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Japanese stocks rise on technology gains
Aug 2 2005 11:53PM (CT)
TOKYO (AP) - Japanese stocks rose Wednesday morning as petroleum-related issues gained on the back of higher oil prices. The dollar advanced against the yen and euro.
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Mozilla Corp. forms corporate subsidiary
Aug 2 2005 11:44PM (CT)
SAN JOSE, Calif. (AP) - The nonprofit Mozilla Foundation that organizes the development of the Firefox Web browser said Wednesday it has formed a corporate subsidiary not to make money but to better focus its activities.
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Reports: Adidas near deal to buy Reebok
Aug 2 2005 11:31PM (CT)
NEW YORK (AP) - Shares of Reebok International Ltd., the United States' No. 2 athletic shoe and apparel maker, rose sharply in after-hours trading Tuesday amid media reports that it will be acquired by German sporting goods company Adidas-Salomon AG.
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NWA flight attendants want plan examined
Aug 2 2005 10:37PM (CT)
MINNEAPOLIS (AP) - Flight attendants at Northwest Airlines Corp. asked the Federal Aviation Administration to investigate the airline's plans to replace them if they follow mechanics into a strike later this month.
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CNOOC withdraws $18.4B bid for Unocal
Aug 2 2005 10:12PM (CT)
SAN FRANCISCO (AP) - China's government-controlled CNOOC Ltd. withdrew its $18.4 billion bid for Unocal Corp. on Tuesday, ending a politically charged takeover battle that highlighted the United States' growing apprehension about the economic rise of the world's most populous country.
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Former Prudential broker charged
Aug 2 2005 10:02PM (CT)
BOSTON (AP) - Federal prosecutors charged a former Prudential Securities broker Tuesday for his alleged role in improper mutual fund trading that generated $1.3 billion for investors.
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RealNetworks sees profit on revenue surge
Aug 2 2005 9:58PM (CT)
SEATTLE (AP) - RealNetworks Inc., a provider of digital media and software, said Tuesday its profits climbed in the second quarter, as a growing base of subscribers helped boost revenue by nearly 26 percent.
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CIBC to pay $2.4B to settle Enron claims
Aug 2 2005 9:53PM (CT)
NEW YORK (AP) - Canadian Imperial Bank of Commerce has agreed to pay $2.4 billion to resolve investors' claims it helped hide losses at Enron Corp., marking the biggest individual settlement since the energy trader collapsed in a massive accounting fraud.
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Auto sales jump dramatically in July
Aug 2 2005 8:57PM (CT)
DETROIT (AP) - The Big Three U.S. automakers are extending programs that let customers buy vehicles at employee prices after sales for the entire industry leaped to near record levels in July, but analysts warned Tuesday automakers could see some payback this fall.
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Deal could benefit PacifiCare execs
Aug 2 2005 8:16PM (CT)
LOS ANGELES (AP) - The proposed acquisition of PacifiCare Health Systems Inc. by UnitedHealth Group Inc. could be worth nearly $230 million to top executives of PacifiCare, if the deal is completed by Feb. 1, according to documents filed with the state.
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Wells Fargo shuts down stock research
Aug 2 2005 8:09PM (CT)
SAN FRANCISCO (AP) - Wells Fargo & Co. on Tuesday jettisoned a small division that evaluated individual stocks, citing a drop in revenue that made it increasingly difficult to support an operation unconnected to the bank's bread-and-butter business of gathering deposits and making loans.
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Marsh & McLennan reports lower profits
Aug 2 2005 7:49PM (CT)
NEW YORK (AP) - Marsh & McLennan Companies Inc., the nation's largest insurance brokerage, said Tuesday lower earnings in its insurance services and investment management divisions as well as restructuring charges reduced second-quarter profit 57 percent, but the results were better than analysts expected.
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Treasury prices settle lower
Aug 2 2005 7:43PM (CT)
NEW YORK (AP) - U.S. government bond prices settled modestly lower Tuesday, led by the 30-year bond ahead of the Treasury Department's August debt refunding announcement due Wednesday.
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Tuesday's Commodities Roundup
Aug 2 2005 7:36PM (CT)
NEW YORK (AP) - Crude-oil futures fought off early weakness to score another settlement record Tuesday, buoyed in part by soaring gasoline futures.
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Molson Coors reports sharply lower profit
Aug 2 2005 7:29PM (CT)
DENVER (AP) - Molson Coors Brewing Co. said Tuesday its second-quarter profit declined 46 percent, burdened by $87.7 million in special charges and stiff competition, particularly in Britain and Brazil.
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Maris trial against Anheuser-Busch begins
Aug 2 2005 6:31PM (CT)
GAINESVILLE, Fla. (AP) - Beer giant Anheuser-Busch hatched a secret plan to disseminate lies about and destroy the reputation of a distributing company owned and operated by the family of baseball legend Roger Maris, family attorneys said Tuesday.
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Ex-Merck exec: doctors weren't bought
Aug 2 2005 6:06PM (CT)
ANGLETON, Texas (AP) - Merck & Co.'s one-time head of marketing testified Tuesday that the company doesn't "buy off scientists" by giving grants for research or speeches that could favor its drugs.
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Delta stock falls to 43-year low
Aug 2 2005 5:34PM (CT)
ATLANTA (AP) - Delta Air Lines Inc.'s stock fell to a 43-year low Tuesday as the nation's third-largest carrier tries to right itself amid persistent fears about bankruptcy.
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LAN adds six planes to Boeing order
Aug 2 2005 5:02PM (CT)
SEATTLE (AP) - The Boeing Co. said Tuesday that Chile's LAN Airlines has doubled an order for long-range 767 freighters, adding six planes to an order it made last year.
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Dynegy announces sale of gas business
Aug 2 2005 4:57PM (CT)
HOUSTON (AP) - Dynegy Inc. announced plans Tuesday to sell its natural gas processing business to Houston neighbor Targa Resources Inc. in a cash deal of nearly $2.5 billion.
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IAC's 2Q profit surges on gains
Aug 2 2005 4:55PM (CT)
NEW YORK (AP) - IAC/InterActiveCorp., an Internet company run by Hollywood mogul Barry Diller, reported Tuesday that second-quarter profit surged more than eightfold, lifted by several large gains from asset sales.
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Oracle in $316M deal for majority i-flex
Aug 2 2005 4:53PM (CT)
BANGALORE, India (AP) - Business software maker Oracle Corp. said Tuesday it agreed to purchase up to 61 percent of India's i-flex solutions Ltd., a banking software provider with customers in 115 countries, from Citigroup Venture Capital and public shareholders.
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Comcast profit rises, Charter loss narrows
Aug 2 2005 4:51PM (CT)
PHILADELPHIA (AP) - Comcast Corp., the nation's largest cable television operator, reported Tuesday that second-quarter profit rose 64 percent as its video and high-speed Internet businesses gained steam.
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UPS says China is company's top priority
Aug 2 2005 4:51PM (CT)
HONG KONG (AP) - UPS Inc., the world's largest shipping carrier, said that China is the company's top priority and that the American firm was expanding flights and facilities in the Asian nation that has become a manufacturing powerhouse.
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Tyco's 3Q earnings soar 29 percent
Aug 2 2005 4:49PM (CT)
TRENTON, N.J. (AP) - Manufacturing conglomerate Tyco International Ltd. said Tuesday its third-quarter earnings rose 29 percent, but revenue fell short of expectations and the company issued guidance below Wall Street targets for the fourth quarter and full year.
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Ex-Tyco execs remain free before sentencing
Aug 2 2005 4:47PM (CT)
NEW YORK (AP) - A state judge Tuesday denied a request by prosecutors to jail two former top Tyco International Ltd. executives until they are sentenced next month for looting the company.
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Qwest narrows 2Q loss on higher revenue
Aug 2 2005 4:45PM (CT)
DENVER (AP) - Qwest Communications International Inc. reported a 79 percent drop in its second-quarter loss Tuesday, crediting both higher revenue and lower costs after its unsuccessful battle for MCI Inc.
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Parker Hannifin buying U.K. group
Aug 2 2005 4:42PM (CT)
CLEVELAND (AP) - Parker Hannifin Corp., a maker of industrial and aerospace controls, said Tuesday it is acquiring Durham, England-based domnick hunter group for about $382 million to add its filtration and purification businesses.
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Sprint-U.S. Unwired deal cleared
Aug 2 2005 4:41PM (CT)
OVERLAND PARK, Kan. (AP) - Federal regulators have cleared Sprint Corp.'s proposed acquisition of affiliate U.S. Unwired Inc., Sprint said in a Securities and Exchange Commission filing Tuesday.
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Oil prices rise to new high of $61.89
Aug 2 2005 4:37PM (CT)
WASHINGTON (AP) - Oil prices rose Tuesday, settling at a new high on the heels of a rally in gasoline futures and concerns about refinery outages and hurricanes.
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Analysts say ATM systems highly vulnerable
Aug 2 2005 4:35PM (CT)
BOSTON (AP) - By failing to scan security codes in the magnetic strips on ATM and debit cards, many banks are letting thieves get away with an increasingly common fraud at a cost of several billion dollars a year.
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United bankruptcy could drag into 2006
Aug 2 2005 4:33PM (CT)
CHICAGO (AP) - United Airlines' more than 2 1/2-year stay in bankruptcy could extend into next year now that its parent company has delayed filing a plan for leaving Chapter 11 protection.
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TRW Automotive's 2Q profit up 12 percent
Aug 2 2005 4:24PM (CT)
DETROIT (AP) - TRW Automotive Holdings Corp., the auto-parts maker that specializes in safety equipment such as air bags, seat belts and brakes, said Tuesday its second-quarter profit rose 12 percent on a tax benefit and increased sales. The results topped Wall Street estimates and prompted a sharp rise in the company's stock price.
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Blockbuster CEO warns of rental outlook
Aug 2 2005 4:17PM (CT)
DALLAS (AP) - The chief executive of Blockbuster Inc. warned Tuesday that the movie-rental company's second quarter was hurt by weak DVD releases that have cast doubt about the rest of the year. The company's shares plunged.
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Tenet Healthcare posts smaller 2Q loss
Aug 2 2005 4:11PM (CT)
DALLAS (AP) - Hospital chain Tenet Healthcare Corp. said Tuesday its second-quarter loss was narrower than Wall Street expected, as surgeries and emergency room visits rose, offsetting a decline in admissions to its hospitals.
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Whirlpool must make Maytag offer in week
Aug 2 2005 4:08PM (CT)
DES MOINES, Iowa (AP) - Whirlpool Corp. must submit a firm offer to buy Maytag Corp. no later than noon next Tuesday, according to an agreement between the two companies outlined in documents filed Tuesday with the Securities and Exchange Commission.
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Harvest Natural accused of tax evasion
Aug 2 2005 3:51PM (CT)
CARACAS, Venezuela (AP) - U.S.-based oil company Harvest Natural Resources Inc. has been evading Venezuelan taxes for years and must pay a $94 million claim or face legal repercussions, Venezuela's tax chief said Tuesday.
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Emerson Electric boosts earnings forecast
Aug 2 2005 3:47PM (CT)
ST. LOUIS (AP) - Emerson Electric Co. said income rose in the latest quarter, led by a particularly strong sales of valves and measurement devices.
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Police arrest ex-Bank of America employee
Aug 2 2005 3:18PM (CT)
ROME (AP) - Police arrested a former employee of Bank of America Corp. at his Italian seaside villa Tuesday as part of the investigation into the collapse of Italian dairy company Parmalat Finanzaria SpA , a police official said.
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Experts: U.S., China have much at stake
Aug 2 2005 2:47PM (CT)
WASHINGTON (AP) - In the end, CNOOC Ltd., China's third-largest oil company, blamed politics for thwarting its attempted buyout of Unocal Corp.
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GM ends advertising boycott of LA Times
Aug 2 2005 1:55PM (CT)
NEW YORK (AP) - General Motors Corp. has ended an advertising boycott against the Los Angeles Times that began in April because of what the auto maker called factual errors and misrepresentations in newspaper's coverage.
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Newmont exec confident about winning trial
Aug 2 2005 1:50PM (CT)
JAKARTA, Indonesia (AP) - An American who heads the Indonesian branch of the world's largest gold producer is preparing to go on trial, insisting he and his company will be cleared of charges that they polluted a bay and sickened villagers.
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Official: banks seek $482M from Yukos
Aug 2 2005 1:42PM (CT)
MOSCOW (AP) - A syndicate of western banks has asked a U.S. court to force the shattered Yukos oil company to repay an outstanding $482 million loan, a Yukos official said Tuesday
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Suit criticizes 1998 tobacco settlement
Aug 2 2005 1:41PM (CT)
NEW ORLEANS (AP) - The 1998 legal settlement requiring major tobacco companies to pay $206 billion to the states who in return dropped suits seeking health cost reimbursement from the companies created a government-protected cartel that keeps cigarette prices artificially high, according to a lawsuit filed Tuesday by a tobacco distributor and two small cigarette makers.
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NASD fines Morgan Stanley $1.5 million
Aug 2 2005 12:42PM (CT)
WASHINGTON (AP) - The National Association of Securities Dealers said Tuesday it has fined an arm of the investment firm Morgan Stanley $1.5 million and ordered the firm to pay more than $4.6 million in restitution for failing to adequately supervise its fee-based brokerage business.
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Metro AG 2Q profit up as revenue climbs
Aug 2 2005 12:39PM (CT)
DUESSELDORF, Germany (AP) - Metro AG, the world's fourth largest retailer by revenue, Tuesday posted a 5.3 percent rise in second-quarter net profit, as it got a boost from international, electronics and wholesale sales.
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GM to extend its employee discount offer
Aug 2 2005 11:41AM (CT)
DETROIT (AP) - General Motors Corp. will extend its discount plan that gives customers a chance to buy cars at the prices its employees pay through Sept. 6, a dealer confirmed Tuesday. The move reverses an earlier GM decision to end its program and matches moves by smaller rivals Ford Motor Co. and DaimlerChrysler AG to extend similar discounts that have fueled a powerful sales surge.
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Comcast's 2Q earnings jump 64 percent
Aug 2 2005 11:12AM (CT)
PHILADELPHIA (AP) - Comcast Corp., the nation's largest cable television operator, reported Tuesday that second-quarter profit rose 64 percent as its video and high-speed Internet businesses gained steam.
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Charter loss narrows on gain in customers
Aug 2 2005 11:05AM (CT)
ST. LOUIS (AP) - Gains in high-speed Internet and telephone customers helped narrow the quarterly loss at cable TV company Charter Communications Inc.
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Toyota to boost projected plant production
Aug 2 2005 10:04AM (CT)
SAN ANTONIO (AP) - Toyota Motor Corp. will boost production at the plant being built in San Antonio by 50,000 trucks a year, the company announced Tuesday.
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Kinder Morgan shares rise on $3.1B deal
Aug 2 2005 9:56AM (CT)
HOUSTON (AP) - Shares of Kinder Morgan Inc. surged to a new 52-week high Tuesday after the pipeline operator announced a bid to tap into oil reserves in Western Canada by purchasing British Columbia-based rival Terasen Inc. for about $3.1 billion in cash and stock.
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Marsh & McLennan profit drops on charges
Aug 2 2005 9:15AM (CT)
NEW YORK (AP) - Marsh & McLennan Companies Inc., the nation's largest insurance brokerage, on Tuesday said lower earnings in its insurance services and investment management divisions as well as restructuring charges reduced profits 57 percent in the second quarter, but the results were better than analysts expected.
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CNOOC withdraws $18.5B bid for Unocal
Aug 2 2005 8:51AM (CT)
NEW YORK (AP) - China's CNOOC Ltd. said Tuesday it has withdrawn its $18.5 billion cash offer for Unocal Corp., stating it considered raising its bid, and "would have done so but for the political environment in the U.S."
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ECB sued over security feature in euro
Aug 2 2005 7:51AM (CT)
ROCHESTER, N.Y. (AP) - A company that specializes in anti-counterfeiting technology claims Europe's common currency infringes on a patent obtained from a New York inventor's family.
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Tire maker Continental AG posts profit
Aug 2 2005 7:31AM (CT)
FRANKFURT, Germany (AP) - Continental AG, the German tire maker and automotive parts supplier, said Tuesday its second quarter profit nearly doubled on higher tire sales and the increased sales of electronic components in cars.
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France loosens labor law to help firms
Aug 2 2005 7:20AM (CT)
PARIS (AP) - The French government approved new labor laws Tuesday making it easier for small companies to hire and fire, prompting angry reactions from trade unions.
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Report: Mercedes head may step down soon
Aug 2 2005 7:19AM (CT)
FRANKFURT, Germany (AP) - Eckhard Cordes' future as head of DaimlerChrysler AG's Mercedes Car Group seemed increasingly uncertain Tuesday after a German newspaper reported that he would step down by September.
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Japan: Steel, beef trade disputes differ
Aug 2 2005 5:24AM (CT)
TOKYO (AP) - Japan's trade minister said Tuesday he hopes Washington won't retaliate against Tokyo's decision to impose tariffs on U.S. steel imports with sanctions against Japan for its ban on imported American beef.
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Ryanair posts record first-quarter profit
Aug 2 2005 5:23AM (CT)
DUBLIN, Ireland (AP) - Budget airline Ryanair Holdings PLC shrugged off the escalating cost of aviation fuel and posted a record first-quarter net profit Tuesday of 69.6 million euros ($84.8 million).
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China share prices rise
Aug 2 2005 4:49AM (CT)
SHANGHAI, China (AP) - Chinese stocks rose Tuesday, with gains strongest among dollar denominated "B-shares" sold to both foreign and domestic buyers.
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China's Kelon: Five executives detained
Aug 2 2005 4:33AM (CT)
SHANGHAI, China (AP) - Chinese refrigerator manufacturer Guangdong Kelon Electrical Holdings Co. confirmed Tuesday that five of its senior executives are under police investigation and have been detained on suspicion of "economic crimes."
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Mitsubishi Motors narrows loss for quarter
Aug 2 2005 4:24AM (CT)
TOKYO (AP) - Troubled Japanese carmaker Mitsubishi Motors reported a narrower loss for April-June quarter Tuesday and maintained its full-year outlook at a loss of 64 billion yen, or $570 million, as a series of scandals and recalls continued to squelch sales.
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Media critic David Shaw dies at age 62
Aug 2 2005 2:17AM (CT)
LOS ANGELES (AP) - David Shaw, the Los Angeles Times' Pulitzer Prize-winning media critic, died Monday evening of complications from a brain tumor, the paper reported. He was 62.
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Pygmy owl may be taken off edangered list
Aug 2 2005 12:59AM (CT)
PHOENIX (AP) - A federal agency said it will propose the removal of the cactus ferruginous pygmy owl in Arizona from the list of threatened and endangered species, a boost to home builders.
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