Business Highlights

Jury blames Vioxx for man's fatal heart attack

RIO GRANDE CITY, Texas -- A state jury found Merck & Co. liable Friday for the death of a 71-year-old man who had a fatal heart attack within a month of taking its since-withdrawn painkiller Vioxx and ordered the company to pay $32 million. Merck said it would appeal. The damage award will likely be reduced because of a state law capping punitive damages. The company was ordered to pay $7 million in non-economic compensatory damages and $25 million in punitive damages.

Crude-oil, pump prices continue to rise

NEW YORK -- Crude-oil prices broke through $75 a barrel to hit a new record Friday, fueled by concerns about Iran's nuclear ambitions and tight U.S. gasoline supplies. Prices at the pump also kept rising, with the average price of a gallon of unleaded regular gasoline at $2.855, up 3 cents from a day earlier and more than 60 cents higher than a year ago, according to AAA's daily fuel gauge report.

Ford Motor Co. still plans to cut 30,000 jobs

DEARBORN, Mich. -- Ford Motor Co. swung to a $1.2 billion loss in the first quarter as it began a costly restructuring effort amid weak U.S. sales, leaving Ford executives disappointed but determined to go ahead with their plan to cut 30,000 jobs and remake the No. 2 automaker. Sales fell 9 percent to $41.1 billion from $45.1 billion a year ago. It was Ford's worst quarterly performance since the fourth quarter of 2001, when the company posted a $5.07 billion loss due to $4.1 billion in costs for a previous restructuring plan.

Drugmaker Wyeth posts gain in first quarter

TRENTON, N.J. -- The drugmaker Wyeth on Friday posted a 4 percent increase in first-quarter profit, citing tight cost controls and big jumps in sales for five blockbuster drugs, including Effexor, the world's top-selling antidepressant. Wyeth, the maker of Chap Stick, Centrum vitamins and Advil, said net income grew to $1.12 billion, or 82 cents per share, from $1.08 billion, or 80 cents per share, a year ago.

McDonald's popularity translates into profits

CHICAGO -- McDonald's Corp. posted its largest quarterly earnings decline since 2002 Friday, a 14 percent drop that reflected a big tax gain a year ago and came as customers continued spending significantly more money at its restaurants. Lower profits failed to dent three years of momentum for the fast-food leader, with same-store sales rising 5.2 percent worldwide and its flagship U.S. operation still resurgent thanks to successful new products, later hours, a strengthened breakfast business and cashless pay options. McDonald's executives said more new U.S. menu items such as a big breakfast burrito are in the works.

-- From wire reports