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EU approves new rating agencies rules

April 23, 2009 3:14 am | by The Associated Press | News | Comments

STRASBOURG, France (AP) — The European Union on Thursday approved new rules creating European oversight for credit rating agencies that have taken some of the blame for the financial crisis by rating bad debt as good.The European Parliament voted 569-47 in favor, overcoming the last major stumbling...

Marriott books 1Q loss but tops analyst forecasts

April 23, 2009 3:04 am | by The Associated Press | News | Comments

NEW YORK (AP) — With demand for its hotel rooms and timeshare resorts still deeply depressed, Marriott International Inc. reported a first-quarter loss Thursday, but aggressive cost-cutting boosted its results above Wall Street's expectations.Marriott's shares jumped $2.41, or 12.3 percent, to...

German governor confirms Fiat interest in Opel

April 23, 2009 2:59 am | by The Associated Press | News | Comments

FRANKFURT (AP) — Italian car company Fiat SpA and Canadian car parts maker Magna International Inc. are both interested in a stake of German carmaker Opel, a unit of General Motors Corp., a German official said Thursday.Roland Koch, the governor of the German state of Hesse, said potential...


Fiat reports $410 million first quarter loss

April 23, 2009 2:54 am | by The Associated Press | News | Comments

MILAN, Italy (AP) — Fiat Group SPA, which is in the final stretch of talks to take a possible minority stake in the U.S. automaker Chrysler, says it made a first-quarter loss of €410 million ($530.83 million) as sales of autos plummeted due to the global economic crisis.The result reported Thursday...

Fiat CEO affirms no cash in Chrysler deal

April 23, 2009 2:48 am | by The Associated Press | News | Comments

MILAN (AP) — Fiat Group CEO Sergio Marchionne on Thursday affirmed the Italian automaker's "unwavering commitment" to its proposed alliance with Chrysler, but was categorical Fiat won't put in cash at this stage.Marchionne told an analyst conference call after the company announced a first quarter...

RadioShack 1Q profit climbs as sales increase

April 23, 2009 2:23 am | by The Associated Press | News | Comments

CHICAGO (AP) — Consumer electronics chain RadioShack Corp. said Thursday that customers buying converter boxes to prepare for the switch to all-digital television signals boosted its first-quarter sales and profit.The Fort Worth, Texas-based company earned $43.1 million, or 34 cents a share, for...

EBay wins approval for South Korean acquisition

April 23, 2009 1:43 am | by The Associated Press | News | Comments

SEOUL, South Korea (AP) — Ebay Inc. has won regulatory approval to acquire online marketplace Gmarket, South Korea's antitrust watchdog said Thursday.The Korea Fair Trade Commission's approval included various conditions for a period of three years such as keeping increases in registration and...

Novartis posts 14 percent drop in Q1 profit

April 23, 2009 1:37 am | by ALEXANDER G. HIGGINS - Associated Press Writer - Associated Press | News | Comments

GENEVA (AP) — Pharmaceuticals maker Novartis AG reported Thursday a 14 percent decline in first-quarter net profit in part due to shifts in currency values as well as the cost of financing its takeover of the Alcon eye care company.Novartis said the profit of $1.98 billion compared with $2.3...


Australia approves Chinese bid for Oz Minerals

April 23, 2009 1:22 am | by The Associated Press | News | Comments

CANBERRA, Australia (AP) — China's Minmetals won Australian government approval Thursday to buy most of miner Oz Minerals' operations in a deal that excludes a mine in a sensitive military area.Minmetals promised to use mostly Australian managers and to expand production at some sites as conditions...

EU court backs Dior on resale dispute

April 23, 2009 1:02 am | by The Associated Press | News | Comments

LUXEMBOURG (AP) — The European Union's highest court ruled Thursday that Dior luxury fashion company can bar the resale of its goods by discount stores.The Court of Justice said Dior can prevent a licensee from passing on goods to discount stores if it "damages the allure and prestigious image...

Barroso: EU must help poor despite recession

April 23, 2009 12:42 am | by The Associated Press | News | Comments

BRUSSELS (AP) — The European Commission's president says the EU must continue to be the world's primary donor of aid to poor nations despite the global recession.Jose Manuel Barroso says poor countries "are the least responsible for this crisis but among the worst affected." He says the recession...

Japan's Mizuho Financial forecasts annual net loss

April 23, 2009 12:16 am | by The Associated Press | News | Comments

TOKYO (AP) — Mizuho Financial Group Inc., Japan's second-biggest bank, warned Thursday that it sank into the red last fiscal year amid mounting bad loans and steep stock market declines.The Tokyo-based lender slashed its earnings guidance for the 12 months through March 31, saying it expects a...

Euro nearly unchanged against dollar at $1.3024

April 22, 2009 11:56 pm | by The Associated Press | News | Comments

FRANKFURT (AP) — The euro was nearly flat against the dollar Thursday despite news that Germany's economy, Europe's largest, was expected to shrink more than 5 percent this year.The 16-nation euro bought $1.3024 in European morning trading, slightly up from the $1.3017 late Wednesday in New...

California farmers to get slight drought relief

April 22, 2009 11:36 pm | by GARANCE BURKE - Associated Press Writer - Associated Press | News | Comments

FRESNO, Calif. (AP) — Farmers in California's drought-stricken agricultural basin finally will get a meager supply of federal water to nurture their crops this summer.Officials with the U.S. Bureau of Reclamation said Tuesday that heavy storms in March allowed them to boost the amount of water sent...

Japan automakers extend output slump in March

April 22, 2009 11:10 pm | by TOMOKO A. HOSAKA - Associated Press Writer - Associated Press | News | Comments

TOKYO (AP) — Japan's top automakers reported deep production declines in March as the unprecedented collapse in global demand maintained its painful grip on one of the country's key industries.Toyota Motor Corp., the world's biggest automaker, said its worldwide production slid 46 percent in March...


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