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Travelers Cos. 1Q profit falls 32 percent

April 30, 2009 7:52 am | by The Associated Press | News | Comments

NEW YORK (AP) — The Travelers Cos. reported on Thursday a 32 percent drop in first-quarter profit, primarily due to losses on its investments, and confirmed full-year guidance well below analysts' estimates.The St. Paul, Minn.-based property and casualty insurer earned $662 million, or $1.11 per...

Starwood 1Q profit drops, but results top Street

April 30, 2009 2:30 am | News | Comments

WHITE PLAINS, N.Y. (AP) — Starwood Hotels & Resorts says its first-quarter profit plunged 81 percent, but adjusted results beat analysts' estimates as deep cost cuts helped offset softening travel demand.Like others in the sector, Starwood Hotels & Resorts Worldwide Inc. has been slashing expenses...

Hearing scheduled in Tribune bankruptcy

April 29, 2009 10:33 pm | News | Comments

WILMINGTON, Del. (AP) — Attorneys are headed to court to discuss Tribune Co.'s assertion that it owns the television and movie rights to comic book character Dick Tracy.Tribune Media Services, a Tribune subsidiary, has been battling for years with actor Warren Beatty over rights to the cartoon...

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Jobless rates rise in all US metro areas in March, 5th Ld-Writethru, US

April 29, 2009 7:23 pm | News | Comments

WASHINGTON (AP) — Unemployment rates rose in all of the nation's largest metropolitan areas for the third straight month in March, with Indiana's Elkhart-Goshen once again logging the biggest gain.The Labor Department reported Wednesday all 372 metropolitan areas tracked saw jobless rates move...

UAW overwhelmingly ratifies Chrysler settlement

April 29, 2009 7:22 pm | News | Comments

DETROIT (AP) — Members of the United Auto Workers have overwhelmingly ratified a settlement deal with Chrysler on Wednesday night.The UAW says 82 percent of production workers and 80 percent of skilled-trades workers voted for the agreement in balloting that took place at UAW Chrysler locations...

Embraer reports 1Q loss on lower jet sales

April 29, 2009 6:35 pm | News | Comments

SAO PAULO (AP) — Brazil's Embraer plane maker posted a first-quarter loss Wednesday as the brutal world economic downturn has prompted airlines to cancel jet orders and delay deliveries.Empresa Brasileira de Aeronautica SA also announced that it is revising down its 2009 revenue guidance to $5.5...

NM firing financial adviser mentioned in NY probe

April 29, 2009 6:09 pm | by The Associated Press | News | Comments

SANTA FE, N.M. (AP) — A state investment office is firing a financial adviser caught up in a pay-to-play investigation involving a New York state pension fund.Aldus Equity Partners, a Dallas-based firm, has advised the State Investment Council since 2004 on what private equity investments should be...

Yahoo's Yang gets $1 in rocky final year as CEO

April 29, 2009 5:38 pm | by MICHAEL LIEDTKE - AP Technology Writer - Associated Press | News | Comments

SAN FRANCISCO (AP) — Yahoo Inc. limited co-founder Jerry Yang's 2008 compensation package to his customary $1 salary during his final year as chief executive, a tumultuous reign that unraveled after he rebuffed Microsoft Corp.'s $47.5 billion bid to buy the Internet company.The Sunnyvale,...

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STMicro 1Q loss widens as sales drop off

April 29, 2009 5:13 pm | by The Associated Press | News | Comments

SEATTLE (AP) — Swiss chipmaker STMicroelectronics NV reported a wider first-quarter loss Wednesday as sales sank across the board, and said it would lay off 1,200 people.The Geneva-based company said it lost $541 million, or 62 cents per share, in the quarter, compared with a year-ago loss of $84...

Facebook executive considers Calif. AG campaign

April 29, 2009 4:48 pm | by The Associated Press | News | Comments

SACRAMENTO (AP) — An executive with the company that operates social networking Web site Facebook announced Wednesday that he's considering running for attorney general of California.Chris Kelly, Facebook's chief privacy officer, said he had formed an exploratory committee to consider a campaign to...

Calif financier Pang granted $1 million bail

April 29, 2009 4:17 pm | by The Associated Press | News | Comments

SANTA ANA, Calif. (AP) — A federal magistrate has ruled that California-based financier Danny Pang can be released on $1 million bail following his arrest on a complaint alleging he evaded currency reporting laws.Pang was expected to be released from custody late Wednesday after posting bail and...

Airline seats to Mexico easy to come by

April 29, 2009 4:12 pm | by DAVID KOENIG - AP Airlines Writers - Associated Press | News | Comments

Airlines are flying some nearly empty planes from the United States to Mexico, a check by The Associated Press showed Wednesday, a sign that swine flu worries may be keeping travelers home.Travelers had reserved fewer than half of the available seats on six Continental Airlines flights on Wednesday...

SoCal fund manager has assets frozen in fraud case

April 29, 2009 3:42 pm | by The Associated Press | News | Comments

LOS ANGELES (AP) — A federal judge on Wednesday froze the assets of a Beverly Hills hedge fund manager accused by the Securities Exchange Commission of duping investors out of $38 million by misleading them about his funds' performance, the commission said in a statement.U.S. District Judge Valerie...

French lawmakers reconsider Internet piracy bill

April 29, 2009 3:21 pm | by The Associated Press | News | Comments

PARIS (AP) — French legislators reconsidered a bill Wednesday that would punish people who illegally download music and films by cutting off their Internet connections.The bill was rejected in a surprise move earlier this month. Record labels and film companies had looked to the measure to boost...

Firm rejects Madoff charges by Mass. regulator

April 29, 2009 2:56 pm | by The Associated Press | News | Comments

BOSTON (AP) — A Connecticut firm that acted as a feeder fund for Bernard Madoff's fraudulent investment scheme rejected allegations Wednesday by Massachusetts' top securities regulator that it misrepresented its lack of knowledge about Madoff's operations.Secretary of State William Galvin accused...

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