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GM, UAW reach deal to cut health costs
Oct 17 2005 10:06PM (CT)
DETROIT (AP) - General Motors Corp., under mounting pressure to turn around its business after losing nearly $3 billion in the first nine months of the year, announced a tentative agreement with the United Auto Workers Monday that will help lower its spending on health care for workers and retirees.
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Greenspan: Energy prices to drag economy
Oct 17 2005 9:07PM (CT)
WASHINGTON (AP) - The sharp spike in energy prices that occurred after the Gulf Coast hurricanes will act as a drag on the economy although the impact on growth and inflation will not be as severe as the oil shocks of the 1970s, Federal Reserve Chairman Alan Greenspan said.
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Venezuela's tax agency to claim back taxes
Oct 17 2005 9:04PM (CT)
CARACAS, Venezuela (AP) - Venezuela's tax agency is preparing to claim back taxes from four more private oil companies with plans to expand that claim to all firms pumping crude under contract, including large foreign producers.
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Calif. man pleads guilty in Ponzi scheme
Oct 17 2005 8:56PM (CT)
SANTA ANA, Calif. (AP) - A man accused of operating one of the largest Ponzi schemes in U.S. history pleaded guilty Monday to one count each of mail fraud and money laundering in a deal with prosecutors.
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Starr claim argues for keeping AIG stock
Oct 17 2005 8:54PM (CT)
NEW YORK (AP) - A company led by Maurice R. Greenberg, the former chief executive of American International Group Inc., is the rightful owner of more than $19 billion in AIG stock because it has no ties to the insurance giant, according to court papers filed Monday.
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LG Electronics 3Q profit plummets
Oct 17 2005 8:47PM (CT)
SEOUL, South Korea (AP) - LG Electronics Inc. said Tuesday that third-quarter profit fell 48.5 percent on lower profit margins from its mobile handset business and weaker flat panel prices.
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Japan stocks open higher
Oct 17 2005 8:46PM (CT)
TOKYO (AP) - Japanese stocks opened higher Tuesday as investors welcomed Wall Street's gains and the dollar's strength against the yen.
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Lilly stock falls on delay of new drug
Oct 17 2005 7:25PM (CT)
INDIANAPOLIS (AP) - Eli Lilly and Co. said Monday that it would delay submitting for regulatory approval an anticlotting medication that outperformed the top-selling antiplatelet drug Plavix, made by Bristol-Myers Squibb Co.
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CalPERS asks insurers to cut exec bonuses
Oct 17 2005 7:12PM (CT)
SACRAMENTO, Calif. (AP) - California Public Employees Retirement System board members urged PacifiCare Health Systems Inc. and UnitedHealth Group Inc. on Monday to trim a proposed $345 million executive bonus package included in the companies' planned merger.
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Judge: Delta pilots can sue over pensions
Oct 17 2005 6:53PM (CT)
NEW YORK (AP) - A bankruptcy judge ruled Monday that if Delta Air Lines Inc. pilots want to challenge the company's decision not to make certain pension payments, they need to file a lawsuit.
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HUD review: Fannie Mae offices misused
Oct 17 2005 6:23PM (CT)
WASHINGTON (AP) - Mortgage giant Fannie Mae has used its regional partnership offices over the years primarily to lobby Congress instead of promoting affordable housing, the Department of Housing and Urban Development concluded after a yearlong review.
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Ten more charged in KPMG tax shelter probe
Oct 17 2005 6:01PM (CT)
NEW YORK (AP) - A federal grand jury indicted 10 more people associated with accounting firm KPMG on Monday in a case alleging that bogus tax shelters the company sold helped rich clients avoid billions of dollars in taxes.
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Chiron lowers outlook on flu shot change
Oct 17 2005 5:55PM (CT)
SAN FRANCISCO (AP) - Chiron Corp. said Monday it won't ship as many flu shots as it initially had hoped, which will cause the biotechnology company to miss its previous full-year earnings forecast.
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Trade talks end with no Chinese reponse
Oct 17 2005 5:50PM (CT)
BEIJING (AP) - Two days of U.S.-Chinese trade talks ended Monday with no response by China to an ambitious American proposal to reform its financial sector and open its markets wider to foreign products, while also moving faster on currency reforms.
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IBM beats expectations in third quarter
Oct 17 2005 5:42PM (CT)
BOSTON (AP) - Job cuts and the spinoff of the personal computer division aided third-quarter profits at International Business Machines Corp., which beat analysts' forecasts despite a slight revenue shortfall.
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Merck doc: Vioxx additive was considered
Oct 17 2005 5:31PM (CT)
ATLANTIC CITY, N.J. (AP) - Merck & Co. executives privately discussed adding a compound to Vioxx to make the blockbuster painkiller protect the heart the way aspirin does, a company researcher said Monday, five weeks into a trial over whether the now-withdrawn drug caused a man's heart attack.
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Treasury prices end slightly weaker
Oct 17 2005 5:12PM (CT)
NEW YORK (AP) - U.S. Treasury prices ended slightly weaker Monday after a day of narrow, rangebound trade, as concerns about high energy prices and inflation continued to keep investors in a gloomy mood.
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Monday's Commodities Roundup
Oct 17 2005 5:12PM (CT)
NEW YORK (AP) - Oil prices topped $64 a barrel Monday as a new tropical storm formed in the Caribbean and threatened Gulf of Mexico production facilities still recovering from two recent hurricanes.
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PC shipments up 17 percent in 3rd quarter
Oct 17 2005 5:10PM (CT)
BOSTON (AP) - Worldwide shipments of personal computers rose more than 17 percent in the third quarter as consumers flocked to lower-cost and portable PCs, two technology research firms reported Monday.
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Saks swings to 2Q profit
Oct 17 2005 5:09PM (CT)
BIRMINGHAM, Ala. (AP) - Department store operator Saks Inc. on Monday reported a second-quarter profit, reversing a year-ago loss, helped by a large gain from the sale of its Proffitt's and McRae's businesses over the summer.
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GM considers sale of stake in finance arm
Oct 17 2005 4:59PM (CT)
DETROIT (AP) - General Motors Corp. said Monday it is considering selling a controlling interest in its profitable finance arm, General Motors Acceptance Corp., despite the boost GMAC is giving to the struggling automaker's bottom line.
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Venture capital fund raising climbs again
Oct 17 2005 4:56PM (CT)
SAN FRANCISCO (AP) - Venture capitalists rounded up another $5.4 billion for future investments during the third quarter, ensuring the industry's fund-raising will rise for the third consecutive year.
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Owens stepping down as Nortel CEO
Oct 17 2005 4:54PM (CT)
TORONTO (AP) - Former U.S. admiral Bill Owens is stepping down as president and chief executive officer of Nortel Networks Corp., saying the company is entering a new phase in its recovery from a major crisis and needs a younger person at the helm.
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Nortel names Mike Zafirovski CEO
Oct 17 2005 4:28PM (CT)
TORONTO (AP) - Nortel Networks Corp. said Monday it has appointed Mike S. Zafirovski, a former Motorola Inc. executive, as president and chief executive.
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Retailer Goody's gets two competing bids
Oct 17 2005 4:23PM (CT)
KNOXVILLE, Tenn. (AP) - Retail chain Goody's Family Clothing Inc. said Monday it was reviewing two offers higher than the almost $273 million-buyout deal it struck two weeks ago with an affiliate of private-investment firm Sun Capital Partners Inc.
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Prudential PLC taps Lloyd's of London CEO
Oct 17 2005 4:18PM (CT)
LONDON (AP) - Insurer Prudential PLC said Monday it had appointed Nick Prettejohn, current chief executive of the world's largest insurance market, Lloyd's, to head up its British operations.
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Schwab has best quarter since dot-com boom
Oct 17 2005 4:11PM (CT)
SAN FRANCISCO (AP) - Charles Schwab Corp.'s quarterly profit surged above $200 million for the first time since the dot-com boom, continuing a comeback that has been orchestrated by the stock brokerage's eponymous founder.
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CEO of Newell Rubbermaid steps down
Oct 17 2005 4:10PM (CT)
ATLANTA (AP) - A month after announcing it would lay off 5,000 workers, struggling housewares maker Newell Rubbermaid Inc. said Monday its chief executive is stepping down by mutual agreement with the company's board. Its shares rose nearly 9 percent.
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Magazines adopt new editorial guidelines
Oct 17 2005 4:01PM (CT)
NEW YORK (AP) - The magazine industry adopted new guidelines Monday for keeping advertising distinct from editorial content on the pages of periodicals.
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Philips Electronics' net income jumps
Oct 17 2005 3:57PM (CT)
AMSTERDAM, Netherlands (AP) - Philips Electronics NV, Europe's largest consumer electronics manufacturer, posted a 23 percent increase in third-quarter net profit Monday, backed mainly by a one-time gain on asset sales.
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Refco in talks aimed at buyout
Oct 17 2005 3:50PM (CT)
NEW YORK (AP) - Troubled commodities broker Refco Inc. could be essentially scrapped for its parts, with talks Monday aimed at selling the company's core futures brokerage business to a group of private investors.
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Citigroup, Wachovia earnings both jump
Oct 17 2005 3:50PM (CT)
NEW YORK (AP) - Citigroup Inc., the nation's largest financial institution, said its third-quarter earnings rose 35 percent, boosted by a big gain from the sale of its life insurance and annuities business. Wachovia Corp.'s earnings soared 32 percent, fueled by strong revenue growth from its acquisition of regional bank SouthTrust Corp. and higher fees and lending income.
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Delphi executives to take pay cut
Oct 17 2005 3:47PM (CT)
DETROIT (AP) - Top executives at Delphi Corp. said Monday they will take pay cuts while the auto supplier seeks wage concessions from its hourly workers and tries to reorganize its finances under bankruptcy protection.
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Krispy Kreme shares slide on filing
Oct 17 2005 3:44PM (CT)
RALEIGH, N.C. (AP) - Shares of Krispy Kreme Doughnuts Inc. fell sharply Monday after the troubled company announced a wholly owned subsidiary in the Philadelphia area had filed for bankruptcy protection.
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ShopKo bidder increases offer
Oct 17 2005 3:44PM (CT)
GREEN BAY, Wis. (AP) - ShopKo Stores Inc. said Monday a private equity firm increased the price it is offering for the discount retailer following an unsolicited bid by another company.
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Mattel profits fall; Hasbro earnings up
Oct 17 2005 3:40PM (CT)
NEW YORK (AP) - Barbie lost out to Darth Vader as Mattel Inc. posted a double-digit decline in third-quarter earnings Monday, and rival Hasbro Inc. generated an increase in profit.
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AIDS drug maker to pay $704M in settlement
Oct 17 2005 3:37PM (CT)
WASHINGTON (AP) - Serono Laboratories agreed Monday to pay $704 million and plead guilty to federal conspiracy charges that it increased the market for the AIDS drug Serostim by offering kickbacks to doctors and manipulating a test for AIDS patients.
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Supervalu profit skids, hurt by charge
Oct 17 2005 3:37PM (CT)
MINNEAPOLIS (AP) - Food wholesaler and grocer Supervalu Inc. on Monday posted a 57 percent plunge in profit for its latest quarter as the cost of selling 20 of its Pittsburgh stores hammered its bottom line.
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CardSystems to sell to Pay By Touch
Oct 17 2005 2:42PM (CT)
ATLANTA (AP) - Embattled payment processor CardSystems Solutions Inc. said it will sell its assets to San Francisco-based Pay By Touch after another suitor, CyberSource Corp., pulled out of negotiations.
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7 banks bid for Romanian Commercial Bank
Oct 17 2005 1:11PM (CT)
BUCHAREST, Romania (AP) - Seven foreign banks placed binding bids Monday for a 61.88 percent stake in the Romanian Commercial Bank, trying to establish a foothold in a rapidly expanding market that has seen successful bank privatizations in the past.
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EMI predicts revenue growth on releases
Oct 17 2005 1:04PM (CT)
LONDON (AP) - Music company EMI Group PLC said Monday it expects its music operations to report first-half revenue growth of around 4.5 percent due to demand for releases from artists including Coldplay, Gorillaz and The Rolling Stones,
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Former Skandia exec charged with fraud
Oct 17 2005 1:00PM (CT)
STOCKHOLM, Sweden (AP) - A former executive of Swedish insurer Forsakrings AB Skandia was charged with fraud and bribery Monday after allegedly taking more than 17 million kronor ($2.2 million) in company funds to renovate apartments belonging to fellow executives or their relatives.
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Three companies bid for Ukrainian mill
Oct 17 2005 12:51PM (CT)
KIEV, Ukraine (AP) - Three companies have submitted applications to participate in next week's auction of Ukraine's biggest steel mill, the State Property Fund said Monday as the deadline to participate expired.
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Report: EU banks' profitability improved
Oct 17 2005 11:34AM (CT)
FRANKFURT, Germany (AP) - European banks showed improvements in their returns on equity during 2004 and part of 2005, the European Central Bank said Monday, but it warned they were vulnerable to external and domestic risks.
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EU ministers discuss world trade talks
Oct 17 2005 11:30AM (CT)
BRUSSELS, Belgium (AP) - European Union foreign ministers meet in Luxembourg on Tuesday to discuss the EU's line in world trade talks, as France worries that an EU offer to cut farm subsidies could go beyond what national governments have already agreed to.
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Generic-drug makers ask EU to probe Pfizer
Oct 17 2005 11:29AM (CT)
BRUSSELS, Belgium (AP) - European generic-drug companies said Monday they had asked EU regulators to investigate efforts by pharmaceutical company Pfizer to prevent the export of its medicines from Spain to other European Union countries.
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Saab gets $100 million order from Boeing
Oct 17 2005 10:57AM (CT)
STOCKHOLM, Sweden (AP) - Swedish aerospace and defense company Saab AB said Monday it has signed a contract worth at least 800 million kronor ($100 million) with Boeing Co. to design and produce doors for Boeing's 787 Dreamliner jet.
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GM reports $1.6 billion quarterly loss
Oct 17 2005 10:07AM (CT)
DETROIT (AP) - General Motors Corp. on Monday reported it lost $1.6 billion in the third quarter, as its North American division continued to suffer from high health-care costs and falling sales of sport utility vehicles.
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Hasbro earnings rise on sales of games
Oct 17 2005 9:37AM (CT)
PAWTUCKET, R.I. (AP) - Hasbro Inc., the nation's second biggest toymaker, reported Monday that earnings grew 4 percent in the third quarter as revenue was boosted by strong sales of games and "Star Wars" products.
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Refco negotiating with J.C. Flowers & Co.
Oct 17 2005 9:35AM (CT)
NEW YORK (AP) - Troubled commodities broker Refco Inc. on Monday said it is discussing the sale of its futures brokerage business, the heart of the company, to a group of investors led by private equity firm J.C. Flowers & Co. LLC
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Huey to succeed Pearlstine as Time chief
Oct 17 2005 9:31AM (CT)
NEW YORK (AP) - Norman Pearlstine, the longtime editorial chief of the Time Inc. magazine empire, will relinquish his post Dec. 31 and be succeeded by his deputy, John Huey, the company announced Monday.
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Wachovia 3Q earnings jump 32 percent
Oct 17 2005 9:29AM (CT)
CHARLOTTE, N.C. (AP) - Wachovia Corp.'s third-quarter earnings soared 32 percent, fueled by strong revenue growth from its acquisition of regional bank SouthTrust Corp. and higher fees and lending income, the bank said Monday.
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Sony Ericsson has better than expected 3Q
Oct 17 2005 9:21AM (CT)
STOCKHOLM, Sweden (AP) - Sony Ericsson said Monday profit advanced 16 percent in the third quarter as new product launches including the Walkman music phone helped the world's sixth-largest mobile phone maker gain market share.
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Citigroup's 3Q earnings rise 35 percent
Oct 17 2005 9:17AM (CT)
NEW YORK (AP) - Citigroup Inc., the nation's largest financial institution, said Monday its third-quarter earnings rose 35 percent, including a hefty $2.12 billion gain from the sale of its life-insurance and annuities business.
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Mattel profit down on lower Barbie sales
Oct 17 2005 9:14AM (CT)
LOS ANGELES (AP) - Mattel Inc., the world's largest toy maker, reported Monday that third-quarter profit fell 12 percent as lower Barbie sales offset higher sales in much of the rest of its product portfolio.
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German banks buy stakes in Hua Xia bank
Oct 17 2005 8:51AM (CT)
FRANKFURT, Germany (AP) - Deutsche Bank AG and private bank Sal. Oppenheim said Monday they would acquire a combined 14 percent stake in China's Hua Xia Bank in a deal worth 272 million euros ($326.4 million).
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S. Africa pushes Diamonds Amendment Bill
Oct 17 2005 8:36AM (CT)
CAPE TOWN, South Africa (AP) - South Africa's government on Monday vowed to press ahead with legislative attempts to take greater control of the nation's diamonds and weaken the grip of diamond-producer De Beers, dismissing arguments that this could disrupt global markets and lead to job losses.
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Indian minister accuses Goldman Sachs
Oct 17 2005 7:45AM (CT)
NEW DELHI (AP) - India's petroleum minister on Monday accused Goldman Sachs of changing the rules midway through the auction of Canadian oil company PetroKazakhstan Inc., implying the Wall Street investment bank helped China outbid India for the company.
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WSJ debuts tabloid format in Europe, Asia
Oct 17 2005 7:10AM (CT)
LONDON (AP) - The Wall Street Journal debuted a smaller, tabloid format for its European and Asian newspapers Monday, saying the changes would make its articles more accessible to readers.
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GM exec: Isuzu, Suzki partnerships solid
Oct 17 2005 6:52AM (CT)
TOKYO (AP) - General Motors' partnerships with Japanese automakers Isuzu and Suzuki remain solid despite the world's biggest automaker's decision to end its alliance with Subaru carmaker Fuji Heavy Industries, a senior GM executive said Monday.
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Casinos to rebuild, possibly reshape coast
Oct 17 2005 5:53AM (CT)
BILOXI, Miss. (AP) - Putting casinos on ugly barges and sticking them in the water handicapped Mississippi casinos from the start. The big gambling companies never could construct anything along the Mississippi coast grand enough to rival Las Vegas, Atlantic City or even large reservation casinos. Building on the water was inconvenient and put the buildings at more risk to hurricanes.
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One deal done, another to come for Boeing
Oct 17 2005 5:47AM (CT)
SEATTLE (AP) - As thousands of striking Machinists grabbed headlines last month, Boeing Co.'s other big union quietly submitted its wish list for a new contract.
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China foreign currency credit rating raised
Oct 17 2005 3:39AM (CT)
HONG KONG (AP) - Fitch Ratings said Monday it has upgraded its long-term credit rating on China's foreign currency debt from A- to A, five rungs above "junk" status, pointing to the country's growing current account surplus, large foreign currency reserves and better governance in the banking sector.
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Asian Wall Street Journal changes name
Oct 17 2005 12:10AM (CT)
HONG KONG (AP) - The Asian Wall Street Journal scrapped its broadsheet printing style and tweaked its name Monday as it rolled out a new paper with a smaller tabloid format called "The Wall Street Journal Asia."
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