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Ex-Kmart CEO, CFO face SEC accusations
Aug 23 2005 10:47PM (CT)
DETROIT (AP) - The Securities and Exchange Commission on Tuesday filed civil charges against two former Kmart executives, accusing them of making "materially false and misleading" disclosures to shareholders before the retailer's 2002 bankruptcy filing.
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China to revise laws to boost confidence
Aug 23 2005 10:17PM (CT)
SHANGHAI, China (AP) - China's legislature plans to significantly strengthen the powers of the nation's securities regulator in a bid to boost confidence in the markets and root out corruption.
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Japanese stocks lower; dollar higher
Aug 23 2005 9:52PM (CT)
TOKYO (AP) - Japanese stocks edged lower in Wednesday, taking a break after their recent rally to fresh four-year highs on renewed confidence in the country's economic recovery. The dollar was higher against the yen.
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Judge orders FDIC to pay Houston financier
Aug 23 2005 9:47PM (CT)
HOUSTON (AP) - A federal judge on Tuesday ordered the Federal Deposit Insurance Corp. to pay Houston financier Charles Hurwitz $72.3 million in attorneys fees for its failed lawsuit against him over a defunct savings and loan.
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Bonds rise amid softer data, weaker stocks
Aug 23 2005 9:39PM (CT)
NEW YORK (AP) - Softer-than-expected housing data together with falling equities prices gave Treasury bonds just enough of a boost Tuesday to take yields to multi-week lows.
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Tuesday's Commodities Roundup
Aug 23 2005 9:37PM (CT)
NEW YORK (AP) - Oil prices ended a fairly choppy session Tuesday with modest gains spurred by short-covering ahead of weekly inventory data due Wednesday.
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Japan to resume supersonic jet test
Aug 23 2005 8:13PM (CT)
TOKYO (AP) - Japan's space agency plans to launch an arrow-shaped airplane at twice the speed of sound high over the Australian outback as early as next month in a crucial test of the country's push to develop a supersonic successor to the retired Concorde.
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Deal reached for Goldman Sachs tower
Aug 23 2005 8:11PM (CT)
NEW YORK (AP) - Goldman Sachs Group Inc. agreed on Tuesday to build a $2 billion world headquarters near the World Trade Center site.
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Zetsche says profitability most important
Aug 23 2005 8:00PM (CT)
DETROIT (AP) - DaimlerChrysler AG chief-to-be Dieter Zetsche says his priorities in an interim role leading the company's luxury Mercedes division will be much the same as when he took over struggling Chrysler five years ago _ improving lagging quality and profitability.
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Westcorp confirms possible combination
Aug 23 2005 7:54PM (CT)
IRVINE, Calif. (AP) - Financial services holding company Westcorp Inc. on Tuesday said it is in talks about a possible deal that could trump its own plans to restructure its business model.
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US Airways unveils new paint scheme
Aug 23 2005 6:19PM (CT)
CHARLOTTE, N.C. (AP) - US Airways Group Inc. and America West on Tuesday unveiled the new design for their merged airline, choosing a livery that replaces the carriers' dominant dark blue and teal colors with an abundance of white.
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Maris family, Anheuser-Busch settle suit
Aug 23 2005 5:56PM (CT)
GAINESVILLE, Fla. (AP) - The family of former home run king Roger Maris and Anheuser-Busch settled a defamation lawsuit stemming from the brewer's termination of the family's beer distributorship just as jurors reached a verdict Tuesday.
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Northwest strike offers lessons for both
Aug 23 2005 5:37PM (CT)
MINNEAPOLIS (AP) - Removing a militant union is something most companies can only dream of. Northwest Airlines Corp. may be on its way toward doing it _ and other companies and unions are watching.
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Pier 1 warns of 2Q loss on falling sales
Aug 23 2005 5:18PM (CT)
DALLAS (AP) - Home-furnishings retailer Pier 1 Imports Inc. on Tuesday warned of a bigger-than-expected loss in its fiscal second quarter because of falling sales.
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Lorillard to appeal decision on ads
Aug 23 2005 5:09PM (CT)
RALEIGH, N.C. (AP) - Lorillard Tobacco Co. said Tuesday it will appeal a Delaware judge's decision that anti-smoking ads from a foundation did not vilify the tobacco industry and did not violate a litigation settlement with 46 states.
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Dow drops 50 as existing home sales slide
Aug 23 2005 4:56PM (CT)
NEW YORK (AP) - Investors retreated Tuesday, sending stocks moderately lower as existing home sales slid and volatile oil prices intensified Wall Street's summer malaise.
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Williams-Sonoma 2Q earnings up 12 percent
Aug 23 2005 4:40PM (CT)
SAN FRANCISCO (AP) - Williams-Sonoma Inc., owner of a home furnishings chain as well as the Pottery Barn and West Elm brands, said Tuesday that earnings rose about 12 percent in the second quarter, and the company reiterated guidance for the full year. Its shares fell more than 2 percent in morning trading.
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Harrah's Entertainment buys Imperial Palace
Aug 23 2005 4:35PM (CT)
LAS VEGAS (AP) - Harrah's Entertainment Inc., the world's largest gambling company, has agreed to buy the aging Imperial Palace hotel-casino on the Las Vegas Strip for $370 million.
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Boston Scientific shares dip on letter news
Aug 23 2005 4:33PM (CT)
BOSTON (AP) - Federal regulators sent Boston Scientific Corp. a warning letter identifying "serious regulatory problems" in medical devices shipped from a Quincy, Mass., distribution plant, including heart stents sent to hospitals despite a quality control problem.
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Starwood to build $1.7B Las Vegas project
Aug 23 2005 4:26PM (CT)
LAS VEGAS (AP) - Starwood Hotels & Resorts Worldwide Inc. intends to expand dramatically in Las Vegas, bringing its hip and urban W brand to one of the most competitive and coveted markets in the leisure industry.
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Tuesday's commodities roundup
Aug 23 2005 4:09PM (CT)
NEW YORK (AP) - Oil prices ended a fairly choppy session Tuesday with modest gains spurred by short-covering ahead of weekly inventory data due Wednesday.
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Amazon protesters list demands at talks
Aug 23 2005 4:07PM (CT)
QUITO, Ecuador (AP) - Protest leaders pressed Tuesday for a greater percentage of oil revenues to remain in the country and for Occidental Petroleum Corp. to lose its contract during a second day of talks aimed at resolving last week's crippling demonstrations.
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Valdez can levy property tax on tankers
Aug 23 2005 4:02PM (CT)
ANCHORAGE, Alaska (AP) - The city of Valdez can impose a property tax on tankers entering its port to pick up crude oil, according to a recent ruling in state Superior Court.
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Grounding jets could cost aeroflot $20M
Aug 23 2005 3:56PM (CT)
MOSCOW (AP) - A government decision to ground Russia's Ilyushin Il-96-300 commercial jets because of brake failures is likely to cost Aeroflot airlines about $20 million, the ITAR-Tass news agency reported.
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Saks department store group CEO resigns
Aug 23 2005 3:49PM (CT)
BIRMINGHAM, Ala. (AP) - Department store operator Saks Inc. said Tuesday that George Jones resigned as president and chief executive of the Saks Department Store Group, and Toni Browning was appointed president and CEO of the group's Parisian business.
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British Airways, Unions agree to deal
Aug 23 2005 3:31PM (CT)
LONDON (AP) - British Airways PLC and the U.S. company that provides its in flight meals agreed Tuesday to a new deal, delaying the catering company from filing for bankruptcy. But talks between the caterer and a union, on which the deal hinged, hit a stumbling block.
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Gap unveils Forth & Towne line of clothes
Aug 23 2005 2:47PM (CT)
WEST NYACK, N.Y. (AP) - Female baby boomers who grew up in Gap jeans but found themselves sized out of the market in middle age have a new shopping alternative: Forth & Towne, Gap Inc.'s first new store concept in more than a decade.
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Hospira to shut Irish plant, lay off 550
Aug 23 2005 1:47PM (CT)
LAKE FOREST, Ill. (AP) - Medical products maker Hospira Inc. said Tuesday it will close a manufacturing plant in Donegal, Ireland, and cut about 550 jobs there in the next 18 months.
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Hundreds of Northwest delays possible
Aug 23 2005 1:46PM (CT)
MINNEAPOLIS (AP) - Nearly 400 Northwest Airlines flights could be canceled during the first week of a mechanics' strike, about triple the number during the same period last year but still only a fraction of the carrier's schedule.
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Canada considers retaliatory tariffs
Aug 23 2005 12:53PM (CT)
REGINA, Saskatchewan (AP) - The Canadian government on Tuesday hinted at an escalating trade war with the United States, with two federal ministers warning of tariffs on American products in retaliation for Washington's policies against Canadian lumber.
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Cargill 4Q earnings surge 18 percent
Aug 23 2005 12:51PM (CT)
MINNEAPOLIS (AP) - Cargill Inc. said Tuesday fiscal fourth-quarter profit rose 18 percent as performance improved in divisions such as its global meat and poultry businesses.
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Existing home sales decline as rates rise
Aug 23 2005 12:28PM (CT)
WASHINGTON (AP) - Sales of previously owned homes dropped 2.6 percent in July as mortgage rates crept up. But even with the decline, sales clocked in at the third-highest level on record.
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GE, Rolls-Royce win $2.47B engine pact
Aug 23 2005 11:54AM (CT)
EVENDALE, Ohio (AP) - A joint venture between General Electric Co. and Rolls-Royce has won a $2.47 billion contract to develop an engine for the military's next-generation stealth jet fighter.
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Gov't proposes new SUV fuel standards
Aug 23 2005 10:11AM (CT)
ATLANTA (AP) - The Bush administration proposed new fuel economy standards for pickup trucks, minivans and some sport utility vehicles on Tuesday, calling upon automakers to make modest improvements to gas mileage amid rising prices at the pump.
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Yushchenko wants to reshape coal mining
Aug 23 2005 7:36AM (CT)
KIEV, Ukraine (AP) - Ukrainian President Viktor Yushchenko said Tuesday he wants to reshape the country's coal industry and offer the state-run coal mines to private owners.
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EU clears Danaher to buy Leica Microsystems
Aug 23 2005 7:01AM (CT)
BRUSSELS, Belgium (AP) - EU regulators on Tuesday cleared U.S. toolmaker Danaher Corp. to buy Germany's Leica Microsystems AG, a manufacturer of high-powered microscopes.
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Experts say rising gas prices spur thefts
Aug 23 2005 6:51AM (CT)
MONTGOMERY, Ala. (AP) - Industry experts say gasoline theft cost retailers $237 million last year and this year may be much worse because of the higher prices. With gasoline prices soaring, industry experts predict the number of drive-offs _ and violence _ will increase.
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Volvo Car to slash up to 1,500 jobs
Aug 23 2005 6:24AM (CT)
STOCKHOLM, Sweden (AP) - Volvo Car Corp. will slash between 1,000 and 1,500 jobs as part of an effort to cut costs by $131 million this year, a spokesman said Tuesday.
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ONGC may make PetroKazakhstan counteroffer
Aug 23 2005 6:14AM (CT)
NEW DELHI (AP) - India's biggest state-run oil company, Oil and Natural Gas Corp., may make a counteroffer for PetroKazakhstan Inc., the chief executive of the Indian company said a day after it was outbid by a unit of China National Petroleum Corp.
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Gasoline prices rise 6 cents to new high
Aug 23 2005 5:39AM (CT)
NEW YORK (AP) - The retail price of gasoline rose more than 6 cents last week to an average $2.61 a gallon nationwide, a new record, the Energy Department reported Monday.
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German economic sentiment climbs in August
Aug 23 2005 5:35AM (CT)
FRANKFURT, Germany (AP) - German economic sentiment jumped in August for the third month in a row on signals that domestic demand in Europe's largest economy was starting to improve.
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Paper: VW, DaimlerChrysler mulling minivan
Aug 23 2005 5:00AM (CT)
FRANKFURT, Germany (AP) - DaimlerChrysler AG and Volkswagen AG are in talks about jointly producing a VW-branded minivan for the U.S. market, a German newspaper reported Tuesday.
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