News For Friday Aug 29, 2008 News For Friday Aug 29, 2008

Business Business

Pending home sales fall 4.7 percent - Added 7 weeks 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 7 weeks 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 7 weeks 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 7 weeks 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 7 weeks 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 7 weeks 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 7 weeks 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 7 weeks 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 7 weeks 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 7 weeks 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 7 weeks 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 7 weeks 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 7 weeks 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 7 weeks 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 7 weeks 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 7 weeks 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 7 weeks 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 7 weeks 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 7 weeks 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 7 weeks 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 7 weeks 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 7 weeks 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 7 weeks 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 7 weeks 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 7 weeks 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 7 weeks 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 7 weeks 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 7 weeks 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...

Coca-Cola settles lawsuit for $137.5 million - Added 7 weeks ago

The Coca-Cola Co., the world's largest beverage maker, has agreed to pay $137.5 million to settle a shareholder lawsuit that claimed company officials misrepresented or omitted information in public statements, causing...

EMI appoints new head of music division - Added 7 weeks ago

EMI Group has recruited an executive from a household products company to head its recorded music division, whose artists include The Rolling Stones and Norah Jones, as its new private equity owner continues to reach...

Bikes, China's icon, thrive despite car invasion - Added 7 weeks ago

For a vivid insight into the clash of old and new in China, follow the bicycle. Morning rush hour in Beijing and Shanghai used to be rivers of cyclists flowing in a majestic hush down broad bike lanes. Today, many of...

China National bids $2.5B for Awilco Offshore - Added 7 weeks ago

China National Offshore Oil Corp.'s oil-services company said Monday it will offer about $2.5 billion for Norway's Awilco Offshore ASA. The cash bid represents an 18.7 percent premium over the closing price of Awilco's...

US dollar up in Europe - Added 7 weeks ago

The U.S. dollar was higher against other major currencies in European trading Monday morning. Gold fell. The euro traded at $1.5644, down from $1.5712 late Friday in New York. Other dollar rates: _107.54 Japanese...

Beekeepers coming to West Virginia for conference - Added 7 weeks ago

The buzz around Marshall University this week will be about the importance of honeybees. About 300 beekeepers were expected to join 12 vendors and dozens more presenters at the Heartland Apiculture Society's annual...

The buck doesn't stop here; it just keeps falling - Added 7 weeks ago

Things in the U.S. sure are tough. Brother, can you spare a euro? Brazilian Supermodel Gisele Bundchen no longer wants to be paid in dollars. Signs saying "We accept euros" are cropping up in the windows of some...

The buck doesn't stop here; it just keeps falling - Added 7 weeks ago

Things in the U.S. sure are tough. Brother, can you spare a euro? Brazilian Supermodel Gisele Bundchen no longer wants to be paid in dollars. Signs saying "We accept euros" are cropping up in the windows of some...

Coca-Cola settles lawsuit for $137.5 million - Added 7 weeks ago

The Coca-Cola Co., the world's largest beverage maker, has agreed to pay $137.5 million to settle a shareholder lawsuit that claimed company officials misrepresented or omitted information in public statements, causing...

NBC Universal to buy The Weather Channel for $3.5B - Added 7 weeks ago

NBC Universal and two partners said Sunday they have reached a deal to buy The Weather Channel from Landmark Communications Inc., ending a drawn-out process that had attracted interest from several major media...

Housing market in Welsh town shows wider woes - Added 7 weeks ago

During a bustling lunch hour in this Welsh commuter town, 25-year-old Richard Williams is one of the few who pause to look at properties for sale in a real-estate agent's window _ and he isn't buying. "I'd love to, but...

R.I. lead paint loss gives industry huge win - Added 7 weeks ago

Communities and child health advocates around the country had pinned their hopes on Rhode Island prevailing in its landmark lawsuit against the lead paint industry. Now, after the state Supreme Court threw out the...

Long wait for satellite radio deal may end soon - Added 7 weeks ago

Sirius Satellite Radio Inc.'s acquisition of rival XM Satellite Radio Holdings Inc. may be cleared by federal regulators this month, and it can't happen fast enough for XM. As the regulatory review drags on, the...

Wall Street gets ready for earnings, oil moves - Added 7 weeks ago

Investors battered by surging energy prices, disappointing economic data and the ongoing credit crisis will have something else to worry about this week _ second-quarter corporate results. The unofficial start to...

OPEC chief: Strong demand will keep oil prices up - Added 7 weeks ago

OPEC chief Chakib Khelil says the world's surging oil prices are not likely to fall. He says strong market demand, especially from China and India, is one reason prices will stay as high as they are. But Khelil told a...

China premier: Continue inflation fight - Added 7 weeks ago

China's premier called for continued vigilance against inflation that has reached 12-year highs, saying the government should ensure that price increases are "acceptable," a state-run news agency reported Sunday. ...

The buck doesn't stop here; it just keeps falling - Added 7 weeks ago

Things in the U.S. sure are tough. Brother, can you spare a euro? Signs saying "We accept euros" are cropping up in the windows of some Manhattan retailers. A Belgium company is trying to gobble up St. Louis-based...

South Korea to limit public servants' vehicle use - Added 7 weeks ago

South Korea will limit vehicle operations by public servants as part of an energy-saving campaign. Prime Minister Han Seung-soo said Sunday that officials in more than 800 public institutions will be allowed to use...

Employers use federal law to deny benefits - Added 7 weeks ago

Dying of cancer, Thomas Amschwand did everything he was told to make sure his wife would collect on the life insurance policy he had through his employer. "He was obsessed with dotting every `i' and crossing every...

Companies begin quest for oil, gas off Fla. coast - Added 7 weeks ago

Oil companies once viewed drilling in the deep waters off Florida as cost prohibitive. Politicians feared even the slightest sign of support would be career suicide. No more. Record crude oil prices are fueling support...

9 convicted in Austria fraud case - Added 7 weeks ago

Nine people, including a prominent executive who fled to France in an attempt to elude justice, were convicted Friday of criminal charges in a major Austrian bank fraud case linked to the 2005 collapse of New York-based...

Canadian telecom BCE, suitor agree on terms - Added 7 weeks ago

BCE Inc, Canada's largest telecommunications company, said Friday it has agreed on terms of a $35 billion sale to a group led by the Ontario Teachers' Pension Plan in the biggest leveraged buyout ever. The deal is...