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Report: KPMG to pay $456M, accept monitor
Aug 26 2005 11:24PM (CT)
NEW YORK (AP) - Accounting firm KPMG will avoid an indictment for selling potentially illegal tax shelters by accepting an outside monitor and paying a $456 million fine, The New York Times reported on its Web site Friday.
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Merck to mull settling some Vioxx suits
Aug 26 2005 8:31PM (CT)
TRENTON, N.J. (AP) - Merck & Co. will consider settling a limited number of lawsuits over its withdrawn painkiller Vioxx, a spokesman said Friday. The drug's link to heart attacks and strokes has spawned thousands of lawsuits and last week's $253 million jury verdict in Texas.
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Precision Castparts to buy Special Metals
Aug 26 2005 8:11PM (CT)
CHARLESTON, W.Va. (AP) - Nickel alloy producer Special Metals Corp. will be acquired by Precision Castparts Corp. for $303 million, the companies said Friday.
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Treasurys fall, yield curve almost inverts
Aug 26 2005 5:30PM (CT)
NEW YORK (AP) - Treasury prices settled modestly lower Friday, led by the two-year note, leaving the front end of the curve upon the cusp of inverting for the first time since 2000.
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Flight experiences jive with NWA reports
Aug 26 2005 5:16PM (CT)
MINNEAPOLIS (AP) - While striking mechanics have accused Northwest Airlines of misleading the public about flight delays, interviews with more than a dozen passengers flying out of Minneapolis-St. Paul International Airport showed the airline's information matches passengers' experiences.
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Pixar shares dip on report of SEC inquiry
Aug 26 2005 5:12PM (CT)
NEW YORK (AP) - Shares of Pixar Animation Studios Inc. fell nearly 2.5 percent Friday after a published report said the Securities and Exchange Commission Inc. has requested information leading up to the filmmaker's report earlier this month of lower second-quarter earnings.
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Report: Russia opens probe into PepsiCo
Aug 26 2005 5:11PM (CT)
MOSCOW (AP) - Russia is investigating allegations that the soft drink maker PepsiCo Inc. has forbidden retailers from selling products made by its competitors, the Vedomosti business daily reported Friday.
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Delta pilots union changes leaders
Aug 26 2005 5:00PM (CT)
ATLANTA (AP) - Delta Air Lines Inc.'s pilots union elected a new chairman for its executive committee Friday, changing leaders amid worries the nation's third-largest carrier may file for bankruptcy protection.
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U.S., China to hold more textile talks
Aug 26 2005 4:58PM (CT)
WASHINGTON (AP) - The United States and China will hold a second round of talks next week in Beijing aimed at reaching a comprehensive agreement to limit Chinese clothing and textile exports to the United States.
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Friday's Commodities Roundup
Aug 26 2005 4:57PM (CT)
NEW YORK (AP) - Oil prices dropped nearly $1.50 Friday, briefly sliding below $66 a barrel amid a last-minute wave of selling sparked by early _ and as it turned out, premature _ indications that Hurricane Katrina would miss the oil and gas production regions of the Gulf of Mexico as it moved west of Florida.
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12 petroleum platforms evacuated for storm
Aug 26 2005 4:21PM (CT)
NEW ORLEANS (AP) - Twelve petroleum production platforms in the Gulf of Mexico had been evacuated Friday as Hurricane Katrina entered the Gulf of Mexico, but the flow of oil and natural gas was uninterrupted, a federal agency said.
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Greenspan: Investments won't soar forever
Aug 26 2005 4:10PM (CT)
JACKSON, Wyo. (AP) - Federal Reserve Chairman Alan Greenspan on Friday cautioned Americans against thinking the value of their homes and other investments will only go higher, saying "history has not dealt kindly" with that kind of optimism.
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United gets reorganization plan extension
Aug 26 2005 4:09PM (CT)
CHICAGO (AP) - A judge gave United Airlines two more months on Friday to devise its own bankruptcy reorganization plan, but warned there will be no further extensions unless there are "unforeseeable circumstances."
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Oil prices fall despite hurricane worries
Aug 26 2005 3:39PM (CT)
NEW YORK (AP) - Oil prices fell more than $1 a barrel Friday as traders took profits from recent record highs, but worries lingered that Hurricane Katrina might disrupt supplies of refined fuels from the Gulf Coast.
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UAW leaders: Gas prices a growing concern
Aug 26 2005 3:29PM (CT)
DETROIT (AP) - United Auto Workers union leaders said Friday they are increasingly concerned about gas prices and how they'll affect the Big Three automakers. But the union was mum on the subject of what it might do to help lower soaring labor and health care costs.
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Telmex to take control of Telecom
Aug 26 2005 3:13PM (CT)
BOGOTA, Colombia (AP) - Telefonos de Mexico SA is buying a majority stake in Colombia Telecom for an initial investment of $350 million, giving Latin America's richest man control of Colombia's government-owned telephone company.
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Breakaway union leaders outline strategy
Aug 26 2005 3:11PM (CT)
WASHINGTON (AP) - Unions that broke away from the AFL-CIO hope to rebuild the tattered labor movement by targeting workers in growing industries such as health care, waste management and security.
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Wall St. wants more exchange competition
Aug 26 2005 2:19PM (CT)
NEW YORK (AP) - Philadelphia has a stock exchange? Many investors used to seeing the bustling floor of the New York Stock Exchange whenever stocks are on the evening news would be surprised to know that, yes, the Philadelphia Stock Exchange also trades some of the most widely held equities on the market.
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EU aims for airline blacklist in 2006
Aug 26 2005 2:13PM (CT)
BRUSSELS, Belgium (AP) - The European Union, concerned about a spate of plane crashes this summer, hopes to publish early next year a list of airlines barred from flying in the EU due to shaky safety records, officials said Friday.
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Drivers worldwide feel sting of gas prices
Aug 26 2005 2:11PM (CT)
VIENNA, Austria (AP) - While U.S. motorists complain at having to pay $2.60 a gallon, the relentless surge of oil prices is leading to even more colossal gas pains for Europeans who were paying much more than Americans even before crude began climbing.
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Steel labor figuring out its role
Aug 26 2005 1:37PM (CT)
CLEVELAND (AP) - When steelmaking was king in this city and others across the nation, labor unions were as strong as the metal their members made.
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U.S. weekly oil and gas rig count up 4
Aug 26 2005 1:26PM (CT)
HOUSTON (AP) - The number of rigs actively exploring for oil and natural gas in the United States increased by four this week to 1,444.
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Retreat coal mining comes under scrutiny
Aug 26 2005 10:52AM (CT)
CUMBERLAND, Ky. (AP) - Layers of rock overhead rumble like thunder. Dirt and pebbles rain down. A rock fall is imminent. So what is a miner to do?
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Consumer-sentiment index drops in August
Aug 26 2005 9:58AM (CT)
NEW YORK (AP) - The University of Michigan's full-month report on consumer sentiment showed its index for August at 89.1, down from 92.7 in the preliminary report and 96.5 in July, according to reports.
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Conn. officials probe Bayou Group fund
Aug 26 2005 9:35AM (CT)
STAMFORD, Conn. (AP) - Connecticut authorities say they are looking into the possible collapse of the Bayou Group, a hedge fund and brokerage firm in Stamford, after receiving complaints from investors who said they could not contact the company.
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Lawyer: Khodorkovsky ends hunger strike
Aug 26 2005 9:21AM (CT)
MOSCOW (AP) - Jailed Russian tycoon Mikhail Khodorkovsky ended his nearly weeklong hunger strike after hearing that his business partner Platon Lebedev was transferred from solitary confinement to a regular cell, Khodorkovsky's lawyer said Friday.
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EU clears Sun Microsystems acquisition
Aug 26 2005 9:18AM (CT)
BRUSSELS, Belgium (AP) - The European Union on Friday cleared computer server maker Sun Microsystems Inc.'s $4.1 billion acquisition of Storage Technology Corp., known as StorageTek.
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Bank of Italy defends actions on bid
Aug 26 2005 9:10AM (CT)
ROME (AP) - The Bank of Italy said Friday it acted correctly and "followed normal routine" in approving Banca Popolare Italiana Scarl's takeover offer for Banca Antonveneta SpA, in response to allegations it favored the Italian bid over one by a Dutch bank.
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Hong Kong economy grows 3 percent in 2Q
Aug 26 2005 8:33AM (CT)
HONG KONG (AP) - Hong Kong's economy grew an unexpectedly strong 3 percent in the second quarter from the previous quarter and 6.8 percent from a year ago on strong exports and a sustained rise in domestic consumption and investment, the government said Friday.
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Japanese regulator warns bank after probe
Aug 26 2005 8:29AM (CT)
TOKYO (AP) - Japan's financial regulator ordered the Bank of Tokyo-Mitsubishi to tighten its internal controls after finding that a temporary worker embezzled about $8.9 million in customers' savings over 12 years, an agency spokesman said.
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China plans to accelerate economic reforms
Aug 26 2005 7:52AM (CT)
SHANGHAI, China (AP) - China is still struggling to rein in excess and speculative investment, the country's top economic planner told lawmakers.
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Report: Shanghai bank may issue shares
Aug 26 2005 7:30AM (CT)
SHANGHAI, China (AP) - State-run media said Friday that Citigroup Inc., the largest financial institution in the United States, plans to boost its stake in Shanghai Pudong Development Bank Co. to the legal limit of 19.9 percent. Officials at Citigroup declined comment.
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British economy grows at faster rate in 2Q
Aug 26 2005 7:03AM (CT)
LONDON (AP) - Britain's economy expanded 0.5 percent in the second quarter, a faster clip than initially estimated even though consumer spending rose at its slowest pace in a decade, a government report showed Friday.
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Japan to extend compensation on asbestos
Aug 26 2005 6:30AM (CT)
TOKYO (AP) - The Japanese government pledged Friday to propose legislation to compensate people who have been hurt by asbestos-related illnesses, including those who live near asbestos plants and families of plant workers.
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Japanese consumer prices slip in July
Aug 26 2005 6:20AM (CT)
TOKYO (AP) - Japanese consumer prices fell 0.2 percent in July, the government reported Friday, signaling that the world's second-largest economy is still mired in deflation despite signs of recovery.
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Japanese stocks rise; dollar down vs. yen
Aug 26 2005 5:28AM (CT)
TOKYO (AP) - Japanese stocks rose Friday following gains in New York on Thursday as traders shrugged off government inflation data. The dollar declined against the yen.
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Farmers still worried about soybean rust
Aug 26 2005 5:26AM (CT)
URBANA, Ill. (AP) - Asian soybean rust has been confined to southern states this summer and likely won't affect Midwestern fields, experts said. But this doesn't mean farmers are any less worried about a disease that scientists are still trying to understand.
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Former HealthSouth CFO Beam sentenced
Aug 26 2005 5:21AM (CT)
BIRMINGHAM, Ala. (AP) - A judge sentenced HealthSouth Corp.'s first finance chief to three months in prison Thursday for his role in a $2.7 billion earnings overstatement at the rehabilitation and medical services chain.
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GM looks to keep momentum with discounts
Aug 26 2005 5:18AM (CT)
DETROIT (AP) - General Motors Corp., looking to maintain the momentum of its hugely popular employee-pricing discount plan, has extended the promotion until Sept. 30. The world's largest automaker said Thursday the plan now includes select 2006 full-size trucks and sport utility vehicles, including Chevrolet's Avalanche and Tahoe, the GMC Yukon and the Cadillac Escalade.
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Kodak trims operations, cuts 1,000 jobs
Aug 26 2005 4:57AM (CT)
ROCHESTER, N.Y. (AP) - Eastman Kodak Co., battling a steep drop in demand for photographic film and paper, is scaling back film manufacturing in China and closing various businesses in Rochester and West Virginia, eliminating about 1,000 jobs.
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EU clears J&J's takeover of Guidant
Aug 26 2005 4:54AM (CT)
TRENTON, N.J. (AP) - The European Union cleared Johnson & Johnson's planned purchase of heart device maker Guidant Corp. on Thursday, provided some operations are sold, but J&J said the deal closing will be delayed because key U.S. regulators have yet to sign off.
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Six Flags puts itself up for sale
Aug 26 2005 12:56AM (CT)
OKLAHOMA CITY (AP) - Six Flags Inc. is putting itself up for sale at auction, one week after Washington Redskins owner Dan Snyder bid to raise his stake in the amusement-park operator and oust Kieran Burke as chairman and CEO. Its shares rose 11 percent.
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Toll Brothers third-quarter profit doubles
Aug 26 2005 12:55AM (CT)
PHILADELPHIA (AP) - Luxury home builder Toll Brothers said Thursday its profit doubled in its third quarter due to strong sales and rising home prices. It expects more than 80 percent earnings growth for the full fiscal year, but more subdued 20 percent profit expansion in each of the next two fiscal years.
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EU, China continue textile quota talks
Aug 26 2005 12:30AM (CT)
BEIJING (AP) - European and Chinese negotiators held a second day of talks Friday aimed at producing a new agreement on textile quotas to replace a deal that has left tons of Chinese-made garments stranded at European ports, an official said.
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ITG's CEO returns, leads turnaround
Aug 26 2005 12:21AM (CT)
NEW YORK (AP) - The return of a familiar face at the helm has paid off for Investment Technology Group Inc. Nearly a year after retaking the chief executive reins of the New York trading-services company, Raymond Killian can point to a higher stock price and improved financial results as endorsements of his return for a third stint as ITG's CEO. A recent acquisition also won some plaudits from Wall Street. But longer-term concerns still loom, such as CEO succession and whether ITG can continue t
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GM's Australian arm to cut 1,400 jobs
Aug 26 2005 12:20AM (CT)
SYDNEY, Australia (AP) - Holden, the Australian arm of General Motors Corp., said Friday it will slash 1,400 jobs by mid-2006 as it struggles with falling sales of its flagship Commodore model and rising commodity prices.
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Calif. targets 39 companies in drug suit
Aug 26 2005 12:04AM (CT)
LOS ANGELES (AP) - California regulators named 39 new defendants Thursday in a lawsuit against U.S. pharmaceutical companies accused of inflating drug prices and costing state taxpayers hundreds of millions of dollars.
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