In recent months, a hedge fund billionaire was denounced for his $400 million gift to the already wealthy Harvard University, David Geffen took flak for gifts that plaster his name on a Manhattan concert hall and a Los Angeles school, and the wife of a Wall Street banker was roasted for trying to put her name on a small Adirondacks college. "We've always had this very...» Read More
RISING STOCKS, FALLING PROFITS: Stocks are up sharply, despite an expected 1.3 percent fall in third-quarter earnings for companies in the Standard& Poor's 500.. TRIPLE WHAMMY: Corporate earnings are getting hit by slowing economic growth at home and abroad.
NEW YORK-- One type of investor buys stocks when everyone is convinced that corporate earnings will fall. He buys because he thinks they're wrong and earnings will rise instead. Barclays Capital stock strategist Barry Knapp said Thursday, as the Standard& Poor's 500 inched higher yet again. "
NASCAR will not race in Montreal next season after the promoter pulled the plug on the six-year relationship when he couldn't secure a premiere Sprint Cup Series event.
NEW YORK-- In December 2008, two of Bernard Madoff's most loyal employees met on a Manhattan street corner and fretted over a closely held secret that the rest of the world would learn about eight days later: that their boss was a con man for the ages.
On the New York Mercantile Exchange:. _ Benchmark oil closed down $1.83 to $89.88 per barrel. On the ICE Futures Exchange in London:.
WASHINGTON-- The Supreme Court agreed Friday to hear a dispute between a soybean farmer and Monsanto Co. over the company's efforts to limit farmers' use of its patented, genetically engineered Roundup Ready seeds.
A divided three-judge panel of the U.S. Circuit Court of Appeals for the District of Columbia said in August the Environmental Protection Agency's cross-state air pollution rule exceeded EPA's authority. The EPA asked the entire appeals court Friday to reconsider the case.
CHARLESTON, S.C.-- Tourism officials want to attract visitors to what they're calling undiscovered South Carolina _ rural areas away from such well-known tourist destinations as Charleston, Myrtle Beach and Hilton Head.
VALLETTA, Malta-- Leaders of five European countries have agreed that the European Union must pave the way towards a single European banking supervision system to be operational by January.
DES MOINES, Iowa-- An Ottumwa, Iowa investment manager is likely heading to prison after pleading guilty to charges of wire fraud and tax evasion stemming from a $1.1 million Ponzi scheme. John Francis Holtsinger pleaded guilty Friday during a hearing in federal court in Des Moines as part of a plea agreement with prosecutors.
TROY, Mich.-- ViSalus, Blyth Inc.' s weight loss, energy drink and nutritional supplement business, said Friday that it has named Yahoo executive Rich Riley to its board. ViSalus had meant to go public, but withdrew its initial public stock offering at the end of September, citing uncertain market conditions.
Gold for December delivery gave up $15.70 to $1,780.80 an ounce. Coffee prices slumped 4 percent, giving up 6.95 cents to settle at $1.6810 per pound. Jack Scoville, vice president Price Futures Group, said he was seeing widespread selling from speculative investors, but relatively little from producers.
ATHENS, Greece-- National Bank of Greece, the debt-crippled country's biggest lender by assets, on Friday announced a public offer to merge with its largest domestic competitor, Eurobank.
LITTLE ROCK, Ark.-- A group of residents in Independence and Faulkner counties are suing three natural gas drilling companies, claiming that waste fluids are improperly being pumped underneath land the companies don't own or lease. Houston- based Southwestern Energy Co. was the only company named in the original version of the suit, which was filed in August.
CHARGING AHEAD: Americans boosted their borrowing in August by the largest amount in three months with strong gains in the category that covers auto and student loans and in credit card debt. THE DETAILS: Total consumer borrowing increased $18.1 billion in August compared to July, the Federal Reserve reported Friday.
WASHINGTON-- The Inter-American Development Bank is providing $8 billion in credit for Latin American and Caribbean countries for programs to aid the poor who are affected by outside financial events and for emergency needs in natural disasters.
THE INVESTIGATION: Federal safety regulators are investigating Honda's Odyssey minivan and Pilot SUV because they can roll away unexpectedly. The agency will decide if the vehicles should be recalled.
A big drop in the unemployment rate wasn't enough for investors Friday. The Labor Department said the unemployment rate had declined to 7.8 percent, its first dip below 8 percent in nearly four years. The drop to 7.8 percent in the unemployment rate "really is not a big game-changer," said Peter Cardillo, chief market economist at Rockwell Global Capital. "
Houston- based Southwestern Energy Co. was the only company named in the original version of the suit, which was filed in August. Southwestern Energy filed a motion to dismiss the original suit, arguing the plaintiffs didn't show they had a claim.
Nashville, Tenn.- based Corrections Corporation of America has been firmly rebuked by Ohio officials for conditions identified at Lake Erie Correctional Facility, along the shores of Lake Erie. The September management review was released to The Associated Press on Friday.