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Five Tribune newspapers to seek job cuts
Nov 16 2005 11:51PM (CT)
LOS ANGELES (AP) - Five newspapers owned by Tribune Co., including the company's two flagship papers in Chicago and Los Angeles, said Wednesday they will cut jobs amid declining circulation and revenue.
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Japanese stocks advance, dollar lower
Nov 16 2005 10:26PM (CT)
TOKYO (AP) - Japanese stocks rose moderately Thursday morning on continued buying in automobile and banking issues. The dollar stayed near 27-month highs against the yen.
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Delta seeks to void pilots' union contract
Nov 16 2005 10:22PM (CT)
NEW YORK (AP) - Delta Air Lines Inc. asked a U.S. Bankruptcy Court judge Wednesday to void its contract with Delta's pilots' union so the beleaguered airline can impose deep wage and benefit cuts and avoid further financial erosion.
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Ford ordered to pay $61M in SUV accident
Nov 16 2005 10:13PM (CT)
MIAMI (AP) - A jury has ordered the Ford Motor Co. to pay more than $61 million to the family of a 17-year-old boy killed in a roll-over accident when his friend fell asleep while driving an Explorer.
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BPB reportedly agrees to takeover
Nov 16 2005 9:20PM (CT)
NEW YORK (AP) - British building materials maker BPB PLC agreed to be taken over by Compagnie de Saint-Gobain SA of France for nearly 4 billion pounds ($6.8 billion) after a four-month hostile takeover battle, according to published reports.
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Unions: Latest Delphi offer 'ridiculous'
Nov 16 2005 8:00PM (CT)
DETROIT (AP) - Delphi Corp., the huge auto parts supplier that filed for bankruptcy protection last month, has made another proposal to its unions in an effort to win wage and benefit concessions, but union leaders on Wednesday called the offer "ridiculous."
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U.S. gives blessing to NYSE-Nasdaq mergers
Nov 16 2005 7:48PM (CT)
WASHINGTON (AP) - The Justice Department on Wednesday approved big mergers planned by the New York Stock Exchange and the Nasdaq Stock Market, saying the new combinations were not likely to damage competition.
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Salesforce.com 3Q profit tops estimates
Nov 16 2005 7:46PM (CT)
SAN FRANCISCO (AP) - Salesforce.com Inc.'s third-quarter profit increased sixfold as the Internet upstart continued to sign up thousands of new subscribers to its online service for leasing software applications.
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Oracle buys Thor Technologies, OctetString
Nov 16 2005 7:00PM (CT)
SAN FRANCISCO (AP) - Oracle Corp. has snapped up security-software specialists Thor Technologies Inc. and OctetString, continuing an aggressive shopping spree aimed at filling holes in its product lineup.
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L.A. Times to cut about 85 newsroom jobs
Nov 16 2005 6:51PM (CT)
LOS ANGELES (AP) - In the latest high-profile job cuts in the newspaper industry, the Los Angeles Times announced Wednesday it is cutting about 85 newsroom positions, or approximately 8 percent of its editorial staff.
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D.R. Horton 4Q earnings climb 61 percent
Nov 16 2005 6:44PM (CT)
FORT WORTH, Texas (AP) - D.R. Horton Inc., one of the nation's biggest homebuilders, said Wednesday fiscal fourth-quarter earnings rose 61 percent on a 45 percent rise in revenue.
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Borders Group shares climb after 3Q loss
Nov 16 2005 6:43PM (CT)
ANN ARBOR, Mich. (AP) - Shares of Borders Group Inc. rose Wednesday, a day after the bookseller reported a third-quarter loss within its own lowered expectations, due primarily to store remodeling expenses and decreased sales of music and at its international and Waldenbooks stores.
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Medtronic 2Q income increases 52 percent
Nov 16 2005 6:39PM (CT)
MINNEAPOLIS (AP) - Medical device maker Medtronic Inc. reported a 52 percent jump in quarterly income thanks to sales of implantable defibrillators and spinal devices, plus tax benefits.
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Senate panel backs Bernanke for Fed post
Nov 16 2005 6:39PM (CT)
WASHINGTON (AP) - Ben Bernanke moved a step closer on Wednesday to becoming the next chairman of the Federal Reserve, a job where he'll wield much power over the financial fortunes of investors big and small.
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Zale widens first-quarter loss to $23.7M
Nov 16 2005 6:28PM (CT)
DALLAS (AP) - Zale Corp., the nation's biggest specialty jewelry retailer, reported Wednesday a wider loss for the first quarter, reflecting a charge for closing stores.
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China sells tons of copper at auction
Nov 16 2005 6:21PM (CT)
SHANGHAI, China (AP) - China sold 20,000 metric tons (22,000 tons) of copper from its state reserves Wednesday in the country's first auction of copper reserves, a move aimed at meeting surging demand and countering record prices for the metal.
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Berkshire Hathaway ups Home Depot stake
Nov 16 2005 6:14PM (CT)
OMAHA, Neb. (AP) - Warren Buffett's investment company recently expanded fivefold its stake in Home Depot Inc., the nation's leading home improvement chain.
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Applied Materials posts weaker 4Q profit
Nov 16 2005 6:05PM (CT)
SAN JOSE, Calif. (AP) - Applied Materials Inc.'s profit fell 46 percent in its fiscal fourth-quarter, but the world's largest maker of semiconductor-making gear said Wednesday that chip makers are beginning to invest in new equipment.
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U.S. bond prices end at multi-week highs
Nov 16 2005 6:03PM (CT)
NEW YORK (AP) - U.S. bond prices exited New York trade Wednesday near their highest levels in three weeks amid data showing easing consumer price pressures.
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Ford unveils new auto incentive program
Nov 16 2005 6:02PM (CT)
DETROIT (AP) - Ford Motor Co. became the second of the Big Three automakers to jump back into the discount game with a program that knocks thousands of dollars off the price of some vehicles.
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Mining stocks rise on jump in gold prices
Nov 16 2005 5:53PM (CT)
DENVER (AP) - Mining stocks rose Wednesday, moving in line with gold commodity futures that jumped $10 an ounce to close above $479 _ its highest level in more than a month.
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Tyco Int'l plans to close 16 factories
Nov 16 2005 5:47PM (CT)
TRENTON, N.J. (AP) - Manufacturing conglomerate Tyco International Ltd. said Wednesday it plans to close more than a dozen factories and possibly split up its wide-ranging businesses in efforts to boost the value of its stock. The company also reported its fourth-quarter income doubled because of a tax-rate adjustment and one-time gains.
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Contract disputes heat up at UPS, FedEx
Nov 16 2005 5:41PM (CT)
ATLANTA (AP) - Passenger airline pilots aren't the only ones feuding with their managements these days over new contract terms. Cargo airline pilots are, too.
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Wednesday's commodities roundup
Nov 16 2005 5:40PM (CT)
NEW YORK (AP) - Crude-oil futures in New York bolted up nearly a dollar to settle near $58 a barrel, as an unexpected drop in petroleum stocks and the first chills of winter lit a fire under prices.
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Merck & Co. finishes expansion of plant
Nov 16 2005 5:17PM (CT)
SAN JUAN, Puerto Rico (AP) - Pharmaceutical giant Merck & Co. has finished an expansion of one of its plants in Puerto Rico, allowing the company to triple production at the facility, officials said Wednesday.
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Inamed to evaluate Allergan takeover bid
Nov 16 2005 5:16PM (CT)
LOS ANGELES (AP) - Cosmetic surgery product maker Inamed Corp. said Wednesday its board of directors instructed management to evaluate a proposed $3.2 billion cash and stock takeover bid from Botox maker Allergan Inc. that could trump a competing offer.
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Deutsche Bahn to buy BAX Global division
Nov 16 2005 5:14PM (CT)
RICHMOND, Va. (AP) - The Brink's Co., known for its armored-vehicle services, said Wednesday it agreed to sell its BAX Global freight-shipping division to German railroad Deutsche Bahn AG for $1.1 billion.
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IntercontinentalExchange shares advance
Nov 16 2005 5:13PM (CT)
WASHINGTON (AP) - Shares of the IntercontinentalExchange Inc., parent company of the world's second-largest energy market, leaped in their trading debut Wednesday on the New York Stock Exchange.
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Chenault: Analysts overestimate profits
Nov 16 2005 5:12PM (CT)
NEW YORK (AP) - American Express Co. Chief Executive Kenneth Chenault said several analysts are overestimating his company's fourth-quarter profits based on incorrect assumptions about the firm's marketing plans, bankruptcy-related writeoffs and the spinoff of its brokerage operation.
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Hillenbrand Industries to settle lawsuit
Nov 16 2005 5:09PM (CT)
INDIANAPOLIS (AP) - Hospital bed and casket maker Hillenbrand Industries Inc. said Wednesday it has agreed to pay $337.5 million to settle an antitrust class-action lawsuit that challenged its "bundled pricing" discounting of specialty hospital beds.
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Storm said wiped out Big Easy job growth
Nov 16 2005 4:58PM (CT)
NEW ORLEANS (AP) - Hurricane Katrina likely wiped out 11 years of employment growth in the New Orleans region and left it as the state's second biggest metropolitan area behind Baton Rouge, according to a report issued Wednesday by a group of university economists.
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Nokia to acquire Intellisync for $430M
Nov 16 2005 4:39PM (CT)
NEW YORK (AP) - Expanding its arsenal to compete with BlackBerry, Nokia Corp. is paying $430 million to acquire Intellisync Corp., a provider of wireless e-mail and data services that first made its name with software to synchronize Palm handhelds with computers.
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MedImmune to add up to 840 jobs in Md.
Nov 16 2005 4:13PM (CT)
FREDERICK, Md. (AP) - Drug maker MedImmune Inc. said Wednesday it will build a second manufacturing plant as part of a growth plan that would create as many as 840 new jobs in Maryland by 2008.
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Judge OKs Northwest interim agreements
Nov 16 2005 4:07PM (CT)
NEW YORK (AP) - A New York bankruptcy judge on Wednesday approved interim agreements between Northwest Airlines Corp. and its pilots and flight attendants unions that included pay cuts of up to 24 percent.
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Oil prices rise on cold weather concerns
Nov 16 2005 4:03PM (CT)
WASHINGTON (AP) - Oil prices rose Wednesday on concerns a blast of cold weather would drive up demand for home-heating fuels and on signs gasoline demand is rebounding as the cost at the pump drops.
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Capital One Financial takes over Hibernia
Nov 16 2005 3:50PM (CT)
NEW ORLEANS (AP) - Bank holding company Hibernia Corp. officially was taken over Wednesday by Capital One Financial Corp. in a stock-and-cash deal valued at about $5 billion.
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Vioxx users to challenge safety claims
Nov 16 2005 3:43PM (CT)
HOUSTON (AP) - Whether the once-popular painkiller Vioxx can be lethal if taken for just a few weeks will be the crux of the first federal trial concerning the drug's safety, plaintiff's lawyers said Wednesday.
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Ford Motor Co. recalls 220,000 vehicles
Nov 16 2005 3:10PM (CT)
WASHINGTON (AP) - Ford Motor Co. recalled 220,000 vehicles from the 2005 model year Wednesday amid fire worries from a battery cable rubbing against the frame and concern that a fuel tank strap could separate after tens of thousands of miles.
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Navarre stock down; 2Q report not certified
Nov 16 2005 2:21PM (CT)
NEW YORK (AP) - Shares of Navarre Corp. fell Wednesday, as the distributor of software, CDs and DVDs remained mum after filing its latest quarterly report Monday without certifications from its auditors, chief executive or its chief financial auditor.
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SEC probes firing of Wachovia analyst
Nov 16 2005 2:19PM (CT)
WASHINGTON (AP) - The Securities and Exchange Commission is investigating if the firing of a Wachovia Corp. analyst was a retaliation for the analyst refusing to change his reports for investment bankers.
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Occidental Petroleum: will prove no breach
Nov 16 2005 1:55PM (CT)
QUITO, Ecuador (AP) - Occidental Petroleum Corp. will prove it did not breach its contract with Ecuador's government, the company's vice president said Wednesday in response to a 60-day deadline to answer the charges or lose its Amazon oil field concession.
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Adecco 3Q earnings surge 16 percent
Nov 16 2005 1:12PM (CT)
CHESEREX, Switzerland (AP) - Employment agency Adecco SA posted a 16 percent rise in third-quarter net profit Wednesday due to strong growth in Britain, Germany and Japan.
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Roche, Gilead end dispute over Tamiflu
Nov 16 2005 12:36PM (CT)
GENEVA (AP) - Swiss drugmaker Roche Holding AG said Wednesday it has ended a dispute with U.S. biotechnology company Gilead Sciences Inc. over the manufacture of Tamiflu, in what they said was a joint effort to build up stocks of the drug in the face of a threatened flu pandemic.
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Foreigners buy record amount of securities
Nov 16 2005 12:22PM (CT)
WASHINGTON (AP) - Foreigners recorded net purchases of U.S. securities totaling $101.9 billion in September, a record monthly high, according to the latest data from the Treasury Department.
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Advent Software stock drops on downgrade
Nov 16 2005 12:12PM (CT)
NEW YORK (AP) - Advent Software Inc. stock fell Wednesday after JMP Securities downgraded the stock to "market perform" from "outperform," saying the stock's recent performance has already factored in any possible earnings surprise.
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Big Board seat sold for record $3.25M
Nov 16 2005 12:05PM (CT)
NEW YORK (AP) - Prices for memberships on the New York Stock Exchange reached a new high as a seat was sold Wednesday for a record $3.25 million.
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U.K. unemployment rate unchanged in 3Q
Nov 16 2005 11:41AM (CT)
LONDON (AP) - Britain's unemployment rate remained at 4.7 percent in the third quarter, unchanged from the previous quarter, the government said Wednesday.
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Sainsbury's profit slip in first half
Nov 16 2005 10:36AM (CT)
LONDON (AP) - Struggling supermarket group J. Sainsbury PLC said on Wednesday that profit fell in the first half of the year but that its program to restore profitability is on track.
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More oil-for-food probes may be launched
Nov 16 2005 10:23AM (CT)
BERN, Switzerland (AP) - Swiss authorities may launch criminal investigations into the conduct of several dozen companies in connection with the United Nations' oil-for-food program in Iraq, officials said Wednesday.
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Myanmar lawyer gets seven-year jail term
Nov 16 2005 10:04AM (CT)
YANGON, Myanmar (AP) - A Myanmar court has sentenced a lawyer to seven years in prison for advising a group of farmers to file grievances with the International Labor Organization, the world labor body said.
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Endesa reports 52 percent rise in profit
Nov 16 2005 10:04AM (CT)
MADRID, Spain (AP) - Endesa SA, the target of a hostile takeover offer from Gas Natural, reported a 52 percent increase in third-quarter profit Wednesday and said it will distribute almost 2.12 billion euros ($2.48 million) in dividends for the year.
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Interfax: Gazprom review to finish soon
Nov 16 2005 9:57AM (CT)
MOSCOW (AP) - The Justice Ministry will complete by the end of the week its review of legal reforms that would lift restrictions on foreigners owning shares in state natural gas monopoly Gazprom, a government official told the Interfax news agency Wednesday.
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European Parliament wants airline blacklist
Nov 16 2005 9:56AM (CT)
STRASBOURG, France (AP) - The European Parliament voted Wednesday to create an EU-wide blacklist of airlines that do not meet international standards, one of a series of measures aimed at improving air safety.
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DaimlerChrysler wants to create U.S. bank
Nov 16 2005 9:54AM (CT)
BERLIN (AP) - German-U.S. carmaker DaimlerChrysler AG intends to establish its own bank in the United States in an effort to lower refinancing costs for its Financial Services unit, the executive who heads the unit said.
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Deutsche Bahn buying Bax Global for $1.1B
Nov 16 2005 9:48AM (CT)
BERLIN (AP) - German railroad Deutsche Bahn AG is buying BAX Global, a U.S.-based transport and logistics company owned by The Brink's Co., the companies announced Wednesday. Brink's said the sale price was about $1.1 billion.
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Japanese organizations raise forecasts
Nov 16 2005 9:21AM (CT)
TOKYO (AP) - Japanese economic research organizations have raised their growth forecasts for the current fiscal year after healthy third-quarter gross domestic product data suggested the world's second-largest economy is recovering after more than a decade of stagnation.
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Feds OK Enron settlement from blackouts
Nov 16 2005 9:19AM (CT)
HOUSTON (AP) - Federal regulators have approved an agreement worth about $250 million that lets Enron Corp. settle civil claims of price gouging and energy market manipulation stemming from the rolling blackouts of 2000-2001 in Western states.
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Japanese corporate bankruptcies up in Oct.
Nov 16 2005 9:01AM (CT)
TOKYO (AP) - Corporate bankruptcies in Japan climbed 23 percent to 825 cases in October from the previous month, the first increase in two months, a private research agency said Wednesday.
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APEC ministers urge overcoming differences
Nov 16 2005 9:00AM (CT)
BUSAN, South Korea (AP) - Pacific Rim Cabinet ministers whose nations conduct nearly half of the world's trade on Wednesday urged participants in global trade talks to overcome their differences at a key meeting in Hong Kong next month, warning that the credibility of the world's trade body was at stake.
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EMI posts lower profit for first half
Nov 16 2005 7:53AM (CT)
LONDON (AP) - Music company EMI Group PLC posted a 47 percent decline in profit for the first half of its fiscal year Wednesday but reported its first sales growth in five years due to a jump in digital downloads and strong releases from bands Coldplay, Gorillaz and the Rolling Stones.
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Lower charges trim Euro Disney's loss
Nov 16 2005 7:52AM (CT)
PARIS (AP) - Euro Disney, operator of the Disneyland and Walt Disney Studios theme parks near Paris, narrowed its full-year net loss thanks to lower charges, the company said Wednesday, but underlying earnings, visitor numbers and hotel revenues all fell.
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Oil prices push euro-zone inflation up
Nov 16 2005 6:38AM (CT)
BRUSSELS, Belgium (AP) - Higher oil prices pushed up inflation in the 12 countries using the euro currency to 2.5 percent in October, the EU statistical agency Eurostat said Wednesday.
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Murdoch faces Australian shareholders
Nov 16 2005 6:24AM (CT)
ADELAIDE, Australia (AP) - Rupert Murdoch told shareholders Wednesday that the stock price of his News Corp. media empire was "rotten" after falling more than 15 percent this year but would eventually rebound strongly as investors' fears of new technologies such as the Internet faded.
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Group: Islamic banks must consolidate
Nov 16 2005 6:10AM (CT)
KUALA LUMPUR, Malaysia (AP) - The global Islamic banking industry must consolidate to create fewer, bigger, more competitive players that can take on rival Western lenders, a key industry group said Wednesday.
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India hopes allies OK bank liberalization
Nov 16 2005 6:05AM (CT)
NEW DELHI (AP) - The Indian government is trying to persuade communist parties in its ruling coalition to accept further liberalization of banking and insurance sectors, Finance Minister P. Chidambaram said Wednesday.
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Sharp to expand its solar business
Nov 16 2005 6:00AM (CT)
TOKYO (AP) - Solar power could become as cheap as conventional electric power in Japan in five years and presents enormous potential to electronics makers, the president of Sharp Corp. said Wednesday.
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Bill would aid farmers hit by hurricanes
Nov 16 2005 5:55AM (CT)
TALLAHASSEE, Fla. (AP) - Farmers from Florida to Texas who lost crops in one of this year's hurricanes _ Dennis, Katrina, Rita or Wilma _ would be eligible for extra financial help under a proposed bill in Congress.
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Report: Malaysia to switch to bio-diesel
Nov 16 2005 4:49AM (CT)
KUALA LUMPUR, Malaysia (AP) - Malaysia will switch to bio-diesel next year _ a year ahead of schedule _ with government vehicles slated to start using the palm oil-laced fuel to cushion the impact of rising fuel prices, a news report said Wednesday.
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China's investment in construction up
Nov 16 2005 1:44AM (CT)
SHANGHAI, China (AP) - China's main measure of investment in construction, factory equipment and other fixed assets rose 27.2 percent in October from a year earlier, the government said Wednesday, a lower pace of growth than expected.
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