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Auditors see SEC deficiencies

May 5, 2009 8:15 pm | by MARCY GORDON - AP Business Writer - Associated Press | News | Comments

WASHINGTON (AP) — The Securities and Exchange Commission has made progress in tightening its procedures for managing its caseload of enforcement investigations but internal communications and use of resources still must be improved, congressional auditors have concluded in a new report.The workings...

Results of bank stress tests leak ahead of report

May 5, 2009 8:15 pm | by DANIEL WAGNER - AP Business Writers - Associated Press | News | Comments

WASHINGTON (AP) — Government stress tests are expected to show that nearly a dozen of the nation's largest banks do not have enough money to survive if the economy worsens and will need to raise billions of dollars as a precaution.Findings of the government's long-awaited tests of 19 banks leaked...

Oil prices jump to high for the year

May 5, 2009 7:14 pm | by DIRK LAMMERS - AP Energy Writer - Associated Press | News | Comments

SIOUX FALLS, S.D. (AP) — Oil prices surged to a 2009 high Wednesday after a government report showed that unused crude being placed in storage slowed a bit last week.Benchmark crude for June delivery rose 4.6 percent, or $2.50, to settle at $56.34 a barrel on the New York Mercantile Exchange. It...

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Asia faces weak recovery from slowdown, IMF says

May 5, 2009 7:04 pm | by ALEX KENNEDY - Associated Press Writer - Associated Press | News | Comments

SINGAPORE (AP) — Most Asian economies face weak recoveries next year after contracting sharply this year, the International Monetary Fund said Wednesday, urging governments to boost spending to offset faltering global demand.Despite some signs that a plunge in exports and manufacturing may have...

Products recalled due to possible salmonella risk

May 5, 2009 5:03 pm | by The Associated Press | News | Comments

The following recall has been announced because the products may be contaminated with salmonella, an organism that can cause serious and sometimes fatal infections, especially in young children, the elderly and those with weakened immune systems:___The Wisconsin Cheeseman is recalling certain...

GM promises plug-in hybrid by early 2011

May 5, 2009 4:02 pm | by The Associated Press | News | Comments

DETROIT (AP) — General Motors' new product development chief says it will have a plug-in hybrid sport utility vehicle ready for fleet testing in early 2011.The SUV was supposed to be a Saturn Vue Green Line, but GM has announced it will sell or phase out Saturn by the end of this year.Vice Chairman...

eBay to close Vancouver customer service facility

May 5, 2009 3:27 pm | by The Associated Press | News | Comments

SALT LAKE CITY (AP) — Online marketplace operator EBay Inc. said Tuesday it will close its Vancouver, Canada customer service facilities by Sept. 30, affecting 700 workers, in a move to consolidate its North American customer service plants.The company plans to expand the work force at its Salt...

Pulte, Centex narrow quarterly losses

May 5, 2009 3:27 pm | by ALEX VEIGA - AP Real Estate Writer - Associated Press | News | Comments

The nation's top three homebuilders this week reported financial results that gave little hope the spring selling season will be strong enough to stop the red ink.Pulte Homes Inc. and Centex Corp., which agreed to combine this year to become the largest U.S. homebuilder, said Tuesday that their...

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FirstEnergy 1Q profit falls 59 percent

May 5, 2009 3:16 pm | by The Associated Press | News | Comments

AKRON, Ohio (AP) — FirstEnergy Corp., a regional electric utility, said Tuesday its first-quarter profit fell 59 percent on higher costs, including regulatory charges in Ohio.The Akron, Ohio-based company said its quarterly earnings declined to $115 million, or 39 cents per share, compared with...

Banks returning bailouts will face conditions

May 5, 2009 2:41 pm | by JIM KUHNHENN - Associated Press Writer - Associated Press | News | Comments

WASHINGTON (AP) — Banks that want to pay back their federal bailout funds and free themselves from government restrictions on compensation and dividends will have to sever their ties to another financial assistance program.Financial firms eager to return infusions from the $700 billion Troubled...

EW Scripps CEO says company focus on content

May 5, 2009 2:10 pm | by LISA CORNWELL - Associated Press Writer - Associated Press | News | Comments

CINCINNATI (AP) — The head of E.W. Scripps Co. said Tuesday that content remains a major focus for the media company as it moves through the tough economic times facing the industry.The comments came a day after the owner of newspapers and television stations reported a first-quarter loss of $220...

Beazer Homes settles securities class-action suit

May 5, 2009 2:05 pm | by The Associated Press | News | Comments

ATLANTA (AP) — Beazer Homes USA Inc. said Tuesday that it has agreed to settle a securities class-action lawsuit for $30.5 million.Under the terms of the proposed settlement, the lawsuit will be dismissed without an admission of liability. And in exchange for the money, which will be paid by...

Hog prices rise as swine flu worries abate

May 5, 2009 2:05 pm | by EMILY FREDRIX - AP Food Industry Writer - Associated Press | News | Comments

MILWAUKEE (AP) — Prices for U.S. hogs and shares of the nation's largest hog and pork producer all soared Tuesday as concern about the international swine flu outbreak seemed to abate, relieving investors' fears that pork consumption would slump.The trade group representing the nation's pork...

Las Vegas casino cos. report weak 1st quarter

May 5, 2009 1:55 pm | by KRISTEN A. LEE - AP Business Writers - Associated Press | News | Comments

NEW YORK (AP) — Casino companies, slammed hard by the recession, said their revenue suffered and profit plunged in the first quarter.Wynn Resorts, which opened the casino Encore Las Vegas in December just before the quarter began, reported Tuesday that — with a 27-cent-per-share adjusted loss — it...

Treasurys dip after Bernanke remarks

May 5, 2009 1:50 pm | by The Associated Press | News | Comments

NEW YORK (AP) — Treasurys dipped Tuesday after Federal Reserve Chairman Ben Bernanke said the economy should start growing again later this year.Bernanke's testimony Congress was not a major surprise to investors but it did provide them with more reassurance that the worst of the economy's slide...

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