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Merck rests its case in Vioxx trial
Dec 7 2005 11:36PM (CT)
HOUSTON (AP) - Merck & Co. rested its case Wednesday in the first federal trial involving the painkiller Vioxx after a pathologist testified that the drug played no role in a man's fatal heart attack.
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Tokyo stocks slip ahead of GDP figures
Dec 7 2005 11:34PM (CT)
TOKYO (AP) - Japanese stocks fell Thursday morning as traders took profits in stocks that have rallied recently, and ahead of revised third-quarter economic growth figures due Friday. The U.S. dollar slipped against the yen.
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GM, Kerkorian hold talks about board seat
Dec 7 2005 10:49PM (CT)
DETROIT (AP) - General Motors Corp. said Wednesday it is in talks with billionaire investor Kirk Kerkorian about giving his company representation on GM's board of directors.
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Bank of Japan may tighten monetary policy
Dec 7 2005 10:35PM (CT)
TOKYO (AP) - Chances are increasing that the Bank of Japan will tighten its monetary policy toward the early part of next year, the central bank's governor said Thursday, amid speculation about a change following signs of economic recovery.
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S.Korea determined to end airline strike
Dec 7 2005 10:35PM (CT)
SEOUL, South Korea (AP) - South Korea appeared determined Thursday to quickly end a strike by unionized pilots at Korean Air Co., the nation's largest airline and the world's biggest air cargo carrier.
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World Bank aims to wipe out nations' debt
Dec 7 2005 10:08PM (CT)
WASHINGTON (AP) - The World Bank's board is expected to consider a plan next week for wiping out poor countries' debt, the lending institution's' president, Paul Wolfowitz, said Wednesday.
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Judge tosses suit vs. China Aviation Oil
Dec 7 2005 8:52PM (CT)
SINGAPORE (AP) - A U.S. judge has dismissed a class action lawsuit filed against China Aviation Oil (Singapore) Corp. in the United States, the jet fuel importer said.
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J&J may seek to acquire another company
Dec 7 2005 7:52PM (CT)
TRENTON, N.J. (AP) - Johnson & Johnson, already the leader or second in markets for most of its medicines, consumer products and medical devices, showed it also wants to be a top provider of pacemakers and implantable defibrillators when it made a play a year ago for Guidant Corp.
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Hovnanian 4Q earnings climb 24 percent
Dec 7 2005 7:33PM (CT)
TRENTON, N.J. (AP) - Hovnanian Enterprises said its profit increased 24 percent in the quarter that ended Oct. 31 on strong home sales, even as predictions of a housing slowdown mounted.
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Delta pilots may consider vote to strike
Dec 7 2005 7:25PM (CT)
NEW YORK (AP) - Delta Air Lines Inc. pilots may consider a vote to strike if the bankrupt airline's managers impose changes on their contract, a pilots union spokesman said Wednesday.
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Ford board to consider restructuring plan
Dec 7 2005 7:23PM (CT)
DETROIT (AP) - Ford Motor Co.'s board of directors began a two-day meeting Wednesday to consider a sweeping restructuring plan the company hopes will help pull it out of a slump. Thousands of jobs are on the line and several plants may shut down to help the nation's No. 2 automaker overcome rising costs and the loss of market share to foreign rivals.
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U.S., Peru reach free trade agreement
Dec 7 2005 6:45PM (CT)
WASHINGTON (AP) - The U.S. and Peru have wrapped up negotiations on a free trade agreement, officials from both countries said Wednesday.
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Ex-Hollinger executive pleads not guilty
Dec 7 2005 6:32PM (CT)
CHICAGO (AP) - A third former associate of dethroned media mogul Conrad Black pleaded not guilty Wednesday to charges that he participated in a fraudulent scheme to siphon millions of dollars from the sale of hundreds of Canadian newspapers.
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Calpine seeks to stave off bankruptcy
Dec 7 2005 6:23PM (CT)
DOVER, Del. (AP) - Hoping to stave off bankruptcy, Calpine Corp. asked a judge Wednesday to halt an effort by bondholders demanding that the struggling power merchant immediately restore $312 million into an escrow account or be declared in default on its loans.
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Angelica shares jump 13 percent
Dec 7 2005 6:17PM (CT)
NEW YORK (AP) - The stock of Angelica Corp. surged Wednesday after fuel and labor costs at the hospital laundry-services provider proved less damaging to third-quarter results than some had feared.
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U.S. Treasury bond prices weaken
Dec 7 2005 5:58PM (CT)
NEW YORK (AP) - Treasury bond prices weakened Wednesday in technically driven trade as the market gave back some of the strong gains made the prior session in the face of new supply.
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Coca-Cola works on raising worker morale
Dec 7 2005 5:23PM (CT)
ATLANTA (AP) - The chief executive of The Coca-Cola Co. said Wednesday the world's largest beverage maker has made progress over the last year improving employee morale, which has helped boost sales and profits.
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Texas Instruments sharpens revenue outlook
Dec 7 2005 5:19PM (CT)
DALLAS (AP) - Semiconductor maker Texas Instruments Inc. on Wednesday sharpened its profit and revenue forecast for the fourth quarter while staying close to its previous outlook amid strong demand for its products.
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Sears to put DieHard batteries in Kmart
Dec 7 2005 5:07PM (CT)
HOFFMAN ESTATES, Ill. (AP) - A day after Sears Holdings Corp. Chairman Edward Lampert committed to putting more Sears products in Kmart stores, the retail company said Wednesday it is introducing DieHard batteries in nearly 1,400 Kmarts nationwide.
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Newspapers predict modest growth in 2006
Dec 7 2005 5:03PM (CT)
NEW YORK (AP) - Newspaper publishers predicted modest growth for next year at a pair of investor conferences Wednesday, as rising costs and a volatile advertising environment continue to cloud their prospects.
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Morris to succeed Katz as SEC secretary
Dec 7 2005 5:01PM (CT)
WASHINGTON (AP) - Jonathan Katz, the secretary of the Securities and Exchange Commission for 23 years who is retiring next month, will be replaced by an SEC attorney, the agency announced Wednesday.
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Vail Resorts widens 1Q net loss to $34.3M
Dec 7 2005 4:56PM (CT)
DENVER (AP) - Vail Resorts Inc., the second-largest ski operator in North America, said Tuesday its first-quarter net loss increased slightly in part because of lower real estate revenue and an accounting change on stock-based compensation expenses.
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3M names Buckley chairman, president, CEO
Dec 7 2005 4:49PM (CT)
MINNEAPOLIS (AP) - Wall Street liked the way George W. Buckley shook up the marine industry when he ran boatmaker Brunswick Corp. But his appointment as chairman and CEO of the diversified manufacturer 3M Co. on Wednesday puts him on a much bigger stage.
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GM names Henderson CFO, vice chairman
Dec 7 2005 4:44PM (CT)
DETROIT (AP) - General Motors Corp., which has announced huge losses this year amid increasing health care costs and falling U.S. market share, has named a longtime executive who has been overseeing a restructuring of its European operations as its new chief financial officer.
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Nations sign deal to study pipeline idea
Dec 7 2005 4:38PM (CT)
CARACAS, Venezuela (AP) - Venezuela, Brazil and Argentina have signed an agreement to study the possibility of a South American natural gas pipeline, officials said Wednesday.
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Continental, flight attendants hold talks
Dec 7 2005 4:31PM (CT)
HOUSTON (AP) - Continental Airlines and its flight attendants resumed contract talks Wednesday, but hurdles to an agreement remain, including proposed cuts in wages and benefits.
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International Coal Group stock declines
Dec 7 2005 4:26PM (CT)
WASHINGTON (AP) - International Coal Group Inc.'s stock slipped Wednesday, after a public offering increased the number of outstanding shares by about 16 percent.
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Refco Capital Markets owes customers
Dec 7 2005 4:24PM (CT)
NEW YORK (AP) - Customers at Refco Capital Markets, the unregulated unit of Refco Inc., are owed $3.675 billion compared with available assets of just $1.9 billion.
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Advocacy groups try to influence shoppers
Dec 7 2005 4:05PM (CT)
NEW YORK (AP) - If holiday shopping weren't hard enough, growing numbers of advocacy groups are campaigning to steer shoppers away from certain retailers and products _ citing causes from gay rights to getting the word "Christmas" more prominently in the public eye.
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Vocus shares climb 10 percent after IPO
Dec 7 2005 3:51PM (CT)
WASHINGTON (AP) - Shares of Vocus Inc. posted a swift gain on Wednesday, as the software company had its trading debut on the Nasdaq Stock Market.
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Guidant to talk with Boston Scientific
Dec 7 2005 3:47PM (CT)
INDIANAPOLIS (AP) - Heart device maker Guidant Corp. said Wednesday its board has decided to hold discussions with Boston Scientific Corp.'s about its $25 billion offer for Guidant, which seeks to scuttle a standing, although lower, deal with Johnson & Johnson.
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Pittsburgh Brewing files for bankruptcy
Dec 7 2005 3:43PM (CT)
PITTSBURGH (AP) - Pittsburgh Brewing Co., the maker of Iron City Beer, filed for protection from creditors under federal bankruptcy regulations Wednesday after failing to pay $2.5 million in water and sewage bills.
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Tribune cut 900 jobs in 2005, CEO says
Dec 7 2005 3:01PM (CT)
NEW YORK (AP) - Tribune Co. eliminated a total of 900 jobs, or 4 percent of its work force, in 2005 as part of a cost-cutting drive, Tribune CEO Dennis FitzSimons told investors Wednesday.
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Russians to wind down Volga production
Dec 7 2005 2:45PM (CT)
MOSCOW (AP) - Russia's Gorky Auto Plant, or GAZ, will wind down production of its famed Volga, a hefty sedan once favored by Soviet officials, in the face of tough competition from western and Asian automakers, a company official said.
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Hurco up; rise in new orders lifts profit
Dec 7 2005 2:22PM (CT)
NEW YORK (AP) - Hurco Cos. stock rose Wednesday in the first day of trading after the metal-cutting and forming company posted strong earnings for the latest quarter.
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UAW negotiator: Delphi strike likely
Dec 7 2005 2:18PM (CT)
DETROIT (AP) - A key United Auto Workers negotiator has told local union leaders that a strike against auto supplier Delphi Corp. "appears more likely than not," a UAW spokesman said Wednesday.
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Gulf Coast casino workers to lose pay
Dec 7 2005 2:07PM (CT)
JACKSON, Miss. (AP) - Thousands of casino employees on the Gulf Coast are losing insurance benefits and salaries as the companies end post-Katrina assistance to concentrate on rebuilding gambling houses hammered by the hurricane.
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Greenspan: Fed tries to balance all needs
Dec 7 2005 1:53PM (CT)
WASHINGTON (AP) - The Federal Reserve works hard to balance policy-makers' need to have private, unvarnished discussions about economic matters and investors' desire to keep abreast of the Fed's inner workings, chairman Alan Greenspan says.
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Housing slowdown may claim 800,000 jobs
Dec 7 2005 1:30PM (CT)
LOS ANGELES (AP) - A sustained decline will hit the U.S. housing market next year, costing the nation as many as 800,000 jobs, according to a new economic report released Wednesday.
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Court rules Bally must turn over records
Dec 7 2005 1:26PM (CT)
WASHINGTON (AP) - A court has ruled that a shareholder seeking to oust the chief executive of Bally Total Fitness Holding Corp. must be given access to the stockholder list and some other records of the company.
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Germany's HVB reducing stake in Munich Re
Dec 7 2005 1:24PM (CT)
BERLIN (AP) - German bank HVB AG said Wednesday it was reducing its stake to just under 5 percent in reinsurer Munich Re AG by offering for sale some 6.9 million shares worth approximately 800 million euros ($950 million).
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Russia seeks EU help to resolve dispute
Dec 7 2005 1:16PM (CT)
BRUSSELS, Belgium (AP) - Russia asked the European Union on Wednesday to help resolve a dispute with Ukraine that threatens to disrupt supplies of Russian natural gas to Europe.
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Ex-Greek state co. officials cleared
Dec 7 2005 1:12PM (CT)
ATHENS, Greece (AP) - A court on Wednesday cleared seven former state company executives of mishandling more than 700 million euros ($820 million) in public funds with intent to boost the Athens Stock Exchange before general elections in 2000.
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Gazprombank to sell some stock to bank
Dec 7 2005 12:57PM (CT)
MOSCOW (AP) - The banking arm of Russian natural gas monopoly Gazprom said Wednesday that Germany's Dresdner Bank AG will acquire 33 percent of its stock in a deal worth no less than $803 million ahead of a planned initial public offering in 2006.
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Gannett to take a look at Knight Ridder
Dec 7 2005 12:21PM (CT)
NEW YORK (AP) - Gannett Co. would take a "hard look" at any potential acquisition opportunities, including Knight Ridder Inc., a major newspaper company that has been forced by its largest shareholders to explore a sale, Gannett CEO Craig Dubow told an investor group Wednesday.
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Nymex won't give documents to shareholder
Dec 7 2005 12:07PM (CT)
NEW YORK (AP) - The New York Mercantile Exchange rejected a legal demand by a longtime seatholder for documents detailing the exchange's proposed stake sale to private-equity firm General Atlantic LLC and its plans to go public next year.
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Dow Jones may pick CEO successor in 2006
Dec 7 2005 12:04PM (CT)
NEW YORK (AP) - Peter Kann, the CEO of Dow Jones & Co., told investors Wednesday that the company's board would likely name a successor for him next year.
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Porsche: Sales up 6.7 pct. in 4 months
Dec 7 2005 11:48AM (CT)
BERLIN (AP) - Luxury automaker Porsche AG said Wednesday that sales rose 6.7 percent in the first four months of its fiscal year, fueled by strong demand for revamped versions of its 911 and Boxster models.
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Ruling brings new life to suit vs DuPont
Dec 7 2005 11:12AM (CT)
HONOLULU (AP) - A federal appeals court has ruled that six Hawaii plant growers can bring racketeering and fraud charges against chemical maker DuPont Co. for crops they lost using a contaminated fungicide.
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Ex-Duke Energy exec acquitted of charges
Dec 7 2005 10:22AM (CT)
HOUSTON (AP) - A former vice president of power and natural-gas producer Duke Energy Corp. has been acquitted by a jury on all charges of falsifying trading data, according to a published report.
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Data retention bill likely to be approved
Dec 7 2005 9:47AM (CT)
BRUSSELS, Belgium (AP) - The European Parliament's two biggest groups have reached a preliminary agreement to support proposed EU legislation requiring telecommunications companies to retain phone and e-mail data for possible use in criminal investigations, officials said Wednesday.
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Credit Suisse sees changes lifting profit
Dec 7 2005 9:02AM (CT)
ZURICH, Switzerland (AP) - Swiss financial services company Credit Suisse Group said Wednesday it expects to generate an additional 1 billion Swiss francs ($760 million) in net profit in 2008 due to cost savings from the company's restructuring program.
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AES signs loans to fund $1.2B power plant
Dec 7 2005 8:49AM (CT)
SOFIA, Bulgaria (AP) - U.S. power producer AES Corp. signed loan and commercial agreements Wednesday to fund a long-delayed project to build a coal-fired power plant in Bulgaria.
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Finnair buying 12 Airbus jets in $1.2B deal
Dec 7 2005 8:11AM (CT)
HELSINKI, Finland (AP) - Finnair PLC, the country's national carrier, announced Wednesday that it will purchase 12 new wide-bodied Airbus aircraft, for more than 1 billion euros ($1.2 billion).
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CNOOC, Husky to explore deep water oil
Dec 7 2005 8:11AM (CT)
HONG KONG (AP) - China's largest offshore oil producer, CNOOC Ltd., said its unlisted parent company plans to start deep water oil and gas exploration in the South China Sea with Canada's Husky Energy Inc. next year.
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Dutch state sells 8 percent stake in KPN
Dec 7 2005 6:20AM (CT)
AMSTERDAM, Netherlands (AP) - The Dutch state has sold half of its 16 percent stake in telecommunications company Royal KPN NV and plans to dispose of its "golden share," which gives it the right to reject unwanted takeovers, by the end of the year, the finance ministry said Wednesday.
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Porsche: Sales in first 4 months up
Dec 7 2005 6:03AM (CT)
BERLIN (AP) - Luxury automaker Porsche AG said Wednesday that sales rose 6.7 percent in the first four months of its fiscal year, fueled by strong demand for revamped versions of its 911 and Boxster models.
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Gates: Microsoft to invest $1.7B in India
Dec 7 2005 5:29AM (CT)
NEW DELHI (AP) - Microsoft Chairman Bill Gates said Wednesday the U.S. software giant plans to invest $1.7 billion in India and add 3,000 jobs in the country over the next four years, nearly doubling its work force here.
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Demand for goat meat growing in Calif.
Dec 7 2005 4:43AM (CT)
FRESNO, Calif. (AP) - At the Rincon Salvaldoreno, a restaurant where Central American immigrants gather at the end of the workday for a taste of home, goat stew is a brisk seller.
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What will happen to the NYSE now?
Dec 7 2005 12:48AM (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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