PR-inside.com Press Releases Free Services http://www.pr-inside.com/ Copyright 08 pr-inside.com finance Finance (PR-inside.com) SOFIA, Bulgaria (AP) - The government says Bulgarian inflation reached 14.6 percent on the year in April, up from March's rate of 14.2 percent. Prices in April rose by 0.9 percent over the previous month, the National Statistics Institute said Tuesday. Food prices increased by 1.0 percent in April over March, with prices of nonfood items rising 0.3 percent, and services up 0.1 percent. The Bulgarian harmonized index of consumer prices, used by the European Central Bank, rose by 0.7 percent in April over March, and by 13.4 percent compared to April 2007. The Balkan nation, .. Tue, 13 May 2008 11:56:02 GMT http://www.pr-inside.com/bulgaria-s-inflation-reached-14-6-percent-r585552.htm http://www.pr-inside.com/bulgaria-s-inflation-reached-14-6-percent-r585552.htm Finance (PR-inside.com) PARIS (AP) - Airbus on Tuesday announced new delays on deliveries of the superjumbo A380, already almost two years late, saying the company is behind schedule switching to automated production. The European aircraft maker said in a statement that it will deliver 12 planes in 2008 instead of 13, and 21 planes in 2009 instead of 25. Executives will talk to customers about deliveries for 2010 _ originally foreseen at 45 _ in the coming weeks. Airbus CEO Tom Enders said the switch from individual production of the planes to serial production is .. Tue, 13 May 2008 11:50:01 GMT http://www.pr-inside.com/airbus-announces-new-delays-on-deliveries-r585542.htm http://www.pr-inside.com/airbus-announces-new-delays-on-deliveries-r585542.htm Finance (PR-inside.com) TOKYO (AP) - Japan's top telecommunications company Nippon Telegraph and Telephone Corp. said Tuesday its group net profit surged 32 percent for the fiscal 2007 on booming long distance and international communications business. Tokyo-based NTT's profit for the fiscal year ended March rose to 635.16 billion yen (US$6.12 billion; ¤3.97 billion) from 481.37 billion yen a year earlier period, the company said in a release. Group revenue at NTT for the fiscal 2007 dipped 0.7 percent to 10.681 trillion yen (US$102.99 billion; ¤66.75 billion) from 10.76 trillion yen, while operating profit rose .. Tue, 13 May 2008 11:46:00 GMT http://www.pr-inside.com/ntt-s-fiscal-year-profit-jumps-r585527.htm http://www.pr-inside.com/ntt-s-fiscal-year-profit-jumps-r585527.htm Finance (PR-inside.com) GENEVA (AP) - China needs to address a widening gap between its rich and poor if it is to create a «harmonious society,» the World Trade Organization will report in a trade review of the Asian nation, according to a copy obtained Tuesday by The Associated Press. The global commerce body also urges China to increase spending on health, education and pensions so that people rely less on savings and consume more. This would «reduce China's reliance on exports for growth, and hence its vulnerability to economic slowdowns abroad. «China needs to continue .. Tue, 13 May 2008 11:43:01 GMT http://www.pr-inside.com/wto-says-china-should-address-rich-poor-r585522.htm http://www.pr-inside.com/wto-says-china-should-address-rich-poor-r585522.htm Finance (PR-inside.com) TOKYO (AP) - Japan's top telecommunications company Nippon Telegraph and Telephone Corp. said Tuesday its group net profit surged 32 percent for the fiscal 2007 on booming long distance and international communications business. Tokyo-based NTT's profit for the fiscal year ended March rose to 635.16 billion yen (US$6.12 billion; ¤3.97 billion) from 481.37 billion yen a year earlier period, the company said in a release. Group revenue at NTT for the fiscal 2007 dipped 0.7 percent to 10.681 trillion yen (US$102.99 billion; ¤66.75 billion) from 10.76 trillion yen, while operating profit rose .. Tue, 13 May 2008 11:25:01 GMT http://www.pr-inside.com/ntt-reports-32-percent-jump-in-r585506.htm http://www.pr-inside.com/ntt-reports-32-percent-jump-in-r585506.htm Finance (PR-inside.com) STOCKHOLM, Sweden (AP) - Swedish tobacco company Swedish Match AB on Tuesday named Lars Dahlgren as its new president and chief executive. Dahlgren, 37, will assume the post on June 1, replacing former boss Sven Hindrikes who in February announced he would retire later this year. Dahlgren has worked at Swedish Match since 1996. He became senior vice president and chief financial officer in 2004. Swedish Match Chairman Conny Karlsson said Dahlgren had done «an outstanding job» as the company's CFO, noting he «knows the challenges and opportunities facing us, which makes Lars an .. Tue, 13 May 2008 11:16:02 GMT http://www.pr-inside.com/tobacco-company-swedish-match-names-new-r585498.htm http://www.pr-inside.com/tobacco-company-swedish-match-names-new-r585498.htm Finance (PR-inside.com) FRANKFURT, Germany (AP) - The euro fell slightly Tuesday against the U.S. dollar as markets awaited hints from the U.S. Federal Reserve about interest rate moves and economic figures from Washington. The 15-nation euro purchased US$1.5526 in morning European trading, down from the US$1.5540 it purchased late Monday in New York. The dollar fell to 103.60 Japanese yen from 104.17 yen on Monday, while the British pound fell slightly to US$1.9517 from US$1.9566 in New York. Investors were looking ahead to Federal Reserve Chairman Ben Bernanke's speech later in the day for indications .. Tue, 13 May 2008 11:13:00 GMT http://www.pr-inside.com/euro-falls-against-us-dollar-as-r585490.htm http://www.pr-inside.com/euro-falls-against-us-dollar-as-r585490.htm Finance (PR-inside.com) SYDNEY, Australia (AP) - Westpac Banking Corp. and smaller rival St. George agreed to a takeover deal Tuesday worth 18.6 billion Australian dollars (US$17.5 billion; ¤11.3 billion) that would create Australia's biggest bank by market capitalization. Senior Westpac executives expressed confidence antitrust regulators and the federal government would not block the deal, the biggest takeover in Australian banking history. Analysts said could provoke a wider shake-up of the banking sector. Westpac, Australia's third-biggest bank, is offering 1.31 of its own shares for each in St. George Bank, the country's fifth-biggest bank. .. Tue, 13 May 2008 11:10:00 GMT http://www.pr-inside.com/st-george-bank-agrees-to-us-r585488.htm http://www.pr-inside.com/st-george-bank-agrees-to-us-r585488.htm Finance (PR-inside.com) LONDON (AP) - Consumer prices in Britain shot up 3 percent in April compared with a year earlier, propelled by rising prices for home gas, electricity and heating oil, the government said Tuesday. The inflation rate, which was 2.5 percent in March, is now a full point above the government's target. The retail price index rose to 4.2 percent, compared with 3.8 percent in March, the Office for National Statistics said. Retail prices, excluding mortgage interest payments, rose 4.0 percent, compared with 3.5 percent in March. Inflation rose to 4.2 percent in April, .. Tue, 13 May 2008 10:55:03 GMT http://www.pr-inside.com/uk-consumer-price-inflation-hits-r585457.htm http://www.pr-inside.com/uk-consumer-price-inflation-hits-r585457.htm Finance (PR-inside.com) CANBERRA, Australia (AP) - New Australian Prime Minister Kevin Rudd's first annual budget, to be unveiled Tuesday, will invest in health, education and infrastructure while slashing spending in other areas to curb inflation, his top official said. «This budget will be tough but it will be fair,» Treasurer Wayne Swan told reporters hours before he was scheduled to show Parliament his government's economic blueprint for the fiscal year beginning July 1. The budget, the first to be delivered by a center-left Labor Party government since 1995, would also set the foundations for .. Tue, 13 May 2008 10:43:01 GMT http://www.pr-inside.com/treasurer-says-australian-annual-budget-r585442.htm http://www.pr-inside.com/treasurer-says-australian-annual-budget-r585442.htm Finance (PR-inside.com) SHANGHAI, China (AP) - Chinese shares fell Tuesday as the country's two stock exchanges suspended trading in 66 companies based in the region hit by a major earthquake in an effort to minimize disruptions to financial markets. The benchmark Shanghai Composite Index fell 1.8 percent to 3,560.24, after dropping as much as 3.3 percent in early trade. The Shenzhen Composite Index, of China's second, smaller bourse, slipped 0.2 percent to 1,109.90. Among major decliners, property leader China Vanke fell 1.9 percent to 21.13 yuan and Shanghai market heavyweight PetroChina fell 2.6 percent to .. Tue, 13 May 2008 10:34:00 GMT http://www.pr-inside.com/chinese-stocks-drop-exchanges-suspend-trading-r585436.htm http://www.pr-inside.com/chinese-stocks-drop-exchanges-suspend-trading-r585436.htm Finance (PR-inside.com) TOKYO (AP) - Nissan reported a big jump in fiscal fourth quarter profit Tuesday compared with the previous year. But like other Japanese automakers pinched by a strong yen and soaring oil and material costs, it forecast a tough year ahead. Nissan Motor Co.'s January-March profit rose 67 percent to 137.6 billion yen (US$1.3 billion; ¤840 million) from 82.2 billion yen the same period the previous year. Those figures included one-time «fifth-quarter» numbers from overseas subsidiaries that were added to the previous year's fourth quarter to make the cutoff for fiscal years .. Tue, 13 May 2008 10:32:00 GMT http://www.pr-inside.com/nissan-s-4q-profit-rises-but-carmaker-r585430.htm http://www.pr-inside.com/nissan-s-4q-profit-rises-but-carmaker-r585430.htm Finance (PR-inside.com) PARIS (AP) - The International Energy Agency urged OPEC on Tuesday to boost oil production and investment to halt spiraling prices, even as the agency lowered global demand forecasts. In its monthly report, the Paris-based agency revised downward worldwide growth forecasts for this year to 1.2 percent, or 1 million barrels a day, from 1.5 percent last month _ and said further cuts could lay ahead. High world oil prices are cutting into U.S. and European demand, the report said. The IEA predicted strong demand in China and the Middle East but .. Tue, 13 May 2008 10:28:02 GMT http://www.pr-inside.com/international-energy-agency-urges-opec-r585427.htm http://www.pr-inside.com/international-energy-agency-urges-opec-r585427.htm Finance (PR-inside.com) LONDON (AP) - The British Retail Consortium says retail sales in April fell 1.5 percent below the same month last year. Tuesday's report was the second downbeat monthly result, following a 1.6 percent drop in March. The consortium said clothing and footwear sales were hardest hit, but it did not release comparative figures. .. Tue, 13 May 2008 10:22:03 GMT http://www.pr-inside.com/uk-retail-sales-down-1-5-percent-r585417.htm http://www.pr-inside.com/uk-retail-sales-down-1-5-percent-r585417.htm Finance (PR-inside.com) AMSTERDAM, Netherlands (AP) - The bank and insurance company Fortis NV said Tuesday its first-quarter earnings fell by 31 percent, as its investments soured and assets declined in value. Fortis reported net profit of ¤808 million (US$1.25 billion), down from ¤1.167 billion from the same period a year ago, while total income fell 4 percent to ¤30.7 billion (US$47.7 billion). In all, the company says it suffered ¤380 million (US$590 million) in losses due to «credit market turmoil. Fortis had booked ¤2.7 billion in impairments on mortgage-related investments in the fourth quarter. It said Tuesday .. Tue, 13 May 2008 10:03:06 GMT http://www.pr-inside.com/fortis-reports-31-percent-fall-in-1st-r585399.htm http://www.pr-inside.com/fortis-reports-31-percent-fall-in-1st-r585399.htm Finance (PR-inside.com) ROME (AP) - Italian aerospace and defense company Finmeccanica SpA has bought U.S. military contractor DRS Technologies Inc. for US$5.2 billion (¤3.36 billion), the companies said Tuesday. The purchase allows Finmeccanica to acquire a key role in the U.S. market. Finmeccanica will pay US$81 (¤52.50) per share in cash, a statement said. The overall bid includes US$1.2 billion (¤780 million) in net debt. Under the agreement, DRS will operate as a wholly owned subsidiary. It will maintain its current management and headquarters, located in Parsippany, New Jersey. «Today's transaction is a perfect fit,» said Pier .. Tue, 13 May 2008 09:56:01 GMT http://www.pr-inside.com/italian-aerospace-company-finmeccanica-buys-r585391.htm http://www.pr-inside.com/italian-aerospace-company-finmeccanica-buys-r585391.htm Finance (PR-inside.com) TOKYO (AP) - Japanese shares rose Tuesday on growing optimism over the U.S. market following a rally on Wall Street, with investors unfazed by the earthquake in China. The benchmark Nikkei 225 index rose 210.37 points, or 1.5 percent, to 13,953.73. «The Nikkei index was supported by optimism over the U.S. market,» said Tsuyoshi Segawa, an equity strategist at Shinko Securities Co. in Tokyo. Despite China's devastating quake, which killed about 10,000 people, sentiment in Tokyo was upbeat, buoyed by the Dow's 1.0-percent rally Monday. «The quake in China had no negative impact here because it .. Tue, 13 May 2008 09:55:01 GMT http://www.pr-inside.com/japanese-shares-rise-on-wall-street-s-r585390.htm http://www.pr-inside.com/japanese-shares-rise-on-wall-street-s-r585390.htm Finance (PR-inside.com) SEOUL, South Korea (AP) - Hyundai Motor Co. has shelved a plan to make pickup trucks in the United States as demand for that type of vehicle declines amid high oil prices, a company official said Tuesday. The largest South Korean automaker had considered producing pickups at a plant of its subsidiary Kia Motors Corp. that is now under construction in the state of Georgia, near a Hyundai plant in Alabama. The Kia factory is expected to be completed in 2010. «We had studied it as a long-term project. But it appears to .. Tue, 13 May 2008 09:45:01 GMT http://www.pr-inside.com/hyundai-motor-shelves-plan-to-make-r585374.htm http://www.pr-inside.com/hyundai-motor-shelves-plan-to-make-r585374.htm Finance (PR-inside.com) BEIJING (AP) - Coal mines, chemical plants and gas wells damaged by China's devastating earthquake were ordered Tuesday to suspend operation while they undergo safety inspections. The announcement by the State Administration of Work Safety gave no indication how widespread damage might be. «All types of production enterprises affected by the disaster, especially coal mines, chemical plants and gas wells, must immediately suspend production and evacuate staff,» the agency said in a statement on its Web site. Sichuan province, where the 7.9-magnitude quake struck Monday afternoon, is the site of major gas fields, coal .. Tue, 13 May 2008 09:32:01 GMT http://www.pr-inside.com/china-orders-mines-gas-wells-with-r585364.htm http://www.pr-inside.com/china-orders-mines-gas-wells-with-r585364.htm Finance (PR-inside.com) PARIS (AP) - Troubled French bank Societe Generale SA said Tuesday that write-downs linked to the crisis in financial markets led to a 23-percent decline in net profit in the first quarter. Net profit fell to ¤1.1 billion (US$1.7 billion) in the first quarter from ¤1.43 billion a year ago, SocGen said. France's second-largest bank said the first quarter was marked by managing the fallout from the ¤4.9 billion (US$7.18 billion) hit it took closing what it calls the unauthorized positions of futures trader Jerome Kerviel. The loss was announced in January but .. Tue, 13 May 2008 09:17:00 GMT http://www.pr-inside.com/societe-generale-blames-credit-crisis-for-r585346.htm http://www.pr-inside.com/societe-generale-blames-credit-crisis-for-r585346.htm Finance (PR-inside.com) TOKYO (AP) - Japanese electronics company Hitachi Ltd. said Tuesday its group net loss grew 77 percent in the fiscal year through March because of poor sales of plasma TVs in the United States. Its loss for the just ended financial year swelled to 58.1 billion yen (US$560.5 million; ¤363.3 million) from 32.8 billion yen the previous year. «While domestic sales of plasma TVs were fine, those sales in the U.S. were particularly sluggish,» Hitachi spokesman Masayuki Takeuchi said. The slump in U.S. sales was a major cause of the company's dismal performance, he .. Tue, 13 May 2008 09:16:02 GMT http://www.pr-inside.com/hitachi-s-net-loss-for-fiscal-year-r585345.htm http://www.pr-inside.com/hitachi-s-net-loss-for-fiscal-year-r585345.htm Finance (PR-inside.com) TOKYO (AP) - Toyota Motor Corp. and other Japanese companies with operations in China's Sichuan province have temporarily halted business in the region following Monday's earthquake. Toyota has suspended production at its Sichuan joint venture until 6 a.m. Wednesday as the company assesses the condition of the plant, said spokesman Hideaki Honma. Japan's top automaker has confirmed the safety of 1,200 of its 1,600 employees so far, he added. The Sichuan FAW Toyota Motor Co. plant produces Coaster microbus and Prado SUVs with an annual production capacity of 13,000. When operating normally, the factory .. Tue, 13 May 2008 09:10:02 GMT http://www.pr-inside.com/toyota-other-japanese-companies-suspend-r585339.htm http://www.pr-inside.com/toyota-other-japanese-companies-suspend-r585339.htm Finance (PR-inside.com) LONDON (AP) - Enodis PLC reported Tuesday that first-half profits fell 44 percent largely due to the cost of restructuring. Enodis, a food equipment supplier which is the subject of a takeover bid by Illinois Tool Works, reported a profit of 9.7 million pounds (US$19 million; ¤12.3 million) for the six months ending March 29, compared with 17.3 million pounds in the comparable period a year ago. Revenue rose 8 percent to 394.6 million pounds (US$771 million; ¤500 million). The company took an exceptional charge of 5 million pounds (US$9.8 million; ¤6.3 billion) to .. Tue, 13 May 2008 09:05:04 GMT http://www.pr-inside.com/enodis-plc-1h-profit-down-r585325.htm http://www.pr-inside.com/enodis-plc-1h-profit-down-r585325.htm Finance (PR-inside.com) TOKYO (AP) - Japanese automaker Nissan says its profit jumped 95 percent in the fiscal fourth quarter on healthy overseas sales. Nissan Motor Co. said Tuesday its January-March profit rose to 137.6 billion yen (US$1.3 billion; ¤840 million) from 82.2 billion yen in the same period the previous year. Sales in the quarter rose 5.9 percent from a year ago to 2.99 trillion yen (US$28.8 billion; ¤18.7 billion), according to Nissan. Tokyo-based Nissan, which has an alliance with Renault SA of France, sold 1.06 million vehicles around the world in the quarter, an increase .. Tue, 13 May 2008 09:04:01 GMT http://www.pr-inside.com/nissan-january-march-quarter-profit-jumps-r585321.htm http://www.pr-inside.com/nissan-january-march-quarter-profit-jumps-r585321.htm Finance (PR-inside.com) TOKYO (AP) - Honda's new hydrogen-powered vehicle, set for leasing within a few months, radically reduced the sizes of its fuel cell and motor for a superclean car with the same interior space as a regular car, engineers said Tuesday. That's a vast improvement from the company's first such model introduced nearly a decade ago. The fuel cell was so bulky that the car could barely seat one person _ and crept along at a snail's pace. The new FCX Clarity reaches maximum speed of 160 kilometers (99 miles) an hour and comfortably seats .. Tue, 13 May 2008 09:02:02 GMT http://www.pr-inside.com/honda-says-its-new-fuel-cell-r585312.htm http://www.pr-inside.com/honda-says-its-new-fuel-cell-r585312.htm Finance (PR-inside.com) OSLO, Norway (AP) - State-controlled StatoilHydro ASA on Tuesday reported a more than 60 percent increase in net profits for the first quarter from a year earlier due to high oil and natural gas prices and strong production. The company said its net profit for the January through March period was 16 billion kroner (US$3.15 billion; ¤2.04 billion), compared with 9.9 billion kroner a year earlier, due largely to a 42 percent increase in crude oil prices during the year. «We deliver a good first-quarter result characterized by solid production in a market .. Tue, 13 May 2008 08:58:01 GMT http://www.pr-inside.com/norway-s-statoilhydro-1q-net-profit-up-r585308.htm http://www.pr-inside.com/norway-s-statoilhydro-1q-net-profit-up-r585308.htm Finance (PR-inside.com) MANILA, Philippines (AP) - Ayala Corp., the Philippines' largest conglomerate, said Tuesday its first-quarter profit plummeted 53 percent in the absence of a one-time gain from the sale of shares that boosted earnings in the same period last year. Ayala said net profit dropped to 2.6 billion pesos (US$61 million; ¤39 million) in the January-March quarter from 5.6 billion pesos last year. The 2007 first quarter earnings included 3.3 billion pesos from the sale of shares in Ayala's property unit Ayala Land Inc., and in affiliates Globe Telecom Inc. and Bank of the .. Tue, 13 May 2008 08:44:02 GMT http://www.pr-inside.com/philippines-ayala-corp-1st-quarter-profit-r585284.htm http://www.pr-inside.com/philippines-ayala-corp-1st-quarter-profit-r585284.htm Finance (PR-inside.com) PARIS (AP) - Airbus on Tuesday announced new delays on deliveries of the superjumbo A380 this year and next, saying it needs more time and resources to get the planes ready. The European aircraft maker said in a statement Tuesday that it will deliver 12 planes in 2008 instead of 13, and 21 planes in 2009 instead of 25. It said deliveries for 2010 will be discussed with customers in the coming weeks. The A380, the world's biggest passenger plane, was plagued by production delays that repeatedly pushed back the delivery of the .. Tue, 13 May 2008 08:39:03 GMT http://www.pr-inside.com/airbus-announces-new-delays-on-deliveries-r585278.htm http://www.pr-inside.com/airbus-announces-new-delays-on-deliveries-r585278.htm Finance (PR-inside.com) AURORA, CO - Fitzsimons Community Credit Union (FCCU), a full-service financial institution in Aurora, Colorado, held its 53rd Annual Meeting on Friday, April 18, 2008. The 53rd Annual Meeting conducted standard votes and motions, witnessed a guest speech by Congressman Ed Perlmutter, and offered support to 'Homes for Our Troops'. 'This year we were proud to have on hand Congressman Ed Perlmutter, of Colorado's 7th district,' stated FCCU Chairman of the Board, Thomas Smith. 'Congressman Perlmutter was, and still is, a strong supporter of our credit union. He has fought for us during this time of re-development on the Fitzsimons campus, .. Tue, 13 May 2008 08:37:40 GMT http://www.pr-inside.com/may-r585272.htm http://www.pr-inside.com/may-r585272.htm Finance (PR-inside.com) TOKYO (AP) - The dollar slipped against the yen in Asia Tuesday on selling from Japanese exporters and moved in a narrow range amid lingering worries about the U.S. credit crunch. The greenback was quoted at 103.72 yen midafternoon in Tokyo, down from 103.84 yen in New York late Monday. «Fears over a U.S. credit crunch are weighing on the dollar, which is limiting any gains, but (those fears) aren't so strong as to cause an immediate tumble,» said Masanobu Ishikawa, manager of foreign exchange at Tokyo Forex and Ueda Harlow. The dollar was .. Tue, 13 May 2008 08:37:02 GMT http://www.pr-inside.com/dollar-slips-against-yen-in-asia-r585271.htm http://www.pr-inside.com/dollar-slips-against-yen-in-asia-r585271.htm Finance (PR-inside.com) London: The joint liquidators of Gizmondo Europe Ltd (in liquidation) recently announced that, following extensive enquiries and negotiations, they have entered into an agreement with one of the ex-directors of the company, Mr Carl Freer. Much time and effort has been spent on finding a resolution in relation to Mr Carl Freer and the IPR Assets of Gizmondo Europe Ltd - in liquidation. 'The continued co-operation afforded us by Mr Freer will enable the liquidators to recover a substantial sum for the general body of creditors. Furthermore, Mr Freer's continued assistance will reduce the overall indebtedness of the company. 'We have considered the .. Tue, 13 May 2008 08:36:44 GMT http://www.pr-inside.com/an-agreement-has-been-reached-between-r585269.htm http://www.pr-inside.com/an-agreement-has-been-reached-between-r585269.htm Finance (PR-inside.com) PARIS (AP) - Airbus parent EADS has announced new delays on deliveries of the superjumbo A380, saying it needs more time and resources to get the planes ready. The European aircraft maker said in a statement Tuesday that it will deliver 12 planes this year instead of 13, and 21 planes next year instead of 25. The A380, the world's biggest passenger plane, was plagued by delays in the runup to the delivery of the first jet to Singapore Airlines last year. .. Tue, 13 May 2008 08:27:00 GMT http://www.pr-inside.com/airbus-parent-eads-announces-new-delays-r585255.htm http://www.pr-inside.com/airbus-parent-eads-announces-new-delays-r585255.htm Finance (PR-inside.com) NEW YORK (AP) - The economic downturn is hitting roughly one in 10 middle-aged and older Americans especially hard, compelling them to borrow money for everyday living expenses and to seek help from family, friends or charities, according to a survey released Tuesday. In the telephone survey of 1,002 adults 45 and older, nearly four in 10 said they had helped a child pay bills or expenses. Among retirees, one-third said they had helped their children pay bills. Eight percent said they had helped a parent pay bills or expenses. The survey's .. Tue, 13 May 2008 08:23:02 GMT http://www.pr-inside.com/americans-45-and-older-say-they-re-r585253.htm http://www.pr-inside.com/americans-45-and-older-say-they-re-r585253.htm Finance (PR-inside.com) JUNEAU, Alaska (AP) - Exxon Mobil Corp. asked that Alaska pay $800 million (¤518.47 million) in damages, claiming the state breached a deal when it revoked gas and oil leases on a North Slope oil field. The Irving, Texas-based company also filed a separate request for reconsideration of a gas field development proposal that was rejected by state Resources Commissioner Tom Irwin last month. Both filings were submitted to the Alaska Department of Natural Resources by Exxon Mobil on behalf of itself and its lease partners over the revocation of Point Thomson oil .. Tue, 13 May 2008 08:11:00 GMT http://www.pr-inside.com/exxon-says-alaska-should-pay-r585245.htm http://www.pr-inside.com/exxon-says-alaska-should-pay-r585245.htm Finance (PR-inside.com) WASHINGTON (AP) - Amid daily bipartisan sniping over high gas prices, Democrats and Republicans appear to agree on at least one thing: With oil over $120 a barrel, President George W. Bush ought to stop buying crude for the government emergency reserve. Both the House and Senate are expected to approve, with bipartisan support, legislation Tuesday directing Bush to temporarily halt the shipment of about 70,000 barrels of oil a day to the Strategic Petroleum Reserve. Bush has refused to do so, arguing that this small amount of oil won't impact prices and that .. Tue, 13 May 2008 07:49:00 GMT http://www.pr-inside.com/lawmakers-want-bush-to-stop-shipping-r585232.htm http://www.pr-inside.com/lawmakers-want-bush-to-stop-shipping-r585232.htm Finance (PR-inside.com) SHANGHAI, China (AP) - The earthquake that devastated parts of central China's Sichuan province will likely have a limited impact on the country's booming economy, analysts said Tuesday, though repercussions were seen across the region. Authorities reported about 10,000 dead from the quake, which destroyed schools, factories and other buildings in the hilly but industrialized region of small cities and towns. State-run television reports showed mountain roads blocked by huge boulders unleashed by landslides. Cell phone and other telecommunications services were reported out of service across much of the region. Some .. Tue, 13 May 2008 07:44:01 GMT http://www.pr-inside.com/economic-jolt-from-china-s-quake-seen-r585225.htm http://www.pr-inside.com/economic-jolt-from-china-s-quake-seen-r585225.htm Finance (PR-inside.com) SEATTLE (AP) - Microsoft Corp. launched its WorldWide Telescope late Monday, bringing the free Web-based program for zooming around the universe to a broad audience. WorldWide Telescope, developed by Microsoft's research arm, knits together images from the Hubble Space Telescope, the Chandra X-Ray Observatory Center, the Sloan Digital Sky Survey and others. Computer users can browse through the galaxy on their own or take guided tours of different outer-space destinations developed by astronomers and academics. The site lets users choose from a number of different telescopes and switch between different light wavelengths. «The WorldWide Telescope .. Tue, 13 May 2008 07:29:01 GMT http://www.pr-inside.com/microsoft-worldwide-telescope-blasts-off-r585211.htm http://www.pr-inside.com/microsoft-worldwide-telescope-blasts-off-r585211.htm Finance (PR-inside.com) BANGKOK, Thailand (AP) - Oil prices dropped below US$124 a barrel on profit-taking Tuesday in Asia after hitting another trading record in the previous session. Monday's mark of US$126.40 a barrel was the sixth trading record in six trading sessions, and analysts said the market was due for a correction following the seemingly relentless climb upward. Some attributed the drop-off in prices partly to expectations that Monday's earthquake in China would result in a temporary drop in demand. The 7.9-magnitude earthquake in central China's Sichuan province killed about 10,000 people and knocked .. Tue, 13 May 2008 07:10:01 GMT http://www.pr-inside.com/oil-prices-drop-below-us-124-a-r585200.htm http://www.pr-inside.com/oil-prices-drop-below-us-124-a-r585200.htm Finance (PR-inside.com) BEIJING (AP) - China's consumer spending rose 22 percent in April as outlays for food, housing and energy grew sharply, according to official data reported Tuesday. Chinese consumer spending, fueled by a boom that saw the economy grow by 10.6 percent in the first quarter, has stayed strong even as demand in the United States and elsewhere weakens. That has raised hopes that China might help to drive global growth as its imports expand. Spending on food jumped by 25.3 percent in April compared with the same month last year, the National Bureau of .. Tue, 13 May 2008 06:44:00 GMT http://www.pr-inside.com/china-reports-april-consumer-spending-up-r585187.htm http://www.pr-inside.com/china-reports-april-consumer-spending-up-r585187.htm Finance (PR-inside.com) BANGKOK, Thailand (AP) - Oil has dropped below US$124 a barrel in Asia on profit-taking after hitting another trading record in the previous session. By midday Tuesday in Singapore, light, sweet crude for June delivery had fallen 70 cents to US$123.53 a barrel in electronic trading on the New York Mercantile Exchange. The contract hit a trading record of US$126.40 a barrel in the previous session before dropping back to settle at US$124.23. Victor Shum, an energy analyst with Purvin and Gertz in Singapore, discounted Monday's earthquake in China as a factor in the .. Tue, 13 May 2008 05:57:01 GMT http://www.pr-inside.com/oil-prices-drop-below-us-124-a-r585156.htm http://www.pr-inside.com/oil-prices-drop-below-us-124-a-r585156.htm Finance (PR-inside.com) SHANGHAI, China (AP) - Chinese shares fell Tuesday and the country's two stock exchanges suspended trading in 66 companies based in the region hit by a major earthquake in an effort to minimize potential disruptions to financial markets. The benchmark Shanghai Composite Index was down 2.6 percent at 3,533.55 by midday, after dropping as much as 3.3 percent in early trade. The Shenzhen Composite Index, of China's second, smaller bourse, fell 1.3 percent by midday to 1,097.26. The Shanghai Stock Exchange suspended trading in 45 companies, most of them based in central .. Tue, 13 May 2008 05:53:01 GMT http://www.pr-inside.com/chinese-stocks-drop-exchanges-suspend-trading-r585154.htm http://www.pr-inside.com/chinese-stocks-drop-exchanges-suspend-trading-r585154.htm Finance (PR-inside.com) SYDNEY, Australia (AP) - St. George Bank agreed Tuesday to a nearly 19 billion Australian dollar (US$18 billion; ¤12 billion) takeover offer from Westpac Banking Corp. that would create Australia's biggest bank and be one of the country's largest corporate deals. The two lenders said in a joint statement Tuesday that Westpac was offering 1.31 of its own shares for each St. George Bank share, valuing the offer at 18.6 billion Australian dollars (US$17.5 billion; ¤11.3 billion). The deal requires approval from competition regulators and the federal government. Australia's antitrust regulator, the .. Tue, 13 May 2008 04:15:01 GMT http://www.pr-inside.com/st-george-bank-agrees-to-westpac-r585129.htm http://www.pr-inside.com/st-george-bank-agrees-to-westpac-r585129.htm Finance (PR-inside.com) DUBLIN, Ohio (AP) - Employees of Wendy's International Inc. should prepare for job cuts as the acquisition of the third-largest U.S. hamburger chain by the owner of Arby's roast beef sandwich restaurants moves forward, the incoming CEO said Monday. Roland Smith, the chief executive of Atlanta-based Triarc Companies Inc., said in a letter to Wendy's employees that job cuts will come as the company examines ways to become more efficient. «There will be job cuts at Wendy's,» he said. «I don't know how to put it any other way and say that I .. Tue, 13 May 2008 03:38:02 GMT http://www.pr-inside.com/incoming-wendy-s-ceo-sees-job-cuts-r585111.htm http://www.pr-inside.com/incoming-wendy-s-ceo-sees-job-cuts-r585111.htm Finance (PR-inside.com) CANBERRA, Australia (AP) - Prime Minister Kevin Rudd's first annual proposed budget would invest in health, education and infrastructure while cutting back on spending in other areas to curb inflation, the treasurer said Tuesday. «This budget will be tough but it will be fair,» Treasurer Wayne Swan told reporters hours before he was scheduled to show Parliament his government's economic blueprint for the fiscal year beginning July 1. The budget, the first to be delivered by a center-left Labor Party government since 1995, would also set the foundations for Australia's direction over .. Tue, 13 May 2008 03:14:01 GMT http://www.pr-inside.com/treasurer-says-australian-annual-budget-r585100.htm http://www.pr-inside.com/treasurer-says-australian-annual-budget-r585100.htm Finance (PR-inside.com) SYDNEY, Australia (AP) - St. George Bank on Tuesday agreed to a nearly 19 billion Australian dollar (US$18 billion; ¤12 billion) takeover offer from Westpac Banking Corp. that would create Australia's biggest bank and be one of the country's largest corporate deals. The two lenders said in a joint statement Tuesday that Westpac was offering 1.31 of its own shares for each St. George Bank share, valuing the offer at 18.6 billion Australian dollars (US$17.5 billion; ¤11.3 billion). The deal requires approval from competition regulators and the federal government. The deal would create Australia's .. Tue, 13 May 2008 03:05:01 GMT http://www.pr-inside.com/st-george-bank-agrees-to-westpac-r585098.htm http://www.pr-inside.com/st-george-bank-agrees-to-westpac-r585098.htm Finance (PR-inside.com) PHILADELPHIA (AP) - Sovereign Bancorp Inc., the third-largest U.S. savings and loan, said Monday that its two biggest shareholders are planning to boost their investment in the company as it seeks to raise $1.5 billion (¤970 million) to hedge against an economic slowdown. Once at loggerheads over control of the Philadelphia thrift, Spain's Banco Santander S.A. and Relational Investors LLC, of San Diego, plan to participate in Sovereign's $1.2 billion (¤780 million) common stock offering, according to a Securities and Exchange Commission filing. Sovereign also plans to issue $500 million (¤324 .. Tue, 13 May 2008 02:52:00 GMT http://www.pr-inside.com/sovereign-shareholders-to-boost-investment-r585080.htm http://www.pr-inside.com/sovereign-shareholders-to-boost-investment-r585080.htm Finance (PR-inside.com) LOS ANGELES (AP) - Will people remember three-second video ads on their mobile phones? Do high-definition commercials on big screens get people's hearts racing more than other pitches? Is the sports ticker crawl distracting or does it add value to the 30-second TV spot A laboratory in Austin, Texas, to be founded by The Walt Disney Co. by the end of the year aims to answer these questions and more by testing the biometric reactions of a pool of up to 4,000 people to advertising that takes advantage of the latest technology. In .. Tue, 13 May 2008 02:40:02 GMT http://www.pr-inside.com/disney-to-create-laboratory-to-test-r585071.htm http://www.pr-inside.com/disney-to-create-laboratory-to-test-r585071.htm Finance (PR-inside.com) SHANGHAI, China (AP) - China's two stock exchanges suspended trading Tuesday in 66 companies based in the region hit by a major earthquake the day before, in an effort to minimize potential disruptions from the disaster. The Shanghai Stock Exchange suspended trading in 45 companies, most of them based in central China's Sichuan province, where authorities said early Tuesday that the 7.9 magnitude quake had killed nearly 10,000 people. The full extent of damage from the disaster, especially in remote mountainous areas, was still unclear. But at least two chemical plants were reported .. Tue, 13 May 2008 02:36:01 GMT http://www.pr-inside.com/chinese-stock-exchanges-suspend-trading-r585068.htm http://www.pr-inside.com/chinese-stock-exchanges-suspend-trading-r585068.htm Finance (PR-inside.com) NEW YORK (AP) - Maurice R. Greenberg, the former chief executive and largest individual shareholder of AIG, is urging the insurer to postpone its annual meeting in the wake of its massive first-quarter loss, according to regulatory filing Monday. American International Group Inc., the world's largest insurance company, said Friday it lost $7.81 billion (¤5.06 billion), or $3.09 (¤2) per share, in the first quarter. AIG also announced plans to raise $12.5 billion (¤8.1 billion) in the coming months to shore up its capital base. In a letter to the board dated Sunday, .. Tue, 13 May 2008 02:32:01 GMT http://www.pr-inside.com/former-aig-chief-maurice-greenberg-urges-r585063.htm http://www.pr-inside.com/former-aig-chief-maurice-greenberg-urges-r585063.htm Finance (PR-inside.com) TORONTO (AP) - General Motors Corp. plans to close its Windsor, Ontario, transmission factory in the second quarter of 2010, the automaker said Monday. Company spokesman Stew Low said about 1,400 hourly and salaried employees work at the facility making four-speed automatic transmissions for front-wheel-drive vehicles. But GM and other automakers are shifting from four-speed automatic transmissions to more fuel efficient six-speed gearboxes. The strong Canadian dollar and higher labor costs in Canada also contributed to GM's decision, Low said. «Certainly new investment in Canada is challenging. For a lot of different reasons, primarily cost,» .. Tue, 13 May 2008 02:30:01 GMT http://www.pr-inside.com/gm-to-close-windsor-ontario-transmission-r585061.htm http://www.pr-inside.com/gm-to-close-windsor-ontario-transmission-r585061.htm Finance (PR-inside.com) SAN FRANCISCO (AP) - Hewlett-Packard Co. is negotiating to buy technology services provider Electronic Data Systems Corp. in a deal that could help the world's largest personal computer maker snap up more data management and consulting contracts. Palo Alto-based HP and Plano, Texas-based EDS confirmed the talks Monday shortly after The Wall Street Journal reported a deal could be reached as early as Tuesday. Citing unnamed people familiar with the matter, the Journal said HP will pay $12 billion to $13 billion (¤7.8 billion to ¤8.4 billion) _ a price that .. Tue, 13 May 2008 02:26:03 GMT http://www.pr-inside.com/hp-in-talks-to-buy-eds-r585057.htm http://www.pr-inside.com/hp-in-talks-to-buy-eds-r585057.htm Finance (PR-inside.com) WILLIAMS, California (AP) - Dipping its left wing, a canary-yellow biplane makes a sharp turn and dives over a flooded field, showering rice on the shallow water fifteen feet (5 meters) below. It's aerial seeding season for rice farmers in California, which produces about 20 percent of the crop grown in the U.S. With the price of rice surging internationally, much of the medium-grain rice being planted between the Sutter Butte mountains and California's Coastal Range has already being sold, even though harvest still is months away. «It's nuts,» said Pat Daddow, head .. Tue, 13 May 2008 02:18:01 GMT http://www.pr-inside.com/high-demand-price-of-rice-good-r585050.htm http://www.pr-inside.com/high-demand-price-of-rice-good-r585050.htm Finance (PR-inside.com) NEW YORK (AP) - Sprint Nextel Corp. has finally rounded up the financial backing it needs to build a faster wireless network. But for U.S. consumers and the electronics industry, speed may be the least important thing about the new network. Though specifics are scant, everything points to the new network breaking with the current model of the U.S. wireless industry, where carriers both operate the service and sell the devices that use it. Right now, when you buy a Sprint phone, you use it on the Sprint network, and Sprint picks the .. Tue, 13 May 2008 02:17:01 GMT http://www.pr-inside.com/joint-sprint-clearwire-network-could-r585049.htm http://www.pr-inside.com/joint-sprint-clearwire-network-could-r585049.htm Finance (PR-inside.com) SAN JOSE, California (AP) - EBay Inc. is exploring whether to require customers to use its online payment service PayPal, a move that has angered users and prompted antitrust scrutiny in Australia, where a PayPal-only rule takes effect next month. After repeated queries, the online auction company said last Friday it will not institute such a rule in the United States. But it remains unclear whether eBay will still try it in other countries. EBay often tests big changes in smaller markets before expanding them worldwide, and says it is open .. Tue, 13 May 2008 02:16:03 GMT http://www.pr-inside.com/ebay-s-paypal-rule-in-australia-draws-r585048.htm http://www.pr-inside.com/ebay-s-paypal-rule-in-australia-draws-r585048.htm Finance (PR-inside.com) MESOPOTAMIA, Ohio (AP) - In a quiet gas-lit farmhouse, two girls in bonnets and long blue dresses wind tape around expired bottles of Newman's Own salad dressing, and wipe dust off dented cans of vegetables and crumpled boxes of Butterfinger candy bars. They are picking through the leftovers from America's supermarkets. Amish-run salvage stores, a thriving discount industry tucked away in America's farmlands, sell expired food and medicine dirt-cheap. This shadow economy, run by people who typically shun modern methods of commerce, is drawing a steady stream of non-Amish customers seeking relief .. Tue, 13 May 2008 02:15:03 GMT http://www.pr-inside.com/hard-hit-us-consumers-turn-to-amish-run-r585047.htm http://www.pr-inside.com/hard-hit-us-consumers-turn-to-amish-run-r585047.htm Finance (PR-inside.com) SYDNEY, Australia (AP) - Australia's St. George Bank Ltd. has agreed to accept an offer from Westpac Banking Corp. that would result in one of the country's biggest corporate takeovers. The two lenders said in a joint statement Tuesday that Westpac was offering 1.31 of its own shares for each St. George Bank share, valuing the offer at 18.6 billion Australian dollars (US$17.5 billion; ¤11.3 billion). The deal requires approval from competition regulators and the federal government. The St. George Bank board will recommend the offer to shareholders, subject to an independent expert confirming .. Tue, 13 May 2008 02:03:28 GMT http://www.pr-inside.com/st-george-bank-agrees-to-westpac-r585038.htm http://www.pr-inside.com/st-george-bank-agrees-to-westpac-r585038.htm Finance (PR-inside.com) SACRAMENTO, California (AP) - Nestle SA said Monday it is significantly scaling back plans in Northern California to build what would have been the largest water bottling plant in the U.S. The announcement by Nestle Waters North America comes after years of opposition by environmentalists and a group of residents in the rural town of McCloud. With soaring fuel and transportation costs, building a 1 million square foot (90,000 square meter) facility at the base of Mount Shasta no longer makes economic sense, said David Palais, Nestle's Northern California natural resource manager. The .. Tue, 13 May 2008 01:53:03 GMT http://www.pr-inside.com/nestle-announces-plan-to-scale-back-r585023.htm http://www.pr-inside.com/nestle-announces-plan-to-scale-back-r585023.htm Finance (PR-inside.com) SANTIAGO, Chile (AP) - Chile's Supreme Court has ruled that state copper giant Codelco is not obliged to comply with a union demand to hire some contract workers as regular employees. Codelco asked the court to rule after the government's Labor Office ordered it to hire the workers. The workers are threatening to resume a 20-day strike they ended just a week ago. Union leaders say Codelco violated an April 5 accord that ended the strike when it took the case to court. «It is not for the courts to decide on the right of .. Tue, 13 May 2008 01:28:04 GMT http://www.pr-inside.com/chile-s-supreme-court-sides-with-state-r584990.htm http://www.pr-inside.com/chile-s-supreme-court-sides-with-state-r584990.htm Finance (PR-inside.com) CANBERRA, Australia (AP) - Prime Minister Kevin Rudd's first annual budget Tuesday since his party won control of Australia's government last year will likely contain deep spending cuts in a bid to curb inflation fueled by high oil prices and a mining boom, economists said. They also agreed that the budget, the first to be delivered by a center-left Labor Party government since 1995, could also set the foundations for a new direction for Australia. Former Prime Minister John Howard's conservative government delivered 10 budget surpluses in 12 years built on company .. Tue, 13 May 2008 01:10:04 GMT http://www.pr-inside.com/economists-predict-deep-spending-cuts-r584967.htm http://www.pr-inside.com/economists-predict-deep-spending-cuts-r584967.htm Finance (PR-inside.com) Some recent issues 1) Federal Home Loan Mortgage Corp Series Z fixed to floating rate dividend with a liquidation preference of $25.00 per share (FRE-PZ). The $6 billion issued pays a quarterly dividend when and if declared by the Board of Directors at fixed rate of 8.375% until 2013. Thereafter the rate is variable based on Libor + 416bps with a 7.875% floor. Summary of the terms of this preferred stock can be view at http://preferredstockcentral.com/FREPZ.php 2) Bank of America Corporation 7.25% Non-Cumulative Perpetual Convertible Preferred Stock Series L with a liquidation preference of $1,000.00 per share (BAC-PL). The $6 billion issue .. Tue, 13 May 2008 00:37:23 GMT http://www.pr-inside.com/recent-preferred-stock-offerings-offer-r584922.htm http://www.pr-inside.com/recent-preferred-stock-offerings-offer-r584922.htm Finance (PR-inside.com) SAO PAULO, Brazil (AP) - Brazil's state-owned oil company Petrobras says earnings increased 68 percent in the first quarter as oil prices and sales climbed and Brazil's currency growth slowed. Petroleo Brasileiro SA says it earned 6.9 billion Brazilian reals (US$4.1 billion; ¤2.6 billion), up from 4.1 billion reals (US$2.4 billion; ¤1.5 billion) in the first quarter of 2007. Net sales reached 46.9 billion reals (US$27.8 billion; ¤18 billion), up from 38.9 billion reals (US$23.1 billion; ¤15 billion) a year earlier. Petrobras' shares closed 0.18 percent higher at 45.75 Brazilian reals (US$27.1; ¤17.5) .. Tue, 13 May 2008 00:03:01 GMT http://www.pr-inside.com/brazil-s-petrobras-posts-68-percent-increase-r584864.htm http://www.pr-inside.com/brazil-s-petrobras-posts-68-percent-increase-r584864.htm Finance (PR-inside.com) NEW YORK (AP) - Several American victims of terrorist attacks in Israel have filed a lawsuit seeking more than $500 million (¤324 million) from a Swiss bank, claiming the bank made it possible for Iran to fund the terrorists. The lawsuit says the bank, Zurich-based UBS AG, provided dollars to Iran in violation of trade sanctions and Iran funneled the money to terrorist groups. «UBS knew full well that the cash dollars it was providing to a state sponsor of terrorism such as Iran would be used to cause and facilitate terrorist attacks by .. Mon, 12 May 2008 23:58:02 GMT http://www.pr-inside.com/us-victims-of-terror-in-israel-r584852.htm http://www.pr-inside.com/us-victims-of-terror-in-israel-r584852.htm Finance (PR-inside.com) QUITO, Ecuador (AP) - State oil companies from Venezuela and Ecuador on Monday disclosed formal plans to build and operate a refinery on Ecuador's Pacific coast. The joint venture, known as Pacific Refinery-CEM, will be formed this month, with Ecuador owning a 51 percent stake and Venezuela owning 49 percent, Ecuador's state oil company Petroecuador announced in a statement. The new company will ask foreign companies for bids to build the refinery, likely requiring them to finance 70 percent of its construction, Petroecuador said. The winner will be compensated after construction, possibly with .. Mon, 12 May 2008 23:57:14 GMT http://www.pr-inside.com/ecuador-venezuela-give-details-on-r584850.htm http://www.pr-inside.com/ecuador-venezuela-give-details-on-r584850.htm Finance (PR-inside.com) BRASILIA, Brazil (AP) - Brazil's government unveiled plans Monday to grant the equivalent of more than US$13 billion (¤8.43 billion) in tax cuts and loans to boost exports and industrial production. Export industries and technology companies will receive 21.4 billion reals (US$12.6 billion; ¤8.17 billion) in tax cuts through 2011 to stimulate «productive investments» and innovation, Finance Minister Guido Mantega said. Exporters also will benefit from 1.3 billion reals (US$765 million; ¤496 million) in low-cost loans _ more than double the 500 million reals (US$294 million; ¤191 million) awarded last year, Mantega .. Mon, 12 May 2008 23:35:05 GMT http://www.pr-inside.com/brazil-grants-tax-cuts-low-cost-loans-r584799.htm http://www.pr-inside.com/brazil-grants-tax-cuts-low-cost-loans-r584799.htm Finance (PR-inside.com) NEW YORK (AP) - Wall Street rallied Monday as oil prices fell back and alleviated some of investors' concerns about accelerating inflation. The Dow Jones industrials gained 130 points. Oil's retreat helped soothe some of Wall Street's worries about inflation's impact on consumer spending. Crude briefly reached a new trading high of $126.40, but investors seemed shy, for the time being at least, to add to oil's huge gain of nearly $10 last week. Light, sweet crude oil fell $1.73 to settle at $124.23 per barrel on the New York Mercantile .. Mon, 12 May 2008 23:34:01 GMT http://www.pr-inside.com/us-stocks-up-as-oil-price-r584795.htm http://www.pr-inside.com/us-stocks-up-as-oil-price-r584795.htm Finance (PR-inside.com) CARACAS, Venezuela (AP) - President Hugo Chavez has signed a decree formalizing the nationalization of Venezuela's largest steel maker. Chavez says his leftist government will transform Sidor into a socialist company by raising salaries and improving benefits for the steel maker's 4,500 employees. The president addressed workers Monday on a visit to a steel plant. He said the government plans to reduce Sidor's exports and increase steel supplies for domestic consumption. Sidor was previously controlled by a Luxembourg-based company called Ternium SA. Chavez ordered the company's nationalization last month, arguing that Ternium was exploiting .. Mon, 12 May 2008 23:03:02 GMT http://www.pr-inside.com/chavez-completes-steel-nationalization-r584717.htm http://www.pr-inside.com/chavez-completes-steel-nationalization-r584717.htm Finance (PR-inside.com) CHARLOTTE, North Carolina (AP) - Wachovia Corp., the fourth-largest U.S. bank, said Monday its securities unit and affiliates have received inquiries and subpoenas from federal and state regulators over auction-rate securities. The Charlotte-based bank also trimmed a write-down related to an insurance portfolio by $1 million (¤650,000), reducing its total loss in the first-quarter to $707 million (¤458.2 million). Wachovia made the disclosures in a regulatory filing with the Securities and Exchange Commission. Its shares rose 59 cents, or 2.1 percent, to $28.22 in trading Monday. Wachovia said the SEC and other regulators are seeking .. Mon, 12 May 2008 22:52:01 GMT http://www.pr-inside.com/wachovia-subpoenaed-over-auction-rate-securities-r584688.htm http://www.pr-inside.com/wachovia-subpoenaed-over-auction-rate-securities-r584688.htm Finance (PR-inside.com) PALO ALTO, California (AP) - Hewlett-Packard is negotiating to buy information technology services provider Electronic Data Systems in a deal that would expand the world's largest personal computer maker's reach in the corporate consulting market. Palo Alto-based HP confirmed the discussions Monday after The Wall Street Journal's Web site reported a deal is in the works. Citing unnamed people familiar with the matter, The Journal said the sales price is expected to range between $12 billion (¤7.78 billion) and $13 billion (¤8.43 billion). HP said there is no assurance a deal will .. Mon, 12 May 2008 22:34:03 GMT http://www.pr-inside.com/report-hewlett-packard-nearing-deal-r584661.htm http://www.pr-inside.com/report-hewlett-packard-nearing-deal-r584661.htm Finance (PR-inside.com) NEW YORK (AP) - Gold for current delivery closed at $883.70 per troy ounce Monday on the New York Mercantile Exchange, down from $884.50 late Friday. HSBC Bank USA gave a late quote of $883.00, down from $886.00 late Friday. .. Mon, 12 May 2008 22:33:01 GMT http://www.pr-inside.com/gold-down-r584659.htm http://www.pr-inside.com/gold-down-r584659.htm Finance (PR-inside.com) MOUNTAIN VIEW, California (AP) - The effort to make it easier for Web surfers to connect with their friends is attracting a crowd. Following similar moves by the two biggest online hangouts, Internet search leader Google Inc. is introducing tools that are supposed to make any Web site more sociable. The service, expected to be available on a limited basis Monday evening, provides a framework that will enable people to interact with their friends and use favorite applications they have accumulated on social networks like Facebook and Plaxo even when they aren't visiting .. Mon, 12 May 2008 22:28:04 GMT http://www.pr-inside.com/google-joins-the-crusade-to-extend-r584651.htm http://www.pr-inside.com/google-joins-the-crusade-to-extend-r584651.htm Finance (PR-inside.com) NEW YORK (AP) - Wall Street rallied Monday as oil prices, supported by a stronger dollar, fell back and alleviated some of investors' concerns about accelerating inflation. The Dow Jones industrials gained 130 points. The dollar's advance, a break from the greenback's long losing streak, also helped soothe some of Wall Street's worries about inflation's impact on consumer spending. The greenback's gain helped send light, sweet crude oil down $1.73 to settle at $124.23 per barrel on the New York Mercantile Exchange. Oil briefly reached a new trading high of $126.40, .. Mon, 12 May 2008 22:25:02 GMT http://www.pr-inside.com/us-stocks-advance-as-oil-falls-r584647.htm http://www.pr-inside.com/us-stocks-advance-as-oil-falls-r584647.htm Finance (PR-inside.com) NEW YORK (AP) - Several American victims of terrorist attacks in Israel are demanding more than $500 million (¤324 million) in compensation from a Swiss bank. The plaintiffs in a federal lawsuit say that UBS AG provided cash to Iran that made it possible for the country to fund terrorism. The lawsuit says UBS knew the money would be used to carry out terrorist attacks. UBS did not immediately respond to a call seeking comment. The lawsuit was filed Friday in federal court in Manhattan. It notes that the Federal Reserve fined UBS $100 million .. Mon, 12 May 2008 22:18:03 GMT http://www.pr-inside.com/us-terror-victims-sue-swiss-bank-r584638.htm http://www.pr-inside.com/us-terror-victims-sue-swiss-bank-r584638.htm Finance (PR-inside.com) NEW YORK (AP) - The dollar weakened further against the euro Monday as markets waited for statements from Federal Reserve Chairman Ben Bernanke and economic data expected Tuesday. The 15-nation euro rose to $1.5540 from $1.5480 late Friday. The dollar also edged lower against the British pound, which rose to $1.9566 from $1.9519, but gained to 104.17 Japanese yen from 103.09 yen. The dollar is still up about 3 percent since hitting an all-time low of $1.6018 against the euro on April 22, holding some gains on the belief that the Fed may have .. Mon, 12 May 2008 22:17:02 GMT http://www.pr-inside.com/dollar-falters-vs-euro-pound-but-r584636.htm http://www.pr-inside.com/dollar-falters-vs-euro-pound-but-r584636.htm Finance (PR-inside.com) NEW YORK (AP) - Oil prices briefly spiked to a new record above $126 a barrel Monday but ended the day lower as investors cashed in profits and an earthquake in China raised the possibility of a drop in demand. Oil futures have set new records for six straight sessions, and analysts said the market was due for a correction following the seemingly relentless climb upward. «It looks like we're seeing a little bit of a correction. We put in the highs last week so we're seeing some profit-taking,» said Tom Bentz, analyst at .. Mon, 12 May 2008 22:13:02 GMT http://www.pr-inside.com/crude-oil-hits-new-record-above-r584629.htm http://www.pr-inside.com/crude-oil-hits-new-record-above-r584629.htm Finance (PR-inside.com) SAN ANTONIO (AP) - Clear Channel Communications Inc. and its prospective buyers are in talks with banks to try to settle a dispute over whether the banks must fund promised loans for the $19.5 billion (¤12.64 billion) takeover, the radio and outdoor advertising company said Monday. Shares of Clear Channel were up $2.80, or 9.3 percent, to $32.80 in late afternoon trading Monday. Clear Channel and its private equity buyers, Bain Capital and Thomas H. Lee Partners, sued a consortium of six banks, accusing them of trying to undermine the deal by changing .. Mon, 12 May 2008 22:05:02 GMT http://www.pr-inside.com/clear-channel-says-settlement-talks-underway-r584619.htm http://www.pr-inside.com/clear-channel-says-settlement-talks-underway-r584619.htm Finance (PR-inside.com) SAN FRANCISCO (AP) - Apple Inc. said Monday its online stores in the U.S. and U.K. are sold out of the iPhone, a sign supplies are being winnowed ahead of the launch of the device's next generation featuring faster Internet surfing speeds. The Cupertino-based company confirmed that the iPhone is out of stock online, but added that brick-and-mortar stores run by Apple and iPhone carriers including ATandT Inc. might still have units available. Apple spokeswoman Natalie Kerris declined to comment on reasons for the shortage and on Apple's plans for an update .. Mon, 12 May 2008 21:55:01 GMT http://www.pr-inside.com/apple-says-iphone-sold-out-online-r584604.htm http://www.pr-inside.com/apple-says-iphone-sold-out-online-r584604.htm Finance (PR-inside.com) NEW YORK (AP) - Norman Pearlstine, a former top editor at Time Inc. and The Wall Street Journal, is leaving The Carlyle Group for a senior editorial role at Bloomberg LP, the financial news and data provider announced Monday. Pearlstine had joined The Carlyle Group in September 2006, where he served as a senior adviser to the investment firm in media and telecommunications. At Bloomberg, Pearlstine will serve in the newly created role of chief content officer, where his responsibilities will include expanding Bloomberg's presence in television, radio, magazine and online. Pearlstine will work .. Mon, 12 May 2008 21:47:04 GMT http://www.pr-inside.com/former-time-inc-top-editor-norman-r584593.htm http://www.pr-inside.com/former-time-inc-top-editor-norman-r584593.htm Finance (PR-inside.com) PALO ALTO, California (AP) - Personal computer and printer maker Hewlett-Packard reportedly is nearing a deal to buy information technology services provider Electronic Data Systems for between $12 billion (¤7.78 billion) and $13 billion (¤8.43 billion). The Wall Street Journal reported the talks Monday on its Web site. The newspaper said the acquisition could be announced as early as Tuesday, citing unnamed people familiar with the matter. HP spokesman Ryan Donovan declined to comment Monday. Plano, Texas-based EDS didn't immediately respond to messages. Buying EDS would give Palo Alto-based HP more tools to .. Mon, 12 May 2008 21:40:03 GMT http://www.pr-inside.com/report-hewlett-packard-nearing-deal-r584581.htm http://www.pr-inside.com/report-hewlett-packard-nearing-deal-r584581.htm Finance (PR-inside.com) WASHINGTON (AP) - The federal government ran a budget surplus of $159.3 billion (¤103.24 billion) in April, smaller than a year ago. The Treasury Department reported Monday that the budget surplus for April was 10.4 percent lower than in April 2007. The government traditionally runs a surplus in April, the month that tax returns are due. However, the weak economy has been dampening growth in revenues this year. Through the first seven months of this budget year, the federal deficit totals $152.2 billion (¤98.64 billion), nearly double the $80.8 billion (¤52.37 billion) deficit .. Mon, 12 May 2008 21:12:04 GMT http://www.pr-inside.com/us-federal-budget-surplus-at-159-3b-r584542.htm http://www.pr-inside.com/us-federal-budget-surplus-at-159-3b-r584542.htm Finance (PR-inside.com) BROWNSVILLE, Texas (AP) - A U.S. mining company accused its Mexican parent company Monday of stripping it of its most valuable assets and forcing it into bankruptcy as it launched its $10.5 billion (¤6.8 billion) federal lawsuit against the company. Asarco, which is operating under bankruptcy protection, was left with no way to pay thousands of creditors and a huge environmental bill for mines it owned throughout the U.S. In his opening statement, G. Irvin Terrell, attorney for Asarco, described parent Grupo Mexico as a greedy company that did all it could .. Mon, 12 May 2008 21:10:02 GMT http://www.pr-inside.com/us-mining-company-seeks-billions-from-r584539.htm http://www.pr-inside.com/us-mining-company-seeks-billions-from-r584539.htm Finance (PR-inside.com) PHILADELPHIA (AP) - Sovereign Bancorp Inc., the third-largest U.S. savings and loan, said Monday that its two biggest shareholders are planning to boost their investment in the company as it seeks to raise $1.5 billion (¤1 billion) to hedge against an economic slowdown. Once at loggerheads over control of the Philadelphia thrift, Spain's Banco Santander S.A. and Relational Investors LLC, of San Diego, plan to participate in Sovereign's $1 billion (¤0.65 billion) common stock offering, according to a Securities and Exchange Commission filing. Sovereign also plans to issue $500 million (¤324 .. Mon, 12 May 2008 20:56:03 GMT http://www.pr-inside.com/sovereign-bancorp-s-2-largest-shareholders-to-r584519.htm http://www.pr-inside.com/sovereign-bancorp-s-2-largest-shareholders-to-r584519.htm Finance (PR-inside.com) NEW YORK (AP) - Corn prices sank Monday as investors took profits from last week's record-setting rally and bet that forecasts for dry weather in the Midwest will allow farmers to speed up planting. Other commodities traded mostly lower, with crude oil retreating after hitting a new record above $126 and gold also falling. The outlook for warm, drier weather after weeks of heavy rain in the U.S. corn belt is expected to ease planting delays that have driven up corn prices to unprecedented levels. Wet weather in Midwestern states had left fields .. Mon, 12 May 2008 20:43:04 GMT http://www.pr-inside.com/corn-futures-drop-on-drier-weather-r584495.htm http://www.pr-inside.com/corn-futures-drop-on-drier-weather-r584495.htm Finance (PR-inside.com) CAMBRIDGE, Massachusetts (AP) - What do you want your cell phone to be able to do Massachusetts Industry of Technology professor Hal Abelson put that question to about 20 computer science students this semester when he gave them one assignment: Design a software program for cell phones that use Google Inc.'s upcoming Android mobile operating system. In the process, they revealed the power of an open system like Android to shake up the mobile phone industry, where wireless companies are being pressured to loosen the control they have maintained over what devices do. .. Mon, 12 May 2008 20:41:04 GMT http://www.pr-inside.com/zeroing-on-google-s-cell-phone-operating-r584490.htm http://www.pr-inside.com/zeroing-on-google-s-cell-phone-operating-r584490.htm Finance (PR-inside.com) SAN FRANCISCO (AP) - Apple Inc. says its online stores in the U.S. and U.K. are sold out of the iPhone, a sign supplies are being winnowed ahead of the launch of the device's next generation that will feature faster Internet surfing speeds. The Cupertino-based company has confirmed that the iPhone is out of stock online, but added that brick-and-mortar stores run by Apple and iPhone carriers including ATandT Inc. might still have units available. Apple spokeswoman Natalie Kerris declined to comment on reasons for the shortage and on Apple's plans for an .. Mon, 12 May 2008 20:09:02 GMT http://www.pr-inside.com/apple-says-iphone-sold-out-in-r584434.htm http://www.pr-inside.com/apple-says-iphone-sold-out-in-r584434.htm Finance (PR-inside.com) BROWNSVILLE, Texas (AP) - The Mexican parent company of a U.S. mining operation stripped the Arizona-based company of its most valuable assets, leaving behind only a fragile shell, attorneys for Asarco LLC said Monday as the trial opened in its multibillion dollar lawsuit. In his opening statement, G. Irvin Terrell, attorney for Asarco, described parent Grupo Mexico as a greedy company that did all it could to strip Asarco of its «crown jewel,» a controlling stake in Southern Peru Copper Corp. Asarco is suing Americas Mining Co., a subsidiary of Grupo Mexico, for .. Mon, 12 May 2008 20:01:02 GMT http://www.pr-inside.com/arizona-mining-company-seeks-billions-from-r584417.htm http://www.pr-inside.com/arizona-mining-company-seeks-billions-from-r584417.htm Finance (PR-inside.com) NEW YORK (AP) - Oil prices briefly spiked to a new record above $126 a barrel Monday but later retreated as investors cashed in profits and a massive earthquake in China raised the possibility of a drop in demand. Oil futures have set new records for six straight sessions, driven by a weaker U.S. dollar and growing concerns about declining crude production in Mexico, Russia and elsewhere, analysts say. Goldman Sachs said in a report last week that crude prices could rise to $150 to $200 within two years. «What's really circulating now .. Mon, 12 May 2008 19:46:02 GMT http://www.pr-inside.com/crude-oil-hits-new-record-above-r584393.htm http://www.pr-inside.com/crude-oil-hits-new-record-above-r584393.htm Finance (PR-inside.com) SEATTLE (AP) - The Bill and Melinda Gates Foundation says Microsoft Corp. executive Jeff Raikes will be its next CEO. The world's largest charitable foundation has been looking for a new leader since chief executive Patty Stonesifer announced in February that she would be stepping down. Raikes has been the top executive in Microsoft's business software division, responsible for such things as the Office software suite, Microsoft's server software and applications that help businesses track customers and business processes. In the past decade, the Gates Foundation has made more than $16 billion (¤10.37 billion) .. Mon, 12 May 2008 19:39:02 GMT http://www.pr-inside.com/microsoft-exec-jeff-raikes-to-run-r584379.htm http://www.pr-inside.com/microsoft-exec-jeff-raikes-to-run-r584379.htm Finance (PR-inside.com) DETROIT (AP) - General Motors Corp. plans to close its Windsor, Ontario, transmission factory in the second quarter of 2010, the automaker said Monday. Company spokesman Stew Low said there are no products available for the factory. About 1,400 hourly and salaried employees work at the facility making four-speed automatic transmissions for front-wheel-drive vehicles. GM and other automakers are shifting from four-speed automatic transmissions to more fuel efficient six-speed gearboxes. The strong Canadian dollar and higher labor costs in Canada also contributed to GM's decision, Low said. «Certainly new investment in Canada is challenging. For .. Mon, 12 May 2008 18:47:02 GMT http://www.pr-inside.com/gm-to-close-windsor-ontario-transmission-r584279.htm http://www.pr-inside.com/gm-to-close-windsor-ontario-transmission-r584279.htm Finance (PR-inside.com) NEW YORK (AP) - Wall Street advanced moderately Monday as a rising dollar cooled some concerns about inflation and helped keep oil prices in check. The Dow Jones industrials at times rose more than 100 points. The dollar's gains against other major currencies appeared to help ease some concerns about inflation. A weak dollar can exacerbate price increases, especially since hard commodities like oil become more attractive to investors seeking a hedge against inflation. The market's unease about rising inflation and its effect on consumer spending receded somewhat as light, sweet crude .. Mon, 12 May 2008 18:38:04 GMT http://www.pr-inside.com/us-stocks-advance-as-oil-falls-r584263.htm http://www.pr-inside.com/us-stocks-advance-as-oil-falls-r584263.htm Finance (PR-inside.com) NEW YORK (AP) - Oil prices briefly spiked to a new record above $126 a barrel Monday but later wobbled with some investors buying on worries of falling supply and others selling in response to a stronger dollar. Oil futures have set new records for six straight sessions, driven up by a weak U.S. dollar and growing concerns about declining crude production in Mexico, Russia and elsewhere, analysts say. Goldman Sachs said in a report last week that crude prices could rise to $150 to $200 within two years. «What's really circulating now .. Mon, 12 May 2008 18:26:02 GMT http://www.pr-inside.com/oil-hits-new-record-above-r584242.htm http://www.pr-inside.com/oil-hits-new-record-above-r584242.htm Finance (PR-inside.com) LONDON (AP) - Shares in Chloride Group PLC, Europe's largest maker of backup power supplies, soared 35 percent after the company rejected a 657 million pound (US$1.3 billion; ¤0.84 billion) takeover offer from U.S. peer Emerson Electric Co. The British company, which specializes in maintaining uninterrupted power to information technology systems, said that the preliminary approach of an all-cash offer of 255 pence (US$4.99; ¤3.23) per share «materially undervalued the company and its prospects. «Accordingly, it was not in the interests of Chloride and its shareholders and the board has rejected it. Chloride .. Mon, 12 May 2008 18:25:03 GMT http://www.pr-inside.com/chloride-shares-jump-34-pct-after-r584239.htm http://www.pr-inside.com/chloride-shares-jump-34-pct-after-r584239.htm Finance (PR-inside.com) DETROIT (AP) - General Motors Corp. says it will close its Windsor, Ontario, transmission factory in the second quarter of 2010. Company spokesman Stew Low said Monday there are no products available for the factory. About 1,400 hourly and salaried employees work at the facility making four-speed automatic transmissions for front-wheel-drive vehicles. GM and other automakers are shifting from four-speed automatic transmissions to more fuel efficient six-speed gearboxes. .. Mon, 12 May 2008 18:01:01 GMT http://www.pr-inside.com/gm-says-it-to-close-windsor-r584188.htm http://www.pr-inside.com/gm-says-it-to-close-windsor-r584188.htm Finance (PR-inside.com) Selected world gold prices, Monday. Hong Kong late: Closed for holiday . London morning fixing: $882.50 up $6.50. London afternoon fixing: $883.50 up $7.50. London late: $885.50 up $9.50 Paris afternoon fixing: Closed for holiday . Zurich late afternoon: $883.30 up $9.70. NY Handy and Harman: $883.50 up $7.50. NY Handy and Harman fabricated: $954.18 up $8.10. NY Engelhard: $885.65 up $7.51. NY Engelhard fabricated: $952.08 up $8.08. NY Merc. gold May. Fri. $884.50 up $3.90. NY HSBC Bank USA 4 p.m. Fri. $886.00 up $4.50. .. Mon, 12 May 2008 17:51:01 GMT http://www.pr-inside.com/k-r584163.htm http://www.pr-inside.com/k-r584163.htm Finance (PR-inside.com) FRANKFURT, Germany (AP) - The euro fell Monday against the U.S. dollar, which continued its recent modest rally as markets awaited hints from the U.S. Federal Reserve about interest rate moves and economic figures from Washington. The euro purchased US$1.5442 in afternoon European trading, down from US$1.5480 late Friday in New York. The dollar rose to 103.99 Japanese yen from 103.09 yen on Friday, while the British pound rose to US$1.9572 from US$1.9519 in New York. The dollar has now risen 3.6 percent since hitting an all-time low of US$1.6018 against the euro on April .. Mon, 12 May 2008 17:01:03 GMT http://www.pr-inside.com/euro-falls-vs-us-dollar-as-r584046.htm http://www.pr-inside.com/euro-falls-vs-us-dollar-as-r584046.htm Finance (PR-inside.com) SEATTLE (AP) - The Boeing Co. has announced a firm order from El Al Israel Airlines for four 777-200ERs. The extended-range passenger jets are worth $850 million (¤551 million) at list prices, although customers typically negotiate discounts. Besides the orders that were announced Monday, El Al has taken options for two other 777s and has the right to convert the orders to 777-300ERs, a larger version of the plane. The Israeli carrier's fleet currently includes four 777s. With the latest deal, Boeing has a backlog of more than 360 777s on order. .. Mon, 12 May 2008 16:50:06 GMT http://www.pr-inside.com/el-al-orders-for-4-boeing-r584026.htm http://www.pr-inside.com/el-al-orders-for-4-boeing-r584026.htm Finance (PR-inside.com) KANSAS CITY, Missouri (AP) - Wireless carrier Sprint Nextel Corp. said Monday it had a larger first-quarter deficit as revenue fell, it lost more than a million subscribers and it absorbed charges for severance and other costs. Overland Park, Kansas-based Sprint said its loss totaled $505 million (¤327.28 million), or 18 cents per share, in the three months ended March 31 compared with a loss of $211 million (¤136.75 million), or 7 per share, during the first quarter of last year. Not including a number of one-time charges, including $231 million (¤149.71 .. Mon, 12 May 2008 16:40:03 GMT http://www.pr-inside.com/lower-revenue-charges-flight-of-valuable-r584005.htm http://www.pr-inside.com/lower-revenue-charges-flight-of-valuable-r584005.htm Finance (PR-inside.com) NEW YORK (AP) - Wall Street fluctuated in a narrow range Monday, giving up a modest early advance as oil prices ticked lower and the dollar rose. The market's concerns about rising inflation and its effect on consumer spending receded somewhat as light, sweet crude fell 65 cents to $125.31 per barrel on the New York Mercantile Exchange. Oil prices surged nearly $10 last week, touching off concerns about rising prices and their effect on businesses and consumers. The dollar's gains also appeared to help ease some concerns about inflation. A weak dollar .. Mon, 12 May 2008 16:28:04 GMT http://www.pr-inside.com/wall-street-fluctuates-as-oil-falls-r583990.htm http://www.pr-inside.com/wall-street-fluctuates-as-oil-falls-r583990.htm Finance (PR-inside.com) ATHENS, Greece (AP) - Striking truck drivers in Greece held talks with the government Monday to try and end a weeklong protest that has led to fuel shortages across the country. Long lines were seen at gas stations across Greece. Many gas station owners have rationed supplies, allowing only up to ¤20 (US$30) worth of fuel per car. On Sunday, fuel tanker drivers decided to prolong their weeklong strike. They are demanding a raise in their state-regulated transport fees. They also want to the government to change rules for fines and adjust their .. Mon, 12 May 2008 16:26:02 GMT http://www.pr-inside.com/striking-greek-truck-drivers-hold-talks-r583984.htm http://www.pr-inside.com/striking-greek-truck-drivers-hold-talks-r583984.htm Finance (PR-inside.com) TRENTON, New Jersey (AP) - Two of the biggest pharmaceutical companies in the United States and India are teaming up to develop new anti-infective medications. Merck and Co. of Whitehouse Station, New Jersey, and Ranbaxy Laboratories Ltd. of Gurgaon, India, announced Monday they have signed a product development deal. The two drugmakers will work together to discover promising antibacterial and antifungal compounds. Ranbaxy then will do lab testing and early phases of human testing and Merck will handle the more complex and expensive late-stage human testing for any promising experimental drugs. .. Mon, 12 May 2008 16:22:02 GMT http://www.pr-inside.com/merck-and-india-s-ranbaxy-team-up-r583978.htm http://www.pr-inside.com/merck-and-india-s-ranbaxy-team-up-r583978.htm Finance (PR-inside.com) NEW YORK (AP) - Cablevision Systems Corp. is buying the Long Island-based newspaper Newsday from Tribune Co. in a deal valued at $650 million (¤421 million), the companies announced Monday. Cablevision beat out media mogul Rupert Murdoch, CEO of News Corp., who withdrew his own $580 million (¤376 million) bid on Saturday. New York Daily News owner Mortimer Zuckerman had also bid $580 million (¤376 million). The deal brings Newsday back to local ownership on Long Island. Tribune had been seeking to sell Newsday to lighten an $8.2 billion (¤5.3 billion) debt .. Mon, 12 May 2008 16:14:01 GMT http://www.pr-inside.com/cablevision-pays-650-million-to-buy-r583960.htm http://www.pr-inside.com/cablevision-pays-650-million-to-buy-r583960.htm