Business Headlines
Downturn dating: Hearts flutter as markets stutter
AP - SATURDAY, JULY 4, 2009 3:25 P.M.
CHICAGO (AP) -- Credit the recession for staycations and bringing us more game-night parties at home. But also give it a shout for spurring more first dates....
Madoff's Fate Little Comfort For Victims
NPR - SATURDAY, JULY 4, 2009 1:20 P.M.
Many investors lost everything in Bernie Madoff's Ponzi scheme and there have been some pretty heartbreaking stories. Host Scott Simon talks to New York Times business columnist Joe Nocera about Madoff's 150-year sentence and what it means for the victims.
Europe's free, state-run health care has drawbacks
AP - SATURDAY, JULY 4, 2009 12:32 P.M.
LONDON (AP) -- As President Barack Obama pushes to overhaul the American health care system, the role of government is at the heart of the debate. In Europe, free, state-run health care is a given....
Small town America pins hopes on West trade route
AP - SATURDAY, JULY 4, 2009 12:26 P.M.
LIMON, Colo. (AP) -- For Joe Kiely, the drone of thousands of trucks passing his Colorado plains town signals economic prosperity....
Calif. bullet train hits criticism on SF Peninsula
AP - SATURDAY, JULY 4, 2009 11:56 A.M.
MENLO PARK, Calif. (AP) -- Last November, more than 60 percent of voters on the San Francisco Peninsula supported a $9.9 billion bond measure to help pay for a high-speed rail line between San Francisco and the Los Angeles area....
Illegal ads a sticky situation for many towns
AP - SATURDAY, JULY 4, 2009 11:51 A.M.
BELMAR, N.J. (AP) -- Roll up to an intersection in many places and the sign you see might not only tell you to stop, yield or turn in a certain direction, it might also feature unwanted ads for a taco joint, surf shop, miracle diet, a political candidate, or urge tourists to go home....
Recession adds to challenges for suburban arts
AP - SATURDAY, JULY 4, 2009 10:24 A.M.
WHITE PLAINS, N.Y. (AP) -- When he hired Itzhak Perlman as artistic director of the Westchester Philharmonic in 2007, Joshua Worby thought he'd hit a grand slam....
Iconic skyscrapers find new luster in green tech
AP - SATURDAY, JULY 4, 2009 9:30 A.M.
NEW YORK (AP) -- When owners of the Empire State Building decided to blanket its towering facade this year with thousands of insulating windows, they were only partly interested in saving energy....
ALL BUSINESS: Cash is king for investors
AP - SATURDAY, JULY 4, 2009 9:01 A.M.
NEW YORK (AP) -- That old saying "cash is king" certainly rings true these days. Investors can't seem to get enough of it, which ultimately could be bad news for the stock market and the economy....
Omg! Positive tone boosts Yahoo celeb site to top
AP - SATURDAY, JULY 4, 2009 7:59 A.M.
SANTA MONICA, Calif. (AP) -- Think of the most popular brands in celebrity news, and you'll probably come up with a small list that includes Entertainment Tonight, US Weekly and People....
BT offers staff time off in exchange for pay cut
AP - SATURDAY, JULY 4, 2009 7:42 A.M.
LONDON (AP) -- Telecoms company BT Group PLC is offering staff a year off work in return for a 75 percent cut in that year's pay....
Texas brewer, once near defeat, shines again
AP - SATURDAY, JULY 4, 2009 7:35 A.M.
SHINER, Texas (AP) -- By all accounts, Shiner beer shouldn't have made it this long. The Spoetzl Brewery ferments its brew in a one-stoplight town that's not on the way to anywhere, and much larger regional brewers long ago succumbed to consolidation and the muscle of national brewers....
Ruling favors Antiguan receiver in Stanford case
AP - SATURDAY, JULY 4, 2009 7:30 A.M.
ST JOHN'S, Antigua (AP) -- A firm appointed by Antiguan authorities to liquidate the assets of R. Allen Stanford's offshore Caribbean bank has won control of assets in the U.K. worth more than $100 million, a defeat for a U.S.-appointed receiver in an ongoing fight over jurisdiction in the case....
HK lawmakers discuss Disney expansion plan
AP - SATURDAY, JULY 4, 2009 7:22 A.M.
HONG KONG (AP) -- Hong Kong lawmakers said Saturday they would be unwilling to approve a plan to expand the city's Disneyland unless the government and Walt Disney Co. tell them how the theme park has performed since it opened in 2005....
The old is new again at Saturday Evening Post
AP - SATURDAY, JULY 4, 2009 7:05 A.M.
INDIANAPOLIS (AP) -- The Saturday Evening Post, a centuries-old publication that helped make illustrator Norman Rockwell a household name and showcased some of America's greatest writers, is returning to its roots to show readers the value of a quiet read in an increasingly frenetic digital age....
GM Europe: Talks on selling Opel near completion
AP - SATURDAY, JULY 4, 2009 7:01 A.M.
BERLIN (AP) -- Negotiations for the sale of General Motors Corp.'s unit Adam Opel GmbH to Canadian autoparts maker Magna are progressing well and should soon be complete, the head of GM Europe said in remarks released Saturday....
Malaysia makes bold changes in race-based policies
AP - SATURDAY, JULY 4, 2009 1:49 A.M.
KUALA LUMPUR, Malaysia (AP) -- The economic downturn is allowing Malaysia's leader to chip away at an affirmative action program for Malay Muslims that has been considered virtually untouchable in the past....
MOUNTAIN OF DEBT: Rising debt may be next crisis
AP - FRIDAY, JULY 3, 2009 9:36 P.M.
WASHINGTON (AP) -- The Founding Fathers left one legacy not celebrated on Independence Day but which affects us all. It's the national debt....
Venezuela assumes control of Spanish-owned bank
AP - FRIDAY, JULY 3, 2009 9:22 P.M.
CARACAS, Venezuela (AP) -- President Hugo Chavez's government assumed control of Venezuela's third-largest bank on Friday - making the state the largest player in the nation's banking system....
Communities bug out over cuts to mosquito control
AP - FRIDAY, JULY 3, 2009 3:09 P.M.
Millions of mosquito eggs laid across southern Texas after Hurricane Ike hit the coast last summer are waiting for the little bit of rain and hot summer days they need to hatch. That's got the man whose job it is to fight the bugs worried - he's already running out of money....
Much-needed tax refunds delayed from Ga. to Calif.
AP - FRIDAY, JULY 3, 2009 12:40 P.M.
ATLANTA (AP) -- Colin Daymude was out of work last year after his business failed and eagerly filed his taxes in mid-January, figuring he'd get his refund sooner. He was wrong....
Job seekers seek solace with fellow faithful
AP - FRIDAY, JULY 3, 2009 12:11 P.M.
BEVERLY, Mass. (AP) -- Her fellow job seekers offer knowing groans as Diane Castro recalls the day she was laid off: The fear of being summoned to the front office. The phones in nearby cubicles going off like grenades. Finally, a ring at her desk....
Airline BA to cut capacity, delay new planes
AP - FRIDAY, JULY 3, 2009 12:09 P.M.
LONDON (AP) -- British Airways PLC announced Friday it will ground aircraft, slash seat numbers and postpone taking delivery of a dozen new Airbus A380 superjumbos as it faces a recession-driven decline in passengers....
HealthSouth accuses Scrushy of hiding assets
AP - FRIDAY, JULY 3, 2009 11:56 A.M.
BIRMINGHAM, Ala. (AP) -- HealthSouth Corp. is accusing fired chief executive Richard Scrushy of hiding money in offshore bank accounts and transferring assets out of his name to avoid paying court judgments....
China Investment buying stake in Teck Resources
AP - FRIDAY, JULY 3, 2009 11:23 A.M.
TORONTO (AP) -- Mining company Teck Resources Ltd. said Friday it is selling a 17 percent stake to China Investment Corp. for 1.74 billion Canadian dollars ($1.5 billion) in a bid to reduce its debt....
Oil brokerage loses $10 mln on rogue trades
AP - FRIDAY, JULY 3, 2009 9:36 A.M.
LONDON (AP) -- PVM Oil Associates, the world's biggest over-the-counter oil brokerage, says it lost nearly $10 million this week because of unauthorized trades that caused a temporary spike in Brent crude markets....
European stocks calm as US readies for 4th of July
AP - FRIDAY, JULY 3, 2009 9:34 A.M.
LONDON (AP) -- European stock markets traded in a narrow range Friday as investors caught their breath after big losses the day before on U.S. jobs data. Wall Street's closure for the Independence Day holiday kept trading volumes exceptionally light....
Apple Warns Some iPhones May Have Heat Issues
NPR - FRIDAY, JULY 3, 2009 8:24 A.M.
Apple Inc. has issued an advisory that some 3G and 3GS iPhones may not do well in hot conditions. Apple is telling owners to keep the phones in places where the temperature is below 95 degrees.
FDIC Closes 1 Banks In Texas, 6 In Illinois
NPR - FRIDAY, JULY 3, 2009 8:14 A.M.
Seven banks were shut down Thursday — pushing the total number of banks that have failed this year to 52. The year is just half over, and already the figure is more than double what it was for all of 2008. Back in 2007, only three banks failed.
Author Offers Advice For First-Time Job Hunters
NPR - FRIDAY, JULY 3, 2009 8:13 A.M.
David Greene talks with Ellen Gordon Reeves about her new book Can I Wear My Nose Ring to the Interview? It's advice for young people who are job searching for the first time.
Morgage-Burning Parties Almost Extinct
NPR - FRIDAY, JULY 3, 2009 6:33 A.M.
When's the last time you went to a mortgage-burning party? Do people even pay off their 30-year mortgages anymore? NPR's Planet Money team went on a mission to find out.
Oil hovers above $66 after weak jobs data
AP - FRIDAY, JULY 3, 2009 6:14 A.M.
Oil prices hovered above $66 a barrel Friday in light holiday trading a day after grim unemployment numbers from the U.S. and Europe sent prices tumbling....
Heavy Job Loss Prompts Stimulus Criticism
NPR - FRIDAY, JULY 3, 2009 6 A.M.
The surprising loss of 467,000 jobs in June, far more than expected, is fueling Republican criticism of the Obama administration's stimulus program. After the numbers were announced Thursday, President Obama called the huge job losses sobering. The continuing fallout in the labor market is causing problems in the housing sector, and vice versa.
States set to ring in Independence Day sans budget
AP - FRIDAY, JULY 3, 2009 4:26 A.M.
COLUMBUS, Ohio (AP) -- Several states are facing the prospect of government shutdowns and program cuts as they enter the first weekend of the fiscal year and July Fourth holiday without a budget in place....
Under Senate health care plan, either way you pay
AP - FRIDAY, JULY 3, 2009 4:25 A.M.
WASHINGTON (AP) -- First you paid to insure your car. Soon you may have to add health insurance premiums to that stack of monthly bills as well....
GM awaits judge's ruling on sale plan
AP - FRIDAY, JULY 3, 2009 2:44 A.M.
NEW YORK (AP) -- General Motors Corp. may have to wait out the long holiday weekend to learn if its bankruptcy plan is moving forward, after U.S. Judge Robert Gerber adjourned a three-day hearing without indicating when he will rule on GM's plan to sell its good assets to a new company....
Hawaii judge halts furloughs for state employees
AP - FRIDAY, JULY 3, 2009 1:05 A.M.
HONOLULU (AP) -- A Hawaii judge has blocked Gov. Linda Lingle from forcing thousands of public employees to take three unpaid days off per month, dealing her a setback in efforts to tame a huge state budget gap....
Plant disease hits eastern US veggies early, hard
AP - FRIDAY, JULY 3, 2009 1:04 A.M.
CONCORD, N.H. (AP) -- Tomato plants have been removed from stores in half a dozen states as a destructive and infectious plant disease makes its earliest and most widespread appearance ever in the eastern United States....
IOUs spell uncertainty for Calif. small businesses
AP - FRIDAY, JULY 3, 2009 12:57 A.M.
BERKELEY, Calif. (AP) -- Business consultant Katrina Kennedy has taken her young son out of preschool and put a family vacation on hold. Dairyman Mike O'Kelly is wondering whether he is going to have to let employees go....
Risks, Benefits Of Securitization Under Scrutiny
NPR - FRIDAY, JULY 3, 2009 12:01 A.M.
As part of its plan to reform financial markets, the Obama administration will turn its focus to the securitization industry. These days, almost anytime someone borrows money, the debt gets repackaged into a security that can be bought or sold like a stock.
Feds seize Madoff penthouse, wife leaves
AP - THURSDAY, JULY 2, 2009 10:59 P.M.
NEW YORK (AP) -- Federal marshals seized disgraced financier Bernard Madoff's $7 million Manhattan penthouse on Thursday and forced his wife to move out and leave her possessions behind, including a fur coat she had asked to take with her, an official told The Associated Press....
Judge will consider Stanford request for money
AP - THURSDAY, JULY 2, 2009 9:19 P.M.
HOUSTON (AP) -- A federal judge in Dallas said he will consider a modest request for money to pay lawyers and accountants to look through R. Allen Stanford's personal assets to find money untainted by an alleged $7 billion fraud....
7 more banks fail as FDIC mulls rules for sales
AP - THURSDAY, JULY 2, 2009 5:01 P.M.
WASHINGTON (AP) -- Six Illinois banks and one bank in Texas were shuttered Thursday as government regulators proposed new rules for private equity firms seeking to take over failed banks....
New Owner Spurs Optimism At Saturn
NPR - THURSDAY, JULY 2, 2009 4:27 P.M.
Many Saturn dealers and customers were relieved after hearing that Roger Penske would buy the company from General Motors. Penske has a reputation as a dynamo in his many business endeavors, but the company will be entering uncharted waters with the Saturn venture.
Economist: Stimulus Appears To Be Working
NPR - THURSDAY, JULY 2, 2009 4:18 P.M.
More jobs were lost last month than expected, but the Obama administration's economic stimulus package promises to create 600,000 jobs by the end of the summer. Mark Zandi, the chief economist at Moody's Economy.com, says that without the stimulus, the numbers would be worse.
Obama Disappointed By Jobs Numbers
NPR - THURSDAY, JULY 2, 2009 4 P.M.
President Obama said Thursday he is "deeply concerned" about unemployment. The remarks to The Associated Press came after the Labor Department said U.S. businesses shed 467,000 jobs in June and that the unemployment rate increased to 9.5 percent.
IMF To Issue Bonds To Raise Funds
NPR - THURSDAY, JULY 2, 2009 4 P.M.
The International Monetary Fund says it will issue bonds to raise an additional $70 billion to help the world's struggling economies. China is hoping the bonds could be the start of something bigger — a challenge to the dominance of the U.S. dollar.
U.S. Shed 467,000 Jobs In June
NPR - THURSDAY, JULY 2, 2009 4 P.M.
The Labor Department reported Thursday that U.S. businesses shed a bigger-than-expected 467,000 jobs in June. The unemployment rate rose slightly to 9.5 percent, the highest in nearly 26 years. The Dow Jones industrial average fell more than 200 points on the news.
Jobless data sends stocks reeling; Dow loses 223
AP - THURSDAY, JULY 2, 2009 3:37 P.M.
NEW YORK (AP) -- The stock market found little to celebrate heading into the long holiday weekend....
Johnson & Johnson pays $1B for Elan stake
AP - THURSDAY, JULY 2, 2009 3:04 P.M.
TRENTON, N.J. (AP) -- Johnson & Johnson, making a big jump into the risky but potentially lucrative field of Alzheimer's disease, is taking a major stake in Irish biopharmaceutical company Elan Corp., investing up to $1.5 billion initially....
After Billy Mays' Death, A Salute To Pitch Men
NPR - THURSDAY, JULY 2, 2009 2:36 P.M.
Infomercials entice viewers to buy products that slice, dice and make life easier. Remy Stern, author of But, Wait...There's More! has studied the strategies of Billy Mays and his fellow pitch men. Tell us what you've bought from an infomercial, and what sold you on it.
As economy drops jobs, paychecks drop some weight
AP - THURSDAY, JULY 2, 2009 2:29 P.M.
WASHINGTON (AP) -- Americans lucky enough to still have a job are noticing something unpleasant in their paychecks: They're making less money....
Boeing maintains deliveries in 2nd-quarter
AP - THURSDAY, JULY 2, 2009 2:23 P.M.
WASHINGTON (AP) -- Boeing Co. delivered 125 commercial jets in the second quarter, one less than the same period in 2008....
Exelon raises hostile bid for NRG to $8 billion
AP - THURSDAY, JULY 2, 2009 2:21 P.M.
COLUMBUS, Ohio (AP) -- Exelon Corp. on Thursday sweetened its hostile takeover bid for NRG Energy Inc. by 12 percent to $8 billion in stock, citing newly identified cost savings along with NRG's recent deal for Reliant Energy's Texas retail business....
Q&A: Rising Unemployment Clouds Outlook
NPR - THURSDAY, JULY 2, 2009 1:10 P.M.
The increase in the unemployment rate to a 26-year high of 9.5 percent doesn't bode well for a smooth transition to economic recovery. Economists said they expected to see job losses; however, the 467,000 job cuts in June exceeded the consensus of analysts' projections.
Oil prices tumble as Europe and the US shed jobs
AP - THURSDAY, JULY 2, 2009 12:20 P.M.
NEW YORK (AP) -- Oil prices tumbled to their lowest level in a month Thursday following the release of woeful job numbers in Europe and the U.S....
French: Air France plane hit the sea belly first
AP - THURSDAY, JULY 2, 2009 12:06 P.M.
LE BOURGET, France (AP) -- Air France Flight 447 slammed into the Atlantic Ocean, intact and belly first, at such a high speed that the 228 people aboard probably had no time to even inflate their life jackets, French investigators said Thursday in their first report into the June 1 accident....
July 4 Becomes Silent Night In Cash-Strapped Places
NPR - THURSDAY, JULY 2, 2009 12:02 P.M.
You may want to double-check before you head out on July 4 for the annual fireworks show. Dozens of towns are canceling their Fourth of July celebrations this year owing to lack of funds.
Advocates are back with real health care stories
AP - THURSDAY, JULY 2, 2009 10:57 A.M.
CHICAGO (AP) -- When carpenter Greg Douglas rolled his pickup truck, his toolbox hit him and smashed his ribs and collarbone. After a month in the hospital, the medical bills hit him even harder, totaling $165,000....
Factory orders rise more than expected in May
AP - THURSDAY, JULY 2, 2009 10:21 A.M.
WASHINGTON (AP) -- Orders to U.S. factories jumped in May by the largest amount in nearly a year, another sign that the nosedive in manufacturing is nearing an end....
United computer problems cleared up at O'Hare
AP - THURSDAY, JULY 2, 2009 9:59 A.M.
CHICAGO (AP) -- A computer problem temporarily disrupted United Airlines flights at O'Hare International Airport on Thursday, causing long delays and lines for travelers headed out for the Fourth of July holiday weekend....
ECB keeps interest rate at 1 pct
AP - THURSDAY, JULY 2, 2009 9:47 A.M.
LUXEMBOURG (AP) -- The European Central Bank left its benchmark interest rate unchanged at 1 percent Thursday, preferring to wait and see if its "spectacular" infusion of credit into the banking system will loosen lending to consumers and businesses in the euro zone's struggling economy....
Employers Cut More Jobs Than Expected In June
NPR - THURSDAY, JULY 2, 2009 9:16 A.M.
The nation's jobless rate is up to a 26-year high of 9.5 percent. The Labor Department says 467,000 jobs were eliminated last month. June's payroll reductions were deeper than the 363,000 that economists expected.
Obama: More work needed to create new jobs
AP - THURSDAY, JULY 2, 2009 9:07 A.M.
WASHINGTON (AP) -- President Barack Obama says he's still "deeply concerned" about the continuing loss of jobs across the country....
Unemployment Up To 9.5 Percent, A 26-Year High
NPR - THURSDAY, JULY 2, 2009 8:34 A.M.
Payrolls dropped a larger-than-expected 467,000 in June and the unemployment rate rose to 9.5 percent, a 26-year high, the Labor Department said Thursday. Meanwhile, new jobless claims dropped to 614,000 last week, while continuing claims fell unexpectedly.
California To Creditors: I Owe You
NPR - THURSDAY, JULY 2, 2009 8:13 A.M.
Lawmakers in California have failed to pass a stopgap budget. That means the state will begin issuing IOUs on Thursday. The state could issue $3.4 billion in IOUs by the end of July.
Exxon Pays Interest On Valdez Oil Spill Damages
NPR - THURSDAY, JULY 2, 2009 7:58 A.M.
Exxon has paid $470 million to more than 30,000 Alaskan fishermen, property owners and others affected by the Exxon Valdez oil spill. The money is interest on a punitive award, and it's one of the final payments representing the end of the 20-year legal battle.
New Grads May Have Leg Up On Older Job Seekers
NPR - THURSDAY, JULY 2, 2009 6:06 A.M.
Recent college graduates are finding out that an economic downturn is not the best time to be searching for work. But they do have a leg up on older job hunters: It's a lot easier for a 22-year-old — unburdened by mortgage and kids — to go to where the work is.
Initial and continuing jobless claims fall
AP - THURSDAY, JULY 2, 2009 5:41 A.M.
WASHINGTON (AP) -- The tally of newly laid-off workers filing for unemployment insurance dropped last week, the government said Thursday, a sign job cuts are easing....
Uncertain future for Jackson's Neverland Ranch
AP - THURSDAY, JULY 2, 2009 3:47 A.M.
LOS OLIVOS, Calif. (AP) -- With Peter Pan as inspiration, Michael Jackson turned his lush Neverland ranch into a whimsical retreat with carnival rides, a chimpanzee named Bubbles and even a Disney-like train station where he could recapture his lost childhood....
Euro zone unemployment hits 10-year high in May
AP - THURSDAY, JULY 2, 2009 2:08 A.M.
LONDON (AP) -- Unemployment in the 16 countries that use the euro spiked to a 10-year high in May, reinforcing concerns any recovery will take time with so many people out of work....
Companies pledge more openness about Web tracking
AP - THURSDAY, JULY 2, 2009 1:03 A.M.
Companies that track consumer behavior online for advertising purposes are vowing to make their practices more transparent and to give people a way to decline being shadowed....
Politicians Reconsider Drilling Off Florida Coast
NPR - THURSDAY, JULY 2, 2009 12:01 A.M.
For years, oil production has been largely banned in the Gulf of Mexico off the coast of Florida. In large part, that's because of concerns that a spill could devastate the state's tourism industry. But now, some elected officials seem willing to take another look at offshore drilling after years of opposition.
The Joy Of Work: A Disabled Man's Quest For A Job
NPR - THURSDAY, JULY 2, 2009 12:01 A.M.
Michael Medina is looking for a job that will make him as happy as he once was when he worked as a janitor. He's aided by a job coach from the Arc of San Francisco, part of a national nonprofit network that helps people with developmental disabilities find general employment.
'Endless' supply of music in Jackson's vaults
AP - WEDNESDAY, JULY 1, 2009 9:52 P.M.
NEW YORK (AP) -- Michael Jackson had a mountain of unreleased recordings in the vault when he died - music that is almost certain to be packaged and repackaged for his fans in the years to come....
Hitachi to supply lithium-ion batteries to GM
AP - WEDNESDAY, JULY 1, 2009 9:27 P.M.
TOKYO (AP) -- Japanese electronics maker Hitachi Ltd. said Thursday it will supply lithium-ion batteries for hybrid vehicles to General Motors Corp. in 2010 and sharply raise production capacity to meet surging demand for gas-electric cars....
Manhattan apartment prices skid 13 to 19 percent
AP - WEDNESDAY, JULY 1, 2009 9:13 P.M.
NEW YORK (AP) -- Apartment prices in the typically resilient Manhattan market plunged in the second quarter by the largest annual amount in decades, data released Thursday showed....
Charges filed against Beazer; Settlement reached
AP - WEDNESDAY, JULY 1, 2009 3:21 P.M.
ATLANTA (AP) -- Federal prosecutors in North Carolina filed criminal fraud conspiracy charges against Beazer Homes USA on Wednesday, but they agreed to dismiss the case if the company complies with an agreement accepting responsibility for certain wrongdoing and pays millions to victims....
Some optimism for US auto market with June sales
AP - WEDNESDAY, JULY 1, 2009 3:14 P.M.
DETROIT (AP) -- After a yearlong free fall in the American car market, the decline of sales slowed in June, offering hope to automakers that the bottom has been reached and more shoppers may slowly start returning to showrooms soon....
Attorney says Stanford exec makes plea deal
AP - WEDNESDAY, JULY 1, 2009 2:03 P.M.
HOUSTON (AP) -- The former chief financial officer of indicted Texas financier R. Allen Stanford's business empire will plead guilty to charges alleging he helped swindle investors out of $7 billion, his attorney said Wednesday....
Michael Jackson album sales explode since death
AP - WEDNESDAY, JULY 1, 2009 12:30 P.M.
LOS ANGELES (AP) -- Michael Jackson's album sales have exploded - three of his albums are in the top three spots and 2.3 million tracks have been downloaded in the United States since his death, Nielsen SoundScan said Wednesday....
FDA requires Chantix, Zyban to have warning
AP - WEDNESDAY, JULY 1, 2009 12:27 P.M.
NEW YORK (AP) -- The Food and Drug Administration will require two smoking-cessation drugs, Chantix and Zyban, to carry the agency's strongest safety warning over side effects including depression and suicidal thoughts....
Gov't foreclosure help will reach more homeowners
AP - WEDNESDAY, JULY 1, 2009 10:22 A.M.
WASHINGTON (AP) -- The Obama administration is expanding a program to stave off foreclosure for borrowers who owe more than their homes are worth....
Ford US sales drop 10.7 percent in June
AP - WEDNESDAY, JULY 1, 2009 10 A.M.
DETROIT (AP) -- Ford Motor Co. on Wednesday called its 10.7 percent drop in U.S. June sales "steady progress," after a year of sharp declines across the industry....
Gov't seeks to crack down on get-rich-quick scams
AP - WEDNESDAY, JULY 1, 2009 9:33 A.M.
WASHINGTON (AP) -- The economic downturn appears to be bringing out the worst in some people....
States Move To Ban Texting While Driving
NPR - WEDNESDAY, JULY 1, 2009 9:23 A.M.
As of July 1, Virginia drivers are banned from sending or reading text messages and e-mails. Cleveland's ban starts July 19, while Maryland drivers have until October to text away in the car while driving.
Europe Solves Cell Phone Charger Problem
NPR - WEDNESDAY, JULY 1, 2009 9:21 A.M.
The European Union has reached an agreement with all major mobile phone manufacturers to produce a common phone charger. Apart from reducing the frustration of customers juggling incompatible chargers, proponents say the agreement will encourage recycling and reduce electronic waste.
Citigroup Raises Rates On Some Credit Cards
NPR - WEDNESDAY, JULY 1, 2009 9:11 A.M.
Credit card customers should check their interest rates. Britain's Financial Times reports that Citigroup has sharply increased rates on cards it issues with other stores. Sears for example. Citigroup says the adjustments are part of a "regular and ongoing process."
SEC approves rule on pay disclosure for TARP firms
AP - WEDNESDAY, JULY 1, 2009 8:49 A.M.
WASHINGTON (AP) -- The Securities and Exchange Commission on Wednesday unanimously approved rules requiring greater transparency for executive compensation at bailed-out firms and all public companies....
Crabtree & Evelyn files for Chapter 11 protection
AP - WEDNESDAY, JULY 1, 2009 8:37 A.M.
NEW YORK (AP) -- Soap and lotion seller Crabtree & Evelyn Ltd. says it filed for Chapter 11 protection on Wednesday, a victim of the recession and management missteps....
Freddie Mac gets another $6.1B from gov't
AP - WEDNESDAY, JULY 1, 2009 8:32 A.M.
NEW YORK (AP) -- Battered mortgage giant Freddie Mac received $6.1 billion in new funds from the Treasury Department to help offset its mounting liabilities, according to a regulatory filing submitted Wednesday....
Construction spending falls more than expected
AP - WEDNESDAY, JULY 1, 2009 8:05 A.M.
WASHINGTON (AP) -- Construction spending fell more than expected in May, a sign the problems facing the nation's builders are far from over....
GM, Ford suspend Russia production
AP - WEDNESDAY, JULY 1, 2009 7:49 A.M.
MOSCOW (AP) -- U.S. car giants General Motors and Ford suspended operations on their production lines in Russia Wednesday as the deepening economic crisis squeezes Russian consumers' demand for new cars....
General Mills 4th-quarter profit almost doubles
AP - WEDNESDAY, JULY 1, 2009 7:27 A.M.
MILWAUKEE (AP) -- General Mills Inc. said Wednesday that its fiscal fourth-quarter profit almost doubled as consumers stuck with its well-known brands such as Cheerios cereal and Yoplait yogurt....
Pending home sales up 4th straight month in May
AP - WEDNESDAY, JULY 1, 2009 7:06 A.M.
WASHINGTON (AP) -- A private group says pending home sales rose in May for the fourth straight month, fresh evidence that the housing sector may be recovering....
Dow Chemical to close 3 Louisiana plants
AP - WEDNESDAY, JULY 1, 2009 6:19 A.M.
MIDLAND, Mich. (AP) -- Dow Chemical will close three Louisiana plants as the company shifts away from basic chemicals and more toward the lucrative business of specialty chemicals, the company said Wednesday...
AB InBev sells drinks can plants for $577 mln
AP - WEDNESDAY, JULY 1, 2009 6:06 A.M.
BRUSSELS (AP) -- Anheuser-Busch InBev said Wednesday it will sell four U.S. packaging plants to Ball Corp. for $577 million to help pay off debt....
Is Twitter the news outlet for the 21st century?
AP - WEDNESDAY, JULY 1, 2009 6:04 A.M.
NEW YORK (AP) -- Cassy Hayes and Jasmine Coleman were among the first fans to arrive outside the Ronald Reagan UCLA Medical Center in Los Angeles where Michael Jackson was brought and later pronounced dead....
Constellation Brands 1Q profit drops 85 percent
AP - WEDNESDAY, JULY 1, 2009 5:19 A.M.
VICTOR, N.Y. (AP) -- Constellation Brands Inc. said Wednesday that its fiscal first-quarter profit slid 85 percent partly on increased restructuring charges, but the wine company's adjusted results still beat Wall Street expectations....
Japan's Shinsei and Aozora Banks agree to merge
AP - WEDNESDAY, JULY 1, 2009 5:17 A.M.
TOKYO (AP) -- Japan's Shinsei Bank Ltd. and Aozora Bank Ltd. - two money-losing midsize lenders with major U.S. stakeholders - have agreed to merge, the companies said Wednesday....
