Business

  • Panasonic loss balloons for record red ink
    4131829888_earns_panasonicx-large 2012-05-11 13:34:04 UTC
    TOKYO (AP) — Panasonic's January-March losses ballooned 10-fold to 438 billion yen ($5 billion), completing a year of record red ink at the Japanese electronics maker battered by natural disasters and an ailing TV business. Panasonic Corp. had racked up a 40.7 billion yen loss the same period ...

  • News Corp 3Q beats Street despite probe costs
    Untitled 2012-05-10 01:27:54 UTC
    LOS ANGELES (AP) — Rupert Murdoch's News Corp., the global media conglomerate under fire for phone hacking and alleged bribery in Britain, posted a 47 percent increase in third-quarter net income thanks to strong performances at its U.S. pay TV networks and movie studio. The results beat analy...

  • Buffett's health on minds of Berkshire investors
    Buffett_rebukes_trump_for_taking_credit_for_us_economic_growth 2012-05-05 16:49:24 UTC
    OMAHA, Neb. (AP) — While 81-year-old Warren Buffett's health has been on investors' minds, many shareholders at Berkshire Hathaway's annual meeting said Saturday that they aren't that worried about Buffett's prostate cancer diagnosis. More than 30,000 people are expected to fill Omaha's downto...

  • UK lawmakers: Rupert Murdoch unfit to lead company
    Britai656rich 2012-05-01 15:57:24 UTC
    LONDON (AP) — News Corp. chief Rupert Murdoch must take responsibility for serious failings that caused Britain's tabloid phone hacking scandal, lawmakers said Tuesday in a scathing report — as a narrow majority also insisted the tycoon was unfit to lead his global media empire. In a report on...

  • Hologic to buy Gen-Probe for about $3.72B
    Untitled 2012-04-30 20:45:15 UTC
    Medical device maker Hologic Inc. has agreed to buy diagnostic test maker Gen-Probe Inc. for about $3.72 billion, expanding its portfolio in an area of medicine expected to see big growth. Gen-Probe provides molecular diagnostics products and services, including several tests for sexually tran...

  • AB InBev profit jumps 75 pct thanks to lower costs
    5dff8ef24df79a1a5b4e71831977 2012-04-30 20:41:46 UTC
    BRUSSELS (AP) — The world's biggest brewer Anheuser-Busch InBev NV said Monday its first-quarter net profit jumped 75 percent thanks to lower financing costs and taxes as well as bigger beer sales. Net profit rose to $1.69 billion between January and March from $964 million a year earlier, aft...

  • Delta Air buys Pa. refinery from Conoco
    138266-the-delta-airline-logo-is-seen-onstrap 2012-04-30 20:37:31 UTC
    Delta Air Lines Inc. says it will buy a refinery near Philadelphia as part of an unprecedented deal that it hopes will cut its jet fuel bill. Delta is buying the Trainer, Pa. refinery from Phillips 66, a refining company being spun off from ConocoPhillips. Delta says a subsidiary will pay $150...

  • Dow, S&P 500 slip as Spain enters recession
    Catalan_parliament_moves_to_declare_independence_from_spain 2012-04-30 20:34:44 UTC
    NEW YORK (AP) — Renewed worries about the fragility of Europe's finances are helping to drive stocks lower. The Spanish government said Monday that its economy shrank in the first three months of 2011, putting one of the largest economies in Europe into a recession. In the U.S., a drop in M...

  • Americans' remain confident in April
    Untitled 2012-04-24 16:17:42 UTC
    NEW YORK (AP) — Americans' confidence in the economy held steady in April from the previous month despite rising gas prices and falling home values, says a private research group. The Conference Board says its Consumer Confidence Index now stands at 69.2, down slightly from a revised 69.5 in M...

  • Microsoft sells AOL patents on to Facebook
    Untitled 2012-04-23 20:01:47 UTC
    NEW YORK (AP) — Microsoft, which just bought patents from AOL for $1 billion, is now turning around and selling most of them to Facebook for $550 million. Facebook is buying about 650 of the 925 AOL patents and patent applications that Microsoft bought, Microsoft and Facebook said Monday. F...

  • Oil little changed, investors weigh global economy
    Oil_prices 2013-01-18 20:16:30 UTC
    NEW YORK (AP) — The price of oil remained at a four-month high Friday after new data showed China's economy rebounded and a global demand forecast rose. Benchmark oil for February delivery rose 7 cents to finish at $95.56 per barrel on the New York Mercantile Exchange, the highest since Se...

  • Paper: UBS head calls tax flap 'economic war'
    600_ubs_ceo_ermotti_ap_120422 2012-04-23 04:40:47 UTC
    GENEVA (AP) — The CEO of Swiss banking giant UBS AG has said the nation's tax disputes with the United States and some European nations are "an economic war" putting 20,000 jobs at risk. Sergio Ermotti, appointed CEO in November in the wake of a trading scandal, is quoted by Zurich weekly news...

  • A divided Congress confronts a rising cyberthreat
    539w 2012-04-21 21:13:20 UTC
    WASHINGTON (AP) — The mysterious caller claimed to be from Microsoft and offered step-by-step instructions to repair damage from a software virus. The electric power companies weren't falling for it. The caller, who was never traced or identified, helpfully instructed the companies to enable s...

  • BofA's $20M settlement faces court challenge
    Untitled 2012-04-21 21:03:49 UTC
    NEW YORK (AP) — A recently proposed $20 million settlement of shareholder claims by Bank of America Corp. over its 2009 acquisition of Merrill Lynch is being challenged by a separate group of shareholders as too small. A federal judge in New York has ordered the Bank of America directors who w...

  • Report: Wal-Mart hushed up bribe network in Mexico
    Mexico-lead-1 2012-04-21 20:57:18 UTC
    NEW YORK (AP) — A published report says Wal-Mart hushed up a vast bribery campaign that top executives of its Mexican subsidiary carried out to build stores across that country. The New York Times reported Saturday that Wal-Mart Stores Inc. failed to notify law enforcement officials even after...

  • Geithner urges creativity in Europe's debt crisis
    16a0e4c1d7d7f0fab57bd460b479-medium 2012-04-21 15:39:55 UTC
    WASHINGTON (AP) — Treasury Secretary Timothy Geithner (GYT'-nur) says Europe needs to be creative in fighting its debt crisis. Geithner says Europe's success will depend on the ability of its governments and central bank to creatively and aggressively support countries that are pursuing the ne...

  • EU parliament slams Argentina's YPF seizure
    628x471-1 2012-04-20 18:29:53 UTC
    BRUSSELS (AP) — The European Union parliament on Friday condemned Argentina's move to seize control of the YPF division of Spanish oil and gas company Repsol and demanded that the EU take action against Buenos Aires at the World Trade Organization. The parliament also called on the EU to look ...

  • Travelers smashes estimates, insurance rates rising
    Wallstreet 2012-04-19 18:09:54 UTC
    (Reuters) - Property insurer Travelers Cos Inc <TRV.N> blew past Wall Street earnings estimates for the first quarter and raised its dividend 12 percent as natural disaster losses declined and insurance rates continued to rise after years of weakness. The company's shares rose 4.8 percent to $...

  • Analysis: In Asia, BlackBerry's RIM sees a glimmer of hope
    Webblackberry_j_1365932cl-8 2012-04-18 18:40:21 UTC
    JAKARTA (Reuters) - The launch in India of a new BlackBerry by Research In Motion Ltd is not just a nod to its lower-end users who love it less for its security, push email and seamless roaming than for its simplicity and its Messaging. It's a strategy the Canadian company hopes will help fill bo...

  • Internet advertising climbs to $31 billion in 2011
    Internet 2012-04-18 17:04:36 UTC
    (Reuters) - Internet advertising revenue in the United States jumped 22 percent to $31 billion in 2011 setting a record high. The bulk of last year's spend went to search and display advertising, according to a report from the Interactive Advertising Bureau an...

  • Warren Buffett has prostate cancer, sees no danger
    Untitled 2012-04-18 01:35:21 UTC
    (Reuters) - Berkshire Hathaway Inc Chief Executive Warren Buffett said he has stage 1 prostate cancer but his condition "is not remotely life-threatening or even debilitating in any meaningful way." Buffett, the world's third-richest man, will begin a two-month treatment consisting of daily ra...

  • IMF inches toward deal on boosting bailout funds
    Untitled 2012-04-17 23:17:55 UTC
    WASHINGTON (Reuters) - The International Monetary Fund appeared to be inching toward a deal on increasing its financial firepower on Tuesday, with Japan, Sweden and Denmark committing a total of $77 billion to help contain the euro zone's debt crisis. The pledges were made ahead of meetings of...

  • Japan vows $60 billion to boost IMF firepower
    Untitled 2012-04-17 05:50:19 UTC
    TOKYO (Reuters) - Japan said on Tuesday it will provide $60 billion in loans to the International Monetary Fund, becoming the first non-European nation to commit money to boost the fund's financial firepower to contain the euro zone debt crisis. Finance Minister Jun Azumi said Japan hoped Toky...

  • World Bank picks health expert Kim as president
    Kim 2012-04-17 00:33:07 UTC
    WASHINGTON (Reuters) - The World Bank on Monday chose Korean-born American health expert Jim Yong Kim as its new president, maintaining Washington's grip on the job and leaving developing countries frustrated with the selection process. Kim, a physician and anthropologist who makes for a somew...

  • China stocks czar faces battle to win back investor trust
    Untitled 2012-04-15 20:56:02 UTC
    SHANGHAI (Reuters) - In little over six months as China's top securities watchdog, Guo Shuqing has let loose a flurry of reforms targeting insider trading, market manipulation and dodgy disclosure that have hamstrung China's stock markets even as its economy surges. But China's more than 72 mi...