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Hong Kong tycoon drops $2 billion bid for PCCW

April 22, 2009 10:35 pm | by JEREMIAH MARQUEZ - AP Business Writer - Associated Press | News | Comments

HONG KONG (AP) — A Hong Kong tycoon abandoned his controversial $2 billion plan to take over the city's biggest telecom company Thursday after a court blocked the deal, handing regulators and minority shareholders a high-profile victory.Richard Li, chairman of fixed-line operator PCCW, said in a...

WSJ: BofA CEO says was told to be quiet on Merrill

April 22, 2009 9:34 pm | by The Associated Press | News | Comments

NEW YORK (AP) — Bank of America Chief Executive Kenneth Lewis told the New York attorney general he believed former Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke wanted him to keep quiet about the worsening terms of the bank's acquisition of Merrill Lynch, according to testimony...

Hyundai Motor says first quarter net profit slumps

April 22, 2009 9:19 pm | by The Associated Press | News | Comments

SEOUL, South Korea (AP) — Hyundai Motor, South Korea's largest automaker, said net profit dived 42.7 percent in the first quarter as sales fell amid the global slump.The maker of the Sonata, Elantra and luxury Genesis earned 225 billion won ($166.7 million) in the three months ended March 31, down...


Honda mulling investment request from Pioneer

April 22, 2009 9:08 pm | by The Associated Press | News | Comments

TOKYO (AP) — Honda Motor Co. said Thursday it is considering investing in Pioneer Corp., the ailing Japanese audiovisual products maker that's seeking to bolster its capital base.The Nikkei financial daily reported that Japan's No. 2 automaker is finalizing plans for a capital tie-up worth several...

European stocks steady despite US cheer over Apple

April 22, 2009 8:58 pm | by JEREMIAH MARQUEZ - AP Business Writer - Associated Press | News | Comments

LONDON (AP) — European stock markets were little changed Thursday ahead of an expected solid opening on Wall Street, where investors appear to have been cheered by upbeat earnings from technology firm Apple Inc.The FTSE 100 index of leading British shares was up 22.87 points, or 0.6 percent, at...

Crude prices waver below $50

April 22, 2009 8:43 pm | by ALEX KENNEDY - Associated Press Writer - Associated Press | News | Comments

COLUMBUS, Ohio (AP) — Oil prices wavered below $50 Thursday with a number of major U.S. companies reporting larger-than-expected profits, but there was still plenty of evidence suggesting demand for energy will be sluggish at best.Benchmark crude for June delivery rose 77 cents to settle at $49.62...

Kirin offers to buy Australian brewer Lion Nathan

April 22, 2009 8:23 pm | by The Associated Press | News | Comments

SYDNEY (AP) — Lion Nathan Ltd., the Australian brewer of Tooheys and Hahn beers, said Thursday its biggest shareholder, Japan's Kirin Holdings Co., has offered to buy the 54 percent of Lion it doesn't already own.The price of the offer from Japan's biggest drinks maker wasn't disclosed but it would...

Ingersoll-Rand CEO's bonus halved amid recession

April 22, 2009 8:13 pm | by STEPHEN SINGER - AP Business Writer - Associated Press | News | Comments

HARTFORD, Conn. (AP) — Ingersoll-Rand Co. Chairman and Chief Executive Herbert L. Henkel received 2008 compensation valued at $11.4 million, up about 7 percent year-over-year, according to Associated Press calculations of data filed with regulators Wednesday.Henkel, 61, received a base salary of...


Development banks pledge $90B to Latam, Carib

April 22, 2009 7:12 pm | by NESTOR IKEDA - Associated Press Writer - Associated Press | News | Comments

WASHINGTON (AP) — Development banks on Wednesday pledged about $90 billion in loans to Latin America and the Caribbean over the next two years to help the region fight a looming recession and generate growth.The financial crisis is battering the region through lower commodity prices, slumping...

Chrysler's fate rests with debtors as clock ticks

April 22, 2009 7:02 pm | by The Associated Press | News | Comments

NEW YORK (AP) — With a government deadline just seven days away, Chrysler LLC is running out of time to work out deals with debtholders, its unions and a foreign partner.A life outside of bankruptcy appears to hinge on whether Chrysler and the U.S. government can get the company's lenders to...

US adviser says cybersecurity must be joint effort

April 22, 2009 5:20 pm | by JORDAN ROBERTSON - AP Technology Writer - Associated Press | News | Comments

SAN FRANCISCO (AP) — The challenge of protecting the government's computer networks is too big for any one agency to handle alone, a top adviser to President Barack Obama said Wednesday. That suggests the administration doesn't intend to consolidate control of U.S. cybersecurity under a single...

Apple apologizes for 'Baby Shaker' iPhone game

April 22, 2009 4:55 pm | by JESSICA MINTZ - AP Technology Writer - Associated Press | News | Comments

CUPERTINO, Calif. (AP) — Apple Inc. is apologizing for allowing a 99-cent iPhone game called "Baby Shaker" that let a player quiet a virtual crying infant by shaking the device.Apple removed the program from the iPhone's App Store on Wednesday, but critics pressed for an apology Thursday.Apple...

MySpace co-founder DeWolfe to step down

April 22, 2009 3:44 pm | by The Associated Press | News | Comments

LOS ANGELES (AP) — MySpace co-founder Chris DeWolfe will step down soon as the social networking site's chief executive, amid the site's stalled user growth and the rapid rise of rival Facebook.MySpace owner News Corp. said Wednesday the decision was made by mutual agreement with former AOL Chief...

Trustee: 3 new bids arrive for Madoff's business

April 22, 2009 3:44 pm | by The Associated Press | News | Comments

NEW YORK (AP) — A trustee says three new bids have been made for the securities-trading operation once run by fallen financier Bernard Madoff (MAY'-dawf).Trustee Irving Picard announced Wednesday the bids for the legitimate market-making business had been made to compete with one from Castor Pollux...

Latin American stocks gain on credit moves, rates

April 22, 2009 3:19 pm | by THERESA BRADLEY - Associated Press Writer - Associated Press | News | Comments

MEXICO CITY (AP) — Latin American stocks rose Wednesday as investors focused on regional steps to ease credit and the likelihood of further interest rate cuts, lifting local markets higher in a rare contrast to falling U.S. equities.Brazil's benchmark Ibovespa stock index gained 1 percent to...


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