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AFL-CIO getting closer to deal with unions
Oct 18 2005 10:15PM (CT)
PORTLAND, Ore. (AP) - Leaders from unions that splintered from the AFL-CIO this summer said Tuesday they are optimistic about the olive branch the national federation's president extended last week.
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EPA probes alleged mud dumping in Alaska
Oct 18 2005 10:07PM (CT)
ANCHORAGE, Alaska (AP) - Federal regulators are investigating the alleged dumping of thousands of gallons of tainted mud by a Texas drilling company into the Beaufort Sea on Alaska's northern coast, a spokeswoman for Alaska's environmental protection agency said Tuesday.
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Intel profit gains on notebook sales
Oct 18 2005 9:46PM (CT)
SAN JOSE, Calif. (AP) - Strong demand for notebook computers powered by Intel Corp. chips helped boost third quarter profits by 5 percent.
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Chicago Board of Trade going public
Oct 18 2005 9:22PM (CT)
CHICAGO (AP) - The oldest U.S. futures and options exchange is going Wall Street after 157 years. The Chicago Board of Trade, founded to do business in corn and soybeans but now predominantly a marketplace for financial futures and options, received a positive reception from investors Tuesday evening to its long-anticipated initial public offering.
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China plan focuses on easing poverty
Oct 18 2005 9:11PM (CT)
BEIJING (AP) - China's communist leaders have issued an economic plan that calls for developing the poor countryside in an effort to narrow the growing and politically explosive gap between rich and poor, state media said Wednesday.
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Toyota's recall affects five countries
Oct 18 2005 9:04PM (CT)
TOKYO (AP) - Toyota Motor Corp., Japan's top automaker, said Wednesday its largest recall ever affects cars in Japan, Australia, Singapore, Thailand and Malaysia, but declined to detail how much it will cost.
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Sprint Nextel sues Nextel Partners
Oct 18 2005 9:02PM (CT)
KANSAS CITY, Mo. (AP) - For the second time in a week, Sprint Nextel Corp. has filed suit against affiliate Nextel Partners Inc. as their disagreement over the likely acquisition of Nextel Partners becomes increasingly bitter.
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Motorola profits more than triple on sales
Oct 18 2005 8:43PM (CT)
CHICAGO (AP) - Motorola Inc., the world's No. 2 maker of mobile phones, said Tuesday its third-quarter earnings more than tripled on record sales as it continued to pick up market share in the global cell-phone market.
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Japanese stocks lower in early trading
Oct 18 2005 8:25PM (CT)
TOKYO (AP) - Japanese stocks slid in early trading Wednesday, extending losses after five straight sessions of declines. The dollar was higher against the yen and euro.
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Continental profit surprises Wall Street
Oct 18 2005 7:53PM (CT)
HOUSTON (AP) - Continental Airlines Inc. said Tuesday it earned $61 million in the third quarter, surprising Wall Street, which had expected a much smaller profit at the nation's fifth-largest carrier because of rising jet fuel prices and two hurricanes that canceled flights.
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Kraft Foods 3Q earnings dip 13.5 percent
Oct 18 2005 7:53PM (CT)
CHICAGO (AP) - Kraft Foods Inc., the nation's largest food manufacturer, on Tuesday reported a 13.5 percent drop in third quarter earnings and said profits for the full-year would be lower than expected because of lofty commodity and energy costs.
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Yahoo's 3Q profit tops analyst estimates
Oct 18 2005 7:27PM (CT)
SAN FRANCISCO (AP) - Yahoo Inc.'s robust advertising growth continued in the third quarter, powering the Internet icon to a profit that topped analyst expectations.
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Cardiologist testifies in favor of Vioxx
Oct 18 2005 6:32PM (CT)
ATLANTIC CITY, N.J. (AP) - An Idaho postal worker who suffered a heart attack had a buildup of plaque in his arteries that was not caused by the since-withdrawn painkiller Vioxx, a doctor testified Tuesday for the drug's maker in a product liability trial.
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EADS to build part for new Boeing jet
Oct 18 2005 5:36PM (CT)
SEATTLE (AP) - European Aeronautic Defence & Space Co., which owns 80 percent of Boeing Co.'s archrival Airbus SAS, will supply an important part for Boeing's new 787 Dreamliner.
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Staples settles false claims lawsuit
Oct 18 2005 5:35PM (CT)
WASHINGTON (AP) - A unit of Staples Inc., the office products retailer, has paid $7.4 million to settle a false claims lawsuit over the sale of foreign-made goods to the federal government, the Justice Department said Tuesday.
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Panera raises 3Q outlook on strong sales
Oct 18 2005 5:32PM (CT)
ST. LOUIS (AP) - Bread is back. Citing stronger-than-expected sales for the third quarter, Panera Bread Co. on Tuesday raised its earnings forecast for the period ended Oct. 4. Earnings will be released Nov. 1.
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Cooper Tire withdraws 3Q forecast
Oct 18 2005 5:30PM (CT)
FINDLAY, Ohio (AP) - Cooper Tire & Rubber Co. on Tuesday withdrew its third-quarter earnings estimate, citing weaker-than-expected sales of replacement tires and higher energy, transportation and raw-materials costs.
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La-Z-Boy predicts quarterly loss
Oct 18 2005 5:27PM (CT)
MONROE, Mich. (AP) - La-Z-Boy Inc. said Tuesday it expected to post a quarterly loss of 17 cents to 21 cents per share.
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UAW seeks OK on health care deal with GM
Oct 18 2005 5:25PM (CT)
DETROIT (AP) - The United Auto Workers on Tuesday asked a federal court in Detroit to approve a tentative agreement with General Motors Corp. that would cut benefits for 750,000 U.S. hourly workers, retirees and their families. It was another step toward what could be a sharp decline in union benefits at the Big Three U.S. automakers.
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Journal Register 3Q profit falls
Oct 18 2005 5:13PM (CT)
TRENTON, N.J. (AP) - Newspaper publisher Journal Register Co. said Tuesday third-quarter profit tumbled despite higher revenue, as the prior-year's results benefited from the reversal of big tax accruals.
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Merrill Lynch 3Q profit jumps 49 percent
Oct 18 2005 5:12PM (CT)
NEW YORK (AP) - Wall Street brokerage Merrill Lynch & Co. reported a 49 percent jump in its third-quarter earnings Tuesday, citing strong returns on its investments in both stocks and bonds. Its shares rose in early trading.
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Wholesale prices surge to 15-year high
Oct 18 2005 5:12PM (CT)
WASHINGTON (AP) - Wholesale inflation jumped by the largest amount in 15 years in September and there are worrisome signs that soaring energy prices from the hurricanes are beginning to spill over to the rest of the economy.
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Humana settles class-action suit with MDs
Oct 18 2005 5:10PM (CT)
MIAMI (AP) - Humana Inc. said Tuesday it has agreed to pay $40 million to settle a class-action lawsuit brought by more than 700,000 doctors who claim they were systematically cheated by many of the nation's major managed-care companies.
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Lawsuit alleges discrimination at UBS
Oct 18 2005 5:01PM (CT)
NEW YORK (AP) - Three black former employees of UBS Financial Services Inc. accused the brokerage firm in a lawsuit Tuesday of racial discrimination in its hiring and promotions, saying even the company's attempts at diversity mocked non-whites.
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High coal prices spur Peabody profits
Oct 18 2005 4:54PM (CT)
ST. LOUIS (AP) - High coal prices delivered stronger profits for Peabody Energy Corp. during the third quarter, with net income more than doubling compared to the same period last year, the nation's largest coal company said Tuesday. Despite the rise, earnings fell short of Wall Street expectations.
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United Technologies 3Q profit up 19 pct.
Oct 18 2005 4:53PM (CT)
HARTFORD, Conn. (AP) - Diversified manufacturer United Technologies Corp. said Tuesday third-quarter profit rose 19 percent from growth across almost all its businesses, particularly at its Carrier division, and raised its outlook for the year.
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McClatchy quarterly profit edges down
Oct 18 2005 4:49PM (CT)
SACRAMENTO, Calif. (AP) - Newspaper publisher McClatchy Co. said Tuesday that its third-quarter profit dipped slightly as litigation costs and sluggish retail advertising dragged down earnings.
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Treasury prices end slightly firmer
Oct 18 2005 4:45PM (CT)
NEW YORK (AP) - U.S. Treasury prices were slightly firmer Tuesday despite earlier data that revealed a sizable increase in wholesale prices last month.
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ShopKo agrees to be bought by Sun Capital
Oct 18 2005 4:37PM (CT)
GREEN BAY, Wis. (AP) - ShopKo Stores Inc. said Tuesday it agreed to be bought by an affiliate of Sun Capital Partners Inc., ending a bidding war with a Minneapolis private equity firm.
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3M profit rises 10 pct. in third quarter
Oct 18 2005 4:36PM (CT)
MAPLEWOOD, Minn. (AP) - 3M Co., maker of Scotch tape, Post-it notes and a range of industrial products, said earnings for the third quarter rose 10 percent. The company raised the lower end of its earnings guidance for the full year. Its shares rose more than 3 percent.
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Tuesday's Commodities Roundup
Oct 18 2005 4:36PM (CT)
NEW YORK (AP) - Oil prices slumped Tuesday, as Hurricane Wilma's threat to production platforms in the Gulf of Mexico lessened.
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Schering to take equity stake in Sonus
Oct 18 2005 4:34PM (CT)
FRANKFURT, Germany (AP) - German drug-maker Schering AG has signed a deal with U.S.-based Sonus Pharmaceuticals Inc. that will give it an equity stake in the company and the exclusive global license to its Tocosol Paclitaxel anti-cancer drug, Schering said Tuesday.
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Senate panel OKs deposit insurance bill
Oct 18 2005 4:27PM (CT)
WASHINGTON (AP) - Legislation that would allow the $100,000 account limit on federal bank deposit insurance to be raised cleared the Senate Banking Committee on Tuesday.
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Risky mortgages may harm borrowers, banks
Oct 18 2005 4:26PM (CT)
WASHINGTON (AP) - Increasingly popular high-risk mortgages could imperil both borrowers and banks if the hot housing market cools off, the head of the Federal Deposit Insurance Corp. said Tuesday.
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Refco finishes collapse with bankruptcy
Oct 18 2005 4:22PM (CT)
NEW YORK (AP) - It took just eight days for Refco Inc. to go from up-and-comer to down-and-out, with a midnight bankruptcy announcement capping off the commodities broker's stunning collapse.
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J&J CFO raises questions on Guidant deal
Oct 18 2005 4:15PM (CT)
TRENTON, N.J. (AP) - Johnson & Johnson's chief financial officer said Tuesday the company is considering alternatives to its planned acquisition of troubled heart device maker Guidant Corp. as the health care products company posted a 12 percent jump in third-quarter profit amid strong overseas sales.
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Constellation bids $900M cash for Vincor
Oct 18 2005 4:10PM (CT)
ROCHESTER, N.Y. (AP) - Constellation Brands Inc. said Tuesday it was making a cash offer of $900 million for Vincor International Inc. after weeks of getting rebuffed by the Canadian wine producer's management.
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Viacom to complete splitup this year
Oct 18 2005 4:07PM (CT)
NEW YORK (AP) - Media conglomerate Viacom Inc. said Tuesday it now expects to complete its plans to split into two companies by the end of this year, several months earlier than anticipated.
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Unisys posts loss, plans to cut work force
Oct 18 2005 3:47PM (CT)
PHILADELPHIA (AP) - Unisys Corp., a technology services and hardware maker, reported a $54.3 million loss for the third quarter on Tuesday and said it plans to cut about 3,600 jobs, or 10 percent of its work force, over the next year as part of a broad restructuring.
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SunTrust profit soars 39 percent
Oct 18 2005 3:41PM (CT)
ATLANTA (AP) - SunTrust Banks Inc. Tuesday posted a 39 percent jump in third-quarter profit, as loan growth and its acquisition of National Commerce Financial Corp. helped the bottom line.
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American Standard cuts view on weak unit
Oct 18 2005 3:40PM (CT)
PISCATAWAY, N.J. (AP) - American Standard Cos. Tuesday company lowered its earnings forecast for the rest of the year, citing continued weakness in its bath- and kitchen-products unit.
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U.S. dollar rises against the euro
Oct 18 2005 3:20PM (CT)
FRANKFURT, Germany (AP) - The dollar rose to a 4-1/2 month high against the euro on Tuesday after U.S. Federal Reserve Chairman Alan Greenspan said the impact from the spike in energy prices after the Gulf Coast hurricanes will not be as severe as from the oil shocks of the 1970s.
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Ranbaxy wants to produce Nexium copy
Oct 18 2005 2:21PM (CT)
LONDON (AP) - Anglo-Swedish drugmaker AstraZeneca PLC said Tuesday that Indian drug maker Ranbaxy Laboratories Ltd. has applied to manufacture a copy of its top-selling drug Nexium, which is used for treating persistent heartburn caused by acid reflux disease.
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Environmental studies waived for drilling
Oct 18 2005 1:41PM (CT)
WASHINGTON (AP) - In an aggressive push by the Bush administration to open more public land to oil and gas production, the Interior Department has quit conducting environmental reviews and seeking comments from local residents every time drilling companies propose new wells.
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Interstate Bakeries closing Wash. store
Oct 18 2005 1:39PM (CT)
KANSAS CITY, Mo. (AP) - Interstate Bakeries Corp. said Tuesday it is closing its Lakewood, Wash., bakery as it consolidates operations in the Northwest.
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Canada said to be losing economic ground
Oct 18 2005 1:37PM (CT)
TORONTO (AP) - Canada continues to slide down the ranks of the world's top economies and is a "chronic laggard in key areas, notably productivity and investment," according to the Conference Board of Canada's latest global report.
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Ukraine debates steel mill privatization
Oct 18 2005 1:29PM (CT)
KIEV, Ukraine (AP) - Ukrainian lawmakers on Tuesday called on the government to impose a moratorium on the privatization of the country's biggest steel mill in a last-ditch bid to block next week's auction.
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EU trade chief hopes for world trade deal
Oct 18 2005 1:13PM (CT)
LUXEMBOURG (AP) - The European Union's top trade negotiator won overwhelming support from EU governments Tuesday to stay the course in world trade talks, and he urged member nations not to lose their nerve.
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PetroKazakhstan shareholders OK takeover
Oct 18 2005 12:57PM (CT)
CALGARY, Alberta (AP) - Shareholders of Canadian oil company PetroKazakhstan Inc. on Tuesday voted overwhelmingly in favor of a $4.2 billion takeover offer from China National Petroleum Corp. in a deal still facing legal challenges from Kazakhstan and Russia.
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Texas store closures hurt Safeway profit
Oct 18 2005 12:12PM (CT)
SAN FRANCISCO (AP) - Safeway Inc.'s third-quarter profit plunged 23 percent as the costs of closing 26 Texas stores and shedding higher-paid workers in Northern California overshadowed an upturn in the long-struggling grocer's sales.
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Delta may extend pilot recall program
Oct 18 2005 11:55AM (CT)
ATLANTA (AP) - Delta Air Lines Inc. will likely ask its pilots union to extend an agreement to recall retired pilots to prevent staffing shortages as it ambitiously expands its international service while operating under bankruptcy protection, chief executive Gerald Grinstein said Tuesday.
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India must increase airport capacity
Oct 18 2005 11:36AM (CT)
NEW DELHI (AP) - India needs to quickly increase capacity and improve air traffic control at the country's two major airports _ New Delhi and Bombay _ to ensure safety and sustain the country's air travel boom, the International Air Transport Association said Tuesday.
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Agricultural subsidies still unsettled
Oct 18 2005 11:24AM (CT)
WASHINGTON (AP) - President Bush and European Commission President Jose Manuel Barroso discussed their mutual interest in opening up world trade markets for agriculture and other products Tuesday.
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Drug maker Roche building U.S. plant
Oct 18 2005 11:13AM (CT)
GENEVA (AP) - Swiss pharmaceutical company Roche Holding AG said Tuesday it is building a new plant in the United States to boost production of its Tamiflu drug amid fears of a major bird flu outbreak, and is ready to seek help from other companies to meet surging demand.
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Phone service, 911 knocked out in SoCal
Oct 18 2005 11:00AM (CT)
LONG BEACH, Calif. (AP) - An equipment problem knocked out long-distance telephone service and parts of the 911 system for tens of thousands of residential and business customers in several Southern California cities Tuesday, officials said.
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DaimlerChrysler interested in UAW talks
Oct 18 2005 10:28AM (CT)
TOKYO (AP) - A day after General Motors Corp. reached a tentative agreement with its main labor union to reduce health costs, rival DaimlerChrysler AG indicated Tuesday it is interested in talks with the United Auto Workers on cost savings.
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Infineon: Semiconductor sales to grow
Oct 18 2005 10:01AM (CT)
FRANKFURT, Germany (AP) - German chipmaker Infineon Technologies AG said Tuesday it expects worldwide semiconductor sales to increase 5 percent to 7 percent in 2006 and added it was examining its company structure.
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Wells Fargo 3Q profit rises 13 percent
Oct 18 2005 9:57AM (CT)
SAN FRANCISCO (AP) - Wells Fargo & Co.'s third-quarter profit rose 13 percent as the bank continued to feed consumers' appetites for home mortgages and a variety of other loans _ a recipe that has generated double-digit earnings growth through most of the past four years.
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Premier League to share live TV rights
Oct 18 2005 9:37AM (CT)
BRUSSELS, Belgium (AP) - England's Premier League on Tuesday committed to share the live television rights to its soccer games among at least two broadcasters as of 2007, the European Union said.
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NYSE members polled on Archipelago deal
Oct 18 2005 9:25AM (CT)
NEW YORK (AP) - An anonymous group of New York Stock Exchange members has commissioned a survey that seeks to gauge seatholder interest in alternatives to the exchange's planned acquisition of Archipelago Holdings Inc.
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U.S. Bancorp 3Q profit rises 8 percent
Oct 18 2005 9:13AM (CT)
MINNEAPOLIS (AP) - U.S. Bancorp, one of the nation's top 10 biggest banks, on Tuesday said higher fee income and a reduction in bad loans helped push third-quarter profit higher by 8 percent.
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A&P 2Q profit rises on hefty gain
Oct 18 2005 8:56AM (CT)
MONTVALE, N.J. (AP) - Great Atlantic & Pacific Tea Co., operator of the A&P grocery chain, on Tuesday said it swung to a profit in its fiscal second quarter because of a large gain from selling its business in Canada.
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EU to recommend changes to banking rules
Oct 18 2005 8:42AM (CT)
BRUSSELS, Belgium (AP) - The EU head office will recommend changes to European banking and insurance rules next month to encourage more cross-border mergers between financial firms, EU Internal Market Commissioner Charlie McCreevy said in a speech published Tuesday.
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Oil prices push up inflation in euro zone
Oct 18 2005 8:37AM (CT)
BRUSSELS, Belgium (AP) - High oil prices pushed inflation up to 2.6 percent in September from a year ago in the 12 countries that use the euro as pressure slowly grows on the European Central Bank to adjust interest rates in the coming months.
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Novartis reports rise in 3Q profit
Oct 18 2005 7:59AM (CT)
BASEL, Switzerland (AP) - Swiss pharmaceutical giant Novartis AG on Tuesday reported a 14 percent increase in third-quarter earnings on strong sales growth and lower marketing expenses.
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Second Airbus A380 makes maiden flight
Oct 18 2005 6:46AM (CT)
PARIS (AP) - A second Airbus A380 took off on its maiden flight Tuesday, stepping up the "superjumbo" flight test program a year before the world's largest passenger plane is due to enter service.
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Italy's Alitalia cancels 102 flights
Oct 18 2005 6:41AM (CT)
ROME (AP) - Italian state airline Alitalia scrapped 102 flights and other carriers operating in Italy were expected to make cancellations ahead of a four-hour strike Wednesday by air traffic controllers.
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Volkswagen aims to win back China market
Oct 18 2005 6:34AM (CT)
SHANGHAI, China (AP) - Germany's Volkswagen AG plans to introduce up to 12 new models in China by 2009 while cutting costs and improving service in hopes of regaining its eroding market share in the country.
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German economic outlook improves in Oct.
Oct 18 2005 6:09AM (CT)
BERLIN (AP) - German finance professionals' economic outlook improved slightly in October, a closely watched survey showed Tuesday, as somewhat lower oil prices balanced out concerns over reform prospects under a new government.
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Philippine court declares VAT law legal
Oct 18 2005 4:29AM (CT)
MANILA, Philippines (AP) - The Supreme Court on Tuesday upheld the Philippines' expanded value-added tax law, the centerpiece of the government's fiscal reform program.
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APEC officials discuss oil prices
Oct 18 2005 4:03AM (CT)
GYEONGJU, South Korea (AP) - Pacific Rim energy officials on Tuesday began discussing the impact of soaring oil prices, energy security and alternative sources of fuel a day before Cabinet ministers from the region hold their first ever talks with OPEC officials.
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Certified beef program makes S.D. debut
Oct 18 2005 3:50AM (CT)
SIOUX FALLS, S.D. (AP) - A state program promoting homegrown beef was the special of the day at a Sioux Falls restaurant as Gov. Mike Rounds and others dined on beef raised, processed and approved through the South Dakota Certified Beef program.
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Greenspan: Energy prices to drag economy
Oct 18 2005 3:09AM (CT)
WASHINGTON (AP) - The sharp run-up in energy prices following the shutdown of Gulf Coast production facilities was an "an accident waiting to happen," Federal Reserve Chairman Alan Greenspan said, while adding that it should not have the severe economic impact of the 1970s oil shocks.
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Maine spuds latest entry into vodka trend
Oct 18 2005 1:01AM (CT)
FREEPORT, Maine (AP) - The dream of two brothers _ one a potato farmer, the other a brain surgeon _ has become reality with a shiny new distillery ready to transform humble spuds into premium vodka.
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IBM beats expectations in third quarter
Oct 18 2005 12:59AM (CT)
BOSTON (AP) - Restructuring efforts appear to be paying off for International Business Machines Corp., which saw third-quarter profits exceed analysts' forecasts even though revenue fell just short of predictions.
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China committed to expanding markets
Oct 18 2005 12:57AM (CT)
BEIJING (AP) - China is committed to opening its financial markets to foreign competition, but will do so at its own pace, the country's top securities regulator said Tuesday.
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Group: Repression of unions on the rise
Oct 18 2005 12:47AM (CT)
BRUSSELS, Belgium (AP) - Attacks on unions have increased over the past year as millions of workers continue to be denied their rights and face repression, a labor group said Tuesday.
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