Home » Entries posted by Associated Press (Page 162)
Entries posted by associated.press

Estee Lauder profit falls 70 percent

Comments Off

(A.P.) Cosmetics company Estee Lauder on Monday said its fiscal third-quarter profit slid 70 percent due to restructuring charges and declining sales, but results managed to beat analysts’ estimates. The company, which is in the midst of a restructuring under a new chief executive, earned $27.2 million, or 14 cents per share, compared with $90.1… Continue Reading Estee Lauder profit falls 70 percent

Continue reading …

Sen. Arlen Specter switching from GOP to Dems

Comments Off

WASHINGTON (AP) – Veteran Republican Sen. Arlen Specter disclosed plans Tuesday to switch parties, a move intended to boost his chances of winning re-election next year that will also push Democrats closer to a 60-vote filibuster-resistant majority.”I now find my political philosophy more in line with Democrats than Republicans,” Specter said in a statement posted… Continue Reading Sen. Arlen Specter switching from GOP to Dems

Continue reading …

WASHINGTON (AP) – Citigroup Inc. and Bank of America Corp. will need to raise more capital if they can’t convince regulators that “stress test” results were mistaken, according to two people familiar with the matter.The banks are hard at work preparing their appeals, said the people, who spoke on condition of anonymity because everyone involved… Continue Reading BofA, Citigroup need more capital after stress test

Continue reading …

GM to scrap Pontiac, cut 21,000 jobs

Comments Off

DETROIT (AP) – General Motors Corp. could be majority owned by the federal government and the United Auto Workers under a massive restructuring plan laid out Monday that will cut 21,000 U.S. factory jobs by next year and phase out the storied Pontiac brand.The plan, which includes an offer to swap roughly $27 billion in… Continue Reading GM to scrap Pontiac, cut 21,000 jobs

Continue reading …

WASHINGTON (AP) – President Barack Obama is picking a Nike vice president to lead the federal agency that oversees the country’s national service programs.Obama’s selection of Maria Eitel comes Tuesday as the president plans to sign a bill to triple the size of AmeriCorps and expand other programs that the corporation administers. Eitel is nominated… Continue Reading Obama picks Nike V.P. to oversee national service programs

Continue reading …

Merck posts 57 percent profit drop

Comments Off

TRENTON, N.J. (AP) – Drugmaker Merck & Co. on Tuesday posted a 57 percent drop in first-quarter profit, falling short of expectations and sending its stock down, as the global recession and other factors cut sales of its drugs and joint venture income.Last year’s quarter also benefited from a one-time pretax gain of $2.2 billion… Continue Reading Merck posts 57 percent profit drop

Continue reading …

WASHINGTON (AP) – A flurry of better-than-expected bank earnings reports this week, coupled with some tentatively encouraging economic data, suggest the economy and the financial system might not be quite as sick as many had believed. Or are they? Facing conflicting evidence, analysts are wrestling with whether the economy is making a fitful climb back… Continue Reading Bank earnings bringing economic hope to Americans?

Continue reading …

LOS ANGELES (AP) – General Growth Properties Inc., the nation’s second-largest mall operator and owner of the Chapel Hills Mall in Colorado Springs, filed for Chapter 11 bankruptcy protection this morning. The company failed to persuade a majority of its debt holders to give it more time to refinance billions of dollars in debt racked… Continue Reading Owner of Chapel Hills Mall files for Chapter 11 bankruptcy protection

Continue reading …

Sallie Mae adding 2,000 jobs in 18 months

Comments Off

RESTON, Va. (AP) — Sallie Mae said Monday that it will bring 2,000 jobs to the U.S. within the next 18 months as it shifts call center and other operations from overseas. The move is welcome news to the country’s jobless, whose numbers have climbed past 13 million. “The current economic environment has caused our… Continue Reading Sallie Mae adding 2,000 jobs in 18 months

Continue reading …

Low demand forces drop in oil prices

Comments Off

Oil prices fell below $52 a barrel Friday, following a huge rally the previous day, as U.S. unemployment data showed the world’s largest economy is continuing to lose jobs. Benchmark crude for May delivery was down 86 cents to $51.78 a barrel by mid-afternoon in Europe in electronic trading on the New York Mercantile Exchange.… Continue Reading Low demand forces drop in oil prices

Continue reading …