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Total fails in bid for Canda's UTS Energy

April 28, 2009 10:09 am | by GREG KELLER - AP Business Writer - Associated Press | News | Comments

PARIS (AP) — French oil giant Total SA said Tuesday that its cash offer for UTS Energy Corporation had failed as too few shareholders in the Canadian oil sands took up the offer.Total said that as of the deadline Monday evening, it had not reached a threshhold of two-thirds acceptance of its offer...

CalPERS to vote against BofA board re-election

April 28, 2009 9:58 am | by IEVA M. AUGSTUMS - AP Business Writer - Associated Press | News | Comments

CHARLOTTE, N.C. (AP) — The California Public Employees' Retirement System, the largest U.S. public pension fund, said Tuesday it will vote against re-electing all 18 Bank of America Corp.'s board members, including Chairman and Chief Executive Ken Lewis.CalPERS, an influential fund, says Lewis and...

US judge clears Pa. lobbyist of insider trading

April 28, 2009 9:53 am | by The Associated Press | News | Comments

PHILADELPHIA (AP) — A federal judge cleared a Pennsylvania lobbyist of a civil insider-trading charge after questioning both his testimony and that of the supposed beneficiary.Frederick W. Anton III, president and chief executive officer of the Pennsylvania Manufacturers' Association, was cleared...

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Ex-American Home CEO settles with SEC for $2.45M

April 28, 2009 9:53 am | by MARCY GORDON - AP Business Writer - Associated Press | News | Comments

WASHINGTON (AP) — The former head of American Home Mortgage Investment Corp. has agreed to pay nearly $2.5 million to settle federal civil charges of accounting fraud and concealing the company's deteriorating finances as the subprime mortgage crisis hit in 2007.The Securities and Exchange...

GM to force more than 1,000 dealers to close

April 28, 2009 9:48 am | by TOM KRISHER - AP Auto Writer - Associated Press | News | Comments

DETROIT (AP) — General Motors Corp. told its dealers Tuesday that it will force 1,000 to 1,200 underperforming locations to close their doors as the automaker tries to thin dealer ranks to make the remaining outlets more profitable.GM told the dealers about the plan in a video conference, according...

Earnings Preview: Starbucks Corp.

April 28, 2009 8:57 am | by The Associated Press | News | Comments

NEW YORK (AP) — Starbucks Corp. reports earnings for the fiscal second quarter on Wednesday. The following is a summary of key developments and analyst opinion related to the period.OVERVIEW: Starbucks has been working to dispel the perception that its coffees and espresso drinks are too pricey....

Appeals panel: Court erred in 3M age bias case

April 28, 2009 8:57 am | by The Associated Press | News | Comments

ST. PAUL, Minn. (AP) — The Minnesota Court of Appeals says a trial court erred when it granted class action status to an age discrimination lawsuit against 3M Co.A three-judge appeals panel said Tuesday that the lower court did not properly apply the standards for certification under Minnesota's...

Chrysler agreements make liquidation less likely

April 28, 2009 8:47 am | by STEPHEN MANNING - AP Business Writer - Associated Press | News | Comments

WASHINGTON (AP) — With just two days left before a government-imposed restructuring deadline, Chrysler LLC took a step away from the brink of bankruptcy Tuesday when its biggest lenders reached a deal with the Treasury Department to slash the teetering automaker's debt.Yet Chrysler's fate remains...

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WaMu sues JPMorgan Chase

April 28, 2009 8:47 am | by The Associated Press | News | Comments

WILMINGTON, Del. (AP) — Lawyers for Washington Mutual Inc. have filed a bankruptcy court complaint against JPMorgan Chase & Co. over some $4 billion in disputed assets.Seattle-based WaMu, which filed for Chapter 11 reorganization along with its Washington Mutual Investment Corp. affiliate in...

Russia, Bulgaria shelve differences on pipeline

April 28, 2009 8:42 am | by NATALIYA VASILYEVA - Associated Press Writer - Associated Press | News | Comments

MOSCOW (AP) — Prime Minister Vladimir Putin said Tuesday that Russia and Bulgaria have set aside their differences over the proposed South Stream gas pipeline to Europe, paving the way for an agreement within the next couple of weeks."We have no disagreements left," Putin said at a televised news...

Correction: Pontiac History story

April 28, 2009 8:37 am | by The Associated Press | News | Comments

In an April 27 story providing historical details about General Motors Corp.'s Pontiac brand, The Associated Press reported erroneously that Pontiac's GTO inspired a tune by the Beach Boys. The song "GTO" was by Ronny and the Daytonas.

Detroit publisher named to top post at USA Today

April 28, 2009 8:32 am | by The Associated Press | News | Comments

McLEAN, Va. (AP) — Fresh off a Pulitzer Prize win for his newspaper, Detroit Free Press Publisher David Hunke was appointed Tuesday to head the nation's largest newspaper, USA Today.Hunke's first act as publisher was to name USA Today's acting editor, John Hillkirk, to the post on a permanent...

Michelin Q1 sales fall 14.2 percent to euro3.5B

April 28, 2009 8:16 am | by The Associated Press | News | Comments

PARIS (AP) — Michelin SCA said Tuesday its sales fell 14.2 percent to euro3.5 billion ($4.5 billion) in the first quarter as demand for tires slumped in all the French tire maker's markets other than China.Clermont-Ferrand, France-based Michelin, which vies with Japan's Bridgstone Corp. for the...

Swine flu has Caterpillar restrict Mexican travel

April 28, 2009 8:06 am | by The Associated Press | News | Comments

PEORIA, Ill. (AP) — Heavy equipment maker Caterpillar Inc. has restricted its employees from traveling to Mexico because of the swine flu outbreak.The Peoria-based company has 30 manufacturing, distribution, office and other sites in Mexico. It said Monday that it notified employees that they...

Bankruptcy items drive Frontier Airlines 4Q loss

April 28, 2009 8:01 am | by JOSHUA FREED - AP Airlines Writer - Associated Press | News | Comments

MINNEAPOLIS (AP) — Bankruptcy expenses drove Frontier Airlines Holdings Inc. to a fourth-quarter loss of almost $161 million, but it reported an operating profit as it continues to look for an investor to take it out of Chapter 11.The small Denver-based airline said Tuesday it would have made a...

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