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IAC shares surge despite $28M quarterly loss

April 29, 2009 3:41 am | by The Associated Press | News | Comments

NEW YORK (AP) — The recession took a bite out of IAC/InterActiveCorp in the first quarter, as revenue fell 22 percent in the Internet company's media and advertising unit, which includes the Ask.com search engine.Shares of IAC advanced 69 cents, or 4.3 percent, to close at $16.65 Wednesday,...

Lewis out as Bank of America chairman, remains CEO

April 29, 2009 3:36 am | by The Associated Press | News | Comments

CHARLOTTE, N.C. (AP) — Ken Lewis has lost his role as Bank of America's chairman, and now he'll have to prove to shareholders that he should keep his post as the troubled bank's CEO.After months of rancor following Bank of America Corp.'s acquisition of troubled investment bank Merrill Lynch & Co.,...

Qwest 1Q earnings rise 37 pct after cost cuts

April 29, 2009 3:36 am | by The Associated Press | News | Comments

NEW YORK (AP) — First-quarter earnings at Qwest Communications International Inc. rose 37 percent, as the phone company was helped by cost-cutting and a lower tax rate.Denver-based Qwest said Wednesday its net income was $206 million, or 12 cents per share, for the first three months of the year....

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Burger King says 3Q profit rises, cuts outlook

April 29, 2009 3:31 am | by The Associated Press | News | Comments

NEW YORK (AP) — Burger King Holdings Inc. said Wednesday the swine flu outbreak in Mexico will likely cut into its sales for the year, leading the chain to cut its outlook after reporting a 15 percent rise in its fiscal third-quarter profit.The nation's No. 2 hamburger chain had to close dining...

Drugmaker Wyeth posts flat 1st-quarter profit

April 29, 2009 3:05 am | by The Associated Press | News | Comments

TRENTON, N.J. (AP) — Drugmaker Wyeth, which is being acquired by drug giant Pfizer, on Wednesday posted a flat first-quarter profit but beat analysts' expectations, as cost cuts offset lower revenue, particularly for its top seller, blockbuster antidepressant Effexor.The maker of popular children's...

APEC calls for action against swine flu, piracy

April 29, 2009 3:05 am | by The Associated Press | News | Comments

MANILA, Philippines (AP) — Pacific Rim officials called Wednesday for concerted action to address two problems saddling the region's recession-battered transportation sector — the swine flu virus and piracy off the coast of Somalia.Transportation ministers from the 21-member Asia Pacific Economic...

New clients, higher prices lift Medco 1Q profit

April 29, 2009 2:55 am | by The Associated Press | News | Comments

NEW YORK (AP) — Pharmacy benefits manager Medco Health Solutions Inc. said Wednesday new clients and increased use of higher-margin generic drugs boosted its profit in the first-quarter, with results exceeding Wall Street's expectations.Medco's profit had been boosted in recent quarters as more...

EU lays out new rules for hedge funds

April 29, 2009 2:55 am | by The Associated Press | News | Comments

BRUSSELS (AP) — The European Union is proposing new rules extending oversight for the euro2 trillion hedge fund and private equity fund industry.The European Commission says the new rules will require registration for funds managing more than euro100 million of assets — covering just 3 percent of...

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Ukraine's Tymoshenko seeks new gas deal in Moscow

April 29, 2009 2:55 am | by The Associated Press | News | Comments

MOSCOW (AP) — Ukrainian Prime Minister Yulia Tymoshenko promised Russia a role Wednesday in the upgrading of its aged pipeline system after Moscow agreed to let its neighbor off from penalties for taking less gas than agreed.Tymoshenko met with Russian counterpart Vladimir Putin in their first...

Societe Generale chairman to resign over criticism

April 29, 2009 2:49 am | by GREG KELLER - AP Business Writer - Associated Press | News | Comments

PARIS (AP) — Societe Generale chairman Daniel Bouton said Wednesday he will resign from the French bank, saying repeated attacks on him were a threat to the bank's health.In a statement, Bouton said "Like any manager, I have certainly made mistakes" during his leadership of France's second largest...

London reports 2008 decrease in foreign tourists

April 29, 2009 2:44 am | by The Associated Press | News | Comments

LONDON (AP) — London officials say the number of foreign visitors to the British capital fell 3.6 percent last year, with particularly sharp drops in Japanese and American tourists.The official agency Visit London said Wednesday the number of Japanese tourists who stayed at least one night fell by...

Aetna reports slight 1Q profit increase

April 29, 2009 2:34 am | by The Associated Press | News | Comments

INDIANAPOLIS (AP) — Shares of Aetna Inc. plunged Wednesday morning after the managed care company reported a first-quarter profit increase but said it saw higher-than-expected medical costs.The Hartford, Conn.-based company became the fifth large health insurer to surpass Wall Street expectations...

Time Warner 1Q profit falls on cable spin

April 29, 2009 2:34 am | by The Associated Press | News | Comments

LOS ANGELES (AP) — Time Warner Inc. said Wednesday that its first-quarter profit fell 14 percent on charges related to its cable unit spin-off. Amid an ad slump, the media conglomerate reaffirmed its guidance on flat profits for the full year.The company also moved further toward shedding the...

Time Warner Cable 1Q profit falls on charges

April 29, 2009 2:24 am | by The Associated Press | News | Comments

Time Warner Cable Inc. reported a 32 percent drop in first-quarter earnings Wednesday, hobbled by hefty restructuring charges, but revenue rose as consumers chose not to cancel cable to save money even in this economy. Investors sent shares up sharply.There are signs of cutbacks, however. The...

Volkswagen: 1Q profit down 72 pct

April 29, 2009 2:14 am | by The Associated Press | News | Comments

FRANKFURT (AP) — Volkswagen AG, Europe's biggest carmaker by sales, said Wednesday that its net profit was down 72 percent in the first quarter as global demand for cars fell — a slight improvement on the preliminary figure it reported earlier this month.Wolfsburg-based Volkswagen said its net...

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