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Administration hails Senate bill
Jul 29 2005 11:51AM (CT)
WASHINGTON (AP) - The prospects of enacting a rigorous new regulatory regime for Fannie Mae and Freddie Mac has improved, with the Bush administration strongly endorsing a bill that Republicans jammed through the Senate Banking Committee.
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Lamy looks to rejuvenate global trade talks
Jul 29 2005 11:39AM (CT)
GENEVA (AP) - Incoming WTO chief Pascal Lamy set his sights Friday on rejuvenating global trade talks ahead of a crucial December summit, despite days of high-level meetings that made scant progress on key issues.
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Struggling Merck realigns division heads
Jul 29 2005 11:05AM (CT)
WHITEHOUSE STATION, N.J. (AP) - Drugmaker Merck & Co. is shifting the positions and responsibilities of several division presidents to sharpen its focus on critical areas, particularly vaccines in late-stage development.
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Infineon considers cuts at German plant
Jul 29 2005 10:29AM (CT)
FRANKFURT, Germany (AP) - Chipmaker Infineon Technologies AG said Friday it is considering job cuts at a plant in eastern Germany in an effort to change the way it produces chips there.
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France jobless rate declines in June
Jul 29 2005 10:25AM (CT)
PARIS (AP) - France's unemployment rate fell in June for the first time in more than four years as more young people found work, national statistics agency Insee said Friday.
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Volkswagen reported in talks with Proton
Jul 29 2005 10:08AM (CT)
KUALA LUMPUR, Malaysia (AP) - Shares of Malaysian national car maker Proton jumped as much as 8 percent Friday on speculation that Germany's Volkswagen AG will take control of the struggling automaker.
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Fuel prices boost losses at US Airways
Jul 29 2005 9:52AM (CT)
ARLINGTON, Va. (AP) - Bankrupt US Airways Group Inc. reported Friday that its second quarter losses increased from a year ago by 82 percent, to $62 million, as bankruptcy-related items and higher fuel prices wiped away the airline's savings in labor costs.
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Finnish paper spat blamed for GDP drop
Jul 29 2005 9:48AM (CT)
HELSINKI, Finland (AP) - A crippling seven-week labor dispute in Finland's forest industry will bring down gross domestic product by 1 percent this year, the government said Friday.
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U.S. Airways posts 2Q loss on fuel costs
Jul 29 2005 9:32AM (CT)
ARLINGTON, Va. (AP) - U.S. Airways Group Inc., which is operating under bankruptcy protection and has agreed to be acquired by low-cost carrier America West Airlines, posted a $62 million loss for the second quarter as fuel costs surged nearly 70 percent.
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Unocal 2Q profit rises on energy prices
Jul 29 2005 9:26AM (CT)
EL SEGUNDO, Calif. (AP) - Unocal Corp., the oil and gas company that is the target of a takeover battle between Chinese oil company CNOOC Ltd. and Chevron Corp., on Friday said its second-quarter profit rose 39 percent, driven by high energy prices and lower interest expense.
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Westfield may buy 12 Federated stores
Jul 29 2005 9:15AM (CT)
SYDNEY, Australia (AP) - Westfield Group, the world's biggest shopping mall owner, Friday said it is in talks with Federated Department Stores Inc. to buy 12 stores in a deal which will bolster its U.S. expansion program.
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Antitrust watchdog comments on LSE
Jul 29 2005 9:04AM (CT)
LONDON (AP) - A takeover of the London Stock Exchange PLC by either Euronext NV or Deutsche Boerse AG would damage competition among clearing services, Britain's antitrust watchdog said Friday, warning that any bid would require significant changes for regulators to accept it.
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China's currency inches higher
Jul 29 2005 8:25AM (CT)
BEIJING (AP) - China's currency inched up in the first week since the government severed its decade-long peg to the dollar, but vague statements by the nation's central bank have done nothing to clarify how quickly the yuan will be allowed to rise.
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Chevron's earnings drop, beats estimates
Jul 29 2005 8:08AM (CT)
SAN RAMON, Calif. (AP) - Chevron Corp.'s second-quarter profit fell 11 percent, but topped analyst expectations, a positive surprise that could boost its stock and improve its bidding position in the takeover battle for Unocal Corp.
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Unicredito shareholders approve HVB plan
Jul 29 2005 8:06AM (CT)
GENOA, Italy (AP) - Shareholders of Italy's Unicredito Italiano SpA on Friday approved the bank's estimated 16 billion euros ($19.36 billion) all-stock takeover plan for Germany's HVB Group AG.
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EU governments refuse to ease import limit
Jul 29 2005 7:34AM (CT)
BRUSSELS, Belgium (AP) - European governments, faced with surging imports of Chinese textiles, are refusing to relax import limits on sweaters shipped earlier this month, the European Union head office said Friday.
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Chevron 2Q report could sway Unocal bid
Jul 29 2005 6:56AM (CT)
SAN FRANCISCO (AP) - The stakes will be higher than usual Friday morning when Chevron Corp. discloses its second-quarter earnings _ the results could deliver a pivotal blow in the company's politically charged battle to buy Unocal Corp.
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Porsche extends deal with labor groups
Jul 29 2005 6:36AM (CT)
FRANKFURT, Germany (AP) - Luxury sports car maker Porsche AG said Friday it reached a deal with its labor groups to ensure more production and investment at facilities in three German cities.
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NTT DoCoMo profit up on cost-cutting
Jul 29 2005 6:25AM (CT)
TOKYO (AP) - Japanese largest mobile carrier, NTT DoCoMo Inc., reported 22 percent profit growth Friday for the April-June quarter, thanks to its cost-cutting efforts and a gain on the sale of its shareholdings.
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Zetsche rises to DaimlerChrysler CEO post
Jul 29 2005 6:04AM (CT)
DETROIT (AP) - Dieter Zetsche engineered a turnaround at Chrysler with a laser-like focus on creating new products and reducing costs. When he takes control of parent DaimlerChrysler AG later this year, he'll surely keep those strategies in place as he deals with challenges such as weak earnings at Mercedes-Benz and limited growth in Asia, analysts say.
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Report: CNOOC weighs future of Unocal bid
Jul 29 2005 5:15AM (CT)
BEIJING (AP) - CNOOC Ltd. is weighing whether to raise its bid for U.S. oil company Unocal Corp. to as much as $20 billion or drop it entirely due to political obstacles in Washington, newspapers reported Friday.
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Federated to drop nameplates, sell stores
Jul 29 2005 4:58AM (CT)
CINCINNATI (AP) - Macy's will replace locally familiar names including Filene's in New England and Famous-Barr in the Midwest in some 330 stores across the nation under post-merger plans announced Thursday by Federated Department Stores Inc.
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Japan stocks end higher; dollar slips
Jul 29 2005 4:50AM (CT)
TOKYO (AP) - Japanese stocks climbed to their highest in four-and-a-half months Friday as investors welcomed news that the jobless rate fell to a seven-year low and a string of upbeat corporate earnings. The dollar slipped against the yen.
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Ameriquest sets aside $325M for settlement
Jul 29 2005 4:39AM (CT)
LOS ANGELES (AP) - Ameriquest Capital Corp., which gives loans to people with poor credit and modest incomes, has set aside $325 million for potential settlements with 30 states over its lending practices, the company announced.
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Japan's jobless rate falls to 7-year low
Jul 29 2005 4:13AM (CT)
TOKYO (AP) - Japan's economic prospects got brighter Friday as the jobless rate fell to a seven-year low and industrial production gained at a healthy pace, news that sent the stock market to a four-and-a-half month high.
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Starbucks reports $125.6M in 3Q earnings
Jul 29 2005 3:11AM (CT)
SEATTLE (AP) - Shares of Starbucks Corp. rose nearly 5 percent Thursday, after the specialty coffee retailer said its fiscal third-quarter profit rose nearly 30 percent and it announced plans to open 1,800 new stores in the coming year.
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3 drug cos. post 2nd-quarter profit gains
Jul 29 2005 3:10AM (CT)
NEW YORK (AP) - Bristol-Myers Squibb Co.'s profit soared 91 percent in the second quarter helped by a one-time tax benefit, while sales growth helped push up earnings at rival drugmakers AstraZeneca PLC by 50 percent and GlaxoSmithKline PLC by 7 percent.
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Jailed reporter praises prison staff
Jul 29 2005 1:23AM (CT)
ALEXANDRIA, Va. (AP) - New York Times reporter Judith Miller, imprisoned for refusing to name a confidential source, said she is allowed to read and write in jail but has been outside just twice in three weeks, according to press freedom advocates.
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