Seattle Post-Intelligencer: AP - Business Headlines

Agriculture futures trade mostly up on CBOT; livestock mixed
CHICAGO -- Agriculture futures traded mostly higher Friday on the Chicago Board of Trade. (Updated 8:10 a.m. PT)

Gas jumps above $3.67, oil passes $126 on Venezuela concerns
NEW YORK -- Oil rose above $126 a barrel for the first time Friday, bringing its advance this week to nearly $10, as investors questioned whether a possible confrontation between the U.S. and Venezuela could cut exports from the OPEC member. Gas prices, meanwhile, rose above an average $3.67 a gallon at the pump, following oil's recent path higher. (Updated 8:00 a.m. PT)

Diageo brews Irish Guinness overhaul
DUBLIN, Ireland -- Guinness beer owner Diageo PLC rattled an Irish icon Friday, announcing plans to lay off more than half of its brewery workers, close two breweries and shift most beer production to a new, high-tech plant in the Dublin suburbs by 2013. (Updated 7:26 a.m. PT)

Stocks decline as AIG reveals need for cash, oil surges
NEW YORK -- Wall Street fell sharply early Friday as investors contended with wider-than-expected losses at insurer American International Group Inc. and another worrisome spike in oil prices. The Dow Jones industrial average at times lost more than 100 points. (Updated 7:21 a.m. PT)

Citigroup to shed $500B in assets
NEW YORK -- Citigroup Inc. said Friday it aims to shed about $500 billion in assets and grow revenue by 9 percent over the next few years, as it tries to rebound from massive losses tied to deterioration in the mortgage and credit markets. (Updated 7:20 a.m. PT)

Icahn prepared to buy Circuit City if Blockbuster can't
NEW YORK -- Consumer electronics retailer Circuit City Stores said Friday that it will allow Blockbuster to review its books in connection with the video-rental chain's bid to buy the company. (Updated 6:57 a.m. PT)

China producer price index up 8.1 pct
SHANGHAI, China -- China's producer price index, a key indicator of inflation, rose 8.1 percent in April over the same month a year earlier, the government reported Friday, as a top economic official sought new controls to cool rising prices. (Updated 6:55 a.m. PT)

March trade deficit drops by bigger-than-expected amount
WASHINGTON -- The U.S. trade deficit narrowed sharply in March as demand for imports fell by the largest amount since the last recession was ending. (Updated 6:24 a.m. PT)

Citigroup targeting 9 percent revenue growth
NEW YORK -- Citigroup Inc. said Friday it is aiming for 9 percent revenue growth as it looks to rebound from recent struggles tied to deterioration in the mortgage and credit markets. (Updated 6:02 a.m. PT)

German insurer Allianz 1Q net profit falls 65 percent
FRANKFURT, Germany -- German insurer Allianz SE said Friday first-quarter net profit fell 65 percent due to difficult market conditions as it wrote down $1.3 billion tied to the U.S. subprime crisis. (Updated 4:34 a.m. PT)

Additional headlines:
- Clear Channel Communications reports profit, revenue jump
- Dollar falls against euro on ECB interest rate signals
- US dollar lower in Europe
- Japan Airlines reduces losses in latest quarter
- Japanese shares drop on Toyota outlook
- Rain comes to western Texas just in time for cotton planting

THURSDAY, MAY 08, 2008
- Top 3 air carriers boost fuel charge by $20 roundtrip
- More shoppers seeking shelter from economy in discounters
- Survey says executives see oil prices falling
- AIG posts 1Q loss of $7.8B, plans to raise $12.5B
- GM to pay up to $200M to help end American Axle strike
- Western states rebuff plan for Italian nuclear waste in Utah
- Chrysler unleashes Dodge Challenger into an uncertain market
- GM buys its Detroit headquarters for $626 million
- Wachovia separates chairman, CEO positions
- Business Highlights
- Treasurys extend rally as investors seek safe haven bets
- Rice futures jump on worries over Myanmar supply; Oil jumps
- Warner Music Group 2Q loss widens on increased expenses
- Best Buy teams up with leading European cell phone retailer
- Will love of mom overcome economy worries on Mother's Day?
- Rates on 30-year mortgages edge down slightly
- Stocks edge higher as investors watch oil retreat
- Best Buy puts $2.1 billion into European cell phone retailer
- ECB, Bank of England leave rates steady
- Nasdaq first-quarter profit surges on boost from OMX buyout
- Lobster boat builders pinched as catch drops, economy slows
- Toyota projects first full-year profit drop in 7 years
- Dynegy swings to 1Q loss as energy prices surge
- Wal-Mart same-store sales top Wall Street expectations
- InBev profit drops on rising costs
- Bridgestone's first-quarter net profit falls 18.4 percent
- Northwest cherry harvest down with the temps
- South Korea may demand revision of US beef import pact
- Softbank's annual net profit surges to record high
- AP Interview: Paulson says credit crisis may be fading
- Consumer borrowing unexpectedly surges in March
- Oil companies agree to settle MTBE contamination lawsuits

WEDNESDAY, MAY 07, 2008
- Murdoch sees clinching Newsday soon; News Corp. profit jumps
- General Dynamics picks new CEO from board
- NAR: US pending home sales drop to new low in March
- As fuel prices rise, some speedometer needles fall
- DirecTV profit rises 10 pct on demand for high-def service
- Writers strike hurt, but Disney's 2Q profit still climbs
- Clearwire, Sprint Nextel to form $14.55B wireless company
- Toyota raising prices on some models in US this month
- Company floats ads in 'clouds' shaped like corporate logos
- Ford says it's doubling fuel-efficient 6-speed transmissions
- Total 1Q profit jumps 18 percent on record energy prices
- Hollywood producers suspend talks with Screen Actors Guild

TUESDAY, MAY 06, 2008
- Profits for Brazil's Embraer rise 8 percent
- Venezuelan prices rise 1.7 percent in April
- Housing picture worsens as Fannie sees price drop
- Countrywide Financial admits loan officers made errors
- As food costs soar, restaurants swap ingredients to get by
- MGM Mirage profit dips as tourists pinch pennies
- Sara Lee 3Q profit rises but misses estimates on high costs
- Wachovia nearly doubles its 1Q loss to $708 million
- D.R. Horton swings to 2Q loss on impairment charges
- Cisco 3Q profit falls, but adjusted income tops analyst view
- Correction: Recall of Cedar Crest product
- Government again raises estimates on oil, gas prices
- Fannie Mae sees sharper home-price declines, loses $2.2B
- Fed auctions $75 billion to banks to ease credit stresses
- UBS reports 1Q net loss $11 billion
- ALL BUSINESS: Buffett says economic and credit woes linger
- Recalls
- Thailand drops plan for rice cartel that would have fixed prices
- Bernanke urges more action to stem home foreclosure crisis
- Chrysler's Nardelli says company can meet job-cutting goals
- NYSE Euronext profit triples on higher volumes
- Owner of Tropicana casinos files for Chapter 11 protection
- Tropicana Entertainment's Chapter 11 bankruptcy filing
- Indonesia considers quitting OPEC
- Redstone hails copyright protection
- Late cold snap puts a chill on California vineyards

MONDAY, MAY 05, 2008
- Swiss bank UBS reports 1Q net loss of $11 billion
- Ecuador will renew America Movil deal
- Groups sue to stop seismic oil exploration in Arctic seas
- Jamaica to divest national airline
- Copper workers end strike in Chile
- Wal-Mart expands low-price drug program; Target follows
- Target sells stake in credit card receivables to JPMorgan
- Federal Reserve reports tighter bank lending standards
- Merck to cut 1,200 sales jobs following regulatory setback
- Pilgrim's Pride posts loss, blames rising feed costs
- Countrywide shares down amid doubt on BofA buyout
- Aflac shareholders approve CEO pay
- Pork, chicken prices may rise in next wave of food inflation
- Fed task force eyes lenders and Wall Street in subprime mess
- Senators call for EPA to reconsider ethanol output mandate
- Report: DT mulling bid for Sprint Nextel
- Impasse at GM's Fairfax _ workers walk over seniority issues
- European Union clears Korean bid for shipbuilder Aker
- Buffett, Munger say many financial companies deserve pain
- Canadian auto workers ratify 3-year Ford contract
- Survey finds gas prices up about 15 cents over past 2 weeks

SUNDAY, MAY 04, 2008
- Bank of America exec ready to integrate LaSalle Bank
- LaSalle Bank brand to disappear as BofA takes over
- Yahoo CEO on hot seat after rebuffing Microsoft's $47.5B bid
- Competitive zeal of Ballmer key element in Yahoo chase
- US-backed plan sees shiny future for embattled Green Zone
- Corporate boards' pay grows with workload, regulations
- Streak of trouble with FDA, other problems hits Merck
- Wall Street looks for more evidence to justify a rally
- Smarter electric grid could be key to saving power
- Buffett and Munger reassure shareholders about succession

SATURDAY, MAY 03, 2008
- NYC food maker recalls over 286,000 pounds of meat, poultry
- Buffett again rebuffs advocates who want Klamath dams out
- Chevron's 1Q profit of $5.17B marks Big Oil's latest gusher

FRIDAY, MAY 02, 2008
- Fed OKs plan to rein in unfair, deceptive credit cards
- Berkshire net income falls 64 percent because of derivatives
- Ford to offer buyouts to 1,300 workers in Illinois, Kentucky
- Researchers key in battle for beauty business
- Fed likely to prefer lending over interest-rate cuts
- Delta gives 3 percent raises to nonunion employees
- Linens 'n Things files for bankruptcy protection
- Pushed by higher prices, immigrants stocking up on rice