Petters associate explains how alleged scam worked
11:38
A key figure in the case of a Minnesota businessman accused of orchestrating a massive Ponzi scheme acknowledged Monday that he was a disbarred lawyer with a criminal record who had entered the federal witness...
Different views of slaughterhouse manager offered
11:21
Prosecutors and defense attorneys for the former manager of an Iowa kosher slaughterhouse offered starkly different portraits of the man accused of defrauding a bank Monday in the closing arguments of his nearly...
LA man gets prison for repackaging plane parts
10:53
A Los Angeles businessman has been sentenced to 2 1/2 years in federal prison for selling uncertified aircraft manufacturing parts that were used to make Boeing 737 airplanes. Prosecutors say 74-year-old Duane Lepire...
Feds seize assets of Fla. lawyer in Ponzi probe
10:34
Federal prosecutors accused a high-profile South Florida attorney of concocting a Ponzi scheme that lured millions of dollars from investors with promises of big payoffs from legal settlements that never existed,...
Judge: Evidence allowed in ex-KB home chief trial
8:22
A federal judge in Los Angeles has rebuffed an effort by the former chief executive of building giant KB Homes to exclude materials related to his marriage settlement and other evidence during his upcoming trial for...
Judge: Evidence allowed in ex-KB Home exec's trial
8:19
A federal judge in Los Angeles has rebuffed an effort by the former chief executive of building giant KB Home to exclude materials related to his marriage settlement and other evidence during his upcoming trial for...
Hawker Beechcraft to close Salina, Kan., plant
7:53
Airplane maker Hawker Beechcraft Corp. announced Monday that it will close its Salina operation. The company, one of the nation's leading business jet manufacturers, said in a news release that it informed its Salina...
Ralcorp Holdings says Post Foods president resigns
7:43
The president of Post Foods has resigned and will be succeeded on an interim basis by the co-chief executive of corporate parent Ralcorp Holdings Inc. Stephen Van Tassel announced his resignation Monday as Post...
Duke Realty COO Robert Chapman resigns
7:41
Duke Realty Corp. said Monday its chief operating officer will leave the company at the end of the year. The company said Robert Chapman's decision to resign was linked to an expected lower level of new property...
Deal costs lower Live Nation, Ticketmaster profits
7:38
Proposed merger partners Live Nation Inc. and Ticketmaster Entertainment Inc. both said Monday that their earnings were hurt by costs related to the deal, which is expected to drag into 2010 as regulators explore...
Mich. ballot drive would drop insurance rates 20%
7:35
Michigan voters could decide whether to reduce automobile, home and business insurance premiums by 20 percent if a proposal qualifies for the 2010 statewide ballot. The form of a legislative initiative submitted by a...
Economic forecasts in bank tests miss their mark
7:05
All but one of the 19 largest banks have raised the extra capital cushion regulators said they'd need to withstand a deeper recession _ a sign, the Treasury secretary said, of how much the financial system has improved...
Electronic Arts acquires Playfish for $275 million
7:00
As its packaged video games business lags, Electronic Arts Inc. has snapped up Playfish Inc., the creator of popular social networking games such as "Who Has the Biggest Brain" and "Pet Society," for $275 million in...
Reynolds eyes co that helps smokers stop
6:55
Reynolds American Inc., maker of Camel cigarettes and Grizzly smokeless tobacco, is in talks to buy a Swedish company that helps people stop smoking, a tobacco expert who said he was briefed by people close to the talks...
SEC funding shift in Senate's draft financial fix
6:48
Measures that would significantly boost funding for the Securities and Exchange Commission as well as give shareholders a say on executive pay are included in draft financial overhaul legislation in the Senate, a person...
Northrop Grumman gets $15.6M Navy deal
6:42
Northrop Grumman Corp. received a $15.6 million contract boost from the Navy to provide aircraft data management services on the E-2D Hawkeye, the Pentagon said late Monday. Work will be performed in Bethpage, N.Y.,...
Standard & Poor's makes changes to small-cap index
6:29
Standard & Poor's said Monday that UCBH Holdings Inc. will be deleted from the S&P SmallCap 600 index after trading ends Tuesday and replaced by Lumber Liquidators Inc. UCBH's main subsidiary, United Commercial...
Emulex files lawsuit against Broadcom
6:27
Emulex Corp., which makes data storage equipment, said Monday it has filed a lawsuit against chip designer Broadcom Corp., alleging violations of federal antitrust laws. Emulex's suit alleges that Broadcom, based in...
Acadia 3Q loss narrows on revenue boost
6:26
Acadia Pharmaceuticals Inc. said Monday its third-quarter loss narrowed on lower costs and a boost in revenue from its drug development partners. The development-stage biopharmaceutical company lost $8.7 million, or 23...
Status of Pfizer and Wyeth research facilities
6:23
Pfizer Inc., which just acquired fellow drugmaker Wyeth, is closing six of the two companies' research sites and keeping open 14 others. Two Cambridge, Mass., sites will operate as one. Following is a list of the sites:...
Dow jumps 204 to high for year as dollar slumps
6:21
The Dow Jones industrial average stormed to its highest level in more than a year Monday as a falling dollar boosted prices for gold, oil and other commodities. Stocks also jumped as investors grew more confident that...
Insurance losses lead to 3Q loss at MBIA
6:13
MBIA Inc. said Monday that it incurred heavier losses in its insurance business than expected, saddling the bond insurer with a third-quarter loss after two straight quarters of profits. Higher losses on MBIA's...
Weak dollar pushes gold above $1,100 an ounce
6:01
Gold prices climbed to another new high Monday as the U.S. dollar sank to a 15-month low. Gold for December delivery soared as high as $1,111.70 on the New York Mercantile Exchange before settling at $1,101.40 an...
AMR CEO goes public in case to keep JAL deal
6:00
The CEO of American Airlines says Japan Airlines would be taking a risk and suffer financially if it breaks ties with American and joins an alliance with Delta Air Lines. Gerard Arpey said Monday that American and its...
Western Refining shutters Bloomfield, NM, plant
6:00
Western Refining Inc. plans to shutter its Bloomfield, N.M., refinery and consolidate the operations of its two New Mexico plants in a move the company said Monday will save $25 million per year. About 100 employees...
Business Highlights
5:56
Dow jumps 204 to high for year as dollar slumps NEW YORK (AP) _ The Dow Jones industrial average stormed to its highest level in more than a year Monday as a falling dollar boosted prices for gold, oil and other...
AutoNation CEO sees depressed sales through 2011
5:56
U.S. auto sales should recover a bit next year but will remain at depression levels through 2010 until housing prices and job cuts stabilize, the CEO of the nation's largest auto dealer chain said Monday. AutoNation...
Sprint plans to cut up to 2,500 jobs
5:56
Sprint Nextel Corp. on Monday said it will cut 2,000 to 2,500 jobs, mostly before the end of the year, as it keeps losing subscribers. The wireless carrier, based in Overland Park, Kan., said the goal is to cut labor...
Police: UPS executive accused of rape kills self
5:52
A vice president for shipping giant UPS who was accused of raping a 21-year-old Indiana University student over homecoming weekend has committed suicide in Georgia, police said Monday. Mark Samoline, who had been with...
Fannie Mae tax credit decision could cost $5.2 bln
5:52
Fannie Mae said Monday it may have to ask the government for more financial assistance because the company cannot sell $5.2 billion in tax credits. The Treasury Department last week blocked the mortgage giant from...
Caliper Life 3Q loss narrows on lower costs
5:50
Caliper Life Sciences Inc., which makes technologies used for drug development, said Monday its third-quarter loss narrowed on lower costs and charges. For the period ended Sept. 30, Caliper reported lost $3.4 million,...
Governor won't seek tax increase to fix SD budget
5:47
South Dakota Gov. Mike Rounds said Monday he won't seek a tax increase to fix state budget problems that are expected to get much worse in the next two years. Any tax plan likely would not get the required two-thirds...
Priceline's 3Q profit more than triples
5:44
Priceline.com Inc. said Monday that its third-quarter profit more than tripled on an "exceptionally strong" summer travel season in which bargain hunters rented more hotel rooms and booked more flights through the...
Bond prices hold steady after successful auction
5:41
Government bonds were little changed Monday as soaring stock prices chipped away at demand for Treasurys after a successful auction of three-year notes. Treasury prices rose initially after the $40 billion auction, but...
NC pension funds go up in 3rd quarter with stocks
5:41
Rebounding stock markets helped boost returns for North Carolina's public employee pension funds during the third quarter. State Treasurer Janet Cowell said Monday the retirement systems recorded a 10.4 percent...
Airlines boost on-time arrivals in September
5:35
The nation's airlines are offering fewer flights, but at least they're more likely to arrive on time now. The government said Monday that 86.2 percent of flights operated in September arrived on time. That marked the...
Dry weeks in Minn. sparks corn, soybean harvests
5:33
The soybean and corn harvests jumped ahead last week as farmers enjoyed an unusually dry week for this fall. The weekly crop and weather report from the Minnesota field office of the U.S. Department of Agriculture says...
Kraft's $16.4B Cadbury bid starts takeover tussle
5:32
Kraft Foods has gone hostile in its bid to buy Cadbury but didn't sweeten its first bid, drawing an immediate rejection from the British candy maker in what is likely to be a lengthy takeover struggle. Taking the same...
Berkshire to sell UP, Norfolk Southern stakes
5:31
Warren Buffett's company will sell its stakes in Union Pacific and Norfolk Southern railroads before it completes its $26.3 billion acquisition of Burlington Northern Santa Fe Corp. railroad. Berkshire Hathaway Inc.'s...
NC watchdog group recommends more grant oversight
5:22
North Carolina fails to provide enough or consistent oversight to ensure hundreds of millions of dollars disbursed to nonprofits annually from state agencies are used appropriately, a legislative watchdog agency said...
Energy prices jump even as Gulf storm weakens
5:22
Oil prices shot above $80 a barrel Monday as a weakened U.S. dollar created more turbulence in energy markets than a storm heading into the Gulf of Mexico. Ida had helped push crude prices higher all morning. Normally,...
Pittsburgh casino agrees to arena payment plan
5:13
The Rivers Casino will pay $7.5 million a year toward construction of the new Penguins arena. The city-county Sports & Exhibition Authority, which is building the $325 million Consol Energy Center, said Monday that...
RadioShack, Revlon, Dish Network are big movers
5:12
The following stocks were among those that moved substantially or traded heavily Monday on the New York Stock Exchange: NYSE: RadioShack Corp., up $2.53 at $20.27 The electronics retailer said it would sell Apple...
Pfizer trimming research plants after buying Wyeth
5:02
Less than a month after buying Wyeth, drug giant Pfizer Inc. has mapped out a new structure for its research and development operations. The plan, announced Monday, will bring the closure of six of the two companies'...
Impact from Indiana's unpaid leave offer unclear
5:00
Indiana is offering state government employees voluntary unpaid leave, but it's unclear how many workers might give up part of their paycheck during a recession to help the state save money. Gov. Mitch Daniels...
How the major stock indexes fared on Monday
4:56
The Dow Jones industrial average stormed to its highest level in more than a year Monday as a falling dollar boosted prices for commodities including gold and oil. Stocks also jumped as investors grew more confident...
Group urges raising more money to fix Mich. roads
4:56
One-third of Michigan roads were in poor condition in 2008, a percentage that could climb dramatically in coming years if lawmakers don't pump more money into transportation, road advocates said Monday. The Michigan...
Report says warm, dry weather boosts ND harvest
4:54
The Agriculture Department says warm, dry weather has given a boost to North Dakota farmers hoping to finish their harvest. This week's crop report says the state's soybean crop is now 64 percent harvested and dry...
On the Call: Dish Network CEO Charles Ergen
4:46
Dish Network Corp. delighted investors Monday by declaring a special dividend of $2 per share, even as its third-quarter results failed to impress Wall Street. The nation's second largest satellite TV operator...
Utah's Matheson may get Dem rival over health vote
4:42
A Democratic state lawmaker said Monday he may run against U.S. Rep. Jim Matheson because of his vote against health care legislation. State Sen. Scott McCoy of Salt Lake City said he and other Democratic activists are...