Business News

NEW YORK (Reuters) - The vast services sector expanded at a faster pace than expected in April and productivity improved more than forecast in the first quarter, reports showed on Thursday, easing concerns about economic weakness and inflation.

WASHINGTON - The U.S. service sector expanded at a faster rate in April after hitting a four-year low in March, a trade group said Thursday, though concerns about energy costs persist.

WASHINGTON - The growth in worker productivity slowed in the first three months of this year but so did wages, providing evidence that a slowing economy is holding down inflation.

NEW YORK (Reuters) - The pace of growth in the U.S. service sector rose in April, as new orders and jobs components improved, according to a report released on Thursday.

WASHINGTON (Reuters) - Business productivity grew a greater-than-expected 1.7 percent in the first three months of 2007 but labor costs rose far less than forecast, a Labor Department report showed on Thursday.

NEW YORK - Wall Street rose modestly Thursday amid a burst of enthusiasm about the economy that lifted the Standard & Poor's 500 index past 1,500 for the first time since September 2000.

NEW YORK (Reuters) - The Standard & Poor's 500 index broke through 1,500 for the first time since September 2000 on Thursday after a series of indicators showed signs of strength in the economy without fanning fears of inflation.

Wall Street stocks were higher at midmorning on Thursday, as etter than expected economic data offset a sharp decline in earnings at General Motors (NYSE:GM).

Wall Street stocks were set for a higher start on Thursday, after upbeat economic data overshadowed a sharp decline in earnings at General Motors (NYSE:GM).

LONDON (AFP) - Europe's main stock exchanges showed mixed fortunes in morning trade on Thursday, with London higher on strong earnings news while the Frankfurt and Paris indices were slightly down.

DETROIT - General Motors Corp.'s first-quarter profit fell 90 percent compared with a year ago, citing losses in the home lending operations of its former financial arm.

NEW YORK - CBS Corp., producer of "60 Minutes" and the hit crime series "CSI," said Thursday its first-quarter earnings fell 6 percent, hurt by the sale of radio stations and lower syndicated TV income.

LAS VEGAS - Casino operator MGM Mirage said Thursday its first-quarter profit climbed 17 percent on strong results from its Las Vegas Strip properties and its Beau Rivage resort in Mississippi, but results missed Wall Street estimates and its shares slid more than 2 percent in early trading.

NEW YORK (Reuters) - CBS Corp. said on Thursday quarterly earnings fell about 6 percent, hurt by taxes on the sale of radio stations, but revenue still beat expectations with help from its publishing division Simon & Schuster.

CHICAGO - OfficeMax Inc. said Thursday it swung to a first-quarter profit, but retail sales declined and results fell short of analyst expectations. Its stock tumbled as much as 16 percent.

Wall Street's S&P 500 index rose above the 1,500 threshold for the first time since 2000 as solid economic reports buoyed investors and offset an unexpectedly sharp decline in earnings at General Motors (NYSE:GM).

CHICAGO (AFP) - General Motors reported a 90 percent drop in quarterly profits Thursday as losses at its lending arm due to weakness in the housing market offset improved results in automotive operations.

LONDON (AFP) - British pharmacy giant Alliance Boots, which has agreed to a takeover from US private equity group KKR, said Wednesday that profits rose strongly during its fiscal year owing to good trading conditions.

LONDON (Reuters) - The world's top drugmakers face the loss of $140 billion in annual sales by 2016 as key product patents expire and cheap generic versions of their blockbuster medicines hit the market, according to a report on Wednesday.

WASHINGTON (Reuters) - A U.S. appeals court has denied a request by Internet phone company Vonage Holdings Corp. that it order a retrial in the patent infringement case brought against it by Verizon Communications Inc..

A few years back, when digital photography began to soar in popularity, printer companies naturally assumed there would be a similar rush into home photo printing. While sales of printers, ink, and paper have shown steady growth, it's nothing like the explosion in camera sales. Kodak , a name that once dominated photography, aims to change that.

Fires. Explosions. Lightning strikes. This is the new state of affairs for U.S. oil refiners, hobbled in recent months by an unprecedented plague of bad luck and operational setbacks from California to Delaware (see BusinessWeek.com, 4/26/07, "$4 Gas? Fat Chance"). Facilities of all sizes and age have been struck, leading to supply bottlenecks in various regions.

I have helped more than 70 major organizations identify and profile desired leadership behaviors. Almost every company I work with wants to encourage collaborative leadership and has in its inventory of desired behavior such things as "effectively builds teamwork," "develops positive partner relationships with co-workers," or "creates synergy with other parts of our business."

NEW YORK (Reuters) - North American steel companies are in a consolidation that is sweeping the continent and is catching nearly every independent player in an updraft as they become potential targets.

WASHINGTON (Reuters) - She makes more than he does in one out of three American households. That's a break from tradition that requires adjustments in everything from the family budget to how spouses talk to each other.

BENTON HARBOR, Mich. - The Maytag Repairman is back, and he's still trying to find some work to do.

AMSTERDAM (Reuters) - A Dutch court ruled on Thursday that ABN AMRO must freeze its $21 billion sale of U.S. unit LaSalle to Bank of America , opening up the possibility of a rival bid for the Netherlands' biggest bank.

NEW YORK (Reuters) - Apple Inc., responding to criticism from environmental groups, unveiled plans on Wednesday that Chief Executive Steve Jobs claimed would make the company greener than most of its competitors.

DETROIT - General Motors Corp.'s first-quarter profit fell 90 percent compared with a year ago, citing losses in the home lending operations of its former financial arm.

DETROIT (Reuters) - General Motors Corp. on Thursday reported a 90 percent drop in first-quarter earnings, missing Wall Street estimates by a wide margin, as mortgage-related losses at its GMAC affiliate swamped gains in its main business.