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Bank stock offerings weigh on financial shares

May 11, 2009 3:47 am | by SARA LEPRO - AP Business Writer - Associated Press | News | Comments

NEW YORK (AP) — KeyCorp, which is among 10 major banks ordered by the government to raise more capital as a buffer against future losses, joined several other banks Monday in announcing public stock offerings.The offerings put pressure on financial shares, but underscore the improving conditions in...

US trade chief: beef deal with EU '99 pct there'

May 11, 2009 3:37 am | by The Associated Press | News | Comments

GENEVA (AP) — A top U.S. trade official says a long-running trade clash between the United States and the European Union over hormone-treated U.S. beef is almost resolved.U.S. Trade Representative Ron Kirk said Monday a deal was "99 percent there". The potential agreement could pave the way for an...

BB & T to offer stock, cut dividend to repay gov't

May 11, 2009 3:01 am | by The Associated Press | News | Comments

WINSTON-SALEM, N.C. (AP) — BB&T says it will sell $1.5 billion in common shares to help repay the government's investment in its preferred stock and warrants through the U.S. Treasury's TARP Capital Purchase Plan.Winston-Salem, N.C.-based BB&T Corp. also says it is cutting its third-quarter...

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Mitsubishi swapping $600 mln Morgan Stanley shares

May 11, 2009 2:41 am | by The Associated Press | News | Comments

TOKYO (AP) — Japan's biggest bank, Mitsubishi UFJ Financial Group Inc., said Monday it will swap $600 million of its preferred shares in Morgan Stanley for common stock to keep its voting rights stake of the U.S. bank above 20 percent.Its purchase of 25 million shares is part of Morgan Stanley's...

Dish Network 1Q profit rises 21 percent

May 11, 2009 2:36 am | by DEBORAH YAO - AP Business Writer - Associated Press | News | Comments

Dish Network Corp., the second-largest satellite TV provider in the U.S., surprised investors Monday by posting first-quarter results that were not as bad as feared. Earnings rose by 21 percent on the back of price increases and lower costs.Shares of Englewood, Colo.-based Dish rose $2.61, or more...

Critics: WHO slow on generics for swine flu

May 11, 2009 2:31 am | by MARIA CHENG - Associated Press Writer - Associated Press | News | Comments

LONDON (AP) — As poor countries face a possible swine flu pandemic with only enough Tamiflu to treat a tiny fraction of their populations, some experts are calling for a simple but contentious solution: massive production of generics.Antivirals such as Tamiflu are believed to be effective against...

China's consumer prices fall, lending spree eases

May 11, 2009 2:00 am | by ELAINE KURTENBACH - AP Business Writer - Associated Press | News | Comments

SHANGHAI (AP) — China's bout of deflation persisted in April, as consumer prices fell 1.5 percent from elevated levels a year earlier, but analysts said they expect prices to start heading upward later in the year.The central bank, meanwhile, reported Monday that new bank lending in April was less...

Metro sells off US newspaper business

May 11, 2009 1:25 am | by MALIN RISING - Associated Press Writer - Associated Press | News | Comments

STOCKHOLM (AP) — Swedish newspaper group Metro International S.A. said Monday it has agreed to sell its loss-making U.S. papers, with a combined circulation of 590,000 daily copies reaching some 1.2 million readers, to a company run by a former Metro CEO.The deal, signed with Pelle Tornberg's...

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NM farmers work to preserve native chile varieties

May 11, 2009 1:20 am | by MELANIE DABOVICH - Associated Press Writer - Associated Press | News | Comments

ALBUQUERQUE, N.M. (AP) — Gene Lopez has just finished planting his chile field in the same way he's planted his heat-packed crop for three decades. But as the years pass, there seems to be more immediacy behind each seed he places in the ground.The 70-year-old retired employee of Los Alamos...

Sony expects first loss in 14 years amid downturn

May 11, 2009 12:19 am | by YURI KAGEYAMA - AP Business Writer - Associated Press | News | Comments

TOJYO (AP) — Japanese electronics and entertainment company Sony Corp. reports its fiscal fourth quarter and full year earnings on Thursday. The following is a summary of key developments and analyst opinion related to the period.OVERVIEW: Sony has forecast its first net loss in 14 years for the...

Indian vehicle sales up 1.1 percent in April

May 10, 2009 11:13 pm | by ERIKA KINETZ - AP Business Writer - Associated Press | News | Comments

MUMBAI, India (AP) — India's vehicle sales continued to rise in April, growing 1.1 percent from the year before to 165,539 units, while exports surged, according to industry figures released Monday.Sales of passenger cars rose 4.36 percent, to 135,697 units, while commercial vehicle sales fell...

Report: Shinsei and Aozora Banks to merge

May 10, 2009 10:38 pm | by The Associated Press | News | Comments

TOKYO (AP) — Japan's Shinsei Bank Ltd. and Aozora Bank Ltd. — two money-losing midsize lenders with major U.S. stakeholders — have agreed to merge and will begin the process by next summer, the Nikkei financial daily reported Monday.Both banks appear to have gotten the go-ahead for the deal from...

Bank stocks weigh on world markets

May 10, 2009 10:12 pm | by PAN PYLAS - AP Business Writer - Associated Press | News | Comments

LONDON (AP) — World stock markets fell Monday as investors took advantage of a light financial news day to book profits made over the last couple of weeks — and recently buoyant bank stocks bore the brunt.By early afternoon London time, the FTSE 100 index of leading British shares was down 21.70...

American to let customers use miles on 1-way trips

May 10, 2009 9:07 pm | by DAVID KOENIG - AP Airlines Writer - Associated Press | News | Comments

DALLAS (AP) — American Airlines says it will let frequent fliers use miles to book one-way trips for half the miles of a round trip.The airline will also let customers redeem miles to fly one leg of a round trip in first-class and fewer miles to fly in coach on the other leg. Officials at American,...

Oil falls below $58 as traders reconsider rally

May 10, 2009 9:01 pm | by GEORGE JAHN - Associated Press Writer - Associated Press | News | Comments

VIENNA (AP) — Weak U.S. oil demand and hefty oversupplies of crude yanked support from oil's rally on Monday, with prices falling below $58 a barrel.Oil prices have jumped this month from near $50 as crude investors followed stock markets, which have surged on expectations the worst of a severe...

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