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Honeywell 1Q falls 38 percent

April 24, 2009 3:25 am | by The Associated Press | News | Comments

WASHINGTON (AP) — Honeywell International Inc.'s quarterly profit dropped 38 percent as battered aircraft and automakers pulled back spending on the company's turbo chargers and jet electronics. Honeywell also cut its profit forecast, saying it underestimated the severity of the economic...

Xerox 1Q earnings meet revised outlook

April 24, 2009 3:19 am | by The Associated Press | News | Comments

NEW YORK (AP) — Xerox Corp. met lowered expectations for first-quarter earnings Friday, but said slower spending on printing equipment and supplies continued to hurt sales, a trend the company projected to continue for at least the next few months.The company earned $42 million, or 5 cents per...

Ford posts $1.4 billion 1Q loss, uses less cash

April 24, 2009 3:14 am | by KIMBERLY S. JOHNSON - AP Auto Writers - Associated Press | News | Comments

DEARBORN, Mich. (AP) — Ford Motor Co. reported a first-quarter loss of $1.4 billion Friday and said it depleted less of its cash, emphasizing that it doesn't expect to seek any of the government assistance that is keeping the rest of the Detroit Three alive.The nation's second-largest automaker...


AEP 1Q falls sharply; industrial clients struggle

April 24, 2009 3:14 am | by The Associated Press | News | Comments

COLUMBUS, Ohio (AP) — American Electric Power said Friday that its first quarter earnings fell 37 percent as the weak economy has hurt demand for electricity, especially among its industrial customers where usage fell 15 percent.Columbus-based AEP, one of the nation's largest power generators, said...

Kia Motors records 1Q profit on weaker won

April 24, 2009 2:44 am | by The Associated Press | News | Comments

SEOUL, South Korea (AP) — Kia Motors Corp. said Friday it posted a net profit in the first quarter, helped by a sharply weaker South Korean won and an increase in domestic sales.Kia, South Korea's second-largest automaker, recorded a net profit of 97.38 billion won ($72.5 million) in the three...

Microsoft CEO expects slow economic recovery

April 24, 2009 2:44 am | by The Associated Press | News | Comments

COLOGNE, Germany (AP) — Microsoft CEO Steve Ballmer said Friday that the company expects to have to deal with a weak economy for at least the next several years.Speaking at a forum on "Interfacing Media Future" in Cologne, Ballmer said Microsoft does not expect any quick economic recovery."We are...

Schlumberger 1Q tumbles 30 pct as drilling drops

April 24, 2009 2:28 am | by JOHN PORRETTO - AP Energy Writer - Associated Press | News | Comments

HOUSTON (AP) — Schlumberger Ltd. said Friday its first-quarter earnings tumbled about 30 percent as oil and natural gas companies cut back on exploration and drilling, and it also forecast sluggish oil-patch activity for at least the rest of this year.Profits, however, exceeded Wall Street...

Cathay: 70 pct of staff join unpaid leave scheme

April 24, 2009 2:23 am | by The Associated Press | News | Comments

HONG KONG (AP) — Cathay Pacific Airways said Friday about 70 percent of its staff have agreed to take unpaid leave to help Asia's third-largest carrier weather a slump in global travel demand.The Hong Kong flagship airline is asking all of its 17,000 employees, including top management, to take...


China reports 76 percent increase in gold reserves

April 24, 2009 1:17 am | by The Associated Press | News | Comments

BEIJING (AP) — China has increased its gold reserves by 76 percent since 2003 to 1,054 tons and now ranks fifth among nations with the biggest holdings, a state news agency reported Friday.The figure reported by the Xinhua News Agency would rank China behind the United States, Germany, France and...

Swiss imprison ex-banker for breaking secrecy law

April 24, 2009 1:12 am | by The Associated Press | News | Comments

BASEL, Switzerland (AP) — A Swiss court has increased the prison sentence handed to a former banker who broke the country's strict banking secrecy laws.An appeals court in the northwestern city of Basel has sentenced the unidentified Swiss man to three months in prison for handing over details of...

British economy shrinks 1.9 percent in Q1

April 24, 2009 12:42 am | by The Associated Press | News | Comments

LONDON (AP) — The British economy shrank in the first quarter at its sharpest rate since the early days of Margaret Thatcher's government 30 years ago as the financial crisis continued to wreak havoc on banks, retailing and manufacturing.In its first estimate for the January-March period, the...

Singapore's manufacturing slump worsens in March

April 24, 2009 12:37 am | by The Associated Press | News | Comments

SINGAPORE (AP) — The slump in Singapore's manufacturing accelerated in March as the global collapse in demand for exports continued to batter the tiny Southeast Asian city-state.Industrial production fell 34 percent from a year earlier and dropped a seasonally adjusted 14 percent from February, the...

Italy's Eni says 1Q net profit down 43 percent

April 24, 2009 12:31 am | by The Associated Press | News | Comments

MILAN (AP) — Italy's largest energy company, Eni SpA, says first quarter earnings dropped 43 percent due to the sharp reduction in oil prices and European demand for gas.Eni reported Friday that net profit in the first quarter of the year was euro1.9 billion ($2.48 billion) compared with euro3.32...

Nomura's annual loss swells to $7.3 billion

April 24, 2009 12:01 am | by YURI KAGEYAMA - AP Business Writer - Associated Press | News | Comments

TOKYO (AP) — Nomura Holdings Inc., Japan's top brokerage, suffered one of the largest annual losses in Japanese corporate history, hit by slumping stock markets and the cost of acquiring part of collapsed investment bank Lehman Brothers.Tokyo-based Nomura said Friday its net loss for the fiscal...

Sweden's Volvo posts $500 million loss in 1Q

April 23, 2009 11:51 pm | by The Associated Press | News | Comments

STOCKHOLM (AP) — Swedish truck maker AB Volvo on Friday posted a worse-than-expected first-quarter net loss of 4.2 billion kronor ($500 million), citing a continued drop in demand in its markets, which it expects to continue to shrink due to the global financial turmoil.The loss was wider than...


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