LONDON (AFX) - Here are the top stories on AFX News Wal-Mart dropping bid for a bank
WASHINGTON (AP) - Wal-Mart Stores Inc. is dropping its bid to establish a bank after months of heated debate over whether the world's largest retailer should be allowed to gain the added financial power of a federally insured bank.
Wal-Mart announced Friday that it was withdrawing its application for a bank charter. Caremark says shareholders back CVS deal
NASHVILLE, Tenn. (AP) - Caremark Rx Inc. shareholders approved a $26.5 billion acquisition by drugstore operator CVS Corp., the pharmacy benefits manager announced Friday.
Caremark's rival Express Scripts Inc. and CVS have been battling for months to acquire Caremark. Japanese court gives Livedoor founder 2-1/2 years in prison for fraud
TOKYO (XFN-ASIA) - A court here has sentenced Takafumi Horie, the founder of Internet firm Livedoor Co, to 2-1/2 years in prison for fraud.
Horie said he would appeal against the sentence. HP to buy back added $8B of stock
NEW YORK (AP) - Computer and printer maker Hewlett Packard Co. said Friday its board approved the repurchase of an additional $8 billion of common shares.
As of Jan. 31, HP had $3.3 billion outstanding from a previous $6 billion stock buyback authorization, which had been approved in August 2006. Carnival Q1 earnings increase boosted by rise in cruise capacity
LONDON (AFX) - Carnival, the world's largest operator of cruise ships, reported a year-on-year rise in first-quarter net income driven by an increase in cruise capacity.
First-quarter net income was 283 mln usd, compared with 251 mln usd the previous year. Net revenues were 9.1 pct higher at 2.69 bln usd from 2.46 bln usd previously. SKorea's POSCO takes steps to prevent takeover, no talks with Arcelor Mittal
SEOUL (XFN-ASIA) - POSCO, the world's third largest steelmaker, said it is taking steps to thwart any hostile takeover attempt amid reports Arcelor Mittal is looking at the company.
'The company will acquire more friendly shares for stable management,' a POSCO official told Agence France-Presse, adding that shareholders counted as friendly to the management now controlled 40 pct of the company. Airbus French employees protest restructuring plan; 1,000 on strike in Toulouse
PARIS (AFX) - About 1,000 Airbus employees in its headquarters city of Toulouse staged a strike to protest the restructuring plan in which the troubled EADS unit would cut 10,000 jobs throughout Europe.
Another 100 employees were protesting outside EADS' French headquarters in Paris, according to a reporter from Agence France-Presse. Benetton FY net rises to 125 mln eur in line with guidance
MILAN (AFX) - Benetton Group SpA said that its full-year net profit rose to 125 mln eur from 112 mln a year earlier, in line with its guidance.
Full-year sales rose 8.3 pct to 1.911 bln eur, EBITDA rose to 276 mln and operating profits increased 9.4 pct to 180 mln. Commerzbank sells UK unit Jupiter to TA consortium for 1 bln eur - report
FRANKFURT (AFX) - Commerzbank AG is selling its UK asset management unit Jupiter for around 1 bln eur to a consortium formed out of Jupiter management itself and US financial investor TA Associates, Handelsblatt said, citing sources.
A spokesman for Commerzbank and another for Jupiter declined comment to the newspaper. US Consumer Price Index up 0.4 pct. in Feb.
WASHINGTON (AP) - Consumer inflation spurted higher in February, reflecting rising costs for gasoline and big jumps for food as the impact of adverse winter weather on citrus crops began to be felt.
The Labor Department reported Friday that its Consumer Price Index rose by 0.4 percent last month, double the January increase and the largest advance since a similar increase in December. Reliance in talks over acquiring stake in Sainsbury - sources
LONDON (AFX) - Reliance Industries Ltd has held talks over the purchase of a strategic minority stake in J Sainsbury PLC, sources close Reliance told AFX News.
However, the Indian group is not interested in a full-scale bid for the UK supermarkets chain, the source indicated. COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited