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News Summary: AMR loses $238M in 3rd quarter

Submitted by Fox First at Ten on October 17th

By The Associated Press RED SKIES: AMR Corp. lost $238 million in the third quarter due to charges associated with its reorganization in bankruptcy court. That compares with a loss of $162 million in the year-earlier quarter. ASIDE FROM THAT: The parent of American Airlines said otherwise it

Satcon files for Chapter 11 bankruptcy protection

Submitted by Fox First at Ten on October 17th

BOSTON (AP) - Satcon Technology Corp. on Wednesday filed for Chapter 11 bankruptcy protection following years of financial struggles and a severe downturn in the solar power industry. Steve Rhoades, Satcon's president and CEO, said that after considering its alternatives, the company's

Tunisian journalists strike over govt interference

Submitted by Fox First at Ten on October 17th

TUNIS, Tunisia (AP) - Tunisia's journalists are holding a daylong strike to protest what they call government interference. Several hundred journalists gathered Wednesday outside union headquarters in the capital of Tunis, chanting for freedom of the press. Newspapers did not appear and

Oil prices volatile, but end where they began

Submitted by Fox First at Ten on October 17th

By JOSHUA FREEDAP Business Writer The price of oil bounced around on Wednesday but finished almost where it began. Benchmark oil gained 3 cents to $92.12. It rose as high as $92.85 per barrel in the morning after gains in European stocks. But then the price dipped after the U.S. government

SEC proposes capital rules for derivatives traders

Submitted by Fox First at Ten on October 17th

WASHINGTON (AP) - Federal regulators proposed setting minimum capital levels that banks and other firms that trade derivatives must hold as a cushion against risk. The Securities and Exchange Commission voted Wednesday to seek public comment on the proposed rules, which also would set collateral

Uruguay takes historic step legalizing abortion

Submitted by Fox First at Ten on October 17th

By MICHAEL WARRENAssociated Press MONTEVIDEO, Uruguay (AP) - Uruguay's Senate voted to legalize first-trimester abortions for all women Wednesday in a groundbreaking measure that came with so many strings attached it left neither side in the bitter debate completely satisfied. Senators

News Summary: ASML bids for US light beam maker

Submitted by Fox First at Ten on October 17th

By The Associated Press THE OFFER: ASML Holding NV, the Dutch chip-making equipment supplier, bid $2.55 billion for California company Cymer Inc. THE TARGET: Cymer's technology makes focused beams of light. Its shares rocketed higher Wednesday. THE ACQUIRER: ASML uses such beams in machines

Media General reports wider 3Q loss, revenue up

Submitted by Fox First at Ten on October 17th

RICHMOND, Va. (AP) - Television and digital media company Media General Inc. said Wednesday that its third-quarter net loss widened because of higher expenses, but revenue grew sharply thanks to an increase in political advertising and the Olympics. The company posted a net loss of $30.3 million,

News Summary: BofA's Merrill headache, refi boom

Submitted by Fox First at Ten on October 17th

By The Associated Press MERRILL LYNCH FALLOUT: Bank of America's third-quarter profits suffered after the bank agreed last month to settle a big shareholder lawsuit. Shareholders accused the bank of misleading them when it bought Merrill Lynch in the depths of the financial crisis.

News Summary: PepsiCo profit dips amid turnaround

Submitted by Fox First at Ten on October 17th

NEW YORK (AP) - THE NUMBERS: PepsiCo Inc.'s net income fell 5 percent in the third quarter, as the company spent more on marketing and was hit by higher costs for ingredients and unfavorable currency exchange rates. THE BACKGROUND: As part of a turnaround push, PepsiCo is investing more heavily