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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...

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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...

AT & T earnings fall, but iPhone cushions the blow

April 22, 2009 3:43 am | by The Associated Press | News | Comments

NEW YORK (AP) — Cost-cutting and the lure of the iPhone softened the effect of the weak economy at AT&T Inc., helping the country's biggest telecommunications carrier beat analyst estimates for the first quarter.AT&T said Wednesday it earned more than $3.1 billion, or 53 cents per share, in the...

Ingersoll-Rand posts 1Q loss but tops expectations

April 22, 2009 3:43 am | by The Associated Press | News | Comments

NEW YORK (AP) — Ingersoll-Rand Co. said Wednesday it fell to a loss in the first quarter but the diversified industrial manufacturer topped Wall Street's expectations, due in part to cost cutting.The Bermuda-based company reported a loss of $26.7 million, or 8 cents per share, compared with a...

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Report: Russia foreign arms contracts under threat

April 22, 2009 3:43 am | by The Associated Press | News | Comments

MOSCOW (AP) — Russia's defense manufacturers may not fulfill all of their foreign weapons contracts this year, an adviser to the country's state arms trader said Wednesday, according to Russian news agency Interfax.Russia's sprawling arms complex, which is under the umbrella of state holding...

Altria Group 1Q profit drops but beats forecast

April 22, 2009 3:38 am | by The Associated Press | News | Comments

RICHMOND, Va. (AP) — Cigarette sales dropped 8 percent and profit slipped at the nation's largest tobacco maker, Altria Group Inc., as retailers and wholesalers cut their orders ahead of a one-time federal tax on their inventory, but the company's overall revenue rose in the first quarter.Tobacco...

ILO: unemployment, social crisis looms in Asia

April 22, 2009 3:28 am | by The Associated Press | News | Comments

MANILA, Philippines (AP) — Asia faces the risk of a prolonged labor market recession and social crisis that could take much longer to shake off than the current economic downturn, the International Labor Organization said Wednesday.ILO senior economist Gyorgy Sziraczki said 23 million people in the...

AirTran posts 1Q profit

April 22, 2009 3:02 am | by HARRY R. WEBER - AP Airlines Writer - Associated Press | News | Comments

ATLANTA (AP) — AirTran Holdings Inc., parent of discount carrier AirTran Airways, said Wednesday it posted a first-quarter profit of $28.7 million despite a 9 percent drop in revenue, compared to a restated year ago loss of $35.4 million.The results topped Wall Street expectations, a bright spot...

EU lawmakers approve new price cap on text message

April 22, 2009 2:47 am | by The Associated Press | News | Comments

STRASBOURG, France (AP) — EU lawmakers voted Wednesday for a new price cap that will cut the cost of sending text messages from abroad by nearly two-thirds.Phone users will pay a maximum of 11 euro cents (14 cents) for sending text messages from another European Union nation starting July 1, down...

Hong Kong tycoon drops $2B bid for PCCW

April 22, 2009 2:42 am | by The 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...

China upholds death for man who took $8.8 million

April 22, 2009 2:37 am | by The Associated Press | News | Comments

BEIJING (AP) — A Beijing court upheld the death sentence of a former securities firm manager found guilty of embezzling 60 million yuan ($8.8 million), his defense lawyer and state media said Wednesday.Yang Yanmin was convicted of stealing the identities of his staff at China Galaxy Securities...

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