Lax laws allow US companies to be used for crimes AP (November 05, 2009) WASHINGTON (AP) - Lax state laws allow arms traffickers, drug kingpins and money launderers to use U.S. companies to hide their illicit activities from investigators, government officials said Thursday.
NetJets Inc. to lay off 495 pilots nationwide AP (November 05, 2009) COLUMBUS, Ohio (AP) - Private air service NetJets Inc., unit of Warren Buffett's Berkshire Hathaway Inc, says it will lay off up to 495 pilots nationwide because of a drop in demand.
Scripps to get majority stake in Travel Channel AP (November 05, 2009) CINCINNATI (AP) - Scripps Networks Interactive Inc. said Thursday it will take a 65 percent stake in Cox Communications Inc.'s cable-television network Travel Channel, which reaches about 95 million U.S. households.
BofA says credit environment remains difficult AP (November 05, 2009) CHARLOTTE, N.C. (AP) - Bank of America Corp. on Thursday reiterated that the current credit environment will remain difficult into next year, as unemployment is likely to continue to rise.
Expanded tax breaks for money-losing companies AP (November 05, 2009) (AP) - The Senate has voted to expand a tax break for money-losing companies as part of a bill to extend and expand a tax credit for homebuyers and unemployment benefits for people without jobs for more than a year. How the business tax break would work:
Large NYC employers getting swine flu vaccine AP (November 05, 2009) NEW YORK (AP) - Some of New York City's largest employers - including Wall Street firms like Goldman Sachs and big universities - have started receiving doses of the much-in-demand swine flu vaccine for their at-risk employees.
GM boss: Opel to pay for most of its restructuring AP (November 05, 2009) DETROIT (AP) - General Motors Co. CEO Fritz Henderson said Thursday its European Opel unit will pay for most of the $3 billion it needs to restructure.
Insurer Cigna's 3Q profit grows 92 percent AP (November 05, 2009) INDIANAPOLIS (AP) - Managed care company Cigna Corp.'s third-quarter profit soared 92 percent, as improving equity markets spurred a big turnaround in a discontinued business that hurt the insurer last year.
Delphi Automotive creates new board of directors AP (November 04, 2009) NEW YORK (AP) - Delphi Automotive LLP, which exited bankruptcy protection last month, said Wednesday that it has created a new board that will be led by former DuPont Chairman John Krol.
Microsoft lays off 800 more workers worldwide AP (November 04, 2009) REDMOND, Wash. (AP) - Microsoft Corp. says it is cutting 800 more jobs. That's in addition to the 5,000 layoffs it announced in January.
A growing PayPal could soon overshadow parent eBay AP (November 04, 2009) SAN FRANCISCO (AP) - Most people know eBay Inc. for its online marketplace, where deals abound on everything from gadgets to antique furniture. But soon, eBay's biggest business will likely be PayPal, the online payments service that has been growing steadily even as the economy has stumbled.
Judge: Mich. man can sue store he robbed AP (November 04, 2009) MOUNT CLEMENS, Mich. (AP) - A Michigan judge says a man who claims he was chased, shot and beaten by workers at a store he'd just robbed can sue the men. But only if he comes up with $10,000 within two weeks.
Merck, now No. 2 drugmaker, set for future buys AP (November 04, 2009) TRENTON, N.J. (AP) - The new Merck & Co. has become the world's second-biggest drugmaker overnight with a huge acquisition, but it still has a fat wallet and plans more wheeling and dealing.
Delphi Automotive creates new board of directors AP (November 04, 2009) NEW YORK (AP) - Delphi Automotive LLP, which exited bankruptcy protection last month, said Wednesday that it has created a new board that will be led by former DuPont Chairman John Krol.
Banks face Feb. 1 deadline from Fed on pay plans AP (November 03, 2009) WASHINGTON (AP) - The nation's biggest banks face a February deadline for submitting employee compensation plans to the Federal Reserve, according to people with knowledge of the process.
2 Ford Motor senior executives to retire AP (November 03, 2009) DEARBORN, Mich. (AP) - Ford Motor Co., which surprised the market by posting a third-quarter profit, said Tuesday that two of its senior executives are retiring.
Kraft profit falls nearly 40 percent in Q3 AP (November 03, 2009) NORTHFIELD, Ill. (AP) - Kraft Foods says slower sales and lower prices on food cut its third-quarter profit nearly 40 percent from a year earlier, but the company raised its forecast for the year.
Osiris gets $15M milestone payment from NuVasive AP (November 03, 2009) NEW YORK (AP) - Osiris Therapeutics Inc. said Tuesday it received a $15 million payment from NuVasive Inc., the final milestone fee linked to the sale of Osiris' bone graft stem cell business.
3Par names Michael Clair to its board AP (November 03, 2009) FREMONT, Calif. (AP) - Virtual storage provider 3Par on Tuesday named Michael M. Clair to its board as an independent outside director.
Berkshire Hathaway OKs 50-for-1 split of B-shares AP (November 03, 2009) NEW YORK (AP) - Warren Buffett's Berkshire Hathaway Inc. is sending a plan to split the iconic company's Class B shares to a shareholder vote as part of its plan to buy the Burlington Northern Santa Fe Corp.
Dow names CFO Merszei to overseas posts AP (November 03, 2009) MIDLAND, Mich. (AP) - Dow Chemical Co. on Tuesday said chief financial officer Geoffery Merszei will leave that post and take on the roles of president of Dow Europe, Middle East and Africa, chairman of Dow Europe and executive vice president of The Dow Chemical Co.
GM posts 1st monthly sales gain in almost 2 years AP (November 03, 2009) DETROIT (AP) - GM reported its first monthly gain in U.S. sales in almost two years while Toyota and Ford also improved, a sign the auto industry it starting to crawl back from a yearlong slump.
Belo falls to loss on charges, declining ad sales AP (November 03, 2009) DALLAS (AP) - TV station owner Belo Corp. fell to a third-quarter loss, hurt by the weak advertising market and a one-time accounting charge.
Johnson & Johnson sets restructuring, plans charge AP (November 03, 2009) NEW YORK (AP) - Johnson & Johnson said Tuesday it will trim layers of management, cut thousands of jobs, and set other restructuring moves in order to save up to $900 million next year.
Helped by swine flu, Clorox 1Q profit rises 23 pct AP (November 02, 2009) CHICAGO (AP) - The Clorox Co. said Monday profit rose 23 percent in its fiscal first quarter, as consumers paid higher prices and stocked up on disinfecting products because of worries about the flu.
Microsoft CEO: IT spending won't fully recover AP (November 02, 2009) SEOUL, South Korea (AP) - Microsoft CEO Steve Ballmer said Monday corporate spending on information technology will not recover to levels seen in recent years before the global economic slowdown.
Obama: Private, public sectors must create jobs AP (November 02, 2009) WASHINGTON (AP) - President Barack Obama said Monday the public and private sectors must find more ways to create jobs to continue the nation's climb out of an economic recession.
Ford surprises with $1B profit; sees profit in '11 AP (November 02, 2009) DEARBORN, Mich. (AP) - Ford, the only Detroit automaker to dodge direct government aid and bankruptcy court, surprised investors with net income of nearly $1 billion in the third quarter and forecast a "solidly profitable" 2011.
Court seems unlikely to get involved in fee fight AP (November 02, 2009) WASHINGTON (AP) - Several Supreme Court justices seemed unsympathetic to calls for the court to get involved in setting fees for mutual funds, a common form of retirement investment.
Author Ken Auletta searches for the Google story AP (November 02, 2009) (AP) - "Googled: The End of the World as We Know It" (The Penguin Press, 336 pages, $25.95), by Ken Auletta. Google is best understood in terms of billions. Three billion searches are conducted daily on the site. Company revenues last year exceeded $22 billion. It spent $1.76 billion for YouTube and $3.2 billion for the digital ad company DoubleClick.
Mercury General declares dividend of 59 cents AP (November 02, 2009) LOS ANGELES (AP) - Mercury General Corp. on Monday said its board declared a quarterly dividend of 59 cents, up a penny above the prior year's payout.
Former AMD chief leaves current job AP (November 02, 2009) SUNNYVALE, Calif. (AP) - Hector Ruiz, former CEO of chip maker Advanced Micro Devices Inc., is leaving his job with a spinoff company after a published report linking him to the Galleon Group insider trading case.
SEC staff issues acctg. guidelines for oil cos. AP (October 30, 2009) WASHINGTON (AP) - To help energy companies meet a requirement of providing more detailed information to investors when reporting oil and natural gas reserves, federal regulators issued new accounting guidelines Friday.
Health care businesses at risk in House overhaul AP (October 30, 2009) WASHINGTON (AP) - The health care overhaul bill produced by House Democrats would impose an array of new taxes, fees and government mandates on major players in the health industry, including insurers, doctors and drugs and medical devices makers.
Sun CEO's pay package cut by a third in '09 AP (October 29, 2009) SAN FRANCISCO (AP) - The value of Sun Microsystems Inc. CEO Jonathan Schwartz's latest pay package dropped 37 percent from last year as the company lost more than $2 billion and was in such dire financial shape that it was forced to put itself up for sale.
Las Vegas Sands posts wider 3Q loss as taxes rise AP (October 29, 2009) LAS VEGAS (AP) - Casino operator Las Vegas Sands Corp. on Thursday reported a larger third-quarter loss as gambling markets continued to struggle, taxes increased and the company pressed ahead on developing a resort in Singapore.
Pfizer shareholders to get vote on executive pay AP (October 29, 2009) NEW YORK (AP) - Drugmaker Pfizer Inc. said Thursday its shareholders will have input on compensation for company executives starting in 2010.
PerkinElmer profit tumbles on lower sales AP (October 29, 2009) WALTHAM, Mass. (AP) - PerkinElmer Inc., which supplies equipment and services to pharmaceutical and other companies, says third-quarter profit and sales fell, but the CEO said he was seeing encouraging signs.
Lazard: Wasserstein options lead to $86.5M charge AP (October 28, 2009) NEW YORK (AP) - Two weeks after the sudden death of its CEO Bruce Wasserstein, Lazard Inc. said it will record an $86.5 million charge in the fourth quarter to cover stock options granted to him that will vest posthumously.
Dr. Pepper Snapple finance chief to retire AP (October 27, 2009) PLANO, Texas (AP) - The chief financial officer of Dr. Pepper Snapple Group Inc. will retire at the end of March, the soft drink maker said Tuesday.
Peltz joins Legg Mason board as Trian buys stake AP (October 26, 2009) NEW YORK (AP) - Legg Mason Inc. said Monday that billionaire investor Nelson Peltz will join the asset manager's board after his investment firm amassed a 4.3 percent stake in the company.
Amid ad slump, Fortune redesigns business magazine AP (October 23, 2009) PHILADELPHIA (AP) - Fortune is embarking on an ambitious redesign of its business magazine to become more competitive in the face of a vicious advertising slump.
UQM Technologies prices 7.5M common stock offering AP (October 23, 2009) FREDERICK, Colo. (AP) - UQM Technologies Inc., which makes generators and electric motors, on Friday priced its 7.5 million share common stock offering at $4 per share, an 8.4 percent discount from its Thursday stock closing price.
House panel's probe targets big mortgage lenders AP (October 23, 2009) WASHINGTON (AP) - A House panel is investigating the role of mortgage lenders in the financial crisis and is seeking information from some of the biggest U.S. companies to determine if they used deceptive practices to lure borrowers into the housing boom.
Treasury to order bailed-out firms to slash pay AP (October 22, 2009) WASHINGTON (AP) - The Treasury Department is expected in the next few days to order companies that received huge government bailouts last year to slash the base salaries of their top executives by an average of 90 percent and cut their total compensation in half, according to a person familiar with the matter.
Vermont Senate chief questions Entergy spinoff AP (October 22, 2009) MONTPELIER, Vt. (AP) - The Vermont Yankee nuclear plant's future as a provider of a third of the state's electricity could be in jeopardy if the plant's owner spins it off to a newly created company, the head of the state Senate said Wednesday.
TARP figure confirms substantial pay cuts looming AP (October 22, 2009) WASHINGTON (AP) - The chairman of the panel that oversees the $700 billion federal bailout fund said Thursday the Obama administration is insisting on slashing the salaries of executives of companies that took money from the government.
Caterpillar picks Oberhelman as next CEO AP (October 22, 2009) PEORIA, Ill. (AP) - Caterpillar Inc., the world's largest maker of construction and mining equipment, said Thursday that Douglas Oberhelman will become the company's CEO starting in July of next year.
Businesses quit US Chamber over climate stance AP (October 20, 2009) ALBANY, N.Y. (AP) - The U.S. Chamber of Commerce calls itself the "voice of business," yet a growing number of companies from Apple to Exelon are saying it doesn't speak for them when it denies global warming and lobbies against climate change legislation.
JDA Software swings to loss on $8.6M payment AP (October 19, 2009) SCOTTSDALE, Ariz. (AP) - JDA Software Group Inc. reported a third-quarter loss on Monday, pushed into the red by an $8.6 million payment related to the repurchase of preferred stock.
IPhone helps Apple profit rise 47 pct; stock leaps AP (October 19, 2009) SEATTLE (AP) - Apple Inc. increased its net income 47 percent in the most recent quarter as more people bought Mac computers and gave in to the iPhone craze. The results sent Apple shares surging in extended trading Monday to an all-time high.
Hasbro 3Q net income rises 8.8 percent AP (October 19, 2009) NEW YORK (AP) - Hasbro says its profit grew 8.8 percent in the third quarter, helped by lower costs and slightly higher sales of Transformers and G.I. Joe toys.
Genworth expands board to 11 members AP (October 14, 2009) RICHMOND, Va. (AP) - Insurer Genworth Financial Inc. said Wednesday that it expanded its board to 11 members by naming Christine B. Mead and Thomas E. Moloney as independent directors.
Watchdog: Treasury wasn't prepared for AIG bonuses AP (October 14, 2009) WASHINGTON (AP) - The fierce debate over bonuses for bailed-out executives was revived on Capitol Hill Wednesday as a government watchdog explained how some executives nearly brought down the financial system - then pocketed millions.
CIT Group says CEO Peek plans to resign AP (October 13, 2009) NEW YORK (AP) - CIT Group Inc., a major business lender that's been devastated by the downturn in the credit markets, said Tuesday its chairman and CEO will resign at the end of the year.
P&G's McDonald faces shareholders AP (October 13, 2009) CINCINNATI (AP) - The Procter & Gamble Co.'s new CEO will give shareholders a look at plans for growth at the consumer products company's annual meeting.
Apple director Levinson leaves Google's board AP (October 13, 2009) MOUNTAIN VIEW, Calif. (AP) - Google Inc. said Monday that Arthur Levinson has resigned from the Internet search leader's board, averting a potential showdown with government regulators over his overlapping job as a director for computer and gadget maker Apple Inc.
Supreme Court will hear appeal of Enron's Skilling AP (October 13, 2009) WASHINGTON (AP) - The Supreme Court will consider throwing out the convictions of former Enron Chief Executive Officer Jeff Skilling for his role in the collapse of the one-time energy giant.
Google CEO creates $25M endowment at Princeton AP (October 13, 2009) TRENTON, N.J. (AP) - Google CEO Eric Schmidt and his wife have given $25 million to start an endowment fund at Princeton University.
Intuit nominates David Batchelder as director AP (October 13, 2009) MOUNTAIN VIEW, Calif. (AP) - Financial software company Intuit Inc. said David Batchelder will be added to its board's slate of nominees standing for election at its 2009 annual shareholder meeting.
Americans Ostrom, Williamson win Nobel economics AP (October 12, 2009) STOCKHOLM (AP) - Americans Elinor Ostrom and Oliver Williamson won the Nobel economics prize on Monday for their analyses of economic governance - the rules by which people exercise authority in companies and economic systems.
Texas Industries, dissidents blast each other AP (October 12, 2009) NEW YORK (AP) - A second proxy advisory firm urged Texas Industries Inc. shareholders Monday to support director nominees and governance proposals by a dissident stock holder group as both the cement maker and the dissidents traded accusations ahead of the annual meeting next week.
US stock futures higher as earnings loom AP (October 12, 2009) NEW YORK (AP) - U.S. stock futures are signaling a higher market opening at the start of a busy week of earnings.
Job data to show stimulus aided teachers, laborers AP (October 12, 2009) WASHINGTON (AP) - President Barack Obama's stimulus plan spared tens of thousands of teachers from losing their jobs, state officials said Monday amid a nationwide effort to calculate the effect of Washington's $787 billion recovery package.
Google board member steps down AP (October 12, 2009) MOUNTAIN VIEW, Calif. (AP) - Google Inc. says a board member who is also a director of computer maker Apple Inc. is stepping down, removing a potential conflict of interest as the two companies look to compete more directly.
Lazard CEO Bruce Wasserstein hospitalized AP (October 12, 2009) NEW YORK (AP) - Bruce Wasserstein, a prominent Wall Street dealmaker and CEO of Lazard Ltd., was hospitalized with an irregular heartbeat.