Bank of America names Brian Moynihan as new CEO
8:48
Bank of America's board of directors chose consumer banking chief Brian Moynihan to replace Ken Lewis as CEO on Jan. 1. Their pick of an internal candidate on Wednesday followed unsuccessful attempts to hire a star...
New designs for wildlife crossings sought
8:47
An international competition is being launched to come up with new ideas for wildlife crossings over interstate highways, with the Colorado mountains as a focal point. West Vail Pass along Interstate 70 has been chosen...
A look at Bank of America's new CEO
8:45
NAME _ Brian T. Moynihan AGE _ 50. Born Oct. 9, 1959 in Marietta, Ohio. EDUCATION _ Brown University; University of Notre Dame Law School. CAREER _ Joined FleetBoston Financial Corp. in 1993 as deputy general...
Citi to raise $20.5 billion in equity sale
8:39
Citigroup Inc. said Wednesday it is selling a huge chunk of its stock at a steep discount to raise the cash it needs to repay bailout funds and free itself from government support. But the government backed out of...
Single-payer health care plan dies in Senate
8:36
The liberals' longtime dream of a government-run health care system for all died Wednesday in the Senate, but Sen. Bernie Sanders of Vermont vowed it will return when the realization dawns that private insurance...
House narrowly approves Democratic jobs plan
8:35
Democrats in the House Wednesday muscled through a year-end plan to create jobs, mixing about $50 billion for public works projects with another almost $50 billion for cash-strapped state and local governments. The...
8:07
Bank of America names retail banking head Brian Moynihan as new CEO effective Jan. 1. ...
Flight attendant caught wayward pilots unaware
8:03
A call from a flight attendant to the pilots of the Northwest Airlines plane that overshot Minneapolis catapulted the cockpit crew from complacency to confusion. Interviews with the flight crew and other documents...
US to expand eyes in the sky over Afghanistan
8:03
The U.S. military is adding more drones and expanding its video surveillance in the skies over Afghanistan to meet the needs of American forces as 30,000 more troops head into the war zone, a top Air Force general said...
Former Lazard banker accused of insider trading
7:49
A former Lazard Freres banker was charged Wednesday with insider trading. Federal prosecutors in San Francisco accused Adnan Zaman of passing along confidential information about clients' merger plans to friends. In...
Autozone board authorizes $500M stock buybacks
7:32
Autozone Inc., which sells car and truck parts and accessories, said Wednesday its board approved an additional $500 million in share buybacks as part of its ongoing repurchase program. The Memphis, Tenn.-based company...
P&G to stop e-coupons for Kroger loyalty cards
7:31
Procter & Gamble Co. is getting a digital divorce from Kroger Co., severing the online coupon program the two Cincinnati-based companies began two years ago. P&G e-mailed customers this week to say they won't...
Conseco prices public offering at $4.75 per share
7:29
Supplemental health and life insurer Conseco Inc. said Wednesday it has priced a public offering of 45 million shares of common stock at $4.75 each for estimated proceeds after expenses of about $202.4 million. The...
Amazon.com makes ad links easy on Google's Blogger
7:24
Amazon.com Inc. is making it easier for bloggers using Google Inc.'s Blogger site to put ads on their blogs. Bloggers who set up an account with Amazon Associates can quickly make links from their blog to relevant...
Mass. firms receive grants for innovation
7:20
Two Massachusetts companies will be receiving federal grants for technical innovation projects. Senators John Kerry and Paul Kirk announced Wednesday that a Bedford-based company, wTe Corp., will receive a $5.6 grant...
Herman Miller says 2Q profit fell 70.6 percent
7:19
Office furniture maker Herman Miller Inc. said on Wednesday that its second-quarter profit fell 70.6 percent as its revenue dropped. The company said it earned $9.6 million, or 17 cents per share, during the quarter...
WSJ. magazine to boost US circulation in March
7:19
The Wall Street Journal's glossy magazine, WSJ., is increasing its frequency and circulation starting in March. The magazine will boost its U.S. circulation to about 1.5 million from 800,000 and publish six times a...
One of America's richest sued by ex-wife in NYC
7:11
The ex-wife of one of America's richest men has sued the billionaire in New York for racketeering, saying he hid millions of dollars from her for decades. Patricia Cohen's lawsuit was filed Wednesday in federal court...
KeyBank awarded $50 mln in special tax credits
7:10
KeyBank, the main banking subsidiary of KeyCorp, said Wednesday it was awarded $50 million in special tax credits meant to encourage lending in low and moderate income areas. It was the fourth time KeyBank received...
UTStarcom names Kenneth Luk as new CFO
7:07
UTStarcom Inc., which makes telecommunications equipment, said Wednesday it has named Kenneth Luk as chief financial officer and senior vice president, effective immediately. Viraj Patel has been serving as the...
Dominion spends $253M on W Virginia gas expansion
7:05
Power company Dominion Resources said Wednesday it will spend $253 million to upgrade a network of natural gas pipelines in West Virginia that was never designed to handle the gas bonanza that has been uncovered in the...
Jarden Corp. makes $500M bid for Mapa Spontex
7:03
Jarden Corp. said Wednesday it has made an offer to buy the Mapa Spontex Baby Care and Home Care businesses of Total SA for $500 million in cash in a move to enter the baby and home care markets. Paris-based Mapa makes...
Herbalife reaffirms 2009, 2010 profit outlooks
6:52
Herbalife Ltd., seller of weight-management and nutrition products, on Wednesday affirmed its 2009 and 2010 profit outlooks, which both remain below Wall Street consensus expectations. The company, based in Los...
Kindred Healthcare appoints Phyllis Yale to board
6:51
Health care services company Kindred Healthcare Inc. said Wednesday it appointed Phyllis R. Yale to its board of directors, effective Jan. 1. Yale, 52, will serve on the company's executive compensation committee, the...
Nordson posts 4Q, full-year losses on write-down
6:48
Nordson Corp. _ which makes equipment to apply adhesives and sealants to food packaging, cars and appliances _ on Wednesday posted a loss for the fourth quarter as it booked $243 million worth of charges to write down...
UAW leaders nominate Bob King as new president
6:37
United Auto Workers leaders on Wednesday nominated top Ford Motor Co. negotiator Bob King to be the union's next president, saying King is the right person to lead the union as it emerges from a tumultuous year that saw...
Craigslist lawyer surprised by eBay action
6:35
Craigslist officials were caught off guard when told in 2007 that their minority shareholder, eBay, was going to compete directly with them in the online classifieds business in the U.S., an attorney for Craigslist said...
Microsoft, EU close chapter of antitrust battle
6:29
European regulators have ended their last pending antitrust case against Microsoft Corp. as the U.S. software maker agreed to let Europeans choose from a menu of Web browsers that compete with its Internet Explorer. ...
Dana Holding selling unit to Metalsa
6:22
Auto parts maker Dana Holding Corp. said Wednesday it is selling its structural products business to Mexican chassis frame manufacturer Metalsa for up to $150 million. Metalsa, a subsidiary of Grupo Proeza, will assume...
McCain backs bills that would split big banks
6:20
Two senators, one from each party, called Wednesday for breaking up large financial firms that perform both commercial and investment banking, adding a wrinkle to already difficult talks in the Senate on how to regulate...
Earnings roundup: Hovnanian, Paychex
6:12
Among the earnings stories for Wednesday, Dec. 16, from AP Financial News: Top stories: RED BANK, N.J. (AP) _ Hovnanian Enterprises Inc. cut its loss in its latest quarter and saw orders for new homes rise for the...
Hovnanian Enterprises trims loss for Q4
6:11
Hovnanian Enterprises Inc.'s shares fell 6 percent in aftermarket trading Wednesday following disappointing fourth-quarter earnings. The builder's results for the quarter ended in October reflected a 1 percent increase...
Fed holds rates low as weak economy caps inflation
6:10
The economy is growing, but only weakly. Layoffs have slowed, yet jobs remain scarce. And interest rates will need to rise _ but not anytime soon. That was the mixed picture sketched Wednesday by the Federal Reserve,...
Mo. levies no penalty on former Pinnacle CEO
6:08
Missouri regulators decided Wednesday not to punish a former casino executive who warned a St. Louis-area official that there would be political consequences for voting to help another company's project. Dan Lee, the...
Navistar Financial refinances bank credit line
6:07
Navistar Financial Corp. said Wednesday it refinanced its bank credit with a new three-year revolving credit line and term loan totaling $815 million. Navistar Financial also completed a private retail asset sale and...
How the major stock indexes fared on Wednesday
6:03
The stock market stalled after an early advance Wednesday as the Federal Reserve reminded investors that it would start to wean the economy from an array of emergency supports next year. The Dow Jones industrials...
Michigan House Democrats OK auto insurance bills
6:03
The Michigan House has passed legislation that would change how auto insurance rates could be set in the state. A bill that would prohibit using a driver's education level, credit history or occupation to determine...
Business Highlights
6:03
Fed holds rates low as weak economy caps inflation WASHINGTON (AP) _ The economy is growing, but only weakly. Layoffs have slowed, yet jobs remain scarce. And interest rates will need to rise _ but not anytime soon. ...
$8.5B CityCenter's centerpiece opens in Las Vegas
6:01
Casino executives prepared to open the newest and most expensive joint on the Las Vegas Strip on Wednesday night _ a 4,000 room resort at the heart of the $8.5 billion CityCenter complex. The 61-story Aria Resort &...
Stocks stall as Fed prepares to remove aid
6:01
The stock market stalled after an early advance Wednesday as the Federal Reserve reminded investors that it would start to wean the economy from an array of emergency supports next year. The Dow Jones industrials...
Va. SCC actions will slightly lower power bills
5:58
The average Dominion Virginia Power customer will pay about 80 cents less per month as a result of two separate actions by the State Corporation Commission. The commission said Wednesday that surcharges to recover the...
Whirlpool international president to retire
5:56
Appliance manufacturer Whirlpool Corp. said Wednesday the president of its international division will step down at the end of the year and retire as Whirlpool Latin America board chairman in April. Paulo F.M.O....
Indiana House panel approves ethics, lobbying bill
5:56
An Indiana House committee endorsed a bill Wednesday to tighten lobbying and ethics rules and sent the legislation to the full, Democrat-controlled House. The bill would prohibit lawmakers from becoming lobbyists for...
Feds OK disaster loans for central, eastern Mont.
5:53
Farmers and ranchers in central and eastern Montana will be eligible for emergency loans from the federal government after suffering a series of weather disasters this year. At the request of Gov. Brian Schweitzer,...
Outlook roundup: First Solar, Danaher
5:51
Among the earnings projection stories for Wednesday, Dec. 16, from AP Financial News: NEW YORK (AP) _ First Solar Inc. said it expects sales to increase by almost $900 million in 2010 as the solar panel maker expands...
Sector Snap: Airline shares get a lift
5:50
Airline shares lifted higher Wednesday even though oil prices rose sharply and the broader stock market was mixed. Delta Air Lines Inc. rose 70 cents, or 6.4 percent, to $11.65, while shares of American Airlines parent...
Cisco wins US govt OK for Starent purchase
5:49
Cisco Systems Inc. said Wednesday it had cleared a U.S. antitrust review and expects to complete its $2.9 billion acquisition of Starent Networks Corp. in the coming days. Cisco, the world's largest maker of computer...
Mass. man charged with stealing from investors
5:49
Federal prosecutors have charged a former Plymouth financial adviser with fraud and tax charges stemming from allegations that he stole $4.3 million from clients. Prosecutors on Wednesday claimed that Stephen Clifford...
New York supermarket chain bids for P&C stores
5:47
An upstate New York supermarket chain is offering $54 million for 22 of the 46 P&C stores being auctioned by the bankrupt Penn Traffic Co. Price Chopper, a Schenectady-based company with 119 stores in six...
Movers roundup: Darden Restaurants, Technitrol
5:46
Among the stock activity stories for Wednesday, Dec. 16, from AP Financial News: CHICAGO (AP) _ Shares of restaurant owner Darden Restaurants Inc., which operates Olive Garden, Red Lobster and Longhorn Steakhouse,...