News For Wednesday Jul 9, 2008 News For Wednesday Jul 9, 2008

Business Business

Longer lives, less pay _ women not saving enough - Added 51 minutes ago

Women may not earn as much as men or fly up the corporate ladder as quickly, but they get the last laugh since they live longer. Right? As it turns out, women probably aren't saving enough to bankroll those extra years...

Oil rebounds slightly after second big drop - Added 1 hour ago

Oil prices rebounded slightly Wednesday in Asia after tumbling more than $5 in the previous session as traders worried about the health of the global economy cashed in gains from the recent rally. Tuesday's drop hurled...

Alcoa's 2Q profit sinks 24 percent on higher costs - Added 1 hour ago

Alcoa Inc., the world's third-largest aluminum producer, ushered in the second-quarter earnings season by posting a 24 percent earnings decline as rising production costs eroded profits, but the results still exceeded...

Delta dismissed from fatal 2006 crash lawsuits - Added 1 hour ago

A federal judge has dismissed Delta Air Lines Inc. from more than 19 pending lawsuits involving a plane crash that killed 49 people two years ago. U.S. District Judge Karl Forester said in a 13-page opinion Tuesday...

Actors union ratifies deal with Hollywood studios - Added 1 hour ago

The American Federation of Television and Radio Artists said Tuesday its members ratified a three-year contract with Hollywood studios, but a rival actors union that campaigned against the deal said it wasn't ready to...

AP sources: Chicago Tribune to cut 80 news jobs - Added 6 hours ago

The Chicago Tribune plans to eliminate about 80 editorial positions _ roughly 14 percent of its newsroom staff _ amid parent Tribune Co.'s campaign to cut costs as revenues decline. Managers informed employees of the...

Dow ends up 152 on decline in oil, Bernanke talk - Added 7 hours ago

Wall Street finished sharply higher Tuesday as oil prices dropped for the second straight day and investors were encouraged by the possibility of more help for the ailing financial system. The Dow Jones industrials...

Treasury market looks to stocks for direction - Added 7 hours ago

Treasurys edged higher Tuesday as investors had little economic data to trade on and instead focused their attention on movements in the stock market. Investors have increasingly been taking cues from how stocks...

Anheuser-Busch calls InBev takeover bid illegal - Added 8 hours ago

Anheuser-Busch claims that Belgian brewer InBev's unsolicited takeover bid isn't just bad for the bottom line, but is an "illegal scheme" that threatens to defraud Anheuser-Busch shareholders if a federal judge doesn't...

SEC finds credit raters had conflicts of interest - Added 8 hours ago

The three main credit-rating agencies failed to rein in conflicts of interest in giving high ratings to risky securities backed by subprime mortgages that later collapsed, federal regulators said Tuesday. The results...

Fannie, Freddie rise after dive a day earlier - Added 8 hours ago

Shares of mortgage financiers Fannie Mae and Freddie Mac bounced back Tuesday, a day after plunging over worries the pair might need billions of dollars in new capital if a new accounting rule is put into effect. ...

ConocoPhillips 2Q production falls as planned - Added 8 hours ago

ConocoPhillips, the third-largest U.S. oil company, said Tuesday its global production fell as expected in the second quarter because of planned maintenance, but it benefited from higher oil and natural gas prices. In...

Commodities slump for 2nd day on big crude drop - Added 8 hours ago

Commodities fell sharply for a second day Tuesday after another big drop in crude prices suggested that a global economic slowdown is curbing the world's thirst for for energy and raw materials. Gold, silver, copper,...

Volkswagen mulls South for next auto plant - Added 9 hours ago

If Volkswagen AG decides to build its U.S. assembly plant in the South, the German company will join other foreign automakers that are increasingly turning the region into a hotbed of car manufacturing. The South...

Attorney in diet drug case seeks Curlin sale - Added 9 hours ago

An attorney wants a judge to force the public auction of 2007 Horse of the Year Curlin. Lexington attorney Angela Ford asked a state judge Tuesday to force the sale to settle a $42 million civil judgment against...

Agriculture futures trade mostly lower on CBOT - Added 9 hours ago

Agriculture futures traded mostly lower Tuesday on the Chicago Board of Trade. Wheat for July delivery rose 1.25 cents to $8.2325 a bushel; July corn fell 23.75 cents to $6.9275 a bushel; July oats declined 8 cents to...

Bristol-Myers settles Clean Air violations - Added 9 hours ago

Pharmaceuticals maker Bristol-Myers Squibb Co. has agreed to spend $3.65 million to resolve federal Clean Air Act violations by eliminating ozone-depleting refrigerants at factories in six states and Puerto Rico. ...

Gas-saving products boosted by high fuel prices - Added 10 hours ago

With fuel prices soaring, sales of products designed to boost gas mileage are also rising _ even though the government says they're not worth the money. The products range from devices that fit inside an engine's air...

ALL BUSINESS: Wall Street CEOs should return pay - Added 10 hours ago

If Wall Street CEOs really want to revive their credibility, they should return the bloated bonuses they got when they made what eventually turned into wrongheaded bets on the mortgage market. We all know how that...

Weak economy forces festivals to rethink, cancel - Added 10 hours ago

For the first time in more than 20 years, the organizers of the Harbor Fest musical festival in Racine, Wis., were forced to cancel their seminal summertime event on the shores of Lake Michigan. Sure, attendance has...

IndyMac, Fannie Mae, Merrill Lynch are big movers - Added 13 hours ago

Stocks that moved substantially or traded heavily Tuesday on the New York Stock Exchange and Nasdaq Stock Market: NYSE IndyMac Bancorp Inc., down 30 cents to 41 cents An analyst cut his price target to $0 after the...

Siemens cutting 17K jobs worldwide to cut costs - Added 14 hours ago

Industrial conglomerate Siemens AG said Tuesday it will cut 16,750 jobs, or 4.2 percent of its global work force, to streamline operations and slice nearly $2 billion in costs in the face of a slowing economy. The...

Pending home sales fall 4.7 percent - Added 14 hours ago

A measurement of pending home sales fell to the third-lowest reading on record in May as the housing market's recovery continued to prove elusive. The National Association of Realtors' seasonally adjusted index of...

Asian, European markets fall - Added 17 hours ago

European and most Asian stock markets fell Tuesday, hit with renewed fears over U.S. credit problems and their impact on financial companies after weakness in the previous session on Wall Street. Britain's FTSE 100...

Uncertainty aplenty as Web, media leaders convene - Added 18 hours ago

When media and technology tycoons convene Tuesday in idyllic southern Idaho for five days of dealmaking and outdoor recreation, the mountain air will carry more than a whiff of uncertainty as most arrive with their...

Novartis closer to $38B Alcon takeover - Added 18 hours ago

Novartis AG said Tuesday it has completed the first stage of its $38 billion takeover of U.S. eye-care company Alcon Inc. The Swiss pharmaceuticals company paid current majority shareholder Nestle SA $10.4 billion cash...

GM, Ford report strong China sales - Added 18 hours ago

General Motors and Ford reported first-half sales grew strongly in China's booming auto market Tuesday, a rare bright spot for global automakers. GM said sales of its Buick, Chevrolet and Cadillac brands rose 12.7...

AP Executive Morning Briefing - Added 19 hours ago

The top business news from The Associated Press for the morning of Tuesday, July 8, 2008: Bush, G-8 leaders make progress on climate change TOYAKO, Japan (AP) _ President Bush and other world leaders made gradual...

US dollar mixed in Europe - Added 19 hours ago

The U.S. dollar was mixed against other major currencies in European trading Tuesday morning. Gold rose. The euro traded at $1.5726, down from $1.5733 late Monday in New York. Other dollar rates: _106.51 Japanese...

Farmers in southern Kansas eager to harvest wheat - Added 22 hours ago

!!-- pobj:KSGAR101-0623082324 -->Jerry McReynolds usually cuts his own wheat fields. But not this year. After a volatile spring of heavy rains, widespread hail and tornadoes, the Woodston farmer wanted to get his crop...

IndyMac stops new loans, to cut work force by half - Added 1 day ago

Mortgage lender IndyMac Bancorp Inc., struggling to raise capital to stay in business, said Monday it has stopped accepting new loan submissions in its main mortgage lending divisions and plans to slash 3,800 jobs, or...

Washington Post taps Marcus Brauchli as new editor - Added 1 day ago

Marcus Brauchli was named executive editor of The Washington Post on Monday, three months after resigning under pressure from the top newsroom job at The Wall Street Journal. Brauchli, who is 47, is to succeed Leonard...

InBev's bid for Anheuser-Busch turns hostile - Added 1 day ago

The battle for America's iconic beer turned nasty Monday, with brewer Inbev escalating its offer for Anheuser-Busch into a hostile bid while the maker of Bud accused the Belgian company of undervaluing its worth. InBev...

Uncertainty aplenty as Web, media leaders convene - Added 1 day ago

When media and technology tycoons convene Tuesday in idyllic southern Idaho for five days of dealmaking and outdoor recreation, the mountain air will carry more than a whiff of uncertainty as most arrive with their...

Stocks fall on worries about financial sector - Added 1 day ago

Wall Street lost more ground in extremely volatile trading Monday, as investors recoiled at a cautious economic outlook from a Federal Reserve official and the possibility of more financial troubles of Fannie Mae and...

GM may try to shed brands, but market is tough - Added 1 day ago

General Motors Corp. is reviewing its brands and may try to jettison some to raise money as it burns through cash at an alarming rate. But industry analysts say buyer interest in the brands most likely to be sold _...

Despite economic uncertainties, many Americans still traveling - Added 1 day ago

High gas prices may mean fewer families will be headed to the beach or the mountains this summer, but rising prices likely won't be keeping wealthy people from missing out on vacation. Although their stock portfolios...

Treasuries move higher on concerns about economy - Added 1 day ago

Treasury bonds rose Monday as investors fled the stock market amid growing concerns about the financial sector. A Federal Reserve official warned that financial companies' problems might worsen, and a Wall Street...

GE, GM, Yahoo, APP Pharma among big movers - Added 1 day ago

Stocks that moved substantially or traded heavily Monday on the New York Stock Exchange and Nasdaq Stock Market: NYSE General Electric Co., up 19 cents at $27.10 The conglomerate's NBC Universal unit and two partners...

US airlines report fewer delays in May - Added 1 day ago

Domestic airlines improved their on-time arrival rates in May, although more than one in five flights still failed to get passengers to their destination as scheduled, according to government data released Monday. A...

Crisis wipes $1 trillion from financial stocks - Added 1 day ago

NEW YORK _ U.S. financial companies have lost more than $1 trillion in value this year, and yet another decline on Monday shows concerns aren't going away soon. Banks and brokerages began the week lower on the same...

Costly gas crimps surfers' style, roils industry - Added 1 day ago

For years, Chris Mauro took a 10-mile detour on his way to work each morning to check out the swells at his favorite surf break and plot the best location for his afterwork wave-riding. But with gas now approaching $5...

Corn, soybeans plunge on warm Midwest weather - Added 1 day ago

Corn and soybean prices tumbled Monday, falling the maximum allowed limit on expectations that warm, dry weather in the Midwest will help crops recover from last month's floods and ease supply concerns. Other...

States, cities crack down on thefts of recyclables - Added 1 day ago

Every Wednesday night, Bruce Johnson dutifully puts his garbage and recycling on the curb for pickup, and every week he fumes as small trucks idle in front of his home and strangers dig through his bins stealing trash...

Wheat, corn, soybean futures trade lower on CBOT - Added 1 day ago

Agriculture futures traded lower Monday on the Chicago Board of Trade. Wheat for July delivery fell 50.75 cents to $8.22 a bushel; July corn lost 29.5 cents to $7.165 a bushel; July oats fell 20 cents to $4.35 a...

Rates fall in weekly Treasury bill auction - Added 1 day ago

Interest rates on short-term Treasury bills fell in Monday's auction. The Treasury Department auctioned $24 billion in three-month bills at a discount rate of 1.865 percent, down from 1.900 percent last week. Another...

Fla. man pleads not guilty to defrauding Pentagon - Added 1 day ago

A Miami Beach man says he is not guilty of defrauding the Pentagon under a contract he had to supply ammunition to forces in Afghanistan. Twenty-two-year-old Efraim Diveroli entered the plea Monday in Miami federal...

Kroger says employees ratify agreement - Added 1 day ago

Grocery-store chain The Kroger Co. on Monday said its employees who are members of the United Food & Commercial Workers Union Local 1995 in some cities ratified a new labor agreement with the company. Union members...

Fresenius paying $3.7B for US drugmaker APP - Added 1 day ago

Fresenius SE said Monday it has agreed to buy U.S. generic drug maker APP Pharmaceuticals for $3.7 billion in cash in a deal that will give the German health care company more opportunities in the North American market...

Judge won't hear fen-phen settlement fraud retrial - Added 1 day ago

A federal judge who declared a mistrial in the case of two lawyers accused of conspiring to defraud clients in a diet-drug settlement won't handle the retrial. U.S. District Judge William O. Bertelsman issued an order...