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Exxon begins drilling at Point Thomson in Alaska

May 9, 2009 5:52 pm | by The Associated Press | News | Comments

ANCHORAGE, Alaska (AP) — Exxon Mobil says it has begun drilling at Alaska's Point Thomson oil and gas field.Patrick McGinn, a company spokesman, says drilling operations were launched Friday.In February, Exxon returned eight of its Point Thomson leases that were part of 13 added to the field in...

Judge refers lawyer for prosecution in Dole fraud

May 9, 2009 1:31 pm | by LINDA DEUTSCH - AP Special Correspondent - Associated Press | News | Comments

LOS ANGELES (AP) — A judge said Friday that she's referring a Los Angeles lawyer to federal prosecutors and the State Bar over his involvement in lawsuits that she found were part of a massive fraud by purported Nicaraguan banana workers against U.S. food giant Dole.Superior Court Judge Victoria...

AP Sources: Obama wants Fed to be finance supercop

May 9, 2009 1:31 pm | by ANNE FLAHERTY - Associated Press Writer - Associated Press | News | Comments

WASHINGTON (AP) — The Federal Reserve could become the supercop for "too big to fail" companies capable of causing another financial meltdown under a proposal being seriously considered by the White House.The Obama administration told industry officials on Friday that it was leaning toward making...

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Hicks' loan default casts shadow on Rangers, Stars

May 9, 2009 1:15 pm | by SCHUYLER DIXON - Associated Press Writer - Associated Press | News | Comments

DALLAS (AP) — Tom Hicks owns the Texas Rangers and the Dallas Stars because he's been a pro at turning borrowed money into handsome profits.Few could match the tall Texan's ability in the world of leveraged corporate buyouts, and he used that wealth to become a force in the world of professional...

LCH.Clearnet receives takeover bid from consortium

May 9, 2009 11:29 am | by The Associated Press | News | Comments

NEW YORK (AP) — London-based LCH.Clearnet Group Ltd., a key European trading securities clearing house, has received a takeover bid for as much as $1.2 billion from a consortium of banks, including J.P. Morgan Chase Co., according to online media reports including The Wall Street...

Swine flu is windfall for some tourist spots, US

May 9, 2009 7:48 am | by TRAVIS REED - Associated Press Writer - Associated Press | News | Comments

The cruise Zenaiva Cervantes booked was to stop in sun-drenched beach cities on the Mexican Riviera. The cruise she took? That landed her in Seattle, where she pulled her arms tightly to her chest as she debarked on a damp, 50-degree morning."We wanted to relax in the warmth," the 61-year-old...

Money or tradition: Ind. Amish face uneasy dilemma

May 9, 2009 7:22 am | by TOM COYNE - Associated Press Writer - Associated Press | News | Comments

TOPEKA, Ind. (AP) — A part-time construction job sturdied Orva Fry's financial foundation after he was laid off from an RV factory. It also kept the 41-year-old Amish father of two on steady spiritual ground.Another way to make ends meet that Fry briefly considered — unemployment checks — went...

Germany sees open questions in Opel bids

May 9, 2009 3:26 am | by The Associated Press | News | Comments

BERLIN (AP) — Germany's economy minister was quoted as saying Saturday that questions remain over plans by both Fiat SpA and auto parts maker Magna International Inc. to invest in General Motors' main European unit, Opel, and stressed that he is equally open to both suitors.Fiat's chief executive,...

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AT & T to buy territories from Verizon for $2.35B

May 8, 2009 6:11 pm | by PETER SVENSSON - AP Technology Writer - Associated Press | News | Comments

NEW YORK (AP) — AT&T Inc. said Friday it will buy the assets of Verizon Wireless in 79 mainly rural areas for $2.35 billion, a deal that will affect more than 1 million subscribers.Verizon Wireless was forced to sell the service areas, which are spread over 18 states, to satisfy regulatory...

US regulators shut down 33rd bank this year

May 8, 2009 5:46 pm | by MADLEN READ - AP Business Writer - Associated Press | News | Comments

NEW YORK (AP) — Federal regulators on Friday shut down Westsound Bank of Bremerton, Wash., making it the 33rd bank to fail this year.The Federal Deposit Insurance Corp. seized the small bank and said its nine branches and nearly all of its deposits will be taken over by Kitsap Bank of Port Orchard,...

Union: Delta wants to cut pilot jobs

May 8, 2009 4:50 pm | by HARRY R. WEBER - Associated Press Writer - Associated Press | News | Comments

ATLANTA (AP) — Delta Air Lines Inc., the world's biggest airline operator, wants to cut an unspecified number of pilot jobs through a program that would give pilots an incentive to retire, according to a memo issued by the pilots union Friday.Lee Moak, chairman of the pilots union's executive...

How could a government-run GMAC reshape car sales?

May 8, 2009 2:14 pm | by KIMBERLY S. JOHNSON - AP Auto Writer - Associated Press | News | Comments

DETROIT (AP) — With the federal government almost certain to take control of GMAC Financial Services, analysts suggest it could become a loan machine that gives General Motors and Chrysler a huge advantage over their competitors.The company was one of 10 financial firms ordered by the government to...

How the major stock indexes fared Friday, US

May 8, 2009 2:09 pm | by The Associated Press | News | Comments

A late-day shot of adrenaline sent stock prices soaring Friday, giving Wall Street its third straight monthly gain. After fluctuating much of the day on mixed economic data, stocks soared just before the close. Analysts attributed the surge to buying by short-sellers who had bet that stocks would...

Treasurys rise after April jobs data

May 8, 2009 2:03 pm | by The Associated Press | News | Comments

NEW YORK (AP) — Treasury prices rose Friday after mixed economic data led investors to buy back into government debt.The Labor Department's April jobs report was somewhat reassuring to investors worried about the economy. The 539,000 drop in U.S. jobs was smaller than economists anticipated, which...

Berkshire Hathaway reports a $1.5B 1Q loss

May 8, 2009 2:03 pm | by JOSH FUNK - AP Business Writer - Associated Press | News | Comments

OMAHA, Neb. (AP) — Warren Buffett's company reported a $1.5 billion first-quarter loss as it wrote down its ConocoPhillips investment and mostly unrealized derivative losses helped drag Berkshire Hathaway's results below last year's $940 million profit.Berkshire Hathaway Inc. said Friday it...

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