Stocks off on a bump and a dip
NEW YORK, June 16 (UPI) -- U.S. stocks were range-bound and directionless Friday on a bump in crude oil prices and a dip in a key interest rate.
The Dow Jones industrial average was off 3.85 or 0.03 percent to 11,011.34 in late-morning trading. The Nasdaq composite fell 15.24 or 0.71 percent to 2,128.91, and the Standard & Poor's 500 slipped 4.67 or 0.37 percent to 1,251.49.
Crude oil edged up to nearly $70 per barrel. The 10-year Treasury note was flat with a yield of 5.10 percent.
Meanwhile, Microsoft Corp. said Bill Gates would leave his day-to-day work at the software company, and Oracle Corp. issued a stronger-than-expected earnings and revenues report for the last quarter.
The dollar rose to 115.11 yen from 114.86, but the euro climbed to $1.2626 from $1.2615.
Tokyo's Nikkei 225 closed at 14,879.34 after gaining 408.58 or 2.82 percent.
Centrica building new gas plant in Britain
LONDON, June 16 (UPI) -- The owner of British Gas plans to build the first new major power station in the country in nearly five years.
First proposed more than eight years ago, Centrica PLC's natural gas-fired plant at Langage, Devon, could start commercial operations by 2008, the Telegraph reported Friday.
The $740 million, 885-megawatt facility supply power to about 1 million homes, some 11 percent of Centrica's peak residential electricity demand.
Airbus SA parent EADS in 'major crisis'
PARIS, June 16 (UPI) -- French stock market regulators launched twin investigations of European Aeronautic Defence & Space Co., parent of Airbus SA.
Meanwhile, an executive of that parent blamed a top Airbus official for the aeronautical giant's recent production delay, the Financial Times reported Friday.
France's Autorites des marches financiers, or AMF, is evaluating EADS share sales by several directors, including Noel Forgeard, the joint chief executive who pocketed $3.2 million just weeks before the board learned of critical production delays of the A380 superjumbo. Besides Forgeard, three of his children also sold EADS shares for $1.75 million.
The Financial Times report said Arnaud Lagardere and Manfred Bischoff, the joint EADS chairmen who represent French and German shareholder interests, launched an inquiry into the failure to alert the board earlier to the delays.
Lagardere said, according to the Financial Times, EADS was in a "major crisis."
That crisis erupted earlier this week when Airbus stunned its global A380 customers with word of a 6- or 7-month delivery delay of the superjumbo.
Besides more than $3 billion in estimated lost revenues, canceled orders and a 26-percent drop Wednesday in share price, Airbus faces calls for hundreds of millions in penalties plus demands for "loaner" aircraft from airlines that have not abandoned Airbus.
Gates starts 2-year 'exit' from Microsoft
REDMOND, Calif., June 15 (UPI) -- Bill Gates, founder and chairman of U.S. software giant Microsoft Corp., is dropping his administrative duties to spend more time on philanthropy.
The 50-year-old Gates "will transition out of a day-to-day role in the company to spend more time on his global health and education work at the Bill & Melinda Gates Foundation," Microsoft said Thursday in a statement.
There will be a 2-year transition process to ensure a smooth and orderly transfer of Gates' daily responsibilities, and after July 2008 Gates will continue to serve as the company's chairman and an adviser on key development projects.
In related moves, Chief Technical Officer Ray Ozzie immediately assumes the title of chief software architect and begins working with Gates on all technical architecture and product oversight responsibilities and Chief Technical Officer Craig Mundie immediately becomes chief research and strategy officer and begins working with Gates to assume his responsibility for the company's research and incubation efforts.
"I feel very fortunate to have such great technical leaders like Ray and Craig at the company," Gates said. "I remain fully committed and full time at Microsoft through June 2008 and will be working side by side with Ray and Craig to ensure that a smooth transition occurs."
