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Insurers get preliminary OK for Treasury funds

May 14, 2009 4:10 pm | by JENNIFER MALLOY ZONNAS - AP Business Writer - Associated Press | News | Comments

LOS ANGELES (AP) — The federal government has agreed to extend billions in bailout funds to six major life insurers, helping them shore up their capital positions in the wake of major investment losses.The Hartford Financial Services Group Inc. said Thursday that it had been notified by the...

2 NJ men charged with Internet stock scam

May 14, 2009 3:59 pm | by DAVID PORTER - Associated Press Writer - Associated Press | News | Comments

NEWARK, N.J. (AP) — Two New Jersey men have been charged with fraud and conspiracy for allegedly running a stock scheme on Craiglist and other Web sites.Federal authorities say Paul Bultmeyer and Arthur Piacentini used their company, Sherbourne Capital, to defraud clients by taking their money and,...

GM says it could sell assets to new co. in Ch. 11

May 14, 2009 3:24 pm | by The Associated Press | News | Comments

DETROIT (AP) — General Motors Corp. says it likely would sell most of its assets to a new company and liquidate the rest if it has to seek bankruptcy protection.The company made the disclosure Thursday in a filing with the Securities and Exchange Commission. It has said bankruptcy is possible if it...

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Target urges shareholders to reject board picks

May 14, 2009 3:19 pm | by SARAH SKIDMORE - AP Retail Writer - Associated Press | News | Comments

PORTLAND, Ore. (AP) — Target Corp. on Thursday once again urged its shareholders to vote against hedge fund leader William Ackman's slate of nominees for its board, saying his attempts to change the company's leadership and direction are misguided and motivated by a risky short-term agenda.Target...

April video game sales decline 17 percent

May 14, 2009 3:09 pm | by BARBARA ORTUTAY - AP Technology Writer - Associated Press | News | Comments

NEW YORK (AP) — Lacking the big hits that made the year-ago period a standout, U.S. video game sales dropped sharply in April for the second month in a row as customers continued to watch their wallets.Market researcher NPD group said late Thursday that retail sales of game software, hardware and...

Meltdown 101: What if my car dealer shuts down?

May 14, 2009 2:33 pm | by KIMBERLY S. JOHNSON - AP Auto Writer - Associated Press | News | Comments

DETROIT (AP) — So your local Chrysler dealer is slated to close, and a nearby General Motors dealer could get the ax too. What happens if you need service on your car?It's a natural question in the changing automotive landscape, as those two U.S. automakers attempt to restructure in and out of...

Agilent posts 2Q loss as revenue falls 25 percent

May 14, 2009 2:08 pm | by The Associated Press | News | Comments

SANTA CLARA, Calif. (AP) — Scientific equipment maker Agilent Technologies Inc. on Thursday reported a second-quarter loss as revenue fell by 25 percent, led by a steep drop in its semiconductor and board test unit.The company lost $101 million, or 29 cents per share, in the quarter compared with a...

GM, Chrysler to drop 1,900 dealers by end of 2010

May 14, 2009 1:58 pm | by DAN STRUMPF - AP Auto Writers - Associated Press | News | Comments

NEW YORK (AP) — A decision by troubled automaker General Motors to drop 20 percent of its dealers is due in part to an oversized network that created stiff internal competition and gave shoppers too much leverage to talk down sticker prices, hurting chances for future sales.GM's announcement Friday...

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Smithfield Foods: tests show no flu in Mexico herd

May 14, 2009 1:52 pm | by The Associated Press | News | Comments

SMITHFIELD, Va. (AP) — Smithfield Foods Inc., the nation's largest pork producer and processor, said Thursday tests confirm its pig herd in Veracruz, Mexico does not have H1N1, or swine flu.Chief Executive C. Larry Pope said in a letter to employees that no virus, including the H1N1 virus, was...

Testimony: Scrushy left HealthSouth in a mess

May 14, 2009 1:42 pm | by JAY REEVES - Associated Press Writer - Associated Press | News | Comments

BIRMINGHAM, Ala. (AP) — Fired HealthSouth Corp. CEO Richard Scrushy left the company in a mess after investigators uncovered a massive accounting scam at the rehabilitation company, a corporate restructuring expert said.Attorneys who filed a civil lawsuit against Scrushy read deposition testimony...

Investors buy more bonds after jobless claims data

May 14, 2009 1:27 pm | by The Associated Press | News | Comments

NEW YORK (AP) — Doubts about the economy are keeping demand for Treasurys alive.Treasury prices gained Thursday despite an advance in stocks after the government reported a sharp jump in new jobless claims.Initial claims for unemployment benefits rose to 637,000 last week from 605,000 the previous...

DirecTV, Liberty Media sued over merger plans

May 14, 2009 1:27 pm | by The Associated Press | News | Comments

WILMINGTON, Del. (AP) — Two public pension funds are suing DirecTV Group Inc. and Liberty Media Corp. over plans to merge DirecTV into Liberty's entertainment unit, then spinning them off into a new publicly traded company.The Key West Police and Fire Pension Fund in Florida and City of Roseville...

Dollar falls on weekly unemployment report

May 14, 2009 1:12 pm | by The Associated Press | News | Comments

NEW YORK (AP) — The dollar fell against major currencies Thursday as a report showed that U.S. jobless claims and producer prices rose more than expected, suggesting the economy's improvement is fitful.The 16-nation euro advanced to $1.3652 in late New York trading from $1.3614 late Wednesday in...

Blockbuster profit and revenue sag; stock dives

May 14, 2009 1:07 pm | by MICHAEL LIEDTKE - AP Business Writer - Associated Press | News | Comments

SAN FRANCISCO (AP) — Blockbuster Inc.'s first-quarter profit sagged as fewer people came to its stores to rent videos, though the long-slumping company softened the blow by whittling the size of its chain and shedding other expenses.The results released Thursday were the latest sign of the...

Nike to cut about 1,750 jobs worldwide

May 14, 2009 12:16 pm | by SARAH SKIDMORE - AP Retail Writer - Associated Press | News | Comments

PORTLAND, Ore. (AP) — Shoe and apparel company Nike Inc. said Thursday that it will cut about 1,750 jobs worldwide, or 5 percent of its global work force.About 500 of the jobs lost will be at Nike's world headquarters in Beaverton, Ore. The company did not specify what departments the cuts would be...

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