Drug-import backers worry Obama may scuttle plan
1:19
A long-running effort to allow the import of lower-cost prescription drugs faces a new twist _ President Barack Obama's administration is raising safety concerns that could effectively scuttle it, even though Obama...
Investment exec to pay $20M in NY pension scandal
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An investment executive who was linked to a corruption scandal at New York state's public pension fund has agreed to pay $20 million in restitution. Attorney General Andrew Cuomo said Wednesday that the settlement will...
CityCenter offers seller financing on condos
1:18
Developers of the $8.5 billion CityCenter casino complex say they will offer seller financing to buyers of condominium and condo-hotel units at the development on the Las Vegas Strip. CityCenter says lending firm...
Study finds upside in Calif. budget cut failures
1:16
California officials' failure to cut as much spending as they planned during this year's budget negotiations will put a drag on the state's economic recovery when deferred job cuts are enacted to plug a still-gaping...
A monument to the marshmallow opens near DC
1:15
It's not even Christmas yet, but one company wants its fans thinking about Easter. Just Born, the company that makes the chick- and bunny-shaped marshmallow confections called Peeps, is opening the first store devoted...
Obama still hopes for bipartisan support on jobs
1:12
Despite Republican opposition on Capitol Hill, President Barack Obama said Wednesday that he's still hoping for bipartisan support for his efforts to use financial bailout money to help small businesses and bring down...
Deficit-hit Ireland slashes salaries, welfare pay
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Ireland slashed pay for state workers, cut welfare benefits and imposed new environmental taxes on fuel Wednesday as it unveiled a record euro4 billion ($6 billion) in budget cuts to combat a runaway deficit. Finance...
$583M contract awarded for Hudson tunnel project
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NJ Transit's board on Wednesday unanimously approved the first tunneling contract for an $8.7 billion rail tunnel between New Jersey and Manhattan. Barnard Construction Co. of Bozeman, Mont., and Judlau Contracting of...
Obama welcomes Senate compromise on health care
1:04
President Barack Obama is welcoming a Senate Democratic compromise on a government-run insurance, saying it clears the way for passage of an historic bill. Obama said Wednesday the Senate made critical progress on a...
Support up for Democratic health care compromise
12:59
After agreeing tentatively to jettison a key liberal priority _ a full-blown government-run insurance option _ Senate Democrats woke up Wednesday to some positive signs for the fragile coalition backing President Barack...
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12:53
Former state Sen. Kasim Reed elected mayor of Atlanta after vote recount. ...
Major business events scheduled for Thursday
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Major business events and economic events scheduled for Thursday: WASHINGTON _ Labor Department releases weekly jobless claims, 8:30 a.m. WASHINGTON _ Commerce Department releases international trade for October, 8:30...
UK slaps tax on bankers' bonuses ahead of election
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The British government slapped a one-time tax of 50 percent on fat bank bonuses on Wednesday as it tried to win over recession-weary voters ahead of a looming general election. But Treasury chief Alistair Darling's...
Obama nominates Persily as pipeline coordinator
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A former journalist and aide to ex-Gov. Sarah Palin has been nominated by President Obama to be federal coordinator for the Alaska natural gas pipeline project. Larry Persily has worked on oil and gas issues for three...
Storm closes schools, knocks out power across NY
12:49
Hundreds of schools across New York's eastern half were closed, motorists endured accident-delayed commutes and almost 50,000 utility customers lost electricity Wednesday as the season's first major storm socked the...
Cumberland Pharma signs South Korea Caldolor deal
12:47
Cumberland Pharmaceuticals Inc. said Wednesday it signed a licensing deal with DB Pharm Korea Co. to sell the injectable ibuprofen Caldolor in South Korea. The drug, made by Cumberland, is already approved in the U.S....
Diodes boosts revenue outlook for 4Q
12:44
Semiconductor parts maker Diodes Inc. on Wednesday said revenue for the fourth quarter will be stronger than expected, bolstered by strong demand from Asian customers. Diodes said it now expects revenue of $128 million...
Oil prices fall on poor demand
12:42
Oil prices dropped to its lowest level in two months as the dollar rose and government data showed that energy demand continues to slump. Benchmark crude for January delivery dropped $1.75 to $70.87 a barrel on the New...
AMR sees improvement in leisure and premium travel
12:42
A top American Airlines executive says the carrier is seeing a pickup in both leisure and premium travel, at least on international routes. Beverly Goulet, treasurer of American parent AMR Corp., says advance bookings...
Iraq opens big slice of oil riches to outside bids
12:37
It's been a strained courtship between Iraq and oil companies jockeying for its untapped riches _ complicated by jitters about insecurity, lack of a legal rule book to govern investments and Baghdad's tightfisted...
Geithner: bailout program extended to October
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Treasury Secretary Timothy Geithner told Congress Wednesday that the administration will extend the government's financial bailout program until next fall, saying it's needed to protect against fresh economic shocks. ...
Sector Snap: Constellation Brands, Brown-Forman
12:28
Constellation Brands Inc.'s turnaround continues to show promise, while the strength of Brown-Forman Corp.'s Jack Daniel's whiskey products helped push its profit higher, an analyst said Wednesday. Kaumil Gajrawala of...
Lawmakers blast SIPC, Madoff bankruptcy trustee
12:27
Several House lawmakers on Wednesday criticized the treatment of Madoff fraud victims by the agency charged with resolving brokerage firm failures, saying new legislative remedies may be needed to help the investors. ...
Biodiesel kaput without fed tax credit, study says
12:26
An industry study says biodiesel production could stop unless a federal $1-per-gallon tax credit is extended. The credit is scheduled to expire at year's end. Biodiesel supporters are concerned that efforts to extend...
Dubai tower builder and ruler's firms drop merger
12:24
The Dubai developer building the world's tallest skyscraper said Wednesday it is calling off a planned merger with property companies controlled by the city-state's ruler, raising fresh questions about Dubai's debt...
Wash. gov: Tax hikes needed to save programs
12:22
Making her case for tax increases, Washington Gov. Chris Gregoire on Wednesday presented a bleak plan to balance the state budget by wiping out spending for health care, welfare, and education programs that reach every...
Neiman Marcus revises 2008 Nov., Dec. sales
12:18
Luxury retailer Neiman Marcus said Wednesday it is revising its sales figures from November and December 2008 due to a mechanical error. The revision did not affect second-quarter 2009 revenue. The change is due to a...
Generex enters insulin supply deal for Oral-lyn
12:15
Generex Biotechnology Corp. said Wednesday it entered a supply agreement with Sanofi-Aventis that will give Generex the insulin it needs to test and market its diabetes drug candidate Generex Oral-lyn. Generex said a...
Alliant Energy warns of 4Q charges
12:12
Utility company Alliant Energy Corp. on Wednesday warned that its fourth-quarter earnings will be cut by one-time regulatory charges related to two canceled plant projects. These damages are expected to reduce profit...
New and improved 401(k) a possibility in 2010
12:11
When the stock market hit its all-time high in October 2007, few investors questioned the merits of their 401(k) plan. Two years later, their feelings are different. As many investors continue to nurse the wounds of...
Crews respond to explosion at Houston area-plant
12:11
A fiery explosion Wednesday at an industrial plant in the Houston area shook nearby homes and generated black smoke seen for miles. No injuries were immediately reported. Dispatcher Christine Peregrino of the Pasadena...
Southwest CEO sees no return of business travelers
12:11
The CEO of Southwest Airlines says business travel is still slow and he doesn't expect it to improve next year either. "I'm not expecting strong economic growth in 2010, and likewise I'm not expecting a rebound in...
Stocks turn mixed as weak buck lifts commodities
12:11
The stock market hovered near the flat mark Wednesday as concerns about mounting debt levels around the world ate into gains in shares of energy and materials companies. The back-and-forth trading came as investors...
Ford officials ask Mich. lawmakers for tax credits
12:08
Ford Motor Co. officials are asking Michigan legislators to give the automaker around $120 million in tax credits earmarked for companies that develop batteries for hybrid and electric vehicles. Ford has been...
Court to OK Pilgrim's Pride reorganization
12:05
Chicken producer Pilgrim's Pride Corp. said Wednesday it expects a court to approve its reorganization plan, most likely by later this month. The company, based in Pittsburg, Texas, filed for Chapter 11 bankruptcy...
Pfizer rises as analyst expects dividend increase
12:00
Shares of Pfizer Inc. rose Wednesday after a Credit Suisse analyst said the world's largest drugmaker is likely to raise its dividend up to 20 percent later this month, less than a year after slashing its payout. ...
Trinity Industries declares quarterly dividend
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Trinity Industries Inc. has declared a regular quarterly dividend of 8 cents. The dividend is payable Jan. 29 to stockholders of record on Jan. 15, the company said Tuesday. Trinity Industries is a diversified company...
Continental official downplays merger prospects
11:57
A top Continental Airlines official is downplaying the benefits of airline mergers when carriers can instead form partnerships that let them work together on prices and schedules. Treasurer Gerry Laderman says everyone...
Dollar Thrifty: 4Q, '09 results to top last year
11:55
Dollar Thrifty Automotive Group Inc., a car rental company, said Wednesday it expects its fourth-quarter and 2009 earnings before interest, taxes, depreciation and amortization would be in positive territory after...
Daimler reaches labor deal at Sindelfingen plant
11:42
German carmaker Daimler AG has reached an agreement that gives job security until the end of 2019 to 37,000 employees at its biggest plant in Germany, a spokesman said Wednesday. Layoffs will be ruled out under the...
BioMed Realty Trust says tender offer expired
11:41
BioMed Realty Trust Inc. said Wednesday that the tender offer by BioMed Realty LP for outstanding exchangeable senior notes due 2026 has expired. Approximately $61.3 million of the notes were validly tendered and have...
Novavax closes offering for 6.8 million shares
11:39
Biotech drug developer Novavax Inc. said Wednesday it closed a public offering for 6.8 million shares of common stock. The company announced the offering, at $3.30 per share, Nov. 20. At the time, it was a 12 percent...
Public meeting set on W.Va. coal-to-gas project
11:38
West Virginia regulators will hold a public meeting Thursday on a draft air pollution permit for a planned coal-to-gasoline facility in Mingo County. Representatives of the state Division of Air Quality will accept...
Hi-Tech's 2Q profit surges on generic drugs
11:34
Hi-Tech Pharmacal Co. said Wednesday its fiscal second-quarter profit surged due to strong sales of generic drugs. Hi-Tech said its profit rose to $7.4 million, or 60 cents per share, for the quarter ended Oct. 31....
Mont. board OKs hail insurance refunds for farmers
11:18
The state Board of Hail Insurance has approved a refund of 30 percent of the hail insurance premiums paid by Montana farmers. The state Department of Agriculture issued 1,996 hail insurance policies covering 1.6...
FairPoint hearing on customer rebates put on hold
11:15
A bankruptcy court hearing has been put on hold on a motion by FairPoint Communications asking that it not be forced to give rebates to its Maine customers. The hearing in U.S. Bankruptcy Court in New York was...
Paula Deen: Don't let the budget kill the party
11:14
TV cooking star Paula Deen's holiday dishes may be rich, but they're not costly to prepare. Her Southern-style comfort food _ down-home and traditional _ is a natural fit for the season too. It works out for anyone on...
Dollar rally pauses amid worry over gov't finances
11:14
The dollar weakened slightly from 5-week highs Wednesday. It's been gaining steadily since the start of the month. On Wednesday, the 16-nation euro rose to $1.4733 in morning trading in New York from $1.4685 late...
Sanofi-Aventis in research pact with CalTech
11:13
French drugmaker Sanofi-Aventis said Wednesday it is entering a research collaboration with the California Institute of Technology in Pasadena, Calif., focusing both on therapeutic and diagnostic products. Terms of the...
NM AG asks for Qwest rates to be held steady
11:10
New Mexico Attorney General Gary King has asked state regulators to hold the line on rate increases sought by Qwest Communications International Inc. King claims Qwest's proposed rate increases hit those least able to...