Business News
Nokia dumps CEO, turns to Microsoft exec
HELSINKI (AP) Nokia Corp. is replacing CEO Olli-Pekka Kallasvuo with Microsoft executive Stephen Elop as the world's top maker of mobile phones aims to regain lost ground in the fiercely competitive smart phone market. ...Read More
Hermine downgraded to tropical depression
MIAMI (AP) Forecasters say Hermine (hur-MEEN') has weakened to a tropical depression. ...Read More
Suddenly, a raft of tax-break proposals from Obama
WASHINGTON (AP) President Barack Obama's proposed tax breaks for business sound like ideas that have enjoyed broad Republican backing in the past. But in today's toxic political atmosphere, he's unlikely to get much if any GOP help. ...Read More
GOP proposes renewing tax cuts, freezing spending
WASHINGTON (AP) House Republican Leader John Boehner (BAY'-nur) is proposing a two-year freeze on all tax rates and a cut in government spending to the levels of 2008, before the recession hit. ...Read More
BP: Multiple companies, teams contributed to spill
NEW ORLEANS (AP) Oil giant BP PLC laid much of the blame for the rig explosion and the massive Gulf of Mexico spill on workers at sea, other companies and a complex series of failures in an internal report released Wednesday before a key piece of evidence has been analyzed. ...Read More
Stocks inch higher as European debt worries ease
NEW YORK (AP) Stocks rose Wednesday as investors brushed off fresh worries about the health of European banks to resume a rally. ...Read More
Ireland to split Anglo Irish into good, bad banks
DUBLIN (AP) Ireland plans to split its most troubled financial institution, Anglo Irish Bank, in two as part of wider efforts to reassure international lenders that the Irish are taking control of their debt crisis. ...Read More
In Ohio, Obama challenges Republicans on tax cuts
CLEVELAND (AP) President Barack Obama says it's time to extend Bush-era tax cuts for the middle class but the nation can't afford the Republican approach of extending tax cuts for the wealthy as well. ...Read More
HP sues ex-CEO Hurd over new job at rival Oracle
SAN FRANCISCO (AP) Hewlett-Packard Co. is suing former CEO Mark Hurd to stop him from taking a job at rival Oracle Corp. ...Read More
Hermine gives south Texas another tropical lashing
RAYMONDVILLE, Texas (AP) Tropical Storm Hermine gave a wet and windy punch to Texas on Tuesday but left only minor scrapes in the storm-weary Rio Grande Valley, which is proving resilient this hurricane season after taking a third tropical system on the chin. ...Read More
AP source: Obama to name Goolsbee to head council
WASHINGTON (AP) President Barack Obama has chosen one of his longtime economic advisers, Austan Goolsbee, to be the chairman of his Council of Economic Advisers, a White House official said. ...Read More
China's August trade surplus 2nd highest this year
BEIJING (AP) China's trade surplus hit its second-highest level this year in August, likely fueling U.S. demands for Beijing to ease currency controls. ...Read More
Nokia fires CEO as it fights fierce competition
HELSINKI (AP) Nokia Corp. says it will dismiss CEO Olli-Pekka Kallasvuo, as the world's largest handset maker struggles against fierce competition from rivals. ...Read More
Nokia replaces CEO with Microsoft exec
HELSINKI (AP) Nokia Corp. will replace CEO Olli-Pekka Kallasvuo with Stephen Elop from Microsoft on Sept. 21, the world's largest handset maker said Friday, as it struggles to keep pace with smaller and more innovative rivals, particularly in the smartphone market. ...Read More
Asia stocks gain but Europe down on bank fears
MUMBAI, India (AP) Asian markets gained Friday on better economic news from the U.S. and Japan, despite fresh concerns over the health of European banks, which dragged down Europe's markets in early trading. ...Read More
German shares weighed down by bank refunding talk
LONDON (AP) German stocks led European markets modestly lower Friday following reports that Deutsche Bank AG is planning to raise as much as euro9 billion ($11.4 billion) to lift its stake in Deutsche Postbank AG and shore up its capital base. ...Read More
Nokia's Kallasvuo replaced by Microsoft exec
HELSINKI (AP) Nokia Corp. will replace CEO Olli-Pekka Kallasvuo with top Microsoft executive Stephen Elop as the world's largest mobile phone maker struggles to keep pace with smaller and more innovative rivals, particularly in the smartphone market. ...Read More
Greece pledges to overhaul loss-making state rail
THESSALONIKI, Greece (AP) The Greek government pledged Friday to radically overhaul loss-making state rail company OSE, as official data showed efforts to cut the country's bloated budget deficit remained on track, if slightly asthmatic. ...Read More
Wholesale inventories rise 1.3 percent in July
WASHINGTON (AP) Inventories held by wholesalers surged in July by the largest amount in two years while sales rebounded after two straight declines. ...Read More
Trump offers to buy out investor in NY mosque site
NEW YORK (AP) Donald Trump is offering to buy out one of the major investors in the real estate partnership that controls the site near ground zero where a Muslim group wants to build a 13-story Islamic center and mosque. ...Read More
New filings for jobless benefits tumble
WASHINGTON (AP) The number of people signing up for unemployment benefits dropped to the lowest level in two months, an encouraging sign that companies aren't resorting to deeper layoffs even as the economy has lost momentum. ...Read More
Highway deaths fall to lowest level since 1950
WASHINGTON (AP) Traffic deaths have plummeted across the United States to levels not seen in more than a half century, spurred by technology, more safety-conscious drivers and tougher enforcement of drunken driving laws. ...Read More
EU OKs new financial supervision deal
BRUSSELS (AP) European Union nations agreed to create new financial oversight institutions Tuesday, hoping to prevent a repeat of the government debt crisis that nearly left Greece bankrupt and brought the European banking system to its knees. ...Read More
Potash says BHP won't be only bidder
TORONTO (AP) The chief executive of Potash Corp. of Saskatchewan Inc. believes BHP Billiton Ltd will not be the only bidder for the Canadian company. ...Read More
Strikes in France, London foreshadow more protests
PARIS (AP) French strikers disrupted trains and planes, hospitals and mail delivery Tuesday amid massive street protests over plans to raise the retirement age. Across the English Channel, London subway workers unhappy with staff cuts walked off the job. ...Read More
Obama firm: Don't extend tax breaks for wealthiest
CLEVELAND (AP) President Barack Obama strongly defended his opposition to extending Bush-era tax breaks for the wealthiest Americans on Wednesday and delivered a searing attack on Republicans and their House leader for advocating "the same philosophy that led to this mess in the first place." ...Read More
Irish bonds rebound, banks hold ground after Anglo
DUBLIN (AP) Investors welcomed Ireland's plan to split up its most debt-crippled bank, Anglo Irish, by bidding strongly Thursday for government bonds. Ireland's battered bank shares also held their ground. ...Read More
Stocks continue rally after drop in jobless claims
NEW YORK (AP) Stocks extended their September rally Thursday after another report showed modest improvement in the job market. ...Read More
Hopes rise as jobless claims fall, trade gap eases
WASHINGTON (AP) The number of people signing up for unemployment benefits dropped to the lowest level in two months, an encouraging sign that companies aren't resorting to deeper layoffs even as the economy has lost momentum. ...Read More
Struggling Spain OKs labor market reforms
MADRID (AP) Spain gave final approval Thursday to labor market reforms designed to shake up a listless economy and help slash a bloated deficit that has prompted European-wide worries of another Greek-style debt crisis. ...Read More
Stock futures inch higher ahead of open
NEW YORK (AP) Stock futures rose slightly Wednesday as investors tried to brush off fresh worries about the health of European banks. ...Read More
BP report blames itself, others for oil spill
NEW ORLEANS (AP) BP took some of the blame for the Gulf oil disaster in an internal report issued Wednesday, acknowledging among other things that it misinterpreted a key pressure test of the well. But in a possible preview of its legal strategy, it also pointed the finger at its partners on the doomed rig. ...Read More
Huge fire at Venezuelan fuel terminal in Bonaire
KRALENDIJK, Bonaire (AP) A huge fire caused by a lightning strike has halted operations at a Venezuelan fuel terminal on the Dutch island of Bonaire. ...Read More
Asia stocks down on Europe debt worries, yen surge
BEIJING (AP) Most Asian stock markets slid Wednesday, pressured by the yen hitting a fresh 15-year high and new concerns about European banks after a report they may have more risky government debt than thought. ...Read More
All eyes on BP report on Gulf oil spill disaster
NEW ORLEANS (AP) Oil giant BP PLC on Wednesday planned to release the conclusions of its internal investigation into the rig explosion that killed 11 workers and led to the massive Gulf of Mexico spill. ...Read More
China's Hu calls for stable ties with US
BEIJING (AP) Trying to smooth over recently rocky relations before a visit to Washington, Chinese President Hu Jintao told American officials on Wednesday that he wants to see healthy and stable ties between the two countries. ...Read More
World stocks down on Europe debt fear, yen surge
LONDON (AP) World stock markets mostly slipped Wednesday amid new concerns about European banks' exposure to risky debt and as the yen's rise to a fresh 15-year high against the dollar weighed on Asian exporters. ...Read More
UK agency fines Goldman Sachs $27 million
LONDON (AP) Britain's financial regulator hit Goldman Sachs International with a 17.5 million pounds ($27 million) fine on Thursday for failing to notify U.K. authorities about an investigation in the United States. ...Read More
Global recession is unlikely, OECD says
LONDON (AP) The global economic recovery could be slower than previously anticipated but a return to recession is unlikely, a leading international economic body said Thursday. ...Read More
Stocks fall on fresh European bank concerns
NEW YORK (AP) Fresh worries about European banks sent stocks lower Tuesday. Treasury prices rose as investors sought out safe places to park their money. ...Read More
Flight attendant in passenger tiff mulls plea deal
NEW YORK (AP) A former JetBlue flight attendant accused of cursing out a passenger and sliding down an emergency exit chute is working on a plea deal. ...Read More
Asian shares rise as Europe worries ease
TOKYO (AP) Asian stock markets advanced in early trading Thursday after worries about Europe's financial health eased, sending Wall Street higher. ...Read More
Toys R Us invades the mall for the holidays
NEW YORK (AP) Toys R Us plans to invade the mall this holiday season, opening 600 temporary "Express" stores in malls and other shopping centers around the country, more than six times last year's count, and hiring 10,000 seasonal workers. ...Read More
PROMISES, PROMISES: FAA fatigue rules finally near
WASHINGTON (AP) After a regional airliner crashed in western New York a year and a half ago, killing 50 people, the Obama administration promised swift action to prevent similar tragedies. High on the list: new rules governing the number of hours pilots may work, to prevent tired flight crews from making fatal errors. ...Read More
Asian shares mostly rise as Europe worries ease
SHANGHAI (AP) World stocks were mostly higher Thursday as news of a successful bond sale by Portugal eased worries over Europe's debt woes. But Chinese shares fell on fears that authorities might do more to cool the property sector. ...Read More
10 arrested in European raids on Internet piracy
BRUSSELS (AP) Ten people have been arrested in raids across Europe against computer pirates who put illegal copies of movies and television series on the Internet, Belgian police said Wednesday. ...Read More
Facebook inches past Google for Web users' minutes
SEATTLE (AP) U.S. Web surfers are spending more time socializing on Facebook than searching with Google, according to new data from researchers at comScore Inc. ...Read More
Microbes are eating BP oil without using up oxygen
WASHINGTON (AP) Government scientists studying the BP disaster are reporting the best possible outcome: Microbes are consuming the oil in the Gulf without depleting the oxygen in the water and creating "dead zones" where fish cannot survive. ...Read More
German central bank board member Sarrazin to quit
BERLIN (AP) A member of Germany's central bank who made disparaging remarks about Muslims and Jews in a disputed book has agreed to quit his position on the board, the Bundesbank said in a statement Thursday. ...Read More
Stocks extend gains after drop in jobless claims
NEW YORK (AP) Stocks extended their September rally Thursday following more encouraging news on the job market. ...Read More
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