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Tech Mahindra deposits $582M for Satyam stake

April 20, 2009 4:45 am | by ERIKA KINETZ - AP Business Writer - Associated Press | News | Comments

MUMBAI, India (AP) — The new owners of Satyam Computer Services Ltd. made their first visit to the company's Hyderabad headquarters Monday, speaking with employees just hours after depositing $582 million to buy a 51 percent stake in the troubled outsourcing giant.Tech Mahindra saved Satyam, once...

Adobe extends Flash to TVs, Blu-ray players

April 20, 2009 4:30 am | by The Associated Press | News | Comments

NEW YORK (AP) — Adobe Systems Inc. is extending its Flash platform to digital home entertainment devices like TV sets, Blu-ray players and set-top boxes.Adobe announced Monday that the move will let people watch high-definition videos, play Flash-based games and access other Web content on their...

AIG completes preferred stock sale to government

April 20, 2009 4:20 am | by The Associated Press | News | Comments

NEW YORK (AP) — American International Group has completed a preferred stock sale to the government as part of a previously announced plan to receive additional financial support, according to a regulatory filing.New York-based AIG says in a Securities and Exchange Commission filing that it sold...


After IBM dalliance, Sun goes to Oracle for $7.4B

April 20, 2009 3:54 am | by The Associated Press | News | Comments

SAN FRANCISCO (AP) — Sun Microsystems Inc.'s scramble to find a suitor landed the slumping server and software maker in the arms of Oracle Corp., which agreed to pay $7.4 billion in cash for Sun in a startling marriage that would transform Silicon Valley and the computing industry.The acquisition...

Stocks point lower as busy earnings week begins

April 20, 2009 3:44 am | by TIM PARADIS - AP Business Writer - Associated Press | News | Comments

NEW YORK (AP) — Stock futures tumbled early Monday as investors began a busy week of quarterly earnings reports that could test the stock market's six-week rally.Bank of America Corp. said early Monday that it earned a surprise profit in the first quarter but that it also set aside $13.4 billion to...

More GM workers laid off as gov't deadlines loom

April 20, 2009 3:28 am | by TOM KRISHER - AP Auto Writer - Associated Press | News | Comments

DETROIT (AP) — General Motors Corp. started firing 1,600 white-collar workers Monday, continuing its effort to slash costs and qualify for more government loans on the same day it revealed it spent $2.8 million in the first three months of this year to lobby federal lawmakers.Meanwhile, Fiat's CEO...

Bank of America posts 1Q profit but stocks fall

April 20, 2009 3:23 am | by IEVA M. AUGSTUMS - AP Business Writer - Associated Press | News | Comments

CHARLOTTE, N.C. (AP) — Bank of America Corp. warned of worsening loan default problems Monday even as it posted a first-quarter profit of $2.81 billion. Investors concerned about the banking industry's health sent financial stocks and the overall market sharply lower.Although Bank of America said...

PepsiCo 1st-quarter profit edges down

April 20, 2009 3:13 am | by The Associated Press | News | Comments

NEW YORK (AP) — PURCHASE, N.Y. (AP) — Beverage and snack maker PepsiCo Inc. said Monday first-quarter profit edged down 1 percent, hurt by the stronger dollar and continued weak demand for soft drinks in the U.S., but results surpassed analyst expectations.Separately, Purchase, N.Y. based Pepsi...


Halliburton 1Q profit tumbles, cuts jobs

April 20, 2009 3:13 am | by JOHN PORRETTO - AP Energy Writer - Associated Press | News | Comments

HOUSTON (AP) — Halliburton Co. kicked off the oil sector's first-quarter earnings period on a dour-but-not-unexpected note Monday, reporting net income that tumbled 35 percent from a year ago and offering a poor outlook. It also said it cut more than 2,000 jobs in the first three months of the...

Hasbro 1st-quarter profit falls 47 percent

April 20, 2009 2:53 am | by The Associated Press | News | Comments

NEW YORK (AP) — Hasbro Inc. said Monday that first-quarter profit fell 47 percent as retailers cut back on their inventory, but the toy maker said products tied into new movies like the upcoming Transformers film should boost future results.The maker of board games such as Clue and Scrabble also...

Lilly 1Q profit rises on higher sales; stock falls

April 20, 2009 2:53 am | by The Associated Press | News | Comments

INDIANAPOLIS (AP) — Drugmaker Eli Lilly and Co. saw its first-quarter profit soar on strong sales but then watched its stock price dip Monday on a rough day for the broader market.The quarterly performance — which included a 23 percent profit increase — impressed analysts, but they noted that...

UBS sells Brazilian arm for $2.5 billion

April 20, 2009 2:53 am | by The Associated Press | News | Comments

ZURICH (AP) — Troubled banking giant UBS AG sold its Brazilian business on Monday for about $2.5 billion to BTG Investments in an effort to reduce risk and streamline its operations.Switzerland's largest bank, which is cutting thousands of jobs as a result of billions in losses over the past two...

PepsiCo offers to buy 2 bottlers for $6B

April 20, 2009 2:43 am | by The Associated Press | News | Comments

NEW YORK (AP) — Beverage and snack maker PepsiCo Inc. on Monday offered to acquire its two largest bottlers — Pepsi Bottling Group and PepsiAmericas — for $6 billion in an effort to cut costs and become more efficient.The announcement comes as the company that makes drinks like Mountain Dew,...

Glaxo buys Stiefel Laboratories for $2.9 billion

April 20, 2009 2:37 am | by ROBERT BARR - Associated Press Writer - Associated Press | News | Comments

LONDON (AP) — British drug maker GlaxoSmithKline PLC said Monday it will pay $2.9 billion to buy American dermatology business Stiefel Laboratories Inc. — the latest deal in a flurry of mergers and acquisitions in the pharmaceuticals industry.GlaxoSmithKline will also assume $400 million in debt...

EU opens probes into Star, oneworld alliances

April 20, 2009 1:57 am | by The Associated Press | News | Comments

BRUSSELS (AP) — The European Union says it has opened antitrust investigations into trans-Atlantic routes of Star and oneworld airline alliances.The EU Commission said Monday that the cooperation within the two groups on the lucrative Europe-North America routes "appears far more extensive " than...


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