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Electric Boat to cut up to 2,400 jobs
Dec 6 2005 9:20PM (CT)
NEW HAVEN, Conn. (AP) - Submarine builder Electric Boat will cut up to 2,400 jobs next year and warned that it could eliminate half of its work force in coming years as it faces a dwindling submarine market and a Navy policy directing repair work to its own shipyards.
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Royal Air Maroc orders four Boeing jets
Dec 6 2005 9:13PM (CT)
SEATTLE (AP) - Morocco's national airline completed an order for four Boeing Co. 787 jets and took out an option for one more, the companies said Tuesday.
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Australia's gross domestic product rises
Dec 6 2005 8:34PM (CT)
SYDNEY, Australia (AP) - Australia's economy grew by 0.2 percent in the three months ended Sept. 30 from the previous quarter, the government said Wednesday.
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Two designers sue over 'Project Runway'
Dec 6 2005 8:30PM (CT)
NEW YORK (AP) - Two New York fashion designers on Tuesday sued Walt Disney Co., NBC Universal, supermodel Heidi Klum and others, claiming they originally developed the idea for what became the television show "Project Runway."
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NYSE seat owners vote to buy Archipelago
Dec 6 2005 8:15PM (CT)
NEW YORK (AP) - With a mixture of vision and nostalgia, the seat owners of the New York Stock Exchange voted Tuesday to acquire Archipelago Holdings Inc., a deal that will transform the 213-year-old Big Board into a for-profit company with new, high-tech trading capabilities.
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GM names Henderson CFO, vice chairman
Dec 6 2005 8:10PM (CT)
DETROIT (AP) - General Motors Corp., which has shed a torrent of red ink this year amid increasing health care costs and falling U.S. market share, said Tuesday it's appointing a longtime GM executive as vice chairman and chief financial officer.
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Japanese stocks edge higher after dip
Dec 6 2005 8:05PM (CT)
TOKYO (AP) - Japanese stocks edged higher in early trading Tuesday after falling on profit taking for the first time in four sessions a day earlier. The U.S. dollar declined against the yen.
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Merck exec tells of Vioxx market removal
Dec 6 2005 7:25PM (CT)
HOUSTON (AP) - Merck & Co. pulled its blockbuster drug Vioxx off the market last year although an "overwhelming majority" of scientists and outside consultants disagreed, a company executive testified Tuesday during the first federal trial involving the drug.
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Exec: Delta wants to retain its pilots
Dec 6 2005 7:18PM (CT)
NEW YORK (AP) - Delta Air Lines Inc. wants to retain its pilots and it plans to have a collective bargaining agreement in the future with its pilots, an executive with the bankrupt carrier said Tuesday.
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2 Ford brands stop ads in gay publications
Dec 6 2005 6:59PM (CT)
DETROIT (AP) - Ford Motor Co. said Tuesday its luxury Jaguar and Land Rover brands will no longer advertise in gay publications, but the nation's second-largest automaker denied that it made the decision under pressure from conservative Christian groups.
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Kroger 3Q profit up 30 percent to $185.4M
Dec 6 2005 6:59PM (CT)
CINCINNATI (AP) - Kroger Co., waging a customer-by-customer fight in a competitive marketplace, on Tuesday reported a 30 percent jump in third-quarter profit and its best results at stores opened at least a year since 1999.
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Sears Holdings reports 3Q profit of $58M
Dec 6 2005 6:58PM (CT)
CHICAGO (AP) - Sears Holdings Corp. reported another mixed quarter of skidding sales from its stores alongside improved costs and profit margins Tuesday, encouraging investors while leaving questions about its future and direction as a retailer unanswered.
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Boston Scientific bid has risks, benefits
Dec 6 2005 6:55PM (CT)
BOSTON (AP) - If Boston Scientific Corp. prevails in a bidding war for rival medical device maker Guidant Corp., the $25 billion deal would quadruple its debt load, hurt its near-term earnings and add to the company's recent legal and regulatory troubles. The payoff would be entry into a rapidly expanding segment of the devices market.
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UAW leader says he'll run for re-election
Dec 6 2005 6:48PM (CT)
DETROIT (AP) - United Auto Workers President Ron Gettelfinger said Tuesday he will run for re-election next year despite some workers' grumbling that the UAW isn't doing enough to stop job cuts and benefit losses.
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Groups seek aid for manufacturing sector
Dec 6 2005 6:47PM (CT)
WASHINGTON (AP) - Dozens of corporate and academic leaders pressed the Bush administration on Tuesday for more funding to aid U.S. manufacturing, calling for help in research and development, science education and immigration reforms to help attract the world's best scientists and engineers.
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Unions reach agreement with US Airways
Dec 6 2005 6:38PM (CT)
PHOENIX (AP) - Unions representing passenger agents at the newly combined US Airways on Tuesday reached a preliminary deal with the airline, increasing wages while other contract terms are negotiated.
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Questions, answers on NYSE-Archipelago deal
Dec 6 2005 6:24PM (CT)
NEW YORK (AP) - The New York Stock Exchange underwent the biggest change in its 213-year history Tuesday as its owners voted to acquire electronic rival Archipelago Holdings Inc. and turn the not-for-profit institition into a publicly traded corporation.
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Time Warner director quits Lazard board
Dec 6 2005 6:12PM (CT)
NEW YORK (AP) - Robert C. Clark, a director on the board of Time Warner Inc., is stepping down from the board of Lazard Ltd. after the investment bank accepted an assignment from financier Carl Icahn to study a breakup plan for Time Warner.
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Liberty says News Corp. stock undervalued
Dec 6 2005 6:10PM (CT)
DENVER (AP) - A Liberty Media Corp. executive said Tuesday the company plans to hang on to its 18 percent stake in News Corp. on the belief the stock is undervalued.
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NYSE seats sell for $4M each, ties record
Dec 6 2005 6:03PM (CT)
NEW YORK (AP) - The New York Stock Exchange on Tuesday said two seats on the exchange sold for $4 million each, matching a record established last week.
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U.S. Treasury bond prices march higher
Dec 6 2005 5:50PM (CT)
NEW YORK (AP) - Treasury bond prices marched steadily higher Tuesday, reversing the losses seen during the past few sessions and sending yields to one-week lows.
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Group warns of New England power outages
Dec 6 2005 5:49PM (CT)
WASHINGTON (AP) - An energy consultant warned Tuesday that "sudden extremely cold weather" could cause power outages in New England this winter.
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Inamed to stay neutral on Allergan offer
Dec 6 2005 5:36PM (CT)
LOS ANGELES (AP) - Cosmetic surgery product maker Inamed Corp. said Tuesday its board of directors has concluded that a proposed $3.2 billion takeover bid from Botox maker Allergan Inc. is superior to an earlier offer it had accepted from Medicis Pharmaceutical Corp.
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Tuesday's commodities roundup
Dec 6 2005 5:36PM (CT)
NEW YORK (AP) - Gold prices rose Tuesday for the fourth day in a row to levels not seen since the early 1980s.
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ConAgra execs say co. may need changes
Dec 6 2005 4:53PM (CT)
OMAHA, Neb. (AP) - Significant organizational changes may be needed to help ConAgra Foods Inc. become more consistently profitable, company officials said Tuesday, a day after warning of disappointing second-quarter earnings.
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U.S. agency probes GM pickups, Volvo SUV
Dec 6 2005 4:42PM (CT)
WASHINGTON (AP) - The government said Tuesday it had opened investigations into problems with the brake lights on two General Motors' Corp. pickup trucks and the windshield wiper arm on the Volvo XC90 sport utility vehicle.
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UnitedHealth buys John Deere Health Care
Dec 6 2005 4:40PM (CT)
MINNEAPOLIS (AP) - Health insurer UnitedHealth Group Inc. added to its Midwestern presence on Tuesday by buying John Deere Health Care for $500 million in cash.
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Devon signs production deal with CNOOC
Dec 6 2005 4:39PM (CT)
OKLAHOMA CITY (AP) - Devon Energy Corp., the nation's largest independent oil and gas producer, has signed a production sharing contract for a field off the coast of China with that country's largest offshore oil producer, Chinese National Offshore Oil Corp.
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Kushner to pay fine to settle charges
Dec 6 2005 4:10PM (CT)
WASHINGTON (AP) - Boxing promoter Cedric Kushner, one of the sport's biggest names, has agreed to pay a $60,000 civil fine to settle federal regulators' charges that he signed false and misleading financial statements filed by his company in May 2003. Kushner also was barred from ever serving as an officer or director of any publicly traded company.
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EU to scale back energy efficiency plans
Dec 6 2005 2:55PM (CT)
BRUSSELS, Belgium (AP) - European Union lawmakers agreed Tuesday to scale back the bloc's ambitions to reduce energy consumption by making energy efficiency targets voluntary instead of mandatory.
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Residential project planned for Big Easy
Dec 6 2005 2:50PM (CT)
AVONDALE, La. (AP) - The first major housing investment in the New Orleans region since Hurricane Katrina will come from a California home builder planning a community with as many as 20,000 homes.
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Russia, Ukraine fail to strike gas deal
Dec 6 2005 2:37PM (CT)
MOSCOW (AP) - Russia and Ukraine failed to strike a deal on the price of Russian gas during negotiations in Moscow, the Russian natural gas monopoly Gazprom said Tuesday.
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Liberty holders OK sale to Raycom Media
Dec 6 2005 2:29PM (CT)
GREENVILLE, S.C. (AP) - Shareholders of television broadcaster Liberty Corp. have voted in favor of a nearly $1 billion buyout offer from Raycom Media Inc., Liberty said Tuesday.
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J&J suggests it won't raise Guidant offer
Dec 6 2005 2:28PM (CT)
NEW BRUNSWICK, N.J. (AP) - Diversified health care products maker Johnson & Johnson said on Tuesday that its renegotiated offer for heart device maker Guidant Corp. is fairly valued and that it remains committed to the deal, one day after Guidant received a higher bid from Boston Scientific Corp.
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ID Biomedical stock halted pending ruling
Dec 6 2005 2:24PM (CT)
TORONTO (AP) - ID Biomedical Corp. shares were halted Tuesday pending the release of a British Columbia Supreme Court decision on its acquisition by GlaxoSmithKline Plc, said spokeswoman Michele Roy.
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DeVry down; enrollment numbers disappoint
Dec 6 2005 1:49PM (CT)
NEW YORK (AP) - Shares of DeVry Inc. slid Tuesday, after the higher-education company reported fall enrollment numbers short of Wall Street's expectations.
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Portfolio Recovery up on analyst upgrade
Dec 6 2005 1:40PM (CT)
NEW YORK (AP) - Portfolio Recovery Associates Inc. stock rose Tuesday after an analyst upgraded the collection-services company, citing its new $75 million bank credit line.
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EVCI down, forced to lower enrollment
Dec 6 2005 1:39PM (CT)
YONKERS, N.Y. (AP) - The stock of EVCI Career Colleges Holding Corp. stock fell Tuesday after regulators told it to reduce enrollment at its Interboro Institute improve conditions for its students.
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Refco bondholders want access to data
Dec 6 2005 1:38PM (CT)
WASHINGTON (AP) - An investor group that holds $487.5 million in Refco Inc. bonds asked a judge to grant it direct access to secret information being gathered by a committee of creditors investigating the company's financial collapse.
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Appeals filed in Calpine fund dispute
Dec 6 2005 1:08PM (CT)
DOVER, Del. (AP) - Attorneys for struggling power merchant Calpine Corp. and some of its bondholders have appealed a judge's decision giving the company until Jan. 22 to return more than $300 million in improperly spent proceeds from the sale of its natural gas supplies to an escrow account.
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Chiquita to close processing plants
Dec 6 2005 11:37AM (CT)
CINCINNATI (AP) - Chiquita Brands International Inc. said Tuesday it will close processing plants in Manteno, Ill., and Kansas City, Mo., by February to cut costs, eliminating about 100 jobs from its fresh-cut fruit processing operations in the Midwest.
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Britain's Consumers Trust files for Ch. 11
Dec 6 2005 11:19AM (CT)
WASHINGTON (AP) - The Consumers Trust, which has been accused of operating a fraudulent rebate scheme, has filed for Chapter 11 protection in U.S. Bankruptcy Court in Manhattan.
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U.S. dollar strengthens against euro
Dec 6 2005 10:56AM (CT)
BERLIN (AP) - The dollar strengthened against the 12-nation euro on Tuesday after reports showed rebounding orders to U.S. factories and a surge in worker productivity.
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Richard Scrushy quits HealthSouth board
Dec 6 2005 10:34AM (CT)
BIRMINGHAM, Ala. (AP) - Fired HealthSouth Corp. CEO Richard Scrushy quit as a director of the rehabilitation chain he founded, finally heeding the company's repeated calls for his resignation more than 2 1/2 years after a huge accounting fraud surfaced.
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Philips Electronics leader dies at 100
Dec 6 2005 10:21AM (CT)
THE HAGUE, Netherlands (AP) - Frits Philips, who helped turn his family's light bulb factory into the mammoth multinational Philips Electronics during 40 years of leadership, has died at age 100, the company said Tuesday.
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Japan to limit new gov't bond issuance
Dec 6 2005 10:14AM (CT)
TOKYO (AP) - Japan on Tuesday adopted recommendations by an economic panel to limit new government bond issuance to about 30 trillion yen ($249 billion) next year in an effort to tackle the country's mushrooming public debt.
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Ericsson in pact to manage 3's U.K. network
Dec 6 2005 10:02AM (CT)
STOCKHOLM, Sweden (AP) - Wireless-equipment maker LM Ericsson said Tuesday it signed a contract worth more than 15 billion kronor ($1.87 billion) to manage the mobile network of British operator 3.
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Bayer sets aside money to cover lawsuits
Dec 6 2005 9:47AM (CT)
BERLIN (AP) - Bayer AG, which makes health care products and specialty materials, and its former unit Lanxess AG said Tuesday they were setting aside more than 330 million euros ($389 million) to cover actual or potential liability for civil antitrust lawsuits filed in the United States and Canada.
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Germany warns against series of rate hikes
Dec 6 2005 9:06AM (CT)
BRUSSELS, Belgium (AP) - German Finance Minister Peer Steinbrueck on Tuesday warned the European Central Bank against a series of interest hikes.
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Los Angeles Times to close plant, cut jobs
Dec 6 2005 8:30AM (CT)
LOS ANGELES (AP) - The Los Angeles Times will close its San Fernando Valley plant and consolidate production at other facilities, eliminating 110 jobs, the newspaper said.
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Kingfisher Airlines plans IPO in 2006
Dec 6 2005 8:07AM (CT)
KUALA LUMPUR, Malaysia (AP) - Kingfisher Airlines aims to launch its initial public offering in the second half of 2006 and spread its wings internationally by 2010 under aggressive plans to be the top Indian carrier, its chairman said Tuesday.
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TNT to buy back $1.18 billion in shares
Dec 6 2005 7:06AM (CT)
THE HAGUE, Netherlands (AP) - Dutch postal company TNT NV said Tuesday it will buy back 1 billion euros ($1.18 billion) of its own shares and sell its logistics business as part of a plan to increase shareholder value.
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Indonesia minister to tackle inflation
Dec 6 2005 5:59AM (CT)
JAKARTA, Indonesia (AP) - Indonesia's newly appointed economic and finance ministers pledged Tuesday to fix the problems plaguing Southeast Asia's largest economy, a day after they were appointed in a Cabinet reshuffle welcomed by investors.
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Philippine Airlines, Airbus sign jet deal
Dec 6 2005 4:34AM (CT)
MANILA, Philippines (AP) - Philippine Airlines and Airbus signed a deal Tuesday for the purchase of nine new Airbus A320 jets and options for five more aircraft, the companies said.
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Official: Japan emerging from deflation
Dec 6 2005 4:33AM (CT)
TOKYO (AP) - Japan is finally rebounding after years of spiraling price declines, the country's top economy official said Tuesday amid a flurry of new reports showing robust consumer spending and corporate investment.
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Toshiba appeals to higher court in lawsuit
Dec 6 2005 4:31AM (CT)
TOKYO (AP) - Toshiba has filed an appeal to a higher court after it was granted a new trial in California in an ongoing legal dispute with Lexar Media Inc. over trade secrets for flash memory chips, the Japanese electronics maker said Tuesday.
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Maine looks to Cuba in agriculture deals
Dec 6 2005 4:21AM (CT)
AUGUSTA, Maine (AP) - The state's agriculture industry is hoping to finalize agreements to export $10 million worth of Maine-produced seed potatoes, lumber and fish to Cuba.
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AFL-CIO plans worldwide labor rallies
Dec 6 2005 2:10AM (CT)
WASHINGTON (AP) - The AFL-CIO is organizing rallies around the country and overseas this week to try to energize a labor movement that has been losing membership for years.
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High-tech gear fuels hunting spending boom
Dec 6 2005 12:24AM (CT)
PITTSBURGH (AP) - Raising a rifle scope to his eye, Dan Tracey squints and takes aim at an imaginary target. Then, he twists a knob and the device's cross-hairs light up like a Christmas tree.
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