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Apple opens iTunes Music Store in Japan
Aug 3 2005 11:55PM (CT)
TOKYO (AP) - Apple Computer Inc. launched its music download service, the iTunes Music Store, in Japan on Thursday with 1 million songs, the maker of the hit iPod portable player said.
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Dollar down vs. yen in Asian trading
Aug 3 2005 11:50PM (CT)
TOKYO (AP) - The dollar was lower in Asian trading early Thursday as investors grew cautious ahead of Friday's release of U.S. jobs data.
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Detroit News, Free Press change owners
Aug 3 2005 9:11PM (CT)
DETROIT (AP) - The nation's largest newspaper publisher upped its stake in Detroit's two-paper market while its biggest competitor relinquished dailies in Detroit and Tallahassee, Fla., and increased its holdings in the West.
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Prudential second-quarter profit rises
Aug 3 2005 8:26PM (CT)
NEWARK, N.J. (AP) - Prudential Financial Inc., one of the largest U.S. life insurers, on Wednesday reported second-quarter profit rose on stronger sales across its business lines.
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Time Warner sets aside $3B for settlements
Aug 3 2005 8:02PM (CT)
NEW YORK (AP) - Time Warner Inc., the world's largest media company, set aside $3 billion in reserves to cover lawsuits from shareholders over its merger with AOL, swinging the company to a loss of $321 million for the second quarter.
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Court rules UT can block dating e-mails
Aug 3 2005 7:58PM (CT)
AUSTIN, Texas (AP) - The University of Texas didn't violate the free-speech rights of an online dating service when it blocked thousands of unsolicited e-mails, a federal appeals court says.
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Advertising.com settles FTC adware charges
Aug 3 2005 7:47PM (CT)
WASHINGTON (AP) - Advertising.com Inc., a unit of Time Warner Inc.'s America Online, agreed to settle federal charges that the company offered free security software without adequately disclosing that it also came with adware.
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Adidas to buy Reebok for $3.8 billion
Aug 3 2005 7:25PM (CT)
FRANKFURT, Germany (AP) - Adidas said Wednesday it will buy shoemaker Reebok for $3.8 billion, giving the company about 20 percent of the U.S. market. By combining Adidas' popularity in Europe among soccer and athletics fans with Reebok's appeal to U.S. fans of basketball and football, the architects of the sportswear and athletic gear deal hope to create a more muscular rival to world leader Nike.
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EDS reports lower second-quarter profit
Aug 3 2005 6:58PM (CT)
PLANO, Texas (AP) - Electronic Data Systems Corp. delivered on its promise of a $26 million profit for the second quarter with aggressive cost-cutting and said profits next year would beat Wall Street's expectations.
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Napster posts wider first-quarter loss
Aug 3 2005 6:13PM (CT)
LOS ANGELES (AP) - Online music provider Napster Inc. on Wednesday reported a wider loss for the fiscal first quarter, but surpassed Wall Street expectations as its revenue more than doubled from last year.
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New York stockbroker pleads guilty in scam
Aug 3 2005 5:53PM (CT)
NEW YORK (AP) - A stockbroker who claimed to have athletes and celebrities as clients pleaded guilty Wednesday to charges he stole more than $7 million from Wall Street companies where he worked and investors including NBA star Latrell Sprewell.
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Government blesses wireless merger
Aug 3 2005 5:45PM (CT)
WASHINGTON (AP) - Sprint Corp.'s $35 billion acquisition of Nextel Communications Inc. got the go-ahead Wednesday from regulators, bolstering Sprint's status as the No. 3 wireless company in the United States.
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Aon stock up after earnings beat view
Aug 3 2005 5:44PM (CT)
NEW YORK (AP) - Aon Corp.'s stock rose 17 percent Wednesday after the insurance broker posted second-quarter earnings that surpassed the average analyst target due to unexpectedly strong revenue and margins at its brokerage operations.
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Treasurys rise on revival of 30-year bond
Aug 3 2005 5:40PM (CT)
NEW YORK (AP) - Treasury prices rose Wednesday as investors were cheered by the government's decision to breathe new life into the 30-year bond.
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Wednesday's Commodities Roundup
Aug 3 2005 5:36PM (CT)
NEW YORK (AP) - Oil prices fell more than $1 Wednesday, dragged down from a new record high by government data showing a surprise build in inventories.
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Four IPOs begin trading
Aug 3 2005 5:21PM (CT)
NEW YORK (AP) - Four companies debuted on the stock market Wednesday, with three showing double-digit percentage gains from their offer prices.
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DaimlerChrysler to reward suppliers
Aug 3 2005 5:19PM (CT)
TRAVERSE CITY, Mich. (AP) - DaimlerChrysler AG said Wednesday it will reward its highest-performing suppliers with longer-term contracts and other perks under a new system designed to cut costs and improve design.
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Experts: Shelton's restitution symbolic
Aug 3 2005 5:13PM (CT)
NEW YORK (AP) - The nearly $3.3 billion in restitution former Cendant Corp. executive E. Kirk Shelton was ordered to pay Wednesday for his role in an accounting fraud is meant to signal the government takes white-collar crime seriously, legal experts said _ however unlikely it is the money will actually be paid.
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Vioxx trial testimony turns emotional
Aug 3 2005 5:12PM (CT)
ANGLETON, Texas (AP) - Jurors accustomed to dry medical testimony in the nation's first Vioxx-related civil trial listened intently Wednesday as the stepdaughter of a Texas man whose family believes the drug caused his death described her mother's pain.
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Retail Brand to sell Casual Corner
Aug 3 2005 5:09PM (CT)
NEW YORK (AP) - The owner of Casual Corner Group Inc. said it will sell the struggling women's clothing chain to a liquidator, which may in turn sell a chunk of its stores to a big rival.
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Treasury says 30-year bond is returning
Aug 3 2005 5:04PM (CT)
WASHINGTON (AP) - The Bush administration said Wednesday it is bringing back the 30-year Treasury bond, a move that could help finance the national debt and appeal to investors looking for a safe, longer-term investment option.
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Oil prices fall on petroleum supply report
Aug 3 2005 5:01PM (CT)
WASHINGTON (AP) - A benign petroleum-supply snapshot helped send oil prices down by more than $1 a barrel on Wednesday, although analysts said crude futures _ still above $60 a barrel _ weren't likely to fall too far given the market's jitters about rising global demand and U.S. refinery snags.
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NYSE seat sold for record $3 million
Aug 3 2005 4:58PM (CT)
NEW YORK (AP) - As the New York Stock Exchange pursues its acquisition of electronic rival Archipelago Holdings Inc., a seat on the Big Board sold Wednesday for a record $3 million.
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CVS' second-quarter profit rises 18 pct.
Aug 3 2005 4:58PM (CT)
PROVIDENCE, R.I. (AP) - Drugstore chain CVS Corp. said Wednesday that its second-quarter profit rose 18 percent, beating Wall Street expectations on strong sales growth led by generic-drug sales.
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Northwest mechanics break off negotiations
Aug 3 2005 4:57PM (CT)
MINNEAPOLIS (AP) - Mechanics walked away from talks with Northwest Airlines Corp. on Wednesday, accusing the carrier of refusing to bargain. The company's shares tumbled 8.6 percent.
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Government argues against bail for Ebbers
Aug 3 2005 4:39PM (CT)
NEW YORK (AP) - Federal prosecutors urged a judge Wednesday to deny a bid by former WorldCom chief Bernard Ebbers to stay out of prison while he appeals his conviction for leading an $11 billion accounting fraud.
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Google expected fight over Microsoft hire
Aug 3 2005 4:37PM (CT)
SEATTLE (AP) - Newly released court documents reveal that Google Inc. anticipated a fight when it hired away a top Microsoft Corp. executive to launch a new research and development center in China.
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GMAC sells 60 pct. stake in mortgage unit
Aug 3 2005 4:22PM (CT)
DETROIT (AP) - General Motors Acceptance Corp., the financial services unit of General Motors Corp., said Wednesday it agreed to sell a 60 percent stake in its commercial mortgage subsidiary to a private equity investor group that includes Kohlberg Kravis Roberts & Co., Five Mile Capital Partners and Goldman Sachs Capital Partners.
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Japan's NTT reports profit drop
Aug 3 2005 4:12PM (CT)
TOKYO (AP) - Nippon Telegraph and Telephone Corp., Japan's biggest telecommunications company, said Wednesday its first-quarter profit slid 4.4 percent as efforts to cut costs were overcome by shrinking revenue at its mobile phone and domestic fixed-line service business.
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Boeing sells Ontario parts factory
Aug 3 2005 4:07PM (CT)
TORONTO (AP) - The Boeing Co. said Wednesday it is selling its 370-employee plant in Arnprior, Ontario, to a unit of Consolidated Industries Inc., an American supplier of aerospace forgings.
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Duke misses Wall Street's forecast
Aug 3 2005 4:07PM (CT)
CHARLOTTE, N.C. (AP) - With cooler weather reducing demand for electricity, Duke Energy Corp. said Wednesday its second-quarter earnings fell about 29 percent but reaffirmed its earnings outlook for the full year.
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Malone to become CEO of Liberty Media
Aug 3 2005 4:03PM (CT)
ENGLEWOOD, Colo. (AP) - Cable magnate John Malone will step into the CEO's job at Liberty Media Corp. to replace the retiring Robert Bennett, the company said Wednesday.
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Menard turns over records in probe
Aug 3 2005 3:57PM (CT)
MADISON, Wis. (AP) - Home improvement retailer Menard Inc. turned over thousands of documents Wednesday to investigators looking for patterns of racial discrimination in the company's employment practices.
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Cigna posts sharply higher 2Q profits
Aug 3 2005 3:51PM (CT)
PHILADELPHIA (AP) - Health insurance giant Cigna Corp. on Wednesday posted better-than-expected results for the second quarter, citing strong performance in its health care, group disability, life insurance and international businesses.
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Saint-Gobain in hostile $6.5B bid for BPB
Aug 3 2005 3:42PM (CT)
PARIS (AP) - French building materials maker Compagnie de Saint-Gobain SA Wednesday said it would launch a $6.5 billion hostile takeover bid for BPB PLC, after the British plasterboard maker twice rejected previous friendly offers.
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Ex-HealthSouth exec gets probation
Aug 3 2005 3:30PM (CT)
BIRMINGHAM, Ala. (AP) - A federal judge sentenced a former HealthSouth Corp. executive to probation and a $500 fine Wednesday for lying about a scheme to pay a $1 million bribe in return for a $50 million deal to run a hospital linked to Saudi Arabia's royal family.
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Thinking of buying a franchise?
Aug 3 2005 3:29PM (CT)
NEW YORK (AP) - For many people, buying and operating a franchise is the easiest way to become a small business owner. But choosing a franchise out of the hundreds of possibilities shouldn't be a snap decision _ it requires careful consideration of a variety of business and personal factors.
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30-year Treasury bond Q&A
Aug 3 2005 3:14PM (CT)
NEW YORK (AP) - The Treasury Department's decision to reintroduce the 30-year bond starting next year will give consumers a safe investment option with a long-term maturity and could help boost rates on other securities.
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IMF cuts euro-zone growth forecast
Aug 3 2005 3:14PM (CT)
LONDON (AP) - The International Monetary Fund on Wednesday cut its forecasts for euro-zone economic growth in 2005 and 2006, while insisting the conditions for a "tepid" recovery are in place.
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Reebok-Adidas merger presents challenges
Aug 3 2005 3:12PM (CT)
BOSTON (AP) - Adidas is pledging to keep the Reebok brand name strong as the German company acquires its American rival, but maintaining brand independence without having Adidas shoes compete against Reebok sneakers will require a balancing act with each merger partner finding its own niches, industry watchers say.
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Toyota looks to hybrids for sales, future
Aug 3 2005 1:30PM (CT)
TRAVERSE CITY, Mich. (AP) - Toyota Motor Corp. wants hybrids to make up 25 percent of its U.S. sales by early in the next decade and is considering adding the technology to its entire lineup, including trucks, Toyota's North American president Jim Press said Wednesday.
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Service sector activity grows at slow rate
Aug 3 2005 1:24PM (CT)
NEW YORK (AP) - Business activity in the service economy grew at a slower pace in July than in the previous month as companies were hit hard with big price increases amid higher energy costs, a private research group said Wednesday.
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Ex-Cendant exec gets 10-year sentence
Aug 3 2005 1:05PM (CT)
HARTFORD, Conn. (AP) - Former Cendant Corp. Vice Chairman E. Kirk Shelton was sentenced Wednesday to 10 years in prison and ordered to pay full restitution for his role in an accounting scandal that cost investors and the company more than $3 billion.
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Fiat to launch 20 new models in 3 years
Aug 3 2005 12:33PM (CT)
ROME (AP) - Fiat SpA will launch 20 new models over the next three years and invest billions of euros in research and development as part of a turnaround bid, the Italian carmaker's chief executive officer said Wednesday.
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Credit Suisse 2Q profit falls 37 percent
Aug 3 2005 11:30AM (CT)
GENEVA (AP) - Credit Suisse Group said Wednesday that second-quarter net profit fell 37 percent because it set aside more money to cover charges that it may take as a result of litigation related to the collapse of Enron Corp. and other legal proceedings.
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Toyota's profit falls, ups sales forecast
Aug 3 2005 11:09AM (CT)
TOKYO (AP) - Toyota's profit fell 7 percent in its first fiscal quarter as the strong yen and research costs offset higher sales, but Japan's biggest automaker said Wednesday the worst was over and raised its vehicle sales forecast for the full year.
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ECB unlikely to mollify its critics
Aug 3 2005 11:02AM (CT)
FRANKFURT, Germany (AP) - The European Central Bank is expected to stand firm this week in the face of calls from the governments of some of the 12 countries that use the euro for lower interest rates.
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Guangdong execs suspected of embezzlement
Aug 3 2005 10:54AM (CT)
SHANGHAI, China (AP) - China's securities watchdog said Wednesday that top executives at major refrigerator maker Guangdong Kelon Electrical Holdings are suspected of embezzling funds and overstating the company's profits.
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BSkyB quarterly net profit nearly doubles
Aug 3 2005 10:48AM (CT)
LONDON (AP) - British Sky Broadcasting Group PLC Chief Executive James Murdoch pledged his commitment to the satellite broadcaster Wednesday as he announced that it had nearly doubled its fourth-quarter net profit and was approaching its target of 8 million subscribers.
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Altana to acquire chemical company Eckart
Aug 3 2005 10:30AM (CT)
FRANKFURT, Germany (AP) - Drug and chemical maker Altana AG said Wednesday it would buy Eckart GmbH & Co. in a 630 million euros ($768 million) deal, as it reported a higher profit for the first six months of 2005.
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Top Turkish steel executives resign
Aug 3 2005 10:18AM (CT)
ANKARA, Turkey (AP) - The possible sale of Turkey's largest steel and iron company to a foreign company has sparked protests by thousands of workers, and prompted two top executives quit, officials said Wednesday.
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KarstadtQuelle posts second-quarter loss
Aug 3 2005 9:56AM (CT)
FRANKFURT, Germany (AP) - Retailer KarstadtQuelle AG, which has been struggling to bring back customers and beef up sales, posted a narrower second-quarter loss Wednesday and said it sold 75 of its department stores to a consortium of British investors.
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Reliance Industries announces refinery plan
Aug 3 2005 9:55AM (CT)
BOMBAY, India (AP) - Indian oil and petrochemical company Reliance Industries Ltd. said Wednesday it would spend $5.7 billion to make its Jamnagar plant in western India the world's largest oil refinery.
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Rupert Murdoch becomes NY Post publisher
Aug 3 2005 9:19AM (CT)
NEW YORK (AP) - Rupert Murdoch is becoming publisher of the New York Post, replacing his 33-year-old son Lachlan who abruptly resigned last week.
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EU warns Czech, Polish steel sectors on aid
Aug 3 2005 8:58AM (CT)
BRUSSELS, Belgium (AP) - The European Commission warned Wednesday that it could order failing Czech and Polish steel companies to pay back government subsidies if they don't become viable businesses by December 2006.
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Waffle House operator reaches settlement
Aug 3 2005 8:36AM (CT)
RICHMOND, Va. (AP) - The operator of Waffle House restaurants in Virginia settled four civil rights lawsuits stemming from charges of racial discrimination against customers who said they were treated rudely.
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Commerzbank 2Q profit drops 27 percent
Aug 3 2005 8:30AM (CT)
FRANKFURT, Germany (AP) - Commerzbank AG, Germany's third-biggest publicly traded bank, said Wednesday that net profit for the second quarter fell 27 percent because of a drop in trading profits.
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EPA eyes N. Dakota on illegal cyanide sales
Aug 3 2005 8:18AM (CT)
BISMARCK, N.D. (AP) - Illegal sales of sodium cyanide to beekeepers across the country _ uncovered when three barrels of the deadly chemical tumbled off a truck _ have been traced to a single distributor in North Dakota, the Environmental Protection Agency said.
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German regulator probing DaimlerChrysler
Aug 3 2005 8:00AM (CT)
FRANKFURT, Germany (AP) - Germany's financial services watchdog said Wednesday that it had opened a routine investigation into possible insider trading at DaimlerChrysler AG, focusing on dealing ahead of the announcement that CEO Juergen Schrempp was to retire.
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Japanese automakers' profits decline
Aug 3 2005 7:55AM (CT)
TOKYO (AP) - Major Japanese automakers reported surging sales for the April-June quarter on Wednesday, but their profits slipped mostly because of losses unrelated to their core auto operations.
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Report: Ex-KPMG partners may face charges
Aug 3 2005 7:40AM (CT)
NEW YORK (AP) - As many as 20 former partners at accounting firm KPMG LLP have been told by federal prosecutors that they could face criminal charges for their roles in selling questionable tax shelters in the 1990s, according to a published report.
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BMW profit falls in 2Q on weak dollar
Aug 3 2005 7:33AM (CT)
FRANKFURT, Germany (AP) - BMW AG's second-quarter profit slipped 1.2 percent from a year ago, as a weaker U.S. dollar hurt the luxury automaker's earnings and limited the impact of a 10.4 percent rise in cars sold worldwide.
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BNP Paribas 2Q profit rises 5 percent
Aug 3 2005 6:55AM (CT)
PARIS (AP) - BNP Paribas SA, a leading French bank, said Wednesday that its U.S. expansion strategy helped lift earnings by 5 percent in the second quarter.
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China protests over U.S. imports decision
Aug 3 2005 4:16AM (CT)
SHANGHAI, China (AP) - China on Wednesday protested a decision by Washington to consider imposing quotas on five types of Chinese-made clothing.
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BASF says second-quarter net profit up
Aug 3 2005 4:06AM (CT)
FRANKFURT, Germany (AP) - BASF AG, the world's biggest chemical company, said Wednesday that second-quarter earnings rose 9 percent because of price increases on its products and better-than-expected sales volumes.
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Sega Sammy reports $95.5M quarterly profit
Aug 3 2005 4:04AM (CT)
TOKYO (AP) - Japanese entertainment company Sega Sammy Holdings Inc. reported on Wednesday a group net income of 10.7 billion yen, or $95.5 million, in the April-June quarter, boosted by rising sales of computer game software and "pachinko" pinball machines.
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CNOOC withdraws $18.4B bid for Unocal
Aug 3 2005 3:20AM (CT)
SHANGHAI, China (AP) - Building anti-Chinese sentiment in Washington _ the key reason cited by Chinese oil company CNOOC for withdrawing its $18.4 billion offer for Unocal _ augers poorly for future economic ties between the two powers, analysts say.
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Mozilla forms corporate subsidiary
Aug 3 2005 1:20AM (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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CIBC to pay $2.4B to settle Enron claims
Aug 3 2005 12:46AM (CT)
NEW YORK (AP) - Investors wronged during the collapse of Enron Corp. got their biggest settlement yet after Canadian Imperial Bank of Commerce agreed to pay $2.4 billion, but it remains an open question how high the compensation can rise.
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July sales surge for U.S. automakers
Aug 3 2005 12:43AM (CT)
DETROIT (AP) - By extending employee pricing through Labor Day, U.S. automakers hope August will be as prosperous as July, when the discounts helped them achieve near-record sales. But they acknowledge their luck could run out as discounted vehicles are sold off and new models with fewer incentives hit showrooms.
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Students paying higher loan rates
Aug 3 2005 12:36AM (CT)
NEW YORK (AP) - For recent medical school graduate David Amstel, the opportunity to consolidate $150,000 in student loans and lock in a record-low 2.77 percent interest rate was a no-brainer. So as soon as he graduated in early June, he sent off his paperwork to Citibank and was told his consolidation was complete.
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