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AP Interview: GM CEO says bankruptcy avoidable

May 4, 2009 9:22 am | by TOM KRISHER - AP Auto Writer - Associated Press | News | Comments

DETROIT (AP) — With just a month left to check off an almost insurmountable list of restructuring moves, General Motors Corp.'s new CEO says it's still possible that the company can finish everything and avoid following Chrysler into bankruptcy.But don't think Fritz Henderson, who took over the...

AP IMPACT: Empty neighborhoods fill Rust Belt

May 4, 2009 9:02 am | by DAN SEWELL - Associated Press Writers - Associated Press | News | Comments

CINCINNATI (AP) — Meet the forgotten housing crisis.While most attention has focused on the wave of foreclosures sweeping mostly middle-class, suburban Sunbelt neighborhoods from California to Florida, the nation's emptiest neighborhoods have remained concentrated in the same place for nearly a...

Judge weighs Magna Entertainment asset sale

May 4, 2009 8:32 am | by RANDALL CHASE - AP Business Writer - Associated Press | News | Comments

WILMINGTON, Del. (AP) — Horse track owner Magna Entertainment Corp. is asking a Delaware bankruptcy judge to approve its plan to sell certain assets.A hearing on the request began Monday, just days after Magna took Pimlico Race Course in Baltimore and other assets in Maryland off the auction...

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Emulex board rejects Broadcom takeover bid

May 4, 2009 8:31 am | by The Associated Press | News | Comments

COSTA MESA, Calif. (AP) — Computer network gear maker Emulex Corp. said Monday it has rejected an unsolicited $764 million takeover bid from rival Irvine chipmaker Broadcom Corp.The board of Costa Mesa-based Emulex unanimously determined Monday that the April 21 Broadcom proposal to acquire Emulex...

Business events scheduled for Tuesday

May 4, 2009 8:16 am | by The Associated Press | News | Comments

TUESDAY, May 5NEW YORK — The Institute for Supply Management releases its non-manufacturing index for April, 10 a.m.DECATUR, Ill. — Archer Daniels Midland Co. releases third-quarter financial resultsNEW YORK — Avon Products Inc. releases first-quarter financial results.WOONSOCKET, R.I. — CVS...

Oil execs seen rough path for alternative energy

May 4, 2009 7:45 am | by JOHN PORRETTO - AP Energy Writer - Associated Press | News | Comments

HOUSTON (AP) — Despite millions in new investments and President Barack Obama's push for clean energy technology, many oil and gas executives say mass production of renewable energy is not likely before at least the middle of the next decade, a new survey showed Monday.Fifty-two percent of 382...

Taiwanese tycoon challenges Buffett's investment

May 4, 2009 7:40 am | by ANNIE HUANG - Associated Press Writer - Associated Press | News | Comments

TAIPEI, Taiwan (AP) — A Taiwanese business tycoon has criticized U.S. investor Warren Buffett's decision to invest in a Chinese battery and car maker that faces a lawsuit accusing it of stealing trade secrets.Officials with Buffett's company, Berkshire Hathaway Inc., said they believe the...

Wells Fargo asked to raise money after stress test

May 4, 2009 7:19 am | by DANIEL WAGNER - AP Business Writer - Associated Press | News | Comments

WASHINGTON (AP) — Regulators have told Wells Fargo & Co. it may need to shore up its finances after government "stress tests" showed the bank would have trouble surviving a deeper recession.Wells Fargo is one of several banks that regulators said would need larger buffers to protect them against...

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Judge OKs Chrysler financing over lenders' protest

May 4, 2009 7:09 am | by BREE FOWLER - AP Business Writers - Associated Press | News | Comments

NEW YORK (AP) — A bankruptcy judge on Monday gave Chrysler access to a crucial $4.5 billion to fund the carmaker's operations through the end of June, creating a "bridge" to the sale of the company's most valuable assets to Italy's Fiat Group SpA.Chrysler LLC won the interim approval for the...

Court sends Janet Jackson case back for review

May 4, 2009 6:33 am | by The Associated Press | News | Comments

WASHINGTON (AP) — The Supreme Court on Monday ordered a federal appeals court to re-examine its ruling in favor of CBS Corp. in a legal fight over entertainer Janet Jackson's wardrobe malfunction.The high court on Monday directed the 3rd U.S. Circuit Court of Appeals in Philadelphia to consider...

Latest economic data suggests recession is easing

May 4, 2009 6:27 am | by MARTIN CRUTSINGER - AP Economics Writer - Associated Press | News | Comments

WASHINGTON (AP) — Evidence that housing is poised to improve and optimism about the results of banking "stress tests" raised hopes Monday that the recession is easing and helped lift a key stock market measure into the black for the year.Construction spending and pending home sales both fared...

Pending home sales up 3.2 percent in March

May 4, 2009 6:07 am | by ALAN ZIBEL - AP Real Estate Writer - Associated Press | News | Comments

WASHINGTON (AP) — There was another ray of hope Monday for the distressed housing market: the National Association of Realtors said the volume of signed contracts to buy previously occupied homes rose for the second month in a row.Homebuyers taking advantage of bargain prices, low interest rates...

GM retains adviser for Saturn sale

May 4, 2009 5:26 am | by The Associated Press | News | Comments

DETROIT (AP) — GM says it is retaining a former company adviser to help it review potential buyers for its Saturn brand. The automaker says several parties expressed interest in buying the brand and its dealerships.General Motors Corp. is hiring S.J. Girsky & Co. to manage the transaction. The firm...

DirecTV, Liberty Media detail spinoff plans

May 4, 2009 5:06 am | by DEBORAH YAO - AP Business Writer - Associated Press | News | Comments

DirecTV Group Inc., the nation's largest satellite TV provider, said Monday it will be combined with the entertainment unit of Liberty Media Corp. and spun off into a separately traded company.The deal will give DirecTV assets that would enhance the offerings of its satellite TV operations:...

Filene's Basement files for Ch. 11 reorganization

May 4, 2009 5:01 am | by The Associated Press | News | Comments

WILMINGTON, Del. (AP) — Discount retailer Filene's Basement said Monday that it has filed to reorganize under Chapter 11 bankruptcy protection, less than two weeks after its new owner said it was reviewing "all available options."The privately held company, based in Burlington, Mass., and recently...

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