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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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Tyson posts fiscal 2Q loss on some charges

May 4, 2009 4:05 am | by EMILY FREDRIX - AP Food Industry Writer - Associated Press | News | Comments

MILWAUKEE (AP) — Tyson Foods Inc. said Monday it lost more than expected in its fiscal second quarter because of declining beef sales and one-time costs, while the world's largest meat maker noted that it expects a drop in demand for pork amid worries about swine flu to be short-lived.The...

Estee Lauder 3Q profit falls 70 percent on charges

May 4, 2009 3:49 am | by BETSY VERECKEY - AP Business Writer - Associated Press | News | Comments

NEW YORK (AP) — Estee Lauder on Monday said its fiscal third-quarter profit slid 70 percent due to restructuring charges and weakness in the cosmetics company's travel retail business, as customer traffic in airports waned amid a sagging economy.But the results beat analysts' estimates, and Estee...

Buffett sees end to recession, uncertain on timing

May 4, 2009 3:44 am | by The Associated Press | News | Comments

WASHINGTON (AP) — Billionaire Warren Buffett says the latest recession really shook up Americans' confidence but he sees the economic slide ending.The head of Berkshire Hathaway Inc. said Monday that he can't predict how quickly the economy will improve. Economists say the recession began in...

Despite prepaid lift, Sprint Nextel loss widens

May 4, 2009 3:29 am | by DAVID TWIDDY - AP Business Writer - Associated Press | News | Comments

KANSAS CITY, Mo. (AP) — Despite a widening net loss, Sprint Nextel Corp. finally got some good news in its long recovery Monday, as a big surge in "prepaid" customers offset another nightmarish drop in valuable subscribers who sign annual contracts.Investors responded by sending shares of the...

Inmates vying for coal mining jobs in Appalachia

May 4, 2009 3:24 am | by ROGER ALFORD - Associated Press Writer - Associated Press | News | Comments

HARLAN, Ky. (AP) — Jerry Elliott hopes to trade his jail jumpsuit and slippers for a hardhat and work boots when he comes up for parole later this year.Mining is one of the few bright spots in Kentucky's otherwise dismal economy, and with coal prices high, officials have picked an unusual classroom...

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Obama announces plan to close tax loopholes

May 4, 2009 3:18 am | by PHILIP ELLIOTT - Associated Press Writer - Associated Press | News | Comments

WASHINGTON (AP) — President Barack Obama vowed to "detect and pursue" American tax evaders Monday as he announced a plan to close tax loopholes and clamp down on overseas shelters.The president said he wants to prevent U.S. companies from deferring tax payments by keeping profits in foreign...

Pepsi Bottling rejects PepsiCo acquisition offer

May 4, 2009 3:03 am | by EMILY FREDRIX - AP Food Industry Writer - Associated Press | News | Comments

MILWAUKEE (AP) — Pepsi Bottling Group Inc. said Monday that it has rejected what it called a "grossly inadequate" acquisition offer from PepsiCo Inc., but analysts said that doesn't mean the deal is over, just that Pepsi needs to offer more money.The Somers, N.Y.-based Pepsi Bottling Group also...

Dr Pepper artifact may reveal soft drink's origin

May 4, 2009 3:03 am | by JAMIE STENGLE - Associated Press Writer - Associated Press | News | Comments

DALLAS (AP) — Poking through antiques stores while traveling through the Texas Panhandle, Bill Waters stumbled across a tattered old ledger book filled with formulas.He bought it for $200, suspecting he he could resell it for five times that. Turns out, his inkling about the book's value was more...

Fiat aims for Opel deal without running up debt

May 4, 2009 1:27 am | by GEIR MOULSON - Associated Press Writer - Associated Press | News | Comments

BERLIN (AP) — Fiat Group SpA aims to take over General Motors Corp.'s main European unit without running up debt in a deal that could require billions of euros (dollars) in government loan guarantees, Germany's economy minister said Monday.Fiat's concept — part of a wider plan to build a global...

EU says euro-zone jobless to hit postwar record

May 4, 2009 1:22 am | by AOIFE WHITE - AP Business Writer - Associated Press | News | Comments

BRUSSELS (AP) — Deepening the economic gloom in Europe, the European Union admitted Monday that its previous forecasts were way off the mark. It now predicts "a deep and widespread recession" across the continent and says unemployment among nations using the euro currency will rise to a postwar...

Report: AIG close to selling Japan headquarters

May 4, 2009 12:51 am | by The Associated Press | News | Comments

TOKYO (AP) — Embattled insurer American International Group Inc. is close to selling its Japanese headquarters for around $1 billion to help pay off its debt to Washington, the Wall Street Journal said Monday.The 15-story building will likely be purchased by a Japanese insurance company, though the...

Colorado lawmakers mount up to see effects of laws

May 4, 2009 12:36 am | by STEVEN K. PAULSON - Associated Press Writer - Associated Press | News | Comments

GRANADA, Colo. (AP) — A Colorado lawmaker says he got tired of his colleagues passing bills that would hurt his rural constituents, like the one requiring ranchers to take care of wild cats or another requiring butchering animals to be kept in bigger pens.So last weekend state Rep. Wes McKinley...

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