Monday, May 12
Former executive says AIG is in crisis
NEW YORK, May 12 (UPI) -- The head of American International Group's largest shareholder group and former company chief executive Maurice Greenberg said AIG is in crisis.
Tribune's Newsday deal is one step in easing debt
NEW YORK - Tribune Co.'s $650 million sale of Newsday is an important step toward alleviating its debt burden - for this year.
Sprint Nextel 1Q deficit widens, fewer subscribers
KANSAS CITY, Mo. - Sprint Nextel Corp.'s Dan Hesse had little good news to share Monday on the eve of addressing his first shareholder meeting as chief executive of the troubled wireless carrier.
Crude falls after hitting new record above $126
NEW YORK - Oil prices briefly spiked to a new record above $126 a barrel Monday but ended the day lower as investors cashed in profits and an earthquake in China raised the possibility of a drop in demand.
Crude oil prices back down Monday
NEW YORK, May 12 (UPI) -- Crude oil prices settled slightly on the New York Mercantile Exchange Monday after a six-day run of gains.
Copper prices prompting wave of thefts
WASHINGTON, May 12 (UPI) -- The soaring price of copper has triggered a rash of copper thefts in the United States, authorities, art dealers and utility companies say.
Power demands pushing metal prices up
WASHINGTON, May 12 (UPI) -- A global increase in energy demands have triggered price jumps in metals, as power shortages from Chile to South Africa have limited production, analysts say.
GM cutting 1,400 jobs in Canada in 2010
WINDSOR, Ontario, May 12 (UPI) -- General Motors of Canada President Arturo Elias announced Monday a transmission plant closure in the Ontario city of Windsor will cut 1,400 jobs in 2010.
Crude hits new record above $126, then falls back
NEW YORK - Oil prices briefly spiked to a new record above $126 a barrel Monday but later retreated as investors cashed in profits and a massive earthquake in China raised the possibility of a drop in demand.
China's inflation rises to almost 12-year high 
BEIJING - China's inflation almost climbed to a 12-year high in April, swamping official efforts to cool surging living costs that could provoke unrest ahead of the Beijing Olympics.
Report: Some Canadian gas pumps 'cheat'
OTTAWA, May 12 (UPI) -- The Canadian federal agency that monitors weights and measures is under fire after a newspaper report said one in 20 pumps nationwide short-pumps gasoline.
Stocks fluctuate as oil falls, dollar advances
NEW YORK - Wall Street fluctuated in a narrow range Monday, giving up a modest early advance as oil prices ticked lower and the dollar rose.
Stocks modestly higher as oil falls, dollar gains
NEW YORK - Wall Street rose modestly in early trading Monday as oil prices ticked lower and the dollar advanced.
Oil prices retreat from last week's record high
LONDON - Oil prices retreated Monday from last week's record close near $126 a barrel as the dollar strengthened against the euro and yen.
IndyMac Bancorp swings to 1st-qtr loss, sees 2008 loss
LOS ANGELES - IndyMac Bancorp Inc. said Monday it swung to a loss in the first quarter as deteriorating credit markets forced the mortgage lender to lower the value of mortgage-backed securities, and warned it would not post a profitable quarter in 2008.
Cablevision buys Newsday from Tribune for $650M
NEW YORK - Cablevision Systems Corp. is buying the Long Island-based newspaper Newsday from Tribune Co. for $650 million, the companies announced Monday.
Australia's Westpac offers $14B for bank rival St. George
SYDNEY, Australia - Westpac Banking Corp. said Monday it has approached rival St. George Bank Ltd. with a $14 billion takeover offer that could lead to the biggest shakeup of Australia's banking sector in years.
US health secretary: Chinese Heparin shipped to US now safe
SHANGHAI, China - A blood thinner manufactured in China and linked to dozens of deaths in the United States is now safe because of tighter testing and controls, a top American health official said Monday, while warning that all U.S. imports would face closer scrutiny in the future.
Stocks headed for moderately higher open as oil falls
NEW YORK - U.S. stocks headed for a moderately higher open Monday as oil prices ticked lower and the dollar advanced.
MBIA slides to huge 1Q loss on hefty charges
ARMONK, N.Y. - MBIA is posting a large first-quarter loss, as the struggling bond insurer took heavy charges to write down the value of certain liabilities amid continued deterioration in the credit markets.
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