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// 12 May 2008

Cablevision buys Newsday from Tribune for $650M (AP)

Cablevision Systems Corp. is buying the Long Island-based newspaper Newsday from Tribune Co. in a deal valued at $650 million, the companies announced Monday.

// 12 May 2008

Stocks fluctuate as oil falls, dollar advances (AP)

Wall Street fluctuated in a narrow range Monday, giving up a modest early advance as oil prices ticked lower and the dollar rose.

// 12 May 2008

Sprint Nextel 1Q deficit widens, fewer subscribers (AP)

Wireless carrier Sprint Nextel Corp. said Monday it had a larger first-quarter deficit as revenue fell, it lost more than a million subscribers and it absorbed charges for severance and other costs.

// 12 May 2008

IndyMac Bancorp swings to 1st-qtr loss, sees 2008 loss (AP)

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.

// 12 May 2008

MBIA slides to huge 1Q loss on hefty charges (AP)

MBIA Inc. swung to a $2.41 billion loss during the first quarter as the bond insurer faced ongoing deterioration in the credit markets and recorded billions in write-downs.

// 12 May 2008

US health secretary: Chinese Heparin shipped to US now safe (AP)

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.

// 12 May 2008

Oil prices retreat from last week's record high (AP)

Oil prices retreated Monday from last week's record close near $126 a barrel as the dollar strengthened against the euro and yen.

// 12 May 2008

Australia's Westpac offers $14B for bank rival St. George (AP)

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.

// 12 May 2008

Toyota says new US auto plant delayed (AP)

A senior Toyota executive said Monday that plans for a new auto assembly plant in Mississippi are being delayed by worries about slumping American auto sales and a broader U.S. economic slowdown.

// 12 May 2008

China's April inflation near decade-high levels (AP)

China's inflation rose in April to near decade-high levels, according to data released Monday, increasing pressure on Beijing to cool rapidly ascending prices and avert possible unrest ahead of the Summer Olympics.

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