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AT & T to shut CallVantage Internet phone service

April 22, 2009 6:07 am | by The Associated Press | News | Comments

NEW YORK (AP) — AT&T Inc. is shutting down its CallVantage Internet-based phone service, according to letters received by subscribers this week.The announcement is another nail in the coffin for Internet phone service of the kind that was pioneered in the early years of the decade by companies like...

Record attempt reaps 217K texts, $26K phone bill

April 22, 2009 6:02 am | by BILL BERGSTROM - Associated Press Writer - Associated Press | News | Comments

PHILADELPHIA (AP) — Their thumbs sure must be sore.Two central Pennsylvania friends spent most of March in a text-messaging record attempt, exchanging a thumbs-flying total of 217,000.For one of the two, that meant an inches-thick itemized bill for $26,000.Nick Andes, 29, and Doug Klinger, 30, were...

Coca-Cola CEO says company can grow in tough times

April 22, 2009 5:57 am | by The Associated Press | News | Comments

DULUTH, Ga. (AP) — Coca-Cola Co. sees a chance to increase its market share during the economic slowdown and doesn't plan to waste the opportunity, the chief executive of the world's largest beverage maker told shareholders Wednesday.Muhtar Kent said at the company's annual meeting that Coca-Cola...


NY comptroller bans agents in pension investments

April 22, 2009 5:57 am | by The Associated Press | News | Comments

ALBANY, N.Y. (AP) — New York Comptroller Thomas DiNapoli says he has banned middlemen and lobbyists from helping steer investments from the state pension fund.He says the ban includes any person or business paid a fee to help place investments from the fund, which stood at about $122 billion at the...

Boeing profit drops on production cuts

April 22, 2009 5:31 am | by DANIEL LOVERING - AP Manufacturing Writer - Associated Press | News | Comments

PITTSBURGH (AP) — Boeing Co., the world's second-largest plane maker, said Wednesday its first-quarter profit dropped by half, hurt by production cuts as airlines postpone deliveries of new planes. It also forecast lower earnings for the year and reduced aircraft prices.Demand for the Chicago-based...

Geithner says crisis unprecedented in modern times

April 22, 2009 5:11 am | by MARTIN CRUTSINGER - AP Economics Writer - Associated Press | News | Comments

WASHINGTON (AP) — Treasury Secretary Timothy Geithner said Wednesday the United States bears a substantial share of responsibility for a global economic crisis that could cost the world up to $4 trillion in lost output this year alone.While the crisis started in the U.S., Geithner said its damage...

IMF: Asia could see 'modest recovery' in 2010

April 22, 2009 5:11 am | by The Associated Press | News | Comments

BEIJING (AP) — Asian economies could see a modest recovery next year, boosted by stronger export demand and stimulus spending, the International Monetary Fund said Wednesday.Trade-driven Asia has been hit harder than expected by the worst global downturn since the 1930s, though many economies are...

IMF says euro zone to shrink 4.2 percent this year

April 22, 2009 5:06 am | by The Associated Press | News | Comments

LONDON (AP) — The International Monetary Fund is warning that the countries using the euro currency will see their economies shrink 4.2 percent this year.It says next year will be tough as well but that the economy should start bouncing back sometime in 2010.The IMF also issued a warning that the...


Countries trying to cope with severe global slump

April 22, 2009 5:01 am | by JEANNINE AVERSA - AP Economics Writer - Associated Press | News | Comments

WASHINGTON (AP) — World finance officials may be faced with the worst global downturn since the Great Depression, but that doesn't mean they are ready to stop squabbling over the details of a plan to get out of the mess.European nations are still resisting pleas from the United States for greater...

NY state, city crack down on pension investments

April 22, 2009 4:45 am | by The Associated Press | News | Comments

NEW YORK (AP) — Amid an expanding corruption investigation, top officials in Albany and New York City said Wednesday that they would bar lobbyists known as placement agents from soliciting investment business from the state's two biggest public pension systems.The move comes about a month after...

EU wants smaller fishing fleet to help stocks

April 22, 2009 4:40 am | by RAF CASERT - Associated Press Writer - Associated Press | News | Comments

BRUSSELS (AP) — With almost all stocks overfished, the European Commission on Wednesday called for drastic cuts in the EU's 90,000-strong fishing fleet and subsidies to safeguard a sustainable and economically-viable fishing industry."Fleets have the power to fish much more than can safely be...

Morgan Stanley loses $578M in 1st quarter

April 22, 2009 4:35 am | by The Associated Press | News | Comments

CHARLOTTE, N.C. (AP) — You'd think a boost of confidence would be good for a company. But in an unusual accounting twist, Morgan Stanley posted a bigger-than-expected loss Wednesday partly because bond traders were more upbeat about the company.The bank was hit, counterintuitively, by an...

Police investigating death of Freddie Mac official, 16th Ld-Writethru, US

April 22, 2009 4:35 am | by MATT SMALL - Associated Press Writer - Associated Press | News | Comments

VIENNA, VA. (AP) — The chief financial officer of Freddie Mac, one of the mortgage giants at the heart of the nation's financial meltdown, was found dead in his basement early Wednesday morning in what police said was an apparent suicide.David Kellermann, 41, apparently hanged himself in his...

China automakers still stretching to expand abroad

April 22, 2009 4:25 am | by ELAINE KURTENBACH - AP Business Writer - Associated Press | News | Comments

SHANGHAI (AP) — From the glossy black Geely Excellence "business limousine" to Great Wall's tiny Gwperi subcompact, China's own automakers are proving they have the prowess to put together practically any type of vehicle imaginable.But they have yet to demonstrate they have mastered the expertise...

Freeport-McMoRan 1st-quarter profit plunges

April 22, 2009 4:19 am | by The Associated Press | News | Comments

DENVER (AP) — Freeport-McMoRan Copper & Gold Inc. on Wednesday reported a 96 percent drop in first-quarter net income as the global recession drove down demand and prices for its metals, used in everything from construction to steel.The effects on the mining giant's performance were partially...


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