San Francisco Giants managing partner Magowan to retire

Fri, 16 May 2008 23:27:03 GMT

SAN FRANCISCO (MarketWatch) -- Peter Magowan, managing general partner of the San Francisco Giants, will retire at the end of this season, the team announced Friday. Magowan assumed the role in 1993, helped keep the major league baseball franchise in San Francisco and oversaw both the building of a new stadium and the controversial tenure of superstar Barry Bonds. Magowan will be succeeded by William Neukom, a former general counsel for Microsoft Corp. , according to a report in the San Francisco Chronicle.

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UAW local OKs deal to end GM crossover plant strike: report

Fri, 16 May 2008 21:00:40 GMT

SAN FRANCISCO (MarketWatch) -- The United Auto Workers approved a deal to end a monthlong strike at General Motors Corp.'s Delta Township plant near Lansing, Mich., The Associated Press reported late Friday. Production at the plant will resume Monday, according to the AP. The plant makes the GMC Acadia, Buick Enclave and Saturn Outlook, GM's popular crossover vehicles.

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Paulson to visit Middle East at the end of May

Fri, 16 May 2008 20:31:47 GMT

WASHINGTON (MarketWatch) -- The Treasury Department announced Friday that Treasury Secretary Henry Paulson will travel to the Middle East at the end of May. In a statement, the department said Paulson was going to the region "to reiterate the U.S. commitment to open investment and discuss the economic benefits of nations around the world remaining open for investment." Oil producing countries are accumulating foreign exchange reserves at a rapid clip as the price of oil has skyrocketed. Paulson and other G7 leaders are anxious that these surpluses do not grow so large. Paulson will visit Saudi Arabia, Kuwait and the United Arab Emirates.

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California winemaker Robert Mondavi dies at 94: report

Fri, 16 May 2008 20:25:12 GMT

SAN FRANCISCO (MarketWatch) -- California winemaker Robert Mondavi has died at the age of 94, the Associated Press reported late Friday, citing a winery spokeswoman. The Robert Mondavi wine brand is owned by Constellation Brands Inc.

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U.S. stock indexes close mixed, but score solid weekly gains

Fri, 16 May 2008 20:11:59 GMT

NEW YORK (MarketWatch) -- U.S. stocks were mixed Friday, but still scored impressive weekly gains, as crude-oil prices broke to another record high and consumer confidence slumped, overshadowing a surprising rise in April home construction. The Dow Jones Industrial Average fell 5.86 points to end at 12,986.8, giving it a weekly gain of 1.9%. The S&P; 500 gained 1.78 points to 1,425.35, lifted by energy and utility shares, ending 2.7% higher than last Friday's close. The Nasdaq Composite dropped 4.88 points to 2,528.85, up 3.4% on the week.

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3M, Sony sign license agreement on optical film technology

Fri, 16 May 2008 20:07:25 GMT

SAN FRANCISCO (MarketWatch) -- 3M Co. said late Friday it signed a license agreement with Sony Corp. granting Sony rights to use certain 3M optical film technology for its LCD televisions. Financial terms of the license agreement were not disclosed.

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Crude closes above $126 to end slightly higher for the week

Fri, 16 May 2008 19:01:33 GMT

SAN FRANCISCO (MarketWatch) -- June crude closed at $126.29 a barrel Friday, up $2.17 for the session after Goldman Sachs raised its forecast for oil prices to an average of $141 for the second half of the year. Crude futures were up 0.3% for the week.

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Fitch hikes Devon Energy to 'BBB+'; outlook stable

Fri, 16 May 2008 18:35:20 GMT

SAN FRANCISCO (MarketWatch) -- Fitch Ratings on Friday upgraded Devon Energy Corp.'s issuer default rating and senior unsecured notes to BBB+ from BBB. The rating hike reflects the company's robust credit profile and a debt reduction expected during 2008, said Fitch. The outlook has also been revised to stable.

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Biovail unit settles with DoJ for $24.6 mln over Cardizem

Fri, 16 May 2008 18:17:16 GMT

SAN FRANCISCO (MarketWatch) -- Biovail Pharmaceuticals, a subsidiary of Biovail Corp. , will pay $24.6 million as part of a settlement with the U.S. Department of Justice related to activities surrounding the 2003 commercial launch of Cardizem, the pharmaceutical company said Friday. Biovail Pharmaceuticals will also plead guilty to charges relating to making payments to induce purchasing or ordering of Cardizem. The agreement eliminates any criminal liability for Biovail and does not impact its ability to conduct business in the United States.

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Report: Lehman to begin job cuts Monday

Fri, 16 May 2008 18:12:16 GMT

NEW YORK (MarketWatch) - Investment banking giant Lehman Brothers will begin trimming its workforce by around 5% starting on Monday, cable news network CNBC reported Friday. Lehman had previously announced it would lay off about 1,400 workers as part of a drive by Chief Executive Officer Dick Fuld to cut costs and refocus the bank's core businesses. A Lehman spokeswoman declined to comment on the report to MarketWatch Friday. In the aftermath of a global credit crunch and massive write downs on bad bets on mortgage securities, international banks have said they will cut as many as 70,000 jobs in the coming year.

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ConocoPhillips, Aramco to build large Saudi refinery: report

Fri, 16 May 2008 18:01:58 GMT

SAN FRANCISCO (MarketWatch) -- Saudi Aramco and ConocoPhillips plan to build an enormous refinery in Saudi Arabia, The Wall Street Journal reported Friday on its Web site. The Conoco-Aramco refinery will be on the Red Sea side of the Arabian peninsula and is scheduled for a 2013 startup, according to the Journal. The newspaper reported the size of the refinery will be comparable to another planned refinery to be built by Aramco and Total SA , which is estimated to cost about $10 billion and expected to refine about 400,000 barrels a day.

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Gold closes just below $900 to gain 1.6% for the week

Fri, 16 May 2008 17:56:47 GMT

SAN FRANCISCO (MarketWatch) -- June gold closed at $899.90 an ounce in New York Friday, up $19.90 for the session to score a gain of 1.6% for the week. Analysts attributed the strength to the rally in oil futures to nearly $128 a barrel, which fed the metal's appeal as an inflation hedge.

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