COMPANIES

A majority of credit and risk management executives at the top 50 U.S. banks and credit card issuers say the current credit crisis is a manageable setback, according to new survey.

Alexion Pharmaceuticals Inc. reported a first quarter net loss of $4.2 million or 11 cents a share compared to $32.7 million or 92 cents a share the previous year. The loss is smaller than expected.

Kraft Foods Inc. the North American food maker, posted a better than expected first quarter profit as higher prices and new products helped sales of the company in a market where commodities such as wheat and oil were soaring.

Cablevision Systems Corp. plans to make an offer of up to $650 million to purchase Newsday from Tribune Co., according to media reports released Wednesday.

Coffeehouse giant Starbucks Corp on Wednesday reported a 28 percent drop in quarterly profit, and forecast its first annual earnings drop since 2000.

Members of the Rockefeller family, whose ancestor founded Exxon Mobil predecessor Standard Oil, are calling for the oil major to split the roles of chief executive and chairman, and to devote greater attention to new types of energy and environmental reforms.

The sole Canadian mobile phone service provider using the GSM standard, Rogers Communications, said on Tuesday that it will start offering iPhones to its subscribers later this year.

Citigroup said it sold $4.5 billion of common stock on Wednesday, more than it expected to sell, citing strong investor demand as it seeks to stabilize its finances.

United Online Inc, an internet service provider and parent of Classmates.com , announced plans on Wednesday to acquire FTD Group Inc, a provider of floral services and products, for about $800 million.

Jeffrey Bewkes, the chief executive of Time Warner Inc., announced plans on Wednesday to downsize what has for years been the world's largest media company by separating the cable-systems unit from the film and television businesses.

General Motors Corp., the world's biggest automaker, reported a net loss of $3.25 billion in the first quarter as its North American division continues to struggle. The results beat Wall Street expectations of a bigger loss, sending the company's stock up more than 8 percent in early trading.

China's Hua Xia Bank, a business bank listed in Shanghai Stock Exchange in 2003, posted first quarter net profit of 822 million Yuan(117.4 million US dollars), 80.43 percent higher than the same period last year.

MasterCard's profit more than doubled in the first quarter as more customers outside the United States used their credit and debit cards for purchases.

South African Nationwide Airline has ceased operations until further notice due to financial hardships, the airline announced on Tuesday.

United Rentals Inc. said late Tuesday that its first-quarter profit rose to $38 million, or 34 cents a share, from $30 million, or 28 cents a share, in the year-ago period.

Countrywide Financial Corp, the biggest U.S. mortgage lender by value of loans, reported an $893 million loss for the first quarter on missed mortgage payments, rising home foreclosures and writedowns.

Genentech Inc. and Biogen Idec Inc. shares slumped on Tuesday as the companies said their drug Rituxan failed a late stage trial to examine the efficiency of the drug in patients with lupus.

In a regulatory filing released Friday, the chief executive of Continental Airlines received $6 million in compensation from the company last year, down 9.3 percent from 2006.

Citigroup, the largest U.S. Bank, is looking to raise an additional $3 billion in capital as it seeks to stabilize its finances, announcing on Monday that it is offering more stock to investors.

Boston Properties Inc. a real estate developer and owner of office properties reported late Tuesday a steep decline of 90 percent in net income for the first quarter.

Avon Products Inc., the largest door direct seller of cosmetics, said Tuesday its net income rose 23 percent helped by stronger sales in Brazil, Russia and China.

DreamWorks Animation SKG Inc. posted a better than forecasted net income in the first quarter that rose 69 percent, supported by DVD sales of Shrek the Third and Bee Movie.

Royal Dutch Shell and BP Plc, the two largest public oil companies in Europe, reported record profits on Tuesday for the first three months of the year as oil prices reached new highs.

Oil giant BP said on Tuesday that its profits had risen 48 per cent to $6,588 million in the first quarter of 2008. The company said that its net cash from operating activities in the quarter was $10.9 billion, up from $8.0 billion one year ago.

Relatives of a woman and her son who died after receiving treatment with the drug Heparin made by Baxter International Inc. urged a congressional subcommittee Tuesday to protect patients from unsafe drugs.

Mastercard Inc., the world's second largest credit-card company, said its earnings more than doubled in the first three months of 2008 on higher use outside the US, helping the company to surpass its larger rival Visa Inc.

McGraw-Hill Cos Inc said on Tuesday quarterly earnings fell 44 percent on a slump in its Standard & Poor's ratings agency, which critics accuse of helping to inflate the credit bubble. The company has also lowered its full-year forecast.

Honeywell International Inc. a diversified technology and manufacturing company said on Monday that it will buy Metrologic Instruments Inc. for $720 million and the company will merge with Honeywell's Automation and Control Solution business.

Merck & Co. reported late Monday the U.S. Food and Drug Administration didn't approve the MK-0524A treatment or Cordaptive a cholesterol drug.