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Banks' tests results lift cloud of uncertainty

May 6, 2009 8:08 pm | by DANIEL WAGNER - AP Business Writers - Associated Press | News | Comments

WASHINGTON (AP) — Government exams of the nation's biggest banks have helped lift a cloud of uncertainty that has hung over the economy.The so-called stress tests — a key Obama administration effort to boost confidence in the financial system — showed nine of the 19 biggest banks have enough...

SEC enforcement operation under scrutiny

May 6, 2009 8:08 pm | by MARCY GORDON - AP Business Writer - Associated Press | News | Comments

WASHINGTON (AP) — Lawmakers are examining the enforcement operation of the Securities and Exchange Commission and whether it is up to the task of policing the marketplace at a time of shattered investor confidence and financial upheaval.The workings of the SEC's enforcement division have come under...

ABC Music Lounge: No cocktails, but nonstop music

May 6, 2009 8:03 pm | by LYNN ELBER - AP Television Writer - Associated Press | News | Comments

LOS ANGELES (AP) — Cocktails won't be served, but ABC says a new online "music lounge" will offer a full menu of songs and artists featured on its shows.The virtual ABC Music Lounge is aimed at making the most of the tunes included on "Grey's Anatomy," ''Desperate Housewives" and other programs,...

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Japan's Hitachi expects bigger annual loss

May 6, 2009 7:48 pm | by YURI KAGEYAMA - AP Business Writer - Associated Press | News | Comments

TOKYO (AP) — Japanese electronics maker Hitachi Ltd. said Thursday its loss for the fiscal year ended March will be bigger than its previous forecast, ballooning to 788 billion yen ($8 billion) after writing down the value of tax refunds it expects.Hitachi, which makes everything from home...

Jurors receive cases in WR Grace trial

May 6, 2009 7:28 pm | by SUSAN GALLAGHER - Associated Press Writer - Associated Press | News | Comments

MISSOULA, Mont. (AP) — Cases in the W.R. Grace & Co. environmental crimes trial went to jurors Wednesday after closing arguments in which prosecutors relied heavily on documents and a company lawyer responded that documents "don't capture the flow of human experience.""You have to listen to what...

Korean Air says quarterly loss widens on weak won

May 6, 2009 7:28 pm | by The Associated Press | News | Comments

SEOUL, South Korea (AP) — Korean Air Lines Co. said Thursday its first quarter loss widened as weakness in the South Korean won drove up costs denominated in dollars.Korean Air lost 526.3 billion won ($413 million) in the three months ended March 31, the company said in a statement. Korean Air...

Delphi gets until May 21 to reach GM, lenders deal

May 6, 2009 4:26 pm | by The Associated Press | News | Comments

NEW YORK (AP) — Auto parts supplier Delphi Corp. has a few more weeks to work out a deal to sell its steering business to General Motors Corp., according to documents filed Wednesday in bankruptcy court in New York.The sale was to be discussed at a Delphi court hearing May 7 but was adjourned to...

AP sources: Obama to seek $17B in budget savings

May 6, 2009 4:06 pm | by ANDREW TAYLOR - Associated Press Writer - Associated Press | News | Comments

WASHINGTON (AP) — After a line-by-line scrub of the federal budget, President Barack Obama has signed off on a roster of 121 budget cuts totaling $17 billion — or about one-half of 1 percent of the $3.4 trillion budget Congress has approved for next year.Budget Director Peter Orszag briefed...

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KFC coupon customers ask: Where's the chicken?

May 6, 2009 3:20 pm | by JANET CAPPIELLO BLAKE - Associated Press Writer - Associated Press | News | Comments

LOUISVILLE, Ky. (AP) — Customers at a New York City KFC hoping to redeem coupons for a free meal were disgruntled when the fast-food restaurant ran out of its new grilled chicken, but Internet rumors of a riot were unfounded, a Kentucky Fried Chicken spokeswoman said Wednesday."Some customers were...

Anadarko reports $338 million 1Q loss

May 6, 2009 3:00 pm | by JOHN PORRETTO - AP Energy Writer - Associated Press | News | Comments

HOUSTON (AP) — Anadarko Petroleum Corp. said Wednesday it lost $338 million in the first quarter because of tumbling energy prices, but the results still beat Wall Street expectations.Anadarko, one of the nation's largest independent exploration and production companies, said its loss amounted to...

How the major stock indexes fared Wednesday, US

May 6, 2009 2:49 pm | by The Associated Press | News | Comments

Stocks tumbled Wednesday, erasing most of a rally from the day before as a jump in government bond yields fanned worries that higher interest rates will sap strength from the economy. A steep drop in the price of the benchmark 10-year Treasury note pushed its yield up to 3.75 percent, up from 3.55...

Twin River to host greyhound racing into August

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

LINCOLN, R.I. (AP) — Greyhound racing will continue through the summer at the struggling Twin River gambling parlor rather than end in late May as the facility's owners originally wanted because state officials believe the earlier closing would violate state law.The corporate parents of Twin River...

AIG reveals $454M in bonuses payments for 2008

May 6, 2009 2:39 pm | by IEVA M. AUGSTUMS - AP Business Writer - Associated Press | News | Comments

CHARLOTTE, N.C. (AP) — Embattled insurer American International Group Inc. said it has set aside and paid in part nearly $1.5 billion in retention and performance-related bonuses to its employees, a higher amount than previously disclosed.The payments, $1 billion for retention purposes and more...

Treasurys inch sideways after auction, stock rally

May 6, 2009 2:29 pm | by The Associated Press | News | Comments

NEW YORK (AP) — Treasury prices were mainly flat Wednesday as a government debt auction drew strong demand but a stock market rally siphoned off investors' dollars.Results from a Treasury Department auction of $22 billion in 10-year notes initially helped prices. The Treasury has been issuing debt...

Fed, Bernanke mulled unconventional options in '03

May 6, 2009 1:58 pm | by JEANNINE AVERSA - AP Economics Writer - Associated Press | News | Comments

WASHINGTON (AP) — Ben Bernanke has done something no other Federal Reserve chairman has done before: cut rates to near zero and resorted to unconventional tools to lift the country out of recession.But new documents out Wednesday show Fed policymakers in 2003 spent time discussing how it might...

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