Toys R Us reports profit collapse

TRENTON, N.J. Toys R Us Inc. on Monday reported a 75 percentplunge in profits for its second quarter as sales cooled and lossesfrom its year-old Web site cut earnings.

Still, the company beat analysts' expectations by a penny.

The Paramus, N.J.-based seller of games, toys, clothing and otheritems for children said net earnings for the three months ending July29 totaled $3 million, or 1 cent per share, beating the break-evenforecast of analysts surveyed by First Call/Thomson Financial. A yearearlier, net earnings totaled $12 million, or 5 cents per share.

Meanwhile, sales slid 9.5 percent, to $2 billion from $2.2billion. The company said second-quarter revenues …

California budget perpetuates deficit spending

SACRAMENTO, Calif. (AP) — Even as California lawmakers passed a budget Friday to end an unprecedented 100-day impasse, their spending plan looked to be so tenuous that the next governor was expected to face a multibillion dollar deficit from the moment he or she steps into office next year.

Two-thirds of the budget solutions signed by Gov. Arnold Schwarzenegger on Friday afternoon are based on one-time or temporary money — some of which may never materialize.

That will leave California to face "sizable annual budget problems in 2011-12 and beyond," the Legislative Analyst's Office said in a report issued after the Senate passed the main budget bill earlier …

Springboks, All Blacks set for Soweto showdown

New Zealand is on the verge of its 10th Tri-Nations rugby title as it prepares for a landmark game against South Africa in Soweto on Saturday.

Springbok captain John Smit will play his 100th test and Richie McCaw will lead the All Blacks for the 51st time _ equaling the record of Sean Fitzpatrick.

Soweto, the famous township, will host an international rugby match for the first time.

The FNB Stadium, formerly Soccer City _ venue for the football World Cup final, is expected to attract a crowd of just under 90,000 people, the biggest rugby attendance in South Africa since 1955.

"It's going to be amazing," said South Africa …

Issues of Scale

Two recent industry developments-Genzyme's delay in gaining approval for its commercial-scale manufacturing of a new drug, and Amgen's announced layoffs-raise concerns about biotech performance at large scale. In the first case, the issue is manufacturing scale-up; in the second, it's how companies sustain long-term success once they become big. But in both cases, industry pundits are extrapolating conclusions from these issues that the facts don't seem to support.

As reported August 9 in The Wall Street Journal, Genzyme has been unable to get FDA approval for its large-scale production of Myozyme, a drug approved last year for Pompe's disease. According to the article, FDA says …

Wreckage of Missing Kenya Jetliner Found

DOUALA, Cameroon - The wreckage of a Kenya Airways jetliner that crashed with 114 people aboard was found Sunday in a mangrove forest, an aviation official said, more than 40 hours after the plane disappeared outside Cameroon's commercial capital.

The wreckage was found about six miles outside Douala, said Thomas Sobakam, chief of meteorology for the city's airport. He said there was no word yet on survivors or the condition of the jetliner, which lost contact with the radio tower between 11 and 13 minutes after takeoff shortly after midnight on Saturday.

He said local fishermen led searchers to the site.

"It's close enough that we could have seen it from the …

Renaissance painting stolen from Norwegian church

A 450-year-old painting by Renaissance artist Lucas Cranach the Elder has been stolen from a Lutheran church in the southern Norway town of Larvik, police said Sunday.

Art expert Gunnar Krogh-Hansen estimated "Suffer the Little Children to Come Unto Me" could be worth 15-20 million kroner ($2.1-$2.8 million). It was probably painted around 1540.

The theft was discovered when firefighters responded to an alarm at the church around 1:30 am (0030 GMT) Sunday, and found a broken window and a ladder outside.

Petter Aronsen, a Larvik police official, was quoted …

Lewis spurs relay mark

Carl Lewis teamed up with three other top American sprintersWednesday to break the world record in the 800-meter relay at theKoblenz (West German) international track and field meet.

Lewis, a six-time Olympic gold medalist, and teammates DannyEverett, LeRoy Burrell and Floyd Heard finished in 1 minute, 19.38seconds, besting the mark of 1:20.26 set in 1978 by a University ofSouthern California team.

Everett rocketed in front at the start of the race, handing overto Burrell. After the next handoff, Heard lost some ground to theSanta Monica Track Club II team, also competing in the race.

But Lewis, cheered on by about a crowd of 15,000, blasted downthe …