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Kerr-McGee restarts Gulf oil production
Sep 6 2005 11:53PM (CT)
OKLAHOMA CITY (AP) - Kerr-McGee Corp. restarted about 105,000 barrels of oil equivalent per day of its total net Gulf of Mexico production, officials announced Tuesday.
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Miss. refinery remains out of operation
Sep 6 2005 11:42PM (CT)
SAN RAMON, Calif. (AP) - The largest oil refinery shut down by Hurricane Katrina remains out of operation and owner Chevron Corp. said late Tuesday it's unclear when refining will resume at the Mississippi site.
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Japanese stocks climb, dollar mixed
Sep 6 2005 11:39PM (CT)
TOKYO (AP) - Japanese stocks rose Wednesday morning as traders took a cue from Wall Street, where stocks rallied on lower oil prices. The dollar was mixed.
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BellSouth: Katrina repairs may cost $600M
Sep 6 2005 9:52PM (CT)
ATLANTA (AP) - BellSouth Corp., the largest provider of local phone service in the areas hit by Hurricane Katrina, estimates it will cost the company at least $400 million to $600 million to restore service.
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Lawmakers look for ways to cut gas prices
Sep 6 2005 9:47PM (CT)
MADISON, Wis. (AP) - Lawmakers around the country are entertaining proposals to ease the pain of soaring gas prices for consumers, considering everything from suspensions of local gas taxes to rebates for motorists.
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Heinz Venezuela seeks takeover clarity
Sep 6 2005 9:30PM (CT)
CARACAS, Venezuela (AP) - A Venezuelan subsidiary of U.S.-based food maker H.J. Heinz Co. on Tuesday asked the government to clarify a decision to seize one of its tomato processing plants.
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Japan's foreign exchange reserves rise
Sep 6 2005 9:24PM (CT)
TOKYO (AP) - Japan's foreign exchange reserves rose $8.39 billion in August to a record high $847.77 billion, the Ministry of Finance said Wednesday.
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Lawmakers look for ways to cut gas prices
Sep 6 2005 9:07PM (CT)
MADISON, Wis. (AP) - Lawmakers around the country are entertaining proposals to ease the pain of soaring gas prices for consumers, considering everything from suspensions of local gas taxes to rebates for motorists.
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Tyson Foods trims 2005 earnings guidance
Sep 6 2005 8:35PM (CT)
SPRINGDALE, Ark. (AP) - Tyson Foods Inc. lowered its 2005 earnings forecast on Tuesday citing damage to its four Mississippi poultry processing plants.
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Northrop Grumman to resume ship work
Sep 6 2005 8:21PM (CT)
PASCAGOULA, Miss. (AP) - Northrop Grumman Corp. will resume building Navy ships at its Hurricane Katrina damaged Gulf Coast yards as early as next week, company executives told The Associated Press on Tuesday.
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Americans race to give to charities
Sep 6 2005 7:40PM (CT)
NEW YORK (AP) - Within a week after news and images of the chaos left by Hurricane Katrina were broadcast, Americans donated over half a billion dollars to charities aiding victims of the flood.
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U.S. appeals WTO panel report
Sep 6 2005 7:39PM (CT)
GENEVA (AP) - The United States on Tuesday appealed a World Trade Organization panel report which found Washington failed to comply with the global commerce body's rulings in a long-running lumber dispute with Canada.
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Federal Vioxx cases moving to Houston
Sep 6 2005 7:03PM (CT)
TRENTON, N.J. (AP) - Coordination of hundreds of federal lawsuits over Merck & Co.'s withdrawn painkiller Vioxx is being moved to Houston from New Orleans, at least temporarily, because of the devastation there from Hurricane Katrina.
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Tuesday's commodities roundup
Sep 6 2005 6:41PM (CT)
NEW YORK (AP) - Oil prices plunged under $66 Tuesday as U.S. refinery operations and Gulf of Mexico oil production continued to recover in the wake of Hurricane Katrina.
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Tuesday's commodities roundup
Sep 6 2005 6:39PM (CT)
NEW YORK (AP) - Oil prices plunged under $66 Tuesday as U.S. refinery operations and Gulf of Mexico oil production continued to recover in the wake of Hurricane Katrina.
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New Boeing CEO must deal with strike
Sep 6 2005 6:28PM (CT)
CHICAGO (AP) - The walkout by more than 18,000 airplane assembly workers at Boeing Co. presents new CEO W. James McNerney with a tough test in his first months on the job, even though analysts say he isn't likely to intervene any time soon.
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United marching toward bankruptcy exit
Sep 6 2005 6:27PM (CT)
CHICAGO (AP) - United Airlines is "steadily marching towards emergence" from Chapter 11 and intends to file its long-awaited reorganization plan Wednesday, the parent company of the nation's No. 2 carrier said in a report to bankruptcy court.
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Ford ends employee discounts on 2006 cars
Sep 6 2005 6:24PM (CT)
DETROIT (AP) - Ford Motor Co. on Tuesday ended its employee-pricing incentive on 2006 vehicles, although the discount will remain in place for most 2005 vehicles through Oct. 3.
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Oil prices fall, pump prices seen dropping
Sep 6 2005 6:23PM (CT)
NEW YORK (AP) - The gradual recovery of some Gulf Coast petroleum operations hobbled by Hurricane Katrina helped send oil futures sharply lower on Tuesday and analysts predicted that pump prices, now averaging more than $3 a gallon, would decline slightly.
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Katrina economic impact may top $100B
Sep 6 2005 6:22PM (CT)
WASHINGTON (AP) - The economic hit from Hurricane Katrina keeps growing, with experts now saying it's likely to top $100 billion and could go much higher.
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NY Times magazine adds graphic novel
Sep 6 2005 6:00PM (CT)
NEW YORK (AP) - In two weeks, The New York Times will finally start publishing a comic strip _ but not the three-panel kind.
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Americans race to give to charities
Sep 6 2005 5:38PM (CT)
NEW YORK (AP) - Within a week after news and images of the chaos left by Hurricane Katrina were broadcast, Americans donated over half a billion dollars to charities aiding victims of the flood.
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Correction: Katrina-Gas-Prices story
Sep 6 2005 5:22PM (CT)
NEW YORK (AP) - In a Sept. 5 story about Labor Day auto traffic, The Associated Press, relying on data provided by an official with AAA Auto Club South, erroneously reported that national gas prices averaged about $3.20 a gallon this holiday weekend and that gas prices averaged $2.45 a gallon two weeks before Hurricane Katrina.
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Clarification: Katrina-Farm Costs story
Sep 6 2005 5:18PM (CT)
WASHINGTON (AP) - In a story Sept. 2, The Associated Press reported that the Farm Credit Administration said hurricane-stricken farmers will get help paying loans from the government.
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Hurricane effects could defer rate hikes
Sep 6 2005 5:12PM (CT)
WASHINGTON (AP) - Economic uncertainty from Hurricane Katrina may force Federal Reserve Chairman Alan Greenspan and his colleagues to take a temporary break in their rate-raising campaign.
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Barr, Teva to sell generic Allegra
Sep 6 2005 5:12PM (CT)
WOODCLIFF LAKE, N.J. (AP) - Barr Pharmaceuticals Inc. and Teva Pharmaceutical Industries Ltd. Tuesday said they would cooperate in launching generic versions of Sanofi-Aventis' Allegra allergy drug.
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Treasurys lower on verge of Fed pause
Sep 6 2005 5:11PM (CT)
NEW YORK (AP) - Bond prices declined Tuesday as encouraging signs on the economic and energy fronts gave investors more reason to think the Federal Reserve would raise interest rates this month despite the blow dealt by Hurricane Katrina.
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Katrina economic impact may top $100B
Sep 6 2005 4:25PM (CT)
WASHINGTON (AP) - The economic hit from Hurricane Katrina keeps growing, with experts now saying it's likely to top $100 billion and could go much higher.
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Unipol gets antitrust OK for BNL Bank
Sep 6 2005 4:24PM (CT)
MILAN, Italy (AP) - Unipol Assicurazioni SpA said Tuesday it had received the necessary antitrust regulator authorization for its $6.12 billion bid to take over Banca Nazionale del Lavoro SpA.
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Rates fall in weekly Treasury auction
Sep 6 2005 4:16PM (CT)
WASHINGTON (AP) - Interest rates on short-term Treasury bills fell in Tuesday's auction to the lowest levels in more than a month.
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Chiron stock up on takeover speculation
Sep 6 2005 4:03PM (CT)
SAN FRANCISCO (AP) - Chiron Corp.'s stock continued to climb Tuesday as investors bet that the recently troubled biotechnology company will remain a takeover target despite its rejection of a $4.5 billion acquisition bid by Swiss pharmaceutical giant Novartis AG.
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Caterpillar raises equipment prices
Sep 6 2005 4:01PM (CT)
PEORIA, Ill. (AP) - Caterpillar Inc. said Tuesday it will raise prices for its machinery and engines by 1 percent to 5 percent starting in January.
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Panel rules against Nextel Partners
Sep 6 2005 4:00PM (CT)
KANSAS CITY, Mo. (AP) - An arbitration panel has denied a request from Sprint Nextel Corp. affiliate Nextel Partners Inc. that sought to ban the newly merged parent company from rolling out a new unified Sprint cellular brand, the companies said Tuesday.
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Spain's Endesa rejects takeover bid
Sep 6 2005 3:48PM (CT)
MADRID, Spain (AP) - The board of directors of Spain's leading electricity company, Endesa, on Tuesday rejected a takeover bid by Gas Natural _ the second attempt in two years by the country's biggest natural-gas distributor to create a dominant energy company.
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Entergy prepares to restart nuclear plant
Sep 6 2005 3:46PM (CT)
CHICAGO (AP) - Entergy Corp. is preparing its 1,100-megawatt Waterford nuclear plant near New Orleans for restart after it shut before Hurricane Katrina hit last week, a company executive said Tuesday.
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Wal-Mart critics say Katrina handled well
Sep 6 2005 3:39PM (CT)
LITTLE ROCK, Ark. (AP) - Wal-Mart Stores Inc. marshaled its massive distribution network to have its shelves stocked and its store inventories bolstered, prepared for tremendous demand for supplies needed before and after Hurricane Katrina struck.
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China rewards EU with more business
Sep 6 2005 2:22PM (CT)
BEIJING (AP) - European leaders came to China this week saying they wanted to lift an arms embargo and settle a textile trade dispute. They left with new business _ including orders for 10 Airbus airliners _ and a promise of more deals to come.
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EU states discuss deal to unblock textiles
Sep 6 2005 1:51PM (CT)
BRUSSELS, Belgium (AP) - Officials from the 25 EU governments met Tuesday to consider a deal with China to unblock some 77 million garments held up at European borders after Chinese textile imports broke through 2005 quota limits.
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Mastercard gets notice on payment practices
Sep 6 2005 1:50PM (CT)
LONDON (AP) - Britain's competition watchdog served notice to credit-card giant Mastercard on Tuesday that it must change unfair payment practices regarding the fees it charges retail banks or face a potentially large fine.
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Wal-Mart: Katrina may affect sales figures
Sep 6 2005 1:25PM (CT)
BENTONVILLE, Ark. (AP) - Wal-Mart Stores Inc. says it expects to be within its sales projections for September, but the company repeated Tuesday that the aftermath of Hurricane Katrina could hurt the final number.
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Survey: Service sector of economy grows
Sep 6 2005 1:21PM (CT)
NEW YORK (AP) - The service sector of the nation's economy grew in August, but many executives are concerned about rising energy costs, according to a survey of business managers.
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EU clears capital injections for banks
Sep 6 2005 12:38PM (CT)
BRUSSELS, Belgium (AP) - The European Union on Tuesday cleared 1.2 billion euros ($1.5 billion) in capital injections for three German state-owned banks, but said it would keep investigating two other cases.
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Morgan Stanley to pay to settle complaint
Sep 6 2005 12:31PM (CT)
WILMINGTON, Del. (AP) - Morgan Stanley Inc. has agreed to pay $700,000 to settle a complaint brought by the state Department of Justice regarding improper trading in a Delaware couple's brokerage account, officials said Tuesday.
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EU: high oil prices threaten economy
Sep 6 2005 12:03PM (CT)
BRUSSELS, Belgium (AP) - The surge in oil prices threatens growth in Europe and could be a blow to already faltering efforts to reform Europe's economy and make it more dynamic in the years ahead, the European Commission said Tuesday.
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S&P downgrades Northwest Airlines' debt
Sep 6 2005 11:58AM (CT)
MINNEAPOLIS (AP) - Standard & Poor's downgraded Northwest Airlines Corp.'s debt further into junk status on Tuesday, days after the nation's fourth-largest carrier warned it is running out of time to avoid bankruptcy.
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Holiday travel slows as gas prices level
Sep 6 2005 11:51AM (CT)
NEW YORK (AP) - Labor Day traffic slowed around the country as drivers lucky to find gas stations open paid over 30 percent more than before Hurricane Katrina disrupted Gulf Coast refinery and pipeline operations a week ago.
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Former Skandia CEO charged with fraud
Sep 6 2005 11:15AM (CT)
STOCKHOLM, Sweden (AP) - Lars Erik Petersson, former chief executive of Sweden's largest insurer, Skandia, was charged with fraud Tuesday for allegedly handing out large bonuses to other executives without board approval.
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Axa first-half net profit up 31 percent
Sep 6 2005 11:14AM (CT)
PARIS (AP) - Axa SA, France's biggest insurance company, posted a 31 percent rise in first-half net profit Tuesday, buoyed by a strong performance from its life insurance and savings business and further cost-cutting.
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Indian state declines VW compensation
Sep 6 2005 10:36AM (CT)
HYDERABAD, India (AP) - A state government in India declined Tuesday to accept $2.4 million in compensation from Volkswagen AG after one of the German automaker's representatives allegedly demanded and received payments to set up a car factory.
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Japan's telecom privatization completed
Sep 6 2005 8:43AM (CT)
TOKYO (AP) - Japan said Tuesday it had completed the 20-year privatization of the nation's biggest telecommunications company _ at a time when privatizing the government-run postal system is a key issue in upcoming nationwide elections.
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Rakuten to buy LinkShare for $425 million
Sep 6 2005 8:32AM (CT)
TOKYO (AP) - Rakuten, Japan's largest online shopping mall operator, said Tuesday it will buy New York-based Internet advertising agency LinkShare Corp. for $425 million.
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EU clears E.On to sell off Ruhrgas to CVC
Sep 6 2005 8:27AM (CT)
BRUSSELS, Belgium (AP) - German utility company E.On AG won EU approval Tuesday to sell off its Ruhrgas Industries GmbH unit to Luxembourg-based private equity firm CVC Capital Partners Sarl.
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Oil shock far from over, OECD warns
Sep 6 2005 8:17AM (CT)
PARIS (AP) - The current oil-price shock that is creating uncertainty for the global economy is far from over, the Organization for Economic Cooperation and Development's chief economist warned Tuesday.
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PM criticizes Telstra execs' comments
Sep 6 2005 7:36AM (CT)
CANBERRA, Australia (AP) - Australian Prime Minister John Howard on Tuesday said the behavior of executives at Telstra Corp. was "disgraceful" after their comments sent the telecommunications company's share price tumbling to two-year lows.
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Fiat launches a new Punto model
Sep 6 2005 6:50AM (CT)
TURIN, Italy (AP) - Italian automaker Fiat Auto SpA said Tuesday it plans to sign an alliance with a company by the year's end as it launched a new Punto model that it hopes can help reverse the company's long decline.
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Alitalia flight attendants stage strike
Sep 6 2005 6:45AM (CT)
ROME (AP) - Flight attendants for Italy's state-controlled airline Alitalia walked off the job Tuesday at the start of a 48-hour strike, with travelers facing delays and cancellations.
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Czech Republic to release oil reserves
Sep 6 2005 6:22AM (CT)
PRAGUE, Czech Republic (AP) - The Czech Republic said Tuesday it is ready to release nearly 10,000 barrels of crude oil every day to eliminate possible market shortages caused by Hurricane Katrina.
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Chinese airline signs deal to buy 10 jets
Sep 6 2005 6:10AM (CT)
BEIJING (AP) - China Southern Airlines Co. signed an agreement Tuesday to buy 10 Airbus A330 jetliners, a deal worth $1.5 billion at list prices, during visit to China by European leaders.
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China oil company denies plan on Kazak co.
Sep 6 2005 5:15AM (CT)
BEIJING (AP) - A Chinese state-owned oil company denied a news report Tuesday that it is negotiating to sell part of a major oil producer in neighboring Kazakhstan to a Kazak state-owned company less than a month after agreeing to buy the firm.
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Fed chairman Greenspan to visit Japan
Sep 6 2005 5:14AM (CT)
TOKYO (AP) - Federal Reserve Chairman Alan Greenspan will visit Japan in October to meet with his Japanese counterpart and give a speech to business leaders, Japan's central bank said Tuesday.
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Future farmers are a different breed
Sep 6 2005 4:46AM (CT)
INDIANAPOLIS (AP) - Jessica Queare grew up on a 100-acre farm in central Indiana, raising sheep, goats and pigs. But she doesn't think traditional farming is in her future.
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Japan plans to release oil from stockpile
Sep 6 2005 12:18AM (CT)
TOKYO (AP) - The Japanese government Tuesday unveiled plans to release some of its emergency oil reserves held by refiners to the oil market to alleviate shocks after Hurricane Katrina struck U.S. oil refineries.
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Standard Chartered to create China bank
Sep 6 2005 12:13AM (CT)
BEIJING (AP) - British bank Standard Chartered PLC on Tuesday announced plans to invest $123 million to help create a new Chinese bank, joining a wave of foreign investors looking for a share of China's banking industry.
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