BUSINESS NEWS
Oil platform explodes off La. coast; oil spreading
NEW ORLEANS, La. (AP) — An oil platform exploded and caught fire Thursday off the Louisiana coast, spreading a mile-long oil sheen into the Gulf of Mexico. All 13 crew members were rescued. ...Read More
Dell cedes data storage maker 3Par to HP
ROUND ROCK, Texas (AP) — Dell is walking away from a bidding contest with rival Hewlett-Packard for data-storage maker 3Par. ...Read More
US data shores up stocks ahead of payrolls
LONDON (AP) — Global stock markets pushed modestly higher Thursday after an upbeat U.S. housing survey as investors await payrolls figures that could well set the tone for the rest of the month. ...Read More
Gulf oil rig explodes off La. coast
GRAND ISLE, La. (AP) — An offshore oil rig exploded in the Gulf of Mexico on Thursday, west of the site of the April blast that caused the massive oil spill. ...Read More
Gulf oil platform explodes off La. coast
GRAND ISLE, La. (AP) — An offshore petroleum platform exploded and was burning Friday in the Gulf of Mexico about 80 miles off the Louisiana coast, west of the site where BP's undersea well spilled after a rig explosion. ...Read More
Gulf oil platform explodes, burning off La. coast
NEW ORLEANS, La. (AP) — An offshore petroleum platform exploded and burned Thursday in the Gulf of Mexico off Lousiana, west of the site of BP's massive spill, but no leaks were reported. ...Read More
Police: Gunman holds hostage in Discovery building
SILVER SPRING, Md. (AP) — A gunman with what police described as "concerns" with the Discovery Channel networks took at least one person hostage in the company's suburban Washington headquarters Wednesday. ...Read More
Few signs of run on Afghanistan's Kabul Bank
KABUL, Afghanistan (AP) — Larger than usual crowds gathered to withdraw funds from Afghanistan's largest bank Thursday, but there was little sign that questions surrounding its viability had sparked a major panic. ...Read More
Costco's key Aug. revenue figure rises 7 percent
ISSAQUAH, Wash. (AP) — Costco Wholesale Corp. said Thursday that revenue at stores open at least a year increased 7 percent in August, buoyed by higher gas prices and improved international revenue. ...Read More
Asia stocks gain on brighter US data, Europe falls
SEOUL, South Korea (AP) — Asian stock markets rose Thursday as investors hungry for good news seized on stronger U.S. manufacturing as a sign the world economy isn't slowing as much as feared. European shares opened lower. ...Read More
Chinese demand helps lift Pernod Ricard profits
PARIS (AP) — Pernod Ricard SA said Thursday that demand for Martell cognac in China and Chivas Regal scotch in Latin America helped lift full-year net profit by 1 percent. ...Read More
World stocks steady after strong US gains
LONDON (AP) — European stock markets traded modestly lower Thursday after big gains the previous day, following a forecast-busting U.S. manufacturing survey and ahead of the monthly interest rate decision from the European Central Bank. ...Read More
ECB leaves interest rates on hold for 16th month
BERLIN (AP) — The European Central Bank left its benchmark interest rate unchanged at 1 percent for the 16th consecutive month on Thursday as a still-uncertain global outlook clouds optimism about the eurozone's recovery. ...Read More
Retailers report sales gains for August
NEW YORK (AP) — Retailers are reporting surprisingly solid gains for August even as unusually hot weather and job worries kept a lid on back-to-school buying. ...Read More
ECB raises 2010, 2011 eurozone growth forecast
BERLIN (AP) — The European Central Bank is raising its growth forecast for this year and next after a healthy second-quarter performance from the eurozone. ...Read More
Bernanke: Shut down banks if they threaten system
WASHINGTON (AP) — Federal Reserve Chairman Ben Bernanke told a panel investigating the financial crisis that regulators must be ready to shutter the largest institutions if they threaten to bring down the financial system. ...Read More
Discounts spur surprising Aug. retail sales gains
NEW YORK (AP) — Many retailers are reporting surprisingly solid gains for August, helped by aggressive discounting, even as unusually hot weather and job worries kept a lid on back-to-school buying. ...Read More
Mortgage rates hit decades-low of 4.32 percent
WASHINGTON (AP) — Mortgage rates fell to the lowest level in decades for the tenth time in 11 weeks, as investors worried about the economy. ...Read More
Pending home sales rise 5.2 percent in July
WASHINGTON (AP) — The number of buyers who signed contracts to purchase previously occupied homes increased in July but remained well below last year's levels, a sign that demand for housing remains weak. ...Read More
House panel recommends 3 for further investigation
WASHINGTON (AP) — House investigators have recommended that three lawmakers be further investigated to determine whether political contributions were improperly linked to votes on the huge financial overhaul bill. ...Read More
Burger King agrees to $3.26B buyout by 3G Capital
CHICAGO (AP) — Burger King Holdings Inc. said Thursday that it is selling itself to private equity firm 3G Capital in a deal valued at $3.26 billion. ...Read More
Dell cedes data-storage maker 3Par to HP
SEATTLE (AP) — Dell Inc. is walking away from a bidding contest with rival Hewlett-Packard Co. for data-storage maker 3Par Inc. ...Read More
Bundesbank seeking banker's removal over comments
BERLIN (AP) — Germany's central bank said Thursday that it will request the dismissal of a board member whose comments stereotyping Muslims and Jews drew outrage at home and abroad. ...Read More
'Unprecedented' challenge to save Chilean miners
SAN JOSE MINE, Chile (AP) — The effort to save 33 men trapped deep in a Chilean mine is an unprecedented challenge, mining safety experts said Tuesday. It means months of drilling, then a harrowing three-hour trip in a cage up a narrow hole carved through solid rock. ...Read More
Lehman, Wachovia CEOs coming before panel
WASHINGTON (AP) — An inquiry panel is hearing from former CEOs of two big banks that succumbed to the financial crisis, Lehman Brothers and Wachovia Corp., as it delves into the "too big too fail" predicament and potential systemwide risk from financial institutions. ...Read More
Asia shares rise on China, Australia economic news
SEOUL, South Korea (AP) — Asian stock markets gained Wednesday after Australia's economy expanded at its fastest pace in three years and Chinese manufacturing growth picked up for the first time in four months. ...Read More
China requires ID to buy mobile phone numbers
BEIJING (AP) — China began requiring identification on Wednesday from anyone purchasing a new mobile phone number in what it says is a bid to stamp out rampant junk messages but that some say gives the government a new tool for monitoring its citizens. ...Read More
Regulators defend actions on Lehman, Wachovia
WASHINGTON (AP) — Federal bank regulators are defending their actions leading up to the collapse of Lehman Brothers and the purchase of Wachovia at the height of the financial crisis. ...Read More
Stock futures surge on signs of overseas growth
NEW YORK (AP) — Stock futures are surging after upbeat signs of growth in China and Australia lessened worries about a global economic slowdown. ...Read More
World stocks up on China, Australia economic news
LONDON (AP) — World stocks mostly rose Wednesday after strong manufacturing figures from China and forecast-busting economic growth in Australia shored up optimism ahead of a closely watched survey on the U.S. industrial sector. ...Read More
UN: Global food prices highest in 2 years
ROME (AP) — International food prices have risen to their highest level in two years, fueled in part by a drought in Russia that lifted the cost of wheat, a U.N. agency said Wednesday. ...Read More
Afghan central bank insists Kabul Bank is sound
KABUL, Afghanistan (AP) — Afghanistan's central bank tried to shore up confidence in the country's biggest financial institution Wednesday after its top executives resigned amid allegations of mismanagement and corruption. ...Read More
Oil creeps above $72 after big fall on weak demand
Oil prices rose above $72 a barrel Wednesday after a steep drop the previous day amid evidence that U.S. crude supplies remain high and demand weak. ...Read More
Stocks kick off new month with strong gains
NEW YORK (AP) — Stocks are surging after surprisingly strong growth in U.S. and Chinese manufacturing allayed worries about the global economy. ...Read More
Manufacturing sector grew faster in August
NEW YORK (AP) — An industry trade group says manufacturing companies grew faster in August as the industrial sector continues to lead the recovery. ...Read More
Stock market kicks off September with strong gains
NEW YORK (AP) — Stocks jumped Wednesday after surprisingly strong growth in U.S. and Chinese manufacturing allayed some of the worries that had been building over the global economy in recent weeks. ...Read More
Police: Man holds hostages in Discovery building
SILVER SPRING, Md. (AP) — A man upset with the Discovery Channel's environmental programming took several people hostage at the company's headquarters Wednesday, officials said. ...Read More
Calderon: Mexico shows gains in security, economy
MEXICO CITY (AP) — President Felipe Calderon delivered his latest "state of the nation" report to Congress on Wednesday, saying Mexico has made gains in security and is enjoying its strongest economic growth in a dozen years. ...Read More
Bernanke testifying to crisis inquiry panel
WASHINGTON (AP) — Federal Reserve Chairman Ben Bernanke is set to appear before a panel investigating the financial crisis to give his take on the meltdown and his views on potential systemwide risks posed by large financial institutions. ...Read More
Kabul Bank braces for run on deposits after doubts
KABUL, Afghanistan (AP) — Managers of Afghanistan's largest bank braced for a run on deposits Thursday, a day after nervous customers showed up in droves to take out their money following the resignation of two top executives allegations of mismanagement and unorthodox lending practices. ...Read More
US auto sales turn frail in August
DETROIT (AP) — Auto sales, once a bright spot in the economic recovery, grew fainter last month. ...Read More
Hovnanian trims loss for fiscal Q3
LOS ANGELES (AP) — Hovnanian Enterprises Inc. says its loss narrowed in its fiscal third-quarter as the homebuilder booked fewer write-downs. But signed contracts on new homes plunged 37 percent as demand slowed in the absence of homebuyer tax credits. ...Read More
Markets start September with a bang; Dow up 255
NEW YORK (AP) — The fear that has been hanging over markets for most of August lifted on Wednesday. For how long remains anyone's guess. ...Read More
Apple unveils new TV box for renting movies, shows
SAN FRANCISCO (AP) — Apple Inc. is refining its plans to annex the living room into its entertainment empire. ...Read More
GM reports 7 percent sales dip compared with July
DETROIT (AP) — General Motors says its August sales dropped 7 percent compared with July, as the shaky economy discouraged customers from buying new cars and trucks. ...Read More
Source: JPMorgan Chase halting proprietary trading
BOSTON (AP) — JPMorgan Chase & Co. is shutting down its proprietary trading desks and eliminating around 80 jobs to comply with new restrictions on investment banks, a source familiar with the situation said on Tuesday. ...Read More
Oil sheen spreading from Gulf platform explosion
NEW ORLEANS, La. (AP) — A mile-long oil sheen spread Thursday from an offshore petroleum platform burning in the Gulf of Mexico off Lousiana, west of the site of BP's massive spill. ...Read More
Karzai: Afghan govt will back Kabul Bank
KABUL, Afghanistan (AP) — Afghan President Hamid Karzai reassured nervous customers at the troubled Kabul Bank on Thursday, saying every penny of their deposits would be guaranteed by the government. ...Read More
Another rig explodes off La. coast; oil spreading
NEW ORLEANS, La. (AP) — Another oil rig exploded and caught fire Thursday off the Louisiana coast, spreading a mile-long oil sheen in the Gulf of Mexico west of the site of BP's massive spill. All 13 crew members were rescued. ...Read More
SEC warns agencies against deceptive ratings
WASHINGTON (AP) — Federal regulators are warning credit rating agencies that they could face civil fraud charges for giving inaccurate ratings to investments. ...Read More
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