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HP fourth-quarter earnings drop to $416M
Nov 17 2005 11:07PM (CT)
SAN JOSE, Calif. (AP) - Hewlett-Packard Co.'s fiscal fourth-quarter profit fell 62 percent after the computer and printer company took a $1.1 billion charge for a massive restructuring it announced in July. Still, the results announced Thursday exceeded Wall Street expectations.
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Singapore Airlines dismisses merger talk
Nov 17 2005 10:00PM (CT)
SINGAPORE (AP) - Singapore Airlines on Friday dismissed talk of a potential merger with Qantas, saying the issue could only be considered if the Australian government allows greater competition on the prized trans-Pacific route to the United States.
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Japanese stocks extend gains; dollar up
Nov 17 2005 9:59PM (CT)
TOKYO (AP) - Japanese stocks climbed further Friday morning after hitting a 4 1/2-year high the day before as investors bought export-dependent stocks on the back of the dollar's strength against the yen.
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Firm strikes deal with NBC Universal
Nov 17 2005 9:32PM (CT)
LOS ANGELES (AP) - The company behind the commercial online file-sharing software Peer Impact said Thursday it struck a licensing deal with NBC Universal to sell feature films and television programming over its service.
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McDonald's to scale back sandwich testing
Nov 17 2005 9:20PM (CT)
COLUMBUS, Ohio (AP) - McDonald's Corp. is scaling back a test of its toasted deli-style sandwiches from five markets to two by year's end, officials said.
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Black, Hollinger execs indicted for fraud
Nov 17 2005 9:01PM (CT)
CHICAGO (AP) - Conrad Black, who once controlled the Hollinger International media empire, was charged with three other executives Thursday with looting millions of dollars from the company, cheating on taxes and dipping into corporate coffers to finance his lavish lifestyle.
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Limited, Gap report sluggish 3Q earnings
Nov 17 2005 8:34PM (CT)
NEW YORK (AP) - Apparel retailers Limited Brands Inc. and Gap Inc. may be in for a tough holiday season. Both reported sluggish results for the third quarter on Thursday due to fashion missteps, and while they're fixing their assortments, heated competition from rivals could make winning over shoppers this Christmas season more difficult.
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H&R Block widens 2Q loss to $72.2 million
Nov 17 2005 8:02PM (CT)
KANSAS CITY, Mo. (AP) - H&R Block Inc., the nation's largest tax preparer, on Thursday reported a larger second-quarter loss and lowered its annual earnings guidance as rising interest rates dragged down the company's mortgage business.
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Walt Disney Co. 4Q net income down 26 pct.
Nov 17 2005 7:26PM (CT)
LOS ANGELES (AP) - Net income at media conglomerate The Walt Disney Co. dropped 26 percent in the fourth quarter after several charges, including expenses for stock options.
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Starbucks 4Q profit up to $123.7 million
Nov 17 2005 6:58PM (CT)
SEATTLE (AP) - Consumers' appetite for Starbucks Corp.'s lattes and other delicacies continued to grow in the company's fiscal fourth quarter, pushing earnings up 21 percent.
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Gap third-quarter profit down 20 percent
Nov 17 2005 6:57PM (CT)
SAN FRANCISCO (AP) - Gap Inc. said Thursday its third-quarter profit plunged 20 percent as the clothing retailer stumbled through its worst sales slump in more than three years.
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Retail money funds rise in latest week
Nov 17 2005 6:45PM (CT)
NEW YORK (AP) - Assets of the nation's retail money market mutual funds rose by $965 million in the latest week to $827.97 billion, the Investment Company Institute said Thursday.
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Freddie Mac hires Bitsberger as treasurer
Nov 17 2005 6:44PM (CT)
WASHINGTON (AP) - Freddie Mac added a senior Bush administration official to its executive offices, announcing Thursday that it has tapped former Treasury Assistant Secretary Timothy Bitsberger as its new treasurer.
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Judge sets trial date for next Vioxx suit
Nov 17 2005 6:39PM (CT)
ATLANTIC CITY, N.J. (AP) - A judge on Thursday set a Jan. 30 trial date for the next New Jersey lawsuit against Merck & Co. over its once-popular painkiller Vioxx.
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Chrysler Group to give free gas with car
Nov 17 2005 6:35PM (CT)
DETROIT (AP) - DaimlerChrysler AG's Chrysler Group said Thursday it will give two years of free gas to customers who buy a 2005 or 2006 vehicle before Jan. 3, following announcements of new discounts by rivals General Motors Corp. and Ford Motor Co.
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UnitedHealth: 1M apply for Medicare plan
Nov 17 2005 6:23PM (CT)
MINNEAPOLIS (AP) - More than 1 million people have applied for UnitedHealth Group Inc.'s new Medicare prescription drug plan, the company said Thursday in the first indication from a major insurer about interest in the new benefit.
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Delta exec says airline losing $5M a day
Nov 17 2005 6:22PM (CT)
NEW YORK (AP) - Delta Air Lines Inc. needs to cut pilots' pay and benefits because it is losing $5 million each day, much of it due to high jet fuel prices, even as it works to stay afloat, the company's chief financial officer testified at a bankruptcy court hearing Thursday.
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U.S. Treasury prices rise on technicals
Nov 17 2005 6:14PM (CT)
NEW YORK (AP) - U.S. Treasury prices rose Thursday, in what market participants were viewing largely as a technical rally in yields.
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SEC sues former Patterson-UTI Energy CFO
Nov 17 2005 6:04PM (CT)
LUBBOCK, Texas (AP) - The Securities and Exchange Commission has sued the former chief financial officer of Patterson-UTI Energy, alleging he embezzled $69 million from the second-largest land-based oil and gas drilling rig fleet in North America.
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Newmont to invest $36.4M in gold field
Nov 17 2005 6:01PM (CT)
DENVER (AP) - Newmont Mining Corp., the world's largest gold mining company, has agreed to invest $36.4 million in an undeveloped Canadian gold field through a Vancouver-based company.
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Hartford Courant to eliminate 25 positions
Nov 17 2005 5:59PM (CT)
HARTFORD, Conn. (AP) - The Hartford Courant is eliminating about 25 positions through attrition, voluntary buyouts, layoffs and leaving open jobs unfilled, according to a memo distributed Thursday.
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Thursday's commodities roundup
Nov 17 2005 5:55PM (CT)
NEW YORK (AP) - Crude oil futures dropped more than a dollar to settle at a five-month low, and gasoline futures hit late-May levels, as stalled buying near $58 a barrel prompted traders to cash in on early gains.
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Wagoner: GM won't file for bankruptcy
Nov 17 2005 5:45PM (CT)
DETROIT (AP) - General Motors Corp. Chairman and CEO Rick Wagoner told employees Thursday that the world's largest automaker has no plans to file for bankruptcy despite heavy losses in its North American division and the threat of a strike at Delphi Corp., its major supplier. GM shares climbed more than 6 percent, bouncing back from their lowest level in 18 years.
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Nordstrom's 3Q profit climbs to $107.5M
Nov 17 2005 5:43PM (CT)
SEATTLE (AP) - Nordstrom Inc. on Thursday said third-quarter profit increased 38 percent, buoyed by strong sales momentum and ongoing operating improvements.
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Oil prices fall; gas inventories rise
Nov 17 2005 5:34PM (CT)
NEW YORK (AP) - Crude oil prices fell more than $1 a barrel Thursday to their lowest level in five months as U.S. inventories of natural gas rose, easing fears that there won't be enough fuel to heat homes as winter approaches.
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Austria bank sues Refco, former CEO
Nov 17 2005 5:15PM (CT)
VIENNA, Austria (AP) - An Austrian bank that lent the former head of Refco Inc. hundreds millions of dollars said Thursday it has sued the company and its ex-CEO for fraud in an attempt to recover 350 million euros ($410 million) in loans.
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Burgum to leave Microsoft leadership post
Nov 17 2005 5:10PM (CT)
SEATTLE (AP) - Microsoft Corp. is looking for a new leader for a unit that sells specialized software for small- and mid-sized businesses, after the unit's current top executive announced plans to step aside.
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Union Pacific names Young CEO, president
Nov 17 2005 5:08PM (CT)
OMAHA, Neb. (AP) - Union Pacific Corp. said Thursday the man who has led the company's railroad for nearly two years will succeed Dick Davidson as corporate president and chief executive officer in January.
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IMS tells investors company outlook solid
Nov 17 2005 5:06PM (CT)
NEW HAVEN, Conn. (AP) - IMS Health Inc. officials sought to reassure investors Thursday that the company's outlook was solid after Dutch publishing company VNU NV ended its $6.8 billion takeover bid.
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Barnes & Noble posts 3Q profit of $327G
Nov 17 2005 4:47PM (CT)
NEW YORK (AP) - Barnes & Noble Inc., the nation's leading bookseller, said Thursday it had a slim profit in the third quarter, down sharply from a year ago but beating analysts' expectations, and boosted its profit outlook for the full year. Its shares rose 4 percent.
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Stem cell agency wants lawsuits dismissed
Nov 17 2005 4:42PM (CT)
HAYWARD, Calif. (AP) - California's embattled stem cell agency on Thursday pleaded with a judge to toss out two lawsuits that have prevented it from borrowing the money it needs to dole out $3 billion in research grants.
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Firestone accused of using slave labor
Nov 17 2005 4:40PM (CT)
LOS ANGELES (AP) - A federal lawsuit filed Thursday accuses tire maker Bridgestone Firestone of employing slave labor and child labor on its massive rubber plantation in Liberia.
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Limited Brands reports 3Q loss of $12.3M
Nov 17 2005 4:36PM (CT)
COLUMBUS, Ohio (AP) - The retailer Limited Brands Inc. reported a third-quarter loss on Thursday as sales slumped at Victoria's Secret and its apparel lines.
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Calpine seeks release of frozen funds
Nov 17 2005 4:27PM (CT)
WILMINGTON, Del. (AP) - A judge heard final arguments Thursday in a lawsuit in which power merchant Calpine Corp. is seeking to force the Bank of New York to release up to $400 million from an escrow account frozen in a dispute with Calpine's bondholders.
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Questions, answers on newspaper business
Nov 17 2005 4:14PM (CT)
NEW YORK (AP) - The newspaper business is getting smaller. On Wednesday, five newspapers owned by Tribune Co. announced job cuts, but they're hardly alone.
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AFP leader to quit for personal reasons
Nov 17 2005 4:11PM (CT)
PARIS (AP) - The head of Agence France-Presse, Bertrand Eveno, said Thursday he was resigning for personal reasons and would step down from his post before the end of the year, editors at AFP said.
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Boeing: New 787 can hold more passengers
Nov 17 2005 4:07PM (CT)
SEATTLE (AP) - Good news for airlines: Boeing's new 787 jetliners will be able to squeeze in a few more passengers than the company had previously expected.
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Ansoft shares surge on strong 2Q earnings
Nov 17 2005 3:51PM (CT)
NEW YORK (AP) - Ansoft Corp. shares jumped Thursday after the maker of electronics-design software beat Wall Street's expectations for its latest quarter and said earnings for the remainder of the year will rise sharply.
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Renault shares drop on profit warning
Nov 17 2005 3:17PM (CT)
PARIS (AP) - Auto industry watchers knew Carlos Ghosn was setting himself a tough task when he took up the Renault chief executive job and stayed on as head of Nissan as well. But a surprise profit warning from the French carmaker, hit by flagging sales at home and a tired model line, has made that challenge clearer than ever.
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Judge won't rule on Morgan Stanley's fate
Nov 17 2005 2:46PM (CT)
WEST PALM BEACH, Fla. (AP) - Citing a pending appeal, a judge declined to rule on whether the investment firm Morgan Stanley and several executives should be held in criminal contempt for allegedly withholding e-mails and misrepresenting facts during trial of a lawsuit from financier Ron Perelman.
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Motorola executive Frost dies suddenly
Nov 17 2005 2:45PM (CT)
SCHAUMBURG, Ill. (AP) - Geoffrey Frost, executive vice president and chief marketing officer at Motorola Inc., died suddenly at his suburban Chicago home on Thursday, the company said.
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Brady rises on strong quarterly results
Nov 17 2005 2:27PM (CT)
NEW YORK (AP) - Brady Corp. stock rose Thursday to a new 52-week high after the producer of identification materials posted stronger-than-expected results in the latest quarter and raised its forecasts for the year amid a rebound in internal revenue growth.
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Mineta: Amtrak wants a turnaround CEO
Nov 17 2005 2:13PM (CT)
NEW YORK (AP) - The board of Amtrak is looking for a new president to turn the troubled national railroad around, not dismantle it, Transportation Secretary Norman Y. Mineta said Thursday.
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Rates on 30-year mortgages move higher
Nov 17 2005 1:47PM (CT)
WASHINGTON (AP) - Rates on 30-year mortgages edged up slightly this week, posting the 10th consecutive increase and keeping rates at the highest level in more than two years.
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SEC backs legislation banning product
Nov 17 2005 1:46PM (CT)
WASHINGTON (AP) - Securities regulators support legislation that would ban a kind of mutual-fund product chiefly sold to military personnel.
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SunPower soars in its trading debut
Nov 17 2005 1:45PM (CT)
WASHINGTON (AP) - This week's second initial public offering in the semiconductor industry got off to a strong start Thursday, its first day of trading.
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Wittig wants sentencing date pushed back
Nov 17 2005 1:45PM (CT)
TOPEKA, Kan. (AP) - David Wittig, the former Westar Energy Inc. chief executive officer convicted of looting the utility, is asking that his Jan. 9 sentencing date be pushed back to March.
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UPS pilots to ask for mediation release
Nov 17 2005 1:41PM (CT)
ATLANTA (AP) - The union representing UPS Inc.'s pilots said Thursday it will ask a federal mediator to release it from negotiations with the company if the two sides can't reach an agreement on a new contract by next month.
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JLG Industries stock up on lifted outlook
Nov 17 2005 1:24PM (CT)
NEW YORK (AP) - JLG Industries Inc. stock rose Thursday, marking its second consecutive day at a new 52-week high, after the aerial work-platform and telehandler producer raised its fiscal 2006 forecast.
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Kulicke & Soffa earnings up on sales hike
Nov 17 2005 1:23PM (CT)
WILLOW GROVE, Pa. (AP) - Kulicke & Soffa Industries Inc. reported strong earnings in the latest quarter as sales rose and charges fell from a year ago.
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BPB OKs sweetened bid from Saint-Gobain
Nov 17 2005 1:07PM (CT)
LONDON (AP) - British building materials maker BPB PLC agreed to a sweetened takeover offer of 3.89 billion pounds ($6.68 billion) by French materials producer Compagnie de Saint-Gobain SA Thursday, ending a four-month hostile takeover battle.
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VNU pulls the plug on IMS Health takeover
Nov 17 2005 12:44PM (CT)
AMSTERDAM, Netherlands (AP) - Dutch publishing company VNU NV, owner of Nielsen's ratings, called off its 5.8 billion euros ($6.8 billion) takeover of IMS Health Inc. on Thursday because of opposition from its shareholders and said the company's chief executive would resign.
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Court rejects complaint from ex-VW manager
Nov 17 2005 12:42PM (CT)
BRAUNSCHWEIG, Germany (AP) - A German court on Thursday rejected a claim of unfair dismissal by a former Volkswagen AG manager who was fired for his alleged role in a corruption and expense-account abuse scandal.
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GUS to spin off stake in Burberry soon
Nov 17 2005 12:25PM (CT)
LONDON (AP) - GUS PLC will spin off its majority stake in luxury goods retailer Burberry Group PLC next month, the retail and financial services group announced Thursday as it reported a 5.7 percent drop in half-yearly profit.
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Virgin Mobile reports rise in net profit
Nov 17 2005 12:13PM (CT)
LONDON (AP) - Virgin Mobile Holdings PLC reported a 40 percent increase in half-yearly net profit Thursday and painted a rosy picture for future growth despite strong competition in the heavily saturated British cell-phone market.
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Shell swaps stake in Gulf of Mexico field
Nov 17 2005 12:02PM (CT)
THE HAGUE, Netherlands (AP) - Royal Dutch Shell PLC said Thursday it will swap its 17 percent stake in the Gulf of Mexico's Tahiti field for Total SA's interests in natural gas assets in South Texas.
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Bank regulators adopt rules on job changes
Nov 17 2005 11:59AM (CT)
WASHINGTON (AP) - Federal regulators issued rules Thursday requiring senior bank examiners to wait one year before taking a job at a financial institution they were overseeing.
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GM's slump drops market capitalization
Nov 17 2005 11:43AM (CT)
SAN FRANCISCO (AP) - General Motors Corp. shares weakened further on Thursday, whittling down the market capitalization of the world's biggest carmaker to less than $12 billion.
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Vivendi Universal's 3Q profit tumbles
Nov 17 2005 11:18AM (CT)
PARIS (AP) - French media and telecommunications company Vivendi Universal SA posted a 35 percent drop in third-quarter net earnings Thursday but said operating profit rose strongly at its telecom and Universal Music divisions.
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Sumco up after Japan's biggest IPO in '05
Nov 17 2005 11:12AM (CT)
TOKYO (AP) - Sumco Corp., the world's second-biggest maker of large silicon wafers by revenue, made a strong debut on the Tokyo Stock Exchange as investors bid up its shares amid optimism about its earnings prospects.
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Database begins for workers about companies
Nov 17 2005 11:01AM (CT)
PITTSBURGH (AP) - An affiliate of the AFL-CIO on Thursday launched an online database of information about U.S. companies it says export jobs and violate workers' rights.
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EU growth may be 1.5 percent in 2005
Nov 17 2005 11:01AM (CT)
BRUSSELS, Belgium (AP) - The European Commission lowered its 2005 economic growth forecast to 1.5 percent for the entire European Union and 1.3 percent for nations using the euro, but said it expected faster growth next year.
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Pipeline opens connecting Turkey, Russia
Nov 17 2005 10:50AM (CT)
DURUSU METERING STATION, Turkey (AP) - Russian President Vladimir Putin and Turkey's prime minister officially opened a $3.2 billion pipeline Thursday connecting Turkey to Russian gas fields and said Turkey could become an energy hub for Europe and Israel.
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Commerzbank to take over Eurohypo
Nov 17 2005 10:43AM (CT)
BERLIN (AP) - Commerzbank AG said Thursday it had sealed an agreement to take over Eurohypo AG, a mortgage bank it owns jointly with Deutsche Bank AG and Dresdner Bank AG, for about 4.6 billion euros ($5.4 billion) and executed a snap capital increase to pay for it.
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Infineon plans to separate out unit
Nov 17 2005 10:35AM (CT)
BERLIN (AP) - Infineon Technologies AG said Thursday it plans to separate its memory chip unit from the rest of the business by summer and then likely sell shares in it as part of a "strategic realignment" of the company.
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Chemical protection legislation approved
Nov 17 2005 10:21AM (CT)
STRASBOURG, France (AP) - The European Parliament on Thursday approved legislation designed to protect people from the adverse effects of chemicals found in everyday products. The vote followed years of intense lobbying by the multibillion-dollar European chemicals industry and by environmentalists who sought more restraints on the industry.
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Chinese president assures forum on nation
Nov 17 2005 9:32AM (CT)
BUSAN, South Korea (AP) - Chinese President Hu Jintao assured a Pacific Rim forum on Thursday that there is nothing to fear from his fast-developing country, which he said has great potential to contribute to global peace.
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Societe Generale sees 3Q earnings growth
Nov 17 2005 8:20AM (CT)
PARIS (AP) - French bank Societe Generale SA said Thursday that strong revenue gains at its corporate investment bank underpinned a 40 percent increase in third-quarter earnings.
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Kazaa file-sharing boss to face court
Nov 17 2005 7:55AM (CT)
SYDNEY, Australia (AP) - An Australian federal judge on Thursday ordered the chief executive of the company that owns file-swapping giant Kazaa to face cross-examination from recording industry lawyers about her assets pending a damages hearing in the landmark music piracy case.
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Alstom swings to profit on lower charges
Nov 17 2005 7:34AM (CT)
PARIS (AP) - Alstom SA, a French company that makes trains, ships and power generators, said Thursday it swung to a profit in its fiscal first half, helped by asset sales and lower restructuring charges two years after a government-led bailout rescued it from near-bankruptcy.
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Zurich Financial 3Q profit up 23 percent
Nov 17 2005 6:55AM (CT)
ZURICH, Switzerland (AP) - Swiss insurer Zurich Financial Services said Thursday that its profit rose 23 percent to $457 million in the third quarter despite spiraling hurricane claims.
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Five Tribune newspapers to seek job cuts
Nov 17 2005 6:18AM (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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Airbus official sees tough competition
Nov 17 2005 6:11AM (CT)
KUALA LUMPUR, Malaysia (AP) - A senior Airbus official acknowledged Thursday that Boeing's new, slightly bigger 747 jet will pressure the European jetmaker's A380 superjumbo _ but said the move shows its U.S. archrival recognizes there is demand for larger planes.
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Probe: China gov't not at fault for losses
Nov 17 2005 6:09AM (CT)
SHANGHAI, China (AP) - China has conducted an investigation into trading losses on the London Metal Exchange by a Beijing-based copper trader and concluded that the government was not responsible because he was acting on his own, a state-run newspaper reported Thursday.
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Ag education finds considerable growth
Nov 17 2005 5:22AM (CT)
VALMEYER, Ill. (AP) - Erin Shevlin doesn't live on a farm but would like to run a small one someday. And the 16-year-old thanks her school with helping plant that seed.
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Peru: Free trade deals close to completion
Nov 17 2005 5:07AM (CT)
BUSAN, South Korea (AP) - Peru's president said Thursday that his country was close to finishing free trade agreements with the United States and several other countries, and that it had begun talks with China on a similar deal.
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China airs plans to cope with bird flu
Nov 17 2005 5:05AM (CT)
SHANGHAI, China (AP) - Market operators in Shanghai on Thursday sought to reassure shoppers about the safety of the chickens they buy amid a spate of bird flu outbreaks, as China's leaders proposed tax cuts and other measures to help the ailing poultry industry.
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S&P cuts Japan Airlines credit rating
Nov 17 2005 4:34AM (CT)
TOKYO (AP) - International ratings service Standard & Poor's on Thursday cut Japan Airlines Corp.'s credit rating after the airline company posted its first half-year loss in two years.
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Alaska Air flies above industry turmoil
Nov 17 2005 12:51AM (CT)
CHICAGO (AP) - In the turbulent U.S. airline sector, Alaska Air Group Inc. is doing something few in the sector can claim _ staying on a steady course to post a profit this year and in 2006.
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