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Judge: Calpine inappropriately used funds
Nov 22 2005 11:23PM (CT)
DOVER, Del. (AP) - Power merchant Calpine Corp. inappropriately used more than $300 million in proceeds from the sale of its natural gas supplies earlier this year in violation of an agreement with bondholders, a Delaware judge ruled Tuesday.
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Interstate Bakeries to cut 450 more jobs
Nov 22 2005 11:11PM (CT)
KANSAS CITY, Mo. (AP) - Interstate Bakeries Corp. said Tuesday it is laying off 450 workers as it consolidates operations in three regions across the country.
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NYSE approves revised Sovereign plan
Nov 22 2005 11:09PM (CT)
PHILADELPHIA (AP) - The New York Stock Exchange late Tuesday approved a revised plan by Sovereign Bancorp Inc. to sell a major stake to a Spanish banking conglomerate, handing Sovereign a victory in a dispute with shareholders.
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Feds seek to dismiss Andersen indictment
Nov 22 2005 11:02PM (CT)
HOUSTON (AP) - Federal prosecutors on Tuesday began proceedings to dismiss an indictment against Enron Corp.'s former accounting firm, Arthur Andersen LLP, by asking a judge to return the case to a lower court.
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Attorneys ask Delphi judge for documents
Nov 22 2005 9:44PM (CT)
NEW YORK (AP) - Attorneys for investors who sued Delphi Corp. just days before the auto parts maker declared bankruptcy are asking a bankruptcy judge to allow them access to company documents in their case against the company's former executives. The investors also objected to the company's executive compensation plan.
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Moody's may lower Ford's credit rating
Nov 22 2005 9:19PM (CT)
DETROIT (AP) - Moody's Investors Service said Tuesday it may lower Ford Motor Co.'s credit rating deeper into "junk" status because of weak demand for full-size trucks and sport utility vehicles.
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Group secures votes for Six Flags takeover
Nov 22 2005 9:09PM (CT)
OKLAHOMA CITY (AP) - A group led by Washington Redskins owner Dan Snyder said Tuesday it has lined up enough shareholder votes to oust three board members and assume control of amusement park operator Six Flags Inc.
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Warner agrees to settle 'payola' probe
Nov 22 2005 8:42PM (CT)
ALBANY, N.Y. (AP) - Warner Music Group Corp. has agreed to pay $5 million to settle an investigation into payoffs for radio airplay of artists, New York Attorney General Eliot Spitzer said Tuesday.
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Deere & Co. shares rise; 4Q profit falls
Nov 22 2005 8:41PM (CT)
MOLINE, Ill. (AP) - Farm equipment maker Deere & Co.'s shares rose sharply Tuesday despite fourth-quarter profits that skidded 35 percent from a year ago and company forecasts that a two-year sales surge for tractors and other implements will slow in 2006.
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Groups clash on Bush fuel economy proposal
Nov 22 2005 8:40PM (CT)
WASHINGTON (AP) - Automakers said Tuesday they support the direction of a Bush administration proposal to revamp fuel economy rules for pickup trucks, minivans and some sport utility vehicles, saying it would improve fuel economy and provide more equity in the marketplace.
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H.J. Heinz 2Q earnings climb to $203.8M
Nov 22 2005 8:39PM (CT)
PITTSBURGH (AP) - H.J. Heinz Co., best known for its namesake ketchup brand, on Tuesday reported its second-quarter earnings edged up 2 percent thanks to a one-time gain, and said it is close to selling off several underperforming European businesses.
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Oil tops $58 as winter storm approaches
Nov 22 2005 8:37PM (CT)
NEW YORK (AP) - Oil prices neared $59 a barrel Tuesday as the approach of a possible storm in the Northeast boosted expectations for increased heating oil demand over the next few weeks.
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GM job cuts chip away at unions' power
Nov 22 2005 8:37PM (CT)
DETROIT (AP) - General Motors Corp.'s plan to cut 30,000 manufacturing jobs is the latest in a string of actions that have chipped away at auto unions' power this year. Labor leaders are digging in their heels, trying to figure out how to counter increasing competition from foreign competitors and investors demanding even more drastic cuts.
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Policy-makers felt need to raise rates
Nov 22 2005 8:35PM (CT)
WASHINGTON (AP) - Worried that high energy costs could spread inflation throughout the economy, Federal Reserve policymakers this month decided they should keep pushing interest rates higher.
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NetJets pilots approve agreement
Nov 22 2005 6:56PM (CT)
COLUMBUS, Ohio (AP) - Pilots with NetJets Inc., a private air charter service that caters to companies and business executives, have approved an agreement that ends a four-year-old labor dispute.
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Jacobs to replace Caille as Adecco CEO
Nov 22 2005 6:54PM (CT)
ZURICH, Switzerland (AP) - Swiss staffing company Adecco SA said Chief Executive Jerome Caille would leave immediately, to be replaced by co-founder Klaus J. Jacobs, who will take full control of the company.
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3 IPOs post gains in 1st day of trading
Nov 22 2005 6:35PM (CT)
WASHINGTON (AP) - Brookdale Senior Living Inc. began its first day of trading with double-digit percentage gains, while chemicals producer Tronox Inc. ended slightly higher.
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Oracle CEO to pay $122M to settle lawsuit
Nov 22 2005 6:32PM (CT)
REDWOOD CITY, Calif. (AP) - A California judge on Tuesday approved an unusual legal settlement that will require Oracle Corp. CEO Larry Ellison to donate $100 million to charity and pay another $22 million to the attorneys who sued him for alleged stock trading abuses _ forcing Ellison to dig deeper into his pockets than he originally wanted.
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Bernanke urges limits on mortgage holdings
Nov 22 2005 6:08PM (CT)
WASHINGTON (AP) - Ben Bernanke, the nominee to become the next chairman of the Federal Reserve, said Congress should limit the massive holdings of mortgage giants Fannie Mae and Freddie Mac in an effort to limit any danger their debt poses to the overall economy.
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Treasury bond prices rally on Fed minutes
Nov 22 2005 5:54PM (CT)
NEW YORK (AP) - Treasurys rallied Tuesday after minutes from the Federal Reserve's Nov. 1 policy meeting showed some policy-makers are starting to worry about raising interest rates too far.
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Tuesday's commodities roundup
Nov 22 2005 5:16PM (CT)
NEW YORK (AP) - Crude-oil futures in New York rallied more than $1 a barrel Tuesday on forecasts of colder weather in the U.S. Northeast and light-volume covering of short positions ahead of the long Thanksgiving weekend.
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Nestle recalls baby milk from 4 nations
Nov 22 2005 3:29PM (CT)
GENEVA (AP) - Nestle SA, the world's biggest food company, said Tuesday it has recalled hundreds of thousands of gallons of baby milk from France, Portugal, Spain and Italy after traces of ink from the packaging were found in the product.
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WTO members outline plan for trade talks
Nov 22 2005 3:20PM (CT)
GENEVA (AP) - Key members of the World Trade Organization on Tuesday outlined a plan for concluding the current round of trade talks by the end of 2006 as they acknowledged they would be unable to agree a framework treaty at next month's Hong Kong summit.
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Prosecutors push back Black arraignment
Nov 22 2005 2:57PM (CT)
CHICAGO (AP) - Fallen newspaper magnate Conrad Black was granted an extra eight days Tuesday to appear in federal court to answer multiple fraud charges or face likely extradition proceedings.
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EDF shares fall 3 percent below IPO price
Nov 22 2005 2:55PM (CT)
PARIS (AP) - Shares in Electricite de France SA fell Tuesday to below the price at which they were sold to investors in the French utility's 7 billion euro ($8.3 billion) flotation the previous day.
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EU to rule on blocked GE-Honeywell merger
Nov 22 2005 2:53PM (CT)
BRUSSELS, Belgium (AP) - An appeals court said Tuesday it will rule next month on whether European Union regulators were right in blocking an attempted $46 billion merger between General Electric Co. and Honeywell International Inc. in 2001.
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Man Financial may pay extra for Refco unit
Nov 22 2005 2:45PM (CT)
NEW YORK (AP) - Man Financial Inc. may have to pony up an additional $5 million for Refco Inc.'s key futures-trading unit because the sale wasn't closed Monday.
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Cooper Cos. stock down on reduced outlook
Nov 22 2005 2:43PM (CT)
NEW YORK (AP) - Cooper Cos. stock fell Tuesday after health-care products maker lowered its revenue forecasts for the third time in seven months.
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Ford CEO pushes for tax incentives
Nov 22 2005 2:12PM (CT)
WASHINGTON (AP) - Ford Motor Co. Chairman and CEO Bill Ford urged Congress Tuesday to offer a package of tax incentives to make the nation less dependent on foreign oil and to drive innovation in the struggling domestic auto industry.
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Albertson's 3Q profit drops on storms
Nov 22 2005 2:05PM (CT)
BOISE, Idaho (AP) - Albertson's Inc., the nation's second biggest supermarket chain, said Tuesday that its third-quarter earnings fell 30 percent, hurt by the Gulf Coast hurricanes, pressure from rivals including Wal-Mart Stores Inc. and flat sales.
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State Street fined for reporting gaps
Nov 22 2005 1:57PM (CT)
NEW YORK (AP) - The National Association of Securities Dealers fined a unit of State Street Corp. $1.4 million for failing to report billions of dollars of bond trades. It is the largest penalty yet imposed by the regulator for fixed-income reporting violations.
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EU sugar plans meet with resistance
Nov 22 2005 1:40PM (CT)
BRUSSELS, Belgium (AP) - European Union plans to phase out subsidies to sugar farmers and cut the price of sugar by 39 percent met with resistance at a meeting of EU agriculture ministers Tuesday.
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AstraZeneca files suit against Ranbaxy
Nov 22 2005 1:27PM (CT)
LONDON (AP) - Drug maker AstraZeneca PLC said Tuesday that it is suing Indian rival Ranbaxy Laboratories Ltd. over a patent challenge to one of its key pharmaceuticals.
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CBOT falls after bank's recommendation
Nov 22 2005 1:18PM (CT)
CHICAGO (AP) - CBOT Holdings Inc. stock dropped to a nearly three-week low Tuesday, a day after an analyst pinned a 'sell' recommendation on the stock.
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E.On ends takeover talks with ScottishPower
Nov 22 2005 1:11PM (CT)
LONDON (AP) - German power company E.On AG said Tuesday it ended takeover talks with ScottishPower PLC after the British-based energy supplier rejected its 11.3 billion pound ($19.4 billion) offer. Shares in Scottish Power dropped 5.5 percent.
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Carrefour to transfer 1,700 office jobs
Nov 22 2005 12:56PM (CT)
PARIS (AP) - Carrefour SA said Tuesday it plans to relocate 1,700 staff from its administrative offices around France to its stores in a bid to boost competitiveness in its key home market.
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Calif. fund is latest objector to deals
Nov 22 2005 12:54PM (CT)
PHILADELPHIA (AP) - Another big investor has asked the New York Stock Exchange to either reject Sovereign Bancorp Inc.'s two acquisition deals or force the company to put them to a shareholder vote.
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MTS Systems outlook misses estimates
Nov 22 2005 12:02PM (CT)
NEW YORK (AP) - Shares of MTS Systems Corp., a maker of test systems and industrial position sensors, fell Tuesday after its 2006 earnings outlook fell short of Wall Street estimates, possibly due to declining revenue from the auto industry.
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Walgreen CEO fiscal 2005 salary $1.28M
Nov 22 2005 12:02PM (CT)
WASHINGTON (AP) - Walgreen Co. said Tuesday that Chairman and Chief Executive David W. Bernauer received a salary of $1.28 million for the 2005 fiscal year ended Aug. 31.
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Leger wants passenger data deal scrapped
Nov 22 2005 11:57AM (CT)
BRUSSELS, Belgium (AP) - An agreement between the European Union and the United States that allows the release of airline passenger data to U.S. counterterrorism authorities should be overturned, a top EU legal expert said Tuesday.
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Pension agency takes over retirement plans
Nov 22 2005 11:46AM (CT)
WASHINGTON (AP) - A federal agency announced Tuesday that it has taken responsibility for two pension plans covering nearly 2,300 workers and retirees of Falcon Products Inc., a maker of institutional furniture.
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Arizona farmers welcoming tourists
Nov 22 2005 11:36AM (CT)
PHOENIX (AP) - Some Arizona farmers are finding a way to squeeze a bit more money out of their land _ by opening it up to tourists who want to learn how their meals get from the ground to the dinner table.
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EDS agrees to settlement with tax agency
Nov 22 2005 10:55AM (CT)
LONDON (AP) - Electronic Data Systems Corp. has agreed to pay 71.25 million pounds ($121.8 million) to settle a compensation claim brought by Britain's tax agency, the pair said Tuesday.
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Deutsche Bank cuts DaimlerChrysler stake
Nov 22 2005 10:47AM (CT)
BERLIN (AP) - Deutsche Bank AG said it sold a 2.5 percent stake in DaimlerChrsyler AG for 1.1 billion euros ($1.3 billion) on Tuesday, reducing its holding in the automaker to 4.4 percent.
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Profit-taking pressures stocks
Nov 22 2005 10:21AM (CT)
NEW YORK (AP) - Stocks fell modestly Tuesday as investors took profits from November's big rally. Investors also held off buying ahead of the release of the Federal Reserve's most recent meeting minutes.
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PepsiCo acquiring some Sara Lee nut firms
Nov 22 2005 9:51AM (CT)
PURCHASE, N.Y. (AP) - PepsiCo Inc., which makes Pepsi drinks and Frito-Lay snacks, said Tuesday that it agreed to buy Sara Lee Corp.'s European nuts business in certain locations for 130 million euros ($152.1 million), to broaden its reach in the continent's snack market.
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Toy safety warnings issued for holidays
Nov 22 2005 9:48AM (CT)
WASHINGTON (AP) - Though decades of effort have made toys safer, children still choke on balloons, get strangled by yo-yo water balls and suffer hearing damage from loud playthings, a watchdog group warned Tuesday in its annual toy safety survey.
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Farmworkers call on McDonald's for help
Nov 22 2005 9:36AM (CT)
MIAMI (AP) - A farmworkers' advocacy group is calling on fast-food industry leader McDonald's to pay more for the tomatoes slapped on their premium burgers so that Florida pickers can be paid more.
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Samsung, Hynix shares plunge after deal
Nov 22 2005 9:20AM (CT)
SEOUL, South Korea (AP) - Shares in Samsung, Toshiba and Hynix Semiconductor _ the world's three largest makers of flash-memory chips _ plunged Tuesday after two U.S. companies said they were joining forces to challenge their dominance.
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Norsk Hydro buys EnCana's share of oil find
Nov 22 2005 8:45AM (CT)
OSLO, Norway (AP) - Norwegian petroleum and light metals group Norsk Hydro ASA said Tuesday it paid $350 million for a 50 percent stake in a promising oil discovery off Brazil from Canada's EnCana Corp.
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Honda Civic named top car for 2006
Nov 22 2005 8:17AM (CT)
DETROIT (AP) - The Honda Civic, which in its latest incarnation offers drivers a more sleek and upscale take on the popular compact car, has claimed the honor of 2006 Car of the Year from Motor Trend magazine.
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HSBC says no plans to bid for Korean bank
Nov 22 2005 8:10AM (CT)
KUALA LUMPUR, Malaysia (AP) - British bank HSBC Holdings Plc. said Tuesday it has no plans to bid for a stake in Korea Exchange Bank but is exploring plans to buy a brokerage in China and develop Islamic takaful insurance in Malaysia as part of its regional expansion.
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Hilton Group sells 15 hotels to trust
Nov 22 2005 7:24AM (CT)
LONDON (AP) - Hilton Group PLC, which operates Hilton hotels outside the United States and gambling shops in Britain, said Tuesday it has sold 15 British hotels to Managed Hotels Unit Trust for 382.4 million pounds ($655 million).
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Adviser wants passenger data-sharing nixed
Nov 22 2005 6:27AM (CT)
BRUSSELS, Belgium (AP) - An adviser to the European Union's highest court on Tuesday called for the annulment of the deal that provides U.S. counterterrorism authorities with information about air passengers, arguing the measure insufficiently protects privacy.
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Nation's gross GDP projected to grow
Nov 22 2005 6:16AM (CT)
WASHINGTON (AP) - Despite turbulence from hurricanes and high energy prices, the economy is expected to log respectable growth this year and next, business economists say.
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Sumitomo Mitsui reports better profits
Nov 22 2005 5:22AM (CT)
TOKYO (AP) - Sumitomo Mitsui Financial Group said its net profit jumped seven-fold for the fiscal half-year through September, highlighting the recovering health of Japan's top banking groups, long dogged by bad loans.
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GM to ax 30,000 jobs, close 12 facilities
Nov 22 2005 4:06AM (CT)
DETROIT (AP) - General Motors Corp., pounded by declining sales and rising health care costs, said Monday it will cut more than a quarter of its North American manufacturing jobs and close 12 facilities by 2008. The United Auto Workers called the plan "devastating" and warned it will make negotiations more difficult, but some Wall Street analysts said GM's actions may not go far enough.
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Mexico gets two bids for main airlines
Nov 22 2005 12:50AM (CT)
MEXICO CITY (AP) - Mexico's government-run airline holding company, Cintra SA, said late Monday it had received two bids for each of its two main airlines, Mexicana and Aeromexico.
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Google donates $3M to help scan documents
Nov 22 2005 12:20AM (CT)
SAN FRANCISCO (AP) - Google Inc. is giving $3 million to the U.S. Library of Congress to help set up a system for creating digital copies of rare documents from around the world _ the latest step in Google's crusade to expand the amount of information that can be indexed by its Internet-leading search engine.
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