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Oil nears $126 per barrel ahead of US driving season 5.9.2008 : 9:11 am Oil prices neared $126 per barrel Friday on the eve of the U.S. driving season as a weakening U.S. dollar drove investors to snap up commodities. Stock head for lower open after AIG reveals need for cash 5.9.2008 : 9:03 am NEW YORK -- Wall Street headed for a lower open Friday after the world's largest insurer reported a wider-than-expected loss for the first quarter, rekindling investors' anxiety about the strained state of the global financial system. Oil prices also advanced further into record territory, coming close to $126 and stirring unease about rising inflation. Citigroup targeting 9 percent revenue growth 5.9.2008 : 9:02 am NEW YORK -- 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. March trade deficit drops by bigger-than-expected amount 5.9.2008 : 8:54 am WASHINGTON -- The U.S. trade deficit narrowed sharply in March as demand for imports fell by the largest amount since the last recession was ending. China producer price index up 8.1 pct 5.9.2008 : 8:47 am SHANGHAI, China -- 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. Clear Channel profit surges, income flat from continuing ops 5.9.2008 : 8:44 am NEW YORK -- Clear Channel Communications Inc. reported Friday its first-quarter profit soared due to asset sales, an investment gain and higher revenue, but earnings from continuing operations were flat. Guinness brewing ops being consoldiated in Irleand 5.9.2008 : 8:29 am DUBLIN, Ireland -- Diageo PLC said Friday it will close two Irish breweries, reduce operations at a third facility and cut its staff in the country by more than half as it consolidates Guinness brewing operations in Ireland. German insurer Allianz 1Q net profit falls 65 percent 5.9.2008 : 7:34 am FRANKFURT, Germany -- 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. Dollar falls against euro on ECB interest rate signals 5.9.2008 : 6:45 am FRANKFURT, Germany -- The dollar fell against the euro Friday after the European Central Bank signaled that it was unlikely it would consider any interest rate cuts in the coming months. Japan Airlines reduces losses in latest quarter 5.9.2008 : 5:18 am TOKYO -- 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. Japanese shares drop on Toyota outlook 5.9.2008 : 5:15 am TOKYO -- Japanese shares dropped Friday as selling spread across the board following Toyota's bleak earnings projection. The benchmark Nikkei 225 index sank 287.92 points, or 2.06 percent, to 13,655.34. Rain comes to western Texas just in time for cotton planting 5.9.2008 : 5:12 am LUBBOCK, Texas -- Craig Heinrich and other South Plains cotton producers no longer have to look to the sky and pray -- widespread rain arrived just in time for planting. Top 3 air carriers boost fuel charge by $20 roundtrip 5.9.2008 : 2:51 am NEW YORK -- The three biggest U.S. carriers said Thursday they have again raised ticket prices, this time by $20 roundtrip, to recoup rapidly rising fuel costs. More shoppers seeking shelter from economy in discounters 5.9.2008 : 2:50 am NEW YORK -- Caught in the maelstrom of higher gas and food prices, Americans -- even more affluent ones -- are seeking shelter in wholesale clubs and discount apparel chains. Survey says executives see oil prices falling 5.9.2008 : 2:48 am HOUSTON -- Even as oil prices ascended to new highs of more than $124 a barrel this week, many oil and gas industry executives say they expect the price to fall significantly by year's end, a new survey shows. AIG posts 1Q loss of $7.8B, plans to raise $12.5B 5.9.2008 : 2:48 am NEW YORK -- American International Group Inc. says it will raise $12.5 billion in the coming months as the insurer looks to shore up a capital base that has been rocked by deterioration in the credit markets. GM to pay up to $200M to help end American Axle strike 5.9.2008 : 2:47 am DETROIT -- A bitter, 10-week strike at auto parts supplier American Axle and Manufacturing Holdings Inc. could end soon now that General Motors Corp. has agreed to kick in up to $200 million to help settle the dispute, industry analysts said. Western states rebuff plan for Italian nuclear waste in Utah 5.9.2008 : 2:22 am BOISE, Idaho -- Eight Western states on Thursday rejected a company's plan to ship tons of radioactive waste from Italy for disposal in Utah, saying importing foreign loads would violate the group's rules. Chrysler unleashes Dodge Challenger into an uncertain market 5.8.2008 : 11:59 pm BRAMPTON, Ontario -- The 2008 Dodge Challenger began rolling off the assembly line Thursday into an uncertain market that could embrace the nostalgic muscle car or reject it for its gas-guzzling excess. GM buys its Detroit headquarters for $626 million 5.8.2008 : 11:41 pm DETROIT -- General Motors Corp. said Thursday that the shaky real estate market convinced the automaker that it was a good time to buy its previously leased headquarters in downtown Detroit's towering Renaissance Center for $626 million. Wachovia separates chairman, CEO positions 5.8.2008 : 6:59 pm CHARLOTTE, N.C. -- Wachovia Corp. on Thursday stripped Chief Executive Ken Thompson of his chairman role in a move that separates the top management position from the top oversight role. Business Highlights 5.8.2008 : 6:16 pm Gas jumps nearly 3 cents to record; oil crosses $124 NEW YORK (AP) -- Gasoline and crude oil jumped to new records Thursday, with gas rising 3 cents to an average national price of nearly $3.65 a gallon and oil crossing $124 a barrel for the first time. Treasurys extend rally as investors seek safe haven bets 5.8.2008 : 6:06 pm NEW YORK -- Treasurys extended their rally into a second day Thursday, as the soaring price of oil and concerns about a resulting slowdown in consumer spending drove investors to the security of government issues. Rice futures jump on worries over Myanmar supply; Oil jumps 5.8.2008 : 5:32 pm NEW YORK -- Rice futures surged Thursday on worries that devastation to Myanmar's rice-growing heartland could lead to widespread shortages and worsen the global food crisis. Warner Music Group 2Q loss widens on increased expenses 5.8.2008 : 4:47 pm LOS ANGELES -- Warner Music Group Corp., whose artists include R.E.M., Madonna and Green Day, said Thursday that higher costs and a shift to digital music resulted in a wider second-quarter loss and it suspended dividends. Best Buy teams up with leading European cell phone retailer 5.8.2008 : 4:20 pm MINNEAPOLIS -- Consumer electronics chain Best Buy Co. Inc. is establishing a foothold in the European market with a $2.1 billion investment in the continent's largest cell phone retailer, allowing the American company to roll out its trademark big box stores in Europe, the companies said Thursday. Will love of mom overcome economy worries on Mother's Day? 5.8.2008 : 4:02 pm MILWAUKEE -- It's a few days before Mother's Day and Robert Jenkins jumps every time the phone rings. He's got about 220 reservations at his Cajun-style restaurant, Bayou, for brunch on Sunday. Last year, he had 300 reservations -- but with the economy sagging, business is down. Rates on 30-year mortgages edge down slightly 5.8.2008 : 2:59 pm WASHINGTON -- Rates on 30-year mortgages edged down slightly this week, but remained above 6 percent for the third straight week. Mortgage giant Freddie Mac reported Thursday that 30-year fixed-rate mortgages averaged 6.05 percent this week, compared to 6.06 percent last week. It marked the third week that 30-year rates have been above 6 percent. Best Buy puts $2.1 billion into European cell phone retailer 5.8.2008 : 1:53 pm MINNEAPOLIS -- Best Buy, the largest U.S. consumer electronics chain, has moved into Europe with a $2.1 billion investment in the continent's largest cell phone retailer, the companies announced Thursday. ECB, Bank of England leave rates steady 5.8.2008 : 1:19 pm ATHENS, Greece -- The European Central Bank and the Bank of England both held their official interest rates steady on Thursday as rising inflation outweighed concerns about slowing economic growth across the European Union. Nasdaq first-quarter profit surges on boost from OMX buyout 5.8.2008 : 11:51 am NEW YORK -- Nasdaq OMX Group said Thursday that its quarterly profit surged in its first combined reporting period that included Sweden's OMX stock exchange. Lobster boat builders pinched as catch drops, economy slows 5.8.2008 : 10:16 am JONESPORT, Maine -- For the first time in 24 years of building lobster boats, Wayne Beal doesn't have any job orders. He has a 42-footer under construction at his boatyard -- but he's building it for himself, so he can give up boat building and go lobster fishing instead. Toyota projects first full-year profit drop in 7 years 5.8.2008 : 9:23 am TOKYO -- Toyota said the strong yen and weaker U.S. sales took a bite out of January-March earnings and projected worse was to come -- a 27 percent plunge in its full-year profit. Dynegy swings to 1Q loss as energy prices surge 5.8.2008 : 8:04 am HOUSTON -- Dynegy Inc. said Thursday it swung to a loss in the first quarter as market prices for power surged, causing accounting losses on some forward sales. Wal-Mart same-store sales top Wall Street expectations 5.8.2008 : 7:45 am BENTONVILLE, Ark. -- Wal-Mart Stores Inc. says sales of groceries and items such as flat-screen TVs boosted its same-store sales in April above Wall Street expectations. InBev profit drops on rising costs 5.8.2008 : 7:23 am BRUSSELS, Belgium -- InBev SA, the brewer of Stella Artois and Beck's, posted an unexpected 11 percent drop in its first-quarter profit on Thursday, blaming rising costs for ingredients and shipping and weak sales in Brazil, where it does half its business. Bridgestone's first-quarter net profit falls 18.4 percent 5.8.2008 : 5:43 am TOKYO -- Bridgestone, the world's largest tire and rubber products maker by sales, said Thursday its net profit fell 18.4 percent from a year ago in the January-March quarter due to sluggish demand in the United States and a strengthening yen. Northwest cherry harvest down with the temps 5.8.2008 : 4:39 am YAKIMA, Wash. -- Fresh cherry pie on the Fourth of July? Maybe not on the East Coast this year, and consumers can blame freezing spring temperatures in the Northwest. South Korea may demand revision of US beef import pact 5.8.2008 : 4:37 am SEOUL, South Korea -- South Korea said Thursday it may demand a revision of a beef import agreement with the United States as the government struggled to quell widespread perceptions that American beef is unsafe. Softbank's annual net profit surges to record high 5.8.2008 : 4:31 am TOKYO -- Softbank Corp.'s net profit nearly quadrupled to a record high last fiscal year on the strength of its rapidly expanding mobile business, the technology and Internet company said Thursday. AP Interview: Paulson says credit crisis may be fading 5.8.2008 : 3:42 am WASHINGTON -- The worst of the nation's credit crisis may have passed, Treasury Secretary Henry Paulson said Wednesday, though he acknowledged rising gas prices will blunt the effect of 130 million economic stimulus checks. Consumer borrowing unexpectedly surges in March 5.8.2008 : 3:40 am WASHINGTON -- Consumer borrowing rose in March at the fastest pace in four months, more than double the increase of the previous month, in what was seen as a sign of rising economic stress. Oil companies agree to settle MTBE contamination lawsuits 5.8.2008 : 3:35 am NEW YORK -- At least two major oil companies said late Wednesday they have agreed to settle lawsuits over the use of the gasoline additive MTBE, a potential carcinogen that has been found in drinking water. Murdoch sees clinching Newsday soon; News Corp. profit jumps 5.7.2008 : 7:10 pm NEW YORK -- News Corp. CEO Rupert Murdoch said Wednesday he expects to clinch a deal to buy the Long Island-based newspaper Newsday within a week, despite a higher offer from Cablevision Systems Corp. Clearwire, Sprint Nextel to form $14.55B wireless company 5.7.2008 : 6:31 pm KANSAS CITY, Mo. -- Clearwire and Sprint Nextel have resurrected their plan to offer high-speed mobile Internet service with the help of some deep-pocketed supporters. AP sources give inside look at Microsoft's raised Yahoo bid 5.7.2008 : 6:04 pm SAN FRANCISCO -- Just how serious was Microsoft Corp. about raising its bid to $47.5 billion for slumping Internet pioneer Yahoo Inc.? The answer is taking on greater importance as more outraged Yahoo shareholders threaten to sue the company's board -- or try to replace the 10 directors -- for the way they responded to Microsoft's sweetened offer. :: Privacy Statement :: :: Copyright 2008 :: :: Terms of Use ::