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US News Archive for May 2008:
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high & low finance: A Little Pity, Please, for the Poor Lender
A G.M.A.C. subsidiary that was a leader in creative mortgages can?t pay its own debts, so it is demanding a privilege that it won?t grant its borrowers ? a reduction in the principal that it owes its lenders...
New York Times - May 8, 2008
Oil Falls $1 After OPEC Statement
Oil prices fell after OPEC said that supply was sufficient and a shipping source said that Saudi Arabia planned to raise spot market oil exports to the United States this month...
New York Times - May 8, 2008
Months of Talks End in New Contract for ABC?s President
The Walt Disney Company signed the president of ABC, Stephen McPherson, to a new contract, signaling confidence in the maverick executive?s ability to deliver new hits...
New York Times - May 8, 2008
advertising: Quirky Restaurant Ads Give Way to Tried and True
Applebee?s and Wendy?s have yanked the rug from quirky new branding symbols and opted for a more recession-proof approach: glamour shots of food...
New York Times - May 8, 2008
G.M. Offers Supplier $200 Million in Bid to End Strike
General Motors made the offer to clinch a speedy resolution of a strike at American Axle that has run for more than two months...
New York Times - May 8, 2008
A Change in Tone for Ford Shareholders
In stark contrast to last year?s annual meeting, stockholders on Thursday congratulated the company?s executive chairman and gushed about Ford?s promising future...
New York Times - May 8, 2008
A.I.G. Reports a $7.8 Billion Loss in Quarter
It was the second consecutive loss for the world?s largest insurer, which has been hurt by the write-down of derivatives exposed to bad mortgage investments...
New York Times - May 8, 2008
City Room: Paterson Meets With Bell?s Family
The governor stopped short of endorsing the protests, which disrupted Manhattan traffic on Wednesday, but expressed sympathy for Sean Bell's family and praised the protesters for acting peacefully...
New York Times - May 8, 2008
Banks Fear Demand for Corporate Loans
Banks have promised scores of companies money for a rainy day. Now that day is here ? and the banks, hard pressed themselves, are worried they will have to keep their promises...
New York Times - May 8, 2008
City Room: Gotbaums Sue Phoenix Over Death
The family of Carol A. Gotbaum filed a lawsuit against the City of Phoenix on Thursday, claiming that the city?s police officers were responsible for her death at the airport last October...
New York Times - May 8, 2008
The Lede: Soldier Pocket-Dials His Family
The soundtrack to a firefight in Afghanistan was inadvertently left on an answering machine in Oregon...
New York Times - May 8, 2008
Gunmen Kill Chief of Mexico?s Police
Edgar Millán Gómez was killed Thursday in the most brazen attack so far in the year-and-a-half-old struggle between the government and organized crime gangs...
New York Times - May 8, 2008
Defying Bush, House Passes Broad Housing Bill
The bill would provide up to $300 billion in insured loans to refinance the mortgages of debt-strapped homeowners...
New York Times - May 8, 2008
Clinton Aide Says Race May Not Go to Convention
As Hillary Rodham Clinton rejected calls for her to drop out, Terry McAuliffe, her campaign manager, said the battle would probably end before August...
New York Times - May 8, 2008
?Soul Surfers? Rekindle the Love of the Longboard
The longboard community is a cultural mix of of hot rods, ?The Endless Summer? and ?Surfin? USA,? focusing on freedom and individuality rather than new technology...
New York Times - May 8, 2008
Questions of Rent Tactics by Private Equity
Tenant advocates say they?ve begun to see a pattern of harassment of tenants in rent-controlled apartments. The owners say that they are trying to protect their rights...
New York Times - May 8, 2008
Crude oil climbs to fresh record
The cost of a barrel of oil goes above the $124 mark for the first time in after-hours trading in New York...
BBC News - May 8, 2008
Dynegy Swings to Loss as Energy Prices Surge
The Houston-based power provider said it lost $152 million in the first quarter as market prices for power surged, causing accounting losses on some forward sales...
New York Times - May 8, 2008
Fortress Posts Loss, Sending Stocks Lower
The 10-year-old company, one of a few publicly traded hedge and private equity firms, said its first-quarter net loss was $69 million, after payments to its principals...
New York Times - May 8, 2008
Warner Music Posts Wider Loss and Stock Tumbles
The company reported a second-quarter loss of $27 million, citing higher costs and a shift to digital music, and it suspended dividends...
New York Times - May 8, 2008
Nasdaq Profit Surges on Boost From Buyout
Nasdaq OMX Group said that first-quarter profit rose to $121.4 million, from $18.3 million a year earlier, in its first combined reporting period that included Sweden?s OMX exchange...
New York Times - May 8, 2008
El Paso Posts Higher Earnings and Sees Strong Year
The natural gas producer and pipeline company posted a higher first-quarter operating profit and said it expects full-year earnings to be sharply higher than forecast on stronger oil and gas prices...
New York Times - May 8, 2008
Retailers Report Mixed Results for April
Shoppers contending with rising gas prices and a sagging economy bought the basics at discounters and wholesale clubs, making Wal-Mart and Costco among the top performers last month...
New York Times - May 8, 2008
Stocks Edge Higher as Oil Retreats
Wall Street rose modestly as investors reacted to a pullback in oil prices and sifted through sales figures from retailers that were generally not as gloomy as anticipated...
New York Times - May 8, 2008
Oil Hovers at $123 as Dollar Rises
Oil slipped on profit-taking after hitting a record of nearly $124 as traders weighed a rise in the dollar to a two-month high against news of a fall in U.S. diesel stockpiles...
New York Times - May 8, 2008
Jobless Claims Post Sharp Decline
Applications for unemployment benefits last week fell much more than expected to 365,000, a decline of 18,000 from the previous week, the Labor Department reported...
New York Times - May 8, 2008
Cablevision Loss Widens, but Revenue Rises
Cablevision Systems reported a wider first-quarter deficit as losses from derivative contracts outweighed a 10.1 percent gain in revenues...
New York Times - May 8, 2008
European Bank Stays Course on Rates
The Bank of England and the European Central Bank left their interest rates unchanged on Thursday, as they sought to balance slowing growth with inflationary pressures...
New York Times - May 8, 2008
Putin Is Approved as Prime Minister
Vladimir V. Putin won an overwhelming vote in Russia?s lower house of Parliament, a day after he passed formal power as president to his protégé, Dmitri A. Medvedev...
New York Times - May 8, 2008
Russia Expels U.S. Military Attachés
No one at the State Department would speculate about the reasons for the expulsion of two American military attachés working at the United States embassy in Moscow...
New York Times - May 8, 2008
Eddy Arnold, Country Singer, Is Dead
Mr. Arnold, a gentleman crooner who took country music uptown and sold more than 85 million recordings over seven decades, was 89...
New York Times - May 8, 2008
Olympic Torch Reaches Everest Peak
The Chinese government had long hoped to have the Olympic flame lit atop the world?s highest mountain...
New York Times - May 8, 2008
City Room: Diner Hurt by Support for Teamsters
A sign on top of a Bronx diner urging food-delivering truck drivers to join the Teamsters has caused problems. It has cost the diner in Hunts Point, the owner said, about $200 a day in lost orders...
New York Times - May 8, 2008
The Caucus: Clinton Signals Intent to Finish Last 6 Contests
Hillary Rodham Clinton began a three-state swing with a promise to keep campaigning despite calls for her to cede the race to Barack Obama...
New York Times - May 8, 2008
Confrontation in Lebanon Appears to Escalate
Hezbollah?s leader called the Lebanese government?s decision to shut down its phone network an act of war...
New York Times - May 8, 2008
City Room: Rep. Fossella Admits to Affair
His career already clouded by a drunken driving charge, Vito J. Fossella said he had fathered a child out of wedlock...
New York Times - May 8, 2008
Utah Mine Disaster Was Preventable, Report Says
Information was hidden from federal officials that could have prevented the deaths of 9 miners, a report said...
New York Times - May 8, 2008
Toyota Feels Slowdown in U.S.
Toyota, which said that it would likely face an annual profit drop, is finding its profit growth in new markets...
New York Times - May 8, 2008
Myanmar?s Biggest City Still Paralyzed After 5 Days
A Times reporter in Yangon found that basic utilities have yet to be restored and that streets were choked with fallen trees, showing how difficult recovery from the cyclone could be...
New York Times - May 8, 2008
Aid Supplies Arrive in Myanmar
The U.N. relief arrived after an excruciating delay during which the junta resisted offers of large-scale help...
New York Times - May 8, 2008
CD slump squeezes Warner Music
Warner Music sees quarterly losses widen after consumers opt for digital music over CDs...
BBC News - May 8, 2008
US discount stores beat downturn
Discount firms Wal-Mart and Costco see April sales rise as consumers seek cheaper options, figures indicate...
BBC News - May 8, 2008
Russia 'expels US embassy staff'
Russia orders the expulsion of two military attaches from the American embassy in Moscow, US officials say...
BBC News - May 8, 2008
Brazilian girl's parents arrested
Police arrest the parents of a five-year-old Brazilian girl thrown to her death from a sixth-floor window...
BBC News - May 8, 2008
Paedophile suspect arrested in US
US police arrest a suspected paedophile two days after
Interpol released his image in a public appeal...
BBC News - May 8, 2008
Unilever Sales Top Forecasts
Food and consumer goods group Unilever beat forecasts with a 7.2 percent rise in first-quarter underlying sales...
New York Times - May 8, 2008
A New Council Spending Inquiry
The authorities are investigating whether a Queens social service agency that received city money through the efforts of Councilman Hiram Monserrate also was involved in his political campaign...
New York Times - May 8, 2008
First Aid Supplies on Way to Myanmar
The first aircraft carrying United Nations relief supplies headed for Myanmar after days of excruciating delay...
New York Times - May 8, 2008
Toyota Reports 28 Percent Drop in Profit
Toyota?s quarterly profit dropped as a stronger yen and lagging North American sales chipped away at earnings...
New York Times - May 8, 2008
Putin Is Approved as Prime Minister
Vladimir Putin?s confirmation in the State Duma comes a day after he handed the presidency to his protégé Dmitry Medvedev...
New York Times - May 8, 2008
Fresh fears over Chilean volcano
More activity is detected in Chile's Chaiten volcano as the last people leave the area after Friday's eruption...
BBC News - May 8, 2008
Colombia massacre troops jailed
A Colombian army colonel and 14 soldiers are sentenced to up to 54 years for killing undercover police in 2006...
BBC News - May 8, 2008
State of the Art: Gadget Fanatics, Take Note
Putting pen to paper may eventually go the way of eight-track tapes. Here comes the digital Pulse smartpen from LiveScribe...
New York Times - May 8, 2008
Moody?s President Will Step Down at End of July
Brian Clarkson will retire as president and chief operating officer of Moody?s Investors Service and leave the firm at the end of July, the company said...
New York Times - May 8, 2008
Posting Loss, Marsh Will Cut Staff
Marsh?s quarterly net loss was $210 million, or 40 cents a share, in contrast to a profit of $268 million, or 47 cents, a year earlier...
New York Times - May 8, 2008
New Protections for Airline Passengers
Regulators want to expand protections for passengers with disabilities to cover international flights by American carriers and make it easier for travelers to use oxygen equipment...
New York Times - May 8, 2008
Senate Democrats Seeking a Special Tax on Oil Profits
Senate Democrats called for a temporary special tax on oil companies? profits and a rollback of $17 billion in oil industry tax breaks as part of an energy package...
New York Times - May 8, 2008
Claude Rosenberg, Advocate for Philanthropy, Is Dead at 80
Mr. Rosenberg developed a model that estimated that if people gave what they could afford, we would increase charitable giving in the U.S. by $100 billion a year...
New York Times - May 8, 2008
Stocks & Bonds: A Plunge Disrupts the Recent Calm
The stock drop coincided with a speech by the chairman of the S.E.C., Christopher Cox, who called for more stringent federal oversight of investment banks...
New York Times - May 8, 2008
Productivity Increases as Debts Accumulate
Worker productivity rose by a better-than-expected amount in the first quarter; meanwhile, consumer borrowing rose in March at the fastest pace this year...
New York Times - May 8, 2008
General Dynamics Post
General Dynamics said that the head of the power company Dominion Virginia Power will succeed its current chief executive, Nicholas D. Chabraja, in 2009...
New York Times - May 8, 2008
TV Guide, Having Just Been Bought, Is Bracing to Be Sold
Another sale would be the fourth change in control during the last decade for TV Guide, which has long been trying to forge a new identity as an entertainment magazine...
New York Times - May 8, 2008
Cablevision Unit Buys Sundance Channel
Rainbow Media, which is buying the channel for $496 million in stock and cash, said it would not combine it with IFC, an independent film channel it introduced in 1994...
New York Times - May 8, 2008
As News Corporation Posts Wide Gains, Murdoch Keeps His Sights on Newsday
Rupert Murdoch voiced skepticism that Cablevision can succeed in its bid for Newsday, which is now at the center of a tussle among three New York moguls...
New York Times - May 8, 2008
NBC Plans 24-Hour News for the New York Region
The new channel will de-emphasize the identity of NBC?s flagship station, WNBC, Channel 4, rechristening it a ?content center? and making it one part of a larger media presence...
New York Times - May 8, 2008
MTV Plans to Increase Its Blending of Ads and Shows
In this year?s annual round of network pitches to advertisers, MTV Networks plans to sell not only the appeal of its programs but of its commercials as well...
New York Times - May 8, 2008
U.S. Detains Executive, Deepening UBS Inquiry
A UBS executive was briefly detained by U.S. authorities in connection with a widening investigation into the Swiss bank?s work with questionable tax transactions...
New York Times - May 8, 2008
$271 Million for Research on Stem Cells in California
The awards represent the largest chunk of money given at one time by California?s taxpayer-backed stem cell program, which plans to spend about $3 billion over a decade...
New York Times - May 8, 2008
Citi to Send a Top Banker to Dubai
Hoping to establish a stronger foothold in the oil-rich region, Citigroup is sending Alberto J. Verme, a co-head of investment banking, to Dubai by the end of the month...
New York Times - May 8, 2008
Advertising: Your Chance to Finish a Movie Microsoft Started
Microsoft Corporation is underwriting an online movie-making contest to stimulate sales and burnish the reputation of its Windows Vista operating system...
New York Times - May 8, 2008
BlackRock Is Fix-It Firm to Manage Risky Assets of Others in Distress
Under the aegis of the Fed, BlackRock is managing $30 billion of hard-to-sell assets from Bear Stearns. If it fumbles, the Fed, and by extension taxpayers, could lose billions...
New York Times - May 8, 2008
A Long List of Big Issues for F.A.A.
The F.A.A. is confronting long-term questions about whether it should act more like a tough regulator, rather than a partner, of the airlines...
New York Times - May 8, 2008
Criticized in U.S., the F.A.A. Is Seen in Many Regions as a First-Rate Regulator
Despite the heightened scrutiny of the F.A.A., regulators elsewhere say they still view the American agency as a model for safety and regulatory compliance...
New York Times - May 8, 2008
Bush?s Threat Provokes House Skirmish on Housing Bill
House Republicans threw up repeated roadblocks to delay debate of the legislation, prompting an angry argument between party leaders over procedural tactics...
New York Times - May 8, 2008
Olympic Flame Reaches Mount Everest Peak
Live television footage showed a Chinese mountaineering team holding up a specially designed torch along with Chinese and Olympic flags on the top of the world?s tallest mountain...
New York Times - May 8, 2008
216 Held in Protests of Police Acquittals
Demonstrations against the acquittal of three detectives in the shooting death of Sean Bell halted traffic at busy intersections in Manhattan and Brooklyn, the police said...
New York Times - May 8, 2008
Oil Giants to Settle Water Suit
A dozen oil companies agreed to pay $423 million in cash plus clean-up costs to settle litigation over groundwater contamination from the gasoline additive, MTBE...
New York Times - May 8, 2008
Wave of Lawsuits Over Losses Could Hit a Wall
Finding someone to sue over losses in the mortgage market and the credit crisis is easy. Winning in court, lawyers say, will be hard...
New York Times - May 8, 2008
Ex-Patriots Assistant Sends the N.F.L. Eight Tapes
The videotapes show that the team recorded play-calling signals by coaches of five opponents in six games between the 2000 and 2002 seasons, in violation of league rules...
New York Times - May 8, 2008
Violence in Zimbabwe Disrupts Schools and Aid
Zimbabwe?s ruling party has broadened its campaign of intimidation to include teachers and even aid workers...
New York Times - May 8, 2008
Architects in Glass Houses
Luis Treviño Fernandez and his partner gutted and renovated their London home in 2005, adding light with a glass staircase and skylights...
New York Times - May 8, 2008
11 Years of Police Gunfire, in Painstaking Detail
Picked apart closely, a group of reports provide a remarkable portrait of how the nation?s largest police force, with 36,000 officers, uses its guns...
New York Times - May 8, 2008
Platypus Looks Strange on the Inside Too
The platypus genome is an amalgam of genes reflecting significant branching in evolution, scientists reported...
New York Times - May 8, 2008
Support for Clinton Wanes as Obama Sees Finish Line
Hillary Rodham Clinton struck a publicly defiant posture, while some of her advisers acknowledged privately that they remained unsure about the future of her candidacy...
New York Times - May 8, 2008
Raid on Sect in Texas Rattles Other Polygamists
Rumors of a Texas-style police crackdown are among the constants of life in the heartland of the Fundamentalist Church of Jesus Christ of Latter-day Saints...
New York Times - May 8, 2008
Argentina faces new farm protests
Argentina's farmers say they will resume protests over export tax, after talks with the government break down...
BBC News - May 8, 2008
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