 Zoom Airlines files for bankruptcy
 File photo
Zoom Airlines, a Canadian discount transatlantic carrier stung by sky-high fuel costs, canceled all flights and began bankruptcy proceedings Thursday, stranding passengers at several airports.
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Ex-Navy manager awaiting sentence
Case involved San Marcos firm
Aug. 28 (UNION-TRIBUNE)
A former Navy program manager who was convicted of scheming to personally profit from work he awarded to a San Marcos engineering company faces sentencing next month in a North Florida courtroom.
James Patrick Glenn, 57, was working in Pensacola, Fla., for SPAWAR, the Navy's Space and Naval Warfare Systems Command, during a three-year conspiracy that used Matrix Engineers and Contractors Inc. to defraud the government and launder money. The San Marcos company eventually was forced out of business.
WASHINGTON, 1:15 p.m. Aug. 28 (AP)
Industry groups file lawsuit over polar bear rule: Five industry groups have sued the Interior Department over a rule to protect the polar bear that they say unfairly singles out business operations in Alaska for their contribution to global warming. SAN DIEGO, 11:19 a.m. Aug. 28 (UNION-TRIBUNE)
Union-Tribune announces voluntary separation offer: The Union-Tribune Publishing Co., which publishes The San Diego Union-Tribune, announced Thursday that it was offering buyouts to its non-union employees. 1:15 p.m. Aug. 28 (AP)
Dell 2Q profit drops 17 percent: Computer maker Dell Inc. says its fiscal second-quarter profit fell 17 percent. Restructuring charges were partly to blame. NEW YORK, 1:06 p.m. Aug. 28 (AP)
Stocks jump on better-than-expected GDP, jobs data: Stocks have ended the day sharply higher after a better-than-expected reading on the gross domestic product and a drop in jobless claims gave investors some reassurance that the economy is holding up. SEATTLE, 11:35 a.m. Aug. 28 (AP)
Boeing delivers new offer to machinists: The Boeing Machinists union says the aerospace company has delivered a new contract offer. Union spokeswoman Connie Kelliher said Thursday the company has given a 300-page document to negotiators and they're going over it line-by-line. TORONTO, 11:33 a.m. Aug. 28 (AP)
Airline removes life vests to save weight and fuel: An official with Air Canada's regional carrier Jazz says the airline is removing life vests from all its planes to save weight and fuel. WASHINGTON, 11:20 a.m. Aug. 28 (AP)
CDC: Salmonella outbreak appears to be over: The government said Thursday that the salmonella outbreak that sickened at least 1,440 people appears to be over, but its ultimate source may never be known, partly because of shortcomings in the nation's food safety system. LOS ANGELES, 11:18 a.m. Aug. 28 (AP)
Hollywood production days in L.A. slip during talks: Preparations for a possible actors strike may have caused on-location feature film shoots in Los Angeles to decline in the last two months, according to a local permitting agency. FRANKFURT, 11:12 a.m. Aug. 28 (REUTERS)
Volkswagen overtakes Ford in car sales in H1: Volkswagen overtook Ford in the first half of the year as the world's third-largest carmaker by vehicle sales, VW said in a statement on Thursday, in yet another sign of Detroit's waning influence. WASHINGTON, 11:03 a.m. Aug. 28 (AP)
Spring's economic rebound unlikely to last: The economy pulled out of a dangerous rough patch in the spring, thanks largely to strong exports, but the rebound isn't expected to last. Economic slowdowns overseas could make exports tail off just as Americans are hunkering down after the bracing impact of rebate checks wanes, plunging the country into another rut later this year. NEW YORK, 10:59 a.m. Aug. 28 (REUTERS)
FED Fed may be pressed for more liquidity steps: The U.S. Federal Reserve may be pressed in coming months to provide further liquidity to strained money markets as the financial system remains vulnerable despite rapid monetary easing over the past year. BEIJING, 7:10 a.m. Aug. 28 (AP)
China Telecom says profit slips 8 percent: China Telecom Ltd. said Thursday its first-half earnings slipped 8 percent as revenues for fixed-line voice service shrank and warned it faces pressure on profits as Beijing carries out a planned restructuring of its telecoms industry. BEIJING, 7:06 a.m. Aug. 28 (AP)
Bank of China says 1st-half profit up 43 percent: Another major Chinese bank reported double-digit profit growth Thursday as it avoided the credit crisis that has battered Western lenders but warned it might face tougher conditions in coming months. LOUISVILLE, Ky., 6:58 a.m. Aug. 28 (AP)
Brown-Forman 1Q profit declines: Liquor company Brown-Forman Corp. said Thursday its first-quarter profit fell 7 percent, taking a shot to its earnings when a problem with tequila production caused a $22 million pretax charge. It also lowered its annual earnings projection as a result of the charge. NEW YORK, 4:58 a.m. Aug. 28 (AP)
Sears' 2Q profit drops 62 percent: Sears Holdings Corp. reported a 62 percent drop in second-quarter profit as the retailer continues to struggle to attract customers to its stores despite a high-stakes restructuring. The company also delivered a downbeat outlook predicting that its sales and gross profit margins will continue to be pressured amid a challenging economic environment. NEW YORK, 4:21 a.m. Aug. 28 (AP)
Tiffany doubles 2Q profit on strong sales overseas: Jewelry retailer Tiffany says second-quarter profit doubled, beating Wall Street expectations as sales rose by double-digit percentages in Asia and Europe. BEIJING, 3:59 a.m. Aug. 28 (AP)
Caterpillar looks for record sales on China demand: Caterpillar Inc. expects record sales this year as booming demand for construction and mining equipment in China and other emerging economies offsets weakness in its home U.S. market, its chairman said Thursday. TOKYO, 3:37 a.m. Aug. 28 (AP)
Toyota lowers 2009 global sales target: Toyota lowered its global sales target for 2009 by 700,000 vehicles to 9.7 million Thursday, showing that even one of the world's most durable automakers is being hurt by rising material costs, a slowing U.S. market and soaring gas prices. LONDON, 3:01 a.m. Aug. 28 (AP)
U.S. dollar down gold up in European morning trading: The U.S. dollar was lower against other major currencies in European trading Thursday morning. Gold rose. FRANKFURT, Germany, 2:52 a.m. Aug. 28 (AP)
Bertelsmann's 6-month profit reaches euro284M: Bertelsmann AG, the owner of book publisher Random House, said Thursday that its six-month net profit soared dramatically from a year ago – though a higher euro hurt sales at its units. LONDON, 2:12 a.m. Aug. 28 (REUTERS)
Cervical cancer advances give hope to poor: New screening tests and effective vaccines from Merck & Co and GlaxoSmithKline make tackling cervical cancer in poor countries a real possibility for the first time, researchers said on Thursday.
WASHINGTON, 5:57 a.m. Aug. 28 (AP)
Jobless claims fall for 3rd straight week: The number of people signing up for jobless benefits declined last week, the third straight drop from a six-year high reached earlier this month, the government said Thursday.
TOKYO, 10:49 p.m. Aug. 27 (AP)
Toyota lowers 2009 global sales target: Toyota lowered its global sales target for 2009 to 9.7 million vehicles on Thursday, down from an earlier 10.4 million vehicles, blaming “tough times,” caused by rising material costs, a slowing U.S. market and soaring gas prices.
SINGAPORE, 10:18 p.m. Aug. 27 (AP)
Sony's Chubachi warns stagflation threatens Asia: Sony Corp. President Ryoji Chubachi warned Thursday that stagflation – slowing economic growth and quickening inflation – in the U.S., Europe and Japan is beginning to undermine consumer demand in Asia.
SHANGHAI, China, 9:17 p.m. Aug. 27 (AP)
China, Iraq reach $3 billion oil service deal: China and Iraq have signed a $3 billion deal revising an earlier agreement for China's biggest oil company to help develop the Ahdab oil field, according to a statement from the Iraqi Embassy in Beijing.
SINGAPORE, 9:14 p.m. Aug. 27 (AP)
Oil rises in Asia on worries Gustav may strengthen: Oil prices rose to near $119 a barrel Thursday in Asia on fears that Tropical Storm Gustav could strengthen on its way toward crude and natural gas rigs and refineries in the Gulf of Mexico.
WASHINGTON, 9:06 p.m. Aug. 27 (AP)
Government warns Simplicity bassinets are deadly: A government safety group is warning parents not to use a Pennsylvania company's baby bassinets after two babies were trapped and strangled in the product.
NEW YORK, 8:32 p.m. Aug. 27 (AP)
TiVo shows another profit, but outlook weak: TiVo Inc. managed consecutive quarters of profitability for the first time ever despite eroding subscriptions, demonstrating that the pioneer in digital video recorders is on track in reducing marketing expenses and subsidies.
8:28 p.m. Aug. 27 (AP)
Report: Starbucks Execs Won't Get Raises: Chairman and Chief Executive Howard Schultz and other executives at Starbucks Corp. won't receive salary increases in the next fiscal year, according to an internal memo sent this week.
NEW YORK, 9:01 p.m. Aug. 27 (AP)
Survey: U.S. workers' confidence in job market sags: American workers' confidence in the job market is as low as it was during the 2001 recession, according to a survey released Thursday.
CARACAS, Venezuela, 6:52 p.m. Aug. 27 (AP)
Venezuela moves to nationalize fuel distribution: President Hugo Chavez said Wednesday that wholesale gasoline sales by private companies in Venezuela will soon disappear after his congressional allies pass a bill nationalizing the business.
PITTSBURGH, 6:48 p.m. Aug. 27 (AP)
USW authorizes strike against ArcelorMittal: The United Steelworkers union said Wednesday its members had voted to give it the authority to launch a nationwide strike against ArcelorMittal, the world's largest steel producer, if ongoing contract negotiations fail.
RIVERSIDE, 6:33 p.m. Aug. 27 (AP)
Questions follow Mattel's $100M Bratz verdict: A three-month trial that pitted Mattel Inc. against Bratz-maker MGA Entertainment Inc. brought a $100 million jury award for the house of Barbie, but the legal battle is far from over.
ANCHORAGE, Alaska, 5:57 p.m. Aug. 27 (AP)
Alaska gov. OKs bill approving TransCanada license: Alaska Gov. Sarah Palin has signed a bill authorizing the state to award a license to TransCanada Corp. to start developing a natural gas pipeline.
DETROIT, 5:39 p.m. Aug. 27 (AP)
Ford exec sees dealership ranks thinning: With U.S. sales continuing to decline, a top Ford Motor Co. executive said he expects to see more Ford, Lincoln and Mercury dealers willing to consolidate with others, speeding up plans to thin their ranks nationwide.
KNOXVILLE, Tenn., 5:29 p.m. Aug. 27 (AP)
TVA asks NRC to renew build permits for 2 reactors: The Tennessee Valley Authority, faced with growing electricity demand and rising coal costs, asked regulators Wednesday to renew construction permits for two unfinished nuclear reactors it virtually abandoned 20 years ago.
TUCSON, Ariz., 4:42 p.m. Aug. 27 (AP)
Grupo Mexico files Asarco reorganization plan: A Grupo Mexico subsidiary has filed a bankruptcy reorganization plan seeking to regain control of copper producer Asarco LLC, based in Tucson, U.S. Bankruptcy Court documents show.
PORTLAND, Ore., 4:38 p.m. Aug. 27 (AP)
Adv30-31: With gas prices high, bicycles flying out of stores and a buyers' market for houses, a handful of real estate agents around the country are touting the two-wheeled appeal of their listings.
REDWOOD SHORES, 4:28 p.m. Aug. 27 (AP)
Oracle names Jeff Epstein CFO: Oracle Corp. has hired Jeff Epstein as its new chief financial officer to replace Safra Catz, who had held the job for nearly three years while also serving as one of the business software maker's co-presidents.
WASHINGTON, 4:20 p.m. Aug. 27 (AP)
Fannie Mae shakes up management team: Mortgage finance giant Fannie Mae shook up its executive ranks Wednesday, after shares in it and sibling company Freddie Mac rose for a third straight day as investors appeared less certain a government bailout of the two troubled companies is imminent.
MINNEAPOLIS, 4:02 p.m. Aug. 27 (AP)
United to furlough 1,550 flight attendants: United Airlines said on Wednesday it will furlough 1,550 flight attendants as it reduces its flying this fall.
NEW YORK, 3:55 p.m. Aug. 27 (AP)
MBIA agrees to reinsure FGIC's muni bond portfolio: MBIA Inc. on Wednesday agreed to take control of nearly $200 billion of municipal bonds currently backed by FGIC Corp. in a move that could help its weaker rival avoid bankruptcy.
NEW YORK, 3:45 p.m. Aug. 27 (AP)
Renters insurance: Why it's essential: The population of renters across the country is growing, edged up in part by a slumping housing market.
WASHINGTON, 3:33 p.m. Aug. 27 (AP)
Durable goods post strong gains in June, July: U.S. factories saw a surprisingly hefty increase in their orders for big-ticket products in July, reflecting continued strength in export sales and a boost to business investment from the government's tax stimulus package.
WASHINGTON, 3:25 p.m. Aug. 27 (AP)
Administration wants changes in workplace rules: The Bush administration is proposing that workplace hazard standards be subject to more public and expert scrutiny before being adopted. Critics say the proposals could make it harder to limit worker exposure to carcinogens and other toxic materials.
BOSTON, 3:22 p.m. Aug. 27 (AP)
Study spotlights lingering fees at closed funds: U.S. mutual fund companies collect $12 billion per year in fees for their funds. And some $442 million of this comes at funds that are closed to new investors – charges that are assessed even though the funds no longer need to cover marketing and distribution costs to attract and begin serving new customers, according to a study published Wednesday by Standard & Poor's.
NEW YORK, 3:08 p.m. Aug. 27 (AP)
Stocks rise following gain in durable goods orders: Wall Street posted a sizable advance Wednesday after the government reported a larger-than-expected increase in orders for big-ticket manufactured goods that indicated the economy could be stronger than some investors thought.
NEW YORK, 3:06 p.m. Aug. 27 (AP)
Treasurys edge higher amid Fannie, Freddie worries: Treasury bonds rebounded Wednesday to finish slightly higher amid uncertainty over whether troubled mortgage financiers Fannie Mae and Freddie Mac would need a government bailout.
PHILADELPHIA, 2:54 p.m. Aug. 27 (AP)
Pa. newspaper workers defer raise: Members of the largest union at The Philadelphia Inquirer and the Philadelphia Daily News have voted to postpone a $25-a-week raise.
SANTIAGO, Chile, 2:43 p.m. Aug. 27 (AP)
U.N. group forecasts 4.7%. Latin America growth: Economic growth in Latin America and the Caribbean will slow to an average 4.7 percent in 2008 as central banks boost interest rates to combat rising inflation, the U.N.'s Economic Commission for Latin America said Wednesday.
NEW YORK, 2:24 p.m. Aug. 27 (AP)
TechBits package: Nikon Corp. on Wednesday launched the first digital still camera with interchangeable lenses that also shoots movies.
WASHINGTON, 2:20 p.m. Aug. 27 (AP)
Consumers picked to test hydrogen car prototypes: Tom Albert drove his loaner Chevrolet Equinox like any other car. He took it to work during the week, picked up groceries, and loaded up the back with bags of soil at the garden store. When his infant son was fussy, Albert drove the newborn around the block to calm him down.
CHICAGO, 2:15 p.m. Aug. 27 (AP)
One small hitch for FAA, one giant mess for fliers: When a computer system that distributes flight plans nationwide came rolling to a halt this week because of a software glitch, so did airplanes on tarmacs from Orlando to Chicago. The ensuing delays drove home just how easily an apparently isolated problem can trigger network-wide disarray in the country's aging air traffic control system.
NEW YORK, 2:14 p.m. Aug. 27 (AP)
Most commodities rise as energy markets eye Gustav: Most commodities prices advanced Wednesday, lifted by the rising price of oil as traders eyed the trajectory of Tropical Storm Gustav.
BUENOS AIRES, Argentina, 2:08 p.m. Aug. 27 (AP)
Cabinet chief vows Argentina will service debt: Argentina will meet all its debt obligations in 2008 and 2009, its Cabinet chief said Wednesday, addressing investor concerns that political tensions could reduce its budget surplus and slow its debt payments.
SEATTLE, 1:52 p.m. Aug. 27 (AP)
Microsoft's newest browser may block ads: The next version of Microsoft Corp.'s Web browser makes it easier for people to surf the Internet without leaving a trace.
NEW YORK, 1:48 p.m. Aug. 27 (AP)
Chicago Sun-Times eyeing more cuts with ad drop: The Chicago Sun-Times said Wednesday it is considering an unspecified number of job cuts, blaming declining advertising revenue.
PORTLAND, Ore., 1:31 p.m. Aug. 27 (AP)
Borders execs plan to build on Q2 progress: Borders Group Inc. shares soared more than 19 percent Wednesday after it posted better-than-expected earnings for the second quarter. But analysts remained leery, saying that tough competition and a weak economy continue to pose big challenges for the bookseller.
TRENTON, N.J., 1:24 p.m. Aug. 27 (AP)
Vioxx settlement judge caps legal fees at 32%: The federal judge overseeing much of the massive litigation over withdrawn painkiller Vioxx on Wednesday capped fees for plaintiffs' attorneys at a relatively low 32 percent of the $4.85 billion settlement, saying he had to ensure fees were reasonable.
WASHINGTON, 1:21 p.m. Aug. 27 (AP)
Study outcome won't sway company on eye drug: What does a company do when there's anecdotal evidence that two of its drugs are equally effective in treating a leading cause of blindness in the elderly, one costing patients $60 per treatment and the other $2,000?
NEW YORK, 1:10 p.m. Aug. 27 (AP)
NY AG confirms probe into Goldman, Fidelity: The New York attorney general's office said Wednesday it is investigating whether Fidelity Investments was given incentives by Goldman Sachs Group Inc. to sell auction-rate securities to investors.
CINCINNATI, 1:09 p.m. Aug. 27 (AP)
Supplement maker owner gets 25 years in fraud case: A business owner convicted of defrauding customers seeking male sexual enhancement products and a variety of herbal supplements was sentenced Wednesday to 25 years in prison.
DALLAS, Aug. 27 (AP)
Southwest dumping nearly 200 flights: Southwest Airlines, which had resisted the kinds of capacity cuts being made by other carriers, will eliminate nearly 200 flights early next year as it struggles with high fuel costs and a weakening economy.
From Wednesday's Union-Tribune
Aug. 27 (UNION-TRIBUNE)
Housing downturn could be letting up: A key housing-price index released yesterday offered a glimmer of hope that the downward spiral might be slowing in some places, but San Diego and other once-high-flying cities have yet to see any return to stability.
Aug. 27 (UNION-TRIBUNE)
Bill to track medicines is praised: Legislation awaiting the governor's signature would give California pharmacists, medical wholesalers and pharmaceutical manufacturers until at least 2015 – four years beyond the current deadline – to create an electronic tracking system for prescription drugs.
WASHINGTON, 9:51 a.m. Aug. 27 (REUTERS)
Most U.S. metropolitan jobless rates rise in July: Unemployment rates galloped higher in most U.S. metropolitan areas in July when compared to a year earlier, with 11 areas recording jobless rates of 10 percent or more, the Labor Department reported on Wednesday.
PARIS, 9:45 a.m. Aug. 27 (AP)
Alcatel-Lucent stock jumps on CEO talk: Alcatel-Lucent shares jumped in European trading to their highest level in two weeks Wednesday on a report that the company is close to naming a successor for outgoing Chief Executive Patricia Russo.
WASHINGTON, 9:42 a.m. Aug. 27 (REUTERS)
July saw record U.S. mortgages modified: A record number of troubled home loans were steered away from foreclosure in July, an industry-led homeowner aid program said Wednesday.
NEW YORK, 9:06 a.m. Aug. 27 (AP)
Bankruptcy filings near 1 million in past year: Nearly 1 million individuals and businesses filed bankruptcy in the 12 months ended June 30, according to U.S. Court data released Wednesday.
NEW YORK, 8:46 a.m. Aug. 27 (AP)
Target settles suit with Nat'l Federation of Blind: Target Corp. has agreed to pay $6 million in damages to plaintiffs in California unable to use its online site as part of a class action settlement with the National Federation of the Blind, a leading advocacy group for blind people.
7:31 a.m. Aug. 27 (AP)
A look at the 2009 Toyota Corolla: 2009 Toyota Corolla XLE BASE PRICE: $15,250 for base model with manual; $16,050 for base model with automatic; $16,320 for S with manual; $16,650 for LE; $17,150 for S with automatic; $17,550 for XLE.
7:31 a.m. Aug. 27 (AP)
Toyota Corolla is the Camry's mini-me: By ANN M. JOB For The Associated Press What's better than America's best-selling car, the Toyota Camry? These days, it just might be a baby Camry.
WASHINGTON, 7:13 a.m. Aug. 27 (AP)
U.S. thrifts' lost $5.4B in 2Q, second largest ever: Federal regulators say U.S. thrifts lost $5.4 billion in the second quarter and set aside a record amount to cover losses from bad mortgages and other loans.
LONDON, 6:51 a.m. Aug. 27 (REUTERS)
Media buyer Carat cuts advertising spend forecasts: Carat, Europe's biggest media buyer, has trimmed its growth forecasts for global spending on advertising for this year and next after revising its estimates for the United States, Britain, Spain and China.
WASHINGTON, 6:40 a.m. Aug. 27 (REUTERS)
More people living below poverty line: The World Bank said Tuesday more people are living in extreme poverty in developing countries than previously thought as it adjusted the recognized yardstick for measuring global poverty to $1.25 a day from $1.
NEW YORK, 6:38 a.m. Aug. 27 (REUTERS)
U.S. STOCKS-Wall St starts flat as oil offsets durables: U.S. stocks were little changed at the open Wednesday as surging oil prices offset surprisingly strong data on durable goods orders that calmed jitters about a weak economy.
DUBAI, 6:19 a.m. Aug. 27 (REUTERS)
Gulf banks launch three Islamic investment firms: Three Gulf Arab banks will launch a specialised bank to finance infrastructure projects, an agriculture firm and a hospitality fund as rapid growth in the Middle East and North Africa lures billions in new investment.
WASHINGTON, 6:03 a.m. Aug. 27 (REUTERS)
U.S. July durables orders surprisingly strong: New orders for long-lasting U.S. manufactured goods jumped a surprising 1.3 percent in July, while a gauge of business investment also rose unexpectedly, a government report showed Wednesday.
LONDON, 5:16 a.m. Aug. 27 (REUTERS)
Saudi may face OPEC pressure to trim supply: Saudi Arabia, the world's top oil exporter, may come under pressure from within OPEC ranks to reduce supplies to prevent a further fall in crude prices when the group meets on Sept. 9.
BOSTON, 5:03 a.m. Aug. 27 (REUTERS)
As Americans fill trains, frustration grows: Looking up at a list of delayed trains at Boston's crowded South Station on a summer afternoon, Peter Pesis asks why passenger trains in the United States are so slow, so crowded and so prone to delays.
ROME, 2:57 a.m. Aug. 27 (AP)
Bankers to discuss Alitalia with Air France-KLM: Bank managers advising the government on the sale of Alitalia were to discuss the failing airline's recovery plan Wednesday with Air France-KLM, Italian news reports said.
COLUMBUS, Ohio, 12:20 a.m. Aug. 27 (AP)
Homeowners mix vegetables, flowers to save money: Tidy lawns have been replaced by a jumble of hot peppers, tomatoes, peas, peaches, berries and plums in the front yards of two next-door neighbors.
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