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GE buying 7 percent stake in Chinese bank
Sep 28 2005 11:56PM (CT)
SHANGHAI, China (AP) - General Electric Co. plans to buy a 7 percent stake in China's Shenzhen Development Bank in the latest foreign strategic investment in China's increasingly competitive banking market, reports said Thursday.
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Bank of America drops some transfer fees
Sep 28 2005 10:56PM (CT)
CHARLOTTE, N.C. (AP) - Bank of America Corp. is dropping its fees to transfer money to Mexico, a service that will benefit millions of its Hispanic customers, the bank said Wednesday.
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Japanese stocks hit fresh four-year highs
Sep 28 2005 10:54PM (CT)
TOKYO (AP) - Japanese stocks extended gains Thursday, hitting fresh four-year highs, led by retailers and exporters that benefit from the dollar's recent strength against the yen.
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DaimlerChrysler to cut 8,500 Mercedes jobs
Sep 28 2005 10:04PM (CT)
FRANKFURT, Germany (AP) - Automaker DaimlerChrysler AG said Wednesday it will cut 8,500 jobs in Germany at its Mercedes Car Group in a bid to return the troubled brand to profitability.
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Bank of Italy revokes OK of Popolare bid
Sep 28 2005 9:47PM (CT)
ROME (AP) - The Bank of Italy said late Wednesday it was revoking its approval of Banca Popolare Italiana Scarl's bid for Banca Antonveneta SpA, marking the latest development in a scandal that tarnished the institution's reputation and led to the protest resignation of Italy's economy minister.
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Adelphia amends reorganization plan
Sep 28 2005 9:45PM (CT)
GREENWOOD VILLAGE, Colo. (AP) - Adelphia Communications Corp. filed its third amended plan of reorganization with the U.S. bankruptcy court in New York Wednesday as it seeks to emerge from bankruptcy and complete the sale of its assets to Time Warner Inc. and Comcast Corp. later this year.
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Taser changes marketing language
Sep 28 2005 9:44PM (CT)
PHOENIX (AP) - Taser International Inc. has voluntarily changed some of its broad safety claims and limited its use of the word "non-lethal" in an effort to appease Arizona officials concerned about possibly misleading marketing, officials said Wednesday.
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Judge certifies FedEx class action lawsuit
Sep 28 2005 9:44PM (CT)
SAN FRANCISCO (AP) - A federal judge on Wednesday certified a class action discrimination lawsuit targeting FedEx Corp. amid allegations the delivery service paid thousands of current and former minority employees less than their white counterparts, skipped them for promotions and gave minorities poor work evaluations.
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New $10 bill gets a colorful makeover
Sep 28 2005 9:41PM (CT)
WASHINGTON (AP) - Hooray for the red, yellow and orange! Those are the colors featured on the newly redesigned $10 bill, the third currency denomination to add splashes of color to the traditional green of U.S. currency.
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Overdue credit card bills hit record high
Sep 28 2005 9:38PM (CT)
WASHINGTON (AP) - Charge it! That familiar refrain is producing an unwanted response for more Americans: Your bill is overdue! Surging energy prices, low personal savings and the higher cost of borrowing have combined to produce a record level of overdue credit card bills.
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Garmin to put units in Dollar Thrifty
Sep 28 2005 8:24PM (CT)
KANSAS CITY, Mo. (AP) - Thousands more rental vehicles in the United States and Canada will be getting GPS units later this year as navigational aids become an increasingly common supplement.
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El Pollo Loco chain to be sold and expand
Sep 28 2005 8:02PM (CT)
IRVINE, Calif. (AP) - Investment company Trimarin Capital Partners has agreed to purchase the El Pollo Loco fast food chain from American Securities Capital Partners LP, a move that will allow the chain to expand nationwide.
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Judge certifies FedEx class action lawsuit
Sep 28 2005 7:30PM (CT)
SAN FRANCISCO (AP) - A federal judge on Wednesday certified a class action discrimination lawsuit targeting FedEx Corp. amid allegations the delivery service paid thousands of current and former minority employees less than their white counterparts, skipped them for promotions and gave minorities poor work evaluations.
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Vioxx plaintiff testifies about illness
Sep 28 2005 6:14PM (CT)
ATLANTIC CITY, N.J. (AP) - A postal worker who blames his heart attack on Vioxx on Wednesday emotionally described how he went from feeling "bulletproof" to unmanly after his 2001 heart attack.
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Red Hat reports 42 percent surge in 2Q
Sep 28 2005 5:52PM (CT)
RALEIGH, N.C. (AP) - Linux software distributor Red Hat Inc. reported a 42 percent gain in second-quarter earnings on strong revenue and cash flow, prompting the company to boost its full-year earnings guidance.
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Judge: Cos. can offer two-tier health plans
Sep 28 2005 5:38PM (CT)
PHILADELPHIA (AP) - Reversing her earlier decision, a federal judge ruled that companies may offer younger retirees better health care benefits than they give older retirees who qualify for Medicare.
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ATA pilots accept new three-year contract
Sep 28 2005 5:15PM (CT)
INDIANAPOLIS (AP) - ATA's pilots and flight engineers voted to approve a three-year contract that includes a potential 4 percent ownership stake in the airline, which has been flying under bankruptcy protection.
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Fannie accounting probes find problems
Sep 28 2005 5:14PM (CT)
WASHINGTON (AP) - Investigators combing through Fannie Mae's finances have found new and pervasive accounting violations on top of what's already been disclosed, Dow Jones Newswires reported, citing unnamed people close to the probe.
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Treasurys mount robust long-end rally
Sep 28 2005 5:07PM (CT)
NEW YORK (AP) - Long-dated U.S. Treasury bonds mounted a robust rally Wednesday as part of the market's ongoing effort to get prices in line with what will almost certainly be more interest-rate increases.
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Peru votes to allow open-source software
Sep 28 2005 5:07PM (CT)
LIMA, Peru (AP) - Swimming against the Microsoft tide, Peru's Congress has passed legislation that would require public institutions to consider open-source software as an alternative to proprietary systems such as Windows.
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CAW offer glimpse of upcoming U.S. talks
Sep 28 2005 4:51PM (CT)
DETROIT (AP) - The United Auto Workers can expect the Big Three automakers to demand job cuts and offer meager wage increases in its next contract based on the outcome of union talks in Canada.
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Lawyer speaks up for Delta retired pilots
Sep 28 2005 4:50PM (CT)
NEW YORK (AP) - Delta Air Lines Inc.'s retired pilots should be put ahead of other creditors as the bankrupt airline works out its debt problems, a lawyer for the retired pilots said Wednesday.
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Wednesday's commodities roundup
Sep 28 2005 4:50PM (CT)
NEW YORK (AP) - Crude-oil futures in New York jumped more than a dollar to settle above $66 a barrel _ nearing a high for the week _ as fears of protracted refinery outages fueled a searing rally in products.
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Tribune stock hits 4-year low
Sep 28 2005 4:30PM (CT)
CHICAGO (AP) - Shares in Tribune Co. fell Wednesday to their lowest level since 2001 after the media company lost a federal tax court ruling that it acknowledged will cost about $1 billion unless it wins an appeal.
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Kodak warns slowing economy to hurt profits
Sep 28 2005 4:21PM (CT)
ROCHESTER, N.Y. (AP) - Eastman Kodak Co. warned Wednesday that signs of slowing U.S. economic growth will crimp its digital-photography profits this year, forcing it to build fewer digital cameras and home printers for the end-of-year holiday season.
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MedImmune to develop vaccines for flu
Sep 28 2005 4:21PM (CT)
GAITHERSBURG, Md. (AP) - Drug-maker MedImmune Inc. said Wednesday it will work with federal researchers to develop a vaccine to be used against versions of the influenza virus that could cause wide outbreaks, including the avian flu.
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First Marblehead chief quits due to gifts
Sep 28 2005 4:19PM (CT)
BOSTON (AP) - Shares of First Marblehead Corp. dropped more than 17 percent after the chief executive of the student loan-services provider resigned following his admission that he had given gifts valued at $32,000 to a former employee of a major client, the company said.
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Research In Motion reports 57 pct. surge
Sep 28 2005 3:56PM (CT)
NEW YORK (AP) - Research In Motion Ltd., maker of the Blackberry wireless device, said Wednesday that second-quarter earnings jumped 57 percent on strong demand, and the company raised third-quarter revenue guidance.
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Constellation pushes ahead with bid
Sep 28 2005 3:55PM (CT)
ROCHESTER, N.Y. (AP) - Constellation Brands Inc., pushing ahead with an unsolicited takeover bid for Vincor International Inc., expressed bafflement Wednesday that the Canadian wine producer viewed the $900 million offer as "opportunistic and inadequate."
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Robert Iger takes reins at Disney
Sep 28 2005 3:31PM (CT)
LOS ANGELES (AP) - The Robert Iger era is beginning at Disney. The incoming chief executive will inherit a mixed bag Saturday when he becomes only the sixth person to lead the Walt Disney Co., replacing longtime CEO Michael Eisner.
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Oil prices up more than $1 after report
Sep 28 2005 3:30PM (CT)
NEW YORK (AP) - Crude oil prices rose more than $1 a barrel Wednesday after a U.S. petroleum inventory report showed a dip in crude and distillate stocks and a sharp rise in gasoline stocks.
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Dell releases new high-end computers
Sep 28 2005 3:21PM (CT)
NEW YORK (AP) - Dell Inc. on Wednesday refreshed its XPS line of computers for gamers and other demanding users, emphasizing its commitment to the high end of the PC market.
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Gazprom to buy Sibneft stake for $13.01B
Sep 28 2005 2:53PM (CT)
MOSCOW (AP) - MOSCOW (AP) _ Russia's state gas monopoly Gazprom struck a deal Wednesday to pay $13.01 billion for control of the private Sibneft oil company, consolidating the government's grip over the strategic energy industry.
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Nissan introduces a new subcompact
Sep 28 2005 2:31PM (CT)
DETROIT (AP) - After years in the shadow of sport utility vehicles, little cars are getting more attention thanks to consumer concern about high gas prices.
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Hurricane Rita's wrath hurting rigs
Sep 28 2005 2:18PM (CT)
DALLAS (AP) - Oil and gas executives say Hurricane Rita may have caused more damage to rigs and platforms than any Gulf of Mexico storm, even its formidable predecessor Hurricane Katrina.
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Northwest wants $190M from ground workers
Sep 28 2005 1:39PM (CT)
MINNEAPOLIS (AP) - Northwest Airlines Corp. now wants $190 million in cuts from ground workers, up from $107 million, according to a letter from the airline that the union posted on its Web site.
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Brazil reaches deal with telecoms on phones
Sep 28 2005 1:35PM (CT)
SAO PAULO, Brazil (AP) - Brazil's government and the country's fixed-line providers reached a deal Wednesday to provide much cheaper service for at least 2 million citizens living in poverty.
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Parmalat founder appears for fraud trial
Sep 28 2005 1:26PM (CT)
MILAN, Italy (AP) - Shielded by a cordon of policemen, Parmalat's former chairman Calisto Tanzi appeared briefly in a packed courtroom Wednesday while angry investors crowded outside for the opening of a trial into the huge fraud at the dairy empire.
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Heathrow catering workers vote to OK deal
Sep 28 2005 12:57PM (CT)
LONDON (AP) - Catering staff at Heathrow Airport voted Wednesday to accept a deal ending a dispute that grounded hundreds of British Airways PLC flights last month, their union said.
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Italian unions call for transport strike
Sep 28 2005 12:20PM (CT)
ROME (AP) - Italian unions called Wednesday for a 48-hour nationwide transport strike Oct. 9-10, which they say would likely disrupt traffic across the country.
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Prosecutors question manager of Rompetrol
Sep 28 2005 12:16PM (CT)
BUCHAREST, Romania (AP) - Romanian prosecutors questioned the chief executive of the country's second-largest oil company, Rompetrol, on Wednesday over accusations of manipulating the stock exchange.
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EU lawmakers OK bill regulating capital
Sep 28 2005 12:05PM (CT)
STRASBOURG, France (AP) - New rules reducing the overall capital requirements for EU banks by an average of 5 percent were adopted by the European Parliament on Wednesday.
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H&M posts higher 3Q profit on rising sales
Sep 28 2005 11:52AM (CT)
STOCKHOLM, Sweden (AP) - Hennes & Mauritz AB, Europe's largest fashion retailer, posted a higher than expected third-quarter net profit on Wednesday thanks to rising sales.
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EU lawmakers approve strict auditor rules
Sep 28 2005 11:33AM (CT)
STRASBOURG, France (AP) - European auditors and auditing companies will be required to prove their independence from the management of the company they are scrutinizing, according to a proposal approved Wednesday by the European Parliament.
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AstraZeneca receives patent challenge
Sep 28 2005 11:27AM (CT)
LONDON (AP) - Anglo-Swedish drug maker AstraZeneca PLC said Wednesday that it has received a patent challenge from Israeli drug maker Teva Pharmaceutical Industries Ltd. over its bestselling schizophrenia treatment Seroquel.
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Britain's economy grows at slower pace
Sep 28 2005 11:10AM (CT)
LONDON (AP) - The optimistic economic growth forecasts of British Treasury Chief Gordon Brown were put under further pressure Wednesday with statistics showing quarterly growth at its weakest rate for 12 years and a continuing slump in retail sales.
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Hartz not suspect in VW bribery scandal
Sep 28 2005 10:56AM (CT)
FRANKFURT, Germany (AP) - Volkswagen AG's former director of personnel, Peter Hartz, is not suspected of any breach of trust at Volkswagen, German prosecutors said Wednesday.
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Asia among most competitive economies
Sep 28 2005 10:29AM (CT)
GENEVA (AP) - Northern Europe and key east Asian countries are the most competitive economies in the world, retaining their positions in the top 10 of a survey released Wednesday by the World Economic Forum.
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EU Parliament makes railway proposal
Sep 28 2005 9:27AM (CT)
STRASBOURG, France (AP) - International passenger rail service in Europe should be opened to competition by 2008 and national services by 2012, according to a proposal adopted by the European Parliament on Wednesday.
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Bank: Ruble to rise up to 9.5 percent
Sep 28 2005 9:22AM (CT)
MOSCOW (AP) - Russian deputy Central Bank chief Alexei Ulyukayev said Wednesday that the ruble was expected to appreciate by as much as 9.5 percent in 2005, as the government turns its focus to reining in inflation rather than targeting a particular exchange rate.
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SAP confirms 2005 sales, earnings outlook
Sep 28 2005 9:12AM (CT)
FRANKFURT, Germany (AP) - German business software maker SAP AG on Wednesday confirmed its 2005 sales and earnings outlook, saying license sales _ a barometer of future business _were expected to increase by as much as 12 percent from last year.
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Merrill Lynch, Mitsubishi in joint venture
Sep 28 2005 8:52AM (CT)
TOKYO (AP) - Merrill Lynch & Co. and Mitsubishi UFJ Financial Group, a soon-to-be-formed major Japanese banking group, will jointly set up a securities company targeting rich people, a news report said Tuesday.
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Malaysia carmaker may sell stake to VW
Sep 28 2005 8:48AM (CT)
KUALA LUMPUR, Malaysia (AP) - Malaysia's national carmaker Proton said Wednesday it is "open to" selling an equity stake to Volkswagen AG but will not give up control of the company to the German auto giant.
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UBS plans to pay $210M for brokerage stake
Sep 28 2005 8:18AM (CT)
ZURICH, Switzerland (AP) - Swiss bank UBS AG said Wednesday it is in talks to restructure the operations of Beijing Securities Co. Ltd. and plans to pay up to $210 million for a 20 percent equity stake in the restructured Chinese brokerage.
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Troubled Sanyo widens its loss estimate
Sep 28 2005 7:20AM (CT)
TOKYO (AP) - Troubled electronics company Sanyo Electric Co. widened its loss forecast for the current year on Wednesday and said it would speed up cost cuts under a three-year revival plan as sluggish sales of consumer electronics and components continue to chip away at earnings.
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Bangalore outsourcing revenue increases
Sep 28 2005 7:00AM (CT)
BANGALORE, India (AP) - India's technology hub Bangalore experienced a 20 percent growth to 90 billion rupees ($2.05 billion) in its software and back-office outsourcing exports in the April-September half-year period, an official said Wednesday.
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Boston Scientific suspends Enteryx sales
Sep 28 2005 6:42AM (CT)
BOSTON (AP) - Boston Scientific Corp. has suspended sales of a treatment for acid reflux disease after more than two dozen reports of problems.
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Canadian auto workers union averts strike
Sep 28 2005 6:27AM (CT)
TORONTO (AP) - The Canadian Auto Workers union reached a tentative agreement with General Motors Corp. just minutes before a strike deadline late Tuesday, averting a walkout by 17,000 members and capping weeks of heated negotiations with North America's Big Three automakers.
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Crude-oil prices edge lower
Sep 28 2005 5:19AM (CT)
BUDAPEST, Hungary (AP) - Crude-oil prices edged lower Wednesday ahead of a U.S. petroleum inventory report that is expected to show a dip in crude, gasoline and distillate stocks because of production shutdowns from Hurricanes Katrina and Rita.
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Writers Guild of America fires union chief
Sep 28 2005 4:38AM (CT)
LOS ANGELES (AP) - A week after being swept into power, the new directors of the Writers Guild of America, west fired the organization's executive director and replaced him with the union's top organizer, officials said.
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Heat, fuel cost hurting N.J. farmers
Sep 28 2005 4:34AM (CT)
TRENTON, N.J. (AP) - The intense heat wave and dry spell over the second half of the summer has left many New Jersey farmers burned up _ just like some of their crops _ over reduced yields.
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Munich Re: Storms insured losses at $40B
Sep 28 2005 4:12AM (CT)
BERLIN (AP) - Damage caused by hurricanes Katrina and Rita could cost the insurance industry up to $40 billion, the world's biggest reinsurer said Wednesday.
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Group: $2.1 billion in food stamps unused
Sep 28 2005 2:46AM (CT)
WASHINGTON (AP) - More than 3 million needy people in big cities could be getting food stamps but don't for a variety of reasons, an anti-hunger group says.
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Tribune plans appeal of tax ruling
Sep 28 2005 12:16AM (CT)
CHICAGO (AP) - Tribune Co. said late Tuesday it would appeal a tax court ruling that disallowed the 1998 tax-free reorganization of a legal publishing company that was once a subsidiary of the Times Mirror Co.
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Judge OK's HMO settlements with doctors
Sep 28 2005 12:14AM (CT)
MIAMI (AP) - A federal judge has approved an estimated $167 million in settlements by two managed health care companies in a massive class action lawsuit by hundreds of thousands of doctors.
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