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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...

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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...

Wells Fargo 1Q results in line with forecast

April 22, 2009 4:19 am | by SARA LEPRO - AP Business Writer - Associated Press | News | Comments

NEW YORK (AP) — Wells Fargo & Co.'s first-quarter report on Wednesday had few big surprises, as results fell in line with the bank's forecast and easily beat Wall Street's estimates. But like most of its peers, the bank continues to post higher credit costs.Still, investors found the report...

Ingersoll-Rand clarifies 2009 outlook; shares soar

April 22, 2009 4:14 am | by The Associated Press | News | Comments

NEW YORK (AP) — Ingersoll-Rand Co. on Wednesday provided greater clarity on its full-year guidance, suggesting that the diversified industrial manufacturer's 2009 results will not be as bad as previously thought.The company also reported first-quarter results above analyst estimates, and shares...

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McDonald's 1Q profit rises nearly 4 percent

April 22, 2009 4:14 am | by The Associated Press | News | Comments

NEW YORK (AP) — McDonald's Corp., which has been thriving during the economic downturn, saw its first-quarter profit climb nearly 4 percent as more customers worldwide came to the Golden Arches for a cheap meal.Sales of chicken, breakfast and beverages were particularly strong, McDonald's said.The...

Reports: Freddie Mac official found dead

April 22, 2009 4:04 am | by The Associated Press | News | Comments

WASHINGTON (AP) — David Kellermann, the acting chief financial officer of mortgage giant Freddie Mac, was found dead at his home Wednesday in what broadcast reports said was an apparent suicide.WUSA-TV and WTOP Radio reported that David Kellermann was found dead in his Northern Virginia home. The...

Air Products profit, revenue fall in fiscal 2Q

April 22, 2009 4:04 am | by The Associated Press | News | Comments

LEHIGH VALLEY, Pa. (AP) — Air Products & Chemicals Inc., which supplies oxygen and other gases to the industrial and medical sectors, on Wednesday said its fiscal second-quarter profit dropped 36 percent as the continued decline in the global manufacturing industry cut into its sales.For the...

Malaysia scraps ethnic equity rule in some sectors

April 22, 2009 4:04 am | by EILEEN NG - Associated Press Writer - Associated Press | News | Comments

PUTRAJAYA, Malaysia (AP) — Malaysia's government said it has scrapped a 30 percent requirement for ethnic Malay ownership of investments in some service sectors as it tries to boost the country's flagging economy.The move Wednesday marks a dilution of the country's politically sensitive affirmative...

Glaxo 1Q profit drops 13 percent

April 22, 2009 3:53 am | by The Associated Press | News | Comments

LONDON (AP) — GlaxoSmithKline, the world's second largest drug maker by revenues, posted a 13 percent drop in net profit for the first quarter on Wednesday, as strong sales in Europe and emerging markets were offset by a poor performance in its U.S. pharmaceutical business.Glaxo, which earlier this...

Kimberly-Clark 1Q profit falls but meets Street

April 22, 2009 3:53 am | by The Associated Press | News | Comments

NEW YORK (AP) — Kimberly-Clark Corp., which makes Huggies diapers, Kleenex tissues and other consumer products, said Wednesday that its first-quarter profit dropped 8 percent because of the effect of the stronger dollar.The earnings met Wall Street's expectations.The company, which maintained its...

Boeing posts 50 pct decline in 1Q profit

April 22, 2009 3:48 am | by The Associated Press | News | Comments

PITTSBURGH (AP) — Boeing Co., the world's second-largest plane maker, said Wednesday its first-quarter profit dropped by half, partly because of planned production cuts as airlines postpone deliveries of new planes.The Chicago-based company also cut its projected earnings for the year. It cited...

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