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Koreas' trade volume expected to hit $1B
Oct 12 2005 11:58PM (CT)
SEOUL, South Korea (AP) - The volume of trade between the divided Koreas is expected to reach a record $1 billion this year, a South Korean official said Thursday.
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Oil prices surge on worries about demand
Oct 12 2005 11:49PM (CT)
SINGAPORE (AP) - Crude oil prices rose Thursday after the U.S. Department of Energy said the world's appetite for crude would remain strong into 2006.
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Ex-Refco CEO charged with securities fraud
Oct 12 2005 11:31PM (CT)
NEW YORK (AP) - The former chief executive of commodities brokerage Refco Inc. was charged with securities fraud Wednesday for hiding up to $545 million in bad debts from federal regulators and investors, a federal prosecutor said.
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AGs ask FTC to probe soaring fuel costs
Oct 12 2005 11:25PM (CT)
HONOLULU (AP) - The nation's attorneys general are asking the Federal Trade Commission to investigate "possible unlawful conduct by the petroleum industry and others" in causing record high fuel prices, Hawaii Attorney General Mark Bennett said Wednesday.
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Pfizer wins Lipitor patent challenge in UK
Oct 12 2005 11:04PM (CT)
NEW YORK (AP) - Pfizer Inc. won a significant victory on Wednesday when a British judge upheld a key patent covering its blockbuster cholesterol drug Lipitor in the United Kingdom but the medication still faces a similar yet more important case in the United States.
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Japan's current account surplus falls
Oct 12 2005 10:39PM (CT)
TOKYO (AP) - Japan's current account surplus fell 15.6 percent in August compared to the same month a year ago as rising oil prices inflated imports, the Ministry of Finance said Thursday.
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Exec pleads guilty to filing false claims
Oct 12 2005 10:37PM (CT)
BRIDGEPORT, Conn. (AP) - The chief operating officer of a hedge fund pleaded guilty Wednesday to filing false statements with regulators in what officials allege was a scheme to drive up the stock of two biotechnology companies.
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Lawyer grills Merck researcher at trial
Oct 12 2005 10:06PM (CT)
ATLANTIC CITY, N.J. (AP) - A lawyer for a man who blames Vioxx for his heart attack grilled a Merck & Co. researcher Wednesday about why the company did not alert doctors over deaths among certain Vioxx users five months earlier.
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Japanese stocks fall; dollar rises
Oct 12 2005 9:54PM (CT)
TOKYO (AP) - Japan's benchmark stock index fell Thursday morning as traders took a cue from Wall Street, where stocks declined. The dollar rose slightly against the yen.
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Fed's Olson: Katrina borrowing unavoidable
Oct 12 2005 9:44PM (CT)
VANCOUVER, British Columbia (AP) - A U.S. Federal Reserve Bank governor warned against growing U.S. deficits Wednesday but said federal borrowing in the wake of Hurricane Katrina was unavoidable.
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American Eagle scrubs 558 flights
Oct 12 2005 9:11PM (CT)
FORT WORTH, Texas (AP) - AMR Corp.'s regional affiliate, American Eagle, has canceled 558 scheduled flights this month because of rising jet fuel costs, an airline spokesman said Wednesday.
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Natural gas users to take hit this winter
Oct 12 2005 9:04PM (CT)
WASHINGTON (AP) - Winter heating bills will be a third to a half higher for most families across the country, with the sharpest increases expected for those who heat with natural gas, the Energy Department forecast Wednesday.
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N.D. aims to rescue Canada wheat tariff
Oct 12 2005 8:59PM (CT)
BISMARCK, N.D. (AP) - North Dakota's Wheat Commission is attempting to rescue a tariff on Canadian spring wheat exports after a federal agency ruled they were no longer justified.
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Krispy Kreme stock drops nearly 13 percent
Oct 12 2005 8:25PM (CT)
CHARLOTTE, N.C. (AP) - Shares of Krispy Kreme Doughnuts Inc. fell nearly 13 percent Wednesday in heavy trading as analysts and company officials said they did not know what triggered the plunge.
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McDonald's expects to beat 3Q estimates
Oct 12 2005 6:58PM (CT)
OAK BROOK, Ill. (AP) - McDonald's Corp. said Wednesday it expects third-quarter profits to beat Wall Street's estimates, backed by its new chicken sandwiches and breakfast business which helped produce strong September sales.
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AFL-CIO urges U.S. to fight China policies
Oct 12 2005 6:28PM (CT)
WASHINGTON (AP) - America's largest labor federation is urging the U.S. government to challenge more strongly what it calls China's unfair manipulation of its exchange rate to gain trade advantages over U.S. business.
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Newest Google director joins wealth parade
Oct 12 2005 6:05PM (CT)
SAN FRANCISCO (AP) - When Princeton University President Shirley Tilghman joined Google Inc.'s board of directors this month, she also joined the company's seemingly endless parade of wealth.
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Ex-broker paying $200,000 to settle case
Oct 12 2005 5:37PM (CT)
WASHINGTON (AP) - A New York state judge on Wednesday dismissed unresolved criminal charges against a former Bank of America Corp. broker, who agreed to pay a $200,000 fine to settle civil charges of defrauding mutual fund shareholders by allowing a favored customer to make illegal after-hours trades.
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JetBlue to restate first-half results
Oct 12 2005 5:30PM (CT)
NEW YORK (AP) - Low-cost carrier JetBlue Airways Corp. on Wednesday said it will restate earnings higher this year to correct accounting related to airport rent expenses and the way it handles passenger revenue.
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Treasurys fall; sale of 5-year note solid
Oct 12 2005 5:20PM (CT)
NEW YORK (AP) - Expectations of higher rates from the Federal Reserve knocked Treasurys lower Wednesday in a day with no major economic data, although a sale of five-year notes was well received.
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Qwest urges limits on telecom mergers
Oct 12 2005 5:11PM (CT)
DENVER (AP) - Qwest Communications officials pressed their case Wednesday for the government to impose restrictions on two telecommunications mergers, reiterating their contention the pending deals could hurt competition and raise prices.
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Wednesday's Commodities Roundup
Oct 12 2005 5:10PM (CT)
NEW YORK (AP) - Crude-oil futures climbed for the second consecutive day after a U.S. report forecast continued oil supply restraints and higher prices in the near term.
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Delphi: Hourly workers could see wage cuts
Oct 12 2005 5:06PM (CT)
TROY, Mich. (AP) - Delphi Corp.'s hourly workers could see wage and benefit cuts as early as this spring, officials from the auto supplier, which sought bankruptcy protection last weekend, said Wednesday.
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N.Y. Times 'frustrated' by Miller story
Oct 12 2005 5:06PM (CT)
NEW YORK (AP) - Now that New York Times reporter Judith Miller has testified again in the investigation into the leak of a CIA operative's name, many are wondering when the newspaper will publish the detailed account it has promised on their own reporter's role in the case.
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Martha Stewart, KB Home to design homes
Oct 12 2005 4:37PM (CT)
NEW YORK (AP) - Fans of Martha Stewart who snapped up her towels and sheets will soon be able to live in a house designed by the domestic maven.
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Monsanto 4Q loss widens substantially
Oct 12 2005 4:35PM (CT)
ST. LOUIS (AP) - Monsanto Co., maker of genetically engineered seeds and the Roundup herbicide, said Wednesday that its fiscal fourth-quarter loss widened substantially, but the results exceeded Wall Street expectations and Monsanto raised its 2006 guidance.
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Northwest asks court to cancel contracts
Oct 12 2005 4:30PM (CT)
MINNEAPOLIS (AP) - Northwest Airlines Corp. asked a bankruptcy judge on Wednesday for permission to reject union contracts, starting a countdown for workers to either make a deal or live with pay cuts imposed by the company. The nation's fourth-largest airline said it would be forced to shut down unless employees work for less.
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Greenspan: Flexibility critical to economy
Oct 12 2005 4:03PM (CT)
WASHINGTON (AP) - The country's ability to weather a surge in energy prices is the latest example of how economic flexibility helps prevent serious recessions, Federal Reserve Chairman Alan Greenspan said Wednesday.
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Harley-Davidson third-quarter profit up
Oct 12 2005 3:57PM (CT)
MILWAUKEE (AP) - Harley-Davidson Inc. said Wednesday its third-quarter profit rose nearly 16 percent, citing robust motorcycle shipments worldwide. But the company lowered the bottom range on its long-term shipments forecast on worries about rising fuel costs and consumer confidence.
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Kerkorian raises stake in General Motors
Oct 12 2005 3:57PM (CT)
DETROIT (AP) - Billionaire investor Kirk Kerkorian has increased his stake in General Motors Corp. to nearly 10 percent, according to a company filing released Wednesday.
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Goody's shareholders question buyout deal
Oct 12 2005 3:57PM (CT)
KNOXVILLE, Tenn. (AP) - Shareholders of Goody's Family Clothing Inc. have filed lawsuits challenging the department store chain's buyout agreement, and two investment firms with shares repeated their higher offer to acquire Goody's.
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ATM-maker Diebold names new president, CFO
Oct 12 2005 3:54PM (CT)
NORTH CANTON, Ohio (AP) - Diebold Inc.. which makes automated teller machines, on Wednesday promoted two senior-level executives to the positions of president and chief financial officer.
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Media General 3Q income falls on costs
Oct 12 2005 3:53PM (CT)
RICHMOND, Va. (AP) - Media General Inc., a newspaper publisher and TV station operator, said Wednesday its third-quarter income fell 38 percent due to lower broadcast revenue, as well as higher newsprint and energy expenses.
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Ford cracks top-10 fuel economy list
Oct 12 2005 3:24PM (CT)
WASHINGTON (AP) - Ford Motor Co., with its hybrid SUVs, is the only American carmaker to crack the top-10 fuel economy list for 2006 vehicles.
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Survey: Boxed wines boost product sales
Oct 12 2005 3:18PM (CT)
WASHINGTON (AP) - The hottest-selling wines don't come in a bottle _ they come in a box. Wine makers have been getting creative with packaging _ swapping corks for screwcaps or putting premium varieties like Syrah and Pinot Grigio in boxes _ and surveys show it's working.
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United Airlines to recall 300 pilots
Oct 12 2005 2:49PM (CT)
ELK GROVE VILLAGE, Ill. (AP) - United Airlines plans to recall about 300 pilots to meet an expected increase in flying next year as it comes out of bankruptcy, the nation's No. 2 airline said.
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Radio giant reveals firings after probe
Oct 12 2005 2:41PM (CT)
SAN ANTONIO (AP) - Clear Channel Communications Inc., the nation's largest owner of radio stations, has fired unidentified employees and disciplined others after an internal payola probe found evidence of wrongdoing.
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Co-managing editors named at L.A. Times
Oct 12 2005 2:26PM (CT)
LOS ANGELES (AP) - The Los Angeles Times has named two managing editors to run the paper's day-to-day operations and help reverse declining circulation.
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Trade powers closer on farm market reforms
Oct 12 2005 2:06PM (CT)
GENEVA (AP) - Major trade powers are edging closer on farm market reforms, but ministers said Wednesday that plenty of work remains if WTO members are to reach a wide-ranging agreement by the end of the year.
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EU charges nine countries over telecoms
Oct 12 2005 1:59PM (CT)
BRUSSELS, Belgium (AP) - The EU head office said Wednesday it has charged nine European countries for failing to open up telecoms markets to competition.
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Judge bars probe of national banks
Oct 12 2005 1:42PM (CT)
NEW YORK (AP) - A federal judge Wednesday blocked New York state Attorney General Eliot Spitzer from investigating national banks' lending practices, saying the probe is prohibited by federal law.
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USDA predicts rise in Fla. orange crop
Oct 12 2005 1:24PM (CT)
LAKELAND, Fla. (AP) - Growers in Florida, the nation's largest citrus producer, should produce 190 million boxes of oranges during the upcoming growing season, a 27 percent rise over last season's crop which was ravaged by three hurricanes, the U.S. Department of Agriculture predicted Wednesday.
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TAL International opens flat after IPO
Oct 12 2005 1:22PM (CT)
WASHINGTON (AP) - TAL International Group Inc. shares opened flat in the first day of trading after its initial public offering.
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Fed meets enemy: Government spending
Oct 12 2005 12:56PM (CT)
NEW YORK (AP) - The Federal Reserve is increasingly concerned about inflation and a significant part of its problem is being caused by the nation's elected officials.
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Watchdata Technologies withdraws IPO
Oct 12 2005 12:52PM (CT)
WASHINGTON (AP) - Watchdata Technologies Ltd. withdrew its initial public offering Wednesday to sell 3 million American depositary shares at $14 to $15 each.
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Schering-Plough up after rating boost
Oct 12 2005 12:52PM (CT)
NEW YORK (AP) - Schering-Plough Corp. stock rose Wednesday after Merrill Lynch raised its rating on the company's shares to "buy" from "neutral," citing confidence in the prospects of anticholesterol drug Vytorin.
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A.G. Edwards may face actions from SEC
Oct 12 2005 12:50PM (CT)
WASHINGTON (AP) - A.G. Edwards Inc. said the Securities and Exchange Commission may bring a civil injunctive action against the brokerage firm regarding mutual-fund transactions.
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Hibernia sees steep costs after storms
Oct 12 2005 12:50PM (CT)
NEW YORK (AP) - Hibernia Corp. warned Wednesday that it will face a litany of challenges _ ranging from steep costs to bad loans to potential competitive problems _ as it rebuilds in the aftermath of two brutal Gulf Coast hurricanes.
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Progressive earnings fall due to storms
Oct 12 2005 12:49PM (CT)
MAYFIELD VILLAGE, Ohio (AP) - Auto-insurance company Progressive Corp. said earnings in the latest quarter fell from a year ago, and released estimates on expected exposure from Hurricanes Katrina and Rita.
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Bridgestone Firestone to pay Ford $240M
Oct 12 2005 12:37PM (CT)
NASHVILLE, Tenn. (AP) - Bridgestone Firestone North American Tire has agreed to pay $240 million to Ford Motor Co. to settle claims related to the tiremaker's 2000 recall of defective tires, Bridgestone Firestone said Wednesday.
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EU charges European elevator cartel
Oct 12 2005 11:25AM (CT)
BRUSSELS, Belgium (AP) - The European Union's head office said it had charged several elevator and escalator manufacturers with running a cartel in Belgium, the Netherlands, Luxembourg and Germany.
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Refco stock down on CEO allegations
Oct 12 2005 11:22AM (CT)
NEW YORK (AP) - Refco Inc. shares fell sharply Wednesday, after The Wall Street Journal reported that an investment firm controlled by Chief Executive Phillip Bennett paid a New Jersey hedge fund to help him hide a debt to Refco of hundreds of millions of dollars.
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Allegheny Tech expects to beat Street view
Oct 12 2005 11:01AM (CT)
PITTSBURGH (AP) - Allegheny Technologies Inc. put its third-quarter earnings estimate at 84 cents to 88 cents a share and expects to beat Wall Street's mean estimate.
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Advo stock down on lower 4Q profit outlook
Oct 12 2005 11:00AM (CT)
BOSTON (AP) - Advo Inc. stock fell Wednesday after the nation's largest direct-mail marketing firm lowered its fourth-quarter and fiscal 2005 earnings outlook late Tuesday.
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MGIC Investment 3Q profit increases
Oct 12 2005 10:59AM (CT)
MILWAUKEE (AP) - MGIC Investment Corp.'s third-quarter net income rose 6.2 percent, helped by fewer delinquencies and greater profit from its joint ventures.
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Federal lawmaker eyed in Volkswagen probe
Oct 12 2005 10:28AM (CT)
BERLIN (AP) - Prosecutors investigating suspected fraud at Volkswagen AG said Wednesday they are looking into whether a federal lawmaker enjoyed illegal privileges from the German carmaker.
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Weather fails to slow corn, rice crops
Oct 12 2005 10:24AM (CT)
WASHINGTON (AP) - Despite a hurricane that flattened sugar cane fields last month in Louisiana and drought that persisted in the Plains, weather has failed to slow the nation's corn, rice, soybean and cotton crops, the Agriculture Department said Wednesday.
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Fastenal profit up despite storm damage
Oct 12 2005 10:19AM (CT)
WINONA, Minn. (AP) - Construction-supply company Fastenal Co. on Wednesday posted higher third-quarter profit, topping Wall Street's expectations, despite hurricane damage that destroyed 4 stores and damaged 11 others.
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EU presents plan to boost research spending
Oct 12 2005 10:05AM (CT)
BRUSSELS, Belgium (AP) - The European Commission presented a plan Wednesday to catch up with the United States and Japan in spending on research and development and to keep at bay rising powers like China and India.
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Officials open Georgian section of pipeline
Oct 12 2005 9:38AM (CT)
TBILISI, Georgia (AP) - The presidents of Georgia, Azerbaijan and Turkey on Wednesday ceremonially opened the valves on the Georgian section of a U.S.-backed Caspian pipeline that is seen as key to cutting Western dependence on Mideast oil.
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World bank chief urges on market access
Oct 12 2005 9:14AM (CT)
TOKYO (AP) - Japan and other rich countries must allow developing countries greater access to their agricultural markets, World Bank President Paul Wolfowitz said Wednesday, a day after Tokyo said it could not accept a new U.S. proposal that calls on the EU and Japan to reduce tariffs by 80 percent.
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Apple stock plunges 10 percent
Oct 12 2005 8:44AM (CT)
SAN JOSE, Calif. (AP) - Shares of Apple Computer Inc. continued to tumble Wednesday, after the company reported robust sales of its personal computers and still-sizzling iPods, but overall shipments of the digital music player falling shy of Wall Street's high hopes.
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Aid to double to poorest African nations
Oct 12 2005 8:29AM (CT)
BRUSSELS, Belgium (AP) - The European Commission presented a new development aid strategy Wednesday focused primarily on easing poverty in Africa and on holding EU member states to their promises to double aid to the continent.
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Ten companies to bid for Ukraine mill
Oct 12 2005 8:22AM (CT)
KIEV, Ukraine (AP) - Ten companies are expected to bid for a majority stake in Ukraine's biggest steel mill later this month, in what could become the biggest privatization auction in this ex-Soviet republic's history, the prime minister said Wednesday.
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OECD: Britain's economic growth to slow
Oct 12 2005 7:59AM (CT)
LONDON (AP) - Britain's economic growth will be slower than earlier forecast this year, the Organization for Economic Cooperation and Development warned Wednesday.
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Toys R Us to open outlets in Philippines
Oct 12 2005 6:44AM (CT)
MANILA, Philippines (AP) - Toys R Us Inc., a U.S.-based toy chain, will open its first four outlets in the Philippines next year, its partner company said Wednesday.
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German inflation rate climbs in September
Oct 12 2005 5:43AM (CT)
BERLIN (AP) - Germany's inflation rate accelerated to 2.5 percent in September _ its fastest pace in four years _ driven by high energy prices, data released Wednesday showed.
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ASML posts 17 percent rise in 3Q profit
Oct 12 2005 5:43AM (CT)
AMSTERDAM, Netherlands (AP) - Dutch semiconductor equipment maker ASML Holding NV posted a 17 percent increase in third-quarter net profit Wednesday due to lower costs and said its order book is rising again.
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SABMiller: worldwide beer volumes rise
Oct 12 2005 5:34AM (CT)
LONDON (AP) - Brewer SABMiller PLC said Wednesday that beer sales worldwide rose 5 percent in the first half of the fiscal year, but warned that conditions in the United States were becoming increasingly competitive.
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Japan maintains upbeat view on economy
Oct 12 2005 5:27AM (CT)
TOKYO (AP) - Japan maintained its upbeat view on the economy Wednesday, saying in its monthly report that the recovery is continuing, supported by solid consumer spending and exports.
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Reports: China sets new plan for GDP
Oct 12 2005 5:20AM (CT)
SHANGHAI, China (AP) - China's communist leaders have drawn up a plan for the next five years that calls for doubling the country's gross domestic product per person to about $1,700 in 2010, from $854 in 2000, reports said Wednesday.
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Snow 'astonished' by changes in Shanghai
Oct 12 2005 5:19AM (CT)
SHANGHAI, China (AP) - U.S. Treasury Secretary John Snow said he was "astonished" by Shanghai's economic transformation Wednesday as he began a visit expected to focus on China's currency policies and its huge and growing trade surplus with the United States.
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Wash. governor backs farm labor bill
Oct 12 2005 4:40AM (CT)
YAKIMA, Wash. (AP) - Gov. Christine Gregoire is backing a federal labor bill aimed at easing a shortage of U.S. farm workers.
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Report: Japan Postal system wind up talks
Oct 12 2005 3:35AM (CT)
TOKYO (AP) - Japan's postal system is winding up talks on tie-ups with several major couriers such as TNT Post Group of the Netherlands and Japan's Nippon Express Co., with the goal of tapping into the courier business, a news report said Wednesday.
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Two construction execs plead guilty
Oct 12 2005 12:13AM (CT)
NEW YORK (AP) - Two construction company executives who were accused of stealing millions of dollars from a Trump Tower building project for the British luxury retailer Asprey Ltd. pleaded guilty Tuesday to grand larceny charges.
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Japan bank keeps monetary policy unchanged
Oct 12 2005 12:11AM (CT)
TOKYO (AP) - Japan's central bank kept its ultra-loose monetary policy unchanged Wednesday on the view that the world's second-biggest economy still hasn't escaped deflation, or downward spiraling prices.
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