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3M 1st-quarter profit slips 48 pct

April 24, 2009 4:05 am | by The Associated Press | News | Comments

WASHINGTON (AP) — 3M Co., which makes everything from Post-it notes to car components, reported a 48-percent drop in its first-quarter earnings on Friday, hurt by weak demand from many of its customers, including the battered auto industry. The manufacturer cut its 2009 profit outlook, as well.In a...

King Pharma CEO's pay falls by nearly half in 2008

April 24, 2009 4:00 am | by MARLEY SEAMAN - AP Health Writer - Associated Press | News | Comments

NEW YORK (AP) — King Pharmaceuticals Inc. in 2008 paid its chief executive a little more than half his compensation from the previous year, largely because of a decline in stock and options awards, according to an Associated Press analysis of a regulatory filing.Brian Markison's 2008 compensation...

Finance officials at odds over IMF funding plan

April 24, 2009 3:45 am | by CHRISTOPHER S. RUGABER - AP Economics Writer - Associated Press | News | Comments

WASHINGTON (AP) — Finance officials are pledging to keep the momentum going in their efforts to combat a severe global downturn but have hit a stumbling block in differences over how to boost the resources of the International Monetary Fund.The debate underscored what could be a growing divide...


Lufthansa says it's prepared for difficult market

April 24, 2009 3:45 am | by GEORGE FREY - AP Business Writer - Associated Press | News | Comments

FRANKFURT (AP) — Airline Deutsche Lufthansa AG said Friday it expects the current difficult operating environment to continue in 2009, but that it was well prepared for the economic turbulence and the expected consolidation in the airline industry.At the company's annual general meeting,...

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...


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