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Futures fall as markets await hints from Fed

Tue, 21 May 2013 07:56:12 -0400

NEW YORK - U.S. stock futures are down in light trading ahead of an appearance this week by Fed Chairman Ben Bernanke before Congress.

Vodafone annual profits up 1.9 percent

Tue, 21 May 2013 07:41:42 -0400

LONDON - U.K.-based mobile telecoms company Vodafone has reported a 1.9 increase in annual profits despite a slowdown in much of its European operations.

Protesters expected at FirstEnergy's W.Va. meeting

Tue, 21 May 2013 07:41:16 -0400

MORGANTOWN, West Virginia - Union workers picketed FirstEnergy's annual shareholder meeting in West Virginia on Tuesday, demanding the Ohio-based utility hire enough people to keep the power on without forcing an ever-shrinking labor force to work as many as 1,800 hours of overtime a year.

DBSI execs plead not guilty to securities fraud

Tue, 21 May 2013 07:32:32 -0400

BOISE, Idaho - Four executives with the failed real estate company DBSI Inc. have pleaded not guilty to federal charges that they misled investors in a scheme to bilk them out of millions of dollars.

Best Buy reports 1Q loss on restructuring costs

Tue, 21 May 2013 07:30:05 -0400

MINNEAPOLIS - Best Buy Co. is reporting a loss in its fiscal first quarter as it sold its stake in Best Buy Europe and works on a turnaround plan that includes cutting costs and closing some stores.

Burberry's profit hit by perfume deal's demise

Tue, 21 May 2013 06:52:20 -0400

LONDON - British luxury brand Burberry says that the end of a perfume licensing deal depressed its bottom line, dragging net profit down 3 percent for the year ending on March 31.

Housing recovery boosts Home Depot 1Q results

Tue, 21 May 2013 06:48:07 -0400

ATLANTA - Even though the weather was poor, Home Depot posted an 18 percent increase in its net income for the first quarter thanks to the ongoing housing recovery.

Does France have right plan to revive its economy?

Tue, 21 May 2013 06:32:14 -0400

PARIS - The man charged with reviving France's shrinking economy and attracting businesses to invest there is gaining a reputation for doing the opposite.

Central Maine Power sued by contractor for $43M

Tue, 21 May 2013 06:05:34 -0400

PORTLAND, Maine - One of the lead contractors on Central Maine Power Co.'s transmission line upgrade has filed a lawsuit seeking at least $43 million from the utility for what it says are work changes that cost extra time and money.

Man convicted of NH business fraud scheme

Tue, 21 May 2013 05:34:17 -0400

CONCORD, New Hampshire - A former bank vice president has been found guilty of conspiracy to commit wire fraud in New Hampshire.

Head of embattled G4S security force retires

Tue, 21 May 2013 04:22:33 -0400

LONDON - The chief executive of security firm G4S is to retire after a tumultuous year that saw the company fail to fulfill its Olympic contract.

Senate to debate crop insurance in farm bill

Tue, 21 May 2013 03:02:48 -0400

WASHINGTON - The Senate is debating cuts to the federally subsidized crop insurance program as it considers a massive farm bill this week.

Mexico prohibits multiple soccer teams ownership

Tue, 21 May 2013 00:41:08 -0400

MEXICO CITY - The owners of the 18 Mexican first-division soccer clubs voted Monday to bar one person or one company from owning more than one team.

Bill ending corporate contribution limits OK'd

Tue, 21 May 2013 00:24:03 -0400

MONTGOMERY, Alabama - Alabama lawmakers have agreed to a litany of changes to state election law, including eliminating the cap on corporate political contributions and making it easier for regulated utilities to influence campaigns.

Indonesia mine collapse death toll rises to 21

Mon, 20 May 2013 23:08:48 -0400

TIMIKA, Indonesia - Rescuers recovered another four bodies from a collapsed underground room at a giant U.S.-owned gold and copper mine in Indonesia, bringing the confirmed death toll to 21, mine officials said Tuesday. Seven others were believed buried under the rubble.

2 San Diego contractors sentenced in Navy scheme

Mon, 20 May 2013 20:44:05 -0400

SAN DIEGO - A federal judge has given three-year prison sentences to two San Diego defense contractors convicted of fraud in a scheme to bribe Navy officials with more than $1 million in cash and gifts.

Yahoo looks to regain its cool with Tumblr deal

Mon, 20 May 2013 20:11:49 -0400

SAN FRANCISCO - After falling woefully out of fashion, Yahoo wants to be cool again while catering to the capitalistic demands of its shareholders. That goal led CEO Marissa Mayer to make a $1.1 billion bet on online blogging forum Tumblr in a risky acquisition that revolves around the vision and instincts of a 26-year-old entrepreneur who dropped out of high school to pursue his dream of bringing more beauty and creativity to the Internet.

Jackson concert director worked without contract

Mon, 20 May 2013 20:05:38 -0400

LOS ANGELES - Michael Jackson's doctor was not the only person working on the singer's ill-fated "This Is It" tour without a fully executed contract, a corporate attorney for concert promoter AEG Live LLC testified Monday.

Palisades water tank repairs take to early summer

Mon, 20 May 2013 19:59:17 -0400

COVERT TOWNSHIP, Michigan - Operators of the idled Palisades Nuclear Power Plant in southwestern Michigan say repairs to a tank that leaked slightly radioactive water into Lake Michigan will take until early summer to complete.

Calif. bill would strip secrecy from health agency

Mon, 20 May 2013 19:58:10 -0400

LOS ANGELES - Two lawmakers are pushing legislation to strip broad secrecy provisions from the state agency overseeing health care reforms in California that could shield from the public how hundreds of millions of dollars are spent, officials said Monday.

Louisiana revokes company's explosives license

Mon, 20 May 2013 19:43:15 -0400

JACKSON, Mississippi - An explosives recycling company that authorities said improperly stored millions of pounds of a military propellant, causing the evacuation of a Louisiana town last year, was stripped of its state explosives licenses on Monday.

Lease to Broadway's biggest theater sold

Mon, 20 May 2013 19:35:49 -0400

NEW YORK - Britain's biggest theater group has reached across the Atlantic Ocean and bought the lease to Broadway's largest theater from Live Nation Entertainment for about $60 million.

Kemper overruns claim Miss. Power's president

Mon, 20 May 2013 19:12:38 -0400

JACKSON, Mississippi - Ed Day said his main job as president of Mississippi Power Co. was to successfully complete the company's Kemper County power plant.

Under Mayer: Boosting mobile, buying companies

Mon, 20 May 2013 18:44:24 -0400

Yahoo Inc. lured Marissa Mayer from Google in July to become its fifth CEO in as many years. Her task: Help the Internet pioneer regain its stature after years in a financial funk. In her 10 months leading the company, she has overseen a redesign of Yahoo services and orchestrated several acquisitions, including a deal to buy online blogging forum Tumblr for $1.1 billion.

Actavis buying Warner Chilcott in $8.5B deal

Mon, 20 May 2013 18:35:24 -0400

NEW YORK - Actavis is buying Warner Chilcott in an all-stock deal valued at about $8.5 billion that would create the third-biggest specialty pharmaceutical company in the U.S. market.