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Newmont wants pollution case dismissed
Aug 18 2005 11:54PM (CT)
MANADO, Indonesia (AP) - An American who heads the Indonesian branch of the world's largest gold producer returned to court Friday to defend himself against charges of dumping toxins into a bay, sickening villagers who lived nearby.
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Google plans to raise $4B in stock sale
Aug 18 2005 11:42PM (CT)
SAN JOSE, Calif. (AP) - Google Inc. plans to sell another 14.2 million shares, raising about $4 billion, but the famous search engine company isn't providing many clues as to how the money will be spent.
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Steel industry slogs through soft period
Aug 18 2005 11:39PM (CT)
MORGANTOWN, W.Va. (AP) - U.S. steel mills have trimmed production but continue to slog through a quarter that many companies say will be the low point of the year and a dramatic drop from the third quarter of 2004, when the market hit what many now see as an artificial high.
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Crude oil prices spike on demand concerns
Aug 18 2005 11:34PM (CT)
SINGAPORE (AP) - The price of crude spiked Friday, as a downward spiral that dominated the week's trade ended on news of a fire at the massive Paraguana refining complex in Venezuela as demand concerns continued to weigh in with the Northern Hemisphere winter on the horizon.
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Japanese stocks fall; dollar rises vs. yen
Aug 18 2005 11:09PM (CT)
TOKYO (AP) - Japanese stocks fell Friday morning as the market took a breather, with traders selling bank issues. The dollar was higher against the yen.
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Foot Locker posts lower 2Q profit
Aug 18 2005 11:08PM (CT)
NEW YORK (AP) - Athletic retailer Foot Locker Inc. on Thursday reported lower second-quarter earnings on weaker results from Europe, prompting the company to cut the top end of its profit growth expectations for the rest of the year.
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Northwest stock jumps on analyst's upgrade
Aug 18 2005 11:00PM (CT)
MINNEAPOLIS (AP) - Shares of Northwest Airlines Corp. surged nearly 10 percent on Thursday on an analyst's upgrade and word that a Connecticut investor had bought 6 percent of the nation's fourth-largest airline. The stock boost came on a day when talks aimed at averting a mechanics strike offered few public signs of progress.
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Former Hollinger executives charged
Aug 18 2005 9:45PM (CT)
CHICAGO (AP) - Former Chicago Sun-Times publisher David Radler, a lawyer for the newspaper's parent company and a media holding company that was controlled until recently by Conrad Black were indicted on federal fraud charges Thursday for allegedly diverting $32 million through a series of bogus deals.
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Brooktrout to be acquired by EAS Group
Aug 18 2005 8:36PM (CT)
NEEDHAM, Mass. (AP) - Communications equipment maker Brooktrout Inc. on Thursday agreed to be acquired by the privately held parent company of Excel Switching Corp. for about $173 million in a partnership between two Massachusetts-based technology firms.
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Sharper Image swings to loss in 2Q
Aug 18 2005 8:30PM (CT)
SAN FRANCISCO (AP) - Sharper Image Corp., a retailer of high-end electronics and other gadgets, on Thursday reported a second-quarter loss, reversing a year-earlier profit, hampered by a steep drop in catalog and wholesale sales.
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Gap says 2Q profit rises 39 percent
Aug 18 2005 8:19PM (CT)
SAN FRANCISCO (AP) - Gap Inc. on Thursday said earnings for the second quarter rose 39 percent, but the retailer warned of a weak sales performance so far this month and lowered its profit forecast for the year.
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Vioxx jury ends first day of deliberations
Aug 18 2005 8:14PM (CT)
ANGLETON, Texas (AP) - Jurors in the nation's first Vioxx-related civil trial ended their first day of deliberation after seven hours Thursday and were to resume Friday.
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$1B verdict against State Farm tossed
Aug 18 2005 6:36PM (CT)
SPRINGFIELD, Ill. (AP) - The Illinois Supreme Court on Thursday reversed a $1 billion judgment against State Farm Insurance Co. in a class-action lawsuit alleging the company bought substandard parts to repair damaged cars.
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Money funds rise in latest week
Aug 18 2005 5:29PM (CT)
NEW YORK (AP) - Assets of the nation's retail money market mutual funds rose by $5.58 billion in the latest week to $814.10 billion, the Investment Company Institute said Thursday.
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SEC charges 8 more in Reebok trading case
Aug 18 2005 5:08PM (CT)
WASHINGTON (AP) - The Securities and Exchange Commission filed civil charges Thursday against the nephew of a Croatian woman whom the commission sued two weeks ago on charges of "highly suspicious" trading in options on Reebok International Ltd. stock.
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Indicators see sluggish rise in July
Aug 18 2005 5:07PM (CT)
NEW YORK (AP) - An important gauge of future economic activity rose a modest 0.1 percent in July, suggesting that higher oil prices and rising interest rates are tempering the nation's economic growth prospects.
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TRW announces 2nd plant shutdown in Mich.
Aug 18 2005 5:00PM (CT)
DETROIT (AP) - Auto-parts supplier TRW Automotive Holdings Corp. said Thursday it plans to close a manufacturing plant in Jackson by next summer. It was the second time this week TRW has announced plans to close a Michigan plant.
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Disney board OKs majority-vote standard
Aug 18 2005 4:51PM (CT)
BURBANK, Calif. (AP) - The board of Walt Disney Co., which faced a shareholder revolt last year, has voted to amend its corporate-governance guidelines to make it easier for shareholders to remove directors.
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Judge lets SEC file new HealthSouth suit
Aug 18 2005 4:24PM (CT)
BIRMINGHAM, Ala. (AP) - A federal judge considering whether to let the Securities and Exchange Commission proceed with its lawsuit against former HealthSouth Corp. chief Richard Scrushy said Thursday the government can revamp its complaint.
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Home builder Levitt plans acquisitions
Aug 18 2005 4:07PM (CT)
NEW YORK (AP) - Levitt Corp., parent of the company that built Levittown developments for U.S. soldiers returning from World War II, wants to acquire other home builders to expand its geographic reach.
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Brazilian growers warn on O.J. tariffs
Aug 18 2005 3:58PM (CT)
SAO PAULO, Brazil (AP) - American consumers will pay more for orange juice because of a U.S. Commerce Department ruling ordering penalty tariffs of up to 60 percent on orange juice concentrate from Brazil, Brazilian growers said Thursday.
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Medco acquisition of Accredo closes
Aug 18 2005 3:57PM (CT)
NEWARK, N.J. (AP) - Insurers covering care for patients with serious chronic conditions should see savings from the $2.3 billion acquisition of specialty drug provider Accredo Health Inc. by Medco Health Services, executives with the companies said Thursday.
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Thursday's Commodities Roundup
Aug 18 2005 3:52PM (CT)
NEW YORK (AP) - Crude futures edged back into positive territory Thursday after another steep drop triggered by continued concern about demand.
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Altria up on court ruling for State Farm
Aug 18 2005 3:51PM (CT)
CHICAGO (AP) - Altria Group Inc. stock rose Thursday after the Illinois Supreme Court tossed out a billion-dollar verdict against Insurance Co., giving a possible preview of its stance in a somewhat similar case involving Altria.
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Mercedes boss to leave DaimlerChrysler
Aug 18 2005 3:41PM (CT)
BERLIN (AP) - DaimlerChrysler AG said Thursday the head of its Mercedes Car Group unit, who was passed over for promotion to the chief executive's job, would leave the automaker at the end of this month.
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ISS backs Washingon Mutual-Providian deal
Aug 18 2005 3:39PM (CT)
NEW YORK (AP) - Institutional Shareholder Services, the influential proxy advisery service, is advising shareholders to approve Washington Mutual Inc.'s planned acquisition of credit-card issuer Providian Financial Corp.
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Limited Brands' 2Q profit falls
Aug 18 2005 3:33PM (CT)
COLUMBUS, Ohio (AP) - Limited Brands Inc. said Thursday profits for its second quarter fell 24 percent and it warned that disappointing performances among its clothing lines would help drive earnings below Wall Street expectations for the third quarter and the year. The specialty retailer's stock dropped after the news.
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Merck win would be only mildly positive
Aug 18 2005 3:32PM (CT)
LAKE JACKSON, Texas (AP) - If the jury decides against Merck & Co. in the first wrongful death case related to the painkiller Vioxx, it may open the legal floodgates and drive up the company's potential liability, already estimated at as much as $18 billion, analysts say.
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Six Flags stock up on shareholder move
Aug 18 2005 3:30PM (CT)
NEW YORK (AP) - Six Flags Inc. stock rose Thursday after the amusement-park company's largest shareholder moved to increase its stake, oust top management and make a series of changes.
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Report: Tommy Hilfiger on auction block
Aug 18 2005 3:28PM (CT)
NEW YORK (AP) - Fashion company Tommy Hilfiger Corp., aiming to expand its business, is making plans to put itself on the auction block, according to a published report.
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Barnes & Noble 2Q profit rises 55 percent
Aug 18 2005 3:22PM (CT)
NEW YORK (AP) - Barnes & Noble Inc., the nation's leading bookseller, said Thursday that second-quarter profit rose 55 percent. But its shares fell more than 5 percent on disappointing sales even with a solid performance from the new Harry Potter book.
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Depositions delayed in Qwest lawsuit
Aug 18 2005 3:10PM (CT)
DENVER (AP) - A federal judge has postponed depositions in a shareholder lawsuit against Qwest Communications International Inc. and former top executives until Sept. 30 at the request of federal prosecutors conducting a criminal investigation.
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Way cleared for possible ATA strike vote
Aug 18 2005 2:53PM (CT)
INDIANAPOLIS (AP) - The president of the Air Line Pilots Association has authorized the union's leadership to hold a strike vote if they cannot reach an "acceptable" agreement with ATA Airlines Inc. in bankruptcy court.
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Icahn: Time Warner meeting 'productive'
Aug 18 2005 2:38PM (CT)
NEW YORK (AP) - Financier Carl Icahn said Thursday he had a "productive" discussion with Dick Parsons, the CEO of Time Warner Inc., concerning Icahn's ideas for lifting the value of Time Warner's stock.
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Dollar extends rally for fifth day
Aug 18 2005 1:30PM (CT)
BERLIN (AP) - The dollar rose against the euro for a fifth day Thursday, extending its rally amid strong economic growth and expectations of higher interest rates in the United States.
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Rates on 30-year mortgages decline
Aug 18 2005 1:06PM (CT)
WASHINGTON (AP) - Rates on 30-year mortgages declined this week after posting increases for six consecutive weeks.
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Banker jailed in Parmalat case released
Aug 18 2005 12:50PM (CT)
PARMA, Italy (AP) - A former Bank of America Corp. banker arrested earlier this month as part of the investigation into the collapse of Italian dairy company Parmalat Finanzaria SpA was released from pretrial custody Thursday after 16 days in jail.
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RBS to buy stake in Bank of China
Aug 18 2005 12:45PM (CT)
LONDON (AP) - The Royal Bank of Scotland Group PLC announced a major move into the Chinese market Thursday, heading up a $3.1 billion (2.58 billion euro) investment in Bank of China that will give the British bank a 10 percent stake.
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More foreign banks invest in China lenders
Aug 18 2005 12:36PM (CT)
SHANGHAI, China (AP) - Foreign banks are planning to take large stakes in China's second largest bank and a mid-sized regional Chinese lender as they jockey for position ahead of late 2006, when China fully opens its markets to overseas competition.
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Mass transit rolls out TV, tunnel ads
Aug 18 2005 12:14PM (CT)
CHICAGO (AP) - On a fast moving subway train in downtown Chicago, passengers stare out the window at an otherwise dark subway wall that briefly glows red with a filmstrip-like advertisement from Target Corp.
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Fla. paper launches weekly for blacks
Aug 18 2005 11:51AM (CT)
GAINESVILLE, Fla. (AP) - The Gainesville Sun announced it is launching a weekly newspaper aimed at this college town's east side and its predominantly black population. The Gainesville Guardian will debut Wednesday.
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Zurich Financial profit gains 21 percent
Aug 18 2005 11:15AM (CT)
ZURICH, Switzerland (AP) - Swiss insurance giant Zurich Financial Services on Thursday reported a first-half net profit of $1.8 billion, up 21 percent from $1.48 billion in the same period last year due to strong results in its underwriting business and effective cost-cutting measures.
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GE Consumer may buy into Garanti Bank
Aug 18 2005 11:03AM (CT)
ANKARA, Turkey (AP) - A Turkish conglomerate said Thursday it had agreed to enter talks with the financial arm of General Electric Co. for the possible sale of half of its stake in Garanti Bank, Turkey's third-largest closely held bank.
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USA Today to publish technology magazine
Aug 18 2005 10:03AM (CT)
NEW YORK (AP) - USA Today, the largest-circulation daily newspaper in the country, is launching a glossy technology magazine covering consumer electronics and trends, the newspaper announced Thursday.
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Korean Air, pilots' union reach agreement
Aug 18 2005 8:32AM (CT)
SEOUL, South Korea (AP) - Korean Air, South Korea's largest airline, and its pilots' union reached an agreement Thursday to avert a planned strike by the union over demands for increased rest times at overseas destinations.
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Chinese court frees detained biz leader
Aug 18 2005 7:39AM (CT)
BEIJING (AP) - The chairman of U.S. electronics maker Apex Digital Inc. has been released on bail by a Chinese court, the U.S. Embassy said Thursday, 10 months after he was detained during a financial dispute with a Chinese television maker.
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British Airways to investigate strike
Aug 18 2005 7:30AM (CT)
LONDON (AP) - British Airways PLC began an investigation Thursday into a strike by ground staff last week that stranded more than 100,000 passengers and crippled its operations out of Heathrow Airport.
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Euro-zone inflation rises to 2.2 percent
Aug 18 2005 6:53AM (CT)
BRUSSELS, Belgium (AP) - Rising gas prices pushed inflation in the 12 countries that use the euro up to 2.2 percent in July, the European Union's statistics agency reported Thursday.
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Morgan Stanley to keep Discover card unit
Aug 18 2005 6:43AM (CT)
NEW YORK (AP) - Morgan Stanley Chief Executive John Mack made his first major move to revamp the Wall Street firm by announcing that the company will not spin off its Discover Financial Services credit card arm, as was considered under former CEO Phil Purcell.
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Deal close with China on textile imports
Aug 18 2005 6:42AM (CT)
WASHINGTON (AP) - Negotiators are close to a comprehensive agreement to limit imports of Chinese clothing and textiles into the United States, but another meeting will be required to complete a deal, U.S. officials said Wednesday.
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Loss widens at Japanese retailer Seiyu
Aug 18 2005 5:02AM (CT)
TOKYO (AP) - Seiyu Ltd., the struggling Japanese partner of U.S. retailer Wal-Mart Stores, said Thursday losses widened nearly four-fold in the first-half to 10.59 billion yen, or $96.3 million, due to sliding sales.
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China Airlines cuts profit target 30 pct.
Aug 18 2005 5:01AM (CT)
TAIPEI, Taiwan (AP) - Taiwan's largest carrier, China Airlines Ltd., has slashed its 2005 pretax profit target by 30 percent because of surging fuel prices, a statement on its Web site said Thursday.
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UAL stock committee settles $5.25M suit
Aug 18 2005 4:03AM (CT)
CHICAGO (AP) - The committee that oversaw United Airlines' employee-stock ownership plan settled a class-action lawsuit for $5.25 million that was brought on behalf of UAL Corp. employees.
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Tyco tries to clean up its balance sheet
Aug 18 2005 4:03AM (CT)
NEW YORK (AP) - Turning Tyco International Ltd.'s operations around is taking longer than some investors had hoped, but the reshaping of its balance sheet continues. Since its spectacular fall from grace in 2002, Tyco, which operates health care, fire and security, electronics and plastics businesses, has been trying to clean up its balance sheet and get a decent credit rating.
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Australia, China to hold free trade talks
Aug 18 2005 3:37AM (CT)
CANBERRA, Australia (AP) - Chinese and Australian officials will meet in Beijing next week to examine each other's trade regulations as part of negotiations toward a free trade agreement, Australia's trade minister said Thursday.
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Qantas year-end results rise 18 percent
Aug 18 2005 3:16AM (CT)
SYDNEY, Australia (AP) - Australia's Qantas Airways Ltd. on Thursday reported a better-than-expected 18 percent rise in annual net profit to 763.6 million Australian dollars, or $580.2 million, but warned it will have to slash jobs as it battles soaring fuel prices.
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Anthrax kills hundreds of U.S. cattle
Aug 18 2005 3:13AM (CT)
ENDERLIN, N.D. (AP) - An anthrax outbreak has killed hundreds of cattle in parts of the Great Plains, forcing quarantines and devastating ranchers who worry how they will recover financially.
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Aircraft workers decide to keep union
Aug 18 2005 12:26AM (CT)
WICHITA, Kan. (AP) - Aircraft workers voted Wednesday to keep their union, which agreed to benefit cuts after a Canadian company bought the Boeing Co.'s commercial airplane operations in Kansas and Oklahoma.
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China auto sales, output fall in July
Aug 18 2005 12:16AM (CT)
SHANGHAI, China (AP) - Automobile sales and production dropped by double-digit figures in July from the month before, an industry association reported, in a decline attributed mainly to power shortages and hot weather.
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