News For Thursday Aug 21, 2008 News For Thursday Aug 21, 2008

Business Business

Mexico GDP grows 2.8 percent in 2nd quarter - Added 25 minutes ago

Mexico's economy expanded 2.8 percent in the second quarter, up slightly over 2.6 percent growth in the first three months of the year. A Thursday statement from the National Statistics Institute said the farming...

Maker of Snickers and M&Ms is raising prices - Added 31 minutes ago

The maker of Snickers bars and M&Ms candies said it is raising wholesale prices more than 12 percent to offset the higher costs of raw materials, packaging and energy, the second major candy company in the past week...

Extra pounds mean insurance fees for Ala. workers - Added 33 minutes ago

Alabama, pushed to second in national obesity rankings by deep-fried Southern favorites, is cracking down on state workers who are too fat. The state has given its 37,527 employees a year to start getting fit _ or...

Heinz gains, Hormel hurts on high costs in quarter - Added 3 hours ago

Rising commodity costs kept weighing on food makers H.J. Heinz Co. and Hormel Foods Corp. in the most recent quarter, even as consumers continued to swallow price increases for their favorite foods. Hormel Foods, the...

FDA investigates possible Vytorin link to cancer - Added 3 hours ago

Federal drug safety regulators said Thursday they are investigating whether the cholesterol-lowering drug Vytorin can increase patients' risk of developing cancer. However, the Food and Drug Administration said...

Barnes & Noble, Burger King are big movers - Added 3 hours ago

Stocks that moved substantially or traded heavily Thursday on the New York Stock Exchange and Nasdaq Stock Market: NYSE Barnes & Noble Inc., down $1.07 at $24.67 The nation's largest bookseller said its...

Burger King 4Q profit rises 42 percent - Added 3 hours ago

Customers bought more Whoppers, Cheesy Bacon BK Wrappers and crispy chicken sandwiches in the fourth quarter, driving Burger King's profit up 42 percent. But investors weren't too impressed by the profit gain at the...

Barnes & Noble's 2Q profits fall 15 percent - Added 3 hours ago

Barnes & Noble Inc., the nation's largest bookseller, posted a 15 percent drop in second-quarter profit Thursday as it struggles with sluggish consumer spending. The New York-based retailer also projected that...

GM announces $500M investment for small car - Added 3 hours ago

General Motors Corp. said Thursday it will invest more than $500 million in the U.S. to build a new compact car that will compete in an era of high gasoline prices. Company Chairman and CEO Rick Wagoner announced the...

Cost-cutting boosts Gap's 2nd-quarter profit - Added 3 hours ago

Apparel retailer Gap Inc. said Thursday that tight control on inventory and costs helped offset a persistent sales slump, particularly at its Old Navy stores, as fiscal second-quarter profit rose 51 percent. Its shares...

Merrill, Goldman, Deutsche in deal with regulators - Added 3 hours ago

Merrill Lynch & Co., Goldman Sachs Group Inc. and Deutsche Bank on Thursday joined other major financial companies in settling with regulators over their roles in selling risky auction-rate securities to retail...

Stocks end mixed on rising oil, financial worries - Added 4 hours ago

Wall Street finished mixed Thursday after investors largely shrugged off a jump in oil prices and focused instead on a bullish call on Lehman Brothers Holdings Inc. that eased worries about the financial sector. Stocks...

Treasurys slip after jobless data, oil price jump - Added 4 hours ago

Treasury prices mostly fell Thursday, giving up some of their recent gains as the Labor Department reported a larger-than-expected decline in claims for unemployment benefits. A surge in oil by more than $5 a barrel...

Economy remains stuck in low gear - Added 4 hours ago

NEW YORK _ A private sector measure of the economy's health showed the largest drop in a year, and while new jobless claims fell for the second straight week, they remain near the highest levels since 2002. The reports...

Oil jumps $5 on US-Russia tensions, sliding dollar - Added 4 hours ago

Oil prices shot up more than $5 a barrel Thursday, rising to the highest level in over two weeks as escalating tensions with Russia stoked fears of supply disruptions to the West. Crude's rally mimicked the wild price...

Gold jumps over $20 on falling dollar, crude spike - Added 5 hours ago

Gold prices jump more than $20 Thursday after the dollar weakened and crude oil spiked _ inflationary moves that boosted demand for safe, alternative investments. Other commodities also traded higher as part of a broad...

Now on the Hallmark aisle: Gay marriage cards - Added 5 hours ago

Most states don't recognize gay marriage _ but now Hallmark does. The nation's largest greeting card company is rolling out same-sex wedding cards _ featuring two tuxedos, overlapping hearts or intertwined flowers,...

'3 Hebrew Boys' face new charges in alleged scam - Added 5 hours ago

Three South Carolina men accused of bilking investors out of millions of dollars are facing nearly two dozen new federal charges, according to a federal grand jury indictment released Thursday. Joseph Brunson, Tony...

Abbott to cut 1,000 jobs from diagnostic unit - Added 5 hours ago

Drug and medical device maker Abbott Laboratories said Thursday it will cut 1,000 jobs as part of a multiyear effort to lower spending on its medical testing business. Abbott said the plan will save the company $150...

Fannie, Freddie rescue plans leave many anxious - Added 5 hours ago

A government rescue of Fannie Mae and Freddie Mac could be costly for scores of investment, banking and insurance companies that hold billions in preferred shares of the mortgage finance giants as assets. Speculation...

IKB to be bought by Lone Star Funds - Added 6 hours ago

German lender IKB Deutsche Industriebank AG, which has been badly hit by the U.S. subprime mortgage crisis, will be sold to U.S.-based private equity firm Lone Star Funds, the German company's biggest shareholder said...

AP Source: Merrill Lynch CEO, NY AG in talks - Added 6 hours ago

New York Attorney General Andrew Cuomo has been in all-day meetings with Merrill Lynch & Co. Chief Executive John Thain regarding a last minute settlement over auction-rate securities, according to a person familiar...

Agriculture futures end trading higher on CBOT - Added 6 hours ago

Agriculture futures traded higher Thursday on the Chicago Board of Trade. Wheat for September delivery rose 22.5 cents to $8.9725 a bushel; December corn gained 22.5 cents to $6.175 a bushel; December oats added 8.5...

How Heinz and Hormel fared in the quarter - Added 6 hours ago

Here's a look at how H.J. Heinz Co. and Hormel Foods Corp. fared in the most recent quarter, the results of which they reported Thursday: HORMEL: The Austin, Minn.-based company makes Spam and Jennie-O Turkey, among...

Relatives abroad offer food lifeline to Haiti poor - Added 7 hours ago

Nadia Renaud began shipping bags of rice, beans and other foodstuffs last spring to struggling relatives in Haiti, helping her brother ease the worries of providing for a sick mother who needs constant care. At first...

Bus systems lure riders with plush seats and Wi-Fi - Added 7 hours ago

Think of the typical city bus, and you're likely to picture old vehicles with hard seats and noisy brakes that belch diesel fumes as they jerk from stop to stop. Transit agencies want you to take another look. They're...

Steve & Barry's may live on under new ownership - Added 7 hours ago

Popular but troubled retailer Steve & Barry's may live on under new ownership. The company announced Thursday that BHY Holdings LLC, an affiliate of investment firms Bay Harbour Management and York Capital...

Dollar falls, gold rises in Europe - Added 8 hours ago

The U.S. dollar was lower against other major currencies in European trading Thursday. Gold rose. The euro traded at $1.4870, up from $1.4741 late Wednesday in New York. Later, in afternoon trading in New York...

Gap names president of Old Navy - Added 8 hours ago

Gap Inc. announced Thursday that it has named Tom Wyatt, a 30-year retail veteran, as president of its struggling Old Navy chain. Wyatt, 53, had served as acting president of Old Navy since February, when Dawn...

Frontier to add fee for frequent-flier tickets - Added 8 hours ago

Frontier Airlines is the latest airline to announce it will start charging fees when certain customers redeem frequent-flier miles. Frontier said Thursday that starting Sept. 15, it will add a $25 fee on EarlyReturns...

Brazil unemployment rises to 8.1 percent in July - Added 9 hours ago

Brazil says unemployment rose to 8.1 percent in July, reversing a five-month decline. The national statistics institute says joblessness rose slightly since June, when unemployment was 7.8 percent. Global Insight...

Weak economy spurs growth for community colleges - Added 9 hours ago

Two-year community colleges are seeing record enrollment as families squeezed by tough economic times steer high school graduates away from more expensive four-year universities. While the shift solves one funding...

Heinz 1Q profit rises 11 percent - Added 10 hours ago

Food maker H.J. Heinz Co. said Thursday that its fiscal first-quarter profit rose 11 percent, fueled by double-digit sales growth in North America and Europe. The earnings offset a drop-off in Heinz's U.S. restaurant...

Hormel 3Q profit falls 9 percent on higher costs - Added 11 hours ago

Hormel Foods Corp. said Thursday its fiscal third-quarter profit fell 9 percent as higher meat, fuel and other costs outweighed price increases and hurt margins. For the three months ended July 27, the Austin,...

Leading economic indicators fell sharply in July - Added 11 hours ago

A private business group's measure of the economy's health showed the largest drop in one year as stocks fell, new building permits declined and unemployment rose. The New York-based Conference Board's said Thursday...

A century after introduction, Hydrox cookies back - Added 12 hours ago

If a kid'll eat the middle of an Oreo first, does the same go for a Hydrox? A new generation of children are getting a chance to find out. Kellogg Co. announced Thursday that it has reintroduced the Hydrox brand for a...

Schaeffler to buy minority stake in Continental - Added 12 hours ago

Auto parts maker Continental AG said Thursday it had ended a weeks-long standoff over a takeover bid from smaller rival as its suitor Schaeffler KG raised its offer and agreed to limit itself to a minority stake for...

Jobless claims fall for second straight week - Added 13 hours ago

The number of newly laid-off workers seeking unemployment benefits fell more than expected last week, the second straight drop from a six-year high, according to government data released Thursday. The Labor Department...

Kohl's names new CEO - Added 13 hours ago

Kohl's Corp. announced Thursday that Chairman Larry Montgomery has resigned as chief executive and will be replaced in that role by the retailer's president, Kevin Mansell. The changes come as the Menomonee Falls,...

Now on the Hallmark aisle: Gay marriage cards - Added 14 hours ago

Most states don't recognize gay marriage _ but now Hallmark does. The nation's largest greeting card company is rolling out same-sex wedding cards _ featuring two tuxedos, overlapping hearts or intertwined flowers,...

Source: auction-rate probe focuses on 3 banks - Added 15 hours ago

New York Attorney General Andrew Cuomo will intensify his probe into auction-rate securities by focusing on Bank of America Corp., Goldman Sachs Group Inc. and Deutsche Bank AG, a person close to the investigation said...

AP Executive Morning Briefing - Added 16 hours ago

The top business news from The Associated Press for the morning of Thursday, Aug. 21, 2008: Fannie Mae, Freddie Mac shares plummet NEW YORK (AP) _ Investors are betting that time is running out for Fannie Mae and...

Indiana ramps up its control efforts against kudzu - Added 18 hours ago

A fast-growing vine that's left parts of Indiana beneath tangles of greenery is coming under assault as the state ramps up its efforts to kill the leafy invader. Over the next few weeks, contractors hired by the...

House of Barbie seeks nearly $2B in Bratz fight - Added 20 hours ago

Grown men argued over dolls for six hours as they wrapped up a federal trial pitting the maker of the pouty-lipped Bratz dolls against the house of Barbie _ a lawsuit that could cost upstart MGA Entertainment Inc. up to...

Oui, Montreal tops in new Monopoly game - Added 20 hours ago

Bye bye, Boardwalk. The Quebec metropolis of Montreal snagged the most expensive spot on a new global version of Monopoly, unseating the Atlantic City fixture as the board game's most prestigious property. Montreal...

Australia's Qantas sees profit rise 44 percent - Added 20 hours ago

Qantas Airways Ltd. reported Thursday a 44 percent rise in annual net profit, but acknowledged it is beginning to feel the effect of a slowing economy and higher fuel costs. Australia's largest airline posted a net...

Weak economy spurs growth for community colleges - Added 20 hours ago

Two-year community colleges are seeing record enrollment as families squeezed by tough economic times steer high school graduates away from more expensive four-year universities. While the shift solves one funding...

Bush says New Orleans is on its way back - Added 21 hours ago

President Bush said Wednesday that "hope is coming back" to New Orleans with the help of $126 billion in disaster aid poured into the Gulf Coast region over three years after Hurricane Katrina. Bush tempered his upbeat...

Japan's trade surplus falls 86.6 percent in July - Added 1 day ago

Japan's trade surplus in July fell 86.6 percent from a year earlier as spending on imports grew because of higher prices for oil and other commodities, the government said Thursday. The surplus shrank to 91.1 billion...

Source: auction-rate probe focuses on 3 banks - Added 1 day ago

New York Attorney General Andrew Cuomo will intensify his probe into auction-rate securities by focusing on Bank of America Corp., Goldman Sachs Group Inc. and Deutsche Bank AG, a person close to the investigation said...