News For Wednesday Aug 20, 2008 News For Wednesday Aug 20, 2008

Business Business

Oil up slightly in Asia ahead of inventory report - Added 20 minutes ago

Oil prices were slightly higher in Asia on Wednesday as investors awaited a weekly crude inventory report for evidence an economic slowdown in the U.S. is cutting consumer demand for oil products such as gasoline. ...

Fannie, Freddie capital raising options uncertain - Added 20 minutes ago

As mortgage financiers Fannie Mae and Freddie Mac struggle with continuing credit losses, their ability to raise needed capital is uncertain and, analysts say, is complicated by the possibility of a government bailout...

Toyota mulls Japan price hike amid soaring costs - Added 33 minutes ago

The soaring cost of steel has Toyota considering raising prices in Japan without a model makeover for the first time in three decades, the Japanese automaker said Wednesday. Speculation has been rife Toyota Motor Corp....

Group says climate resolutions increase - Added 34 minutes ago

Support for climate-change proposals may be growing among investors in big U.S. companies. Shareholder resolutions related to climate change more than doubled over the past five years, according to statistics gathered...

Ford workers catch glimpse of future cars - Added 36 minutes ago

As Ford Motor Co. faces perhaps the most difficult period in its 105-year history, the company is trying to boost employee confidence by showing them _ and letting them drive _ the vehicles it hopes will pull the...

Small SUVs improve in crash tests - Added 36 minutes ago

Four small sport utility vehicles received top scores in crash tests to be released Wednesday by the insurance industry, a sign of improvement compared with SUVs built earlier in the decade. The Insurance Institute for...

States push laws to require paid sick days - Added 39 minutes ago

For school bus driver Jamille Aine, a cold is more than an inconvenience. His employer does not offer paid sick days, so if he can't shake the bug, he may not be able to pay his bills. Some 46 million U.S. workers lack...

AP Executive Morning Briefing - Added 48 minutes ago

The top business news from The Associated Press for the morning of Wednesday, Aug. 20, 2008: Fannie, Freddie capital raising options uncertain NEW YORK (AP) _ As mortgage financiers Fannie Mae and Freddie Mac struggle...

China stocks jump on speculation over policy plans - Added 1 hour ago

Chinese stocks surged Wednesday in their biggest gain in nearly four months on speculation Beijing plans new economic stimulus measures and other policies aimed at reviving the country's languishing markets. The...

Survey: Many Wash. farmworkers indigenous Mexicans - Added 2 hours ago

Indigenous Mexicans make up nearly a quarter of the farmhands who pick the apples, cherries and other crops in western Washington, a new survey has found. The survey _ "A Sustainable Bounty: Investing in Our...

Small SUVs improve in crash tests - Added 5 hours ago

Four small sport utility vehicles received top scores in crash tests to be released Wednesday by the insurance industry, a sign of improvement compared with SUVs built earlier in the decade. The Insurance Institute for...

Correction: UAW-Obama story - Added 6 hours ago

In an Aug. 18 story about United Auto Workers President Ron Gettelfinger's comments about the presidential candidates, The Associated Press misstated when the UAW endorsed Democrat Barack Obama. The union endorsed Obama...

California home sales surged in July, prices fell - Added 10 hours ago

California homebuyers sprung to life in July, pouncing on foreclosed homes and deeply discounted properties but largely ignoring pricier homes that have been languishing on the market, a research firm said Tuesday. ...

Sales, median prices in July for California homes - Added 11 hours ago

The number of new and resale homes sold during June and median prices, with annual percentage changes, in selected California counties: COUNTY UNITS SOLD PERCENT CHANGE MEDIAN PRICE PERCENT CHANGE Marin ...

Recalls: helicopter kit batteries, bicycles - Added 12 hours ago

The following recalls have been announced: _About 11,000 batteries used in radio-controlled helicopter kits, made in China and imported by Hobbico Inc., because the rechargeable battery can overheat and catch fire...

2Q profit reports from retailers show more strain - Added 12 hours ago

From affluent shoppers at Saks to bargain-hunters at Target, from Home Depot to office supplier Staples, consumers are pulling back and that's hurting retailers and raising more concerns about how they'll do the rest of...

FDA warns General Electric over lax record keeping - Added 12 hours ago

Federal regulators have warned General Electric Co. over lax quality control standards at a plant that makes computer software for medical imaging. The warning letter from the Food and Drug Administration released...

Gold prices rise for 2nd day on weaker dollar - Added 12 hours ago

Gold prices traded higher for a second day Tuesday after the dollar lost ground against the euro, boosting demand for precious metals as inflation hedge. Silver and copper also rose. Other commodities traded mixed,...

Stocks fall on inflation data, financial worries - Added 12 hours ago

Wall Street fell sharply for a second straight session Tuesday after a hefty jump in wholesale inflation and a drop in new home construction gave investors more reason to believe an economic recovery is far off. The Dow...

Wholesale prices rising at fastest pace since 1981 - Added 12 hours ago

Wholesale inflation soared in July, leaving prices rising at the fastest pace in nearly three decades. While recent declines in oil and other commodity prices raise hopes inflation may have peaked, some economists worry...

GM offers employee discount to all on 2008 models - Added 12 hours ago

General Motors Corp. said Tuesday it will extend employee discounts to everyone on almost all of its 2008 and some of its 2009 models as it seeks to clear its remaining inventory of 2008 vehicles. The Detroit automaker...

Treasurys mixed after jump in producer prices - Added 12 hours ago

Treasury prices traded mostly higher Tuesday after government data suggested inflation at the wholesale level is rising, even as the economy continues to weaken. Treasurys tend to attract buyers when an economic report...

General Dynamics to buy Jet Aviation for 2.25B - Added 12 hours ago

General Dynamics Corp. said Tuesday it will buy Jet Aviation for about $2.25 billion in cash, part of the defense contractor's push to expand its private civilian jet business and tap into robust demand for luxury...

Saks, Medtronic, Beazer Homes big movers - Added 12 hours ago

Stocks that moved substantially or traded heavily Tuesday on the New York Stock Exchange and Nasdaq Stock Market: NYSE Saks Inc. down 93 cents at $10.29 The luxury retailer reported a wider-than-expected quarterly...

Agriculture futures trade mostly lower on CBOT - Added 12 hours ago

Agriculture futures traded mostly lower Tuesday on the Chicago Board of Trade. Wheat for September delivery fell 14.5 cents to $8.455 a bushel; December corn added 11.75 cents to $5.845 a bushel; December oats slipped...

Frozen yogurt war de-thaws, tart new brands hit US - Added 13 hours ago

Leonardo DiCaprio has a Red Mango yogurt machine in his office. Paris Hilton and Lindsay Lohan have been photographed clutching Pinkberry yogurt cups while ducking the paparazzi. Frozen yogurt, trendy during the 1980s...

PepsiCo to distribute Tazo Tea more widely - Added 13 hours ago

PepsiCo and Starbucks, already partners in a deal to sell bottled Frappucinos, are turning their attention to bottled tea. The two companies plan to give the Tazo brand greater exposure and expand distribution, as...

Oil rises above $114 after dollar weakens vs euro - Added 13 hours ago

Oil prices rebounded Tuesday, jumping back above $114 barrel after the dollar weakened against the euro and a rally in heating oil pulled new buyers into energy markets. Light, sweet crude for September delivery rose...

Paulson previews agenda for next China talks - Added 13 hours ago

Treasury Secretary Henry Paulson said Tuesday the next round of high-level talks with China will focus on energy and environmental issues, and efforts to agree on an investment treaty. Paulson said the discussions,...

Venezuela seizes control of Mexican Cemex plants - Added 15 hours ago

Venezuela's government seized control of cement plants owned by Mexico's Cemex SAB after failing to reach a deal on compensation terms, marking President Hugo Chavez's latest move to nationalize key sectors of the...

Column: How to ensure online shopping is safe - Added 15 hours ago

Q: With so much talk about Internet security problems and credit card fraud, how do I protect myself while shopping online? A: One of the biggest risks in shopping online is clicking on a link to what appears to be a...

Target's 2Q profit declines 7.6 percent - Added 16 hours ago

Target Corp. posted a 7.6 percent drop in second-quarter profit Tuesday and offered a cautious outlook for the third quarter as its customers focused on necessities like milk and paper towels and had trouble making...

TVA directors to consider big rate increase - Added 16 hours ago

Tennessee Valley Authority directors are considering budget proposals that could hike electric rates sharply for millions of consumers across the agency's seven-state region. TVA officials said two weeks ago that a...

Dollar, gold fall in Europe - Added 18 hours ago

The U.S. dollar was lower against other major currencies in European trading Tuesday. Gold fell. The euro traded at $1.4733, up from $1.4697 late Monday in New York. Later, in midday trading in New York on Tuesday, the...

Home Depot's 2Q profit drops 24 percent - Added 18 hours ago

The Home Depot Inc. said Tuesday that its second-quarter profit sank 24 percent and reiterated its downbeat outlook for the year amid a weak housing market that shows no signs of recovery. For the three-months ending...

Saks reports wider 2Q loss, shares tumble - Added 20 hours ago

Luxury goods retailer Saks Inc. reported a wider-than-expected loss for the second quarter on Tuesday and delivered a downbeat forecast for the year as its affluent customers cut back on apparel amid a slowing economy. ...

Housing starts dip to lowest level since March '91 - Added 20 hours ago

Construction of homes and apartments fell in July to the lowest level in more than 17 years, the government reported Tuesday. The Commerce Department said that builders broke ground on 965,000 housing units on an...

Staples warns on 2Q earnings - Added 21 hours ago

Staples Inc. warned Tuesday that its second-quarter results, excluding its acquisition of Corporate Express, would be weaker than anticipated as American consumers pulled back on spending. Staples shares fell more than...

German investor confidence unexpectedly rises - Added 21 hours ago

German investor confidence recovered in August from a 16-year low the month before, rising unexpectedly by 8.4 points as fears of an economic downturn in Europe's biggest economy appeared to ease, a key survey released...

Medtronic 1Q profit jumps spine, heart strength - Added 22 hours ago

Medtronic says its fiscal first-quarter profit rose 11 percent on strong double-digit growth in its spinal and cardiovascular businesses. For the quarter ended July 25, the medical device maker says it earned $747...

Bank of Japan keeps key interest rate steady - Added 23 hours ago

Japan's central bank chief said Tuesday he expects the world's second-largest economy to stay stagnant for the time being but denied it was headed toward the sort of deep slump that crippled the country in the 1990s. ...

Car buyers' satisfaction with US brands stumbles - Added 23 hours ago

U.S. car buyers are growing less satisfied with their purchases from domestic automakers while their Asian and European competitors continue to improve, according to a recent survey. Consumer satisfaction with U.S....

AP Executive Morning Briefing - Added 1 day ago

The top business news from The Associated Press for the morning of Tuesday, Aug. 19, 2008: Oil drops below $112 as storm threat eases KUALA LUMPUR, Malaysia (AP) _ Oil prices dropped below $112 a barrel Tuesday in...

Lehman shares edge lower on 3rd-quarter worries - Added 1 day ago

Shares of Lehman Brothers Holdings Inc. edged lower Monday amid worries the company may face a fiscal third-quarter loss instead of a modest profit that many analysts had expected. The nation's fourth-largest...

Fannie, Freddie fall on renewed bailout fears - Added 1 day ago

Whether or not the government is actually on the verge of taking over mortgage finance companies Fannie Mae and Freddie Mac, investor fears that a bailout is imminent could turn such a worst-case scenario into reality. ...

This year's Calif. table olive crop is the pits - Added 1 day ago

Extra olives with your martini? Bartenders soon may think twice about that, with table olive prices expected to go up as California growers face their second-lightest harvest in more than a decade. State and federal...

Chinese hurdler's pullout a blow to advertisers - Added 1 day ago

Hurdler Liu Xiang's surprise departure from the Olympics was a blow to advertisers including Coca Cola and Nike that made the 25-year-old hurdler a star of campaigns aimed at Chinese consumers. "His marketing value has...

Venezuela seizes control of cement companies - Added 1 day ago

Venezuelan government officials backed by National Guard troops seized control of cement plants owned by Mexico's Cemex SAB after failing to reach a deal on terms for nationalizing them. As a deadline for talks expired...

Obama book falls victim to booksellers' rivalry - Added 1 day ago

A new book about Sen. Barack Obama has intensified a rivalry between two powerful competitors: Barnes & Noble, Inc. and Amazon.com. Chelsea Green Publishing, a small, liberal publisher based in Vermont, is...

SoCal home sales climb in July, prices fall - Added 1 day ago

Southern California home sales surged to a 16-month high in July as prices kept falling and bargain-hunters snapped up foreclosed properties, a research firm said Monday. A total of 20,329 homes and condos _ including...