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SEC mulling new rules for investment funds

May 14, 2009 7:20 am | by MARCY GORDON - AP Business Writer - Associated Press | News | Comments

WASHINGTON (AP) — Federal regulators on Thursday proposed requiring most investment advisers to submit to surprise exams by outside auditors, a move aimed at patching gaps that allowed Bernard Madoff to deceive investors about their funds' health.The Securities and Exchange Commission voted 5-0 at...

Carlisle temporarily closing truck trailer plants

May 14, 2009 6:45 am | by The Associated Press | News | Comments

SIOUX FALLS, S.D. (AP) — Carlisle Cos. Inc. said Thursday it will temporarily close heavy truck trailer production operations in North Dakota and Pennsylvania.Production at Carlisle's Trail King Industries in those two states will be consolidated with its Mitcehll, S.D. operations during the...

Canadian flight training firm cuts 10 percent

May 14, 2009 6:45 am | by The Associated Press | News | Comments

MONTREAL (AP) — The Canadian flight training company CAE Inc. is slashing 700 jobs, or 10 percent of its work force, in anticipation of a drop-off in orders from the civil aviation sector.CAE says Thursday the cuts will include 600 positions at its Montreal operations. It hopes the moves will save...

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Rambus says FTC has dropped antitrust claims

May 14, 2009 6:34 am | by ANDREW VANACORE - AP Business Writer - Associated Press | News | Comments

NEW YORK (AP) — Rambus Inc. said Thursday that the Federal Trade Commission has dropped its claim that the memory chip company violated antitrust laws in patenting technologies that were eventually incorporated into industry standards.The company's shares jumped 14 percent in trading...

Ford shareholders approve stock offering

May 14, 2009 6:29 am | by RANDALL CHASE - AP Business Writer - Associated Press | News | Comments

WILMINGTON, Del. (AP) — Ford Motor Co. shareholders on Thursday approved the company's request to issue shares of common stock to help pay some of its health care obligations to retired autoworkers.At the automaker's annual meeting in Delaware, more than 95 percent of shareholders voted to...

Berkshire sells 2.4M more Constellation shares

May 14, 2009 6:29 am | by The Associated Press | News | Comments

OMAHA, Neb. (AP) — Billionaire Warren Buffett's company sold more of the 20 million shares of Constellation Energy Group Inc. it received when Constellation rejected a takeover bid.Berkshire Hathaway Inc.'s Iowa-based utility company, MidAmerican Energy Holdings Co., recently sold 2.35 million...

Chrysler moves to eliminate 789 of 3,200 dealers

May 14, 2009 6:14 am | by DAN STRUMPF - AP Auto Writers - Associated Press | News | Comments

NEW YORK (AP) — Chrysler LLC wants to eliminate roughly a quarter of its 3,200 U.S. dealerships by early next month, saying in a bankruptcy court filing Thursday that the network is antiquated and has too many stores competing with each other.The company, in a motion filed with the U.S. Bankruptcy...

Brazil stocks up after falling in previous session

May 14, 2009 5:54 am | by The Associated Press | News | Comments

SAO PAULO (AP) — Brazil stocks are edging higher after shares of the nation's big companies were battered during the previous session.Sao Paulo's Ibovespa index was up 0.3 percent to 48,812 during the first 30 minutes of trading. Brazil's currency slipped to 2.11 per dollar.Thursday's advances in...

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NEC to quit Japan supercomputer project

May 14, 2009 5:44 am | by MARI YAMAGUCHI - Associated Press Writer - Associated Press | News | Comments

TOKYO (AP) — Japanese electronics giant NEC Corp. said Thursday it will withdraw from a government-led project to produce a next-generation supercomputer, citing falling profits amid the global economic crisis.The decision could deal a major setback for Japan's ambitious plan to develop a...

Documents: Paulson forced 9 bank CEOs into bailout

May 14, 2009 5:08 am | by SARA LEPRO - AP Business Writer - Associated Press | News | Comments

NEW YORK (AP) — The chief executives of the country's nine largest banks had no choice but to accept capital infusions from the Treasury Department in October, government documents released Wednesday have confirmed.Obtained and released by Judicial Watch, a nonpartisan educational foundation, the...

Free Lipitor, Viagra, 70 other drugs for jobless

May 14, 2009 5:03 am | by LINDA A. JOHNSON - AP Business Writers - Associated Press | News | Comments

The recession might be a little less painful for some Americans, who won't lose their prescription medications if they lose their jobs.Pfizer Inc. said Thursday it will give away more than 70 of its most widely prescribed drugs, including Lipitor and Viagra, for up to a year to people who have lost...

VW, Kia rev up in the South while Detroit idles

May 14, 2009 3:57 am | by BILL POOVEY - Associated Press Writer - Associated Press | News | Comments

CHATTANOOGA, Tenn. (AP) — Volkswagen AG executives celebrate raising the first walls of their $1 billion assembly plant Thursday in Chattanooga, Tenn., giving them a chance to smile amid the auto industry's global despair.When construction is finished and VW starts making a new mid-size sedan in...

Wal-Mart profit flat on impact of strong dollar

May 14, 2009 3:27 am | by CHUCK BARTELS - AP Business Writer - Associated Press | News | Comments

LITTLE ROCK, Ark. (AP) — Wal-Mart Stores Inc., which posted flat first-quarter earnings Thursday, will spend another summer marketing its wares to families who want to have fun even in hard times.The world's largest retailer plans to stick with the "staycation" theme it adopted last year, when...

Kohl's 1st-quarter profit drops 11 percent

May 14, 2009 3:22 am | by EMILY FREDRIX - AP Retail Writer - Associated Press | News | Comments

MILWAUKEE (AP) — The cutback in consumer spending pushed Kohl's Corp.'s earnings down 11 percent in its fiscal first quarter. But the department store chain's results beat expectations and it said it expects to keep gaining market share from competitors.The Menomonee Falls, Wis.-based retailer has...

BT posts huge 4Q loss, to cut 15,000 more jobs

May 14, 2009 2:46 am | by ROBERT BARR - Associated Press Writer - Associated Press | News | Comments

LONDON (AP) — Telecommunications company BT Group PLC said Thursday it expects to cut another 15,000 jobs in the next year after its Global Services division dragged the company to a fourth quarter loss of nearly 1 billion pounds.In the three months ending March 31, BT recorded a net loss of 977...

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