 Data show no rise in wages in 2007
 LAURA EMBRY / Union-Tribune
UCSD groundskeeper Christine Gonzalez repaired sprinklers yesterday. She and her husband want to have children, but worry that their combined income couldn't support a child.
|
Southwest dumping nearly 200 flights
Airline gives in to pinch by fuel, sour economy
DALLAS, Aug. 27 (AP)
Southwest Airlines, which had resisted the kinds of capacity cuts being made by other carriers, will eliminate nearly 200 flights early next year as it struggles with high fuel costs and a weakening economy.
The move raised doubts about the company's publicly stated goal of growing modestly in 2009 despite the airline industry's troubles.
NEW YORK, 1:07 p.m. Aug. 27 (AP)
Stocks rise following durable goods report: Wall Street has posted a big advance after the government reported a larger-than-expected increase in orders for big-ticket manufactured goods that indicated the economy is stronger than many investors thought. CINCINNATI, 1:09 p.m. Aug. 27 (AP)
Supplement maker owner gets 25 years in fraud case: 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. NEW YORK, 11:00 a.m. Aug. 27 (AP)
Oil moving higher as Gustav spins toward Gulf: Oil prices climbed for a third day Wednesday, hovering above $117 a barrel as Tropical Storm Gustav spun toward the Gulf of Mexico on a possible collision course with offshore energy installations. WASHINGTON, 9:51 a.m. Aug. 27 (REUTERS)
Most U.S. metropolitan jobless rates rise in July: Unemployment rates galloped higher in most U.S. metropolitan areas in July when compared to a year earlier, with 11 areas recording jobless rates of 10 percent or more, the Labor Department reported on Wednesday. PARIS, 9:45 a.m. Aug. 27 (AP)
Alcatel-Lucent stock jumps on CEO talk: Alcatel-Lucent shares jumped in European trading to their highest level in two weeks Wednesday on a report that the company is close to naming a successor for outgoing Chief Executive Patricia Russo.
DALLAS, Aug. 27 (AP)
Southwest dumping nearly 200 flights: Southwest Airlines, which had resisted the kinds of capacity cuts being made by other carriers, will eliminate nearly 200 flights early next year as it struggles with high fuel costs and a weakening economy.
Aug. 27 (UNION-TRIBUNE)
Housing downturn could be letting up: A key housing-price index released yesterday offered a glimmer of hope that the downward spiral might be slowing in some places, but San Diego and other once-high-flying cities have yet to see any return to stability.
Aug. 27 (UNION-TRIBUNE)
Bill to track medicines is praised: Legislation awaiting the governor's signature would give California pharmacists, medical wholesalers and pharmaceutical manufacturers until at least 2015 – four years beyond the current deadline – to create an electronic tracking system for prescription drugs.
WASHINGTON, 9:42 a.m. Aug. 27 (REUTERS)
July saw record U.S. mortgages modified: A record number of troubled home loans were steered away from foreclosure in July, an industry-led homeowner aid program said Wednesday.
NEW YORK, 9:06 a.m. Aug. 27 (AP)
Bankruptcy filings near 1 million in past year: Nearly 1 million individuals and businesses filed bankruptcy in the 12 months ended June 30, according to U.S. Court data released Wednesday.
NEW YORK, 9:03 a.m. Aug. 27 (AP)
NY AG confirms probe into Goldman, Fidelity: The New York attorney general's office said Wednesday it is investigating whether brokers at Fidelity Investments were given incentives by Goldman Sachs Group Inc. to sell auction-rate securities to investors.
NEW YORK, 8:46 a.m. Aug. 27 (AP)
Target settles suit with Nat'l Federation of Blind: Target Corp. has agreed to pay $6 million in damages to plaintiffs in California unable to use its online site as part of a class action settlement with the National Federation of the Blind, a leading advocacy group for blind people.
7:31 a.m. Aug. 27 (AP)
A look at the 2009 Toyota Corolla: 2009 Toyota Corolla XLE BASE PRICE: $15,250 for base model with manual; $16,050 for base model with automatic; $16,320 for S with manual; $16,650 for LE; $17,150 for S with automatic; $17,550 for XLE.
7:31 a.m. Aug. 27 (AP)
Toyota Corolla is the Camry's mini-me: By ANN M. JOB For The Associated Press What's better than America's best-selling car, the Toyota Camry? These days, it just might be a baby Camry.
WASHINGTON, 7:13 a.m. Aug. 27 (AP)
U.S. thrifts' lost $5.4B in 2Q, second largest ever: Federal regulators say 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.
LONDON, 6:51 a.m. Aug. 27 (REUTERS)
Media buyer Carat cuts advertising spend forecasts: Carat, Europe's biggest media buyer, has trimmed its growth forecasts for global spending on advertising for this year and next after revising its estimates for the United States, Britain, Spain and China.
WASHINGTON, 6:40 a.m. Aug. 27 (REUTERS)
More people living below poverty line: The World Bank said Tuesday more people are living in extreme poverty in developing countries than previously thought as it adjusted the recognized yardstick for measuring global poverty to $1.25 a day from $1.
NEW YORK, 6:38 a.m. Aug. 27 (REUTERS)
U.S. STOCKS-Wall St starts flat as oil offsets durables: U.S. stocks were little changed at the open Wednesday as surging oil prices offset surprisingly strong data on durable goods orders that calmed jitters about a weak economy.
ATLANTA, 6:28 a.m. Aug. 27 (AP)
FAA says communication breakdown delayed flights: Numerous flight delays caused by an electronic communication failure at a Federal Aviation Administration facility drew new criticism for an agency that has been scrutinized over air traffic controller staffing levels and inspection standards for its ground-based equipment.
DUBAI, 6:19 a.m. Aug. 27 (REUTERS)
Gulf banks launch three Islamic investment firms: Three Gulf Arab banks will launch a specialised bank to finance infrastructure projects, an agriculture firm and a hospitality fund as rapid growth in the Middle East and North Africa lures billions in new investment.
WASHINGTON, 6:03 a.m. Aug. 27 (REUTERS)
U.S. July durables orders surprisingly strong: New orders for long-lasting U.S. manufactured goods jumped a surprising 1.3 percent in July, while a gauge of business investment also rose unexpectedly, a government report showed Wednesday.
LONDON, 5:16 a.m. Aug. 27 (REUTERS)
Saudi may face OPEC pressure to trim supply: Saudi Arabia, the world's top oil exporter, may come under pressure from within OPEC ranks to reduce supplies to prevent a further fall in crude prices when the group meets on Sept. 9.
BOSTON, 5:03 a.m. Aug. 27 (REUTERS)
As Americans fill trains, frustration grows: Looking up at a list of delayed trains at Boston's crowded South Station on a summer afternoon, Peter Pesis asks why passenger trains in the United States are so slow, so crowded and so prone to delays.
ROME, 2:57 a.m. Aug. 27 (AP)
Bankers to discuss Alitalia with Air France-KLM: Bank managers advising the government on the sale of Alitalia were to discuss the failing airline's recovery plan Wednesday with Air France-KLM, Italian news reports said.
COLUMBUS, Ohio, 12:20 a.m. Aug. 27 (AP)
Homeowners mix vegetables, flowers to save money: 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.
3:31 p.m. Aug. 26 (UNION-TRIBUNE)
Household income stagnating in county: Income levels stagnated in San Diego County last year, mirroring the state and nation and barely outpacing the official level of inflation, according to data released Tuesday by the U.S. Census Bureau.
Aug. 27 (UNION-TRIBUNE)
Housing downturn could be letting up:A key housing-price index released yesterday offered a glimmer of hope that the downward spiral might be slowing in some places, but San Diego and other once-high-flying cities have yet to see any return to stability. The Standard & Poor's/Case-Shiller Home Price Index showed prices of single-family resale homes in 20 cities had dropped 0.5 percent from May to June, compared with a 0.9 percent decline from April to May.
Aug. 27 (UNION-TRIBUNE)
Bill to track medicines is praised:Legislation awaiting the governor's signature would give California pharmacists, medical wholesalers and pharmaceutical manufacturers until at least 2015 – four years beyond the current deadline – to create an electronic tracking system for prescription drugs.
SAN DIEGO, 7:19 p.m. Aug. 26 (UNION-TRIBUNE)Amylin reports four more deaths tied to diabetes drug: Amylin Pharmaceuticals on Tuesday reported an additional four deaths among patients taking its diabetes drug, Byetta, although the deaths could be attributed to other causes. RIVERSIDE, 6:59 p.m. Aug. 26 (AP)
Jury awards Mattel Inc. $100 million in Bratz suit: A federal jury awarded Mattel Inc. $100 million in damages Tuesday after a serious girl fight between the house of Barbie and the maker of her chief rival, the pouty-lipped Bratz dolls.
DES MOINES, Iowa, 4:13 p.m. Aug. 26 (AP)
Higher energy costs concern consumers-survey: Retirees Madeline and Philip Ammon are feeling the financial pinch as their home energy costs climb while their income – primarily Social Security – remains mostly stagnant.
PORTLAND, Ore., 3:37 p.m. Aug. 26 (AP)
Borders narrows loss for 2nd quarter: 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.
NASSAU, Bahamas, 3:31 p.m. Aug. 26 (AP)
Workers at Bahamas' Morton Salt plant end strike: The Bahamian government says a two-week strike at the Morton Salt plant has been resolved. The strike comes at a busy time for the company, which harvests about 7,000 tons (6,400 metric tons) of salt each day on Inagua island. The company has struggled to meet its annual production quota of 1.2 million tons (1 million metric tons) of salt.
SAN FRANCISCO, 3:19 p.m. Aug. 26 (AP)
Best Western rebuts claims of massive data breach: Did a computer intrusion at a Best Western hotel in Germany open the door for a hacker to steal the records of 8 million customers and pull off “the greatest cyber-heist in world history,” as a Scottish newspaper put it?
NEW YORK, 3:12 p.m. Aug. 26 (AP)
Business Highlights: Americans felt better about the economy in August, as a barometer of sentiment posted the biggest boost in two years amid falling gas prices. Two reports suggested that a bottom could be nearing for the housing market, but economists caution it's too early to proclaim that the worst is over.
TRENTON, N.J., 3:04 p.m. Aug. 26 (AP)
New type of anti-clotting drug misses testing goal: A new type of blood thinner being developed by two top pharmaceutical companies didn't meet its goal in a late-stage test of its ability to prevent certain dangerous blood clots, but research for other uses will continue, the companies said late Tuesday.
DENVER, 2:57 p.m. Aug. 26 (AP)
AT&T has high profile presence at Dem convention: AT&T is not just a phone call away at the Democratic National Convention. The telecommunications giant is virtually everywhere, wining and dining delegates and members of Congress with a relentless schedule of luncheons and evening parties.
NEW YORK, 2:42 p.m. Aug. 26 (AP)
Treasurys show little movement in light volume: Treasury bond prices showed little movement in light volume Tuesday as investors found few new clues about inflation in minutes from the Federal Reserve's last meeting.
RIO DE JANEIRO, Brazil, 2:40 p.m. Aug. 26 (AP)
Modec wins Petrobras contract: The Japanese firm Modec said Tuesday that it won a contract with Petrobras to build a floating production and storage facility for use over the giant Tupi field.
NEW YORK, 2:37 p.m. Aug. 26 (AP)
Glimmers of good news in housing reports: While no one is ready to call the bottom of the worst housing collapse in decades, there were glimmers this week that the severity could be waning.
NEW YORK, 2:36 p.m. Aug. 26 (AP)
Oil prices rise as Hurricane Gustav nears Gulf: 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.
NEW YORK, 2:34 p.m. Aug. 26 (AP)
Stocks mixed on higher oil, consumer data: 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 inflation added to the market's uneasiness.
PORTLAND, Ore., 2:18 p.m. Aug. 26 (AP)
Clover coffee brewing arrives at Starbucks: 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.
WASHINGTON, 2:10 p.m. Aug. 26 (AP)
Fannie Mae, Freddie Mac shares climb: Shares of Fannie Mae and Freddie Mac climbed for a second day Tuesday amid expectations in some Wall Street quarters that the mortgage finance giants will be able to weather the housing storm without a government rescue.
WASHINGTON, 2:09 p.m. Aug. 26 (AP)
Companies report 4 new deaths with diabetes drug: 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.
NEW YORK, 2:02 p.m. Aug. 26 (AP)
Gold, silver trade higher on rising crude oil: 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.
NEW YORK, 1:58 p.m. Aug. 26 (AP)
Zell confirms Cubs bidders narrowed to 5: Tribune Co. CEO Sam Zell said Tuesday that the media conglomerate has chosen five bidders for the Chicago Cubs.
TORONTO, 1:46 p.m. Aug. 26 (AP)
12 deaths linked to tainted meat in Canada: Meat tainted with a deadly bacteria in a Toronto processing plant is likely to sicken more people in the coming months, a Canadian health expert said Tuesday, a day after the government announced the death toll from the outbreak had risen to 12.
NEW YORK, 1:39 p.m. Aug. 26 (AP)
Market volatility is unnerving but isn't unusual: The stock market's swings have made it a tough year for investors who check the balances on their retirement accounts with any frequency. But as painful as they might seem, the gyrations aren't all that unusual.
NEW YORK, 1:31 p.m. Aug. 26 (AP)
High-tech chocolate makers seek sweet success: As a software developer who worked with NASA, Timothy Childs built vision-tracking systems for the space shuttle. Now the former techie has a new venture that he says is out of this world: chocolate.
NEW YORK, 1:26 p.m. Aug. 26 (AP)
Citi pays $18M for questioned credit card practice: 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.
NEW YORK, 1:25 p.m. Aug. 26 (AP)
Citi gets thrifty with color copies, BlackBerrys: Citigroup Inc. isn't just eliminating jobs to slash costs – it's also clamping down on color copying and BlackBerrys.
SEATTLE, 1:25 p.m. Aug. 26 (AP)
Boeing raises offer to Machinists union: Boeing Co. on Tuesday said it has made an improved second offer to the Machinists union under ongoing contract talks.
NEW YORK, 1:22 p.m. Aug. 26 (AP)
Sears recalls 145,000 coffee makers on fire risk: Sears Holdings Corp. voluntarily recalled 145,000 Kenmore brand coffee makers because the wiring can overheat and cause fires or burns, the U.S. Consumer Product Safety Commission said Tuesday.
WAYNE, Mich., 1:18 p.m. Aug. 26 (AP)
Ford to spend $75M to retool plant for small cars: Demand for Ford Motor Co.'s Focus and other small cars has been superheated ever since gas prices headed toward $4 per gallon in May, and since then, Ford hasn't been able to build the Focus quickly enough.
DALLAS, 1:16 p.m. Aug. 26 (AP)
Southwest to trim 190 flights this winter: Southwest Airlines Co., which had resisted the kinds of capacity cuts being made by other carriers, will eliminate nearly 200 flights early next year as it struggles with high fuel costs and a weakening economy.
LONDON, 1:11 p.m. Aug. 26 (AP)
Banking customers' personal details sold on eBay: A computer containing banking security details of more than 1 million people has been sold on eBay, bank officials said Tuesday – the latest in a series of losses of personal data in the U.K.
11:40 a.m. Aug. 26 (UNION-TRIBUNE)
San Diego home prices still dropping: The downturn in home prices in key cities across the country slowed a bit in June, but not in San Diego, according to the widely watched Standard & Poor's/Case Shiller Home Price Index released Tuesday.
SANTA ANA, 11:19 a.m. Aug. 26 (AP)
Broadcom co-founder apologizes after plea deal: Broadcom co-founder Henry Samueli has apologized for lying to the Securities and Exchange Commission as it probed stock option backdating at the chip maker.
WASHINGTON, 11:11 a.m. Aug. 26 (AP)
Fed: Rates not too low: Even as they grappled with inflation worries, most Federal Reserve officials at their August meeting didn't believe the Fed's key interest rate was too low given harder-to-get credit conditions straining consumers and businesses alike.
SAO PAULO, Brazil, 11:08 a.m. Aug. 26 (AP)
Brazil's Cosan and U.S. investor team to buy land: Brazil's largest sugar and ethanol producer has teamed up with an American investment group to buy farm land in Latin America's biggest country, a company spokeswoman said Tuesday.
LONDON, 10:56 a.m. Aug. 26 (AP)
Dollar, gold rise in Europe: The U.S. dollar was higher against other major currencies in European trading Tuesday. Gold rose.
TOLEDO, Ohio, 10:39 a.m. Aug. 26 (AP)
Jury: Ohio man misled regulators about nuke plant: Jurors in Toledo, Ohio, have convicted a former nuclear plant engineer of misleading regulators about the worst corrosion ever found at a U.S. reactor.
Aug. 26 (UNION-TRIBUNE)
Toyota prices going up in Japan: Toyota is raising its prices for the Prius and Harrier hybrids in Japan in response to the soaring cost of steel and other raw materials – the first increase in Japan without a model makeover in three decades.
NEW YORK, 8:28 a.m. Aug. 26 (AP)
Consumer outlook up, worst may be over for housing: Americans felt better about the economy in August, as a widely watched barometer of sentiment posted the biggest boost in two years amid falling gas prices. Meanwhile, two reports suggested that the worst may be over for the slumping housing market.
WASHINGTON, 8:16 a.m. Aug. 26 (AP)
New-home sales rose slightly in July, prices fell: Sales of new homes rose in July, but still fell short of economists' expectations, and home prices continued to sink.
WASHINGTON, 8:06 a.m. Aug. 26 (AP)
Number of uninsured drops: The Census Bureau reports that the number of people lacking health insurance dropped by more than 1 million in 2007, the first annual decline since the Bush administration took office.
NEW YORK, 7:26 a.m. Aug. 26 (AP)
Consumer outlook up more than expected in August: Americans became more optimistic in the economy amid declining gas prices in August, marking the biggest jump in two years.
NEW YORK, 6:34 a.m. Aug. 26 (REUTERS)
Fannie, Freddie capital can absorb losses – Citi: Fannie Mae and Freddie Mac, the two biggest U.S. mortgage finance giants, have enough capital to absorb probable losses through the end of the year, according to Citigroup equity research.
CAIRO, Egypt, 6:31 a.m. Aug. 26 (AP)
Cairo luxury hotel starts serving alcohol again: Cairo's luxury Grand Hyatt hotel is serving alcohol again after a compromise was reached between the international chain and the hotel's Saudi owner who abruptly declared it a dry venue earlier this year.
NEW YORK, 6:25 a.m. Aug. 26 (AP)
S&P: Home prices drop by record amount in 2Q: A widely watched housing index released Tuesday showed home prices dropping by the sharpest rate ever in the second quarter.
NEW YORK, 6:13 a.m. Aug. 26 (REUTERS)
U.S. oil firms, traders eye potential threat from Gustav: U.S. oil companies and energy traders on Tuesday watched Hurricane Gustav which threatened to enter the Gulf of Mexico as a powerful storm this weekend.
TOKYO, 4:43 a.m. Aug. 26 (AP)
Japanese real estate shares sink amid bankruptcies: Shares of Japanese developers sank Tuesday as the property sector – already reeling from a slew of recent bankruptcies – extended their decline on news of its latest casualty.
ALBANY, N.Y., 12:27 a.m. Aug. 26 (AP)
Foods stamps come to more farmer's markets: More farmers markets nationwide are accepting food stamps for their summer squash, apples and other fresh produce – fattening profits for farmers while creating healthier options for low-income families as food prices soar.
WASHINGTON, 3:28 p.m. Aug. 25 (REUTERS)
Biogen says revises MS drug warning: A warning on Biogen Idec and Elan Corp's drug, Tysabri, has been revised following two recent reports of a potentially fatal brain infection, Biogen said Monday.
LOS ANGELES, 7:31 p.m. Aug. 25 (AP)2 men plead not guilty to selling Countrywide data: A former senior analyst for Countrywide Home Loans and another man pleaded not guilty Monday in U.S. District Court in an alleged scam to download and sell customer data from the mortgage lender. SEOUL, 7:14 p.m. Aug. 25 (REUTERS)
LG Elec ends 8-year PC patent row with Quanta: South Korea's LG Electronics Inc said on Monday it had agreed with Taiwan's Quanta Computer Inc to end eight years of patent fights and began negotiations on royalties Quanta would pay. TOKYO, 7:07 p.m. Aug. 25 (REUTERS)
Nikkei down 1.3%, exporters lead fall on yen: The Nikkei average fell 1.3 percent on Tuesday, led lower by exporters such as Canon Inc on a stronger yen and a sharp drop on Wall Street. ATLANTA, 3:36 p.m. Aug. 25 (AP)
Delta draws on credit line: Delta Air Lines Inc. said Monday it has drawn $1 billion from a credit line to give it more financial flexibility as it heads toward completion of its buyout of Northwest Airlines Corp.
11:34 a.m. Aug. 25 (AP)
Will economy's path be shaped like a U, V, W or L?: Wall Street, meet Sesame Street. Bulls, bears and Nobel laureates are talking a lot about letters as they try to predict the shape of the charts that will describe the economy's downturn and recovery.
LOS GATOS, 2:22 p.m. Aug. 25 (AP)Netflix blames faulty hardware for massive outage: Netflix Inc. is blaming a faulty piece of computer hardware for a breakdown that delayed millions of shipments to the online DVD rental service's customers earlier this month. NEW YORK, 1:36 p.m. Aug. 25 (AP)
Financials drag on market: Stocks sank in thin trading Monday as worries about American International Group Inc. touched off broader concerns that financial companies will face more trouble to come. 1:22 p.m. Aug. 25 (AP)
Sales of preowned homes in West rose in July: Sales of existing homes in the West edged higher overall in July, as many buyers took advantage of falling prices in foreclosure-ravaged areas in California, Nevada and elsewhere, according to two reports Monday. NEW YORK, 11:35 a.m. Aug. 25 (AP)
PRO-Keds undergoes makeover: PRO-Keds is hoping that a modern twist to some of its classic styles such as the “Royal” canvas basketball shoe will help woo back the trendsetter. ST. LOUIS, 11:32 a.m. Aug. 25 (AP)
Tough economic times hurt post office: The postmaster general says the postal service could lose about $2 billion this year due to tough economic times. SACRAMENTO, 10:45 a.m. Aug. 25 (AP)
Sacramento Bee offers mass buyouts to news staff: The Sacramento Bee is offering voluntary buyouts to a majority of its full-time employees in the latest round of cost-cutting at the newspaper.
WASHINGTON, 1:20 a.m. Aug. 25 (AP)
High gas prices drive down traffic fatalities: Roll back the clock to 1961: John F. Kennedy was inaugurated president. The Peace Corps was founded. The Dow Jones industrials hit 734. Gasoline reached 31 cents a gallon.
ALBUQUERQUE, N.M., 12:24 a.m. Aug. 25 (AP)Urban farms grow as cities seek safe, cheap food: Dan Schuster breezes down the road in his green and yellow John Deere tractor, passing fast-food restaurants and strip malls on his way to work.
Aug. 24 (UNION-TRIBUNE)
Foreign oil producers have U.S. over barrel: Every time you fill your gas tank, you're participating in what Texas oilman T. Boone Pickens describes as “the largest transfer of wealth in the history of mankind.”
GLENVILLE, W.Va., 4:00 a.m. Aug. 25 (AP)U.S. colleges moving to retire cafeteria trays: Crammed on middle linebacker Derek Walker's plate are beef, mashed potatoes, gravy, corn, spinach and a roll.
Aug. 25 (UNION-TRIBUNE)
On the move:Brad Mason, who founded Vista-based orthopedic equipment firm Breg, was named group president, North America, by Orthofix International. Breg, which was sold to Orthofix in 2003, named Brad Lee to replace Mason as president.
TOKYO, 10:27 p.m. Aug. 24 (AP)Toyota raising Japan prices on hybrids: Toyota is raising its prices for the Prius and Harrier hybrids in Japan in response to the soaring cost of steel and other raw materials – the first hike here without a model makeover in three decades. LOS ANGELES, 10:07 a.m. Aug. 24 (AP)
'Thunder' reigns again with $16.1 million weekend: The action comedy “Tropic Thunder” weathered a rush of new movies to remain No. 1 for a second-straight weekend with $16.1 million, according to studio estimates Sunday.
ENCINITAS, Aug. 24 (UNION-TRIBUNE)
Surf shop strives for authentic atmosphere:Longtime surfers can tick off plenty of casualties resulting from the emergence of surfing as a mainstream sport in California over the past four decades. Roomy lineups, faithfully guarded secret breaks and boards shaped by expert craftsmen from garage workshops have all gone the way of the 100-pound longboard.
Aug. 24 (UNION-TRIBUNE)
Villa on French Riviera sold for $750 million:Real estate may be tanking in the United States, but get this. A 106-year-old villa on the French Riviera has reportedly sold for $750 million, 10 times the costliest home on the market in San Diego today.
Aug. 24 (UNION-TRIBUNE)
Raising the bar :The surge in foreclosures has made real estate in San Diego County less costly, but there's an important catch for those who view the housing slump as an opportunity to move into homeownership.
SACRAMENTO, Aug. 23 (UNION-TRIBUNE)
Proposal lets rates go up for power use: Electricity rates for about half of California's residential customers, frozen during a crisis seven years ago, could creep up again under a tentative agreement between utilities and consumer groups.
JACKSON, Wyo., 9:26 a.m. Aug. 23 (AP)
Wall Street bailout aid questioned at Fed event: Do Washington policymakers listen too much to Wall Street? A possible bailout of Fannie Mae and Freddie Mac, on the heels of similar action involving investment firm Bear Stearns, seems to send a loud signal to financial companies that the government will clean up their messes.
CRAWFORD, Texas, 7:09 a.m. Aug. 23 (AP)Bush blames Democrats for high gas prices: President Bush on Saturday blamed the Democratic-led Congress for the high cost of gasoline and renewed his call for expanded offshore drilling to increase U.S. oil supplies.
Aug. 23 (UNION-TRIBUNE)
Tribune Co.'s credit rating plunges further: Fitch Ratings cut the Tribune Co.'s credit rating further into junk status and said more reductions may come if newspaper advertising revenue declines keep accelerating. Fitch sliced Tribune's rating two notches to “CCC” from “B-” and gave it a “negative” outlook, which means the rating could fall again in the next eight to 12 months.
NEW YORK, 3:11 p.m. Aug. 22 (AP)
Freddie Mac courts investors, Buffett passes: Freddie Mac talked to investors this week about possibly buying its stock to raise much-needed capital but billionaire investor Warren Buffett said he passed on an opportunity to help the troubled mortgage giant.
NEW YORK, 2:55 p.m. Aug. 22 (AP)
Stocks jump on falling oil, inflation forecast: Wall Street capped a volatile week with sharp gains Friday as oil prices tumbled and after Federal Reserve Chairman Ben Bernanke said inflation pressures are likely to moderate. The Dow Jones industrial average rose nearly 200 points.
WASHINGTON, 3:09 p.m. Aug. 22 (AP)
Auto industry seeking $50B in loans from Congress: Automakers plan to urge Congress to support funding up to $50 billion in low-interest loans over three years to help them modernize their assembly plants and develop next-generation fuel-efficient vehicles.
NEW YORK, 3:06 p.m. Aug. 22 (AP)
Treasurys decline as investors move into stocks: Treasury bonds declined Friday after Federal Reserve Chairman Ben Bernanke said inflation pressures are likely to moderate, which would therefore lessen the need for an interest rate hike.
NEW YORK, 3:00 p.m. Aug. 22 (AP)
Lehman far from collapse, but faces tricky path: If the gauge of Wall Street's confidence in Lehman Brothers is its stock price, then the shares' gyrations this past week indicate investors are both petrified of a collapse and encouraged about a possible buyout.
NEW YORK, 3:00 p.m. Aug. 22 (AP)
Fitch cuts Tribune ratings deeper in 'junk' status: Fitch Ratings on Friday cut Tribune Co.'s credit rating further into “junk” status and said more reductions may come if newspaper advertising revenue declines keep accelerating.
DALLAS, 2:56 p.m. Aug. 22 (AP)
Plane in Spanish crash a workhorse model: The plane involved in this week's deadly crash in Spain is a workhorse model that makes up nearly half of the fleet of American Airlines and is used extensively by many other carriers around the world.
WASHINGTON, 2:51 p.m. Aug. 22 (AP)
Audits of Medicare drug plans lacking: Nearly three years into the Medicare drug benefit, federal officials have yet to ensure that private drug plans enacted programs to deter fraud and abuse, government investigators say.
NEW YORK, 2:38 p.m. Aug. 22 (AP)
Oil prices fall over $6 on stronger dollar: Oil prices tumbled more than $6 a barrel Friday – the biggest one-day percentage plunge in nearly four years – after a rebounding dollar and a Russian troop pullback in Georgia sparked another frenzied sell-off.
WASHINGTON, 2:36 p.m. Aug. 22 (AP)
Boeing weighs exiting $35B tanker competition: Boeing Co. is considering bailing out of a politically charged competition for a $35 billion contract to build aerial refueling tankers for the Air Force, if it does not receive an additional four months from the Pentagon to assemble its offer.
HOUSTON, 2:25 p.m. Aug. 22 (AP)
Attys: All but 1 suit over BP explosion settled: Victims of a deadly explosion at a BP PLC refinery have settled all but one of the more than 4,000 lawsuits that were filed after the blast, attorneys said Friday.
WASHINGTON, 2:07 p.m. Aug. 22 (AP)
Merrill Lynch settlement with SEC worth up to $7B: Federal regulators said Friday that investors who bought risky auction-rate securities from Merrill Lynch & Co. before the market for those bonds collapsed will be able to recover up to $7 billion under a new agreement.
WASHINGTON, 2:04 p.m. Aug. 22 (AP)
New FDA labeling rule could be lawsuit shield: Government regulators have issued new rules designed to keep drug warning labels clear and concise, though some say the new guidelines would also shield drugmakers from lawsuits.
NEW YORK, 2:03 p.m. Aug. 22 (AP)
Dollar climbs back as Bernanke speaks, oil drops: The dollar turned up against major currencies Friday as Federal Reserve Chairman Ben Bernanke said he would “act as necessary” to control inflation at an economics conference and as oil retreated again. The British pound dropped to a 25-month low.
JACKSON, Wyo., 2:03 p.m. Aug. 22 (AP)
Bernanke: Financial crisis taking toll on economy: Federal Reserve Chairman Ben Bernanke said Friday the financial crisis that has pounded the country – coupled with higher inflation – is taking a toll on the economy and poses a major challenge to Fed policymakers as they try to restore stability.
NORMAL, Ill., 2:00 p.m. Aug. 22 (AP)
UAW and Mitsubishi vote to extend contract: Mitsubishi and the United Auto Workers say they've agreed to extend the current contract between them until September 5th.
NEW YORK, 2:00 p.m. Aug. 22 (AP)
Alcoa to lay off 300 workers at Texas smelter: Alcoa Inc. will lay off about 300 workers at a Texas smelter and is suing the plant's power supplier, claiming it caused power disruptions that forced the firings, the aluminum maker said Friday.
PERRYSBURG, Ohio, 1:59 p.m. Aug. 22 (AP)
Owens-Illinois to close Canadian plant: Glass container manufacturer Owens-Illinois Inc. announced Friday that it will close a Canadian glass container plant in a drive to cut energy and production costs.
1:55 p.m. Aug. 22 (AP)
How the major stock market indexes fared Friday: Wall Street capped a volatile week with sharp gains Friday as oil retreated from this week's rally and after Federal Reserve Chairman Ben Bernanke said inflation pressures are likely to moderate. The Dow Jones industrial average rose nearly 200 points.
KANSAS CITY, Mo., 1:53 p.m. Aug. 22 (AP)
Embarq to cut 500-700 jobs: Telecommunications provider Embarq Corp. said Friday it is cutting between 500 and 700 jobs and eliminating around 300 contract positions as it deals with a continued loss of telephone customers.
WASHINGTON, 1:51 p.m. Aug. 22 (AP)
FDA clears Amgen drug for blood-clotting disorder: Federal regulators on Friday approved a biotech drug from Amgen Inc. to treat a rare blood-clotting disorder.
1:50 p.m. Aug. 22 (AP)
Hedge fund won't be passive Cablevision investor: Cablevision Systems Corp.'s newest major shareholder, a hedge fund known for shaking up underperforming companies, said Friday it doesn't plan to be a passive investor.
NEW YORK, 1:49 p.m. Aug. 22 (AP)
Commodities decline on stronger dollar, oil drop: Commodities fell sharply Friday, dragged down by a stronger dollar and a plunge in crude oil prices that led investors to dump hard assets in favor of equities.
OMAHA, Neb., 1:49 p.m. Aug. 22 (AP)
Buffett says economy's troubles will continue: Billionaire investor Warren Buffett said Friday the economy continues to be in a recession, by his definition, and will continue to be for at least several more months.
NEW YORK, 1:41 p.m. Aug. 22 (AP)
King says Alpharma rebuffed a $1.4B buyout bid: King Pharmaceuticals Inc. said Friday that rival Alpharma Inc. has rejected a $1.4 billion buyout offer but indicated it is prepared to take the bid directly to shareholders in a move to expand its product offerings.
NEW YORK, 1:00 p.m. Aug. 22 (REUTERS)
Moody's ratings cut latest blow to Fannie, Freddie: A major credit rating agency cut the preferred share rating on Fannie Mae and Freddie Mac amid mounting concern about the ability of the two largest U.S. home funding providers to access capital, in the latest blow before a widely expected government bailout.
WASHINGTON, 12:36 p.m. Aug. 22 (AP)
Appeals court denies challenge to accounting law: A federal appeals court on Friday denied a constitutional challenge to a 2002 anti-fraud law that created a board to oversee the accounting industry after a wave of business scandals.
NEW YORK, 12:35 p.m. Aug. 22 (REUTERS)
So much for the consumer-led third quarter earnings rebound: Wall Street's finally wised up to what the rest of America has been trying to tell it for a while: there won't be a consumer snap-back in the third quarter.
DETROIT, 11:57 a.m. Aug. 22 (AP)
Federal judge approves Goodyear health care trust: A U.S. District Court judge in Akron, Ohio, has approved a trust fund set up by the Goodyear Tire & Rubber Co. and the United Steelworkers union that will pay retiree health care bills for union members.
LONDON, 11:09 a.m. Aug. 22 (AP)
Georgia, Khodorkovsky case hurt Russia sentiment: Denial of parole for a jailed Russian oil tycoon and tension between Russia and the West over Moscow's military clash with Georgia are giving global investors increasing reasons to worry whether the country is the right place to be.
OTTAWA/TORONTO,, 11:02 a.m. Aug. 22 (REUTERS)
Canada cuts growth forecast due to global woes: Canada's government has slashed its forecast for economic growth in 2008 to 1.1 percent from 1.7 percent, citing global economic woes it said were beyond its control.
SOMERSET, Pa., 10:57 a.m. Aug. 22 (AP)
Severstal to buy Pa.'s PBS Coals for $1.3 billion: Russian steelmaking giant OAO Severstal on Friday announced plans to buy Pennsylvania's PBS Coals for about $1.3 billion in cash.
RIO DE JANEIRO, Brazil, 10:46 a.m. Aug. 22 (AP)
Brazil: U.S. should exploit offshore oil resources: The president of Brazil's state-run oil company says the United States must exploit offshore resources while limiting environmental impact.
WASHINGTON, 10:24 a.m. Aug. 22 (REUTERS)
Source: Treasury still wants GSEs shareholder-owned: Any effort by the U.S. Treasury Department to backstop Fannie Mae and Freddie Mac would seek to maintain the companies as shareholder-owned enterprises, a source familiar with Treasury thinking said Friday.
From Friday's Union-Tribune
Aug. 22 (UNION-TRIBUNE)
Cost Plus reports breach in security: Cost Plus World Market got the first hint of trouble in mid-June when two employees reported unauthorized transactions on their debit card accounts.
Aug. 22 (UNION-TRIBUNE)
Fixed-rate mortgages decrease slightly: Thirty-year, fixed-rate mortgages dipped to 6.47 percent this week from 6.52 percent last week, Freddie Mac reported in its weekly survey.
Aug. 22 (UNION-TRIBUNE)
For the record: In a story about housing prices on Page D1 on Tuesday, the agent for a probate home for sale in Serra Mesa was incorrectly identified as Jason Albright. His name is Josh McCormack.
MOSCOW, 7:26 a.m. Aug. 22 (AP)
UK investor: Russian police raided law offices: A British investor says the Russian Interior Ministry raided the offices of his Moscow-based lawyers, who are defending his investment firm in a fraud investigation.
RIO DE JANEIRO, Brazil, 7:12 a.m. Aug. 22 (AP)
Petrobras spends $1B on ultra-deep wells: Brazil's state-run oil company says it has spent US$1 billion on exploratory oil wells since 2005 in an offshore area that could hold as much as 55 billion barrels of crude.
LONDON, 6:45 a.m. Aug. 22 (AP)
Aon agrees to buy Britain's Benfield for $1.6B: Aon Corp., the world's biggest insurance broker, said Friday it has agreed to buy Britain's Benfield Group Ltd. for almost $1.6 billion in cash.
NEW DELHI, 6:36 a.m. Aug. 22 (AP)
Protests threaten India's cheapest car project: The chairman of the Tata Group threatened Friday to move an important auto factory out of India's West Bengal state because of violent farmer protests and strong political opposition, a move that could delay the debut of the world's cheapest car.
NEW YORK, 6:15 a.m. Aug. 22 (AP)
Gannett July revenue slides 12.3 percent: Gannett Co.'s July revenue fell 12.3 percent as retailers cut back on ad spending and classified ads continued to shrink, the largest U.S. newspaper publisher said Friday.
ZURICH, Switzerland, 5:59 a.m. Aug. 22 (AP)
GM Europe still looking to Russia for growth: General Motors Corp. is still looking to Russia and Eastern Europe for long-term growth to offset slackening demand in established markets despite international tension over Georgia, the president of GM Europe says.
BEIJING, 5:42 a.m. Aug. 22 (AP)
iTunes blocked in China: Customers in China of Apple Inc.'s iTunes online music store were unable to download songs this week, and an activist group said Beijing was trying to block access to a new Tibet-themed album.
NEW YORK, 5:21 a.m. Aug. 22 (REUTERS)
AnnTaylor 2nd-quarter profit falls, tops view: AnnTaylor Stores Corp, the women's apparel retailer, reported higher-than-expected quarterly profit Friday, citing tight control of inventories and costs.
WASHINGTON, 5:19 a.m. Aug. 22 (AP)
Battle against lawmakers' pet projects fades: Whatever happened to the Republican Party's war on pork? It never was the full-fledged assault envisioned by conservatives, but the GOP's battle against parochial home-state projects sought by members of Congress has faded into oblivion.
11:55 a.m. Aug. 21 (UNION-TRIBUNE)
Home foreclosures hit new record in July: Those waiting for signs that the housing slump is nearing an end were disappointed Thursday, as MDA DataQuick reported 2,004 San Diego County homes went into foreclosure in July, a 9 percent increase over June and a jump of nearly 213 percent over last year.
SAN FRANCISCO, 2:24 p.m. Aug. 21 (AP)Oracle's Ellison grabs top spot on best-paid list: Oracle Corp. founder Larry Ellison, a longtime fixture on the list of the world's richest people, is now ensconced atop The Associated Press' rankings of the top-paid chief executives in the United States. NEW YORK, 2:41 p.m. Aug. 21 (AP)
Economy remains stuck in low gear: A private sector measure of the economy's health showed the largest drop in a year, and while new jobless claims fell for the second straight week, they remain near the highest levels since 2002. The reports are the latest evidence the languishing American economy remains stuck in low gear. NEW YORK, 1:59 p.m. Aug. 21 (AP)
Stocks end mixed on rising oil, financial worries: Wall Street closed mixed Thursday after investors largely shrugged off a jump in oil prices and focused instead on a bullish analyst call on Lehman Brothers Holdings Inc. that eased worries about the financial sector. WASHINGTON, 1:55 p.m. Aug. 21 (AP)
Banks borrow less from Fed's emergency loan window: Banks borrowed a bit less over the past week from the Federal Reserve's emergency lending program, while Wall Street firms passed for a third straight week. OMAHA, Neb., 2:00 p.m. Aug. 21 (AP)
Founder Gupta resigns as CEO of InfoGroup: Database provider InfoGroup Inc. said Thursday its founder Vinod Gupta has stepped down as chief executive. NEW YORK, 2:00 p.m. Aug. 21 (AP)
Seinfeld to be pitchman for Microsoft: Junior Mints, Yoo-hoo, Drake's Coffee Cakes, puffy shirts: These are all things Jerry Seinfeld has endorsed – at least in his alter ego on his classic sitcom. Now, add Microsoft software. ATLANTA, 2:05 p.m. Aug. 21 (AP)
NWA flight attendants to wear Delta uniforms: Delta Air Lines Inc. wants its flight attendants' uniforms, designed by Richard Tyler, to be worn by Northwest Airlines Corp. flight attendants in spring 2009. SAN FRANCISCO, 2:06 p.m. Aug. 21 (AP)
Cost-cutting boosts Gap's 2nd-quarter profit: Apparel retailer Gap Inc. said Thursday that its second-quarter profit rose 51 percent, despite a sales decline, helped by cost-cutting and tight control on inventory. NEW YORK, 2:06 p.m. Aug. 21 (AP)
Merrill, Goldman, Deutsche in deal with regulators: New York Attorney General Andrew Cuomo said regulators have reached settlements with Merrill Lynch & Co., Goldman Sachs Group Inc. and Deutsche Bank over their roles in selling risky auction-rate securities to investors.
Aug. 21 (UNION-TRIBUNE)
Poor report sends shares of Novatel plummeting: Shares of Novatel Wireless fell to a four-year low yesterday after the high-speed modem company reported declining profits, product delays and competition from a new line of Qualcomm products.
WASHINGTON, 5:35 a.m. Aug. 21 (REUTERS)
U.S. jobless claims fall again but still high: The number of U.S. workers filing new claims for jobless benefits fell last week for a second week in a row, the government said on Thursday, though they continued at levels that showed a weakening labor market.
WASHINGTON, 5:32 p.m. Aug. 20 (AP)
FAA says it will review Eclipse very light jets: Federal aviation officials said Wednesday they are conducting an unusual 30-day review of the Eclipse 500 very light jets in response to reports of safety problems when the planes were certified in 2006.
NEW YORK, 10:48 a.m. Aug. 21 (AP)
Oil jumps $5 on U.S.-Russia tensions, sliding dollar: Oil prices shot up more than $5 a barrel Thursday, rising to the highest level in over two weeks as escalating tensions with Russia stoked fears of supply disruptions to the West.
WASHINGTON, 9:28 a.m. Aug. 21 (AP)
30-year mortgages dip slightly to 6.47 percent: Rates on 30-year mortgages fell slightly this week to the lowest level since mid-July. Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages dipped to 6.47 percent this week, down from 6.52 percent, which had been the rate for the previous three weeks.
DETROIT, 11:16 a.m. Aug. 21 (REUTERS)
GM to invest $500 million in U.S. plant to build new compact: General Motors Corp said on Thursday it would invest $500 million in its Lordstown, Ohio, plant to build its new global compact car Chevrolet Cruze.
NEW YORK, 11:03 a.m. Aug. 21 (AP)
Massachusetts, Merrill settle auction-rate dispute: Massachusetts Secretary of State William Galvin says Merrill Lynch & Co. had agreed to settle a case involving its sale of auction-rate securities and the brokerage would soon begin buying back the illiquid securities.
NEW YORK, 11:14 a.m. Aug. 21 (AP)
Treasurys slip after jobless data, oil price jump: Treasury prices fell modestly Thursday, giving up some of their recent gains as the Labor Department reported a larger-than-expected decline in claims for unemployment benefits.
JACKSON HOLE, Wyo., 11:09 a.m. Aug. 21 (REUTERS)
Markets await Bernanke as central bankers gather: Federal Reserve Chairman Ben Bernanke tackles financial stability in a key speech Friday but economists doubt he will provide solid clues about future policy action to calm the credit crunch.
WASHINGTON, 11:09 a.m. Aug. 21 (AP)
Obama outspends McCain in July by 5-3 ratio: After tightening his expenditures in June, Barack Obama spent far more freely in July, cutting into his cash reserves while mounting an advertising campaign against Republican presidential rival John McCain.
WASHINGTON, 11:01 a.m. Aug. 21 (AP)
HHS: Doctors can refuse to provide abortions: The Bush administration is proposing stronger job protections for doctors who refuse to perform abortions because of religious or moral objections.
NEW YORK, 10:55 a.m. Aug. 21 (AP)
Chicago Tribune names managing editor: Chicago Tribune named Jane Hirt managing editor Thursday, continuing a shake-up of its top news staff.
TRENTON, N.J., 10:47 a.m. Aug. 21 (AP)
Lawmakers demand study data on Vytorin cancer risk: A congressional committee is demanding that the makers of controversial cholesterol drug Vytorin, Merck & Co. and Schering-Plough Corp., produce extensive data related to a clinical study indicating the drug might increase the risk of cancer.
NEW YORK, 10:37 a.m. Aug. 21 (REUTERS)
Saks shares up on fresh reports of Baugur interest: Shares in upscale retailer Saks Inc rose nearly 7 percent Thursday on reports that Icelandic investor Baugur Group is still looking to buy the U.S. company.
ZURICH, Switzerland, 10:34 a.m. Aug. 21 (AP)
Swiss cement maker Holcim 2Q profit sinks: Swiss cement maker Holcim Ltd. said Thursday its second-quarter income fell 66 percent because of high energy prices and fewer orders as a result of the worldwide economic downturn.
DENVER, 10:30 a.m. Aug. 21 (AP)
Frontier to add fee for frequent-flier tickets: Frontier Airlines is the latest airline to announce it will start charging fees when certain customers redeem frequent-flier miles.
SAN FRANCISCO, 10:15 a.m. Aug. 21 (REUTERS)
Gap Inc names Tom Wyatt president of Old Navy: Gap Inc named Tom Wyatt president of its Old Navy apparel chain, a post he had held on an interim basis, charging him with reviving the casual, lower-cost brand geared to families.
NEW YORK, 10:09 a.m. Aug. 21 (REUTERS)
Kohl's new CEO sees further pressure on consumer: Mid-priced department store Kohl's Inc doesn't expect any relief for U.S. consumers in the foreseeable future as high fuel and food costs put a tight hold on their shopping habits.
LONDON, 10:04 a.m. Aug. 21 (AP)
Tesco sells property as it eyes expansion: Tesco PLC said Thursday that it has sold $1.1 billion worth of property in leaseback deals, filling the coffers of Britain's biggest grocer for potential further overseas expansion.
CHICAGO, 9:55 a.m. Aug. 21 (REUTERS)
Pricing helps Heinz, Hormel hurt by turkey costs: For U.S. food makers, pricing power and marketing muscle are making all the difference in a time of rising costs.
NEW YORK, 7:16 a.m. Aug. 21 (AP)
Leading economic indicators fell sharply in July: A private business group's measure of the economy's health fell more than expected in July, pushed lower by declines in the stock market, drops in new building permits and rising unemployment.
NEW YORK, 6:55 a.m. Aug. 21 (AP)
Cost of flying rose in July: The average cost to fly one mile in the U.S. on a commercial airliner rose 7.5 percent in July compared to the same month last year.
BATTLE CREEK, Mich., 6:53 a.m. Aug. 21 (AP)
A century after introduction, Hydrox cookies back: If a kid'll eat the middle of an Oreo first, does the same go for a Hydrox? A new generation of children are getting a chance to find out.
LONDON, 6:17 a.m. Aug. 21 (AP)
British retail sales enjoy surprise July jump: British retail sales in July rose by 2.1 percent compared with July of last year, the government said Thursday, confounding analysts' expectations that the country's economic slowdown would be reflected in falling sales figures.
WASHINGTON, 6:00 a.m. Aug. 21 (AP)
Jobless claims fall for second straight week: The number of newly laid-off workers seeking unemployment benefits fell more than expected last week, the second straight drop from a six-year high, according to government data released Thursday.
NEW YORK, 5:35 a.m. Aug. 21 (AP)
Burger King 4Q profit rises 42%, tops estimates: Burger King Holdings Inc., the nation's No. 2 hamburger chain, said Thursday its profit surged 42 percent in its fiscal fourth quarter, driven by a rise in sales at established locations and a slew of promotions.
TOKYO, 1:15 a.m. Aug. 21 (AP)
Japan's trade surplus shrinks 87 percent in July: Japan's trade surplus shrank sharply in July on higher oil and commodities prices, figures showed Thursday, but robust exports to the rest of Asia, Russia, Australia and the Mideast are helping reduce Japan's dependance on a slowing U.S. market.
Aug. 20 (UNION-TRIBUNE)
Military seen as stabilizing economic force in county: As San Diego County slumps into its worst downturn since the end of the Cold War, the military and the defense industry remain a $24.6 billion economic powerhouse that could provide needed economic stability, according to a report released yesterday by the San Diego Military Advisory Council.
RIVERSIDE, 6:48 p.m. Aug. 20 (AP)Mattel seeks nearly $2 billion in fight over Bratz dolls: Grown men argued over dolls for six hours Wednesday as they wrapped up a federal trial pitting the maker of the pouty-lipped Bratz dolls against the house of Barbie – a lawsuit that could cost upstart MGA Entertainment Inc. up to $2 billion. WASHINGTON, 3:09 p.m. Aug. 20 (AP)
Companies bid millions to tap Western Gulf: Energy companies bid hundreds of millions of dollars Wednesday to explore for oil and natural gas beneath 1.8 million acres in the western Gulf of Mexico, while looking forward to the possibility of future drilling in federal waters now off-limits. NEW YORK, 2:38 p.m. Aug. 20 (AP)
Wall Street finishes erratic day higher: Wall Street scored a moderate gain after a volatile session Wednesday that saw the major indexes ratchet up and down on the seesawing price of oil and mixed feelings about the financial sector. WASHINGTON, 2:19 p.m. Aug. 20 (AP)
DOD to release final guidelines for $35B tanker: Final guidelines will be released next week for the latest round of bidding on a disputed $35 billion contract to replace an aging fleet of Air Force refueling planes, a Pentagon spokesman said Wednesday. NEW YORK, 2:22 p.m. Aug. 20 (AP)
Limited Brands 2nd-quarter profit falls: Specialty apparel maker Limited Brands Inc. said Wednesday that its profit fell by more than half in the second quarter amid a difficult retail environment, but results beat expectations as the company kept a tight rein on its inventory and expenses. TRENTON, N.J., 2:31 p.m. Aug. 20 (AP)
First payments in Vioxx deal to begin Aug. 28: Partial payments for people claiming withdrawn painkiller Vioxx caused heart attacks will go out starting Aug. 28 under the $4.85 billion settlement between drugmaker Merck & Co. and plaintiffs' lawyers, the claims administrator said Wednesday. BARTON HILLS, Mich., 2:39 p.m. Aug. 20 (AP)
Hyundai tries for spot in slumping luxury market: They admit the timing isn't great to bring out a big luxury car to compete with BMW, Lexus and Mercedes, but Hyundai Motor Co. executives are hoping the new Genesis sedan will catch on with a specific group of U.S. buyers. ST. LOUIS, 2:39 p.m. Aug. 20 (AP)
Monsanto sells controversial cow hormone for $300M: Monsanto Co. is unloading a harvest of controversy with its $300 million sale of the Posilac cow hormone to drug maker Eli Lilly & Co. NEW YORK, 1:58 p.m. Aug. 20 (AP)
Fannie Mae, Freddie Mac shares plummet: Investors are betting that time is running out for Fannie Mae and Freddie Mac. Shares of the mortgage finance companies lost more than a fifth of their value on Wednesday as fears mounted that the companies will soon need government support and any bailout would hang stockholders out to dry. PORTLAND, Ore., 2:06 p.m. Aug. 20 (AP)
BJ's posts higher 2Q profit, raises outlook: BJ's Wholesale Club Inc. posted a slightly higher second-quarter profit on Wednesday and raised its full-year earnings forecast as frugal shoppers look for deals at discounters. WARRENVILLE, Ill., 2:09 p.m. Aug. 20 (AP)
Navistar, GM drop deal for truck division: General Motors Corp. and Navistar International Corp. said Wednesday that they have dropped immediate plans for GM to sell its medium-duty truck business to Navistar, citing market and economic changes.
KNOXVILLE, Tenn., 1:36 p.m. Aug. 20 (AP)
TVA approves largest rate increase in 34 years: The Tennessee Valley Authority on Wednesday approved its largest electric rate increase in more than 30 years, citing skyrocketing fuel costs and a three-year drought that has sharply reduced its ability to generate cheap hydroelectric power.
PORTLAND, Ore., 1:36 p.m. Aug. 20 (AP)
Nike sees basketball as bright spot at Olympics: After some disappointments among Nike's prospects, the company is looking to men's basketball for one of those big medal moments companies crave from the Olympics.
NEW YORK, 1:35 p.m. Aug. 20 (AP)
Advocates push propane for auto fleet use: It already heats your home and grills your steak, and if Brian Feehan and others have their way, it could soon power your child's school bus. Maybe even your truck, too.
WASHINGTON, 1:11 p.m. Aug. 20 (AP)
FDIC sets mortgage plan for IndyMac borrowers: Thousands of troubled home borrowers with loans from IndyMac Federal Bank will be able to switch to fixed-rate mortgages under a new plan from federal regulators, who seized the bank last month after it became the largest regulated thrift to fail.
WASHINGTON, 1:05 p.m. Aug. 20 (REUTERS)
Fed's Stern says vital for GSEs to keep operating: Struggling U.S. mortgage finance giants Fannie Mae and Freddie Mac need to keep operating, and recent government steps to offer them support were “appropriate,” Minneapolis Federal Reserve Bank President Gary Stern said Wednesday.
CHARLOTTE, N.C., 12:59 p.m. Aug. 20 (AP)
Following AP report, appraisers calls for reform: Four national associations of real estate appraisers have asked Congress for major regulatory reforms in the wake of an Associated Press investigation that identified key failings within the existing system.
ANN ARBOR, Mich., 12:44 p.m. Aug. 20 (REUTERS)
Hyundai targets U.S. sales gains from Genesis: Hyundai Motor Co expects to sell up to 50,000 of its new premium Genesis model in the U.S. market once both the sedan and an upcoming coupe version are in showrooms, a Hyundai executive said Wednesday.
GENEVA, 12:43 p.m. Aug. 20 (AP)
Envoy: U.S. support for trade deal won't fade: The United States' chief trade envoy on Wednesday said Washington would support the struggling global trade talks regardless of which party wins the upcoming U.S. presidential election.
WASHINGTON, 12:40 p.m. Aug. 20 (AP)
Web site to educate employers about hiring vets: They survived war, but for some veterans of the wars in Iraq and Afghanistan, returning to work back home hasn't been easy.
NEW YORK, 12:36 p.m. Aug. 20 (AP)
Oil prices rebound even as crude inventories jump: The price of oil bounced back near $115 a barrel on Wednesday, as traders shrugged off a massive increase in U.S. crude inventories and a stronger dollar and focused on possible supply threats.
BRASILIA, Brazil, 12:34 p.m. Aug. 20 (AP)
Brazil official won't lower interest rates: Brazil's finance minister says the government will not lower interest rates as long as inflation threatens to come in higher than the established target.
NEW YORK, 12:31 p.m. Aug. 20 (AP)
Businesses' steps to save on energy turn permanent: As the cost of gasoline soared over the past year, many small businesses took steps to mitigate the damage to their cash flow and profits. Now, even though gas has fallen from the record levels it hit in mid-July, companies are making those money-saving strategies permanent.
HARTFORD, Conn., 12:30 p.m. Aug. 20 (AP)
States push laws to require paid sick days: For school bus driver Jamille Aine, a cold is more than an inconvenience. His employer does not offer paid sick days, so if he can't shake the bug, he may not be able to pay his bills.
NEW YORK, 12:27 p.m. Aug. 20 (AP)
Commodities slump won't mean lower food prices: As prices for crude oil and other commodities ease, consumers have gotten a small dose of relief at the gas pump. But don't expect less pain at the grocery counter.
11:40 a.m. Aug. 20 (AP)
6 tips for buying energy-efficient clothes washers: Tips for consumers shopping for energy-efficient washing machines and other appliances:
CHICAGO, 11:36 a.m. Aug. 20 (AP)
Energy-efficient appliances gain favor: Fast-rising utility bills have helped homeowners embrace something many previously acted only lukewarm about: energy efficiency.
TRIPOLI, Libya, 11:29 a.m. Aug. 20 (AP)
Official: Accident causes Libyan oil facility fire: A fire at major Libyan oil facility was sparked by an industrial accident, the nation's top oil official said Wednesday.
HOUSTON, 11:27 a.m. Aug. 20 (AP)
CSB investigating blast at Houston Goodyear plant: Federal officials are investigating the causes of a June explosion after determining a ruptured heat exchanger led to the blast that killed one employee and injured several others at a Goodyear synthetic rubber plant, investigators announced Wednesday.
ANN ARBOR, Mich, 11:25 a.m. Aug. 20 (REUTERS)
Hyundai aims to launch first U.S. hybrid in 2010: Hyundai Motor Co expects to release its first hybrid in the U.S. market as early as 2010, featuring cutting-edge lithium-ion battery technology, an executive said Wednesday.
CHICAGO, 11:22 a.m. Aug. 20 (REUTERS)
FED Market plays it cool as inflation heats up: Financial markets have surprised many Fed watchers, drastically marking down the prospects for Federal Reserve rate increases despite a summer inflation heat-up.
WASHINGTON, 11:18 a.m. Aug. 20 (REUTERS)
U.S. FDIC to help IndyMac mortgage borrowers: Thousands of homeowners with distressed mortgage loans linked to failed lender IndyMac may soon be able to avoid foreclosure under a program announced Wednesday by U.S. banking regulators.
WASHINGTON, 11:07 a.m. Aug. 20