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Buyout firm hires ex-US ambassador to Saudi Arabia

May 18, 2009 4:26 am | by ADAM SCHRECK - AP Business Writer - Associated Press | News | Comments

DUBAI, United Arab Emirates (AP) — Private equity giant Kohlberg Kravis Roberts & Co. on Monday hired America's most recent top diplomat to Saudi Arabia as the company seeks to boost its investment in the Middle East.The appointment of former Ambassador Ford M. Fraker as a senior adviser comes a...

Prosecutors seek prison for mom in MySpace hoax

May 18, 2009 4:21 am | by GREG RISLING - Associated Press Writer - Associated Press | News | Comments

LOS ANGELES (AP) — A defense attorney says prosecutors are the real bullies for seeking a stiff sentence against a Missouri mother once accused of scheming over the Internet to humiliate 13-year-old neighbor Megan Meier who later committed suicide.Lawyer Dean Steward represents Lori Drew, who is...

Brian Williams and Deer Tick? No, not the insect

May 18, 2009 4:10 am | by DAVID BAUDER - AP Television Writer - Associated Press | News | Comments

NEW YORK (AP) — Starched shirts by day, tattered flannel at night? Network television anchors Brian Williams and Dan Harris have unusual new side gigs as music bloggers.Williams' "BriTunes" — a name he quickly found was already in use by a 27-year-old blogger — launched last week with the NBC News...

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Volvo to pay $525M for Mack Trucks health care

May 18, 2009 3:45 am | by The Associated Press | News | Comments

STOCKHOLM (AP) — Allentown, Pennsylvania-based truck maker Mack Trucks Inc. has signed an agreement with the United Auto Workers union to create an independent trust responsible for the health care of retirees, Swedish parent company AB Volvo said Monday.Volvo said it will fund the trust with $525...

State Street to raise funds to repay TARP

May 18, 2009 3:45 am | by STEPHEN BERNARD - AP Business Writer - Associated Press | News | Comments

NEW YORK (AP) — State Street Corp., a bank that specializes in serving institutional investors and wealthy customers, said Monday it plans to raise new funds through common stock and senior note offerings as part of an effort to repay a government loan.Boston-based State Street had received a $2...

AIG plans to spin off Asian life insurance unit

May 18, 2009 3:40 am | by The Associated Press | News | Comments

NEW YORK (AP) — American International Group Inc. plans to spin off its Asian life insurance unit in an initial public offering to help repay billions of dollars in U.S. government loans.Shares of American International Assurance Co., known as AIA Group, will be traded on an Asian exchange, though...

Lowe's 1Q profit falls, but tops Wall Street view

May 18, 2009 3:25 am | by ASHLEY M. HEHER - AP Retail Writer - Associated Press | News | Comments

CHICAGO (AP) — Lowe's Cos. Inc. said shoppers buying paints, plants and replacement parts in the first quarter helped the home-improvement chain beat Wall Street forecasts and prompted it to boost its full-year outlook.The results sent the company's shares higher Monday as the company said business...

AIG looks to spin off Asian insurance unit

May 18, 2009 2:34 am | by The Associated Press | News | Comments

HONG KONG (AP) — American International Group is planning to spin off its Asian life insurance unit in an initial public offering as the faltering U.S. company seeks to repay billions in government bailout funding.AIG is taking steps to list American International Assurance Company — also known as...

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Scrushy civil case far cry from criminal trial, 3rd Ld-Writethru, US

May 18, 2009 2:34 am | by JAY REEVES - Associated Press Writer - Associated Press | News | Comments

BIRMINGHAM, Ala. (AP) — Richard Scrushy's federal criminal trial was an entertaining, white-collar whodunit with everything from a courtroom prayer circle to a big cartoon rat.Four years later, a shareholder lawsuit seeking $2.6 billion from the disgraced HealthSouth Corp. chief executive isn't...

China-assembled A320 makes first flight

May 18, 2009 2:14 am | by The Associated Press | News | Comments

SHANGHAI (AP) — The first Airbus A320 jet assembled outside Europe made its maiden flight Monday after its assembly in the northeastern Chinese city of Tianjin.The Airbus Final Assembly Line China, or FALC, in Tianjin plans to begin deliveries to customers in June, European Aeronautics Defense and...

EU trade with US, Russia drop

May 18, 2009 1:08 am | by The Associated Press | News | Comments

BRUSSELS (AP) — European Union says trade with its major partners has dropped during the crisis-hit first two months of the year compared to 2008.The EU announced Monday that EU exports to the United States dropped by 24 percent over the period while import sagged by 9 percent. Exports to Russia...

Federal Reserve: Agricultural credit tightened

May 18, 2009 1:03 am | by ROXANA HEGEMAN - Associated Press Writer - Associated Press | News | Comments

WICHITA, Kan. (AP) — More lenders are tightening their restrictions for agricultural loans in the Midwest at the same time that repayments on loans have dropped, The Federal Reserve Bank of Kansas City says.The Federal Reserve reported Friday that its quarterly survey found that the percentage of...

UK launches scrapping plan to boost new car sales

May 17, 2009 11:06 pm | by The Associated Press | News | Comments

LONDON (AP) — Britain has launched a program offering cash discounts on new cars to owners of vehicles more than 10 years old.The program is intended to stimulate new car sales, which are running about 25 percent below last year's levels. The government and car manufacturers are sharing the cost of...

China urges mainland business investment in Taiwan

May 17, 2009 11:01 pm | by The Associated Press | News | Comments

SHANGHAI (AP) — China has outlined plans for encouraging mainland Chinese businesses to expand their investments in Taiwan, and has scheduled several purchasing missions to buy food and consumer products.Top officials in charge of Taiwan affairs outlined Beijing's policies aimed at boosting trade...

Toyota rolls out new Prius amid hybrid price war

May 17, 2009 10:05 pm | by YURI KAGEYAMA - AP Business Writer - Associated Press | News | Comments

TOKYO (AP) — Toyota rolled out the revamped Prius on Monday, and said it already had 80,000 advance orders in Japan for the remodeled hybrid amid intensifying competition with Honda's rival offering, the Insight.The world's largest automaker said it aims to sell up to 400,000 units globally a year...

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