 Latino bank open for business
 MARCOS GONZALEZ
The only Latino bank in San Diego County officially opened its doors yesterday.
Vibra Bank President Scott Parker, (from left) co-founder David Bejarano and vice president Dan Schon at the entrance to the bank's vault at its location in Chula Vista.
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Qualcomm and Nokia make deal over fees
Finnish phone maker to pay lump sum, licensing costs
July 24 (UNION-TRIBUNE)
Qualcomm resolved a nearly three-year, unprecedented challenge to its royalty-based business model yesterday when the world's largest phone maker, Nokia, agreed to cease hostilities and sign on the dotted line.
The Finnish phone giant, which stopped making payments to Qualcomm in April 2007, agreed to pay the San Diego wireless technology company a lump sum along with licensing fees for 15 years.
NEW YORK, 1:48 p.m. July 24 (AP)
Stocks tumble after sales of existing homes fall: Wall Street abruptly ended an earnings-driven rally and closed sharply lower Thursday after a steeper-than-expected decline in existing home sales and worries about the financial sector chilled the market's recent optimism. The major indexes fell about 2 percent, including the Dow Jones industrial average, which lost more than 275 points. LOS ANGELES, 2:32 p.m. July 24 (REUTERS)
Crocs slashes 2nd-qtr, 2008 forecasts: Shares of Crocs Inc lost about half of their value Thursday after the shoemaker slashed second-quarter and 2008 profit and revenue forecasts on an unexpected slowdown in business and weak reorders. HOUSTON, 2:28 p.m. July 24 (REUTERS)
Spill closes Miss. River, shuts off exports: The largest petroleum spill at New Orleans since 2005's Hurricane Katrina snarled Mississippi River traffic Thursday and brought flows of grain and other products to a virtual standstill, the Coast Guard said. NEW YORK, 2:28 p.m. July 24 (REUTERS)
Morgan Stanley aggressively recruiting brokers: Morgan Stanley said Thursday it is poaching brokers from Merrill Lynch & Co Inc and other rivals, accelerating the expansion of its global wealth management business during a period of turbulence on Wall Street. 2:05 p.m. July 24 (AP)
Freddie Mac: Less homeowners tap equity: The amount of money Americans pulled out of their homes is at a four-year low as homeowners battle falling home values and stricter standards among lenders, Freddie Mac said Thursday. NEW YORK, 1:08 p.m. July 24 (AP)
Oil gains ground but natural gas continues slide: Energy market investors managed to win back modest gains Thursday following oil's big drop a day earlier, but again drive natural gas prices sharply lower as a three-week sell-off of that fuel continued unabated. July 24 (UNION-TRIBUNE)
Gene tests raise legal and ethical questions: Do your personal genetics make it more likely that you could develop cancer or Alzheimer's disease? Or do you need a personalized nutrition plan because your genetic profile shows you are unable to absorb certain vitamins properly? WASHINGTON, 10:42 a.m. July 24 (AP)
All types of mortgages see rate increases: Mortgage rates shot up this week with 30-year mortgages climbing to the highest level in nearly a year, reflecting concerns in financial markets about the troubles at corporate giants Fannie Mae and Freddie Mac. FRANKFURT, Germany, 10:45 a.m. July 24 (AP)
Daimler earnings indicate Chrysler loss of $510M: Chrysler LLC lost an estimated $510 million in the first quarter as the U.S. economy weakened and consumers rejected its trucks and sport utility vehicles in favor of smaller cars. TRENTON, N.J., 10:47 a.m. July 24 (AP)
Bristol-Myers Squibb posts 8 percent profit jump: Drugmaker Bristol-Myers Squibb Co. on Thursday reported an 8 percent increase in second-quarter profit, beating Wall Street expectations, as the weak dollar boosted foreign sales and several key drugs saw big jumps in U.S. sales. Shares were up nearly 2 percent. NEW YORK/LONDON, 10:47 a.m. July 24 (REUTERS)
U.S., Europe and Japan all see further weakness: The global credit crisis is continuing to undermine the world economy, putting the squeeze on Japanese exports, unraveling European business confidence and deepening the U.S. housing slump.
DEARBORN, Mich., 8:50 a.m. July 24 (AP)
Ford posts $8.7 billion loss on asset write-downs: Ford Motor Co. posted the worst quarterly performance in its history Thursday, losing $8.67 billion in the second quarter.
PARIS, 10:08 a.m. July 24 (REUTERS)Vivendi H1 sales below forecasts, keeps outlook: Europe's largest entertainment group Vivendi on Thursday posted a 10.2 percent rise in first-half sales, which lagged market expectations, but it confirmed its full-year outlook. NEW YORK, 10:05 a.m. July 24 (AP)
Union Pacific profit rises 19 percent, beats views: Booming shipments of coal, grain and fertilizer coupled to improved productivity drove Union Pacific Corp.'s second-quarter earnings up 19 percent, despite the impact of rising fuel costs and Midwest floods. WASHINGTON, 8:07 a.m. July 24 (AP)
New layoff filings jump as companies retrench: The number of newly laid off people filing claims for unemployment benefits bolted past 400,000 last week as companies trimmed their work forces to cope with a slowing economy and fallout from a collapsed housing market.
July 24 (UNION-TRIBUNE)
Local reaction mixed on housing measure's effects: While local housing industry leaders yesterday welcomed the progress of the housing bill, some analysts say it's unclear how effective the measure will be in righting the market.
July 24 (UNION-TRIBUNE)
Aguirre targets Countrywide in suit: Hoping to stem the tide of home foreclosures, San Diego City Attorney Mike Aguirre yesterday sued the nation's largest lender, accusing it of fraudulent subprime lending and demanding that it stop taking back homes from delinquent borrowers.
July 24 (UNION-TRIBUNE)
For the record: A headline yesterday on Page C1 for a story on cell phone technology incorrectly stated that Qualcomm said Nokia owed the company billions of dollars. In fact, Qualcomm says that past and future royalty payments involved in its dispute with Nokia could total billions of dollars.
July 24 (UNION-TRIBUNE)
Shares of Illumina hit record, then slide: Shares of genetics analysis company Illumina reached a record trading high of $92.50 yesterday after the company on Tuesday reported that second-quarter revenue and profit topped analysts' projections. The shares, which began trading in July 2000, closed at $91.95 and dropped in after-hours trading to $90.57.
PERTH, Australia, 7:04 a.m. July 24 (AP)Rice says U.S.-India nuclear deal good for the world: Secretary of State Condoleezza Rice said Thursday that a proposed U.S.-India nuclear energy deal is good for both countries and for global efforts to reduce the spread of atomic technology and greenhouse gas emissions. NEW YORK, 7:06 a.m. July 24 (REUTERS)
Dow Chemical quarterly profit hurt by costs: Dow Chemical Co posted second-quarter earnings that fell short market of expectations as its price increases did not completely offset a sharp spike in energy and raw material costs. NEW YORK, 7:29 a.m. July 24 (AP)
Starwood cuts 2008 outlook after 2Q profit drops: Hotel and leisure company Starwood Hotels & Resorts Worldwide Inc. reported a better-than-expected 16.4 percent drop in second-quarter profit on Thursday, although the company then cut its outlook for the full year on weakening lodging demand. NEW YORK, 7:35 a.m. July 24 (AP)
Lee Enterprises news co. 3Q profit falls 87%: Newspaper publisher Lee Enterprises Inc. said Thursday its fiscal third-quarter profit fell 87.4 percent, partly on one-time impairment charges.
DENVER, 7:04 a.m. July 24 (AP)
Newmont Mining swings to 2Q profit: Newmont Mining Corp., one of the world's largest gold producers, said Thursday it turned a profit in the second quarter as it sold more gold at higher prices.
WASHINGTON, 7:03 a.m. July 24 (AP)
Existing home sales fall 2.6 percent in June: Realtors group says sales of existing homes fell more sharply than expected in June as the housing industry continued to be bruised by the worst slump in more than two decades.
GRAND RAPIDS, Mich., 7:01 a.m. July 24 (AP)
Dow Chemical reports decline in 2Q profit: Dow Chemical Co. said Thursday that despite record sales and two double-digit price increases unveiled in the second quarter, its profit for the period fell 27 percent, in large part because of sharply higher costs for energy and raw materials.
NEW YORK, 7:00 a.m. July 24 (REUTERS)
Pimco – Housing bill key to cutting mortgage cost: Cutting the cost of mortgages via the U.S housing bill and rescue package for mortgage finance giants Fannie Mae and Freddie Mac is the best way to help the ailing housing market recover, the manager of the world's biggest bond fund said Thursday.
NEW YORK, 6:51 a.m. July 24 (REUTERS)
Level 3 quarterly loss narrows: Level 3 Communications Inc posted a narrower quarterly loss Thursday, helped by higher revenue and a gain from the sale of its Vyvx advertising distribution business.
NEW YORK, 6:48 a.m. July 24 (REUTERS)
Qualcomm sees Nokia deal boosting outlook: Qualcomm Inc raised its forecast for the full-year 2008 after announcing a legal settlement and a technology licensing deal with Nokia . sending its shares up more than 21 percent.
WASHINGTON, 5:33 a.m. July 24 (AP)New layoff filings jump as companies retrench: The government reports that the number of newly laid off people filing claims for unemployment benefits bolted past 400,000 last week as companies trimmed their work forces to cope with a slowing economy. WASHINGTON, 5:10 a.m. July 24 (AP)
Vast oil, natural gas reserves estimated in Arctic: Some 90 billion barrels of oil and nearly a third of the world's undiscovered natural gas remain untapped under an area north of the Arctic Circle, government scientists estimate, in the largest-ever survey of the area's energy potential.
SAN FRANCISCO, 6:41 a.m. July 24 (AP)
Xerox 2Q profit declines 19%, but meets views: Xerox Corp.'s second-quarter profit skidded 19 percent, but matched Wall Street's forecast, as the office-equipment maker was hurt by restructuring charges while its cash-cow supplies and services business hummed along smoothly.
NEW YORK, 6:27 a.m. July 24 (AP)
McClatchy 2Q profit drops on lower ad revenue: McClatchy Co. says second-quarter earnings fell 44 percent as ad revenue continued to shrink.
NEW YORK, 6:23 a.m. July 24 (REUTERS)
Vonage says has commitment for up to $215 million debt: Vonage Holdings Corp said Thursday it has a letter of commitment from Silver Point Finance LLC to provide up to $215 million in private debt financing, subject to certain conditions.
NEW YORK, 6:21 a.m. July 24 (REUTERS)
RadioShack 2nd-qtr profit tops view: RadioShack Corp posted a higher-than-expected quarterly profit Thursday on an unexpected increase in sales after several weak quarters, sending its shares up nearly 16 percent.
WASHINGTON, 8:00 p.m. July 23 (AP)Housing bill won't solve market's problems: Cash-strapped homebuyers and borrowers facing foreclosure will get some relief from a housing bill passed by the House on Wednesday but the bill won't solve the deep-rooted ills of the U.S. housing market.
July 23 (UNION-TRIBUNE)
Qualcomm, Nokia resolve differences over technology: SAN DIEGO – Qualcomm resolved a nearly three-year, unprecedented challenge to its royalty-based business model Wednesday when the world's largest phone maker, Nokia, agreed to cease hostilities and sign on the dotted line.
TOKYO, 6:46 p.m. July 23 (AP)Japan trade surplus tumbles in June: Japan's trade surplus fell 88.9 percent in June from a year earlier as imports grew amid soaring prices for oil prices and other commodities, the government announced Thursday. LOS ANGELES, 6:02 p.m. July 23 (AP)
Documents: Mattel could seek $1.6B in Bratz case: The maker of Bratz dolls has asked a judge to block testimony from an expert witness expected to claim Mattel Inc. is owed some $1.6 billion in lost profits and other damages from the popular dolls, according to court documents obtained Wednesday. TAUNTON, Mass., 5:48 p.m. July 23 (AP)
Mass. woman kills self before home foreclosure: A 53-year-old wife and mother fatally shot herself shortly after faxing a letter to her mortgage company saying that by the time they foreclosed on her house that day, she would be dead. WASHINGTON, 5:39 p.m. July 23 (AP)
Lawmakers press Labor Dept on worker exposure rule: Leading lawmakers on Wednesday accused the Bush administration of acting in secret to make it harder to limit worker exposure to carcinogens and other dangerous chemicals in the workplace. LOS ANGELES, 5:30 p.m. July 23 (AP)
L.A. County approves commercial ethanol plant: A proposal to build the nation's first commercial ethanol production plant using yard trimmings, paper, wheat straws and other green wastes was approved Wednesday by Los Angeles County officials. SEATTLE, 5:24 p.m. July 23 (AP)
Top online, Windows exec to depart Microsoft: Microsoft Corp. on Wednesday said the executive in charge of its Windows and Web operations is leaving the company. DALLAS, 5:19 p.m. July 23 (AP)
American changes instructions on lightning damage: Federal regulators on Wednesday blocked American Airlines from making changes to the way it inspects planes suspected of being hit by lightning. JUNEAU, Alaska, 5:16 p.m. July 23 (AP)
Fate of Alaska gas pipeline with state Senate: The fate of a multibillion dollar pipeline that could unlock 4.5 billion cubic feet of North Slope gas reserves daily and power North American homes and businesses for decades now rests in the hands of 20 Alaska state senators. 1:43 p.m. July 23 (UNION-TRIBUNE)
Aguirre sets his sights on Countrywide: San Diego City Attorney Mike Aguirre is taking on the lending industry, filing suit Wednesday against Countrywide Financial, which he accuses of engaging in unlawful and fraudulent predatory lending that victimized numerous San Diego home buyers. NEW YORK, 1:33 p.m. July 23 (AP)
Stocks advance following sharp drop in oil prices: Stocks advanced for the second straight session Wednesday as another decline in oil prices and several upbeat profit reports eased some of Wall Street's concerns about the economy.
NEW YORK, 1:37 p.m. July 23 (AP)
Oil drops below $125 for 1st time in over 6 weeks: Oil prices shed nearly $4 Wednesday, tumbling below $125 a barrel for the first time since early June on growing fears that high prices and the weak economy are destroying demand.
MILWAUKEE, 1:35 p.m. July 23 (AP)
Anheuser-Busch 2Q profit rises 1.8 percent: Anheuser-Busch Cos. Inc. managed to turn a profit in the most recent quarter – despite fears that rising costs for ingredients and fuel would cut into The King Of Beers' bottom line.
WASHINGTON, 1:04 p.m. July 23 (AP)
Paulson: Rescue bill key to solving housing crisis: Treasury Secretary Henry Paulson said Wednesday that agreement on a sweeping housing rescue bill will send a strong message to investors around the world and will be key to helping the nation turn the corner on the housing crisis.
SEATTLE, 1:19 p.m. July 23 (AP)Amazon 2Q profit doubles, beats estimates: Amazon.com Inc. says its second-quarter profit more than doubled and surpassed Wall Street's expectations. Sales were strong in several sections of Amazon's massive marketplace. NEW YORK, 1:21 p.m. July 23 (REUTERS)
Aflac posts 16% higher second-quarter net: Aflac Inc the world's largest seller of supplemental disability insurance, said Wednesday net income rose 16 percent in the second quarter, helped by stronger revenue reflecting a stronger Japanese yen to the dollar. 1:41 p.m. July 23 (AP)
Delays hurt Boeing's 2Q profit, which falls 19%: Delays hurt Boeing Co.'s second-quarter profit, which fell 19 percent because of late delivery of military aircraft and rising costs from the postponed introduction of its 787 jetliner. LOS ANGELES, 1:08 p.m. July 23 (REUTERS)
Chipotle 2nd-qtr net up as new stores fuel sales: Chipotle Mexican Grill Inc posted higher quarterly profit Wednesday as new restaurant openings fueled higher sales at the fast-growing chain. WASHINGTON, 1:11 p.m. July 23 (AP)
A hot (pepper) lead in hunt for salmonella source: It was a hot lead for detectives on a cold case. People suddenly were getting salmonella at a Minnesota restaurant more than 1,000 miles from the center of the nation's outbreak.
WASHINGTON, 11:01 a.m. July 23 (AP)
Fed report lacks enthusiasm about economy's future: The country slogged through slower economic growth and rising prices during the summer, packing a double whammy to people and businesses alike.
SAN FRANCISCO, 9:41 a.m. July 23 (AP)Yahoo CEO remains upbeat despite lackluster 2Q: With Microsoft's $47.5 billion takeover bid off the table and his company's stock price down 20 percent during his 13-month reign as Yahoo's CEO, Jerry Yang has a message for his exasperated shareholders: Things aren't as bleak as they look. NEW YORK, 9:40 a.m. July 23 (REUTERS)
Costco warns on quarterly profit: Costco Wholesale Corp warned Wednesday that its quarterly profit would miss current Wall Street targets because of soaring energy costs and other inflationary pressures, sending shares of the No. 1 U.S. warehouse club operator down as much as 13.5 percent.
July 23 (UNION-TRIBUNE)
Face-off on cell technology set to begin: Cell phone industry giants Nokia and Qualcomm prepare to square off in a Delaware court today in a case that will help determine whether Nokia pays Qualcomm billions of dollars to use the San Diego company's technology.
July 23 (UNION-TRIBUNE)
Gas could fall below $4 a gallon: Retail gasoline prices are falling in the San Diego region and may have enough momentum to drop below $4 a gallon at some stations, as crude oil prices declined again yesterday.
July 23 (UNION-TRIBUNE)
Airlines post second-quarter losses, job cuts: United Airlines parent UAL Corp., US Airways Group Inc. and JetBlue Airways Corp. posted second-quarter losses amid record fuel prices and announced job cuts that pushed the industrywide total to 26,000.
TOKYO, 6:22 a.m. July 23 (AP)
Toyota's global sales rose 2 percent in 1st-half: Toyota sold more than 4.8 million vehicles worldwide in the first half, up 2 percent from the same period a year earlier, the Japanese automaker said Wednesday.
NEW YORK, 6:22 a.m. July 23 (AP)
McDonald's returns to profitability in second quarter: McDonald's Corp. said Wednesday it returned to profitability in its second quarter, helped by a gain from selling its interest in sandwich chain Pret A Manger and strong sales of breakfast items, chicken sandwiches and beverages.
FALLS CHURCH, Va., 6:14 a.m. July 23 (AP)
Tank sales lift General Dynamics 2Q profit 25%: Defense contractor General Dynanics Corp. said Wednesday its second-quarter profit rose 25 percent, boosted by higher sales of armored vehicles and tanks.
MINNEAPOLIS, 6:13 a.m. July 23 (AP)
Northwest Airlines posts $377 million 2Q loss: Northwest Airlines Corp. reported a second-quarter loss of $377 million on Wednesday as it took another large accounting charge and fuel expenses continued to rise sharply.
SAN FRANCISCO, 6:12 a.m. July 23 (AP)
EMC 2Q profit jumps 13%, tops Wall Street views: EMC Corp. said Wednesday its second-quarter profit climbed 13 percent, topping Wall Street's forecasts, as the data storage specialist rang up record sales despite fears that economic uncertainty is tamping down information technology spending.
WASHINGTON, 6:09 a.m. July 23 (REUTERS)
Bush will sign housing bill into law-W. House: President Bush will sign into law a housing rescue package, despite objections about a provision to provide grants to communities to buy and repair foreclosed homes, because the legislation was needed promptly to address the crisis, the White House said on Wednesday.
NEW YORK, 6:08 a.m. July 23 (REUTERS)
Pfizer profit doubles, but anti-smoking drug lags: Pfizer Inc Wednesday said quarterly earnings more than doubled on higher sales of its prescription drugs and lower expenses, but its Chantix quit-smoking drug lost more than a third of its U.S. sales amid safety concerns.
NEW YORK, 6:08 a.m. July 23 (REUTERS)
New York Times quarterly profit, revenue fall: New York Times Co reported lower quarterly profit and revenue on Wednesday as newspaper advertising revenue fell nearly 12 percent.
NEW YORK, 6:05 a.m. July 23 (REUTERS)
AT&T profit rises on wireless growth: Top U.S. phone company AT&T Inc posted Wednesday a higher quarterly profit as stronger-than-expected growth in wireless subscribers compensated for shrinking traditional landlines.
12:00 p.m. July 22 (UNION-TRIBUNE)
County foreclosures soar in June: Distressed mortgages continued to put a drag on the troubled economy in June as 1,838 homes in San Diego County went into foreclosure, an 18 percent increase over the previous month and a 180 percent increase over June 2007, DataQuick Information Systems reported Tuesday.
WASHINGTON, 2:29 p.m. July 22 (AP)Rescue of mortgage giants could hit $25 billion: A federal rescue of Fannie Mae and Freddie Mac could cost taxpayers $25 billion, congressional budget experts said Tuesday, as lawmakers put finishing touches on legislation that would tap the troubled mortgage giants' profits to help save homeowners from foreclosure. NEW YORK, 2:07 p.m. July 22 (AP)
Stocks jump as crude drops $3 a barrel: Wall Street shook off early doldrums and closed sharply higher Tuesday after another drop in oil prices encouraged investors to set aside financial sector worries and go bargain hunting across the market. The Dow Jones industrial average rose more than 130 points. WASHINGTON, 2:11 p.m. July 22 (AP)
Bush says Wall Street has hangover, must sober up: President Bush, in an unguarded moment, said Wall Street “got drunk and now it's got a hangover.” NEW YORK, 1:56 p.m. July 22 (AP)
Oil off more than $3: Oil prices tumbled more than $3 a barrel Tuesday as Tropical Storm Dolly grew increasingly unlikely to threaten supply, giving traders one less reason to buy as a strengthening dollar helped keep prices in check. ATLANTA, 1:38 p.m. July 22 (AP)
UPS reports 2Q profit decline, lowers outlook: Customers are using UPS shipping services within the U.S. less amid a slumping U.S. economy and soaring fuel prices. The company's international business was affected as imports into the country declined in the second quarter. PHOENIX, 1:58 p.m. July 22 (AP)
Airlines think cutbacks could bring back profits: New travel fees mean hundreds of millions of dollars a year for beleaguered airlines, and executives say they need them more than ever as fuel costs continue to suck profits out of the industry. Plane tickets, it seems, now come with only the bare bones promise of getting from Point A to Point B. HOUSTON, 1:58 p.m. July 22 (AP)
Booming oil means record 2Q sales for Halliburton: Halliburton's second-quarter profit fell about 67 percent from a year ago, when it recorded a nearly $1 billion gain from its split with former subsidiary KBR, but the oilfield services provider posted record revenue and said prospects look good for the remainder of 2008. NEW YORK, 2:01 p.m. July 22 (AP)
E-Trade swings to loss in 2Q: Retail brokerage firm E-Trade Financial Corp. said Tuesday it swung to a loss during the second quarter due to a sharp increase in loan-loss provisions. BETHESDA, Md., 2:03 p.m. July 22 (AP)
Lockheed 2Q profit up 13 percent: Lockheed Martin Corp. posted a 13 percent increase in second-quarter earnings Tuesday, beating Wall Street expectations and prompting the company to raise its yearly outlook as it made up a drop in fighter jet sales with strength in its other business units. PITTSBURGH, 2:04 p.m. July 22 (AP)
AK Steel 2Q profit soars past expectations: AK Steel Holding Corp. reported a 32 percent gain in second-quarter profit, after the steel maker's prices jumped 13 percent amid strong demand. WASHINGTON, 2:12 p.m. July 22 (AP)
Paulson says financial stability is top priority: Treasury Secretary Henry Paulson spent another day stumping for the U.S. banking system, declaring Tuesday that his top priority was ensuring “stability and confidence in our markets and financial institutions.” SAN FRANCISCO, 2:13 p.m. July 22 (AP)
Yahoo 2Q profit falls 18%, below analyst views: Yahoo Inc.'s second-quarter profit fell 18 percent, the latest sign of the financial decay that has frustrated shareholders and raised doubts about the Internet company's future. NEW YORK, 2:15 p.m. July 22 (AP)
Going against the grain in an uncertain economy: It's one of the rare occasions when it's OK to gawk at the flaws of the very old. Designers and architects are plucking wood from old barns and other structures to give new projects a dose of character that can be otherwise be hard to come by. CHICAGO, 2:15 p.m. July 22 (AP)
CME 2Q profit rises on CBOT deal: Futures exchange operator CME Group Inc. said Tuesday its second-quarter profit rose sharply, benefiting from the integration of last year's acquisition of the Chicago Board of Trade.
SAN FRANCISCO, 12:56 p.m. July 22 (AP)
FDIC chair says more banks in danger of failing: The chairwoman of the Federal Deposit Insurance Corp. said Tuesday more banks are in danger of failing, and that the government agency expects to raise premiums to restore its reserve fund after paying out billions of dollars to depositors at IndyMac Bank.
CHICAGO, 1:04 p.m. July 22 (REUTERS)
Edwards Lifesciences profit rises 14 percent: Edwards Lifesciences Corp said on Tuesday quarterly net earnings rose 14 percent on strong sales of its replacement heart valves.
NEW YORK, 12:51 p.m. July 22 (REUTERS)
Ex-Bear exec Marano named CEO of GMAC's ResCap: Residential Capital LLC, the GMAC LLC mortgage unit that staved off collapse in June with a $60 billion refinancing package, has named former Bear Stearns Cos executive Thomas Marano as its chief executive.
12:49 p.m. July 22 (AP)
Moody's: More firms found with weakest liquidity: As the credit crunch gripping financial markets has raged over the past year, the number of companies issuing high-risk debt that suffer from very weak liquidity hit a record level last month, Moody's Investors Service said Tuesday.
WASHINGTON, 12:39 p.m. July 22 (REUTERS)
U.S. FDA, CDC say Merck's Gardasil shot remains safe: A review of health problems reported after women and girls received Merck & Co's Gardasil vaccine shows it remains safe and effective for protecting against a virus that causes cervical cancer, U.S. officials said Tuesday.
WASHINGTON, 12:37 p.m. July 22 (AP)
Gold miner's son seeks energy refuge in solar: Senate Majority Leader Harry Reid has found a refuge in the nation's preoccupation with record energy prices.
SACRAMENTO, 12:16 p.m. July 22 (AP)
Railroad to pay $102 million after Calif. wildfire: Union Pacific Railroad Co. will pay $102 million to settle a federal lawsuit over damage from a massive California wildfire sparked by railroad employees in 2000, officials said Tuesday.
WASHINGTON, 11:07 a.m. July 22 (AP)
Court affirms online content law unconstitutional: A federal appeals court agreed Tuesday with a lower court ruling that struck down as unconstitutional a 1998 law intended to protect children from sexual material and other objectionable content on the Internet.
LOS ANGELES, 11:05 a.m. July 22 (AP)
California foreclosures soar to 20-year high: Foreclosures in California soared in the second quarter to the highest level in at least 20 years, as many homeowners who bought at the height of the housing boom failed to make mortgage payments, a real estate research firm said Tuesday.
COLUMBUS, Ohio, 11:03 a.m. July 22 (AP)
AP IMPACT: Traffic deaths fall as gas prices climb: Rising prices at the gas pump appear to be having at least one positive effect: Traffic deaths around the country are plummeting, just as they did during the Arab oil embargo three decades ago.
CHARLOTTE, N.C., 11:03 a.m. July 22 (AP)
Wachovia loses $8.9B, cuts 6,350 workers, dividend: Wachovia Corp. reported a surprisingly large second-quarter loss Tuesday, deflating Wall Street's hopes that the nation's big banks are weathering the credit crisis well. The bank said it lost $8.86 billion, is slashing its dividend and eliminating 10,750 positions after losses tied to mortgages soared.
11:03 a.m. July 22 (AP)
Credit crunch crimps commercial development: With a vision of transforming downtown Seattle, the Clise family spent more than a century buying up key pieces of land. But the credit chaos has forced Al Clise to postpone his plans for a grand, 13-acre commercial and residential development.
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