 Credit crunch impedes La Valencia sale
 U-T file photo
La Valencia, the historic La Jolla hotel known as the Pink Lady, could end up being left at the altar by its current suitor.
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County employment data show some promise
2:13 p.m. May 16 (UNION-TRIBUNE)
After a sluggish winter, employment in San Diego County rebounded last month, fueled by strong hiring in hotels, restaurants and government work, according to data released by the California Employment Development Department on Friday.
Except for retail, real estate and manufacturing, there were gains in hiring in every local industry. There was even a slight uptick in the long-beleaguered construction industry, thanks to a spate of highway work and other heavy-duty building jobs.
May 17 (UNION-TRIBUNE)
Making waves:When renowned extreme surfer Laird Hamilton decided to do his own clothing line, he didn't sign up with an action sports apparel powerhouse such as Quiksilver, Volcom or Hurley. Instead Hamilton has decided to pair up with Steve & Barry's, a retailer that has made a name for itself by providing incredibly low-cost shoes and apparel.
May 17 (UNION-TRIBUNE)
County employment outlook warming up:After a sluggish winter, employment in San Diego County rebounded last month, fueled by strong hiring in hotels, restaurants and government work, according to data released yesterday by the state Employment Development Department.
May 17 (UNION-TRIBUNE)
Health care billing fight is looming:Doctors and hospital officials will square off with health insurers Monday in San Diego over a state plan to ban medical providers from billing emergency room patients for charges not covered by insurance companies.
May 17 (UNION-TRIBUNE)
Alvarado Hospital loses dispute with Blue Shield:Alvarado Hospital in San Diego has lost its court battle over a contract dispute with Blue Shield of California, demonstrating how challenging it can be for stand-alone hospitals to demand higher prices for their services.
May 17 (UNION-TRIBUNE)
U.N. predicts downturn for world economy: The world economy is “teetering on the brink” of a severe downturn and is expected to grow only 1.8 percent in 2008, the United Nations said in its midyear economic projections.
DETROIT, 9:12 p.m. May 16 (AP)
UAW, American Axle reach deal that could end strike: A bitter 80-day United Auto Workers strike against an auto parts maker that has crippled dozens of General Motors Corp. factories could be coming to an end soon with a tentative contract agreement reached Friday.
NEW YORK, 9:00 p.m. May 16 (AP)
AOL sheds its brand to draw specialty audiences: Unless you're looking carefully, you'll likely miss the fact that the new Asylum Web site for young men is a creation of Time Warner Inc.'s AOL. Same for WalletPop on personal finance, Spinner on indie music and StyleList on fashion.
LOS ANGELES, 5:33 p.m. May 16 (AP)
Report: SoCal developer Maguire to end bid to buy company: Developer Robert F. Maguire III has abandoned efforts to buy back the company that bears his name and is on the verge of being replaced as its chief executive and chairman, The Wall Street Journal reported on its Web site Friday.
JUNEAU, Alaska, 5:25 p.m. May 16 (AP)
Interior Department to hold Alaska oil lease sale: The Interior Department said Friday it is moving forward with an oil and gas lease sale covering nearly 4 million acres in Alaska's National Petroleum Reserve.
NEW YORK, 5:08 p.m. May 16 (AP)
Oil sets record near $128: News that Saudi Arabia had boosted its oil output by 300,000 barrels a day was greeted as a non-event on oil markets – the move wasn't anywhere near the kind of production increase needed to bring prices down on Friday.
SAN FRANCISCO, 5:05 p.m. May 16 (REUTERS)
California wine visionary Robert Mondavi dead at 94: Winemaker Robert Mondavi, the man most credited for turning California into a world-class wine producer and millions of Americans into wine lovers, died Friday at his Napa Valley home at the age of 94.
LOS ANGELES, 5:03 p.m. May 16 (AP)
Orange County janitors reach contract agreement: Janitors in Orange County have reached a tentative agreement with their employers on a four-year labor contract.
SAN FRANCISCO, 3:59 p.m. May 16 (AP)
Yahoo seeks to conceal parts of shareholder suit: Yahoo Inc. is seeking to conceal large portions of a shareholder lawsuit alleging the Internet company's board improperly thwarted Microsoft Corp.'s $47.5 billion takeover offer, raising shareholder questions over the motives for the secrecy.
PHOENIX, 3:49 p.m. May 16 (AP)
U.S. Airways pilots union disapproves of possible United combo: If US Airways and United Airlines decide to combine, they'll bring along a number of reluctant employee groups that would rather remain separate.
BERKELEY, 3:47 p.m. May 16 (AP)
Calif. wine patriarch Robert Mondavi dead at 94: Robert Mondavi, the pioneering vintner who helped put California wine country on the map, died at his Napa Valley home Friday. He was 94.
TALLAHASSEE, Fla., 3:27 p.m. May 16 (AP)
Fla. lifts ban on Allstate selling new insurance policies: Allstate Corp.'s subsidiaries can resume selling new car insurance and other policies in Florida after the insurer turned over documents showing how it sets homeowners rates, the state said Friday.
WASHINGTON, 3:07 p.m. May 16 (AP)
Surprise rebound in housing, outlook still shaky: Construction of new homes increased by the biggest percentage in more than two years in April, a rare spot of good news amid the worst downturn in housing in more than two decades.
WASHINGTON, 3:03 p.m. May 16 (AP)
Fannie Mae scraps higher down-payment requirements: By relaxing down-payment requirements for borrowers in markets where home prices are falling, Fannie Mae aims to both resuscitate the flagging housing market and respond to pressure from industry groups, consumer advocates and lawmakers.
NEW YORK, 3:00 p.m. May 16 (AP)
Stocks pare losses to finish mixed after oil spikes: Wall Street capped a week of big gains with modest moves Friday as investors grappled with surging energy prices that overshadowed news of a surprise increase in home construction.
NEW HAVEN, Conn., 2:46 p.m. May 16 (AP)
GE confirms plans to exit appliance business: General Electric Co. plans to sell or spin off the business that for a century has put appliances in American homes, a decision that could presage further asset sales, analysts said.
2:13 p.m. May 16 (UNION-TRIBUNE)
County employment data show some promise: After a sluggish winter, employment in San Diego County rebounded last month, fueled by strong hiring in hotels, restaurants and government work, according to data released by the California Employment Development Department on Friday.
WHEELING, W.Va., 1:27 p.m. May 16 (AP)
Union says it will fight Esmark-Essar deal: The United Steelworkers is fighting steelmaker and distributor Esmark Inc.'s plans to accept a $670 million buyout offer from India's Essar Steel Holdings.
WASHINGTON, 1:27 p.m. May 16 (AP)
Slot auctions coming to all 3 NYC-area airports: Slot auctions designed to reduce delays nationwide and increase competition are coming to John F. Kennedy International Airport in New York and Newark Liberty International Airport in New Jersey, the government said Friday.
WASHINGTON, 12:45 p.m. May 16 (AP)
U.S. oil shipments canceled.: Responding to congressional pressure, the Bush administration on Friday said it is suspending oil deliveries into the government's Strategic Petroleum Reserve for the remainder of the year.
WASHINGTON, 12:18 p.m. May 16 (REUTERS)
FBI: 200 agents working on mortgage fraud probe: The FBI has more than 200 agents and 33 task forces addressing mortgage fraud, has more than 1,300 cases under investigation and has targeted 19 large companies, FBI Director Robert Mueller said Friday.
WASHINGTON, 11:42 a.m. May 16 (REUTERS)
States' data offers gloomier view of U.S. employment: State-by-state employment figures released Friday showed much deeper job losses last month than the U.S. government had reported, renewing concerns about the health of the economy.
WASHINGTON, 11:31 a.m. May 16 (AP)
Congestion suggestions: DOT's delay-reduction plan: A week before Memorial Day travelers hit the airports, the Transportation Department announced Friday proposals to ease delays emanating from the New York City-area's congested airports, avoid widespread aircraft groundings and better inform travelers about prices and delays. The plans call for:
NEW YORK, 11:23 a.m. May 16 (AP)
Lehman Brothers set to cut 5 percent of staff: Lehman Brothers Holdings Inc. will begin to cut about 5 percent of its staff on Monday as part of an overall plan to streamline its balance sheet amid further turbulence in the financial markets, said a person familiar with the plan.
SAN JOSE, 11:21 a.m. May 16 (AP)
Fiorina's new role trades on time at HP: After running one of Silicon Valley's powerhouse companies for six years, Carly Fiorina now has her sights set on the White House.
SAN DIEGO, 11:14 a.m. May 16 (AP)
California's unemployment rate holds steady at 6.2 percent: State officials say California has added 53,000 payroll jobs and its unemployment rate is holding steady.
DES MOINES, Iowa, 11:11 a.m. May 16 (AP)
Lawsuit: Immigration raid violated workers' rights: The nation's largest single immigration raid, resulting in nearly 400 arrests earlier this week, violated the constitutional rights of workers at a meatpacking plant, a federal lawsuit says.
LANSING, Mich., 11:07 a.m. May 16 (AP)
Striking workers vote on GM plant contract: The president of a United Auto Workers local at a key General Motors Corp. factory said Friday he's optimistic workers will approve a local contract and end a monthlong strike.
NEW YORK, 10:50 a.m. May 16 (REUTERS)
U.S. consumer grim as stagflationary 80s: U.S. consumer confidence tumbled to a 28-year low this month as rising prices strained household finances, while another drop in single-family housing starts underscored problems still plaguing the economy.
WASHINGTON, 10:35 a.m. May 16 (REUTERS)
DOE says will stop adding crude oil to reserve: The U.S. Energy Department said Friday it will not sign contracts with energy companies to deliver up to 13 million barrels of crude oil to the Strategic Petroleum Reserve.
CHICAGO, 10:18 a.m. May 16 (REUTERS)
Del Monte says may sell StarKist: Del Monte Foods Co Friday said that it is exploring the alternatives for StarKist seafood business, including the possible sale of the business.
NEW YORK, 10:07 a.m. May 16 (REUTERS)
CBS Radio chief hits the road to court advertisers: CBS Radio Chief Executive Dan Mason spent the last several weeks on a roadshow for advertisers, ready to rebut any claims his business cannot withstand satellite radio, iPods or a soft economy.
RIYADH, Saudi Arabia, 10:02 a.m. May 16 (AP)
Saudis see no reason to raise oil production now: Saudi Arabian leaders made clear Friday they see no reason to increase oil production until their customers demand it, apparently rebuffing President Bush amid soaring U.S. gasoline prices.
From Friday's Union-Tribune
May 16 (UNION-TRIBUNE)
April housing construction news positive: Two positive signals in the housing industry – higher construction permits and improved builder confidence – suggested yesterday that the market is not moving inexorably in a downward direction.
May 16 (UNION-TRIBUNE)
3 department stores report drops in profits: Department store stalwarts J.C. Penney Co., Nordstrom Inc. and Kohl's Inc. all reported steep drops in first-quarter profits as Americans snub apparel to focus on basic necessities at discounters in a challenging economy. The three chains predicted the softening sales environment would continue this year as consumers grapple with soaring food and fuel costs.
WASHINGTON, 9:11 a.m. May 16 (REUTERS)
FDIC sees new wave of credit stress coming: The head of the Federal Deposit Insurance Corp said Friday that another wave of credit stress was coming, involving non-mortgage loans.
WASHINGTON, 6:18 a.m. May 16 (AP)
Housing posts surprising rebound in April: Construction of new homes posted the biggest increase in more than two years in April, a rare spot of good news amid the worst downturn in housing in more than two decades.
BOSTON, 6:16 a.m. May 16 (REUTERS)
U.S. Rep. Frank favors Fed interest on reserves: The U.S. Federal Reserve has asked the House of Representatives for approval to pay interest on banks' reserves, Rep. Barney Frank, chairman of the House Financial Services Committee, said Friday.
CINCINNATI, 5:03 a.m. May 16 (AP)
Macy's signs deal to put FAO Schwarz in its stores: FAO Schwarz will open toy stores in close to 700 Macy's department stores over the next two years, the companies said Friday.
FRANKFURT, Germany, 4:46 a.m. May 16 (AP)
Dollar falls ahead of April housing starts report: The dollar fell against most major currencies Friday ahead of the release of the April housing starts report, which economists expect to decline to 1991 levels.
LONDON, 3:13 a.m. May 16 (AP)
U.S. dollar down in Europe: The U.S. dollar was lower against other major currencies in European trading Friday morning. Gold fell.
COLORADO SPRINGS, Colo., 12:32 a.m. May 16 (AP)
USOC still working on TV network: The U.S. Olympic Committee's aggressive plan to start its own cable network is moving forward, though officials are giving no indications that the network will be on the air before the Beijing Olympics, as the federation had once hoped.
11:56 a.m. May 15 (UNION-TRIBUNE)
County's building permits for housing bounce back: P A rare beam of sunshine shone over San Diego County's housing market last month as building permit activity bounced back from a near-record low level, the Construction Industry Research Board reported Thursday.
WASHINGTON, 6:17 p.m. May 15 (AP)
Senate votes to roll back media ownership rule: The Senate Thursday night voted to nullify a Federal Communications Commission rule that allows media companies to own a newspaper and a television station in the same market.
SAN FRANCISCO, 4:54 p.m. May 15 (AP)Icahn to Yahoo board: Sell to Microsoft or leave: Yahoo Inc. Chief Executive Jerry Yang spent months fending off Microsoft Corp.'s unsolicited takeover bid. Now he may only have a few weeks to persuade the software maker to revive its last offer of $47.5 billion, or risk being fired in a shareholder mutiny led by activist investor Carl Icahn. WASHINGTON, 2:17 p.m. May 15 (AP)
IRS says up to 350,000 didn't get child credit: Up to 350,000 households aren't getting the $300 per child owed them as part of their economic stimulus rebate payments, the Internal Revenue Service said Thursday. CHICAGO, 2:21 p.m. May 15 (AP)
Error temporarily eliminates fuel charge on United: Passengers booking flights on United Airlines got a one-day reprieve from paying the carrier's fast-rising fuel surcharge due to what United says was an error. MILWAUKEE, 2:21 p.m. May 15 (AP)
Miller sees drinkers buying less-expensive beers: Consumers still want different types of beers, but for a growing number with empty pockets, that means less expensive ones, the chief executive of Miller Brewing Co. said Thursday. DENVER, 2:17 p.m. May 15 (AP)
Nacchio asks court to deny full appellate review: An attorney for former Qwest CEO Joe Nacchio asked the full 10th Circuit Court of Appeals on Thursday not to review a decision by a three-judge panel to overturn his insider-trading conviction. NEW YORK, 2:15 p.m. May 15 (AP)
Stocks rise on oil price drop, mixed economic data: The stock market notched its second straight daily advance Thursday, with investors assuaged by a pullback in oil prices and some better-than-expected economic data. NEW YORK, 2:15 p.m. May 15 (AP)
UPS bet on Big Brown pays off in brand exposure: A horse by any other name simply wouldn't have worked for UPS. Capitalizing on the buzz around thoroughbred racing's biggest event, UPS has inked a sponsorship deal with Kentucky Derby winner Big Brown, who was named in honor of the shipping giant known for its distinctive brown trucks and uniforms.
HARTFORD, Conn., 1:57 p.m. May 15 (AP)
Maverick oilman Pickens puts $2B bet on wind power: Maverick oilman T. Boone Pickens' plan for a mammoth wind farm in the Texas Panhandle is a $2 billion bet that Congress will extend a tax credit critical to the environmentally friendly industry.
NEW YORK, 1:53 p.m. May 15 (AP)
TD Ameritrade selects Tomczyk to be next CEO: TD Ameritrade Holding Corp. says its chief operating officer, Fred Tomczyk, will become chief executive in October, replacing Joe Moglia.
DETROIT, 1:52 p.m. May 15 (AP)
Nissan lowers U.S. sales forecast due to economy: Nissan Motor Co. has lowered its forecast for total U.S. vehicle sales this fiscal year as the weak economy continues to wreak havoc on the auto industry.
NEW YORK, 1:49 p.m. May 15 (AP)
Study: Cox, Comcast Internet subscribers blocked: Comcast Corp.'s interference with Internet traffic has prompted a federal investigation and is at the center of calls for “Net Neutrality” laws, but another U.S. cable company appears to be doing the same thing without drawing scrutiny.
WASHINGTON, 1:49 p.m. May 15 (AP)
Retailers assail credit card fees in House hearing: Americans' increasing preference for paying with plastic has pitted retailers against credit card companies in a dispute over the cost of the billions of transactions.
NEW YORK, 1:49 p.m. May 15 (AP)
CBS in $1.8B deal for online news, info site CNet: CBS Corp. is acquiring a big online reach with its acquisition of CNet Networks Inc. but also a company that's faced heavy criticism from investors. Those concerns as well as the hefty $1.8 billion price tag helped send CBS's shares down after the deal was announced Thursday.
MILWAUKEE, 1:48 p.m. May 15 (AP)
Kohl's first-quarter profit falls nearly 27 percent: Kohl's Corp. says its first-quarter profit fell nearly 27 percent as consumers continued to pull back their spending.
NEW YORK, 1:46 p.m. May 15 (AP)
Blackstone posts 1Q loss on weakening markets: Blackstone Group LP, one of the world's largest private equity funds, on Thursday reported its second straight quarterly loss as the leveraged buyout market dried up and its portfolio of companies lost value.
NEW YORK, 1:46 p.m. May 15 (AP)
Shoppers feeling squeeze buy a little at a time: Shoppers have been lugging ever-larger products to their ever-bigger cars for years. Now, more of them are feeling so pinched by the sagging economy that they are embracing a new behavior: buying a little at a time.
SEATTLE, 1:39 p.m. May 15 (AP)
Nordstrom 1Q profit sinks 24% on economy: Luxury retailer Nordstrom Inc. said Thursday its profit fell 24 percent in the first quarter, as recession rumblings in the U.S. crimped even wealthier consumers' shopping habits.
WASHINGTON, 1:36 p.m. May 15 (AP)
U.S. declines to cite China as a currency manipulator: The Bush administration has declined to cite China for manipulating its currency to gain unfair trade advantages against the United States.
WASHINGTON, 1:35 p.m. May 15 (AP)
Investment firms' borrowing at fairly steady pace: Wall Street investment companies are borrowing from the Federal Reserve's emergency lending program at a fairly steady pace.
NEW YORK, 1:29 p.m. May 15 (AP)
Tiffany raises 1st-quarter guidance: Tiffany & Co. said it will surpass its earnings guidance in the first quarter and raised its quarterly dividend by 13 percent.
WASHINGTON, 1:19 p.m. May 15 (AP)
House panel votes to extend child credit, energy tax breaks: The House's tax-writing committee on Thursday approved a multifaceted tax package it said would save people almost $10 billion through expansion of the child tax credit and creation of a new deduction for property taxes.
NEW YORK, 1:11 p.m. May 15 (AP)
Dollar mostly lower on weak manufacturing data: The dollar was higher against the euro, but fell against the other major currencies late Thursday, tamped by weak American manufacturing and industrial output data.
TORONTO, 1:07 p.m. May 15 (AP)
Canada auto union OKs GM, Chrysler deals: The Canadian Auto Workers union tentatively agreed Thursday to labor deals with General Motors Corp. and Chrysler LLC that would replace contracts expiring in September.
HARTFORD, Conn., 12:56 p.m. May 15 (AP)
GE appliance sale would make sense, analysts say: With consumers strapped and financing tight, it makes sense for General Electric Co. to sell its 101-year-old appliance business, although it may not fetch the best price, analysts said Thursday.
SANTA ANA, 12:41 p.m. May 15 (AP)
Jury rejects Dish Network's $1B piracy claim: A jury found Thursday that a company that makes encryption technology for DirecTV violated federal and state piracy provisions, but awarded rival Dish Network Corp. just $1,500 of the $1 billion it sought.
NEW YORK, 12:34 p.m. May 15 (AP)
Oil falls as options expire: Oil futures ended a whipsaw session slightly lower Thursday as the expiration of options played havoc with prices, driving crude near record high levels at times and down by more than $3 a barrel at others. Retail gas prices, meanwhile, advanced past $3.77 a gallon.
RIDLEY PARK, Pa., 12:30 p.m. May 15 (AP)
DoD: Chinook helicopters at Pa. plant vandalized: Two military helicopters were vandalized on the production line at a Boeing factory near Philadelphia, the Defense Department said Thursday as it offered a reward in the case.
NEW YORK, 12:23 p.m. May 15 (AP)
Gold futures surge after initial crude rally: Gold prices shot up Thursday after crude oil surged earlier in the day before retreating, an inflationary move that fed buying of precious metals as safe, alternative investments.
DENVER, 11:46 a.m. May 15 (AP)
CEO: Molson Coors venture with SABMiller on track: The head of beer brewing giant Molson Coors says plans are still on track to finalize a joint venture with SABMiller by midyear.
NEW YORK, 11:44 a.m. May 15 (AP)
NY judge tosses most of J&J lawsuit vs U.S. Red Cross: A federal judge has tossed out most of a lawsuit in which the health-products maker Johnson & Johnson claimed that the American Red Cross broke the law by licensing its famous red and white symbol to other companies.
WASHINGTON, 11:41 a.m. May 15 (AP)
Congress approves measure on energy markets: Federal regulators would have more authority to monitor electronic energy markets and guard against market manipulation under legislation approved Thursday as part of the congressional farm bill.
NEW YORK, 11:40 a.m. May 15 (AP)
Silverjet plans to expand, keeps options open: Silverjet PLC is in talks to replicate its premium-class model through franchise deals around the world even as it treads cautiously in expanding its core business, the high-end airline's CEO said Thursday.
WASHINGTON, 11:31 a.m. May 15 (AP)
Airbus, Honeywell team on biofuel for airplanes: Plane maker Airbus and diversified manufacturer Honeywell International Inc. on Thursday said they are developing a biofuel that by 2030 could satisfy nearly a third of the worldwide demand from commercial aircraft, without affecting food supplies.
LOS ANGELES, 11:22 a.m. May 15 (AP)
SAG agrees to renew contract talks: A person familiar with efforts to restart talks between the Screen Actors Guild and Hollywood studios says negotiations will resume within two weeks.
WASHINGTON, 11:14 a.m. May 15 (AP)
Inflation appears tame, but you're paying more: If only beleaguered motorists and shoppers could make their gas pains and food sticker shock go away with the ease that the government can.
WASHINGTON, 11:10 a.m. May 15 (AP)
TV drug ads may have to zoom in on side effects: Would consumers get the same warm, fuzzy message from a drug advertisement that promised to lift their mood if it also urged them to report side effects like suicidal thoughts and diarrhea?
CHARLOTTE, N.C., 11:03 a.m. May 15 (AP)
BofA CEO says more consolidation ahead in banking: The head of the nation's largest consumer bank said Thursday the country's economic downturn will accelerate consolidation across the banking industry.
BRUSSELS, Belgium, 11:01 a.m. May 15 (AP)
EU warns Google over photos on Street View: The EU's top data protection supervisor said Thursday that Google Inc.'s “Street View” map and imaging feature could pose privacy problems if it launches in Europe.
NEW YORK, 10:40 a.m. May 15 (AP)
Treasurys rise amid further economic uncertainty: Treasury prices rose Thursday after government reports indicated the economy remains under pressure, lowering chances that the Federal Reserve will be able to raise interest rates in the near term.
WASHINGTON, 10:39 a.m. May 15 (AP)
Rates on 30-year mortgages fall to lowest point in a month: Rates on 30-year mortgages edged down this week to their lowest point in a month, a spot of welcome news to would-be home buyers.
FRANKFURT, Germany, 10:32 a.m. May 15 (AP)
Deutsche Telekom says iPhone meeting expectations: Deutsche Telekom chief executive Rene Obermann said Thursday the company has so far sold more than 100,000 of Apple Inc.'s iPhones since the device's November debut in Germany.
WASHINGTON, 10:00 a.m. May 15 (AP)
Builders remain pessimistic about housing market: A reading of U.S. homebuilders' sentiment scraped bottom in May, coming in just one point above its lowest level ever as anxiety continued to grip the industry.
NEW YORK, 9:56 a.m. May 15 (REUTERS)
JC Penney profit down 50%: J.C. Penney Co Inc said Thursday its first-quarter profit dropped 50 percent as the retailer cut prices to clear unsold merchandise, and it forecast a similar profit drop for its current quarter.
LONDON, 9:53 a.m. May 15 (AP)
Cadbury forecasts higher sales, profit margins: Cadbury PLC, the world's biggest candy maker, gave investors a pleasant surprise Thursday by forecasting target-beating sales in the first half and improving profit margins on the back of price increases and lower costs.
SHANGHAI, China, 9:36 a.m. May 15 (AP)
China spending on fixed assets rose 25.7%: China's spending on real estate and other fixed urban assets rose 25.7 percent in the first four months of the year compared with the same period a year ago, the National Statistics Bureau reported Thursday.
DALLAS, 9:35 a.m. May 15 (AP)
JC Penney 1Q profit falls 50%: J.C. Penney reported first-quarter profits were halved and on Thursday predicted “difficult” conditions for the entire year as consumers pull back on spending.
LONDON, 9:30 a.m. May 15 (AP)
Dollar falls, gold rises in Europe: The U.S. dollar was lower against other major currencies in European trading Thursday morning. Gold rose in London.
ZURICH, Switzerland, 9:21 a.m. May 15 (AP)
Zurich Financial Q1 net up 3% in tough market: Swiss insurer Zurich Financial Services AG on Thursday posted a 3 percent rise in first-quarter profits despite difficult markets.
DALLAS, 9:11 a.m. May 15 (AP)
Blockbuster swings to 1Q profit on U.S. sales growth: The movie rental chain Blockbuster Inc., which wants to buy the electronics chain Circuit City Stores, said Thursday it swung to a first-quarter profit on lower expenses and improved results from its subscription service and domestic sales growth.
WASHINGTON, 9:06 a.m. May 15 (AP)
DOT says airline traffic rose in February: U.S. airlines carried nearly 3 percent more passengers in February compared with the same month last year, but did so while operating fewer flights, the government said Thursday.
From Thursday's Union-Tribune
May 15 (UNION-TRIBUNE)
Sempra completes LNG terminal in Baja: Stoked by surging natural-gas prices, San Diego's Sempra Energy has completed its new Baja California liquefied-natural-gas terminal – opening the first LNG import facility on the western coast of North America.
May 15 (UNION-TRIBUNE)
Survey: Latinos likely online, bilingual in choice of media: A growing number of Latino consumers in San Diego County own computers and connect to the Internet, and the majority absorb media and advertising in a half-and-half mix of English and Spanish, according to a survey of Latinos in 18 ZIP codes in the county.
May 15 (UNION-TRIBUNE)
Sales sag chomps at Jack's share price: Shares of Jack in the Box fell 10 percent yesterday after the fast-food chain said the sluggish economy hurt second-quarter sales in established stores in California and other markets.
NEW YORK, 8:29 a.m. May 15 (AP)
Pricey gas crimping Memorial Day travel plans: High fuel prices are prompting many Americans to reconsider their Memorial Day travel plans, AAA says.
WASHINGTON, 8:29 a.m. May 15 (AP)
Bernanke: Banks must get better at foreseeing risk: Commercial banks and other financial institutions need to beef up their ability to detect and protect themselves against risks like the credit and mortgage debacles, Federal Reserve Chairman Ben Bernanke said Thursday.
WASHINGTON, 8:22 a.m. May 15 (AP)
Senators near housing deal: Key senators said they are close to a bipartisan deal on a homeowner rescue package that could help a half million strapped borrowers get government-backed mortgages.
WASHINGTON, 8:08 a.m. May 15 (AP)
Bush, Cheney assets about the same in 2007: The millions of dollars in assets reported by Vice President Dick Cheney and his wife, Lynn, nearly triple those held by President Bush and the first lady, Laura Bush, according to newly released financial disclosure forms.
LONDON, 7:25 a.m. May 15 (REUTERS)
POLL-G7 money market rates seen easing, but yields up: Money market pressures are expected to ease steadily in coming months across the euro zone, U.S. and Japan as the credit crunch dims, while bond yields will likely climb on inflation worries, a Reuters poll showed on Thursday.
WASHINGTON, 7:01 a.m. May 15 (REUTERS)
W.House says won't veto bill to halt oil storage: The White House said on Thursday that President Bush would not veto a final bill from Congress that orders a halt to filling the Strategic Petroleum Reserve while oil prices are very high.
NEW YORK, 6:42 a.m. May 15 (REUTERS)
Private investors shun U.S. assets, data show outflow: Net overall U.S. capital flows reversed sharply in March to show an outflow of $48.2 billion after a revised $48.9 billion inflow in February, the U.S. Treasury Department said Thursday.
WASHINGTON, 6:26 a.m. May 15 (AP)
Industrial output plunges, second big drop in 2 months: The nation's industrial output plunged in April, reflecting big cutbacks in autos and other manufacturing industries.
WASHINGTON, 6:08 a.m. May 15 (REUTERS)
U.S. jobless claims rise 6,000 in latest week: The number of U.S. workers filing claims for initial jobless benefits rose by 6,000 in the latest week while the number on benefit rolls after a first week of aid hit a four-year high, a government report showed on Thursday.
WASHINGTON, 6:26 a.m. May 15 (AP)
Industrial output plunges, second big drop in 2 months: The nation's industrial output plunged in April, reflecting big cutbacks in autos and other manufacturing industries.
WASHINGTON, 7:26 p.m. May 14 (AP)
Senate sends oil bill to president: The Senate late Wednesday approved and sent to the White House legislation directing President Bush to temporarily halt oil shipments into the government's emergency reserve, hoping to lower energy prices.
SAN DIEGO, 9:00 p.m. May 14 (UNION-TRIBUNE)
Sempra completes first Baja LNG terminal: Stoked by surging natural gas prices, San Diego's Sempra Energy has completed its new Baja California liquefied natural gas terminal – opening the first LNG import facility on the West Coast of North America.
WASHINGTON, 1:53 p.m. May 14 (AP)
Inflation pressures ease despite food price jump: Consumer prices slowed in April despite the biggest jump in food costs in nearly two decades. But with oil near record levels, Americans should brace for more pain at the pump in the months ahead.
NEW YORK, 2:42 p.m. May 14 (AP)Stocks advance following better-than-expected inflation read: Wall Street advanced Wednesday after a better-than-expected report on consumer prices tempered some of the market's concerns about inflation. LOS ANGELES, 2:29 p.m. May 14 (AP)
SEC charges Broadcom co-founders in stock options probe: Securities regulators on Wednesday charged Broadcom Corp. co-founders Henry T. Nicholas III and Henry Samueli with falsifying the company's reported income in what is believed to be the largest accounting restatement to date because of backdating stock options. ATLANTA, 2:29 p.m. May 14 (AP)
Delta pilots approve contract revisions: Delta Air Lines Inc. pilots voted overwhelmingly in favor of changes to their contract that will give them pay raises, an equity stake and other benefits, but also will give management more leeway as part of a proposed combination with Northwest Airlines Corp. NEW YORK, 2:34 p.m. May 14 (AP)
Clear Channel terms reflect tight credit, ad slump: A lot has changed in the year and a half since radio industry leader Clear Channel Communications Inc. struck a deal to go private. Credit markets seized up, radio advertising continued to falter and another radio buyout deal failed. TRENTON, N.J., 2:08 p.m. May 14 (AP)
Merck says appeals court overturns verdict in Vioxx case: A Texas appeals court on Wednesday overturned a multimillion-dollar verdict against Merck & Co. in one of the few trials it lost over its withdrawn painkiller Vioxx.
NEW YORK, 1:44 p.m. May 14 (AP)
AIG's CEO says stock, bond sale going well: American International Group Inc.'s chief executive said Wednesday the insurer's bid to bolster its balance sheet through the sale of stock and bonds is going better than expected.
1:39 p.m. May 14 (AP)
DuPont, Genencor form $140M ethanol venture: DuPont executives said Wednesday that a new joint venture with a Danish company will enable the production of an alternative fuel that costs less to manufacture than conventional ethanol and won't drive up food prices.
KANSAS CITY, Mo., 1:36 p.m. May 14 (AP)
Embarq CFO: May drop wireless customers after 2009: Embarq Corp. will hold onto its wireless customer base for the time being, but could hand it over to another carrier next year, the company's chief financial officer said Wednesday.
WASHINGTON, 1:35 p.m. May 14 (AP)
House passes election-year farm bill: The House passed a $290 billion farm bill Wednesday with a strong veto-proof majority, offering more subsidies for farmers, food stamps for the poor and special projects that lawmakers can bring home to voters this election year.
NEW YORK, 1:35 p.m. May 14 (AP)
Treasury prices dip as stock market rallies: Treasury prices traded mixed Wednesday, after investors briefly rallied on a report showing mild April inflation but then gave up gains as stocks soared.
NEW YORK, 1:32 p.m. May 14 (AP)
Wheat hits 5-month low on good crop expectations: Wheat prices plunged to a five-month low Wednesday as investors bet that U.S. crop yields will meet demand and ease price increases for flour, bread, pasta and other foods.
DALLAS, 1:30 p.m. May 14 (AP)
Whole Foods stock gets battered after weak earnings report: Shares of Whole Foods Market Inc. tumbled almost 14 percent Wednesday after the organic and natural foods retailer's first-quarter profit fell and missed Wall Street estimates.
MEXICO CITY, 1:29 p.m. May 14 (REUTERS)
Mexico group warns tortilla prices set to jump: The price of tortillas, a political hot button in Mexico where the corn pancakes are an everyday staple, is expected to jump about 18 percent by June on rising costs for fuel and corn, a major industry group said Wednesday.
DUJIANGYAN, China, 1:25 p.m. May 14 (AP)
China quake shows flaws in building boom: Modern apartment buildings and schools crumbled, smoothly paved highways buckled and bridges collapsed – their flimsy construction no match for the awesome forces of nature.
PHOENIX, 1:20 p.m. May 14 (AP)
Mesa Air to shut Air Midwest, cut small city stops: Mesa Air will shut down subsidiary carrier Air Midwest, cutting off service to 16 small cities in 10 states because of soaring fuel prices, the company said Wednesday.
CINCINNATI, 1:13 p.m. May 14 (AP)
Macy's reports loss on weak sales, beats estimates: Macy's Inc. reported a $59 million first-quarter loss Wednesday because of lower sales and the costs of consolidation, which the company said should start paying off next year.
1:10 p.m. May 14 (AP)
Freddie Mac loses $151M in 1Q, but beats expectations: Mortgage finance company Freddie Mac said Wednesday its first quarter loss widened to $151 million as the U.S. housing market worsened, though the results were not as poor as expected. Its shares jumped on the news.
ST. LOUIS, 1:08 p.m. May 14 (AP)
Deere 2Q profit rises, but warns of cost trouble ahead: Deere & Co., the world's biggest maker of farm machinery, said Wednesday its second-quarter profit rose 22 percent, propelled by lofty crop prices that stoked global demand for its farm equipment despite a faltering U.S. economy.
NEW YORK, 1:06 p.m. May 14 (AP)
ComScore puts Google sites at No. 1 for first time: Google has surpassed Yahoo to become the most popular Web site in the United States, according to comScore Inc.'s rankings by the number of unique monthly visitors.
NEW YORK, 12:58 p.m. May 14 (AP)
Dollar gains as inflation rises less than expected: The dollar rose against most of the other major currencies Wednesday as new data showed lower-than-expected U.S. inflation in April.
NEW YORK, 12:57 p.m. May 14 (AP)
Churches across USA help with mortgage crisis: The Rev. Jeffry Dillon switched from the religious to the secular on a recent Sunday morning to ask his parishioners a pointed question: “Do subprime mortgages scare you?”
NEW YORK, 12:57 p.m. May 14 (AP)
Merrill Lynch to cap the number of 'buy' ratings: Merrill Lynch & Co. is planning a new rating system for stocks that will require its analysts to assign at least one in five stocks that they follow with an “underperform” rating.
HOUSTON, 12:54 p.m. May 14 (AP)
High oil prices not 'a friend,' ConocoPhillips chief says: Despite contributing to massive, multibillion profits in recent quarters, record crude prices are not helping the world's big oil companies on many fronts, including some efforts to find more fossil fuel, the chief of ConocoPhillips said Wednesday.
NEW YORK, 12:36 p.m. May 14 (AP)
Gas above $3.75 a gallon: Gas prices roared above $3.75 a gallon Wednesday, while oil prices fell after an Energy Department report gave a mixed picture of the nation's petroleum reserves.
WASHINGTON, 12:33 p.m. May 14 (REUTERS)
Delta/Northwest merger likely to be approved: A proposal by Delta Air Lines to buy Northwest Airlines is likely to be approved by the U.S. government, an influential lawmaker on aviation affairs said Wednesday.
LAS VEGAS, 12:17 p.m. May 14 (AP)
U.S. gambling revenues up 5.3 percent to $34 billion in 2007: Americans spent more money gambling in 2007 than on movie tickets or candy, but the steady growth of commercial casinos in the past decade could take a hit next year because of a slumping economy and setbacks in building new places to play.
WASHINGTON, 12:15 p.m. May 14 (AP)
Audit: USDA lags on discrimination complaints: A federal audit says the Agriculture Department has issued misleading and inaccurate reports about discrimination complaints in recent years and still has no reliable way to measure minority participation in U.S. farm programs.
SEOUL, South Korea, 11:57 a.m. May 14 (AP)
SKorea to resume U.S. beef imports later this month: South Korea plans to resume U.S. beef imports later this month, Agriculture Minister Chung Woon-chun said Wednesday, despite a public backlash over the government's alleged failure to guard against mad cow disease.
ROME, 11:57 a.m. May 14 (AP)
Alitalia says first-quarter loss has widened: Italy's struggling carrier Alitalia SpA, which the Italian government has been trying to sell for more than a year, said its first-quarter pretax loss widened from a year earlier, mainly due to higher fuel prices and a drop in traffic activity.
WASHINGTON, 11:41 a.m. May 14 (AP)
Boeing shuts down Chinook production line in Pa.: Army criminal investigators are looking into damage to two military helicopters on a production line at a Boeing Co. plant in suburban Philadelphia, prompting the company to shut down the line.
LONDON, 11:03 a.m. May 14 (AP)
Shareholders approve huge RBS stock sale: Shareholders in Royal Bank of Scotland Group PLC gave approval on Wednesday for the biggest stock rights issue in British corporate history – almost $24 billion – as another British mortgage lender announced plans of its own for a rights issue.
WASHINGTON, 11:01 a.m. May 14 (AP)
Schumer urges regulators to investigate Countrywide: A Democratic lawmaker on Wednesday urged federal regulators to investigate alleged mistreatment by Countrywide Financial Corp. of homeowners in bankruptcy.
LONDON, 10:53 a.m. May 14 (AP)
Dollar mixed, gold falls in Europe: The U.S. dollar was mixed against other major currencies in European trading Wednesday. Gold opened lower.
WASHINGTON, 10:48 a.m. May 14 (AP)
U.S. probing Iraqi companies for insurance fraud: Companies working on Iraq reconstruction have been accused of padding their profits through an insurance scam, leading to a criminal probe and hurried changes in the way many contracts are handled by the U.S. Army, according to internal military documents obtained by The Associated Press.
ROME, 10:48 a.m. May 14 (AP)
Italy's Parmalat posts 18% drop in net profit: Dairy company Parmalat SpA said Wednesday its first-quarter net profit fell 18 percent as higher production costs and marketing expenses weighed down on core earnings.
LITTLE ROCK, Ark., 10:36 a.m. May 14 (AP)
Toy sellers set safety limits ahead of legislation: The nation's biggest toy sellers are requiring their suppliers to meet new standards that limit the amount of lead and other metals and compounds in toys and children's products, getting ahead of federal legislation.
BRUSSELS, Belgium, 10:24 a.m. May 14 (AP)
EU to rein in bonuses for executives: European Union governments agreed Wednesday to go after executive bonuses deemed to be excessive by threatening to levy taxes against firms that dole out the large sums.
SAN JOSE, 10:24 a.m. May 14 (AP)
Switzerland's top telecom to carry iPhone: Switzerland's leading telecommunications company has signed with Apple Inc. to carry the iPhone later this year, making the multimedia gadget available in one more country as Apple prepares a new version with a speedier Internet connection.
WASHINGTON, 10:13 a.m. May 14 (AP)
DOT says freight activity fell in March: Freight activity fell in March while a passenger index rose, according to government data released Wednesday.
LONDON, 10:12 a.m. May 14 (AP)
Tesco buying 36 Homever stores in SKorea: Tesco PLC, the largest grocer in the United Kingdom, substantially boosted its presence in South Korea with $1.87 billion acquisition of 36 Homever stores, including debt.
WASHINGTON, 10:05 a.m. May 14 (AP)
Sallie Mae snafu dings borrowers' credit scores: Because of a computer error at Sallie Mae, thousands of people with student loans from the company had their credit scores decimated.
WASHINGTON, 10:04 a.m. May 14 (AP)
U.S. disputes IMF on food prices: The Bush administration on Wednesday disputed the International Monetary Fund's claim that their push to increase biofuel production has been the biggest factor in rising food prices.
FRANKFURT, Germany, 10:04 a.m. May 14 (AP)
DHL delivery service owner's 1Q profit falls: Mail and express delivery company Deutsche Post AG said Wednesday its first quarter profit fell 18 percent as results from its consumer banking unit Postbank fell due to financial market turbulence.
FRANKFURT, Germany, 10:01 a.m. May 14 (AP)
E.ON 1Q profits fall 32% on competition, costs: Europe's largest utility, E.ON AG, reported a 32 percent drop in first-quarter profits Wednesday, citing higher energy costs, interest charges and structural changes that skewed results.
BRUSSELS, Belgium, 9:52 a.m. May 14 (AP)
Steelmakers ArcelorMittal, ThyssenKrupp profits rise: Europe's largest steelmakers, ArcelorMittal SA and ThyssenKrupp AG, on Wednesday reported higher profits in the first three months of the year and saw bright prospects ahead as strong global demand allows them hike prices to cover climbing costs.
SIOUX FALLS, S.D., 9:47 a.m. May 14 (AP)
$1M for motorcyclist's family in Janklow crash: Relatives of a motorcyclist killed in a crash with former Rep. Bill Janklow said Wednesday they've settled their wrongful death lawsuit against the government for $1 million.
BRUSSELS, Belgium, 9:47 a.m. May 14 (AP)
Pilots group calls for greater use of aircraft lights to prevent runway collisions: Standardizing the use of external lights on jetliners would help prevent runway collisions – an increasing risk with global air traffic expanding at record rates, an international pilots' group said Wednesday.
9:46 a.m. May 14 (AP)
Motor scooters popular in efforts to save on gas: PIERRE, S.D. – Joan Kohler is not a typical new scooter customer.
From Wednesday's Union-Tribune
May 14 (UNION-TRIBUNE)
SAIC, others score defense agency contract: Science Applications International Corp. and several other companies with operations in San Diego were among 26 firms awarded a maximum $12.2 billion contract from the Defense Information Systems Agency.
May 14 (UNION-TRIBUNE)
Longtime dealership is acquired: After 34 years of doing business in San Diego County, Cunningham BMW of El Cajon has been sold for an undisclosed price to San Diego's Sunroad Automotive.
WASHINGTON, 8:44 a.m. May 14 (REUTERS)
Gas prices up? All in your head, U.S. data says: High gasoline prices got you down? Come to the land of seasonal adjustment, where the sun is always shining and gas prices fell 2 percent last month.
TOKYO, 6:01 a.m. May 14 (AP)
Sony post 4Q profit, smaller PlayStation 3 loss: Sony swung to a profit of $277 million for its fourth fiscal quarter on Wednesday, a reversal from from a year ago as losses dwindled for its struggling PlayStation 3 video game business and it got a lift from property sales.
PORT HARCOURT, Nigeria, 4:17 a.m. May 14 (AP)
Military: Gunmen in Nigeria oil region hijack boat: Unidentified gunmen in Nigeria's restive south have hijacked an oil-services vessel carrying 11 crew members, the military said Wednesday.
LONDON, 4:15 a.m. May 14 (AP)
AstraZeneca's Seroquel gets FDA approval: AstraZeneca PLC said Wednesday that U.S. regulators have approved its anti-psychotic drug Seroquel as a maintenance treatment for patients with a type of bipolar disorder.
LAS VEGAS, 2:01 a.m. May 14 (AP)
CityCenter officials top off first of six high-rise towers: MGM Mirage officials topped off the first of six high-rise towers on its CityCenter development Wednesday, and a senior company official said it was pushing ahead despite nervousness across the casino industry because of the uneasy U.S. economy.
LOS ANGELES, 2:01 a.m. May 14 (AP)
U.S. foreclosure filings surge 65 percent in April: More U.S. homeowners fell behind on mortgage payments last month, driving the number of homes facing foreclosure up 65 percent versus the same month last year and contributing to a deepening slide in home values, a research company said Tuesday.
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