Merck: FDA wants more studies of insomnia drug

TRENTON, N.J. — Drugmaker Merck & Co. said Monday that federal regulators have ruled they won't approve high doses of its experimental insomnia medication due to concerns about patient safety. However, the Food and Drug Administration indicated it...

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US broadcaster says Cambodia reverses radio curbs

WASHINGTON — U.S.-government funded broadcasters are welcoming Cambodia's reversal of a ban on radio stations carrying foreign-produced programming in the local language during the campaign for upcoming elections. Last week FM stations were ordered...

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Student loan rates double without Congress' action

WASHINGTON — College students taking out new loans for the fall term will see interest rates twice what they were in the spring — unless Congress fulfills its pledge to restore lower rates when it returns after the July 4 holiday. Subsidized Stafford...

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Markets rise on US, Japanese growth signs

LONDON — Long-awaited signs of improvement in Japan's economy and growth in U.S. manufacturing pushed global stocks higher on Monday. The ISM manufacturing survey for the U.S. showed a rebound in June thanks to new orders and higher production. The...

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Arrested Vatican monsignor 'only helping friends'

ROME — A Vatican accountant arrested in a 20 million euro ($26 million) smuggling plot acknowledged Monday during questioning that his behavior was wrong but said he was only trying to help out friends, his lawyer said. Monsignor Nunzio Scarano, dubbed...

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China launches EU wine dumping investigation

BEIJING — China's Commerce Ministry announced Monday it has launched a formal investigation into claims that European Union countries are selling wine at unfairly low prices, as a prolonged dispute over Chinese solar power products continues to affect...

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Nokia buys network operations from Siemens

HELSINKI — Nokia is turning to the stronger-performing parts of its business to help bolster its struggling smartphone arm, as it offered Siemens 1.7 billion euros ($2.22 billion) for its half of the networks joint venture. Finland's Nokia Corp. said...

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Court in NYC upholds insider trading conviction

NEW YORK — A federal appeals court has upheld the conviction of a stock trader nicknamed "the Octopussy" because he reached for so much inside information. The 2nd U.S. Circuit Court of Appeals upheld the conviction of Zvi Goffer and two others on Monday....

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Ex-KPMG partner pleads guilty in Los Angeles

LOS ANGELES — A former partner at accounting firm KPMG has pleaded guilty in Los Angeles to a securities fraud charge for providing insider information to a friend who plied him in return with cash bribes, a Rolex watch and other luxury items. Scott...

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Energy drinks go natural as market buzzes along

ALBANY, N.Y. — Energy drinks are busting out of the convenience store cooler and into the health food aisle. As energy drink sales soar like a caffeine-fueled rocket, more drinks are promoting organic ingredients, added juices, natural caffeine and...

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