News For Friday Sep 5, 2008 News For Friday Sep 5, 2008

Business Business

Cost-cutting boosts Gap's 2nd-quarter profit - Added 2 weeks ago

Apparel retailer Gap Inc. said Thursday that tight control on inventory and costs helped offset a persistent sales slump, particularly at its Old Navy stores, as fiscal second-quarter profit rose 51 percent. Its shares...

Merrill, Goldman, Deutsche in deal with regulators - Added 2 weeks ago

Merrill Lynch & Co., Goldman Sachs Group Inc. and Deutsche Bank on Thursday joined other major financial companies in settling with regulators over their roles in selling risky auction-rate securities to retail...

Stocks end mixed on rising oil, financial worries - Added 2 weeks ago

Wall Street finished mixed Thursday after investors largely shrugged off a jump in oil prices and focused instead on a bullish call on Lehman Brothers Holdings Inc. that eased worries about the financial sector. Stocks...

Treasurys slip after jobless data, oil price jump - Added 2 weeks ago

Treasury prices mostly fell Thursday, giving up some of their recent gains as the Labor Department reported a larger-than-expected decline in claims for unemployment benefits. A surge in oil by more than $5 a barrel...

Economy remains stuck in low gear - Added 2 weeks ago

NEW YORK _ A private sector measure of the economy's health showed the largest drop in a year, and while new jobless claims fell for the second straight week, they remain near the highest levels since 2002. The reports...

Gold jumps over $20 on falling dollar, crude spike - Added 2 weeks ago

Gold prices jump more than $20 Thursday after the dollar weakened and crude oil spiked _ inflationary moves that boosted demand for safe, alternative investments. Other commodities also traded higher as part of a broad...

Now on the Hallmark aisle: Gay marriage cards - Added 2 weeks ago

Most states don't recognize gay marriage _ but now Hallmark does. The nation's largest greeting card company is rolling out same-sex wedding cards _ featuring two tuxedos, overlapping hearts or intertwined flowers,...

'3 Hebrew Boys' face new charges in alleged scam - Added 2 weeks ago

Three South Carolina men accused of bilking investors out of millions of dollars are facing nearly two dozen new federal charges, according to a federal grand jury indictment released Thursday. Joseph Brunson, Tony...

Abbott to cut 1,000 jobs from diagnostic unit - Added 2 weeks ago

Drug and medical device maker Abbott Laboratories said Thursday it will cut 1,000 jobs as part of a multiyear effort to lower spending on its medical testing business. Abbott said the plan will save the company $150...

Fannie, Freddie rescue plans leave many anxious - Added 2 weeks ago

A government rescue of Fannie Mae and Freddie Mac could be costly for scores of investment, banking and insurance companies that hold billions in preferred shares of the mortgage finance giants as assets. Speculation...

IKB to be bought by Lone Star Funds - Added 2 weeks ago

German lender IKB Deutsche Industriebank AG, which has been badly hit by the U.S. subprime mortgage crisis, will be sold to U.S.-based private equity firm Lone Star Funds, the German company's biggest shareholder said...

AP Source: Merrill Lynch CEO, NY AG in talks - Added 2 weeks ago

New York Attorney General Andrew Cuomo has been in all-day meetings with Merrill Lynch & Co. Chief Executive John Thain regarding a last minute settlement over auction-rate securities, according to a person familiar...

Agriculture futures end trading higher on CBOT - Added 2 weeks ago

Agriculture futures traded higher Thursday on the Chicago Board of Trade. Wheat for September delivery rose 22.5 cents to $8.9725 a bushel; December corn gained 22.5 cents to $6.175 a bushel; December oats added 8.5...

How Heinz and Hormel fared in the quarter - Added 2 weeks ago

Here's a look at how H.J. Heinz Co. and Hormel Foods Corp. fared in the most recent quarter, the results of which they reported Thursday: HORMEL: The Austin, Minn.-based company makes Spam and Jennie-O Turkey, among...

Relatives abroad offer food lifeline to Haiti poor - Added 2 weeks ago

Nadia Renaud began shipping bags of rice, beans and other foodstuffs last spring to struggling relatives in Haiti, helping her brother ease the worries of providing for a sick mother who needs constant care. At first...

Bus systems lure riders with plush seats and Wi-Fi - Added 2 weeks ago

Think of the typical city bus, and you're likely to picture old vehicles with hard seats and noisy brakes that belch diesel fumes as they jerk from stop to stop. Transit agencies want you to take another look. They're...

Steve & Barry's may live on under new ownership - Added 2 weeks ago

Popular but troubled retailer Steve & Barry's may live on under new ownership. The company announced Thursday that BHY Holdings LLC, an affiliate of investment firms Bay Harbour Management and York Capital...

Dollar falls, gold rises in Europe - Added 2 weeks ago

The U.S. dollar was lower against other major currencies in European trading Thursday. Gold rose. The euro traded at $1.4870, up from $1.4741 late Wednesday in New York. Later, in afternoon trading in New York...

Gap names president of Old Navy - Added 2 weeks ago

Gap Inc. announced Thursday that it has named Tom Wyatt, a 30-year retail veteran, as president of its struggling Old Navy chain. Wyatt, 53, had served as acting president of Old Navy since February, when Dawn...

Frontier to add fee for frequent-flier tickets - Added 2 weeks ago

Frontier Airlines is the latest airline to announce it will start charging fees when certain customers redeem frequent-flier miles. Frontier said Thursday that starting Sept. 15, it will add a $25 fee on EarlyReturns...

Brazil unemployment rises to 8.1 percent in July - Added 2 weeks ago

Brazil says unemployment rose to 8.1 percent in July, reversing a five-month decline. The national statistics institute says joblessness rose slightly since June, when unemployment was 7.8 percent. Global Insight...

Weak economy spurs growth for community colleges - Added 2 weeks ago

Two-year community colleges are seeing record enrollment as families squeezed by tough economic times steer high school graduates away from more expensive four-year universities. While the shift solves one funding...

Heinz 1Q profit rises 11 percent - Added 2 weeks ago

Food maker H.J. Heinz Co. said Thursday that its fiscal first-quarter profit rose 11 percent, fueled by double-digit sales growth in North America and Europe. The earnings offset a drop-off in Heinz's U.S. restaurant...

Hormel 3Q profit falls 9 percent on higher costs - Added 2 weeks ago

Hormel Foods Corp. said Thursday its fiscal third-quarter profit fell 9 percent as higher meat, fuel and other costs outweighed price increases and hurt margins. For the three months ended July 27, the Austin,...

Leading economic indicators fell sharply in July - Added 2 weeks ago

A private business group's measure of the economy's health showed the largest drop in one year as stocks fell, new building permits declined and unemployment rose. The New York-based Conference Board's said Thursday...

A century after introduction, Hydrox cookies back - Added 2 weeks ago

If a kid'll eat the middle of an Oreo first, does the same go for a Hydrox? A new generation of children are getting a chance to find out. Kellogg Co. announced Thursday that it has reintroduced the Hydrox brand for a...

Schaeffler to buy minority stake in Continental - Added 2 weeks ago

Auto parts maker Continental AG said Thursday it had ended a weeks-long standoff over a takeover bid from smaller rival as its suitor Schaeffler KG raised its offer and agreed to limit itself to a minority stake for...

Jobless claims fall for second straight week - Added 2 weeks ago

The number of newly laid-off workers seeking unemployment benefits fell more than expected last week, the second straight drop from a six-year high, according to government data released Thursday. The Labor Department...

Kohl's names new CEO - Added 2 weeks ago

Kohl's Corp. announced Thursday that Chairman Larry Montgomery has resigned as chief executive and will be replaced in that role by the retailer's president, Kevin Mansell. The changes come as the Menomonee Falls,...

Now on the Hallmark aisle: Gay marriage cards - Added 2 weeks ago

Most states don't recognize gay marriage _ but now Hallmark does. The nation's largest greeting card company is rolling out same-sex wedding cards _ featuring two tuxedos, overlapping hearts or intertwined flowers,...

Source: auction-rate probe focuses on 3 banks - Added 2 weeks ago

New York Attorney General Andrew Cuomo will intensify his probe into auction-rate securities by focusing on Bank of America Corp., Goldman Sachs Group Inc. and Deutsche Bank AG, a person close to the investigation said...

AP Executive Morning Briefing - Added 2 weeks ago

The top business news from The Associated Press for the morning of Thursday, Aug. 21, 2008: Fannie Mae, Freddie Mac shares plummet NEW YORK (AP) _ Investors are betting that time is running out for Fannie Mae and...

Indiana ramps up its control efforts against kudzu - Added 2 weeks ago

A fast-growing vine that's left parts of Indiana beneath tangles of greenery is coming under assault as the state ramps up its efforts to kill the leafy invader. Over the next few weeks, contractors hired by the...

House of Barbie seeks nearly $2B in Bratz fight - Added 2 weeks ago

Grown men argued over dolls for six hours as they wrapped up a federal trial pitting the maker of the pouty-lipped Bratz dolls against the house of Barbie _ a lawsuit that could cost upstart MGA Entertainment Inc. up to...

Oui, Montreal tops in new Monopoly game - Added 2 weeks ago

Bye bye, Boardwalk. The Quebec metropolis of Montreal snagged the most expensive spot on a new global version of Monopoly, unseating the Atlantic City fixture as the board game's most prestigious property. Montreal...

Australia's Qantas sees profit rise 44 percent - Added 2 weeks ago

Qantas Airways Ltd. reported Thursday a 44 percent rise in annual net profit, but acknowledged it is beginning to feel the effect of a slowing economy and higher fuel costs. Australia's largest airline posted a net...

Weak economy spurs growth for community colleges - Added 2 weeks ago

Two-year community colleges are seeing record enrollment as families squeezed by tough economic times steer high school graduates away from more expensive four-year universities. While the shift solves one funding...

Bush says New Orleans is on its way back - Added 2 weeks ago

President Bush said Wednesday that "hope is coming back" to New Orleans with the help of $126 billion in disaster aid poured into the Gulf Coast region over three years after Hurricane Katrina. Bush tempered his upbeat...

Japan's trade surplus falls 86.6 percent in July - Added 2 weeks ago

Japan's trade surplus in July fell 86.6 percent from a year earlier as spending on imports grew because of higher prices for oil and other commodities, the government said Thursday. The surplus shrank to 91.1 billion...

Source: auction-rate probe focuses on 3 banks - Added 2 weeks ago

New York Attorney General Andrew Cuomo will intensify his probe into auction-rate securities by focusing on Bank of America Corp., Goldman Sachs Group Inc. and Deutsche Bank AG, a person close to the investigation said...

Following AP report, appraisers calls for reform - Added 2 weeks ago

Four national associations of real estate appraisers have asked Congress for major regulatory reforms in the wake of an Associated Press investigation that identified key failings within the existing system. Led by the...

FDIC sets mortgage plan for IndyMac borrowers - Added 2 weeks ago

Thousands of troubled home borrowers with loans from IndyMac Federal Bank will be able to switch to fixed-rate mortgages under a new plan from federal regulators, who seized the bank last month after it became the...

Wheat jumps on dry weather in Argentina, Australia - Added 2 weeks ago

Wheat prices jumped above $9 a bushel Wednesday on expectations that warm, dry weather in Argentina and Australia will hurt crops and tighten world supplies. In other commodities trading, crude ended higher for a...

Treasurys up as Fannie, Freddie stoke uncertainty - Added 2 weeks ago

Treasury prices rose Wednesday amid market speculation that the government will have to bail out mortgage financiers Fannie Mae and Freddie Mac. The rise was limited, however, as stocks made a late-day gain. Investors...

First payments in Vioxx deal to begin Aug. 28 - Added 2 weeks ago

Partial payments for people claiming withdrawn painkiller Vioxx caused heart attacks will go out starting Aug. 28 under the $4.85 billion settlement between drugmaker Merck & Co. and plaintiffs' lawyers, the claims...

Wall Street finishes erratic day higher - Added 2 weeks ago

Wall Street scored a moderate gain after a volatile session Wednesday that saw the major indexes ratchet up and down on the seesawing price of oil and mixed feelings about the financial sector. Concerns about mortgage...

Lehman under mounting pressure to take action - Added 2 weeks ago

The pressure is increasing on Lehman Brothers Holdings Inc. to come up with a plan to restore itself to financial health _ or possibly face the worst-case scenario of selling itself off in pieces and at bargain prices. ...

Limited Brands 2nd-quarter profit falls - Added 2 weeks ago

Specialty apparel maker Limited Brands Inc. said Wednesday that its profit fell by more than half in the second quarter amid a difficult retail environment, but results beat expectations as the company kept a tight rein...

BJ's posts higher 2Q profit, raises outlook - Added 2 weeks ago

BJ's Wholesale Club Inc. posted a slightly higher second-quarter profit on Wednesday and raised its full-year earnings forecast as frugal shoppers look for deals at discounters. But shares in the nation's third-biggest...

Fannie Mae, Freddie Mac shares plummet - Added 2 weeks ago

Investors are betting that time is running out for Fannie Mae and Freddie Mac. Shares of the mortgage finance companies lost more than a fifth of their value on Wednesday as fears mounted that the companies will soon...