News For Thursday Aug 21, 2008 News For Thursday Aug 21, 2008

Business Business

Schaeffler agrees to limit Continental stake - Added 49 minutes ago

Auto parts maker Continental AG said Thursday it had ended a weeks-long standoff over a takeover bid from smaller rival Schaeffler KG and reached a deal after Schaeffler raised its offer and agreed to limit itself to a...

AP Executive Morning Briefing - Added 56 minutes ago

The top business news from The Associated Press for the morning of Thursday, Aug. 21, 2008: Fannie Mae, Freddie Mac shares plummet NEW YORK (AP) _ Investors are betting that time is running out for Fannie Mae and...

Japan's trade surplus shrinks 87 percent in July - Added 1 hour ago

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...

Oil rises in Asia on falling US gasoline supplies - Added 1 hour ago

Oil prices rose Thursday in Asia above $116 a barrel as investors mulled a fall in U.S. gasoline inventories and a possible output tightening by OPEC at its next meeting in September. Light, sweet crude for October...

Indiana ramps up its control efforts against kudzu - Added 2 hours ago

A fast-growing vine that's left parts of Indiana beneath tangles of greenery is coming under assault as the state ramps up its efforts to kill the leafy invader. Over the next few weeks, contractors hired by the...

Fannie Mae, Freddie Mac shares plummet - Added 3 hours ago

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...

House of Barbie seeks nearly $2B in Bratz fight - Added 4 hours ago

Grown men argued over dolls for six hours 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...

Oui, Montreal tops in new Monopoly game - Added 4 hours ago

Bye bye, Boardwalk. The Quebec metropolis of Montreal snagged the most expensive spot on a new global version of Monopoly, unseating the Atlantic City fixture as the board game's most prestigious property. Montreal...

Australia's Qantas sees profit rise 44 percent - Added 4 hours ago

Qantas Airways Ltd. reported Thursday a 44 percent rise in annual net profit, but acknowledged it is beginning to feel the effect of a slowing economy and higher fuel costs. Australia's largest airline posted a net...

Weak economy spurs growth for community colleges - Added 4 hours ago

Two-year community colleges are seeing record enrollment as families squeezed by tough economic times steer high school graduates away from more expensive four-year universities. While the shift solves one funding...

Bush says New Orleans is on its way back - Added 5 hours ago

President Bush said Wednesday that "hope is coming back" to New Orleans with the help of $126 billion in disaster aid poured into the Gulf Coast region over three years after Hurricane Katrina. Bush tempered his upbeat...

Source: auction-rate probe focuses on 3 banks - Added 10 hours ago

New York Attorney General Andrew Cuomo will intensify his probe into auction-rate securities by focusing on Bank of America Corp., Goldman Sachs Group Inc. and Deutsche Bank AG, a person close to the investigation said...

Following AP report, appraisers calls for reform - Added 11 hours ago

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. Led by the...

FDIC sets mortgage plan for IndyMac borrowers - Added 12 hours ago

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...

Wheat jumps on dry weather in Argentina, Australia - Added 12 hours ago

Wheat prices jumped above $9 a bushel Wednesday on expectations that warm, dry weather in Argentina and Australia will hurt crops and tighten world supplies. In other commodities trading, crude ended higher for a...

Treasurys up as Fannie, Freddie stoke uncertainty - Added 12 hours ago

Treasury prices rose Wednesday amid market speculation that the government will have to bail out mortgage financiers Fannie Mae and Freddie Mac. The rise was limited, however, as stocks made a late-day gain. Investors...

First payments in Vioxx deal to begin Aug. 28 - Added 12 hours ago

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...

Wall Street finishes erratic day higher - Added 12 hours ago

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. Concerns about mortgage...

Lehman under mounting pressure to take action - Added 12 hours ago

The pressure is increasing on Lehman Brothers Holdings Inc. to come up with a plan to restore itself to financial health _ or possibly face the worst-case scenario of selling itself off in pieces and at bargain prices. ...

Limited Brands 2nd-quarter profit falls - Added 12 hours ago

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...

BJ's posts higher 2Q profit, raises outlook - Added 13 hours ago

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. But shares in the nation's third-biggest...

Fannie Mae, Freddie Mac shares plummet - Added 13 hours ago

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...

TVA approves largest rate increase in 34 years - Added 13 hours ago

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...

BJ's, H-P, McClatchy, Suntech Power are big movers - Added 13 hours ago

Stocks that moved substantially or traded heavily Wednesday on the New York Stock Exchange and Nasdaq Stock Market: NYSE BJ's Wholesale Club Inc., down $2.97 at $37.71 The warehouse operator said sales of non-grocery...

Summary: BJ's second-quarter earnings - Added 14 hours ago

COMPANY: BJ's Wholesale Club Inc., based in Natick, Mass. HOW IT PERFORMED: BJ's profit rose slightly in second quarter and the company cautiously raised its outlook for the fiscal year WHY: Shoppers looked to the...

Agriculture futures trade mostly higher on CBOT - Added 14 hours ago

Agriculture futures traded mostly higher Wednesday on the Chicago Board of Trade. Wheat for September delivery rose 29.5 cents to $8.7475 a bushel; December corn gained 10.5 cents to $5.95 a bushel; December oats fell...

Businesses' steps to save on energy turn permanent - Added 14 hours ago

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,...

Commodities slump won't mean lower food prices - Added 14 hours ago

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. Food inflation is here to stay _ and will probably...

Small SUVs improve in crash tests - Added 17 hours ago

Four small sport utility vehicles earned top scores in crash tests released Wednesday by the insurance industry, a nod to safety improvements in SUVs during the decade. The Insurance Institute for Highway Safety gave...

Bernanke's firefighter role to be debated at forum - Added 17 hours ago

Thrust into the role of financial firefighter, Federal Reserve Chairman Ben Bernanke has taken unprecedented steps over the past year to battle the nation's worst credit and financial crises in decades. For many, the...

States push laws to require paid sick days - Added 17 hours ago

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. Some 46 million U.S. workers lack...

Dollar, gold rise in Europe - Added 18 hours ago

The U.S. dollar was higher against other major currencies in European trading Wednesday. Gold rose. The euro traded at $1.4688, down from $1.4768 late Tuesday in New York. Later, in midday trading in New York, the euro...

American launches in-flight Internet on 3 routes - Added 19 hours ago

One of the few remaining Internet-free havens vanished Wednesday as American Airlines launched airborne e-mail, Web and other online services on some of its longer, nonstop flights. The move could create a new stream...

ArcelorMittal acquires Brazilian iron ore miner - Added 19 hours ago

ArcelorMittal SA announced Wednesday it has acquired London Mining Brasil, a Brazilian iron ore miner, and said it will develop port facilities in the state of Rio de Janeiro together with Canadian iron ore producer...

Mortgage application volume hits multiyear low - Added 21 hours ago

Mortgage application volume fell last week to its lowest levels in nearly eight years, the Mortgage Bankers Association said Wednesday. The fall in application volume is the latest sign of a struggling housing market....

Massachusetts asks Fidelity to buy back securities - Added 21 hours ago

Massachusetts' top securities regulator is asking Fidelity Investments to buy back auction rate securities it sold to customers. Secretary of State William Galvin told the Boston mutual fund company's chief executive,...

Group says climate resolutions increase - Added 22 hours ago

Support for climate-change proposals may be growing among investors in big U.S. companies. Shareholder resolutions related to climate change more than doubled over the past five years, according to statistics gathered...

BP says testing begins on BTC pipeline - Added 23 hours ago

British oil company BP PLC said that testing will begin Wednesday on the closed Baku-Tbilisi-Ceyhan oil pipeline, which runs through conflict-stricken Georgia, ahead of a move to restart full operations as early as next...

China stocks jump on speculation over policy plans - Added 23 hours ago

Chinese stocks surged Wednesday in their biggest gain in nearly four months on speculation Beijing plans new economic stimulus measures and other policies aimed at reviving the country's languishing markets. The...

Study: Cost often not factor when picking college - Added 1 day ago

Even if a student plans on a major where the financial rewards aren't so obvious, such as art history or philosophy, most American families don't factor in their child's expected earning power when considering the...

Fannie, Freddie capital raising options uncertain - Added 1 day ago

As mortgage financiers Fannie Mae and Freddie Mac struggle with continuing credit losses, their ability to raise needed capital is uncertain and, analysts say, is complicated by the possibility of a government bailout...

Toyota mulls Japan price hike amid soaring costs - Added 1 day ago

The soaring cost of steel has Toyota considering raising prices in Japan without a model makeover for the first time in three decades, the Japanese automaker said Wednesday. Speculation has been rife Toyota Motor Corp....

Ford workers catch glimpse of future cars - Added 1 day ago

As Ford Motor Co. faces perhaps the most difficult period in its 105-year history, the company is trying to boost employee confidence by showing them _ and letting them drive _ the vehicles it hopes will pull the...

AP Executive Morning Briefing - Added 1 day ago

The top business news from The Associated Press for the morning of Wednesday, Aug. 20, 2008: Fannie, Freddie capital raising options uncertain NEW YORK (AP) _ As mortgage financiers Fannie Mae and Freddie Mac struggle...

Survey: Many Wash. farmworkers indigenous Mexicans - Added 1 day ago

Indigenous Mexicans make up nearly a quarter of the farmhands who pick the apples, cherries and other crops in western Washington, a new survey has found. The survey _ "A Sustainable Bounty: Investing in Our...

Small SUVs improve in crash tests - Added 1 day ago

Four small sport utility vehicles received top scores in crash tests to be released Wednesday by the insurance industry, a sign of improvement compared with SUVs built earlier in the decade. The Insurance Institute for...

Correction: UAW-Obama story - Added 1 day ago

In an Aug. 18 story about United Auto Workers President Ron Gettelfinger's comments about the presidential candidates, The Associated Press misstated when the UAW endorsed Democrat Barack Obama. The union endorsed Obama...

California home sales surged in July, prices fell - Added 1 day ago

California homebuyers sprung to life in July, pouncing on foreclosed homes and deeply discounted properties but largely ignoring pricier homes that have been languishing on the market, a research firm said Tuesday. ...

Sales, median prices in July for California homes - Added 1 day ago

The number of new and resale homes sold during June and median prices, with annual percentage changes, in selected California counties: COUNTY UNITS SOLD PERCENT CHANGE MEDIAN PRICE PERCENT CHANGE Marin ...

Recalls: helicopter kit batteries, bicycles - Added 1 day ago

The following recalls have been announced: _About 11,000 batteries used in radio-controlled helicopter kits, made in China and imported by Hobbico Inc., because the rechargeable battery can overheat and catch fire...