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Japanese stocks surge in early trading
Aug 9 2005 10:10PM (CT)
TOKYO (AP) - Japanese stocks rose more than 1.5 percent Wednesday morning on broad-based buying as anxieties waned about the impact of domestic political turmoil on the market. The dollar fell against the yen.
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Judge approves class-action Tenet deal
Aug 9 2005 10:02PM (CT)
LOS ANGELES (AP) - A judge has approved an agreement by Tenet Healthcare Corp. to settle a class-action lawsuit accusing its hospitals of overcharging uninsured and underinsured patients, a lawyer said Tuesday.
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MassMutual discloses probe of ex-CEO
Aug 9 2005 9:51PM (CT)
HARTFORD, Conn. (AP) - Federal prosecutors are investigating the conduct that led to the firing of former MassMutual Chief Executive Robert J. O'Connell, the company disclosed in court documents.
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Fannie Mae missing regulatory deadline
Aug 9 2005 9:22PM (CT)
WASHINGTON (AP) - Embattled mortgage giant Fannie Mae said Tuesday that it likely will not complete the reworking of its accounting, ordered by federal regulators, before the second half of next year and disclosed that it has been discussing the matter with the New York Stock Exchange, where its stock trades.
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AIG 2Q profit rises, helped by gains
Aug 9 2005 9:18PM (CT)
NEW YORK (AP) - American International Group Inc., the insurer rocked by both state and federal investigations into its accounting practices, on Tuesday reported quarterly profit rose due mostly to large accounting gains booked during the period.
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EchoStar's 2Q profit rises on tax gain
Aug 9 2005 9:08PM (CT)
DENVER (AP) - EchoStar Communications Corp. saw its second-quarter earnings jump due to a $593 million one-time tax gain and revenue growth, despite slower gains in its customer rolls. Shares of the nation's second-largest satellite television provider rose more than 5 percent Tuesday on the report.
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United parent ends wrangle over leases
Aug 9 2005 8:54PM (CT)
CHICAGO (AP) - United Airlines' parent company said Tuesday it has resolved a contentious dispute over renegotiated aircraft leases involving about a quarter of its fleet, moving the nation's second-largest carrier a step closer to exiting bankruptcy.
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Striking Asiana pilots resume talks
Aug 9 2005 8:52PM (CT)
SEOUL, South Korea (AP) - Striking pilots at Asiana Airlines resumed talks with management Wednesday in hopes of averting a government threat to use special powers to end the walkout, a union spokesman said.
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Lions Gate 1Q loss widens; stock falls
Aug 9 2005 8:38PM (CT)
SANTA MONICA, Calif. (AP) - Lions Gate Entertainment Corp.'s loss widened in its fiscal first quarter, and the Canadian company missed Wall Street's expectations.
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Northwest flight attendants vote on strike
Aug 9 2005 8:34PM (CT)
ST. PAUL, Minn. (AP) - Flight attendants at Northwest Airlines Corp. began voting on Tuesday on whether to strike later this month to support the company's mechanics.
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Ex-CEO: Merck was conservative with Vioxx
Aug 9 2005 7:51PM (CT)
ANGLETON, Texas (AP) - Vioxx was important to Merck & Co.'s future growth when the painkiller went on the market a year before patents began expiring on several other lucrative medicines, former Merck CEO Raymond Gilmartin told jurors in the nation's first Vioxx-related civil trial.
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Fed boosts key interest rate for 10th time
Aug 9 2005 7:40PM (CT)
WASHINGTON (AP) - The Federal Reserve pushed borrowing costs to their highest point in nearly four years Tuesday in an attempt to make sure the combination of high energy prices and a solidly growing economy doesn't turn into a recipe for inflation.
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Judge sides with Disney board over Ovitz
Aug 9 2005 7:38PM (CT)
WILMINGTON, Del. (AP) - The Walt Disney Co.'s board did not breach its fiscal responsibilities by agreeing to hire Hollywood superagent Michael Ovitz as president in 1995, then granting him a $140 million severance package when he left just 14 months later, a judge ruled Tuesday.
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Knight Ridder to receive $262M in swap
Aug 9 2005 7:22PM (CT)
NEW YORK (AP) - Knight Ridder Inc. will receive $262 million for selling the Detroit Free Press to Gannett Co., according to a regulatory filing.
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Cisco 4Q profits jump nearly 12 percent
Aug 9 2005 6:33PM (CT)
SAN JOSE, Calif. (AP) - Cisco Systems Inc.'s fiscal fourth-quarter profits jumped nearly 12 percent as it benefited from strong demand for its traditional routers and switches as well as emerging technologies including Internet telephones.
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Disney earnings rise on TV network growth
Aug 9 2005 6:05PM (CT)
LOS ANGELES (AP) - Higher television ratings at ABC and increased theme park attendance boosted The Walt Disney Co.'s third-quarter profits.
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Wheeling-Pittsburgh profit slides in 2Q
Aug 9 2005 5:32PM (CT)
MORGANTOWN, W.Va. (AP) - Despite higher steel prices, Wheeling-Pittsburgh Corp. said Tuesday its second-quarter profit was just $2.6 million, or one-tenth of what it made in the same period last year.
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MCI Inc. returns to profitability in 2Q
Aug 9 2005 5:26PM (CT)
ASHBURN, Va. (AP) - Long-distance phone carrier MCI Inc., which is being acquired by Verizon Communications Inc., on Tuesday reported its first quarterly profit since emerging from bankruptcy in April 2004 on declining expenses.
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Elan, Biogen comment on Tysabri screening
Aug 9 2005 5:24PM (CT)
DUBLIN, Ireland (AP) - About 2,000 patients who took the suspended MS-fighting drug Tysabri in clinical trials have been screened for a deadly disease, but none showed signs of contracting it, the Irish and U.S. companies jointly developing the drug said Tuesday.
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Treasurys gain on Fed's suggestion
Aug 9 2005 5:23PM (CT)
NEW YORK (AP) - A Federal Reserve that stuck to its message sent Treasurys modestly higher Tuesday as investors hoping for sterner words on inflation pared back some of their bearish bets.
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S. Korean agency requests Intel documents
Aug 9 2005 5:09PM (CT)
SAN JOSE, Calif. (AP) - Confirming another inquiry into its business practices, Intel Corp. said antitrust regulators in South Korea have requested documents related to its marketing and rebate programs.
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May's 2Q profit declines on merger costs
Aug 9 2005 5:08PM (CT)
ST. LOUIS (AP) - May Department Stores Co.'s earnings fell by nearly half in the second quarter, hurt by expenses from a pending merger with rival Federated Department Stores Inc. and disappointing same-store sales, the company said Tuesday.
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Cablevision posts profit on asset swaps
Aug 9 2005 5:06PM (CT)
NEW YORK (AP) - Cablevision Systems Corp., a New York-area cable TV provider, swung to a profit in the second quarter on gains related to the restructuring of several regional sports networks.
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Clear Channel profit falls, revenue dips
Aug 9 2005 4:59PM (CT)
SAN ANTONIO (AP) - Clear Channel Communications Inc., the country's largest radio station owner, said Tuesday its second-quarter earnings fell 13 percent on lower revenue and higher operating costs as the media conglomerate prepares to spin off some of its businesses.
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Sprint, Nextel acquisition to close Friday
Aug 9 2005 4:58PM (CT)
OVERLAND PARK, Kan. (AP) - Sprint Corp. said Tuesday it will complete its acquisition of Nextel Communications Inc. on Friday and begin trading as a unified stock on Monday.
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Delta stock plunges anew on downgrade
Aug 9 2005 4:57PM (CT)
ATLANTA (AP) - Delta Air Lines Inc.'s battered stock plunged to a new low Tuesday after a Wall Street analyst advised clients to sell their shares on fears the nation's third-largest carrier will file for bankruptcy within the next two months.
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SEC launches informal probe into Kodak
Aug 9 2005 4:56PM (CT)
ROCHESTER, N.Y. (AP) - Federal regulators have launched an informal inquiry into an Eastman Kodak Co. financial restatement that trimmed the photography company's profits by $105 million to fix accounting errors mainly in taxes and pensions over the last two years.
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SEC asks Pfizer for Bextra, Celebrex data
Aug 9 2005 4:55PM (CT)
NEW YORK (AP) - Pfizer Inc. is responding to a request from the Securities and Exchange Commission for information and documents on its Bextra and Celebrex painkillers, the drugmaker said Tuesday in a filing.
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Detroit Free Press selling for $262M
Aug 9 2005 4:54PM (CT)
DETROIT (AP) - Knight Ridder Inc. will receive $262 million for selling the Detroit Free Press to Gannett Co., according to a regulatory filing Knight Ridder made Tuesday.
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Ford to cut costs by shedding sales jobs
Aug 9 2005 4:48PM (CT)
DETROIT (AP) - Ford Motor Co., hurt by flat sales and high costs, is consolidating its Ford and Lincoln Mercury marketing divisions and shedding sales jobs, the company said Tuesday.
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Tuesday's Commodities Roundup
Aug 9 2005 4:33PM (CT)
NEW YORK (AP) - Oil prices fell sharply Tuesday after climbing to a new high, but failed to sustain the gains amid profit-taking.
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Blockbuster shares drop after 2Q loss
Aug 9 2005 4:29PM (CT)
DALLAS (AP) - Shares of Blockbuster Inc. dropped sharply after the nation's biggest movie-rental chain said it fell to a $57.2 million loss in the second quarter, which its CEO blamed on "malaise" in the movie world.
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Adidas expects job growth from Reebok deal
Aug 9 2005 4:28PM (CT)
CANTON, Mass. (AP) - The top executive of Adidas-Salomon AG said Tuesday that the German company's acquisition of Reebok International Ltd. is likely to lead to more jobs rather than widespread layoffs.
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America West shareholders to vote on deal
Aug 9 2005 4:12PM (CT)
PHOENIX (AP) - Shareholders of America West Holdings Corp., the parent of Arizona-based America West Airlines, will vote on whether to approve the company's merger with bankrupt US Airways Group Inc.
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US Airways closer to leaving bankruptcy
Aug 9 2005 4:10PM (CT)
ALEXANDRIA, Va. (AP) - A judge on Tuesday allowed bankrupt US Airways Group Inc. to send its reorganization plan to creditors for a vote, moving the airline one step closer to emerging from Chapter 11 protection.
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Charter names ex-Time Warner exec as CEO
Aug 9 2005 4:04PM (CT)
ST. LOUIS (AP) - Charter Communications Inc. has turned to an executive from rival cable TV operator Time Warner Inc. for its new chief executive.
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E-Trade Financial to acquire Kobren
Aug 9 2005 3:59PM (CT)
NEW YORK (AP) - Online brokerage E-Trade Financial Corp. said Tuesday that it is buying Massachusetts-based Kobren Insight Management, continuing its consolidation strategy and its expansion into regionally based wealth management.
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Ex-WorldCom exec gets one year in prison
Aug 9 2005 3:58PM (CT)
NEW YORK (AP) - The former director of general accounting at WorldCom was sentenced Tuesday to one year and one day in prison for his role in the company's record $11 billion fraud.
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Plastech makes bid for Collins & Aikman
Aug 9 2005 3:06PM (CT)
DETROIT (AP) - Plastech Engineered Products Inc. has made a $1 billion bid to buy rival auto-parts supplier Collins & Aikman Corp., which filed for bankruptcy in May, according to a letter obtained Tuesday by The Associated Press.
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Unocal shareholders to OK Chevron takeover
Aug 9 2005 2:40PM (CT)
LOS ANGELES (AP) - After months of haggling and international intrigue, Unocal Corp. shareholders will finally meet Wednesday to approve a takeover by Chevron Corp.
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France, home of luxe, wages war on fakes
Aug 9 2005 12:58PM (CT)
LYON, France (AP) - The man was sweating as he edged toward the blue-uniformed customs agents framing the doorway _ his only exit. Red-faced and incongruous in the air-conditioned cool of the arrivals area, he never had a chance.
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Britain's trade deficit decreases in June
Aug 9 2005 12:37PM (CT)
LONDON (AP) - Britain's trade deficit dropped sharply in June driven primarily by improved trade balance with non-EU countries, a government department said Tuesday, but officials were trying to determine whether the statistics had been skewed by trade fraud.
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Parmalat can proceed with bank lawsuit
Aug 9 2005 12:34PM (CT)
MILAN, Italy (AP) - A U.S. judge has ruled that insolvent dairy giant Parmalat Finanziaria SpA can proceed with its lawsuit against Bank of America Corp., a court document showed.
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Berlusconi denies takeover involvement
Aug 9 2005 11:59AM (CT)
ROME (AP) - Silvio Berlusconi, the Italian premier and billionaire media magnate, denied on Tuesday that he is involved in any takeover attempt for RCS MediaGroup SpA, which publishes the nation's largest daily, Corriere della Sera.
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Suez launches buyout offer for Electrabel
Aug 9 2005 11:26AM (CT)
PARIS (AP) - French utility Suez SA launched an 11.2 billion euros ($13.85 billion) buyout offer Tuesday for the 49.9 percent of Belgian power company Electrabel that it does not already own.
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SEC subpoenas Marathon Oil, Amerada Hess
Aug 9 2005 11:25AM (CT)
HOUSTON (AP) - Amerada Hess Corp. and Marathon Oil Corp. said Monday they received subpoenas from the Securities and Exchange Commission asking for documents related to payments made by the companies to the government of Equatorial Guinea, in Africa.
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UBS 2Q profit climbs, misses estimates
Aug 9 2005 11:21AM (CT)
ZURICH, Switzerland (AP) - Banking giant UBS posted a second-quarter net profit of 2.15 billion Swiss francs ($1.71 billion) on Tuesday, up 5 percent from a year ago on higher revenue, especially from its industrial holdings.
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After breaking $1.24, euro slips vs. dollar
Aug 9 2005 11:15AM (CT)
FRANKFURT, Germany (AP) - The 12-nation euro broke the $1.24 mark on Tuesday before it slipped back down as traders awaited the outcome of the U.S. Federal Reserve's interest rate meeting.
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Ukraine sets $2B starting price for auction
Aug 9 2005 9:54AM (CT)
KIEV, Ukraine (AP) - The government on Tuesday set a $2 billion starting price for a 93.2 percent stake in Ukraine's most profitable steel mill, more than doubling the price at which the mill was sold last year in a highly disputed privatization deal.
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Merck sued by Apotex over lost drug sales
Aug 9 2005 8:19AM (CT)
WASHINGTON (AP) - Merck & Co. said it is being sued by Canadian drug maker Apotex Inc., which seeks damages for lost sales of a generic osteoporosis drug.
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SEC seeks information from DaimlerChrysler
Aug 9 2005 7:56AM (CT)
FRANKFURT, Germany (AP) - DaimlerChrysler AG was asked for a written statement and documents regarding its role in the U.N.'s oil-for-food program, according to documents filed with the U.S. Securities and Exchange Commission.
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EU says trouser imports reach quota limit
Aug 9 2005 7:33AM (CT)
BRUSSELS, Belgium (AP) - European retailers are to blame for exceeding the quota on cheap Chinese trousers by allowing too many shipments ahead of a cut-off date, the European Union's trade chief said Tuesday.
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2nd union joins S. Africa mining strike
Aug 9 2005 7:20AM (CT)
JOHANNESBURG, South Africa (AP) - A second union joined the largest strike to hit South Africa's key gold mining sector since 1987 early Tuesday, shutting down most mines in the world's top gold-producing country.
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KPN reports 2Q profit drop on higher taxes
Aug 9 2005 7:05AM (CT)
AMSTERDAM, Netherlands (AP) - Royal KPN NV said Tuesday its second-quarter profit dropped 40 percent, due mainly to higher taxes and one-time charges. But the Dutch telecommunications company announced a new share buyback program and said its outlook for this year has improved.
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Trial opens for Daewoo's ex-chairman
Aug 9 2005 6:25AM (CT)
SEOUL, South Korea (AP) - Kim Woo-choong, former chairman of collapsed conglomerate Daewoo, appeared in a Seoul court Tuesday to face charges of massive fraud that led to the downfall of a South Korean corporate icon.
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Housing prices high for low income workers
Aug 9 2005 6:00AM (CT)
WASHINGTON (AP) - Housing prices are far outstripping salary increases for low- and moderate-income jobs, putting the American dream of owning a home beyond the reach of teachers, firefighters and other community workers in many cities, said a study being released Tuesday.
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Bridgestone reports first half profit
Aug 9 2005 5:47AM (CT)
TOKYO (AP) - Japanese tire-maker Bridgestone Corp. said Tuesday its profit nearly doubled in the first half of the year because of a special pension-related gain, but acknowledged that rising raw material costs had hurt earnings.
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Germany's trade surplus rises unexpectedly
Aug 9 2005 5:25AM (CT)
FRANKFURT, Germany (AP) - Germany's trade surplus unexpectedly rose in June, the government said Tuesday, as foreign demand for German goods gained strength.
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Japan's economy wins upbeat assessment
Aug 9 2005 4:56AM (CT)
TOKYO (AP) - Japan's fragile economic recovery won upbeat assessments Tuesday from the nation's central bank and Standard & Poor's, despite mounting political uncertainty about next month's nationwide elections.
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ADB: Oil prices to reduce E. Asia's growth
Aug 9 2005 2:27AM (CT)
MANILA, Philippines (AP) - Record-high oil prices, declining exports and slower growth in China and Singapore are expected to reduce East Asia's economic growth rate to 6.8 percent this year from 7.6 percent in 2004, the Asian Development Bank said Tuesday.
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Reebok deal hurts New England shoemaking
Aug 9 2005 12:34AM (CT)
BOSTON (AP) - A century ago, New England was the world's shoemaker. Factories in towns such as Brockton, Haverhill, Marlboro and Peabody drove the local economy, churning out millions of pairs of shoes that were shipped from nearby ports to Europe and beyond.
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Ebony, Jet publisher John H. Johnson dies
Aug 9 2005 12:22AM (CT)
CHICAGO (AP) - Publisher John H. Johnson, whose Ebony and Jet magazines countered stereotypical coverage of blacks after World War II and turned him into one of the most influential black leaders in America, died Monday, his company said. He was 87.
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