worldheadlines

TRAVERSE CITY, Michigan - Chrysler LLC's manufacturing chief says the company is working with great energy and speed to fix its quality problems, but the payoff hasn't shown up yet in external quality studies.
Frank Ewasyshyn, executive vice president of manufacturing, said Monday that many problems reported in such studies have to do with perceived quality issues, such as ride and handling,...

WASHINGTON - Unlike the rest of us, most U.S. corporations and foreign companies doing business in the United States pay no federal income tax, according to a new report from Congress.
The study by the Government Accountability Office, expected to be released Tuesday, said two-thirds of U.S. corporations paid no federal income taxes between 1998 and 2005, and about 68 percent...

GENEVA - UBS AG, one of the hardest hit banks in the subprime mortgage crisis, said Tuesday that it lost 358 Swiss francs ($331 million) in the second quarter as it took another $5.1 billion hit in writedowns on bad assets.
The net loss for Switzerland's largest bank in the April-June period compared with a profit of 5.5 billion francs a year...

LONDON - BP PLC said it shut down an oil pipeline that runs through Georgia on Tuesday as a precautionary measure, but added that it is unaware of any Russian bombings on pipelines in the region.
BP said the 90,000-barrel-a-day pipeline to Supsa on Georgia's Black Sea coast from Baku in Azerbaijan will remain closed indefinitely.
Another pipeline operated by the London-based oil...

Anheuser-Busch Cos Inc on Tuesday said it approved an enhanced employee buyout program that it expects will reduce its salaried work force 10 percent to 15 percent.
The revised program will provide enhanced pension and retiree medical benefits, as well as severance, to salaried employees who are at least 55 years old as of December 31, 2008.
For eligible participants who are among...

ATLANTA - The union representing pilots at UAL Corp.'s United Airlines urged Chief Executive Glenn Tilton to resign Monday, accusing him of steering the nation's No. 2 carrier down a path to poor customer service, employee morale and financial performance.
United responded in a statement that the union request "is an obvious...

WASHINGTON - The U.S. trade deficit fell unexpectedly in June as exports advanced to an all-time high, offsetting another big surge in oil imports.
The Commerce Department reported Tuesday the trade imbalance dropped to $56.8 billion in June, down by 4.1 percent from a revised May deficit of $59.2 billion. It was the smallest deficit in three months and much better than...

Scott MacDonald, a 40-year-old lawyer, and his family were among the first buyers of new homes in Kirkway Estates, a residential community in the Detroit suburbs. The MacDonalds paid more than $500,000 in 2006 for a home that would be ready in July 2007. The Colonial-style brick home had four bedrooms,...

NEW YORK - Oil prices fell again Tuesday, dampened by a stronger U.S. dollar and more evidence that developed countries like the United States are cutting back on their energy use.
Light, sweet crude dipped 75 cents to $113.70 a barrel on the New York Mercantile Exchange, after falling as low as...

NEW YORK - Wall Street was mostly lower Tuesday as downbeat news from the financial sector raised more concerns about the ongoing impact of the credit crisis on the economy. Another drop in the price of oil helped placate some investors.
The latest reminder of continuing troubles in financial companies came when JPMorgan Chase & Co. said late Monday it has incurred...

TJX Cos., which operates the T.J. Maxx and Marshalls stores, said Tuesday that its second-quarter profits more than tripled from a year ago when the discount fashion retailer digested a charge for a widely publicized security breach.
The Framingham, Mass.-based company also raised its profit outlook as it attracts new shoppers looking...

TJX Cos., which operates the T.J. Maxx and Marshalls stores, said Tuesday that its second-quarter profits more than tripled from a year ago when the discount fashion retailer digested a charge for a widely publicized security breach.
The Framingham, Mass.-based company also raised its profit outlook as it attracts new shoppers looking...

JPMorgan Chase & Co (JPM.N) said it has racked up $1.5 billion of losses so far this quarter on mortgage-linked assets, reflecting deepening turmoil in credit markets.
Shares of the third-largest U.S. bank by assets fell as much as 7.9 percent, reflecting investors' disappointment with a bank that had largely sidestepped...

TJX Cos., which operates the T.J. Maxx and Marshalls stores, said Tuesday that its second-quarter profits more than tripled from a year ago when the discount fashion retailer digested a charge for a widely publicized security breach.
The Framingham, Mass.-based company also raised its profit outlook as it attracts new shoppers looking...

Two-thirds of U.S. corporations paid no federal income taxes between 1998 and 2005, according to a new report from Congress.
The study by the Government Accountability Office, expected to be released Tuesday, said about 68 percent of foreign companies doing business in the U.S. avoided corporate taxes over the same period.
Collectively, the companies reported trillions of dollars in sales, according to GAO's...