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IRS auditing Tribune employee stock plan

May 13, 2009 3:34 am | by The Associated Press | News | Comments

CHICAGO (AP) — The Internal Revenue Service is auditing a Tribune Co. deal involving its employee stock ownership plan, a major piece of Sam Zell's plan to take his media company private.The Chicago Sun-Times reported Wednesday that an IRS agent from Wisconsin has filed a statement with the U.S....

Frontier to buy rural Verizon lines for $5.3B

May 13, 2009 3:34 am | by PETER SVENSSON - AP Technology Writer - Associated Press | News | Comments

NEW YORK (AP) — Verizon Communications Inc. said Wednesday it reached a deal to sell scattered phone service areas outside its main Northeastern and Californian territories for $5.3 billion in stock.The buyer is Frontier Communications Corp., based in Stamford, Conn. The company focuses on serving...

Japan lower house OKs record extra budget

May 13, 2009 3:14 am | by The Associated Press | News | Comments

TOKYO (AP) — Japan's lower house of parliament approved a record extra budget of nearly 15 trillion yen ($156 billion) Wednesday to finance stimulus measures aimed at lifting the world's second-largest economy out of recession.The extra budget will finance projects to support the unemployed and...

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ThyssenKrupp 2Q net loss euro362 million

May 13, 2009 3:09 am | by GEORGE FREY - AP Business Writer - Associated Press | News | Comments

FRANKFURT (AP) — German steelmaker and industrial company ThyssenKrupp AG booked a net loss in the second quarter, due to a dramatic drop in demand amid the recession, and predicted an operating loss for the full year while saying it would slow work on a new Alabama plant.The Duesseldorf-based...

ThyssenKrupp 2Q net loss €362 million

May 13, 2009 3:09 am | by GEORGE FREY - AP Business Writer - Associated Press | News | Comments

FRANKFURT (AP) — German steelmaker and industrial company ThyssenKrupp AG booked a net loss in the second quarter, due to a dramatic drop in demand amid the recession, and predicted an operating loss for the full year while saying it would slow work on a new Alabama plant.The Duesseldorf-based...

Euro zone industrial output shrinks 2 pct in March

May 13, 2009 2:58 am | by PAN PYLAS - AP Business Writer - Associated Press | News | Comments

LONDON (AP) — The 16 countries that use the euro currency saw industrial output shrink by 2 percent in March from the previous month, pushing the annual rate of decline to a new record, the EU's statistics office said Wednesday. The drop was far bigger than expected.Though the decline represented a...

Allianz 1Q net profit falls 98 percent

May 13, 2009 2:58 am | by GEORGE FREY - AP Business Writer - Associated Press | News | Comments

FRANKFURT (AP) — German insurance company Allianz SE said Wednesday that net profit fell 98 percent in the first quarter, due mostly to charges on the sale of its Dresdner Bank unit and weaker margins at its main insurance divisions.The Munich-based company said net profit in the January-March...

Toyota cuts annual production goal to 7-year low

May 13, 2009 2:53 am | by JAY ALABASTER - Associated Press Writer - Associated Press | News | Comments

TOKYO (AP) — Toyota Motor Corp. said Wednesday it will cut vehicle production 28 percent this year to its lowest level in seven years.The world's largest automaker, struggling as sales fall across the globe, says it aims to produce 6.68 million vehicles in 2009, down from 9.24 million in 2008."We...

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MGM Mirage announces plan to raise $2.5B

May 13, 2009 2:48 am | by OSKAR GARCIA - Associated Press Writer - Associated Press | News | Comments

LAS VEGAS (AP) — Casino operator MGM Mirage said Wednesday that it would tap its majority shareholder, billionaire Kirk Kerkorian, and use two of its most famous resorts as collateral to help raise $2.5 billion in capital as it fights to save itself and pay down some of its $14 billion in debt.A...

Circuit City brand, Web site sold for $14M

May 13, 2009 1:42 am | by MICHAEL FELBERBAUM - AP Business Writer - Associated Press | News | Comments

RICHMOND, Va. (AP) — Bankrupt Circuit City's brand, trademarks and e-commerce business were sold on Wednesday for $14 million to Systemax Inc., the same company that purchased electronics retailer CompUSA's intellectual property when it closed in 2008.U.S. Bankruptcy Court Judge Kevin R. Huennekens...

Intel hit with $1.45 billion fine in Europe

May 13, 2009 1:37 am | by JORDAN ROBERTSON - AP Technology Writer - Associated Press | News | Comments

SAN FRANCISCO (AP) — Intel Corp. was fined a record $1.45 billion by the European Union on Wednesday for using strong-arm sales tactics in the computer chip market — a penalty that could turn up the pressure on U.S. regulators to go after the company, too.The fine against the world's biggest chip...

Kuwait cuts discount rate by 50 basis points

May 13, 2009 1:16 am | by The Associated Press | News | Comments

KUWAIT CITY (AP) — The official Kuwait News Agency says the oil-rich country's central bank has cut discount rate by 50 basis points to 3 percent.Central Bank head Sheik Salem Abdul-Aziz Al Sabah told KUNA on Wednesday the reduction was needed to "enhance growth" in non-oil sectors of the...

Iraq: US's Weatherford wins $224M oil contract

May 13, 2009 12:36 am | by SINAN SALAHEDDIN - Associated Press Writer - Associated Press | News | Comments

BAGHDAD (AP) — An Iraqi oil official says U.S. oilfield services company Weatherford International Ltd., has won a $224.4-million contract to drill in southern Iraq.The official with the state-run Maysan Oil Co. said Wednesday the Houston-based company has 24 months to drill 20 wells in the...

South Korea's jobless rate falls to 3.8 percent

May 12, 2009 11:20 pm | by The Associated Press | News | Comments

SEOUL, South Korea (AP) — South Korea's unemployment rate fell to 3.8 percent in April, government data showed Wednesday, adding to signs the country's battered economy is improving.The jobless rate declined from 4 percent in March, the Korea National Statistical office announced. Adjusted for...

Reports: GM to export China-built cars to US

May 12, 2009 11:15 pm | by The Associated Press | News | Comments

SHANGHAI (AP) — General Motors Corp. plans to begin exports of vehicles made in China to the United States within two years, ramping up sales to more than 50,000 by 2014, reports said Wednesday.A spokeswoman for GM in China did not immediately respond to a request for comment on the reports, which...

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