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Blackstone Group's 1st-quarter loss narrows

May 6, 2009 5:58 am | by STEPHEN BERNARD - AP Business Writer - Associated Press | News | Comments

NEW YORK (AP) — Private equity firm Blackstone Group LP said Wednesday its first-quarter loss narrowed as management and advisory fees increased.Despite the improvement, Tony James, the company's president and chief operating officer, remained cautious about any signs of recovery in the economy....

EU Parliament approves multibillion spending plan

May 6, 2009 5:42 am | by The Associated Press | News | Comments

STRASBOURG, France (AP) — The European Parliament has approved the use of euro5 billion ($6.7 billion) of unspent EU budget funds to boost green energy and Internet links across the EU.The endorsement on Wednesday means the EU can now start spending the money, which comes from unused EU farm...

FDIC's Bair calls for 'systemic risk council'

May 6, 2009 5:27 am | by MARCY GORDON - AP Business Writer - Associated Press | News | Comments

WASHINGTON (AP) — The head of the Federal Deposit Insurance Corp. says new powers are needed to oversee companies that pose financial risks to the economy, an authority that could be shared by the FDIC and other regulators.Policymakers want to replace the "too big to fail" model used by the...


Chrysler offers incentives to counter sales slump

May 6, 2009 4:51 am | by DAN STRUMPF - AP Auto Writer - Associated Press | News | Comments

NEW YORK (AP) — Chrysler said Wednesday it is offering up to $6,000 worth of incentives on its 2009 cars and trucks as it races to emerge from bankruptcy protection and counter a prolonged U.S. sales slump.The new incentives — which come off prices negotiated with dealers — are Chrysler LLC's...

Cooper Tire & Rubber posts 1Q loss of $21.3M

May 6, 2009 4:51 am | by The Associated Press | News | Comments

FINDLAY, Ohio (AP) — Cooper Tire & Rubber Co. said Wednesday it lost $21.3 million in the first quarter as consumers bought fewer replacement tires.Chief Executive Roy Armes said raw materials costs have fallen but that overcapacity is still depressing sales throughout the industry.The tire company...

Boston Globe reaches deal with largest union

May 6, 2009 4:51 am | by MARK PRATT - Associated Press Writer - Associated Press | News | Comments

BOSTON (AP) — The Boston Globe and its largest employees union reached a tentative agreement early Wednesday on concessions that will keep the 137-year-old newspaper publishing, the union president said.The breakthrough came about 4 a.m. after nearly 11 hours of negotiations, said Dan Totten,...

BofA shares rise amid reports of $34B shortfall

May 6, 2009 4:21 am | by STEPHEN BERNARD - AP Business Writer - Associated Press | News | Comments

NEW YORK (AP) — Bank of America Corp. stock rose Wednesday as investors appeared comforted by reports that the bank has the means to cover a potential $34 billion shortfall in capital."Investors have figured out Bank of America has plenty of options and earnings capacity" to handle any shortfall...

Report: GM adds shifts at Oshawa for Camaro demand

May 6, 2009 4:16 am | by The Associated Press | News | Comments

OSHAWA, Ontario (AP) — A newspaper says demand for the Camaro reportedly has prompted General Motors Corp. to add the week of June 29 as a scheduled work week at the Oshawa, Ontario, plant instead of a week off.The Peterborough Examiner reported Wednesday the flex line workers at the assembly plant...


NY AG questions Chevron in pollution lawsuit

May 6, 2009 4:11 am | by DAVID B. CARUSO - Associated Press Writer - Associated Press | News | Comments

NEW YORK (AP) — New York Attorney General Andrew Cuomo has sent a letter to the Chevron Corp., questioning whether executives have been upfront with shareholders about the company's potential liability for decades of pollution in the jungles of Ecuador.For years, the nation's second-largest oil...

Ford invests $550M to bring new Focus to market

May 6, 2009 4:06 am | by KIMBERLY S. JOHNSON - AP Auto Writer - Associated Press | News | Comments

WAYNE, Mich. (AP) — Ford Motor Co. stripped "truck" from the name of one its Detroit-area plants Wednesday as it announced plans to build its next-generation Focus here, including a battery-electric version Ford expects will run up to 100 miles without using gas or emitting greenhouse gas.While...

Compuware sells software line to British company

May 6, 2009 3:45 am | by The Associated Press | News | Comments

DETROIT (AP) — Business software and services provider Compuware Corp. says it's selling an applications testing software line to Britain's Micro Focus International PLC for $80 million.Compuware said Wednesday the deal affects 330 employees and is expected to be completed by the end of this...

Marsh & McLennan posts 1Q profit, shares rise

May 6, 2009 3:35 am | by STEPHEN BERNARD - AP Business Writer - Associated Press | News | Comments

NEW YORK (AP) — Marsh & McLennan Cos. said Wednesday it returned to profitability in the first quarter, bouncing back from a loss a year ago when it absorbed a big write-down.Its shares rose more than 8 percent."Overall I'm pleased with our first-quarter results, despite the significant hurdles we...

Partially completed SoCal housing tract demolished

May 6, 2009 3:00 am | by The Associated Press | News | Comments

VICTORVILLE, Calif. (AP) — A foreclosed tract of partially completed homes was demolished after the bank that owns the project deemed it a hazard and calculated that finishing and selling the dwellings would be a money-losing proposition, a bank official said Tuesday.The planned 16-unit tract on...

Total 1Q net profit falls 36 percent

May 6, 2009 2:44 am | by The Associated Press | News | Comments

PARIS (AP) — French oil giant Total SA said Wednesday its net profit dropped 36 percent in the first quarter from a year earlier as oil prices fell sharply amid the global economic downturn.Paris-based Total, France's largest company by market capitalization, said net profit dropped to euro2.29...

BMW reports 1Q net loss of euro152 million

May 6, 2009 2:44 am | by GEORGE FREY - AP Business Writer - Associated Press | News | Comments

FRANKFURT (AP) — German carmaker BMW AG reported Wednesday a small net loss for the first quarter as the global recession cut deeper into car sales, and said the future of the market remained uncertain for the rest of the year.The news was not as bad as expected, however, sending the shares up 2.6...


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