Business Headlines
62,000 jobs lost, off nearly half-million for year
AP - Thursday, July 3, 2008 3:45 p.m.
WASHINGTON (AP) -- The nation lost jobs for a sixth month in a row in June, a storm of pink slips drenching this year\'s July Fourth holiday for more than 60,000 Americans and leaving thousands more worried about the future....
Judge in NY scolds hedge fund scammer who ran away
AP - Thursday, July 3, 2008 3:44 p.m.
NEW YORK (AP) -- A hedge fund cheat who tried to fake his own death and spent nearly a month as a fugitive told a judge Thursday that he really did try to commit suicide while on the run, saying he thought it would be better to do himself in than turn himself in....
Penn National's $5.82 billion takeover is off
AP - Thursday, July 3, 2008 3:43 p.m.
PHILADELPHIA (AP) -- Two investment firms pulled the plug Thursday on their $5.82 billion acquisition of Penn National Gaming Inc. after the racetrack and casino operator\'s stock price tumbled....
Ky. lawyers face new trial in diet-drug settlement
AP - Thursday, July 3, 2008 2:46 p.m.
COVINGTON, Ky. (AP) -- Two lawyers accused of defrauding their clients in a diet-drug settlement of $65 million were sent back to jail Thursday after a jury deadlocked and a federal judge declared a mistrial....
Oil heads past $145 for 1st time; pump cost up too
AP - Thursday, July 3, 2008 2:46 p.m.
NEW YORK (AP) -- Soaring fuel costs are taking some of the celebration out of this holiday weekend....
Stocks end mixed following jobs, services data
AP - Thursday, July 3, 2008 2:23 p.m.
NEW YORK (AP) -- Wall Street capped a shortened trading week with a mixed finish Thursday after some uneven economic data: news of a contraction in the nation\'s services sector and a tame reading on employment. But stocks still had their third dismal week in a row, with the major indexes again posting losses as worries about rising oil prices and the fallout from the credit crisis dogged the market....
NY judge orders prison for former Refco CEO
AP - Thursday, July 3, 2008 2:07 p.m.
NEW YORK (AP) -- The former head of Refco Inc., blamed for the collapse of one of the world\'s largest commodities brokerages, was sentenced to 16 years in prison Thursday by a judge who decried the "staggeringly arrogant" greed of white collar criminals....
FHA Aims To Curb No-Money-Down Loan Program
NPR - Thursday, July 3, 2008 1:31 p.m.
The Federal Housing Administration says homebuyers who receive down payments through nonprofits are more likely to default on FHA loans than homebuyers who put up the money themselves. Supporters of the assistance program are fighting back.
Median Net Worth Declines
NPR - Thursday, July 3, 2008 1:22 p.m.
The Fed\'s report in June said the net worth of Americans showed the biggest decline since 2002. Scott Hoyt, senior director of consumer economics at Moody\'s Economy.com, says when the value of assets fall, it makes it harder to reach financial goals.
Employers Cut Jobs For Sixth Straight Month
NPR - Thursday, July 3, 2008 1 p.m.
The U.S. economy lost jobs for the sixth straight month in June. The Labor Department says employers cut 62,000 jobs from their payrolls. The unemployment rate was unchanged at 5.5 percent. The data were in line with economists\' expectations.
Service sector contracts as orders fall
AP - Thursday, July 3, 2008 11:30 a.m.
NEW YORK (AP) -- Higher oil prices caused service businesses to shrink in June, as falling new orders and rising costs hit the nation\'s coffee shops, paper mills and corner stores....
Continental ordered to trial in Concorde explosion
AP - Thursday, July 3, 2008 10:51 a.m.
PARIS (AP) -- A French judge ordered Continental Airlines and five people to stand trial on charges of manslaughter for the 2000 crash of a Concorde jet that killed 113 people, a prosecutor said Thursday....
ECB raises key rate to 4.25 percent
AP - Thursday, July 3, 2008 9:46 a.m.
FRANKFURT, Germany (AP) -- Wary of higher energy and commodity prices, the European Central Bank raised its benchmark interest rate Thursday by a quarter percentage point to 4.25 percent, a move it hopes will help curtail rising inflation in the 15 countries that use the euro....
American workers brace for thousands of job cuts
AP - Thursday, July 3, 2008 9:03 a.m.
DALLAS (AP) -- Many more job cuts, likely totaling more than 6,000, are likely at American Airlines as the nation\'s biggest airline hunkers down and tries to survive record high fuel costs....
Analyst: GM not in immediate danger of bankruptcy
AP - Thursday, July 3, 2008 7:47 a.m.
DETROIT (AP) -- An auto analyst with JPMorgan says General Motors Corp. is not in danger of an imminent bankruptcy, but will need to raise about $10 billion in cash to weather the downturn in U.S. auto sales....
FAA Report: Agency Too Cozy With Airlines
NPR - Thursday, July 3, 2008 7:43 a.m.
The Federal Aviation Administration inspector general issued a stern rebuke to his own agency. Still, says The Wall Street Journal\'s Andy Pasztor, the U.S. safety record is excellent — for now.
Bourbon producers see amber-colored future
AP - Thursday, July 3, 2008 7:33 a.m.
LAWRENCEBURG, Ky. (AP) -- To Wild Turkey master distiller Jimmy Russell, the piercing sounds of a warehouse rising in the Kentucky countryside are the sounds of prosperity....
Employers Cut More Than 60,000 Jobs In June
NPR - Thursday, July 3, 2008 7:04 a.m.
Some 62,000 jobs were cut from company payrolls in June, and the number of laid-off workers seeking benefits also rose sharply last week. The figures are further signs of a slowing U.S. economy.
Why We Spend More Using Credit Versus Cash
NPR - Thursday, July 3, 2008 6:30 a.m.
Why is it that people seem to spend more when they use credit cards than when they use cash? The answer could be rooted in psychology. Robert Frank, an economics professor at Cornell University, talks about how the brain works when it comes to paying for goods, and how people can avoid spending too much of their money.
Home Prices Drop More Steeply Outside Cities
NPR - Thursday, July 3, 2008 6:23 a.m.
In some parts of the country, house prices are dropping faster outside cities rather than inside them. It could be because migration to America\'s fastest growing areas has slowed in the past year. William Frey, a senior fellow at the Brookings Institution, talks about the housing markets that are cooling fastest, and why.
SKorean leader calls for end to beef dispute
AP - Thursday, July 3, 2008 5:17 a.m.
SEOUL, South Korea (AP) -- South Korea\'s president called Thursday for an end to a long-running dispute over American beef imports, saying it was time for the nation to concentrate instead on overcoming its economic difficulties....
Paulson: no quick fix for oil price
AP - Thursday, July 3, 2008 4:41 a.m.
LONDON (AP) -- U.S. Treasury Secretary Henry Paulson warned Thursday that rising oil prices are likely to prolong the world economic slowdown....
Bush's final G-8 summit may be harmonious
AP - Thursday, July 3, 2008 4:40 a.m.
WASHINGTON (AP) -- The issues are as difficult as ever, but the conditions are likely to be more conducive to agreement as President Bush attends his eighth and final economic summit of industrial democracies....
Visa Changes PIN Policy For $25-Or-Less Purchases
NPR - Thursday, July 3, 2008 3 a.m.
Visa is rescinding a rule that requires merchants to treat Visa-branded PIN-debit cards differently from signature debit cards. Co-host Renee Montagne reports.
Oil Prices, Global Worries Drag Down Asian Stocks
NPR - Thursday, July 3, 2008 3 a.m.
Co-host Ari Shapiro has this morning\'s business news.
Air New Zealand to lift fares again
AP - Wednesday, July 2, 2008 10:43 p.m.
WELLINGTON, New Zealand (AP) -- Air New Zealand will increase domestic and international fares from mid-July, the airline said Thursday, blaming its fourth fare hike since March on rising fuel prices....
Report: Microsoft seeks help for another Yahoo bid
AP - Wednesday, July 2, 2008 10:19 p.m.
SAN FRANCISCO (AP) -- Unable to strike a deal on its own, Microsoft Corp. reportedly is hoping to snap up Yahoo\'s online search operations with the help of News Corp. and Time Warner Inc....
R.I. lead paint ruling ends hope of costly cleanup
AP - Wednesday, July 2, 2008 9:53 p.m.
PROVIDENCE, R.I. (AP) -- Health advocates and Rhode Island officials say it will be much harder to eliminate childhood lead poisoning after the state Supreme Court overturned a landmark jury verdict that could have led to a multibillion-dollar cleanup of lead paint....
Movie productions keep rolling despite uncertainty
AP - Wednesday, July 2, 2008 9:34 p.m.
LOS ANGELES (AP) -- On-location movie shoots are on the rise in Los Angeles, despite repeated warnings from Hollywood studios that the possibility of an actors strike had stalled moviemaking, a permitting group said Wednesday....
LA Times to cut 250 jobs, including 150 news jobs
AP - Wednesday, July 2, 2008 7:39 p.m.
LOS ANGELES (AP) -- The Los Angeles Times plans to cut 250 positions, including 150 jobs in the print and online news departments, amid a continuing industrywide slump in ad sales, the paper\'s editor said Wednesday....
Honda grows while US auto industry falters
AP - Wednesday, July 2, 2008 4:05 p.m.
DETROIT (AP) -- When consumers astonished the U.S. auto industry two months ago by quickly shunning trucks and going for gas mileage, the biggest beneficiary ended up being Honda Motor Co....
Circuit City shares fall as Blockbuster yanks bid
AP - Wednesday, July 2, 2008 3:55 p.m.
RICHMOND, Va. (AP) -- Circuit City Stores Inc. plummeted to historic lows in trading Wednesday after Blockbuster Inc. withdrew its takeover bid, causing investors to question the consumer electronics retailer\'s future....
GM shares fall below $10 for first time since 1954
AP - Wednesday, July 2, 2008 3:20 p.m.
NEW YORK (AP) -- Shares of General Motors Corp. plunged Wednesday to close below $10 for the first time in more than half a century, on worries about the company\'s cash needs and speculation about a possible bankruptcy protection filing down the road....
Starbucks To Close 600 Stores
NPR - Wednesday, July 2, 2008 2:32 p.m.
Starbucks Corp. says it will close hundreds of stores it opened over the past three years. The company did not say where the stores were located, but all together, 600 underperforming stores will close and 12,000 full- and part-time positions be cut.
Presidential Candidates Differ On Free Trade
NPR - Wednesday, July 2, 2008 2:21 p.m.
John McCain and Barack Obama both have trade on their agenda. John Bussey, Washington bureau chief of the Wall Street Journal, says Obama raises questions about trade accords while McCain sees them as an effective way to extend U.S. foreign policy.
Free Speech In China? Text Me
NPR - Wednesday, July 2, 2008 2:21 p.m.
Hundreds of millions of people in China have cell phones, and with no voice mail, many turn to text messaging to make sure their messages get conveyed. Texting remains one of the few outlets for free speech in a country notorious for its censorship practices.
UnitedHealth cuts 4,000 jobs and 2008 outlook
AP - Wednesday, July 2, 2008 2:12 p.m.
MINNEAPOLIS (AP) -- UnitedHealth Group Inc. cleared its decks of bad news on Wednesday, announcing a lower profit outlook, a restructuring that will trim 4,000 jobs and a $900 million payout to settle a class-action lawsuit over options backdating....
Bleak Car Sales Data Still Produce Winners
NPR - Wednesday, July 2, 2008 1:59 p.m.
New car purchases are at the lowest levels in 10 years. Nearly all major carmakers reported steep sales declines for June. Derek Mattsson, head of Vehix.com, says consumers are still favoring cars like the Honda Civic at the expense of U.S. vehicles.
GM shares break crucial $10 mark
AP - Wednesday, July 2, 2008 1:11 p.m.
NEW YORK (AP) -- Shares of General Motors have closed below $10 for the first time since Dwight Eisenhower was president of the United States....
Rising Fuel Prices Keep Fishermen On Dry Land
NPR - Wednesday, July 2, 2008 12:16 p.m.
High fuel prices are keeping many New England fishing boats in the docks. Economists predict that if fuel prices stay this high, many fishermen will be forced out of business.
Charges filed against ex-Airbus chief
AP - Wednesday, July 2, 2008 10:46 a.m.
PARIS (AP) -- French judges filed preliminary charges Wednesday against former Airbus CEO Gustav Humbert as part of an investigation into alleged insider trading, a judicial official said....
Collection Agencies Are Thriving
NPR - Wednesday, July 2, 2008 10 a.m.
The sluggish economy is forcing more people to default on their debts. Consequently, the debt collection business is booming. One Chicago judge is trying to reach settlements that are good for both sides.
'Marketplace' Report: Starbucks Closing 600 Stores
NPR - Wednesday, July 2, 2008 10 a.m.
The company is yet to announce which stores will close. What sort of opportunities might this create for the competition?
One Investor Who Bucked The Market
NPR - Wednesday, July 2, 2008 10 a.m.
The predominant philosophy of investing is to hold stocks for the long term. But eight months ago, Paul Krsek bucked the trend, cashing in every last share held by his asset management company. To his investors\' delight, they held on to their money as others\' funds dwindled.
In Switzerland, A Health Care Model For America?
NPR - Wednesday, July 2, 2008 8:53 a.m.
Switzerland\'s health care system could be the perfect political compromise for the U.S. Those who can afford to buy insurance are required by law. For those who can\'t, the government provides subsidies. Swiss citizens, like Cecile Crettol-Rappaz, say they wouldn\'t trade it for any other system.
High Point University Boosts Its 'Wow' Factor
NPR - Wednesday, July 2, 2008 8:45 a.m.
The president of High Point University in North Carolina hired a director of "wow" to help make students happy. The campus now features ice cream trucks, valet parking, a concierge desk, a hot tub and free snacks. Classical music wafts through the grounds.
NYSE's Ex-Chief Wins $187.5M Pay Package
NPR - Wednesday, July 2, 2008 8:40 a.m.
A court ruled Tuesday that Richard Grasso is entitled to the $187.5 million compensation package from his job leading the New York Stock Exchange. He\'s been fighting to keep the money for the past several years. When details of his pay package were revealed in 2003, he became a symbol of corporate greed and was forced to retire.
Elizabeth Warren On The Rising Cost Of Credit Debt
NPR - Wednesday, July 2, 2008 7:54 a.m.
Harvard Law professor returns to Fresh Air to talk about how credit-card debt is becoming more costly due to increased fees and interest rates. Warren is a bankruptcy expert and an outspoken critic of abusive lending practices.
Starbucks Store Closures To Affect 12,000 Workers
NPR - Wednesday, July 2, 2008 7:45 a.m.
Starbucks will close more than 600 shops in the U.S. in the coming months, which analysts say is a consequence of the chain spreading too far, too fast. About 12,000 workers, or 7 percent of its global work force, will be affected by the closings.
Helmsley Reportedly Left Billions For Dog Care
NPR - Wednesday, July 2, 2008 7:18 a.m.
Leona Helmsley reportedly directed that her fortune — up to $8 billion — be used for the care and welfare of dogs. The New York Times reports that the bequest was included in a so-called mission statement for the real estate magnate\'s.
Newspapers Make Cuts At Home, Hire Abroad
NPR - Wednesday, July 2, 2008 6:55 a.m.
More and more U.S. companies are outsourcing jobs overseas to cut costs, and that includes newspaper groups. Employees in India are doing everything from writing ad copy to copy editing to writing weekend supplements for U.S. and British newspapers.
British construction activity falls
AP - Wednesday, July 2, 2008 5:47 a.m.
LONDON (AP) -- Construction activity in Britain declined in June at the fastest rate in 11 years, a supply institute said Wednesday, and a major home builder said it had been unable to raise more capital - both signs of worsening conditions in the battered housing industry....
Shares in UK's Marks & Spencer dive 22 percent
AP - Wednesday, July 2, 2008 4:47 a.m.
LONDON (AP) -- Shares in British food and clothing retailer Marks & Spencer PLC plummeted Wednesday after the company reported that home market sales fell 5.3 percent in the first quarter as the domestic economy slows....
EU clears Nokia to buy mapmaker Navteq
AP - Wednesday, July 2, 2008 4:46 a.m.
BRUSSELS, Belgium (AP) -- European regulators cleared Nokia\'s takeover of U.S. digital mapmaker Navteq on Wednesday, saying the deal would be unlikely to shut off rivals\' access to digital maps....
Astra shares up 6 pct on Seroquel court ruling
AP - Wednesday, July 2, 2008 4:45 a.m.
LONDON (AP) -- Shares in AstraZeneca PLC jumped 6 percent Wednesday after the drug maker won a key patent battle in the United States over Seroquel, its anti-psychotic drug and second-best seller....
Starbucks to close 600 US stores, rein in growth
AP - Wednesday, July 2, 2008 4:29 a.m.
SEATTLE (AP) -- For a decade it appeared there was no such thing as too many Starbucks for U.S. coffee drinkers, whose willingness to buy its $4 lattes and dark drip brews rationalized a second green-and-white mermaid awning just down the street - and sometimes even a third. But in a sign that those days are over, Starbucks Corp. announced Tuesday it will close 600 company-operated stores in the next year as the faltering U.S. economy hastened the pain caused by the company\'s own rapid expa...
Hour Two: Starbucks To Close 600 Stores
NPR - Wednesday, July 2, 2008 4 a.m.
Starbucks announces plans to close 600 stores nationwide.
Starbucks To Close 600 Stores
NPR - Wednesday, July 2, 2008 4 a.m.
Starbucks announces plans to close 600 stores nationwide.
June car sales plummet; more declines expected
AP - Wednesday, July 2, 2008 3:03 a.m.
DETROIT (AP) -- A last-minute no-interest financing offer and strong sales of some cars helped General Motors Corp. keep its U.S. sales over Toyota Motor Corp. last month, but it was still the worst June for the industry in 17 years and a harbinger of more misery ahead....
Wal-Mart branches out into locally grown produce
AP - Tuesday, July 1, 2008 11:19 p.m.
LITTLE ROCK, Ark. (AP) -- Wal-Mart stores in Arizona now stock Grand Canyon sweet onions while aisles in New York display state-grown eggplant, as the world\'s largest retailer says it has become the nation\'s largest buyer of locally grown fruits and vegetables....
Salvage yard haven for do-it-youself customers
AP - Tuesday, July 1, 2008 9:14 p.m.
DETROIT (AP) -- It took an hour\'s worth of work, but Roman Knight didn\'t mind. The 18-year-old needed a bumper for his \'94 Buick LeSabre, and a Detroit salvage yard had the right one. So he got down to business, prying off the bumper from a junked-out car, walking it to the clerk\'s desk and hoisting it up to the checkout counter. Then he went back for more....
A Big Three That Isn't So Big Anymore
NPR - Tuesday, July 1, 2008 9:01 p.m.
Sales of foreign cars are surpassing those of domestic companies, forcing the Big Three to cut more than 270,000 jobs in the past decade. To remain viable, one auto reporter suggests, less profitable brands should be re-evaluated or cut entirely.
Blockbuster withdraws plan to acquire Circuit City
AP - Tuesday, July 1, 2008 6:34 p.m.
DALLAS (AP) -- Blockbuster Inc. said Tuesday it is withdrawing its proposal to buy Circuit City Stores Inc., the big-box electronics retailer whose sales have tumbled this year....
Starbucks Announces Store Closures
NPR - Tuesday, July 1, 2008 4:35 p.m.
Starbucks Corp. is closing an additional 500 stores in the U.S. by the first part of next year. The coffee chain had previously said it would shutter about 100 underperforming stores around the country. It said up to 12,000 retail jobs would be cut.
Visa rescinds debit card rule
AP - Tuesday, July 1, 2008 3:13 p.m.
WASHINGTON (AP) -- Consumers can now use Visa debit cards for smaller purchases without entering a personal identification number, the same way they can skip signing receipts....
Summer Credit Tips For A Wintry Economic Climate
NPR - Tuesday, July 1, 2008 2:09 p.m.
Harvard Law professor Elizabeth Warren talks about your credit rating — how it\'s compiled, and how it may be used against you. Warren also discusses the errors that may lower your score and how to fix them.
Credit Crunch Hits Consumers, Companies
NPR - Tuesday, July 1, 2008 2:08 p.m.
The credit crunch has hit many Americans. Robert Manning, author of Credit Card Nation and director of the Center for Consumer Financial Services, discusses the effect on consumers and credit card firms.
U.S. Stocks Close Higher
NPR - Tuesday, July 1, 2008 2:07 p.m.
The Dow Jones industrial average finished up 32 points at 11,382. That followed a day of fluctuations. The market opened sharply lower as traders reacted to oil prices that rose to $142 a barrel. Bargain-hunters took stocks into positive territory.
NY drops claims against Grasso after court defeat
AP - Tuesday, July 1, 2008 2:04 p.m.
ALBANY, N.Y. (AP) -- The four-year legal battle over former NYSE Chairman Richard Grasso\'s $187.5 million compensation package ended Tuesday when a New York appeals court dismissed claims against him of excessive pay and the state\'s top prosecutor said the case was closed....
Starbucks closing 600 stores in the US
AP - Tuesday, July 1, 2008 1:26 p.m.
SEATTLE (AP) -- Starbucks Corp. has announced it\'s closing 600 underperforming stores in the United States....
A Hedge Fund Manager's Crusade To Expose Losses
NPR - Tuesday, July 1, 2008 11:43 a.m.
Six years ago, hedge fund manager David Einhorn launched a battle to expose accounting problems at Allied Capital, a financial company. In a new book, he says the experience revealed how the media and financial regulators can sometimes fail investors.
Construction spending drops 0.4 percent in May
AP - Tuesday, July 1, 2008 10:25 a.m.
WASHINGTON (AP) -- Construction spending fell in May for the 11th time in the past year as a continuing slump in housing offset strength in nonresidential building....
How To Choose A Charity
NPR - Tuesday, July 1, 2008 10 a.m.
Donating money to an aid organization is a natural response following a disaster, but choosing which one can be complicated. Our personal finance contributor discusses how to choose a charity and how much to give.
Auto Sales Dip As Consumers Snub SUVs, Trucks
NPR - Tuesday, July 1, 2008 10 a.m.
Reports from the big automakers show sales for June fell to levels not seen in more than a decade. One analyst says sales were low last month in part because dealerships didn\'t have enough smaller cars in stock as customers moved away from gas guzzlers.
'Marketplace' Report: Residential Construction
NPR - Tuesday, July 1, 2008 10 a.m.
Residential construction has plummeted, due to the huge number of foreclosed homes. When will the situation get better for contractors?
Wine company Constellation Brands' profit jumps
AP - Tuesday, July 1, 2008 9:35 a.m.
FAIRPORT, N.Y. (AP) -- Constellation Brands Inc. said Tuesday its fiscal first-quarter profit jumped 50 percent, lifted by price increases as well as strong sales of its new higher-margin wine brands such as Clos du Bois and Wild Horse....
Minn. judge rules against Wal-Mart on work breaks
AP - Tuesday, July 1, 2008 9:18 a.m.
MINNEAPOLIS (AP) -- A judge has ruled against Wal-Mart in a class-action lawsuit, saying the discount retailer violated state labor laws 2 million times by cutting worker break time and forcing employees to work off the clock....
Oil Prices Squeeze Pentagon's Budget
NPR - Tuesday, July 1, 2008 8:49 a.m.
The Department of Defense\'s budget is heavily affected by rising gas prices, especially when it comes to fueling Air Force jets. Some even say that Iraq\'s oil reserves should help pay the costs.
InBev pitches buyout to Bud owner's shareholders
AP - Tuesday, July 1, 2008 8:46 a.m.
BRUSSELS, Belgium (AP) -- The brewer InBev SA on Tuesday urged Anheuser-Busch Cos. Inc. shareholders to challenge the biggest U.S. beer company\'s rejection of its $46 billion buyout bid....
Feds Track Americans' Money In Swiss Bank
NPR - Tuesday, July 1, 2008 8:29 a.m.
Justice Department officials have asked a federal court to let the IRS request client information from Swiss bank UBS, after a former UBS banker facing charges recently testified that U.S. taxpayers had about $20 billion in "undeclared" accounts.
3-D TV Shows Beam Into Japanese Homes
NPR - Tuesday, July 1, 2008 8:11 a.m.
The time may soon come for American Idol to spring off the screen at you. Unfortunately, right now 3-D TV is only available in Japan, where cable channels broadcast 3-D programs several times a day. But viewers need a special television and glasses.
Moody's says personnel fail to follow guidelines
AP - Tuesday, July 1, 2008 6:55 a.m.
NEW YORK (AP) -- Credit ratings agency Moody\'s Investors Service said Tuesday it began disciplinary proceedings against workers involved in reviewing certain European debt ratings....
Chrysler Announces Shutdown In St. Louis
NPR - Tuesday, July 1, 2008 6:19 a.m.
Chrysler plans to shut down a minivan plant in St. Louis, Mo., which will affect about 2,400 factory workers. New sales figures are due out Tuesday, and they are expected to show an industry reeling from a swift change in consumer preferences.
Birmingham Cuts Work Week To Save Energy Costs
NPR - Tuesday, July 1, 2008 6:09 a.m.
Birmingham, Ala., is the latest to switch to a four-day, 10-hour work week for city employees in order to save energy costs. Chris Hartzell, Birmingham\'s chief of operations, says the plan will benefit workers and the city, which has seen its fuel costs increase by 50 percent.
Pain At The Pump Curbs Traveling Bands
NPR - Tuesday, July 1, 2008 5:48 a.m.
Musicians longing to play live music spend a lot of time playing bars and basements for little more than gas money. But gas money isn\'t what it used to be, and taking an act on the road isn\'t happening as much as it used to. Musicians are having to re-think how they tour.
UBS announces major boardroom reshuffle
AP - Tuesday, July 1, 2008 5:44 a.m.
ZURICH, Switzerland (AP) -- UBS AG announced a major boardroom reshuffle Tuesday, the second since the Swiss banking giant suffered heavy losses as a result of the U.S. subprime crisis....
Iraq Opens Oil Fields To Western Developers
NPR - Tuesday, July 1, 2008 5:22 a.m.
Iraq\'s oil ministry has just opened the doors to several major western oil companies. It\'s been more than 36 years since companies like Exxon have had access to Iraq\'s oil fields. And down the road, Iraq\'s reserves could dramatically increase the world\'s oil supply.
Study: Sioux Falls, S.D., safest US driving city
AP - Tuesday, July 1, 2008 4:16 a.m.
SIOUX FALLS, S.D. (AP) -- An insurance study has once again found that Sioux Falls has the safest drivers in the nation, marking the third straight year that South Dakota\'s largest city has topped the list....
Justice to seek more information from Swiss bank
AP - Tuesday, July 1, 2008 4:14 a.m.
WASHINGTON (AP) -- The Justice Department said it is seeking information from Swiss bank UBS AG about U.S. taxpayers who may have used offshore accounts to avoid paying federal income taxes....
Airlines try to hedge against soaring fuel costs
AP - Tuesday, July 1, 2008 4:11 a.m.
DALLAS (AP) -- The computer screen on Scott Topping\'s desk at Southwest Airlines flickered with row after row of dates and numbers, but they had nothing to do with arrivals and departures....
Confidence wanes at Japanese companies
AP - Tuesday, July 1, 2008 4:02 a.m.
TOKYO (AP) -- Confidence at major Japanese manufacturers has slumped to an almost five-year low and large corporations project a significant drop in profits for the half-year through September, a key central bank survey showed Tuesday....
CIT Group exits home lending businesses
AP - Tuesday, July 1, 2008 4 a.m.
NEW YORK (AP) -- CIT Group Inc. said Tuesday it will sell its home lending business to Lone Star Funds for $1.5 billion in cash, plus $4.4 billion of assumed debt, in a move to exit the troubled mortgage arena and focus on its commercial finance operations....
British cooking equipment maker backs $2.1B bid
AP - Tuesday, July 1, 2008 3:51 a.m.
LONDON (AP) -- A $2.1 billion bid by Manitowoc Company Inc. for Enodis PLC was endorsed by the British cooking equipment supplier Tuesday, ending a takeover fight with Illinois Tool Works....
Medication managers, drug stores merge networks
AP - Monday, June 30, 2008 9:15 p.m.
WASHINGTON (AP) -- The drug store and pharmacy benefit management industries on Tuesday will announce a combination of their information systems in order to boost electronic prescribing by physicians....
Chrysler to close 1 plant, cut production at 2nd
AP - Monday, June 30, 2008 5:27 p.m.
DETROIT (AP) -- The worsening U.S. auto sales slump hit Chrysler LLC again Monday as it announced plans to close one St. Louis-area factory and cut a shift from another because of declining demand for minivans and pickups....
Food inflation may dodge Midwest flood bullet
AP - Monday, June 30, 2008 4:10 p.m.
DES MOINES, Iowa (AP) -- Midwest floods may not contribute as much to food inflation as was feared....
Wachovia quits offering risky mortgage loan
AP - Monday, June 30, 2008 2:49 p.m.
CHARLOTTE, N.C. (AP) -- Beleaguered consumer bank Wachovia Corp. said Monday it will quit offering a mortgage payment option that allows borrowers to pay less each month than the bank charges in interest....
H&R Block swings to 4Q profit
AP - Monday, June 30, 2008 2:36 p.m.
KANSAS CITY, Mo. (AP) -- H&R Block Inc., the nation\'s largest tax preparer, said Monday it swung to a fourth-quarter profit, helped by a record-setting tax season and the sale of its troubled mortgage arm....
Yahoo takes its defense against Icahn to investors
AP - Monday, June 30, 2008 1:34 p.m.
NEW YORK (AP) -- Yahoo Inc. began pressing a case to major shareholders Monday that its board and management deserve a chance to prove they made the right move when they rejected a $47.5 billion takeover offer from Microsoft Corp....
Oil Development Plans Meet With Resistance In Iraq
NPR - Monday, June 30, 2008 1 p.m.
Iraq\'s Oil Ministry announced Monday that it is opening six prime oil-producing regions to long-term development by international oil companies. Iraqi opposition leaders have denounced the plans, saying they put the country\'s oil wealth into Western hands.
