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Savvis: CEO has to pay topless club bill
Nov 18 2005 7:53PM (CT)
NEW YORK (AP) - Savvis Inc., a St. Louis-based telecommunications company, says the $241,000 topless club bill that its chief executive charged on an American Express corporate credit card was a personal expense and the bill is his to pay.
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Chevron CEO reiterates Senate testimony
Nov 18 2005 7:42PM (CT)
SAN FRANCISCO (AP) - Chevron Corp. Chairman David O'Reilly on Friday sent a letter to two U.S. Senators reiterating his earlier testimony that neither he nor anyone else from the oil company participated in an energy task force formed four years ago by Vice President Dick Cheney.
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Fishermen, company clash over crab prices
Nov 18 2005 7:13PM (CT)
SAN FRANCISCO (AP) - Larry Collins thought he'd be at sea now, furiously hauling tire-sized traps teeming with the city's famous Dungeness crabs during the frenzied first days of the season.
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Integral Systems CEO charged with assault
Nov 18 2005 7:01PM (CT)
LANHAM, Md. (AP) - The CEO of satellite software company Integral Systems Inc. has been charged with misdemeanor sex offense and assault of a 14-year-old girl, according to a Securities and Exchange Commission regulatory filing Friday.
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EPA chief to plan new fuel economy tests
Nov 18 2005 6:49PM (CT)
ANN ARBOR, Mich. (AP) - The head of the U.S. Environmental Protection Agency said Friday he plans to propose new regulations for testing vehicle fuel economy by the end of this year and wants the new tests in place by the 2008 model year.
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Ameritrade Holding to restate earnings
Nov 18 2005 6:38PM (CT)
OMAHA, Neb. (AP) - Online brokerage company Ameritrade Holding Corp. said Friday it will restate its earnings for 2003, 2004 and the first three quarters of 2005 to correct certain accounting transactions.
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Calif. officials OK SBC purchase of AT&T
Nov 18 2005 6:28PM (CT)
NEW YORK (AP) - SBC Communications Inc. completed its purchase of former parent AT&T Corp. on Friday after California officials removed the final regulatory hurdle for the $16 billion deal.
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Cisco Systems to buy Scientific-Atlanta
Nov 18 2005 6:27PM (CT)
SAN JOSE, Calif. (AP) - Betting that video will drive the future of networking, Cisco Systems Inc. agreed Friday to buy the cable television technology company Scientific-Atlanta Inc. in a $6.9 billion deal that would create a one-stop shop for sending TV over the Internet.
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Microsoft to broaden internal reviews
Nov 18 2005 5:57PM (CT)
WASHINGTON (AP) - Microsoft Corp. pledged Friday to expand legal training for employees and broaden its internal reviews of industry agreements to be sure the company doesn't violate its antitrust settlement with the government.
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U.S. Treasury prices record modest losses
Nov 18 2005 5:53PM (CT)
NEW YORK (AP) - U.S. Treasury prices recorded modest losses Friday, as bond investors booked profits from this week's gains ahead of the weekend.
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Friday's commodities roundup
Nov 18 2005 5:47PM (CT)
NEW YORK (AP) - Crude-oil futures for December settled lower _ extending a five-month low _ but held above $56 a barrel in light trading at Friday's expiration.
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Cendant: Shelton skirting restitution pay
Nov 18 2005 5:44PM (CT)
NEW HAVEN, Conn. (AP) - Real estate conglomerate Cendant Corp. accused former Vice Chairman E. Kirk Shelton of cheating the company out of part of $3.3 billion in restitution for his role in an accounting scandal.
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Automakers look to improve fuel economy
Nov 18 2005 5:31PM (CT)
WARREN, Mich. (AP) - With higher prices at the pump hurting sport utility vehicle sales, automakers are looking to squeeze out every ounce of fuel economy possible, including designing vehicles that flow through the air as efficiently as birds or airplanes.
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Ala. jury convicts ex-HealthSouth exec
Nov 18 2005 5:22PM (CT)
BIRMINGHAM, Ala. (AP) - A former HealthSouth Corp. executive was convicted Friday of conspiracy and lying to auditors for his role in a $2.7 billion fraud at the rehabilitation chain.
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Liz Claiborne makes bid for J. Jill Group
Nov 18 2005 5:14PM (CT)
BOSTON (AP) - Liz Claiborne Inc. on Friday made an unsolicited $366 million offer to buy J. Jill Group, an upscale women's apparel seller trying to rebound from recent earnings disappointments as it struggles to shift from catalog to retail sales.
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Refco drops plans for lawsuits on claims
Nov 18 2005 5:08PM (CT)
NEW YORK (AP) - Refco Inc. on Friday dropped plans to collect lawsuits by its customers into a class action, saying that there were other ways of dealing with claims totaling in excess of $1.8 billion.
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Pilots run out of patience with pay cuts
Nov 18 2005 5:04PM (CT)
MINNEAPOLIS (AP) - Northwest and Delta pilots have agreed to more than $1.2 billion in pay cuts over the last year and they're willing to give more. But talk of strikes this week from pilots at both bankrupt carriers signaled that they're running out of patience with demands to work for less.
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Under Armour posts gains in trading
Nov 18 2005 4:56PM (CT)
WASHINGTON (AP) - Under Armour Inc. scored a touchdown Friday with a sharp price gain in its first day of trading, overshadowing the initial public offerings of insurer Amerisafe Inc. and Dover Saddlery Inc.
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Former Refco CEO Bennett pleads innocent
Nov 18 2005 4:47PM (CT)
NEW YORK (AP) - The former chief executive of Refco Inc., one of the world's biggest commodities brokerages, pleaded innocent on Friday in an alleged conspiracy that caused the company to sell $583 million in stock to the public based on false financial statements.
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WiderThan files for IPO on Nasdaq
Nov 18 2005 4:35PM (CT)
WASHINGTON (AP) - WiderThan Co., a Korean that sells ring tones and games for cell phones, filed Friday for an initial public offering of up stock worth up to $110 million on the Nasdaq Stock Market.
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GE sells insurance unit to Swiss Re
Nov 18 2005 4:31PM (CT)
STAMFORD, Conn. (AP) - General Electric Co. sold most of its insurance unit to Swiss Reinsurance Co. Friday for $6.8 billion in cash and stock, completing a strategy to leave a troublesome segment and redeploy cash to investors and faster-growing businesses.
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Exec: United on track to exit bankruptcy
Nov 18 2005 4:26PM (CT)
CHICAGO (AP) - United Airlines is "marching forward" toward exiting bankruptcy early next year, Jake Brace, chief financial officer, said following a court hearing here Friday.
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Conrad Black arraignment set for Tuesday
Nov 18 2005 3:56PM (CT)
CHICAGO (AP) - An arraignment for former media mogul Conrad Black on charges he swindled newspaper publisher Hollinger International Inc. out of millions of dollars has been set for Tuesday, the U.S. attorney's office said Friday.
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Memphis newspaper to offer buyouts
Nov 18 2005 3:39PM (CT)
MEMPHIS, Tenn. (AP) - The Commercial Appeal, Memphis' major daily newspaper, reported Friday that it will offer buyouts to about 170 employees in order to reduce staff by mid-January.
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U.S. oil, gas rig count drops by one
Nov 18 2005 3:22PM (CT)
HOUSTON (AP) - The number of rigs actively exploring for oil and natural gas in the United States slipped by one to 1,478 this week from the previous week.
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Two ex-execs accused of money laundering
Nov 18 2005 3:18PM (CT)
SAO PAULO, Brazil (AP) - Two former top executives of Parmalat SpA's Brazilian division illegally transferred more than $800 million of the Italian juice and dairy company's money in and out of Brazil before it collapsed two years ago in a massive fraud scandal, federal police said Friday.
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Ditech Communications stock posts gains
Nov 18 2005 3:12PM (CT)
NEW YORK (AP) - Ditech Communications Corp. stock rose Friday after the telecommunications equipment maker forecast a jump in revenue after reporting a loss for its latest quarter that was smaller than expected.
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Text of remarks by ECB head Trichet
Nov 18 2005 2:26PM (CT)
BERLIN (AP) - The text of remarks by European Central Bank President Jean-Claude Trichet at a banking congress Friday in Frankfurt, Germany, as provided by the ECB:
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Copy protection an experiment in progress
Nov 18 2005 2:25PM (CT)
BOSTON (AP) - It's been the better part of a decade since Napster and other free song-sharing services began scaring the daylights of the music industry. And still recording companies can't find an effective anti-piracy technology to save their hides.
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HP shares up a day after positive report
Nov 18 2005 2:16PM (CT)
SAN JOSE, Calif. (AP) - Hewlett-Packard Co. shares rose more than 3 percent in early trading on Friday, after the company reported a drop in fourth-quarter earnings that still came in higher than Wall Street estimates.
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Gap stock falls on lower 3Q profit
Nov 18 2005 2:15PM (CT)
CHICAGO (AP) - Gap Inc. stock tumbled Friday, a day after the company reported a sharply lower third-quarter profit due to fashion miscues and falling sales.
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Autodesk shares fall on cautious outlook
Nov 18 2005 2:14PM (CT)
NEW YORK (AP) - The stock of Autodesk Inc. fell Friday after the maker of design software gave a cautious forecast for the next fiscal year, creating concerns that its recent period of robust growth is winding down.
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Asia-Pacific leaders urge Europe at forum
Nov 18 2005 2:13PM (CT)
BUSAN, South Korea (AP) - Pacific rim leaders called on Europe to be more flexible during world trade negotiations, warning on Friday that talks next month could be the last chance to make progress on freeing markets anytime soon.
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Reliant Pharmaceuticals withdraws IPO
Nov 18 2005 2:13PM (CT)
WASHINGTON (AP) - Reliant Pharmaceuticals Inc. on Thursday withdrew its initial public offering of up to $300 million in common stock, according to a Securities and Exchange Commission filing.
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Customers using shopping comparison sites
Nov 18 2005 2:05PM (CT)
SAN FRANCISCO (AP) - Laura Hanson relies on the Internet to make her a smarter shopper even when she isn't planning to buy online. Before traveling to a conventional store, the San Francisco resident regularly visits an online comparison shopping site to explore prices and review product research so she won't need to embarrass herself with store clerks.
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Energy costs could affect holiday shopping
Nov 18 2005 1:57PM (CT)
NEW YORK (AP) - It might not be what you'd expect retailers to be wishing for during the holiday season: Warmer-than-usual weather _ even if it means fewer purchases of sweaters, jackets and scarves.
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Germany objects to Springer takeover plans
Nov 18 2005 1:56PM (CT)
BERLIN (AP) - Plans for Axel Springer AG, publisher of Germany's top-selling newspaper, to take over broadcaster ProSiebenSat.1 Media AG were in doubt Friday after antitrust authorities registered objections.
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Irish regulators approve Eircom's takeover
Nov 18 2005 1:38PM (CT)
DUBLIN, Ireland (AP) - Regulators on Friday approved Eircom Group PLC's takeover of Meteor Mobile Communications Ltd., clearing the way for the Irish fixed-line phone provider to re-enter the cell phone market in Ireland.
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Trichet: ECB to 'moderately augment' rates
Nov 18 2005 1:28PM (CT)
BERLIN (AP) - European Central Bank head Jean-Claude Trichet said Friday the bank's governing council is ready to "moderately augment" interest rates _ a statement taken as a clear sign a rate increase is on the way to keep inflation in check.
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UPS announces rate hikes for 2006
Nov 18 2005 1:16PM (CT)
ATLANTA (AP) - UPS Inc., the world's largest shipping carrier, said Friday it will increase rates on commercial ground services by 3.9 percent and on air and international services by 5.5 percent in 2006.
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Elan shares jump as Tysabri to get review
Nov 18 2005 12:44PM (CT)
DUBLIN, Ireland (AP) - Shares in Irish drug maker Elan Corp. PLC jumped Friday after U.S. regulators announced they would accelerate their review of a key suspended drug, Tysabri.
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Two-nation trade is the talk of APEC
Nov 18 2005 12:42PM (CT)
BUSAN, South Korea (AP) - As world leaders gathered Friday for their annual talks on building a free trade zone that circles the Pacific, they were also spending time in sideline huddles forging one-on-one agreements.
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GE sells insurance unit to Swiss company
Nov 18 2005 12:37PM (CT)
ZURICH, Switzerland (AP) - Swiss Reinsurance Co., the world's second-largest reinsurer, said Friday it will acquire most of General Electric Co.'s insurance unit for $6.8 billion in cash and stock.
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GM reaches settlement with China's Chery
Nov 18 2005 12:28PM (CT)
DETROIT (AP) - General Motors Corp. said Friday it has reached a settlement resolving all legal disputes with Chinese automaker Chery Automobile Co., which had been accused of pirating the design of GM's Spark minicar.
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Infineon reports loss on slipping sales
Nov 18 2005 12:17PM (CT)
BERLIN (AP) - Ailing German semiconductor maker Infineon Technologies AG plunged to a loss of 100 million euros ($118 million) in its fiscal fourth quarter as overall sales slipped and profits dwindled in its automotive and memory products businesses.
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EU sets conditions for 'open skies' deal
Nov 18 2005 12:14PM (CT)
BRUSSELS, Belgium (AP) - The European Commission said Friday that a deal on a new European Union-U.S. "open skies" air services agreement would depend on Washington granting foreign investors more control over U.S. airlines.
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Survey shows better auto sales in November
Nov 18 2005 12:09PM (CT)
DETROIT (AP) - U.S. auto sales in the first part of November look better than preliminary results for early October in part due to lower gas prices and an interest in large vehicles, according to a survey released Friday by a subsidiary of J.D. Power and Associates.
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Judge asks court to rule on Parmalat
Nov 18 2005 11:50AM (CT)
ROME (AP) - A judge has asked Italy's constitutional court to rule on the validity of a law that gave dairy and juice company Parmalat SpA special protection, the company said Friday, raising the possibility that its recovery lawsuits could be at risk.
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Statoil, Chevron to cooperate in Barents
Nov 18 2005 11:39AM (CT)
OSLO, Norway (AP) - Oil companies Statoil ASA and Chevron Corp. announced an agreement Friday on joint exploration in parts of the Barents Sea.
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EU close to opening up armaments market
Nov 18 2005 11:24AM (CT)
BRUSSELS, Belgium (AP) - European Union nations are expected to agree next week to open up their 30 billion euro ($35 billion) armaments market to more cross-border competition.
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NYSE confirms Citigroup to review deal
Nov 18 2005 10:34AM (CT)
NEW YORK (AP) - The New York Stock Exchange confirmed that Citigroup Inc. will conduct another review of the Big Board's planned acquisition of electronic-trading concern Archipelago Holdings Inc.
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Oil from Caspian pipeline reaches Turkey
Nov 18 2005 9:32AM (CT)
ANKARA, Turkey (AP) - Oil from a U.S.-backed Caspian pipeline has crossed the Turkish border from Georgia on its way to a Mediterranean port for where it will be exported to the West, Turkey's energy minister said.
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Repsol to invest $4.42B on refineries
Nov 18 2005 8:54AM (CT)
MADRID, Spain (AP) - Spanish-Argentine oil and energy company Repsol YPF SA on Friday said it plans to invest 3.87 billion euros ($4.42 billion) to boost its Spanish refining capacity.
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Alltel to buy Midwest Wireless for $1B
Nov 18 2005 8:53AM (CT)
LITTLE ROCK (AP) - Alltel Corp. said Friday it will purchase regional wireless-services provider Midwest Wireless for $1 billion in a deal that will give it 400,000 customers in a territory including southern Minnesota, northern and eastern Iowa and western Wisconsin.
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Record 4.8M investors order French utility
Nov 18 2005 8:29AM (CT)
PARIS (AP) - A record 4.8 million individual investors have ordered shares in the initial public offering of France's state-controlled power company, Electricite de France, French Finance Minister Thierry Breton said Friday.
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Sanyo expects bigger loss than forecast
Nov 18 2005 8:10AM (CT)
TOKYO (AP) - Japanese electronics company Sanyo Electric Co. said Friday it expects a much deeper loss than it previously forecast for the current fiscal year, citing greater losses from asset revaluation as a result of accelerating its restructuring.
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Japan OKs Mitsubishi acquisition of UFJ
Nov 18 2005 7:32AM (CT)
TOKYO (AP) - Japanese authorities on Friday formally approved Bank of Tokyo-Mitsubishi's acquisition of UFJ Bank, paving the way for the world's biggest bank to begin operations in January.
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U.S. dollar, gold rise
Nov 18 2005 7:15AM (CT)
LONDON (AP) - The U.S. dollar gained against other major currencies in European trading Friday morning. Gold prices rose.
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Mexican court: Sodas not national interest
Nov 18 2005 6:21AM (CT)
MEXICO CITY (AP) - Few countries hold a Supreme Court debate over whether preserving their traditional soft drinks constitutes a matter of national interest. But Mexico did just that amid activists' calls for "soda nationalism" to help bottlers overcome an onslaught by Coke and Pepsi.
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Louis Vuitton opens Beijing flagship store
Nov 18 2005 5:18AM (CT)
BEIJING (AP) - French luxury goods maker Louis Vuitton opened a flagship store in Beijing on Friday, expressing confidence in its ability to attract China's new rich despite rampant piracy of its shoes, bags and other products.
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Roh to raise social disparity at summit
Nov 18 2005 5:16AM (CT)
SEOUL, South Korea (AP) - In the shadow of skyscrapers in one of the South Korean capital's most expensive neighborhoods lies a village of 2,000 families with homes made from cardboard and vinyl, a stark illustration of economic polarization in the world's 11th-largest economy.
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Bank of Japan keeps ultraloose policy
Nov 18 2005 5:15AM (CT)
TOKYO (AP) - Under government pressure not to choke off an economic recovery, the Bank of Japan policy board voted 7-2 Friday to leave its ultraloose monetary policy unchanged because prices are still declining.
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Chip-maker Infineon shows loss
Nov 18 2005 5:14AM (CT)
BERLIN (AP) - German semiconductor maker Infineon Technologies AG posted a loss Friday of euro100 million ($118 million) for its fourth quarter as overall sales fell 13 percent and losses continued at its communications chips business.
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Farm keeps a patch of green in Calif. city
Nov 18 2005 4:21AM (CT)
CITY OF INDUSTRY, Calif. (AP) - The Jaime brothers could be mistaken for any of the commercial truck drivers ushering cargo from the factories and warehouses that give this city its name.
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Japanese stock prices soar
Nov 18 2005 4:09AM (CT)
TOKYO (AP) - Japanese stocks soared to their highest level in nearly five years on Friday as investors bought export-oriented car and electronic stocks on the back of the dollar's strength against the yen.
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Company boards tally up executive pay
Nov 18 2005 1:38AM (CT)
NEW YORK (AP) - Boards of directors are adopting a new tool, known as tally sheets, in an effort to tackle the increasingly confusing issue of how much they are paying their top executives.
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