Oil prices settled at a record high of $70.40 a barrel in New York on Monday, rising more than $1 on worries about supply disruptions in Nigeria and diplomatic tensions between the West and Iran over Tehran's nuclear ambitions. So long as these and other geopolitical issues persist, analysts said, it will be difficult for prices to fall too far -- unless there is a significant drop in demand, which they aren't yet seeing. In the short term, oil prices could climb above $75, they said.

Citing defense budget cuts and delays, Boeing said it would restructure its Wichita, Kansas, operations and lay off about 900 workers, or about 25 percent of its work force at the plant. The Chicago-based company said its Wichita defense plant will focus on military 747 and wide-body aircraft modifications and upgrades. It also plans to continue its engineering center, focusing on the B-52 bomber and other defense and civil aviation businesses.

McDonald's will promote its healthier menu choices to counter negative publicity expected from a new book co-written by the author of "Fast Food Nation," CEO Jim Skinner said. While McDonald's maintains that the strategy is not aimed solely at undermining "Chew On This," which is due out next month, Skinner acknowledged that "it's important to ramp this up now" amid heavy criticism of the fast-food industry for its perceived role in increased obesity. The approach signifies a marked departure from the way the world's largest fast-food chain remained mostly quiet after being skewered in both Eric Schlosser's "Fast Food Nation" in 2001 and filmmaker Morgan Spurlock's 2004 documentary, "Super Size Me."

Wal-Mart said it would expand health coverage next month to include as many as 150,000 part-time employees after they have worked for the company for one year. Until now, the employees have had to work for Wal-Mart for two years to qualify. The coverage also will extend to the employees' children. The company has been strongly criticized by unions and others for a health plan that critics say is lacking. However, executive Susan Chambers said Wal-Mart's health insurance costs have risen at a rate of 19 percent annually over the past three years.

Wachovia Corp., the nation's fourth-largest bank, said its first-quarter profit rose 7 percent, boosted by strong fee income. Earnings increased to $1.73 billion, or $1.09 per share, up from $1.62 billion, or $1.01 per share, a year earlier. Revenue rose 9 percent to $7.06 billion from $6.47 billion in the year-ago period. Wachovia, which in March acquired auto finance company Westcorp for about $3.42 billion, said that without merger-related costs, it would have earned $1.12 per share in the quarter, in line with expectations.

Tyco International will pay the Securities and Exchange Commission a $50 million civil penalty to settle allegations the high-tech conglomerate's prior management violated securities laws, cooked the books and overstated financial results by at least $1 billion. The SEC's enforcement division will decide how to distribute the $50 million to harmed investors, rather than the government keeping it all.

Wendy's, the third-largest U.S. hamburger chain, said Chairman and CEO Jack Schuessler retired. Kerrii B. Anderson was named interim CEO and board member James V. Pickett was elected chairman.

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