Business News

WASHINGTON (Reuters) - The U.S. economy has weathered the blow from recent devastating hurricanes and still has good momentum, Federal Reserve Chairman Alan Greenspan said on Tuesday, though inflation risks are a worry.

WASHINGTON - With just three months left before he leaves office, Federal Reserve Chairman Alan Greenspan raised a warning to Congress: The country could face "serious economic disruptions" if bloated budget deficits are not curbed.

John Snow, US treasury secretary, has called on China to widen the trading band of the renminbi against the dollar, saying such action would demonstrate Beijing's commitment to keep moving towards greater currency flexibility.

NEW YORK - Battered by an upbeat economic outlook from Federal Reserve Chairman Alan Greenspan, U.S. Treasury prices exited New York trade Thursday at multi-month and multiyear lows.

NEW YORK - Crude-oil futures vaulted up more than $2 at Thursday's settlement, edging near $62 a barrel for the first time in a week, as traders braced for winter fuel demand and Federal Reserve Chairman Alan Greenspan predicted a strong economy.

NEW YORK (Reuters) - U.S. stocks rose on Thursday as drug maker Merck & Co. won a key Vioxx liability trial, while reports on labor productivity and the services sector boosted optimism about the economy.

NEW YORK - A wide swath of good news, from better-than-expected retail sales and worker productivity figures to a major court victory for Merck & Co., drove stocks higher Thursday, although a jump in oil prices limited the gains.

TOKYO (Reuters) - The dollar rose to a two-year high against the yen on Friday after comments from the Federal Reserve chairman a day earlier suggested the U.S. currency's interest rate advantage would keep growing.

Dow Jones Industrials

TORONTO (CP) - The Toronto stock market finished higher in a fifth winning session as the TSX continues to mend from the energy-sector led mauling of last month.

LOS ANGELES - Buoyed by a big income tax benefit, Gemstar-TV Guide International Inc. reported a net profit Thursday for the third quarter but noted that revenue had declined in its revamped publishing unit.

CHICAGO - Insurance brokerage Aon Corp. on Thursday reported third quarter net earnings that were flat compared to a year earlier, and announced it is eliminating 1,400 jobs.

NEW YORK (Reuters) - DirecTV Group Inc. , the top U.S. satellite television operator, on Thursday posted a quarterly profit versus a year-earlier loss, but shares slipped on disappointing subscriber growth and customer loss rates.

SAN FRANCISCO (Reuters) - Atari Inc. on Thursday posted a wider quarterly loss as sales fell 44 percent after the video game developer and publisher released fewer titles amid a transition to new video game console technology.

WOONSOCKET, R.I. - CVS Corp., one of the nation's biggest drugstore operators, said Thursday that third-quarter earnings jumped 38 percent on strong performance by its recently acquired Eckerd stores, as well as growth in generic drug sales.

LOS ANGELES - Buoyed by a big income tax benefit, Gemstar-TV Guide International Inc. reported a net profit Thursday for the third quarter but noted that revenue had declined in its revamped publishing unit.

BOSTON - First Marblehead Corp. on Thursday said its second-biggest student loan services customer, Bank of America Corp., opted not to renew a key contract.

WASHINGTON - Rates on 30-year mortgages climbed to the highest level in 16 months last week, marking the fourth straight week they have been above the 6 percent level.

When President Bush's hand-picked advisory panel rolled out its recommendations for fixing the federal tax code on Nov. 1, it kicked off what promises to be a corker of a battle over what's wrong with the income tax system and how to fix it (see BW Online, 10/25/05, "Toward a Saner Tax Code").

NEW YORK - Rising interest rates may soon revive the practice of paying points to lower monthly mortgage payments, an option not as readily offered by lenders in recent years.

Automakers' Incentives at a Glance

DETROIT - U.S. automakers lowered discounts and rebates dramatically in October, part of a strategy to focus more on quality and value and less on cash bonuses. But sales plummeted, and analysts wonder if automakers will have the patience to stick with their strategy.

TRENTON, N.J. - Merck & Co.'s first victory in the massive litigation over its painkiller Vioxx gives the pharmaceutical company a psychological lift and a short-term stock boost — and also plenty of uncertainty as it still faces thousands of lawsuits.

WOONSOCKET, R.I. - CVS Corp., one of the nation's biggest drugstore operators, said Thursday that third-quarter earnings jumped 38 percent on strong performance by its recently acquired Eckerd stores, as well as growth in generic drug sales.

DENVER - Qwest Communications International Inc. has sold $1.2 billion of 20-year convertible bonds, part of a $3 billion refinancing plan that could help it become profitable for the first time since 2000, its chief financial officer said Thursday.

In the third-to-last Federal Reserve policy meeting of the Greenspan era, the central bank did just what everyone expected on Nov. 1, hiking the benchmark Fed funds rate another quarter point to 4%. This marked the 12th consecutive rate hike in the current policy cycle -- from near historic low levels of 1%. This move, along with renewed unanimity among members of the Federal Open Market Committee, the Fed's policy-setting arm, and the language of the post-meeting statement, strongly suggests that the central bank will continue to take away past policy accommodation by raising rates into 2006.

When Miguel Caballero started manufacturing bulletproof clothing 12 years ago in his native Bogota, his country of Colombia was one of the most violent on earth, with 28,000 homicides and 2,000 kidnappings a year. Businessmen, judges, politicians, and journalists, who were targeted by drug traffickers, leftist guerrillas, and illegal paramilitary forces, raced to snap up Caballero's fashionable leather and denim jackets, business suits, and trench coats, which protect against everything from knifings to submachine-gun attacks.

When President Bush's hand-picked advisory panel rolled out its recommendations for fixing the federal tax code on Nov. 1, it kicked off what promises to be a corker of a battle over what's wrong with the income tax system and how to fix it (see BW Online, 10/25/05, "Toward a Saner Tax Code").

WASHINGTON - With just three months left before he leaves office, Federal Reserve Chairman Alan Greenspan raised a warning to Congress: The country could face "serious economic disruptions" if bloated budget deficits are not curbed.

Multicap funds defy classification. In these go-anywhere offerings, portfolio managers have the freedom to roam into whatever areas of the market they think are set to shine, and historical returns suggest that could give them an edge.

(PRWEB) - London, UK (PRWEB) November 4, 2005 -- UK-based Elemental PR has rebranded as Elemental Communications http://www.elementalcomms.co.uk launching a new website.

(PRWEB) - Dallas, TX (PRWEB) November 3, 2005 -- Southwest Airlines (NYSE:

(PRWEB) - Austin, TX (PRWEB) November 3, 2005 -- WebmasterWorld's PubCon, has announced an impressive line-up of sponsors and exhibitors in Las Vegas, November 15-17th, 2005. The Search Engine & Internet Marketing Conference & Trade Show provides extensive networking opportunities for all attendees and exhibitors.

(PRWEB) - Wheeling, IL (PRWEB) November 3, 2005 -- Opto Technology, Inc.

(PRWEB) - Beverly, MA & Mulberry, FL (PRWEB) November 3, 2005 -- Food processors across the Southeast can improve the quality and extend the shelf life of certain fruits and vegetables because of a distribution deal announced today between Selective Micro Technologies and Highland Corporation.

ATLANTIC CITY, N.J. - Merck & Co. won its first court battle over its Vioxx painkiller Thursday when a New Jersey state jury found that the drugmaker properly warned consumers about the risks of the medication. The verdict absolved Merck of liability for a heart attack suffered by a Vioxx user.

WASHINGTON - With just three months left before he leaves office, Federal Reserve Chairman Alan Greenspan raised a warning to Congress: The country could face "serious economic disruptions" if bloated budget deficits are not curbed.

BRUSSELS, Belgium - The European Commission said Thursday pharmaceutical company Roche Holding AG would increase production of its anti-viral medicine to build up preventive stocks in response to the bird-flu scare.

The race has begun to make wireless networks more viable for cities, large corporate headquarters, university campuses, and other environments where the technology used in today's Wi-Fi hotspots might be insufficient on its own.

WASHINGTON (Reuters) - The U.S. economy has weathered the blow from recent devastating hurricanes and still has good momentum, Federal Reserve Chairman Alan Greenspan said on Tuesday, though inflation risks are a worry.