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Kraft Foods 1Q profit rises 10 percent

May 5, 2009 3:20 am | by EMILY FREDRIX - AP Food Industry Writer - Associated Press | News | Comments

MILWAUKEE (AP) — Kraft Foods Inc. said Tuesday its first-quarter profit rose 10 percent even as sales took a hit from the stronger dollar. The maker of Velveeta, Oreo cookies and Maxwell House coffee says it plans to focus on its core products, where it can make the most money, to emerge from the...

Report: Financial Crisis could reshape biotech

May 5, 2009 3:15 am | by The Associated Press | News | Comments

NEW YORK (AP) — The U.S. biotech industry became profitable as a whole for the first time in 2008, a new report says, but the global financial crisis has led to a pullback in the investment that drives the industry's expensive research.Ernst & Young's global biotechnology report 2009, its 23rd...

Report: Fiat boss sees savings in Opel alliance

May 5, 2009 1:53 am | by The Associated Press | News | Comments

BERLIN (AP) — A Fiat tie-up with General Motors Corp.'s Opel unit would allow "immense" cost savings, the Italian auto maker's boss was quoted Tuesday as saying, arguing the two companies would be a good fit.Fiat Group SpA is trying to build a global automaking powerhouse. Last week, it struck a...

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Mexico gets some bustle back after flu shutdown

May 5, 2009 12:02 am | by PETER ORSI - Associated Press Writer - Associated Press | News | Comments

MEXICO CITY (AP) — Traffic is picking up again, cafes are reopening and cleanup crews are getting universities ready to resume classes. Mexico City has some of its customary bustle back, and the president promises life is returning to normal after a five-day shutdown to contain the spread of swine...

UBS books 2B francs net loss for Q1

May 4, 2009 11:16 pm | by ONNA CORAY - Associated Press Writer - Associated Press | News | Comments

ZURICH (AP) — UBS AG, the Swiss bank hit hard by the financial crisis and a U.S. legal probe into its American clients' offshore accounts, reported Tuesday a first-quarter net loss of 1.98 billion Swiss francs ($1.73 billion) and said it expects loan losses to keep rising.UBS, which replaced its...

Alcatel-Lucent net loss widens in 1Q

May 4, 2009 10:56 pm | by GREG KELLER - AP Business Writer - Associated Press | News | Comments

PARIS (AP) — Alcatel-Lucent's net loss widened in the first quarter as sales of both wireless and wireline communications gear continued to fall in all major markets amid the global economic downturn.The world's third-largest supplier of wireless networking equipment for telecom operators and...

GM's China sales surge 50 pct to monthly record

May 4, 2009 9:20 pm | by The Associated Press | News | Comments

SHANGHAI (AP) — General Motors said Tuesday that sales in China soared 50 percent in April to a monthly record of 151,084 vehicles, thanks to strong demand for Buick brand cars and Wuling minivehicles.Sales of the Buick Excelle sedan, a staple in GM's Shanghai-produced portfolio, more than doubled...

World stocks await key US stress test results

May 4, 2009 9:09 pm | by PAN PYLAS - AP Business Writer - Associated Press | News | Comments

LONDON (AP) — World stock markets rose modestly Tuesday as investors awaited details of which U.S. banks will need more capital, while Britain's FTSE 100 index surged as it played catch-up after being closed the day before when investors reaped big gains.In Europe, the FTSE was up 114.94 points, or...

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Energy prices fall before crude storage report

May 4, 2009 8:19 pm | by DIRK LAMMERS - AP Energy Writer - Associated Press | News | Comments

SIOUX FALLS, S.D. (AP) — Oil prices retreated from five-month highs Tuesday, a day before the government is expected to report that crude storage levels have reached a new 19-year high.Benchmark crude for June delivery fell 63 cents to settle at $53.84 a barrel on the New York Mercantile...

Bernanke more optimistic, sees growth in 2009

May 4, 2009 8:09 pm | by JEANNINE AVERSA - AP Economics Writer - Associated Press | News | Comments

WASHINGTON (AP) — Federal Reserve Chairman Ben Bernanke gave his most optimistic prediction yet Tuesday about the end of the recession, saying he expects the economy to start growing again this year — although the comeback could be weak and more jobs will disappear even after a recovery takes...

Recession forces new focus in e-commerce marketing

May 4, 2009 8:03 pm | by ANNE D'INNOCENZIO - AP RETAIL WRITER - Associated Press | News | Comments

NEW YORK (AP) — Online retailers are shifting their marketing from traditional advertising to less expensive tools like Facebook.com and Twitter and e-mail as they seek market share or just work to retain customers, according to an industry study being released Tuesday.Conducted by Internet...

Tata sells 203,000 Nanos, makes $512 million

May 4, 2009 4:52 pm | by ERIKA KINETZ - AP Business Writer - Associated Press | News | Comments

MUMBAI, India (AP) — More than 203,000 people have bought the ultra-cheap Nano car in India yielding sales of 25 billion rupees ($512.6 million), Tata Motors said."Tata Motors places on record its gratitude to the people of India for according such a warm welcome to the Tata Nano," the company said...

NYT union workers approve 5 percent pay cut

May 4, 2009 4:36 pm | by The Associated Press | News | Comments

NEW YORK (AP) — Union workers at The New York Times will accept a 5 percent pay cut through the end of the year to help the newspaper avert more layoffs.The Newspaper Guild members approved the wage reductions by a vote of 377 to 36 in balloting completed Monday night, according to The New York...

Obama's tax plans raises high-tech hackles

May 4, 2009 4:21 pm | by MICHAEL LIEDTKE - AP Technology Writer - Associated Press | News | Comments

SAN FRANCISCO (AP) — President Barack Obama's plan to impose U.S. taxes on corporate America's overseas profits threatens to open a big crater in the financial statements of technology companies.While additional taxes are rarely popular, Obama's decision to go after corporate earnings outside the...

Platinum completes purchase of San Diego newspaper

May 4, 2009 4:01 pm | by The Associated Press | News | Comments

SAN DIEGO (AP) — Platinum Equity said Monday it completed its purchase of The San Diego Union-Tribune from Copley Press Inc., the private equity firm's first venture in newspaper publishing.Copley agreed to sell the Union-Tribune in March for an undisclosed sum eight months after putting it up for...

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