News For Tuesday Oct 7, 2008 News For Tuesday Oct 7, 2008

Business Business

30-year mortgages jump after 5 weeks of declines - Added 1 week ago

Rates on 30-year mortgages, which had been falling for five weeks, jumped sharply this week, reflecting the turbulence in global credit markets. Freddie Mac reported Thursday that its nationwide survey found that the...

A closer look at candymakers Mars and Wrigley - Added 1 week ago

Shareholders of chewing-gum maker Wm. Wrigley Jr. Co. approved the company's $23 billion sale to Mars Inc., paving the way for the formation of the world's largest candy maker. Here's a look at the two companies: Wm....

First flight of EADS' A400M transporter postponed - Added 1 week ago

EADS, the parent company of planemaker Airbus, said Thursday it has indefinitely postponed the first flight of its A400M military transport plane because its engines are not ready. In a statement, the European...

Wyeth: Menopause drug reduces multiple symptoms - Added 1 week ago

An experimental menopause treatment drugmaker Wyeth is developing reduced hot flashes, trouble sleeping and other symptoms and did not increase breast tenderness, a problem that bothers many women taking menopause...

Alitalia can keep flying _ for now - Added 1 week ago

Aviation authorities on Thursday allowed bankrupt Alitalia to keep flying for now after Italy's biggest union agreed to an investor rescue plan, although pilots and flight attendants need to accept the deal. "For now,...

New home sales and factory orders fall in August - Added 1 week ago

New home sales tumbled in August to the slowest pace in 17 years, while the average sales price fell by the largest amount on record, demonstrating the depth of the problem that Washington is trying to solve. The...

Rite Aid 2Q loss doubles on Eckerd struggles - Added 1 week ago

Drugstore operator Rite Aid shook up its management ranks Thursday after posting a higher second-quarter loss because of disappointing results at stores acquired from Brooks Eckerd and heavy promotional spending. The...

W.Va. court accepts appeals in $400m DuPont case - Added 1 week ago

West Virginia's Supreme Court has agreed to a full review of appeals arising from a nearly $400 million judgment against DuPont. A Harrison County jury awarded the damages to residents last year, after finding the...

Jobless claims pushed to 7-year high - Added 1 week ago

New claims for unemployment benefits jumped last week to their highest level in seven years due to the impact of a slowing economy and Hurricanes Ike and Gustav, the Labor Department reported Thursday. The department...

Northwest shareholders OK Delta combo plan - Added 1 week ago

Northwest Airlines shareholders approve a proposed combination with Delta Air Lines. Delta shareholders are scheduled to vote on the combination Thursday afternoon in Atlanta. The combination still has to receive...

Durable goods orders drop 4.5 percent in August - Added 1 week ago

Orders for big-ticket manufactured goods plunged in August by the largest amount in seven months as demand for both airplanes and autos fell sharply. The Commerce Department reported Thursday that orders for durable...

Rite Aid 2Q loss doubles on Eckerd struggles - Added 1 week ago

Drugstore operator Rite Aid said Thursday its loss nearly tripled in its second quarter because of disappointing results from the Brooks Eckerd stores Rite Aid bought in 2007. Rite Aid also announced a management...

Appeals court reviews ruling on former Qwest CEO - Added 1 week ago

The insider trading conviction of former Qwest Chief Executive Joe Nacchio is going back to court. The full 10th U.S. Circuit Court of Appeals will hear arguments Thursday as judges review a decision overturning Joe...

Clinton says bailout must not protect undeserving - Added 1 week ago

Former President Clinton says legislation stabilizing troubled financial markets ought to be ensure there'll be no "unjust enrichments" of people who do not deserve a bailout. The former president also said he believes...

Germany: Consumer confidence rises slightly - Added 1 week ago

Consumer confidence in Europe's largest economy rose slightly, halting a four-month slide, bolstered by falling oil prices and receding fears of inflation, a survey conducted before the meltdown on Wall Street earlier...

Japan posts rare trade deficit on high fuel costs - Added 1 week ago

Japan posted a rare trade deficit in August on soaring oil imports and falling car exports, the government said Thursday, underscoring evidence that external forces are exacerbating the country's economic gloom. ...

Bank run prompts $500M infusion in Hong Kong - Added 1 week ago

Hundreds of nervous customers swarmed Bank of East Asia offices in Singapore and Hong Kong Thursday, the second day of Asia's first major bank run since the global financial crisis erupted last year. Hong Kong's de...

AP Executive Morning Briefing - Added 1 week ago

The top business news from The Associated Press for the morning of Thursday, Sept. 25, 2008: Deal close on $700 billion financial bailout plan WASHINGTON (AP) _ President Bush is bringing presidential candidates...

Mandelson, China's Chen call for closer trade ties - Added 1 week ago

European Union trade commissioner Peter Mandelson and China's commerce minister called Thursday for closer trade ties between their giant economies but announced no breakthroughs in talks on import controls and other...

Gulf seafood industry crippled by Ike's damage - Added 1 week ago

On the eve of October's peak seafood harvesting season, migrant fishermen are sweeping debris from gutted bay side homes instead of scooping shrimp and oysters from the lucrative Gulf floor. The $100 million fishing...

North Dakota landmark closing after 18 years - Added 1 week ago

!!-- pobj:NY115-0924081639 -->One of North Dakota's most recognizable small family businesses is closing after nearly two decades of creating handmade products that drew national attention and served as a blueprint for...

Clients of troubled money-market funds get help - Added 1 week ago

Two brokerage firms told their customers Wednesday that they will cover up to $83 million of losses in a fallen money market fund, while clients of a Putnam Investments fund that suddenly closed last week were told...

S&P cuts WaMu ratings further into junk territory - Added 1 week ago

Standard & Poor's Ratings Services downgraded Washington Mutual Inc.'s creditworthiness further into junk territory Wednesday, noting the increased likelihood that any sale of the company would only be done in...

Nike 1Q profit falls on year-ago gain, sales grow - Added 1 week ago

Nike Inc. said Wednesday that its profit fell in the fiscal first quarter from a year earlier, when it benefited from a one-time tax gain. Excluding that item, profit rose in the quarter on sales growth around the...

Stocks end mostly lower amid debate over bailout - Added 1 week ago

Tension grew in the financial markets Wednesday, sending most stocks moderately lower as investors worried about the effectiveness of a still-emerging government plan to rescue banks from crippling debt. The credit...

Pilgrim's Pride trading halted after stock plunges - Added 1 week ago

Trading in shares of Pilgrim's Pride Corp., the nation's largest chicken producer, was halted late Wednesday after the stock fell 38 percent and saw volume at more than six times its normal level. The Pittsburg,...

T-bill demand ramps up on bailout plan uncertainty - Added 1 week ago

Further strain in the credit markets Wednesday sent more investors scrambling for Treasury bills amid growing concerns that the government's bank bailout plan might encounter obstacles in Congress. Federal Reserve...

Lowe's plans smaller stores, backs 2008 outlook - Added 1 week ago

Home improvement chain Lowe's Cos. Inc. told investors Wednesday that it is scaling down the size of most new stores and eyeing even smaller locations in some rural areas as it tries to operate more efficient sites. ...

AIG takes $85B deal from Fed - Added 1 week ago

American International Group Inc. may have agreed to take the U.S. government up on a two-year, $85 billion loan to help stave off bankruptcy, but now the nation's largest insurer faces an FBI investigation. The news...

Auto industry to get $25 billion in federal loans - Added 1 week ago

In the next few years, consumers could see the fruits of $25 billion in government loans for the auto industry through a broader lineup of gas-electric hybrid vehicles, new plug-in electric cars and an expansion of...

Hanesbrands will close 9 plants, cut 8,100 jobs - Added 1 week ago

Apparel maker Hanesbrands Inc. said Wednesday it will close nine plants across five countries and cut about 12 percent of its work force as it restructures its operations in order to cut costs. The moves will eliminate...

Daimler in talks to sell remaining Chrysler stake - Added 1 week ago

Maybe Daimler wants to cut its losses on Chrysler, or Cerberus Capital Management wants to own the U.S. automaker outright. Whatever the motivation, the companies confirmed Wednesday that talks are under way for Daimler...

Goldman raises $5 billion in public stock offer - Added 1 week ago

Goldman Sachs Group Inc., seeking to improve not only its balance sheet but its standing with investors, has undertaken a huge capital-raising program that includes an investment of at least $5 billion from Warren...

GM to put French factory, Hummer brand up for sale - Added 1 week ago

General Motors Corp.'s treasurer said Wednesday that the automaker is planning to put its Strasbourg, France, manufacturing operation and its Hummer truck brand up for sale, and it may announce more asset sales later...

Lilly CEO forecasts drug maker's evolution - Added 1 week ago

Eli Lilly and Co. aims to grow leaner and more diverse as it pushes to keep pace with changes spreading through the drug industry, CEO John Lechleiter said in a Wednesday afternoon speech. Biotechnology drugs that can...

Recalls - Added 1 week ago

The following recalls have been announced: _ About 48,600 television stands, manufactured in China and distributed by Studio RTA, because they do not meet industry standards to prevent them from tipping over. No...

Pfizer, Nobel winner team up on health program - Added 1 week ago

Drugmaker Pfizer Inc. is working with the founder of Nobel Peace Prize-winning Bangladeshi microlender Grameen Bank to improve health care delivery _ and eventually boost sales of its drugs _ in poor countries. The...

Gold prices inch higher on bailout anxiety - Added 1 week ago

Gold prices edged higher Wednesday as investors fretted that lawmakers could hold up approval of a $700 billion financial bailout, a fear that boosted demand for safe-haven assets. Other commodities traded mixed, with...

US home sales, prices fall in August - Added 1 week ago

A record decline in U.S. home prices in August attracted more buyers in some areas and led to a sizable decline in the number of unsold homes on the market, the National Association of Realtors said Wednesday. The...

Agriculture futures trade mostly higher on CBOT - Added 1 week ago

Agriculture futures traded mostly higher Wednesday on the Chicago Board of Trade. Wheat for December delivery rose 12.75 cents to $7.505 a bushel; December corn added 1.75 cents to $5.6025 a bushel; December oats...

Bernanke: Fed will 'act as needed' to help - Added 1 week ago

Federal Reserve Chairman Ben Bernanke told Congress Wednesday that global financial markets remain under "extraordinary stress" and that worsening conditions could further jeopardize the already troubled U.S. economy. ...

W. Va. Supreme Court hears DuPont's appeal pitch - Added 1 week ago

At least one West Virginia Supreme Court justice wants to hear the appeal of a nearly $400 million judgment against DuPont Co. over health threats at a former zinc smelting plant. Justice Larry Starcher told the...

A look at Hanesbrands' latest restructuring moves - Added 1 week ago

Hanesbrands Inc., which makes Hanes and Champion apparel, said Wednesday it will close nine plants and cut 8,100 jobs in a restructuring move. Here is a detailed look at the changes it is making: ___ In 2008: El...

France's EdF buying British Energy for $23.2B - Added 1 week ago

French power provider EdF agreed Wednesday to buy British Energy Group PLC for about $23.2 billion in cash, betting big on the prospects for Britain's nuclear industry at a time of growing global concern about...

Reactions to the financial bailout plan - Added 1 week ago

Reaction from around the country to the havoc on Wall Street and the emergency $700 billion financial bailout plan: "The whole system is a big mess if you ask me." _ Susan Henderson Fisher, 72, of Berkeley, Calif., a...

W.Va. judge allows Aracoma fire suit to continue - Added 1 week ago

A West Virginia judge has cleared the way for a wrongful death lawsuit to proceed against coal mining giant Massey Energy Co. and its Chief Executive Don Blankenship over a fire that helped spur new federal mine safety...

Jimmy Carter says bailout plan is faulty - Added 1 week ago

!!-- pobj:GAATJ201-0923081918 -->!!-- pobj:GAATJ203-0923082017 -->!!-- pobj:GAATJ202-0923081918 -->The Bush administration's $700 billion plan to bail out the financial industry is "extremely faulty," Former President...

Japanese banks hunting again for overseas deals - Added 1 week ago

Back in the 1980s, when Japan found itself flush with unprecedented wealth, it splurged on flashy overpriced trophies like Rockefeller Center and the Pebble Beach Golf Links. It was a dizzying shopping spree that left...

Poland keeps interest rates steady - Added 1 week ago

Poland's central bank kept its key interest rates unchanged on Wednesday. The National Bank of Poland's Monetary Policy Council said it was keeping its benchmark seven-day intervention rate steady at 6 percent. The...

Schumer, DeMint spar on bailout program - Added 1 week ago

Sen. Charles Schumer said Wednesday he believes Congress must act quickly to rebuild the crumbling financial system but that lawmakers must have a strong supervisory role in how the $700 billion bailout program is run. ...