Median home prices drop in many cities

AP - Tuesday, May 13, 2008 3:04 p.m.

WASHINGTON (AP) -- Median home prices fell in two-thirds of the cities surveyed during the first three months of this year while sales declined in 46 states compared to a year ago, according to the latest report highlighting the depth of the nation\'s housing woes....

Bernanke: Financial turmoil in markets easing

AP - Tuesday, May 13, 2008 3:04 p.m.

WASHINGTON (AP) -- Turmoil in financial markets has eased somewhat, but the situation is still "far from normal," Federal Reserve Chairman Ben Bernanke said Tuesday....

Stocks mixed after retail sales report, spiking oil

AP - Tuesday, May 13, 2008 2:39 p.m.

NEW YORK (AP) -- Wall Street turned in a mixed performance Tuesday after a fresh report on retail sales and a new oil price record told investors the same old story: The economy is hurting and costs are rising, but things could be worse....

IAC, Liberty resolve spinoff legal skirmish

AP - Tuesday, May 13, 2008 2:29 p.m.

NEW YORK (AP) -- IAC/InterActiveCorp and Liberty Media Corp. say they resolved a legal skirmish regarding IAC\'s plans to break into several parts....

HP taking aim on IBM with risky $13.2B acquisition of EDS

AP - Tuesday, May 13, 2008 2:29 p.m.

SAN FRANCISCO (AP) -- Riding a hot streak that has doubled its stock price in the past three years, Hewlett-Packard Co. is rolling the dice on a $13.2 billion acquisition of technology services provider Electronic Data Systems Corp....

Reports: Carl Icahn considering attempt to oust Yahoo board

AP - Tuesday, May 13, 2008 2:29 p.m.

SAN FRANCISCO (AP) -- Billionaire investor Carl Icahn reportedly is snapping up Yahoo stock in preparation for a possible attempt to replace the Internet company\'s board after the directors turned down Microsoft\'s $47.5 billion takeover offer....

Retail sales dip but ouside of autos show strength

AP - Tuesday, May 13, 2008 2:17 p.m.

WASHINGTON (AP) -- Consumers cut back on car-buying in April but boosted spending in a number of other areas, giving evidence of the economy\'s staying power in spite of soaring gasoline prices....

Corporate Express rebuffs sweetened Staples bid

AP - Tuesday, May 13, 2008 1:58 p.m.

BOSTON (AP) -- Hours after saying it was open to holding talks, Corporate Express NV said Tuesday a sweetened $2.47 billion hostile takeover bid from its larger office products rival Staples Inc. is still too low....

Wal-Mart and TJX report solid 1st-quarter profit gains

AP - Tuesday, May 13, 2008 1:38 p.m.

NEW YORK (AP) -- Solid first-quarter profits from discounters Wal-Mart and TJX show that more Americans are hunting for bargains as they struggle to cover their monthly credit card payments, put food on the table and gas in the family car....

Bush administration rules limit lawsuits

AP - Tuesday, May 13, 2008 1:20 p.m.

WASHINGTON (AP) -- Faced with an unfriendly Congress, the Bush administration has found another, quieter way to make it more difficult for consumers to sue businesses over faulty products. It\'s rewriting the bureaucratic rulebook....

Fewer fliers for summer, but packed planes persist

AP - Tuesday, May 13, 2008 1 p.m.

WASHINGTON (AP) -- Fewer Americans are expected to fly this summer, but don\'t expect more empty seats as carriers park planes to help offset surging fuel costs....

Earthlink to End Philadelphia WiFi Network

NPR - Tuesday, May 13, 2008 1 p.m.

Earthlink notified Philadelphia subscribers that it will dismantle its WiFi network in the city on June 12. Negotiations to transfer the network to another operator broke down. Earthlink is giving subscribers 30 days to find other paths to the Internet.

Iran report pushes oil to new record, gas jumps above $3.73

AP - Tuesday, May 13, 2008 12:44 p.m.

NEW YORK (AP) -- Oil prices shot to a new record near $127 a barrel Tuesday on concerns that Iran may consider cutting crude oil production. Gas prices, meanwhile, rose to a new record over $3.73 a gallon Tuesday, and their advance shows little sign of slowing with Memorial Day weekend, the traditional start of the summer driving season, just 10 days away....

Nissan Builds Buzz with Plans for Electric Car

NPR - Tuesday, May 13, 2008 11:41 a.m.

Despite warning of "tougher times" because of the weak U.S. economy, Nissan Chief Executive Carlos Ghosn said Tuesday that the automaker plans to become the global leader in zero-emission vehicles.

St. George agrees to Westpac takeover

AP - Tuesday, May 13, 2008 11:11 a.m.

SYDNEY, Australia (AP) -- Westpac Banking Corp. and smaller rival St. George agreed to a takeover deal Tuesday worth 18.6 billion Australian dollars ($17.5 billion) that would create Australia\'s biggest bank by market capitalization....

TJX profit climbs nearly 20 pct, but shares dip

AP - Tuesday, May 13, 2008 11:09 a.m.

BOSTON (AP) -- TJX Cos. said Tuesday its first-quarter profit rose nearly 20 percent as the discount retailer continued to draw shoppers increasingly looking for bargains in a tough economy....

Economic jolt from China's quake seen as limited

AP - Tuesday, May 13, 2008 11:06 a.m.

SHANGHAI, China (AP) -- The earthquake that ripped through central China\'s Sichuan province, killing thousands, crumpling roads and factories and disrupting power and communication, will be only a transitory jolt for the booming economy, analysts say....

Good Times in Texas

NPR - Tuesday, May 13, 2008 10 a.m.

High oil and natural gas prices are keeping Texas business humming along, despite economic problems elsewhere. Companies are hiring, real estate is selling and the state budget is on track for a huge surplus.

Inflation Calculation Leaves Out Food, Energy Prices

NPR - Tuesday, May 13, 2008 9:29 a.m.

The government releases new inflation statistics Wednesday, and consumer prices are expected to rise. While the Federal Reserve does keep an eye on inflation, it usually doesn\'t take food and energy prices into account. David Wessel, economics editor at the Wall Street Journal, talks about the Fed data.

Wal-Mart profit rises 6.9 pct but outlook cautious

AP - Tuesday, May 13, 2008 9:26 a.m.

LITTLE ROCK, Ark. (AP) -- Wal-Mart Stores Inc. on Tuesday said first-quarter profits rose 6.9 percent, but issued a cautious outlook for the current quarter and warned that the economy will be a "critical factor" in 2008....

U.S. Railroad Industry Thriving as Economy Slumps

NPR - Tuesday, May 13, 2008 8:02 a.m.

The railroad freight industry is booming. Executives say higher fuel prices and a weak dollar are helping freight lines. Wick Moorman, CEO of Norfolk Southern, talks about how the industry can thrive despite an economic slump.

HP Offers $14 Billion for Electronic Data Systems

NPR - Tuesday, May 13, 2008 7:17 a.m.

The world\'s largest maker of personal computers and printers, Hewlett-Packard, says it is buying technology outsourcing giant Electronic Data Systems for nearly $14 billion.

Business inventories post weak gain in March

AP - Tuesday, May 13, 2008 7:08 a.m.

WASHINGTON (AP) -- Businesses added to their stockpiles in March by the smallest amount in a year, another indication of a weakening economy....

Shorter men finding new options in suits, clothing

AP - Tuesday, May 13, 2008 5:36 a.m.

NEW YORK (AP) -- Finding a suit that fits is getting easier for the shorter man....

SocGen 1Q net drops on exposure to US mortgages

AP - Tuesday, May 13, 2008 4:09 a.m.

PARIS (AP) -- French bank Societe Generale SA said Tuesday that write-downs linked to the crisis in financial markets led to a 23 percent decline in first-quarter profits....

Lawmakers want to end oil shipments to US reserve

AP - Tuesday, May 13, 2008 3:39 a.m.

WASHINGTON (AP) -- Amid daily bipartisan sniping over high gas prices, Democrats and Republicans appear to agree on at least one thing: With oil over $120 a barrel, President Bush ought to stop buying crude for the government emergency reserve....

Toll Brothers preliminary 2Q sales fall 30 percent

AP - Tuesday, May 13, 2008 3:35 a.m.

HORSHAM, Pa. (AP) -- Luxury home builder Toll Brothers says preliminary results show homebuilding revenue fell 30 percent in its fiscal second quarter amid a weak spring selling season....

Nissan 4Q profit rises; outlook poor

AP - Tuesday, May 13, 2008 3:15 a.m.

TOKYO (AP) -- Nissan reported a big jump in fiscal fourth quarter profit Tuesday compared with the previous year. But like other Japanese automakers pinched by a strong yen and soaring oil and material costs, it forecast a tough year ahead....

Airbus announces new delays to A380

AP - Tuesday, May 13, 2008 3:03 a.m.

PARIS (AP) -- Airbus on Tuesday announced new delays on deliveries of the superjumbo A380, already almost two years late, saying the company is behind schedule switching to automated production....

Shippers Accuse Railroads of Price-Fixing

NPR - Tuesday, May 13, 2008 3 a.m.

Co-host Renee Montagne reports on a group of shippers who have charged the railroad companies with fixing prices.

Old gas pumps can't handle ever-rising prices

AP - Monday, May 12, 2008 10:32 p.m.

REARDAN, Wash. (AP) -- Mom-and-pop service stations are running into a problem as gasoline marches toward $4 a gallon: Thousands of old-fashioned pumps can\'t register more than $3.99 on their spinning mechanical dials....

Chinese bourses suspend quake zone firms

AP - Monday, May 12, 2008 9:31 p.m.

SHANGHAI, China (AP) -- Chinese shares fell Tuesday and the country\'s two stock exchanges suspended trading in 66 companies based in the region hit by a major earthquake in an effort to minimize potential disruptions to financial markets....

Australia's St. George Bank agrees to Westpac bid

AP - Monday, May 12, 2008 9:28 p.m.

SYDNEY, Australia (AP) -- St. George Bank on Tuesday agreed to an 18.6 billion Australian dollar ($17.5 billion) takeover offer from Westpac Banking Corp. that would create Australia\'s biggest bank and be one of the country\'s largest corporate deals....

Former CEO asks AIG to postpone annual meeting

AP - Monday, May 12, 2008 6:59 p.m.

NEW YORK (AP) -- Maurice R. Greenberg, the former chief executive and largest individual shareholder of AIG, says the insurer is "in crisis" and urged it to postpone its annual meeting in the wake of its massive first-quarter loss, according to regulatory filing Monday....

Clear Channel, banks, buyers in settlement talks

AP - Monday, May 12, 2008 2:14 p.m.

SAN ANTONIO (AP) -- Clear Channel Communications Inc. and its prospective buyers are talking with banks to try to settle a dispute over whether the banks must fund promised loans for the $19.5 billion takeover, the radio and outdoor advertising company said Monday....

Tribune's Newsday deal is one step in easing debt

AP - Monday, May 12, 2008 1:44 p.m.

NEW YORK (AP) -- Tribune Co.\'s $650 million sale of Newsday is an important step toward alleviating its debt burden - for this year....

Sprint Nextel 1Q deficit widens, fewer subscribers

AP - Monday, May 12, 2008 1:42 p.m.

KANSAS CITY, Mo. (AP) -- Sprint Nextel Corp.\'s Dan Hesse had little good news to share Monday on the eve of addressing his first shareholder meeting as chief executive of the troubled wireless carrier....

Mortgage cos. reveal damage from housing crisis

AP - Monday, May 12, 2008 1:38 p.m.

NEW YORK (AP) -- Broad damage in the mortgage industry was in full view Monday as a number of companies posted dismal first-quarter earnings, but there were also some hope that the worst of the housing crisis is over....

Cablevision Acquires 'Newsday'

NPR - Monday, May 12, 2008 1 p.m.

Long Island-based Cablevision Systems Corp. buys New York Newsday from Sam Zell\'s Tribune Company for $650 million. The Dolan family, which owns Cablevision, outbid media mogul Rupert Murdoch.

In lean times, shoppers see extra fat in food bill

AP - Monday, May 12, 2008 12:45 p.m.

WASHINGTON (AP) -- Forced to pay for once-free sandwich toppings and twice as much for some steak cuts, shoppers are wondering whether higher grocery bills and restaurant tabs truly reflect the trickle down of a global rise in food prices....

China's inflation rises to almost 12-year high

AP - Monday, May 12, 2008 noon

BEIJING (AP) -- China\'s inflation almost climbed to a 12-year high in April, swamping official efforts to cool surging living costs that could provoke unrest ahead of the Beijing Olympics....

JPMorgan Chase CEO: recession is just beginning

AP - Monday, May 12, 2008 11:30 a.m.

NEW YORK (AP) -- JPMorgan Chase & Co.\'s chief executive said Monday that while the crisis in the credit markets appears to be three-quarters over, he believes a U.S. recession is just beginning....

Bill and Melinda Gates Name New Foundation Head

NPR - Monday, May 12, 2008 10:14 a.m.

Jeff Raikes, a 27-year veteran of Microsoft, will take over the $37 billion Gates Foundation in September. Bill and Melinda Gates tell NPR that they picked Raikes because he shares their passion to try to help minimize poverty around the globe.

Young Workers Flee Midwestern States

NPR - Monday, May 12, 2008 10:01 a.m.

Upper Midwestern states are in danger of losing a precious economic commodity: young people. Many are leaving for other parts of the country after finishing school. Without young, educated workers, there\'s little incentive for businesses to locate in economically hard-hit states.

'Marketplace' Report: Oil Industry Pushes Back

NPR - Monday, May 12, 2008 10 a.m.

The gas and oil industry has begun a campaign to convince the public that rising energy prices are not the producers\' fault. The American Petroleum Institute says government efforts to punish the industry with higher taxes or greater regulation would only make the situation worse.

IndyMac Bancorp swings to 1st-qtr loss, sees 2008 loss

AP - Monday, May 12, 2008 9:21 a.m.

LOS ANGELES (AP) -- IndyMac Bancorp Inc. swung to a loss in the first quarter as deteriorating credit markets forced the mortgage lender to lower the value of mortgage-backed securities, and warned Monday it would not post a profitable quarter in 2008....

Networks Take New Tack in Revealing Fall Shows

NPR - Monday, May 12, 2008 6:46 a.m.

The TV networks unveil their fall programming in "upfronts" to advertisers, hoping to woo them to buy big chunks of airtime. But this year is going to be different, the networks promise. The writers strike is both symptom and catalyst. The uncertainties about new media that led to the strike are also leading to changes in the ad business.

U.S. Postal Rates Go Up a Penny

NPR - Monday, May 12, 2008 6:42 a.m.

U.S. postal rates go up a penny Monday. The number of letters being mailed is down, but costs are up, especially for gasoline.

MBIA slides to huge 1Q loss on hefty charges

AP - Monday, May 12, 2008 6:34 a.m.

NEW YORK (AP) -- MBIA Inc. swung to a $2.41 billion loss during the first quarter as the bond insurer faced ongoing deterioration in the credit markets and recorded billions in write-downs....

Cablevision Beats Murdoch's Bid for Newsday

NPR - Monday, May 12, 2008 5:47 a.m.

The New York cable company Cablevision plans to buy one of the area\'s major newspapers, Newsday, based on Long Island. Last week, it looked like Rupert Murdoch\'s News Corp. would buy Newsday, but Cablevision offered more money: $650 million.

HSBC profits up despite $3.2 billion write-down

AP - Monday, May 12, 2008 4:10 a.m.

LONDON (AP) -- HSBC Holdings PLC said Monday that first-quarter profit was better than a year ago, despite a $3.2 billion write-down on subprime mortgage assets in the United States....

US health secretary: Chinese Heparin shipped to US now safe

AP - Monday, May 12, 2008 4:10 a.m.

SHANGHAI, China (AP) -- A blood thinner manufactured in China and linked to dozens of deaths in the United States is now safe because of tighter testing and controls, a top American health official said Monday, while warning that all U.S. imports would face closer scrutiny in the future....

PMI Group swings to hefty 1Q loss on defaults

AP - Monday, May 12, 2008 3:42 a.m.

WALNUT CREEK, Calif. (AP) -- Mortgage insurer PMI Group Inc. said Monday it swung to a first-quarter loss from year-ago profit, due to hefty payouts on default claims and charges to write off its investment in bond insurer FGIC....

Toyota says new US auto plant delayed

AP - Monday, May 12, 2008 2:57 a.m.

TOKYO (AP) -- A senior Toyota executive said Monday that plans for a new auto assembly plant in Mississippi are being delayed by worries about slumping American auto sales and a broader U.S. economic slowdown....

Pollo Campero opens franchise in US Wal-Mart store

AP - Monday, May 12, 2008 2:53 a.m.

LITTLE ROCK, Ark. (AP) -- Pollo Campero, a Latin American fried-chicken favorite that had been seen in the U.S. only in takeout boxes aboard arriving flights, has teamed up with Wal-Mart to expand its reach to the nation\'s growing Hispanic population....

Study: Retirement savers make costly 401(k) mistakes

AP - Sunday, May 11, 2008 9:07 p.m.

NEW YORK (AP) -- Despite extensive efforts to educate workers about saving for retirement, many employees are not doing a good job of managing their company-sponsored 401(k) accounts, a new study indicates....

Soros: Financial Crisis Stems from 'Super-Bubble'

NPR - Sunday, May 11, 2008 9:01 p.m.

The current financial turmoil is "the most serious crisis of our lifetime," and its roots stretch back decades, George Soros says. The financier blames what he calls a "super-bubble" fueled by strange financial instruments and massive American debt held overseas.

Startup shows off electric car planned for Israel

AP - Sunday, May 11, 2008 7:15 p.m.

EnCana dividing into 2 companies: one oil, one gas

AP - Sunday, May 11, 2008 3:21 p.m.

CALGARY, Alberta (AP) -- Canada\'s biggest natural gas company said Sunday it is splitting into two separate energy companies: a fully integrated oil company and a natural gas company....

High demand, price of rice good news to US farmers

AP - Sunday, May 11, 2008 2:21 p.m.

WILLIAMS, Calif. (AP) -- Dipping its left wing, a canary-yellow biplane makes a sharp turn and dives over a flooded field, showering rice on the shallow water 15 feet below....

Wall Street looks to US consumers for direction

AP - Sunday, May 11, 2008 2:18 p.m.

NEW YORK (AP) -- With millions of stimulus checks going out to taxpayers, Wall Street wants to know where that money will be spent - and this week\'s data could help investors gauge the mind-set of the average consumer....

Mesa Air looks for shareholders' OK to offer more shares

AP - Sunday, May 11, 2008 12:28 p.m.

PHOENIX (AP) -- Mesa Air Group Inc. hopes shareholders will soothe its financial troubles this week by allowing the airline to issue millions of new shares valued at nearly twice the company\'s current market capitalization....

Retailers likely to post grim 1st-quarter results

AP - Sunday, May 11, 2008 noon

NEW YORK (AP) -- After slashing inventory and cutting expenses, the retail industry is still bracing for the largest overall quarterly profit decline in at least nine years when merchants report their first-quarter earnings this week....

Startup shows off electric car planned for Israel

AP - Sunday, May 11, 2008 11:05 a.m.

TEL AVIV, Israel (AP) -- Israelis got a first demonstration Sunday of the electric car that developers hope will revolutionize transportation in the country and serve as a pilot for the rest of the world....

G-8 labor officials begin 3-day meeting in Japan

AP - Sunday, May 11, 2008 11:03 a.m.

TOKYO (AP) -- Labor ministers from the Group of Eight industrialized nations met with international trade union and business groups Sunday to discuss the reduction of workplace emissions of "greenhouse" gases blamed for global warming, officials said....

Rebate excludes many taxpayers with foreign spouses

AP - Sunday, May 11, 2008 11:01 a.m.

SAN FRANCISCO (AP) -- When Maulit Shelat heard about the Bush administration\'s plan to pump up the economy by sending out stimulus checks, he sat down with his wife and drew up a list of priorities: first up, remodeling the bathroom....

Gas prices knock bicycle sales, repairs into higher gear

AP - Sunday, May 11, 2008 10:07 a.m.

BISMARCK, N.D. (AP) -- Four-dollar-a-gallon gas is good for business - if you run a bike shop. Commuters around the country are dusting off their old two-wheelers - or buying new ones - to cope with rising fuel prices, bicycle dealers say....

Deutsche Telekom CEO asks shareholders for patience

AP - Sunday, May 11, 2008 9:51 a.m.

BERLIN (AP) -- Deutsche Telekom AG\'s chief executive is asking shareholders to show patience, pointing to the global credit crisis as a reason for the company\'s lackluster share price, according to an interview published Sunday....

News Corp. ends bid to buy Long Island newspaper Newsday

AP - Sunday, May 11, 2008 3:23 a.m.

NEW YORK (AP) -- News Corp., the media conglomerate controlled by Rupert Murdoch, has withdrawn its bid to purchase the Long Island paper Newsday, a News Corp. spokeswoman said Saturday....

Ecuador wary of World Bank arbitration in Occidental case

AP - Saturday, May 10, 2008 11:32 p.m.

QUITO, Ecuador (AP) -- President Rafael Correa said Saturday he has "no confidence" in the World Bank arbitration branch that is hearing U.S. oil company Occidental\'s lawsuit against Ecuador....

Behind the food riots: a debate on how best to farm

AP - Saturday, May 10, 2008 11:24 p.m.

MEXICO CITY (AP) -- Sitting in a Mexico City office, dressed in a pressed white shirt, Gerardo Sanchez seems a world away from his herds of goats and fields of beans....

China establishes company to make its own jumbo jets

AP - Saturday, May 10, 2008 9:12 p.m.

BEIJING (AP) -- China has established a homegrown company to make passenger jumbo jets, state media reported Sunday - a step forward in the country\'s quest to become less dependent on Boeing and Airbus....

Young widower pushes for change in Mass. life insurance law

AP - Saturday, May 10, 2008 10:35 a.m.

ASHLAND, Mass. (AP) -- When Jenny and John Crowley learned they were having a baby, they did the responsible thing: they bought life insurance....

Analysis: Good economic news something of a mirage

AP - Saturday, May 10, 2008 8:51 a.m.

WASHINGTON (AP) -- The unemployment rate drops. Productivity grows. The trade deficit shrinks. Sounds great, right? Not so fast....

Patent Judgments Questioned in Appointment Flap

NPR - Saturday, May 10, 2008 7:38 a.m.

As many as two-thirds of United States patent-law judges may have have been appointed in a way that violates the Constitution.

Economist Puts Economic Downturn in Perspective

NPR - Saturday, May 10, 2008 7:07 a.m.

Many Americans are uneasy about the country\'s current economic instability. Economist Adam Posen talks about the possible length and severity of the current economic downturn, which some are already calling a recession.

Brokerages demystify options trading as way to ride markets

AP - Saturday, May 10, 2008 4:18 a.m.

NEW YORK (AP) -- For Kim Snider, it only takes one word to send participants in her monthly investment workshops into a near panic. The Dallas-based financial adviser gets the same reaction, without fail, every time she suggests using options as a way to protect stock portfolios and make money....

Asset sales boost Clear Channel profit; Deal still in limbo

AP - Saturday, May 10, 2008 4:07 a.m.

NEW YORK (AP) -- Clear Channel Communications Inc., a major radio and outdoor advertising company, reported higher first-quarter earnings Friday on asset sales but operating results were flat, reflecting weak demand for radio advertising....

Citigroup to shed nearly $500 billion in assets

AP - Saturday, May 10, 2008 4:06 a.m.

NEW YORK (AP) -- Citigroup Inc.\'s new chief executive, Vikram Pandit, plans to stick with a global banking model after months of intense review - but only after shrinking the company by about one-fifth first....

Circuit City allows Blockbuster, Icahn to review books

AP - Saturday, May 10, 2008 4:04 a.m.

RICHMOND, Va. (AP) -- Circuit City Stores Inc. on Friday gave in to pressure from activist shareholders, essentially putting itself up for sale and agreeing to nominate dissident directors to its board....

FedEx cuts 4Q profit forecast, blames fuel costs

AP - Saturday, May 10, 2008 3:57 a.m.

MEMPHIS, Tenn. (AP) -- FedEx Corp. cut its fourth-quarter earnings expectations Friday, blaming continuing increases in fuel costs....

EBay's PayPal rule in Australia draws fire

AP - Saturday, May 10, 2008 3:49 a.m.

SAN JOSE, Calif. (AP) -- EBay Inc. is exploring whether to require customers to use its online payment service PayPal, a move that has angered users and prompted antitrust scrutiny in Australia, where a PayPal-only rule takes effect next month....

Promises kept, problems remain after 30 years of casinos

AP - Friday, May 9, 2008 8:22 p.m.

ATLANTIC CITY, N.J. (AP) -- The ads were titled "Help Yourself, Help Atlantic City, Help New Jersey," and they made a series of promises, if only voters would pull the "yes" lever to legalize casino gambling....

Federal regulators close Arkansas bank ANB Financial

AP - Friday, May 9, 2008 5:45 p.m.

BENTONVILLE, Ark. (AP) -- Federal regulators says they\'ve closed ANB Financial National Association banks after discovering "unsafe and unsound" business practices there....

Global Pool of Money Got Too Hungry

NPR - Friday, May 9, 2008 4:54 p.m.

NPR\'s Adam Davidson and This American Life\'s Alex Blumberg jointly report on how rising defaults on subprime mortgages in the U.S. became a global financial crisis. This American Life host Ira Glass talks with Michele Norris about this first ever collaboration.

Citigroup, AIG Dampen Wall Street's Optimism

NPR - Friday, May 9, 2008 1:02 p.m.

Investors have been growing cautiously optimistic in recent days that the worst of the credit crisis is over. But now, there\'s fresh evidence that there\'s still trouble looming. The insurance giant AIG announced a huge loss related to bad mortgage debt, and Citigroup, the nation\'s largest bank, is going to sell off some $400 billion in assets as it seeks to become more efficient.

Gates: Microsoft to go its own way

AP - Friday, May 9, 2008 12:52 p.m.

JAKARTA, Indonesia (AP) -- Microsoft Corp. will focus on growing its own advertising and Internet search business after it withdrew its takeover offer for Yahoo Inc., Chairman Bill Gates said Friday....

Auto parts supplier Delphi reports wider loss

AP - Friday, May 9, 2008 12:31 p.m.

NEW YORK (AP) -- Auto parts maker Delphi Corp. reported on Friday that it lost more money in the first quarter than it did a year ago, but that an increased credit line will still allow it to emerge from bankruptcy protection intact....

Diageo brews $1.25B Irish overhaul

AP - Friday, May 9, 2008 10:34 a.m.

DUBLIN, Ireland (AP) -- Guinness beer owner Diageo PLC rattled an Irish icon Friday, announcing plans to lay off more than half of its brewery workers, close two breweries and shift most production to a new, high-tech plant in the Dublin suburbs by 2013....

Icahn prepared to buy Circuit City if Blockbuster can't

AP - Friday, May 9, 2008 9:38 a.m.

NEW YORK (AP) -- Consumer electronics retailer Circuit City Stores said Friday that it will allow Blockbuster to review its books in connection with the video-rental chain\'s bid to buy the company....

Warren Buffett Reprises Role on 'All My Children'

NPR - Friday, May 9, 2008 8:07 a.m.

Warren Buffett, the world\'s richest person, makes a guest appearance Friday on the ABC soap opera All My Children. He plays himself, coming to aid the soap\'s veteran vixen Erica Kane. She\'s in jail for insider trading, and Buffet offers financial advice. He also guest starred in 1992.

TV Viewers Prepare for Digital Transition

NPR - Friday, May 9, 2008 7 a.m.

In February 2009, all full-power broadcast television stations in the U.S. will stop analog transmissions and begin broadcasting only in digital. Viewers who have cable or satellite are fine, but those who have older TVs receiving over-the-air signals may need to buy converters.

China producer price index up 8.1 pct

AP - Friday, May 9, 2008 6:55 a.m.

SHANGHAI, China (AP) -- China\'s producer price index, a key indicator of inflation, rose 8.1 percent in April over the same month a year earlier, the government reported Friday, as a top economic official sought new controls to cool rising prices....

Citigroup targeting 9 percent revenue growth

AP - Friday, May 9, 2008 6:02 a.m.

NEW YORK (AP) -- Citigroup Inc. said Friday it is aiming for 9 percent revenue growth as it looks to rebound from recent struggles tied to deterioration in the mortgage and credit markets....

France Plans Lucrative Champagne Expansion

NPR - Friday, May 9, 2008 4:43 a.m.

A century-old law restricted champagne production to 370 villages in northeastern France, but with demand now outstripping supply, the official body that determines wine laws is admitting 40 more communities — a lucrative move for those joining the exclusive club of champagne producers.

Water-Cooled Supercomputer Set to Study Climate

NPR - Friday, May 9, 2008 4:37 a.m.

IBM has designed a supercomputer that is water-cooled. It\'s the first one in the United States, and it is destined for scientists working on models of how climate is likely to change regional weather patterns — one of the most demanding problems in the climate science world.

German insurer Allianz 1Q net profit falls 65 percent

AP - Friday, May 9, 2008 4:34 a.m.

FRANKFURT, Germany (AP) -- German insurer Allianz SE said Friday first-quarter net profit fell 65 percent due to difficult market conditions as it wrote down $1.3 billion tied to the U.S. subprime crisis....

Housing aid bill faces veto by President Bush

AP - Friday, May 9, 2008 3:57 a.m.

WASHINGTON (AP) -- Democrats\' plans to help hundreds of thousands of homeowners struggling with rising subprime mortgage rates and plummeting house values could be sidetracked by President Bush\'s threatened veto and the backing of many congressional Republicans....

Fallon to Replace Conan, Who Takes Leno's Spot

NPR - Friday, May 9, 2008 3 a.m.

NBC is getting ready to announce a new star when it plays musical chairs with its late-night lineup in 2009. Saturday Night Live alumni Jimmy Fallon will take over for Conan O\'Brien, who will take Jay Leno\'s place on The Tonight Show.

Japan Airlines reduces losses in latest quarter

AP - Friday, May 9, 2008 2:18 a.m.

TOKYO (AP) -- Japan Airlines reduced losses in the January-March quarter from a year earlier on cost cuts but forecast lower profit Friday for this fiscal year, blaming soaring fuel costs and intense competition....