Latest Business News
Economic Figures
Dollar & Gold News
Board of Trade News
Personal Finance
|
|
|
|
|
|
Viacom second-quarter earnings match '05
Aug 4 2005 11:38PM (CT)
NEW YORK (AP) - Viacom Inc. reported second-quarter earnings that were flat compared with the same period a year ago, when the company still owned the Blockbuster video unit. Excluding that and other discontinued operations, earnings rose 6 percent.
|
|
|
Oil futures edge above $61 a barrel
Aug 4 2005 11:25PM (CT)
SINGAPORE (AP) - Crude oil prices rose Friday on fears gasoline supply in the United States may fail to meet peak demand during the summer driving season.
|
|
|
Newmont exec goes on trial in Indonesia
Aug 4 2005 11:23PM (CT)
MANADO, Indonesia (AP) - An American who heads the Indonesian branch of the world's largest gold producer went on trial Friday on criminal charges of polluting a bay, in a case that is being closely watched by foreign investors and environmentalists.
|
|
|
Japanese stocks fall, dollar up vs yen
Aug 4 2005 10:16PM (CT)
TOKYO (AP) - Japanese stocks fell Friday morning amid political uncertainty over a contentious vote to privatize the nation's postal system. The dollar rose against the yen.
|
|
|
Exxon Mobil CEO Raymond to retire
Aug 4 2005 8:00PM (CT)
DALLAS (AP) - Exxon Mobil Corp. said Thursday that Lee Raymond, its chairman and chief executive for the past 12 years, will retire at the end of this year.
|
|
|
China search engine raises IPO target
Aug 4 2005 7:35PM (CT)
SAN FRANCISCO (AP) - Baidu.com Inc., an online search engine maker vying to become the Google of China, raised the estimated maximum price for its initial public offering by 19 percent, reflecting the high hopes of a startup with a large audience and puny profits.
|
|
|
Thursday's Commodities Roundup
Aug 4 2005 6:57PM (CT)
NEW YORK (AP) - Crude futures ended Thursday's session with solid gains, aided largely by soaring gasoline futures and natural-gas prices.
|
|
|
Ex-chairman challenges AIG's restatement
Aug 4 2005 6:38PM (CT)
NEW YORK (AP) - The former chief executive of American International Group Inc., Maurice "Hank" Greenberg, insists that he followed proper accounting procedures during his 38 years at the helm and believes that the insurance company's decision to restate five years of earnings was damaging to shareholders.
|
|
|
Microsoft names Sam's Club chief COO
Aug 4 2005 6:37PM (CT)
SEATTLE (AP) - Microsoft Corp. said Thursday it had hired an executive who spent nearly 20 years in the upper ranks of Wal-Mart management to become the software maker's first chief operating officer in more than three years.
|
|
|
Ameritrade COO Peter Ricketts resigns
Aug 4 2005 6:35PM (CT)
LINCOLN, Neb. (AP) - Ameritrade Holding's Corp.'s chief operating officer resigned his post with the online brokerage on Thursday, saying he will explore an opportunity in public service.
|
|
|
Bonds lose some ground
Aug 4 2005 6:34PM (CT)
NEW YORK (AP) - Treasury bonds ended Thursday modestly lower, but the action was tame ahead of a key report on hiring.
|
|
|
Thursday's Commodities Roundup
Aug 4 2005 6:31PM (CT)
NEW YORK (AP) - Crude futures ended Thursday's session with solid gains, aided largely by soaring gasoline futures and natural-gas prices.
|
|
|
Money funds rose in latest week
Aug 4 2005 6:29PM (CT)
NEW YORK (AP) - Assets of the nation's retail money market mutual funds rose by $1.37 billion in the latest week to $809.65 billion, the Investment Company Institute said Thursday.
|
|
|
Average 401(k) account balance up 10 pct.
Aug 4 2005 6:23PM (CT)
NEW YORK (AP) - The average 401(k) account balance rose 10 percent in 2004, reaching a five-year high of $61,000, according to preliminary study data provided by Fidelity Investments.
|
|
|
Sara Lee posts fourth-quarter loss
Aug 4 2005 6:22PM (CT)
CHICAGO (AP) - Sara Lee Corp. on Thursday said it swung to a fourth-quarter loss, mostly because of charges related to a reorganization meant to put a sharper focus on sales of its meats, bakery items and household goods.
|
|
|
Widow testifies in Vioxx case
Aug 4 2005 6:22PM (CT)
ANGLETON, Texas (AP) - The widow of a man whose death is at the center of the country's first Vioxx-related civil trial told jurors Thursday that she struggles with guilt because she suggested her husband ask his doctor about the painkiller when they saw ads for it on television.
|
|
|
WorldSpace climbs in trading debut
Aug 4 2005 6:20PM (CT)
WASHINGTON (AP) - Shares of satellite radio broadcaster WorldSpace Inc. rose from the initial public offering price Thursday, the stock's first day of trading.
|
|
|
Pixar reports lower second quarter profit
Aug 4 2005 6:06PM (CT)
LOS ANGELES (AP) - Pixar Animation Studios reported a lower profit in the second quarter as home video sales of the computer animation company's film "The Incredibles" fell short of expectations.
|
|
|
HSBC to buy card-issuer Metris for $1.59B
Aug 4 2005 5:31PM (CT)
MINNEAPOLIS (AP) - A unit of HSBC Holdings PLC snapped up credit-card issuer Metris Cos. Inc. on Thursday for $1.59 billion cash, taking one more standalone credit-card issuer off the market.
|
|
|
Judge OKs Winn-Dixie payments
Aug 4 2005 5:23PM (CT)
JACKSONVILLE, Fla. (AP) - A bankruptcy judge on Thursday approved about $15 million in fees and expenses for the attorneys and consultants working for the past five months to reorganize bankrupt supermarket chain Winn-Dixie.
|
|
|
Warner Music posts 2Q loss on IPO costs
Aug 4 2005 5:07PM (CT)
NEW YORK (AP) - Warner Music Group Corp., home to the Atlantic, Warner Bros. and Reprise record labels, on Thursday posted a wider loss for its third fiscal quarter, saddled by charges related to its initial public offering in May.
|
|
|
Lucent subpoenaed in antitrust probe
Aug 4 2005 5:06PM (CT)
WASHINGTON (AP) - Lucent Technologies Inc. Thursday said it received two subpoenas related to federal investigations into potential antitrust violations and sales of telecommunications equipment to the federal government.
|
|
|
Alltel's second-quarter profit jumps
Aug 4 2005 5:04PM (CT)
LITTLE ROCK (AP) - Regional phone company Alltel Corp. said Thursday its second-quarter profit jumped 53 percent as gains from a stock sale and acquisition-related items added to strong wireless revenue growth.
|
|
|
Caremark's second-quarter profit rises
Aug 4 2005 5:03PM (CT)
NASHVILLE, Tenn. (AP) - Caremark Rx Inc. said Thursday second-quarter profit rose 53 percent on strong growth in mail-pharmacy revenue and raised its full-year earnings forecast.
|
|
|
DirecTV posts profit on subscriber growth
Aug 4 2005 5:02PM (CT)
LOS ANGELES (AP) - DirecTV Group Inc. swung to a profit in the second quarter as subscriber growth drove a sharp rise in revenue for the satellite television broadcaster.
|
|
|
Goodyear earnings double year-ago period
Aug 4 2005 5:01PM (CT)
AKRON, Ohio (AP) - Goodyear Tire & Rubber Co. on Thursday said second-quarter earnings doubled, beating analysts' estimates, as sales reached a record.
|
|
|
Auto-parts suppliers weigh health costs
Aug 4 2005 4:38PM (CT)
TRAVERSE CITY, Mich. (AP) - Auto-parts suppliers should consider joining together and using their size to negotiate lower health care and prescription costs, Michigan AFL-CIO President Mark Gaffney said Thursday.
|
|
|
EDS shares briefly touch 52-week high
Aug 4 2005 4:35PM (CT)
PLANO, Texas (AP) - Shares of Electronic Data Systems Corp. briefly touched a 52-week high on Thursday, a day after the computer-services company gave an upbeat forecast for the next 18 months.
|
|
|
Lockheed names Justice official as lawyer
Aug 4 2005 4:31PM (CT)
BETHESDA, Md. (AP) - Lockheed Martin Corp., the nation's largest defense contractor, said Thursday that the second-ranking official at the Justice Department will become the company's general counsel.
|
|
|
AOL buys online storage company
Aug 4 2005 4:29PM (CT)
NEW YORK (AP) - America Online Inc. said Thursday it has bought the online storage company Xdrive Inc. to meet the growing needs of consumers with rapidly expanding collections of digital music, photos and other files.
|
|
|
Gillette profit rises 17 percent
Aug 4 2005 4:08PM (CT)
BOSTON (AP) - Gillette Co.'s second-quarter profit grew 17 percent heading into the company's acquisition by Procter & Gamble Co. as the household-items maker reported strong demand for its newest men's and women's razors, as well as established products.
|
|
|
Harrah's second-quarter profit up 17 pct.
Aug 4 2005 4:04PM (CT)
LAS VEGAS (AP) - Harrah's Entertainment Inc., which recently completed its $9 billion buyout of rival Caesars Entertainment Inc., said Thursday its second-quarter profit grew 17 percent as gambling increased across its chain of casinos.
|
|
|
Univision posts lower-than-expected results
Aug 4 2005 3:57PM (CT)
LOS ANGELES (AP) - Spanish-language broadcasting company Univision Communications Inc. said Thursday that second-quarter earnings fell 57 percent due to a charge related to a decline in the fair market value of its Entravision Communications investment.
|
|
|
Wife of new DaimlerChrysler CEO charged
Aug 4 2005 3:26PM (CT)
BLOOMFIELD TOWNSHIP, Mich. (AP) - The wife of incoming DaimlerChrysler AG Chief Executive Dieter Zetsche was charged in what police say was a party at which more than 20 underage drinkers were ticketed.
|
|
|
Chiquita Brands 2Q profit doubles
Aug 4 2005 3:26PM (CT)
CINCINNATI (AP) - Chiquita Brands International Inc., one of the world's top banana producers and a distributor of other fresh fruits and vegetables, said Thursday that second-quarter earnings doubled, due to strong banana pricing trends in Europe and continued volume growth in North America and Asia.
|
|
|
Venezuela OKs joint oil ventures
Aug 4 2005 3:19PM (CT)
CARACAS, Venezuela (AP) - Venezuela's state oil company signed a series of deals with eight private oil companies Thursday, obtaining a majority stake in oil fields where crude had been pumped independently under contract.
|
|
|
Retailers post modest July sales gains
Aug 4 2005 3:11PM (CT)
NEW YORK (AP) - July was a quiet and disappointing month for many of the nation's retailers, who were left with only modest sales gains after selling most of their summer merchandise during June. Consumers were more interested in spending at auto dealers than malls last month, and hot weather wilted sales of some early fall items like sweaters.
|
|
|
Pfizer to cut 300 jobs in Nebraska
Aug 4 2005 3:09PM (CT)
LINCOLN, Neb. (AP) - Pfizer Inc. said Thursday it will restructure operations at a Nebraska plant that makes animal health products, cutting 300 jobs, or more than a third of the plant's 800 employees.
|
|
|
Societe Generale profit rises 18 percent
Aug 4 2005 3:02PM (CT)
PARIS (AP) - Societe Generale SA, the French financial services company, said Thursday its second-quarter profit rose 18 percent on continued growth in international retail banking and investment management operations.
|
|
|
Sara Lee posts 4Q loss on reorganization
Aug 4 2005 2:37PM (CT)
CHICAGO (AP) - Sara Lee Corp. on Thursday said it swung to a fourth-quarter loss, mostly because of charges related to a reorganization meant to put a sharper focus on sales of its meats, bakery items and household goods.
|
|
|
Heavy Reebok trading gets attention
Aug 4 2005 1:59PM (CT)
NEW YORK (AP) - Options on Reebok International Inc. were unusually active before the shoe maker's acquisition by Adidas-Salomon AG was announced.
|
|
|
Overnite shareholders OK UPS acquisition
Aug 4 2005 1:57PM (CT)
RICHMOND, Va. (AP) - Shareholders of trucking company Overnite Corp. on Thursday overwhelmingly approved a proposed $1.25 billion acquisition by UPS Inc., the world's largest package delivery company.
|
|
|
Revlon second-quarter loss narrows
Aug 4 2005 1:46PM (CT)
NEW YORK (AP) - Revlon Inc., the cosmetics and personal care company led by chairman and investor Ronald Perelman, said Thursday its second-quarter loss narrowed slightly as favorable exchange rates helped boost sales.
|
|
|
Two NYSE board members resign
Aug 4 2005 1:28PM (CT)
NEW YORK (AP) - Herbert M. Allison Jr. and Dennis Weatherstone have resigned from the New York Stock Exchange's board of directors, the NYSE said Thursday.
|
|
|
Fox division acquires Scout Media
Aug 4 2005 1:16PM (CT)
SEATTLE (AP) - News Corp.'s newly formed Internet division is acquiring Scout Media Inc., which runs a network of sports Web sites and team-specific magazines.
|
|
|
China bars new foreign TV licenses
Aug 4 2005 12:36PM (CT)
BEIJING (AP) - China will bar new foreign television channels and step up censorship of imported programming, the Culture Ministry announced, adding to a sweeping effort to tighten the communist government's control over popular culture.
|
|
|
Total profit increases 35 percent in 2Q
Aug 4 2005 12:05PM (CT)
PARIS (AP) - French oil company Total SA said Thursday its second-quarter profit surged 35 percent as a rise in crude oil prices more than offset a decline in production.
|
|
|
Mortgage rates continue upward climb
Aug 4 2005 11:52AM (CT)
WASHINGTON (AP) - Mortgage rates continued their upward climb this week, with rates on 30-year mortgages rising to their highest point since the middle of April.
|
|
|
Amer Sports 2Q profit, sales increase
Aug 4 2005 11:47AM (CT)
HELSINKI, Finland (AP) - Amer Sports Corp., which owns the Wilson, Atomic, Suunto and Precor brands, said Thursday its second-quarter profit and revenue rose, and that its acquisition of the French sports unit of Adidas-Salomon AG would help sales later this year.
|
|
|
Martha in home confinement through Aug.
Aug 4 2005 11:43AM (CT)
WHITE PLAINS, N.Y. (AP) - Martha Stewart will have to remain a domestic diva a little while longer. The home-and-hearth marketing queen, who was due to complete five months of house arrest Aug. 10, has agreed to extend the sentence by three extra weeks, her lawyer, Walter E. Dellinger, said in a brief statement Wednesday.
|
|
|
Deutsche Telekom's board OKs takeover bid
Aug 4 2005 11:25AM (CT)
FRANKFURT, Germany (AP) - Deutsche Telekom AG was given the green light Thursday by its board to pursue a takeover of Austrian mobile phone operator tele.ring, the German company said.
|
|
|
AP, News Corp. combine sports info services
Aug 4 2005 11:01AM (CT)
NEW YORK (AP) - The Associated Press and News Corp. are combining two services selling sports news, statistics and other content into a joint operation, the companies announced Thursday.
|
|
|
Fresenius Medical Care 2Q sales rise
Aug 4 2005 10:34AM (CT)
FRANKFURT, Germany (AP) - Fresenius Medical Care AG, which is in the process of buying Renal Care Corp. in the U.S., said Thursday its second-quarter earnings and sales were boosted by better business in its North American dialysis operations.
|
|
|
Report: Khodorkovsky sees sentence change
Aug 4 2005 10:29AM (CT)
MOSCOW (AP) - Jailed oil tycoon Mikhail Khodorkovsky said in a newspaper interview published Thursday that he believes his nine-year sentence in a case many observers say was motivated by political revenge will be overturned.
|
|
|
ECB keeps euro-zone rate unchanged
Aug 4 2005 10:16AM (CT)
FRANKFURT, Germany (AP) - The European Central Bank kept its benchmark interest rate unchanged at 2 percent Thursday, where it has been for more than two years, despite calls for a cut from some nations that use the euro.
|
|
|
Dollar falls against euro
Aug 4 2005 9:56AM (CT)
FRANKFURT, Germany (AP) - The dollar fell against the euro Thursday after the European Central Bank left interest rates in the 12 nations that share the currency steady at 2 percent. The pound fell after the Bank of England cut its base rate by a quarter of a percentage point.
|
|
|
Banking regulators unveil examiner idea
Aug 4 2005 9:40AM (CT)
WASHINGTON (AP) - Federal regulators on Thursday unveiled a proposal that would require senior bank examiners to wait one year before taking a job at a financial institution they were overseeing.
|
|
|
ConocoPhillips gets Indonesia concession
Aug 4 2005 9:23AM (CT)
JAKARTA, Indonesia (AP) - Energy giant ConocoPhillips was one of nine companies awarded exploration concessions by the Indonesian government Thursday, a move that is expected to boost dwindling crude oil production the country.
|
|
|
Gold Fields reports fourth-quarter loss
Aug 4 2005 9:16AM (CT)
JOHANNESBURG, South Africa (AP) - Gold Fields Ltd. on Thursday posted a narrower fourth-quarter loss and said its annual profit plunged more than 75 percent because of the costs of fighting a hostile takeover bid from South African rival Harmony Gold Mining Co.
|
|
|
Gemstar-TV Guide swings to a 2Q loss
Aug 4 2005 8:53AM (CT)
LOS ANGELES (AP) - Gemstar-TV Guide International Inc., whose technology allows TV viewers to review on-screen listings and record programs, on Thursday posted a second-quarter loss versus a profit in last year's second quarter, which was aided by a large settlement and income-tax benefit.
|
|
|
Bank of England cuts rate to 4.5 percent
Aug 4 2005 8:16AM (CT)
LONDON (AP) - The Bank of England cut official interest rates by a quarter of a percentage point Thursday to 4.5 percent, noting the risk that already sluggish household spending and investment growth in Britain could slow further.
|
|
|
Unilever 2Q profit drops 27 percent
Aug 4 2005 7:55AM (CT)
AMSTERDAM, Netherlands (AP) - Unilever, the maker of Ben & Jerry's ice cream, Dove soap and Lipton tea, reported a 27 percent drop in second-quarter net profit Thursday, singling out the troubles of its dieting product Slim-Fast and tough competition in Europe.
|
|
|
DaimlerChrysler execs exercise options
Aug 4 2005 6:56AM (CT)
FRANKFURT, Germany (AP) - Several executives at DaimlerChrysler AG have exercised stock options since Chief Executive Juergen Schrempp announced that he will step down, but analysts said the moves likely were not signs of dissent but simply made to take advantage of higher share prices.
|
|
|
NEC settles with Harris in U.S. lawsuit
Aug 4 2005 6:25AM (CT)
TOKYO (AP) - Japanese electronics maker NEC Corp. said Thursday that it has settled a lawsuit in which it had claimed Florida-based Harris Corp. violated its patents involving wireless communications technology in the United States and Canada.
|
|
|
Munich Re's 2Q profit plunges 74 percent
Aug 4 2005 6:14AM (CT)
FRANKFURT, Germany (AP) - Munich Re AG, the world's biggest reinsurer, posted a 74 percent drop in second-quarter profit Thursday because of a charge it took to increase reserves at its U.S. unit for claims on asbestos and environmental policies.
|
|
|
Treasury says 30-year bond is coming back
Aug 4 2005 5:39AM (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.
|
|
|
Time Warner sets aside $3B for settlements
Aug 4 2005 5:38AM (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.
|
|
|
Shell appoints Jorma Ollila as chairman
Aug 4 2005 5:10AM (CT)
THE HAGUE, Netherlands (AP) - Royal Dutch Shell PLC said Thursday it has appointed the departing chief executive of Nokia Corp. to be its non-executive chairman as of June 2006. Jorma Ollila, the longtime CEO who helped make Nokia the world's No. 1 cellular telephone maker, is leaving the Finnish company after 20 years, 13 of them in the top job. He will replace Add Jacobs, who will retire after less than one year in the post at Shell.
|
|
|
Dutch Ahold 2Q sales fall nearly 1 pct.
Aug 4 2005 4:52AM (CT)
THE HAGUE, Netherlands (AP) - Sales at the Dutch supermarket retailer Royal Ahold NV fell nearly 1 percent in the second quarter to 10.4 billion euros ($12.79 billion), due mainly to the weakness of the dollar.
|
|
|
Apple opens iTunes Music Store in Japan
Aug 4 2005 3:56AM (CT)
TOKYO (AP) - Apple Computer Inc. launched its music download service, the iTunes Music Store, in Japan Thursday with 1 million songs, determined to expand on its popular iPod business on the home turf of rival Sony Corp.
|
|
|
Shanghai police close down illegal bank
Aug 4 2005 3:53AM (CT)
SHANGHAI, China (AP) - Chinese police and financial regulators have closed down an illegal bank in Shanghai that allegedly was handling millions of dollars in transactions, state media reported Thursday.
|
|
|
Detroit News, Free Press change owners
Aug 4 2005 3:13AM (CT)
DETROIT (AP) - The Detroit News and Detroit Free Press will change ownership and compete head-to-head as morning dailies under a new arrangement involving the nation's two largest newspaper publishers.
|
|
|
Japan postal reform vote likely postponed
Aug 4 2005 2:42AM (CT)
TOKYO (AP) - With a contentious vote to privatize Japan's postal system hanging in limbo for lack of support, Prime Minister Junichiro Koizumi on Thursday tried to rally lawmakers around the bill by indicating again his intent to disband Parliament and call a general election if lawmakers reject the plan.
|
|
|
Company aims to curb antibiotics in pork
Aug 4 2005 1:45AM (CT)
DES MOINES, Iowa (AP) - Food service giant Compass Group, which cooks for schools, museums, hospitals and corporations nationwide, says it has a new purchasing policy aimed at reducing the use of antibiotics in pork production.
|
|
|
Government blesses wireless merger
Aug 4 2005 12:44AM (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.
|
|
|
Adidas to buy Reebok for $3.8 billion
Aug 4 2005 12:42AM (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.
|
|
|
Striking Asiana Airlines' pilots defiant
Aug 4 2005 12:07AM (CT)
SEOUL, South Korea (AP) - Striking pilots at South Korea's second-largest airline were defiant Thursday, one day after the Labor Ministry warned them to end their walkout by this weekend or face the prospect of government intervention.
|
|
|
Nervous consumers detour RV industry
Aug 4 2005 12:06AM (CT)
NEW YORK (AP) - From where the recreational-vehicle industry was parked, there was hardly a better view of the U.S. economy. RV manufacturers, which posted record sales of $14 billion last year, were riding high on the demographics of an aging and affluent baby boom generation, a post-9/11 preference for driving vacations over air travel, and easy consumer borrowing.
|
|
|
|
|
|