News For Thursday Aug 28, 2008 News For Thursday Aug 28, 2008

Business Business

Oil rises in Asia on worries Gustav may strengthen - Added 1 hour ago

Oil prices rose above $119 a barrel Thursday in Asia on fears that Tropical Storm Gustav could strengthen on its way toward crude and natural gas rigs and refineries in the Gulf of Mexico. Royal Dutch Shell PLC said...

South Carolina breaks ground for a farmers market - Added 1 hour ago

South Carolina agriculture officials say the new State Farmers Market should be finished by the time the tomatoes and peaches ripen in late spring 2010. Ground was broken on the new market Wednesday for the second time...

Durable goods post strong gains in June, July - Added 2 hours ago

U.S. factories saw a surprisingly hefty increase in their orders for big-ticket products in July, reflecting continued strength in export sales and a boost to business investment from the government's tax stimulus...

Questions follow Mattel's $100M Bratz verdict - Added 2 hours ago

A three-month trial that pitted Mattel Inc. against Bratz-maker MGA Entertainment Inc. brought a $100 million jury award for the house of Barbie, but the legal battle is far from over. Still at question is whether MGA...

Stocks rise following gain in durable goods orders - Added 2 hours ago

Wall Street posted a sizable advance Wednesday after the government reported a larger-than-expected increase in orders for big-ticket manufactured goods that indicated the economy could be stronger than some investors...

Fannie Mae shakes up management team - Added 2 hours ago

Mortgage finance giant Fannie Mae shook up its executive ranks Wednesday, after shares in it and sibling company Freddie Mac rose for a third straight day as investors appeared less certain a government bailout of the...

Sony's Chubachi warns stagflation threatens Asia - Added 3 hours ago

Sony Corp. President Ryoji Chubachi warned Thursday that stagflation _ slowing economic growth and quickening inflation _ in the U.S., Europe and Japan is beginning to undermine consumer demand in Asia. "This is the...

Toyota lowers 2009 global sales target - Added 3 hours ago

Toyota lowered its global sales target for 2009 to 9.7 million vehicles on Thursday, down from an earlier 10.4 million vehicles, blaming "tough times," caused by rising material costs, a slowing U.S. market and soaring...

China, Iraq reach $3 billion oil service deal - Added 3 hours ago

China and Iraq have signed a $3 billion deal revising an earlier agreement for China's biggest oil company to help develop the Ahdab oil field, according to a statement from the Iraqi Embassy in Beijing. The deal,...

Survey: US workers' confidence in job market sags - Added 3 hours ago

American workers' confidence in the job market is as low as it was during the 2001 recession, according to a survey released Thursday. When asked whether this is a bad time to find a quality job, 65 percent said it...

TVA asks NRC to renew build permits for 2 reactors - Added 8 hours ago

The Tennessee Valley Authority, faced with growing electricity demand and rising coal costs, asked regulators Wednesday to renew construction permits for two unfinished nuclear reactors it virtually abandoned 20 years...

Stocks rise following gain in durable goods orders - Added 11 hours ago

Wall Street posted a sizable advance Wednesday after the government reported a larger-than-expected increase in orders for big-ticket manufactured goods that indicated the economy could be stronger than some investors...

Treasurys edge higher amid Fannie, Freddie worries - Added 11 hours ago

Treasury bonds rebounded Wednesday to finish slightly higher amid uncertainty over whether troubled mortgage financiers Fannie Mae and Freddie Mac would need a government bailout. Investors grew concerned about the...

SEC proposes international accounting plan - Added 11 hours ago

Federal regulators on Wednesday proposed a plan to allow public companies to begin using international accounting standards for reporting financial results in two years, and may require them to do so starting in 2014. ...

One small hitch for FAA, one giant mess for fliers - Added 11 hours ago

When a computer system that distributes flight plans nationwide came rolling to a halt this week because of a software glitch, so did airplanes on tarmacs from Orlando to Chicago. The ensuing delays drove home just how...

Summary Box: Sentencing in Enzyte case - Added 12 hours ago

WHAT: Steve Warshak, founder of Berkeley Premium Nutraceuticals, was sentenced Wednesday to 25 years in prison. CASE: Federal prosecutors accused the company of bilking customers out of more than $400 million with...

Most commodities rise as energy markets eye Gustav - Added 12 hours ago

Most commodities prices advanced Wednesday, lifted by the rising price of oil as traders eyed the trajectory of Tropical Storm Gustav. The storm, though downgraded from hurricane status, appeared headed for the Gulf of...

3 top Fannie Mae executives to leave company - Added 12 hours ago

Fannie Mae says three top executives are leaving as the mortgage finance company aims to cope with mounting losses from the mortgage crisis. Fannie Mae Chief Financial Officer Stephen Swad is leaving to "pursue other...

ConocoPhillips sells remainder of gas stations - Added 12 hours ago

ConocoPhillips will sell the remainder of its gas stations in the United States, the company said Wednesday, though Conoco, Phillips 66, and 76 will continue to operate under those familiar signs. The 600 or so...

Borders, IKON Office, Dycom among big movers - Added 12 hours ago

Stocks that moved substantially or traded heavily Wednesday on the New York Stock Exchange and Nasdaq Stock Market: NYSE Borders Group Inc., up $1.03 at $6.39 The bookseller posted a narrower-than-expected loss for...

NY AG confirms probe into Goldman, Fidelity - Added 13 hours ago

The New York attorney general's office said Wednesday it is investigating whether Fidelity Investments was given incentives by Goldman Sachs Group Inc. to sell auction-rate securities to investors. Investigators are...

Oil ends higher as Gustav spins toward Gulf - Added 13 hours ago

Oil prices climbed for a third day Wednesday as fears deepened that Tropical Storm Gustav could enter the Gulf of Mexico as a powerful hurricane and disrupt oil and natural gas production. On its current trajectory,...

Agriculture futures trade mixed in Chicago - Added 13 hours ago

Agriculture futures traded mixed Wednesday on the Chicago Board of Trade. Wheat for December delivery fell 28.75 cents to $8.2575 a bushel; December corn added 2 cents to $5.96 a bushel; December oats dropped 4.5 cents...

Public defender to take ex-prof's appeal in scam - Added 14 hours ago

The federal public defender for South Carolina will handle the court appeal of Al Parish, the former college professor convicted of bilking hundreds of investors out of $66 million. Parish, an economist who once taught...

Study: Bankruptcies soar for senior citizens - Added 14 hours ago

First came the health problems. Then, unable to work, Ada Noda watched the bills pile up. And then, suffocating in debt, the 80-year-old did something she never thought she'd be forced to do. She declared bankruptcy. ...

Dollar trades mixed, gold is flat in Europe - Added 15 hours ago

The U.S. dollar was mixed against other major currencies in European trading Wednesday. Gold was unchanged. The euro traded at $1.4691, up from $1.4650 late Tuesday in New York. In afternoon trading on Wednesday in New...

US thrifts 2Q loss of $5.4B is second largest ever - Added 15 hours ago

U.S. thrifts lost $5.4 billion in the second quarter and set aside a record amount to cover losses from bad mortgages and other loans. Data from the U.S. Office of Thrift Supervision released Wednesday show...

Ohio company owner gets 25 years in fraud case - Added 16 hours ago

A business owner convicted of defrauding customers seeking male sexual enhancement products and a variety of herbal supplements was sentenced Wednesday to 25 years in prison. Steve Warshak, 42, founder of Berkeley...

Chrysler weighs strategic options for Dodge Viper - Added 16 hours ago

Chrysler LLC said Wednesday it is weighing options for its iconic Dodge Viper sports car, which could include a sale of the nameplate. The Auburn Hills, Mich., automaker is mulling strategic options for the Viper, and...

Borders execs plan to build on Q2 progress - Added 17 hours ago

Borders Group Inc. shares soared more than 25 percent Wednesday after it posted better-than-expected earnings for the second quarter. But analysts remained leery, saying that tough competition and a weak economy...

PetroChina 1H profit down 35 pct, CNOOC up 89 pct - Added 18 hours ago

Earnings results announced Wednesday by major Chinese oil companies were in line with expectations, with industry leader PetroChina's first-half net profit falling 34.5 percent amid rising losses in its refining...

Japan's Ricoh to buy IKON Office for $1.62 billion - Added 19 hours ago

IKON Office Solutions, which sells and leases copiers, printers and other office machines, has agreed to a $1.62 billion buyout offer from one of its suppliers, Ricoh Co. of Japan. The deal will combine IKON's sales...

UK homebuilder Taylor Wimpey posts $2.6B loss - Added 19 hours ago

Taylor Wimpey PLC, Britain's largest homebuilder by volume, reported a $2.6 billion loss for the first half of the year on Wednesday, reflecting a nearly $2.8 billion write-down in the value of its assets. The company...

AP Executive Morning Briefing - Added 22 hours ago

The top business news from The Associated Press for the morning of Wednesday, August 27, 2008: FAA says communication breakdown delayed flights ATLANTA (AP) _ Mass flight delays caused by an electronic communication...

PetroChina says 1H net profit fell 35 pct - Added 22 hours ago

PetroChina's first-half net profit fell 34.5 percent, the oil company said Wednesday, amid rising losses in its refining business mainly due to Chinese domestic price controls. The company earned 53.6 billion yuan...

Jury awards Mattel Inc. $100 million in Bratz suit - Added 1 day ago

Barbie may have taken some of the sass out of her pouty-lipped rivals Yasmin, Jade, Cloe and Sasha with a $100 million verdict against Bratz-maker MGA Entertainment Inc., but no one's left the playground yet. A federal...

Homeowners mix vegetables, flowers to save money - Added 1 day ago

Tidy lawns have been replaced by a jumble of hot peppers, tomatoes, peas, peaches, berries and plums in the front yards of two next-door neighbors. And that's just a sampling. "What aren't we growing?" said Kelly...

Bank of China denies aiding terrorists - Added 1 day ago

A major state-owned Chinese bank on Wednesday denied accusations in a lawsuit filed in Los Angeles that it transferred money to terrorist groups and said it would fight the case. "The accusation is absolutely...

Delegates, visitors flock to downtown Denver mall - Added 1 day ago

Strains of a saxophone soloist's jazz melody drifted through crowds of delegates and visitors strolling along a downtown pedestrian mall Tuesday as vendors hawked food, art, candles and, of course, Democratic convention...

Companies report 4 new deaths with diabetes drug - Added 1 day ago

Eli Lilly and Amylin Pharmaceuticals Inc. on Tuesday reported four new deaths in patients taking Byetta, even as the companies tried to shore up the safety profile of their popular diabetes medication. The announcement...

Borders narrows loss for 2nd quarter - Added 1 day ago

Bookseller Borders Group Inc. said Tuesday that it narrowed its losses and slashed its debt during the second quarter, but continued to see sales slow as consumers limited their discretionary spending. The Ann Arbor,...

Oil prices rise as Hurricane Gustav nears Gulf - Added 1 day ago

Oil prices swung higher Tuesday as Hurricane Gustav struck Haiti, raising concerns that the storm could slam into major oil operations in the Gulf of Mexico. However, the price rise was tempered by a stronger dollar...

Stocks mixed on higher oil, consumer data - Added 1 day ago

Wall Street ended mixed Tuesday as concerns about the path of Hurricane Gustav sent oil prices higher and offset a better-than-expected reading on consumer confidence. Comments from the Federal Reserve about rising...

Recalls - Added 1 day ago

The following recalls have been announced: _ About 145,000 Chinese-made Kenmore and Kenmore Elite coffee makers, because the wiring can overheat, posing a risk of burns and fires. The coffee makers were sold at Sears,...

Jury awards Mattel $40 million in lawsuit - Added 1 day ago

A federal jury awarded Mattel Inc. $40 million in damages on Tuesday in a federal copyright lawsuit that pitted the house of Barbie against MGA Entertainment Inc., the maker of the saucy Bratz dolls. Damages were...

Clover coffee brewing arrives at Starbucks - Added 1 day ago

Starbucks unveiled the high-priced and high-taste Clover brewing systems at several Seattle stores Tuesday and says more will follow, as part of a recent deal that set the coffee community abuzz. The Clover is a...

Gold, silver trade higher on rising crude oil - Added 1 day ago

Gold rose to a two-week high in seesaw trading Tuesday as a jump in crude oil fed investor demand for hard assets as inflation hedges. Other commodities traded mostly lower, with copper, corn, soybeans and other...

Citi pays $18M for questioned credit card practice - Added 1 day ago

Citigroup Inc. will pay nearly $18 million in refunds and settlement charges for taking $14 million from customers' credit card accounts, California's attorney general said Tuesday. Citigroup will make refunds to the...

Boeing raises offer to Machinists union - Added 1 day ago

Boeing Co. on Tuesday said it has made an improved second offer to the Machinists union under ongoing contract talks. The airplane maker said it is improving the wage increase to 9 percent over three years and raising...

Agriculture futures end trading lower on CBOT - Added 1 day ago

Agriculture futures traded lower Tuesday on the Chicago Board of Trade. Wheat for September delivery fell 10.25 cents to $8.545 a bushel; December corn fell 6 cents to $5.94 a bushel; December oats dropped 9 cents to...