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Eastern Pennsylvania newspaper cuts 52 jobs

May 1, 2009 8:35 am | by The Associated Press | News | Comments

READING, Pa. (AP) — The publisher of the Reading Eagle says the newspaper company has laid off 52 workers.Reading Eagle Company publisher William Flippin says the layoffs are necessary for the future of the family-owned company as the newspaper industry struggles in a down economy.Flippin says "We...

Fusion sales help Ford gain in US auto market

May 1, 2009 8:30 am | by DAN STRUMPF - AP Auto Writers - Associated Press | News | Comments

DETROIT (AP) — Detroit's Big Three is becoming Ford and the other two.While its rivals stay afloat with billions in government aid, Ford grabbed a bigger slice of the American car market in April with record sales of its fuel-efficient Fusion. Those results pushed it past Toyota to retake its post...

Carnival avoiding Mexico longer than first planned

May 1, 2009 8:15 am | by The Associated Press | News | Comments

MIAMI, Fla. (AP) — Swine flu concerns will keep Carnival Cruise Lines away from Mexican ports of call longer than previously expected.The company said Friday it has modified itineraries through May 11 to avoid the country — a week longer than it announced earlier. Most ships are stopping at...

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Microsoft's Windows 7 test implies holiday launch

May 1, 2009 8:15 am | by JESSICA MINTZ - AP Technology Writer - Associated Press | News | Comments

SEATTLE (AP) — Microsoft Corp. has released a near-final version of the Windows 7 operating system that adds a few new features, including a way to run Windows XP applications.The Windows 7 "release candidate" was made available to a large group of technology-savvy testers Thursday and will be...

Sovereign Bank laying off 950 workers

May 1, 2009 7:49 am | by The Associated Press | News | Comments

PHILADELPHIA (AP) — Sovereign Bank officials say they will cut 950 jobs, or almost 9 percent of its work force, as part of cost-saving measures in response to the economic downturn.The cuts come just a few months after Philadelphia-based Sovereign Bank, the banking unit of Sovereign Bancorp Inc.,...

Unions ratify agreements with WVa resort

May 1, 2009 7:24 am | by JOHN RABY - Associated Press Writer - Associated Press | News | Comments

CHARLESTON, W.Va. (AP) — Unions representing more than 1,100 workers at The Greenbrier have ratified new contract agreements that freeze wages and were viewed as key to the southeastern West Virginia resort's pending sale.The agreements, which were approved Thursday, must now be accepted by a U.S....

Gov't official: bank test results to come Thursday

May 1, 2009 7:24 am | by DANIEL WAGNER - AP Business Writers - Associated Press | News | Comments

WASHINGTON (AP) — The Federal Reserve will release results Thursday of "stress tests" for the 19 large banks at the center of the nation's financial crisis. The results will shed light on which banks may need government support to withstand a more severe recession.The Fed will detail the health of...

Tom Hicks selling Mesquite Rodeo

May 1, 2009 7:13 am | by The Associated Press | News | Comments

DALLAS (AP) — Dallas Stars and Texas Rangers owner Tom Hicks has sold a small part of his sports holdings — the Mesquite Championship Rodeo.Dallas-based Camelot Sports and Entertainment announced Friday that it has purchased the rodeo, which has been in operation more than 50 years and owned by...

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Court rules for iPCS in Sprint WiMax fight

May 1, 2009 7:03 am | by DAVID TWIDDY - AP Business Writer - Associated Press | News | Comments

KANSAS CITY, Mo. (AP) — An Illinois court is allowing a lawsuit to move forward that challenges Sprint Nextel's deal with Clearwire Corp. to provide wireless broadband.The Cook County Circuit Court on Thursday denied Sprint's motion to dismiss parts of the lawsuit, although it did limit the type of...

New TALF program launches in June

May 1, 2009 6:43 am | by JEANNINE AVERSA - AP Economics Writer - Associated Press | News | Comments

WASHINGTON (AP) — The Federal Reserve announced Friday that it will launch a much-awaited program in June to bolster commercial real-estate lending.And, to help make the program more attractive to investors, the Fed will provide longer, five-year loans.Investors would use the money to buy...

Factory orders drop 0.9 percent in March

May 1, 2009 6:28 am | by MARTIN CRUTSINGER - AP Economics Writer - Associated Press | News | Comments

WASHINGTON (AP) — Orders to U.S. factories fell a larger-than-expected 0.9 percent in March, while factory shipments dropped for a record eighth consecutive month. The report was further evidence of the severity of the recession.The Commerce Department's reported decrease exceeded the 0.6 percent...

Manufacturing declines at slower rate in April

May 1, 2009 6:23 am | by DANIEL LOVERING - AP Business Writers - Associated Press | News | Comments

WASHINGTON (AP) — U.S. manufacturing activity in April posted its best showing since September, when the financial crisis erupted. The performance was driven by a rise in new orders reflecting higher business and consumer spending.The strength in forward-pointing new orders was especially...

Chrysler is in court Friday for bankruptcy hearing

May 1, 2009 5:41 am | by BREE FOWLER - AP Auto Writer - Associated Press | News | Comments

NEW YORK (AP) — Attorneys packed a downtown Manhattan courtroom Friday morning for Chrysler's first hearing that may signal whether a quick, "surgical" bankruptcy will be possible for the automaker.The nation's third-largest automaker filed for bankruptcy protection Thursday with an ambitious plan...

ECB set to cut rates again, new measures awaited

May 1, 2009 5:36 am | by PAN PYLAS - AP Business Writer - Associated Press | News | Comments

LONDON (AP) — The European Central Bank will likely cut its main interest rate Thursday by a quarter point to 1 percent — possibly bringing its series of cuts to an end — and unveil additional measures to help boost the euro-zone economy.The bank left markets feeling let down last month with a...

American Axle posts wider 1Q loss on industry woes

May 1, 2009 5:31 am | by The Associated Press | News | Comments

DETROIT (AP) — Auto parts supplier American Axle & Manufacturing Holdings Inc. on Friday posted a wider first-quarter loss as production cuts at automakers sent its sales tumbling.Sales at American Axle and other automotive parts suppliers have been battered by the auto industry downturn, as...

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