BUSINESS NEWS
House approves bill on drilling, oil spills
WASHINGTON (AP) — The House approved a bill Friday to boost safety standards for offshore drilling, remove a federal cap on economic liability for oil spills and impose new fees on oil and gas production. ...Read More
Unemployment rises in 75 pct. of metro areas
WASHINGTON (AP) — The unemployment rate in about three-quarters of the nation's largest metro areas rose last month as seasonal factors boosted joblessness nationwide. ...Read More
Asian shares down after Wall Street loses ground
TOKYO (AP) — Asian stocks retreated in early trading Thursday after disappointing news about the U.S. economy sent Wall Street lower. ...Read More
Bunker-busting ATM attacks show security holes
LAS VEGAS (AP) — A hacker has discovered a way to force ATMs to disgorge their cash by hijacking the computers inside them. ...Read More
Asian shares down on new signs US economy slowing
TOKYO (AP) — Most Asian markets retreated Thursday after fresh evidence of slower U.S. growth blunted appetite for riskier assets like stocks. ...Read More
AP survey: A bleaker outlook for economy into 2011
WASHINGTON (AP) — The U.S. economic recovery will remain slow deep into next year, held back by shoppers reluctant to spend and employers hesitant to hire, according to an Associated Press survey of leading economists. ...Read More
Foreclosure activity up across most US metro areas
LOS ANGELES (AP) — Households across a majority of large U.S. cities received more foreclosure warnings in the first six months of this year than in the first half of 2009, new data shows. ...Read More
Hyundai Motor 2Q net profit soars to record $1.2B
SEOUL, South Korea (AP) — Hyundai Motor Co.'s second-quarter net profit soared 71 percent to a record high as both sales revenue and volume rose. ...Read More
Google: Search engine blocked in mainland China
MOUNTAIN VIEW, Calif. (AP) — Google says people in mainland China are being blocked from using its Internet search engine. ...Read More
New York Fed: Toxic assets from AIG gaining value
WASHINGTON (AP) — The Federal Reserve Bank of New York says toxic assets that the government took over from American International Group Inc. and Bear Stearns at the height of the financial crisis are gaining value for the first time. ...Read More
Stocks climb on earnings, drop in jobless claims
NEW YORK (AP) — Stocks rose Thursday after a new batch of upbeat earnings and a modest drop in jobless claims renewed some optimism about the economy. ...Read More
Mortgage rates hit low of 4.54 percent
NEW YORK (AP) — Mortgage rates dropped to the lowest level on record for the fifth time in six weeks, making homebuying and refinancing the most attractive in decades for those who can get loans. ...Read More
Mortgage rates hit low of 4.54 pct.
NEW YORK (AP) — Mortgage rates dropped to the lowest level on record for the fifth time in six weeks, making homebuying and refinancing the most attractive in decades for those who can get loans. ...Read More
Republicans block small business lending bill
WASHINGTON (AP) — Senate Republicans have blocked a bill to increase small business lending, dealing a setback to President Barack Obama's jobs agenda. ...Read More
Initial jobless claims drop to 457,000
WASHINGTON (AP) — New jobless claims fell last week for the third time in four weeks but remain elevated. The decline is a sign that the economy likely added jobs in July, although not enough to lower the nation's high unemployment rate. ...Read More
Google says search cut off from mainland China
SAN FRANCISCO (AP) — Google Inc. said Thursday that its search engine and other services were abruptly cut off from mainland China, raising more questions about the Internet company's ability to operate in the country while trying to work around the government's online censorship policies. ...Read More
Economic growth likely slowed in second quarter
WASHINGTON (AP) — The already fragile economic recovery may be getting weaker. ...Read More
Honda posts record quarterly profit on sales rise
TOKYO (AP) — Honda reported a record quarterly profit of 272.4 billion yen ($3.2 billion) as auto sales grew in North America, Japan and the rest of Asia. ...Read More
US gas stations: Stay BP or change name to Amoco?
NEW ORLEANS (AP) — BP gas station owners across the country are divided over whether the oil giant stained by its handling of the Gulf spill should rebrand U.S. outlets as Amoco or another name as part of its effort to repair the company's badly damaged reputation. ...Read More
Disney sells Miramax to investor for $660 million
LOS ANGELES (AP) — The Walt Disney Co. said Friday that it agreed to sell its Miramax Films to an investor group for about $660 million, ending a 17-year association with the studio and a six-month bidding process. ...Read More
Asia stocks fall as data takes shine off earnings
TOKYO (AP) — Asian markets fell Friday, overlooking strong earnings from some of the region's biggest companies as Japanese shares tumbled on dour economic figures and a strong yen. ...Read More
SKS launches India's first microfinance IPO
MUMBAI, India (AP) — An Indian company that makes tiny loans to villagers aims to raise up to $354 million in an initial public offering, a move critics fear will encourage India's largest microfinance lender to put shareholders above the poor it serves. ...Read More
BP's waning Britishness causes few ripples in UK
LONDON (AP) — Its chairman is Swedish, a growing chunk of its revenue comes from Russia and its incoming chief executive speaks with an American accent. So goes the Britishness in the company once known as British Petroleum. ...Read More
Fed survey: Recovery slows in some places
WASHINGTON (AP) — The pace of economic activity has slowed or held steady in parts of the country, revealing a choppy path back to health. ...Read More
Citigroup paying $75M to settle civil charges
WASHINGTON (AP) — Banking titan Citigroup Inc. is paying $75 million to settle civil charges that it misled investors about its potential losses from subprime mortgages as the housing bust hit in 2007. ...Read More
Gov't warned company about pipeline monitoring
DETROIT (AP) — A company whose pipeline leaked hundreds of thousands of gallons of oil into a Michigan river was warned by government regulators in January that its monitoring of corrosion in the pipeline was insufficient. ...Read More
Citigroup paying $75M to settle fraud charges
WASHINGTON (AP) — Banking titan Citigroup Inc. is paying $75 million to settle civil charges that it misled investors about its potential losses from subprime mortgages as the housing bust hit in 2007. ...Read More
Recovery loses speed as consumers turn cautious
WASHINGTON (AP) — The recovery lost momentum in the spring as growth slowed to a 2.4 percent pace, its most sluggish showing in nearly a year and too weak to drive down unemployment. ...Read More
Stocks drop after 2Q GDP growth slows
NEW YORK (AP) — Stocks fell and interest rates rose in the Treasury market Friday after the government said the economy grew at a slower pace than expected during the second quarter. ...Read More
Recession was deeper than gov't previously thought
WASHINGTON (AP) — The recession was deeper than the government previously thought. ...Read More
No end for Greek fuel protest, tourism slammed
ATHENS, Greece (AP) — Defying an emergency government order, Greek truck drivers vowed Friday to press ahead with a strike that has halted fuel supplies across the country and is hurting tourism during the peak summer season. ...Read More
Greece turns to military to restore fuel supplies
ATHENS, Greece (AP) — Greece said Friday it will use military trucks, navy vessels and commandeered fuel tankers to restore gasoline supplies cut by a strike that has hurt the country's industry and vital tourism trade at the height of vacation season. ...Read More
Agency weighs skirting Congress on immigration
WASHINGTON (AP) — The Obama administration, unable to push an immigration overhaul through Congress, is considering ways it could go around lawmakers to let undocumented immigrants stay in the United States, according to an agency memo. ...Read More
Obama hails auto bailout as good news in Michigan
DETROIT (AP) — A year after the government's big auto-industry bailouts, President Barack Obama on Friday trumpeted increased car sales and progress on battery-powered vehicles as a beacon of success in his administration's battle to revive a hurting U.S. economy. But his upbeat assessment can't mask daunting challenges for U.S. automakers and painfully high unemployment. ...Read More
Regulators close small Georgia bank
WASHINGTON (AP) — Regulators have shut down a small bank in Georgia, lifting to 104 the number of U.S. banks to fail this year as the industry has struggled to cope with mounting loan defaults and recession. ...Read More
Merck's 2Q net drops on higher costs, charges
WHITEHOUSE STATION, N.J. (AP) — Drugmaker Merck & Co. on Friday reported a 52 percent drop in second-quarter net income, due to big merger and restructuring charges and lower income from partnerships. ...Read More
House takes up oil spill legislation
WASHINGTON (AP) — The House debated a bill Friday to boost safety standards for offshore drilling, remove a federal cap on economic liability for oil spills, and impose new fees on oil and gas taken from federal lands. ...Read More
Stocks slip on drop in durable goods orders
NEW YORK (AP) — Stocks are falling modestly in early trading after another disappointing economic report added to investors' doubts about the recovery. ...Read More
Telefonica to buy control of Brazil's Vivo
MADRID (AP) — Spain's Telefonica will acquire control of Brazil's largest cell phone operator, Vivo, in a newly sweetened euro7.5 billion ($9.77 billion) deal with Portugal Telecom, the companies said Wednesday. ...Read More
Stocks fall after drop in durable goods orders
NEW YORK (AP) — Stocks are falling slightly after another disappointing economic report added to doubts about the recovery. ...Read More
British PM appeals for trade with old colony India
BANGALORE, India (AP) — British Prime Minister David Cameron wooed Indian business leaders Wednesday in a remarkable pitch aimed at revitalizing his nation's economy with help from the burgeoning Asian power it once ruled. ...Read More
Playstation, TVs boost Sony to $294 million profit
TOKYO (AP) — Sony bounced back to profit last quarter and raised its full-year earnings forecast, fueled by stronger demand for its PlayStation 3 gaming consoles, personal computers and televisions. ...Read More
House approves oil spill legislation
WASHINGTON (AP) — The House has approved a bill to boost safety standards for offshore drilling and remove a $75 million cap on economic liability for oil spills. ...Read More
Google changes tune, search still working in China
SAN FRANCISCO (AP) — Google says its search engine and several other services are working normally in mainland China after previously reporting the service had been completely blocked. ...Read More
False alarm: Google search still working in China
SAN FRANCISCO (AP) — Google Inc. triggered a false alarm Thursday by posting a notice that its search engine and several other services had been cut off from mainland China — a key market where the company has been locked in a high-profile battle over online censorship. ...Read More
Samsung says 2Q net profit surges 83 percent
SEOUL, South Korea (AP) — Samsung Electronics Co.'s net profit surged 83 percent in the second quarter to a record high amid increased sales and strength in its semiconductor and flat panel businesses. ...Read More
Signs of oil spill recovery entering new phase
BILOXI, Miss. (AP) — BP's new boss says it's time for a "scaleback" in cleaning up the Gulf of Mexico oil spill. Federal officials say there is no way the crude could reach the East Coast. And fishing areas are starting to reopen. ...Read More
Panasonic to buy out Sanyo, Panasonic Electric
TOKYO (AP) — Panasonic is planning to take 100 percent ownership of its subsidiaries Sanyo Electric and Panasonic Electric Works in a move costing up to $9.4 billion to strengthen green businesses such as electric cars and solar panels. ...Read More
Sony rebounds to profit in April-June quarter
TOKYO (AP) — Sony bounced back to profit last quarter and raised its full-year earnings forecast, fueled by stronger demand for its PlayStation 3 gaming consoles, personal computers and televisions. ...Read More
Stocks up on AstraZeneca, Bayer, telecom earns
LONDON (AP) — European stock markets rose Thursday after another batch of positive earnings and further evidence that Europe's economy is recovering faster than previously expected. ...Read More
