Latest Business News
Economic Figures
Dollar & Gold News
Board of Trade News
Personal Finance
|
|
|
|
|
|
Group: Holiday sales expected to increase
Sep 20 2005 11:12PM (CT)
NEW YORK (AP) - Holiday sales are projected to increase 5 percent, less than the 6.7 percent gain in 2004, as higher energy prices, the economic fallout from Hurricane Katrina, shaky consumer confidence and a volatile job market dampen spending, the National Retail Federation said Wednesday.
|
|
|
Ex-HealthSouth CFO gets a week in prison
Sep 20 2005 9:59PM (CT)
BIRMINGHAM, Ala. (AP) - A federal judge sentenced former HealthSouth Corp. finance chief Mike Martin to a week in prison Tuesday for his role in what prosecutors described as a $2.7 billion accounting fraud.
|
|
|
Japanese stocks rise; dollar higher
Sep 20 2005 9:41PM (CT)
TOKYO (AP) - Japanese stocks rose Wednesday as traders bought banks and brokerages, cheered by data about rising land prices in Tokyo. The dollar was higher against the yen and euro.
|
|
|
Merck rebuked for touting Vioxx safety
Sep 20 2005 9:33PM (CT)
ATLANTIC CITY, N.J. (AP) - Three years before it pulled Vioxx off the market, Merck & Co. publicly touted the safety of its arthritis drug in promotional campaigns and a news release, prompting a rebuke by federal regulators, according to documents shown to jurors Tuesday in a product liability trial over the drug.
|
|
|
NY Times, Philly papers making job cuts
Sep 20 2005 9:14PM (CT)
NEW YORK (AP) - The New York Times Co. and two Philadelphia newspapers announced major job cuts Tuesday as the industry grapples with severe financial problems including weak advertising and circulation declines. The Times said it would cut about 500 jobs, while the Philadelphia papers will eliminate a total of 100 jobs.
|
|
|
Former Gemstar CEO Yuen to plead guilty
Sep 20 2005 8:57PM (CT)
LOS ANGELES (AP) - Former Gemstar-TV Guide CEO Henry C. Yuen, who was forced out in 2002 and later charged with inflating the company's revenues, will plead guilty to obstructing a Securities and Exchange Commission investigation into accounting irregularities, a federal prosecutor said Tuesday.
|
|
|
FEMA OKs mobile homes for Katrina evacuees
Sep 20 2005 8:51PM (CT)
CHATTANOOGA, Tenn. (AP) - The Federal Emergency Management Agency ordered tens of thousands of mobile homes and travel trailers on Tuesday to accommodate Katrina evacuees, approving manufacturer bids totaling at least hundreds of millions of dollars, an agency spokesman said.
|
|
|
Former Tyco CFO Swartz applies for bail
Sep 20 2005 8:19PM (CT)
NEW YORK (AP) - Former Tyco International finance chief Mark Swartz applied Tuesday for release on bail pending the appeal of his conviction and sentence on charges of helping the former CEO loot the company of nearly $600 million.
|
|
|
Goldman Sachs 3Q profits leap 83 percent
Sep 20 2005 8:01PM (CT)
NEW YORK (AP) - While the stock market may be flat for the year and bonds remain volatile, Wall Street firm Goldman Sachs had no problem finding ways to make money as it posted a 83 percent surge in quarterly earnings Tuesday.
|
|
|
Federated plans to cut up to 6,200 jobs
Sep 20 2005 7:59PM (CT)
CINCINNATI (AP) - Federated Department Stores Inc. said on Tuesday it is planning to cut up to 6,200 jobs beginning next year and change all 62 Marshall Field's stores to the Macy's name in the fall of 2006 in its biggest steps yet since completing its acquisition of May Department Stores Inc.
|
|
|
Microsoft reorganizes to compete better
Sep 20 2005 7:57PM (CT)
SEATTLE (AP) - Microsoft Corp. is reorganizing its corporate structure and giving one of its newest executives broader powers in an effort to better compete against its rivals, including Google Inc. and Yahoo Inc.
|
|
|
Entergy unit to consider bankruptcy filing
Sep 20 2005 7:54PM (CT)
BATON ROUGE, La. (AP) - Facing huge costs for rebuilding its Hurricane Katrina-devastated systems along the Gulf Coast, power and gas utility Entergy Corp. said Tuesday that it will consider filing for bankruptcy protection for its New Orleans unit.
|
|
|
Fed boosts rates, downplays Katrina fears
Sep 20 2005 7:51PM (CT)
WASHINGTON (AP) - The Federal Reserve boosted interest rates to the highest level in four years Tuesday despite the effects of Hurricane Katrina, saying fallout from the storm didn't pose a "persistent threat" to the nation's economic health.
|
|
|
Marshall Field's name change upsets some
Sep 20 2005 6:37PM (CT)
CHICAGO (AP) - It has always been much more than a department store. It's the magical place where parents brought their children to see the windows at Christmastime, where those children grew and did the same with their kids _ stopping, of course, to visit the one true Santa Claus.
|
|
|
Petrobras announces natural gas find
Sep 20 2005 5:51PM (CT)
RIO DE JANEIRO, Brazil (AP) - Government-run oil company Petrobras on Tuesday announced a natural gas find at the first deep water rig operated by the company in the Gulf of Mexico.
|
|
|
Radler pleads guilty to scheme involvement
Sep 20 2005 5:13PM (CT)
CHICAGO (AP) - Former Chicago Sun-Times publisher David Radler pleaded guilty Tuesday to taking part in a scheme to siphon away $32 million from Hollinger International Inc., the newspaper's parent company, for himself and others.
|
|
|
Treasury bonds take front-end hit
Sep 20 2005 4:48PM (CT)
NEW YORK (AP) - Prices on shorter-dated U.S. Treasury bonds fell Tuesday after the Federal Reserve raised interest rates and indicated the raises would continue.
|
|
|
AIG puts Katrina losses at $1.1 billion
Sep 20 2005 4:46PM (CT)
NEW YORK (AP) - American International Group, one of the world's largest insurers, said Tuesday that it expects $1.1 billion in after-tax losses for the third quarter, mainly because of claims from Hurricane Katrina.
|
|
|
Comcast said to bid for Susquehanna assets
Sep 20 2005 4:39PM (CT)
PHILADELPHIA (AP) - Comcast Corp., the nation's largest cable television operator, has offered to buy the cable assets of York, Pa.-based Susquehanna Pfaltzgraff Co., according to a person familiar with the sale process who asked not to be identified because of merger and acquisition confidentiality.
|
|
|
Glaxo to settle drug price fraud case
Sep 20 2005 4:38PM (CT)
WASHINGTON (AP) - GlaxoSmithKline PLC will pay $150 million to settle claims it overcharged the government for two anti-nausea drugs, and prosecutors say they're looking into 150 cases of drug price fraud.
|
|
|
Circuit City posts 2Q profit on TV sales
Sep 20 2005 4:35PM (CT)
RICHMOND, Va. (AP) - Circuit City Stores Inc., the nation's second biggest consumer electronics chain, surprised Wall Street by posting a profit in the second quarter on strong television sales. Its shares got a boost from the news.
|
|
|
McClatchy sees 3Q at low end of outlook
Sep 20 2005 4:31PM (CT)
SACRAMENTO, Calif. (AP) - Newspaper publisher McClatchy Co. said Tuesday it expects its third-quarter earnings to come in at the low end of its forecast because of slow retail and automotive advertising revenue.
|
|
|
Wal-Mart buys stake in C. America retailer
Sep 20 2005 4:30PM (CT)
BENTONVILLE, Ark. (AP) - Wal-Mart Stores Inc., the world's biggest retailer, is buying a one-third stake in Central American Retail Holding Co. from Dutch retailer Royal Ahold NV and could eventually become a majority owner. Terms of the deal announced Tuesday were not disclosed.
|
|
|
Tuesday's Commodities Roundup
Sep 20 2005 4:27PM (CT)
NEW YORK (AP) - Oil prices dropped more than $1 a barrel Tuesday but held on to most of Monday's sharp advance, as Hurricane Rita headed toward the Gulf Coast.
|
|
|
Heinz considers selling various brands
Sep 20 2005 4:25PM (CT)
PITTSBURGH (AP) - H.J. Heinz Co. said Tuesday it is considering trimming European operations and may sell off a host of brands for about $1 billion in a move that will allow the company to focus on its ketchup and other core products.
|
|
|
Tenet to suffer significant storm losses
Sep 20 2005 4:24PM (CT)
DALLAS (AP) - Tenet Healthcare Corp. said Tuesday it expects to suffer significant losses from Hurricane Katrina, which damaged six of its hospitals in Louisiana and Mississippi and caused the evacuation of five of them.
|
|
|
Philly newspapers announce 100 job cuts
Sep 20 2005 4:23PM (CT)
PHILADELPHIA (AP) - The Philadelphia Inquirer and its sister newspaper said Tuesday they will cut a combined 100 newsroom jobs through buyouts, and potentially through layoffs, citing decreased circulation and revenue.
|
|
|
Peabody Energy opens office in Beijing
Sep 20 2005 4:23PM (CT)
ST. LOUIS (AP) - Peabody Energy Corp., the world's largest coal producer, has opened an office in Beijing and plans joint ventures in China as it seeks to capitalize on that country's growing energy needs.
|
|
|
Molson Coors considering options for unit
Sep 20 2005 4:22PM (CT)
DENVER (AP) - Molson Coors Brewing Co. reiterated Tuesday that it is looking at a range of options, including third-party discussions, for its Brazilian operation in wake of speculation that it was close to selling the division.
|
|
|
NY Times cutting 500 jobs to reduce costs
Sep 20 2005 4:13PM (CT)
NEW YORK (AP) - The New York Times Co. said Tuesday it would cut about 500 jobs, or about 4 percent of its work force, as part of an ongoing effort to reduce costs. The reductions come atop another 200 jobs that were cut earlier this year.
|
|
|
General Motors introduces new SUV lineup
Sep 20 2005 4:10PM (CT)
WARREN, Mich. (AP) - General Motors Corp., in the awkward position of introducing a new lineup of full-size sport utilities with oil prices near record highs, stressed the vehicles' fuel efficiency during a media preview Tuesday.
|
|
|
U.S. Steel lowers outlook for 3Q earnings
Sep 20 2005 4:09PM (CT)
PITTSBURGH (AP) - United States Steel Corp. said Tuesday its third-quarter earnings won't meet analysts' expectations because of the rising cost of two key components _ scrap steel and the natural gas used to heat the metal at its plants.
|
|
|
Oil prices drop back near $66 a barrel
Sep 20 2005 3:38PM (CT)
NEW YORK (AP) - Crude-oil prices fell more than $1 a barrel Tuesday as traders took profits from a huge spike a day earlier, brought about by worries that Hurricane Rita could inflict further damage to an industry still reeling from Hurricane Katrina's onslaught three weeks ago.
|
|
|
Bristol-Myers reorganizes units
Sep 20 2005 3:31PM (CT)
NEW YORK (AP) - Bristol-Myers Squibb Co. is combining its U.S. and international pharmaceutical operations, the drug company said Tuesday.
|
|
|
Williams Scotsman shares fall in debut
Sep 20 2005 3:30PM (CT)
WASHINGTON (AP) - The first initial public offering of the month got off to a slow start Tuesday, with shares of Williams Scotsman International Inc. slipping in their trading debut on the Nasdaq Stock Market.
|
|
|
General Motors sued by shareholder
Sep 20 2005 3:29PM (CT)
NEW YORK (AP) - General Motors Corp. and its top executives are being sued by a shareholder over the company's earnings warning earlier this year and its restatement of last year's results.
|
|
|
OPEC offers an extra 2M barrels of oil
Sep 20 2005 3:06PM (CT)
VIENNA, Austria (AP) - OPEC offered world markets an extra 2 million barrels of oil a day _ its entire spare capacity _ on Tuesday in an attempt to show that supply fears were unfounded even with traders eyeing another hurricane approaching the Gulf of Mexico.
|
|
|
Canadian auto workers reach agreement
Sep 20 2005 3:06PM (CT)
TORONTO (AP) - The Canadian Auto Workers union reached a pre-dawn settlement with DaimlerChrysler AG on Tuesday, averting a strike by 11,400 Ontario employees, and turning its focus to the last and likely toughest round of bargaining with General Motors Corp.
|
|
|
Lilly's Lechleiter becomes president, COO
Sep 20 2005 2:35PM (CT)
INDIANAPOLIS (AP) - Eli Lilly and Co. on Tuesday promoted longtime executive John C. Lechleiter to president and chief operating officer, putting him in line to possibly succeed Sidney Taurel as the drug maker's chairman and chief executive.
|
|
|
Evacuations of oil rigs in Gulf increase
Sep 20 2005 1:30PM (CT)
DALLAS (AP) - Oil companies and drilling contractors increased offshore rig and platform evacuations Tuesday as Hurricane Rita approached the Gulf of Mexico.
|
|
|
German economic sentiment slips in Sept.
Sep 20 2005 12:03PM (CT)
BERLIN (AP) - German economic sentiment fell substantially in September and dropped even more after inconclusive parliamentary elections, a think tank said Tuesday, in a sign that recovery prospects in Europe's largest economy are again losing momentum.
|
|
|
Former DaimerChrysler employee arrested
Sep 20 2005 11:46AM (CT)
BERLIN (AP) - German authorities arrested a former DaimlerChrysler AG employee Tuesday on suspicion of breach of trust in connection with a wider investigation into alleged irregularities at the automaker's German sales division.
|
|
|
Nigerians protest against fuel price hikes
Sep 20 2005 11:44AM (CT)
KANO, Nigeria (AP) - Thousands marched Tuesday in Nigeria's main northern city to protest steep fuel price increases, chanting and waving anti-government banners as truckloads of unarmed police officers looked on.
|
|
|
Tesco's profit climbs but shares drop
Sep 20 2005 11:04AM (CT)
LONDON (AP) - Tesco PLC, Britain's biggest supermarket chain, reported an 18 percent increase in first-half net profit Tuesday, bolstered by its ongoing push into the nonfood sector. But its shares fell as it cautioned that rising oil prices would hurt its second-half results.
|
|
|
Ex-chairman offers to buy Nymex
Sep 20 2005 10:05AM (CT)
NEW YORK (AP) - The former chairman of the New York Mercantile Exchange, Michel Marks, said he and a private-equity firm have joined forces to launch a bid for the nation's largest energy and metals marketplace.
|
|
|
Nations criticize EU on WTO sugar ruling
Sep 20 2005 9:55AM (CT)
GENEVA (AP) - Australia, Brazil and Thailand have accused the EU of failing to comply with a World Trade Organization decision that its subsidies to sugar producers were illegal, according to a document made public Tuesday.
|
|
|
HeidelbergCement is cutting 1,100 jobs
Sep 20 2005 9:38AM (CT)
BERLIN (AP) - German cement maker HeidelbergCement AG said Tuesday it would cut some 1,100 administrative jobs across Europe in a bid to reduce costs by about 50 million euros ($61 million) annually and streamline its organization.
|
|
|
EU farm ministers fail to OK corn use
Sep 20 2005 9:34AM (CT)
BRUSSELS, Belgium (AP) - EU agriculture ministers failed to agree Tuesday on authorizing the use of a biotech corn product made by Pioneer Hi-Bred International, a unit of DuPont & Co., and Dow Chemical Co.
|
|
|
EU regulators eyes Microsoft complaints
Sep 20 2005 8:05AM (CT)
BRUSSELS, Belgium (AP) - EU antitrust officials are again analyzing complaints that software giant Microsoft Corp. broke European rules, European Commission spokesman Jonathan Todd said Tuesday.
|
|
|
Murdoch names new publisher of NY Post
Sep 20 2005 7:46AM (CT)
NEW YORK (AP) - Paul V. Carlucci, a veteran executive at News Corp., has been appointed publisher of the media conglomerate's New York Post, nearly two months after Lachlan Murdoch abruptly resigned from the position, the newspaper announced.
|
|
|
Tokyo land prices up for 1st time in years
Sep 20 2005 7:24AM (CT)
TOKYO (AP) - Tokyo land prices rose for the first time in 15 years in 2005 compared with the previous year, a sign that Japan's real estate price drop that has hurt the world's second biggest economy may finally be nearing an end, according to government data released Tuesday.
|
|
|
Boeing predicts China needs more planes
Sep 20 2005 7:00AM (CT)
BEIJING (AP) - Boeing Co. predicts China will need more than 2,600 new airplanes worth $213 billion over the next 20 years as the country's economy expands and air travel becomes widespread, visiting company officials said Tuesday.
|
|
|
Newmont Mining to stand trial in Indonesia
Sep 20 2005 4:54AM (CT)
MANADO, Indonesia (AP) - Newmont Mining Corp. and one of its top executives must stand trial on charges of dumping mercury and arsenic-laced pollutants into an Indonesian bay, a court said Tuesday, rejecting the gold mining giant's request to drop the case.
|
|
|
Wine-and-grape business feeds $3.3B to N.Y.
Sep 20 2005 4:43AM (CT)
ROCHESTER, N.Y. (AP) - With 31,000 acres of vineyards and 212 wineries, New York's burgeoning wine-and-grape industry sends more than $3.3 billion rippling through the state's economy, a research firm says.
|
|
|
Ex-Tyco execs get up to 25 years in prison
Sep 20 2005 3:24AM (CT)
NEW YORK (AP) - With its tales of a $6,000 gold-threaded shower curtain and a $2 million birthday party, a case that epitomized corporate greed came to a close as former Tyco International Ltd. CEO L. Dennis Kozlowski was sentenced to up to 25 years in prison for looting the company of hundreds of millions of dollars.
|
|
|
Japan: China extracting gas from China Sea
Sep 20 2005 12:39AM (CT)
TOKYO (AP) - China has begun extracting natural gas from an area of the East China Sea at the center of a territorial dispute with Japan, the Japanese trade minister said Tuesday.
|
|
|
West's natural resources industries booms
Sep 20 2005 12:37AM (CT)
PARACHUTE, Colo. (AP) - John Loschke climbs out of his truck in the cramped parking lot outside the Outlaws restaurant and surveys the collection of cars, trucks and RVs.
|
|
|
|
|
|