NEW YORK — Stocks are falling again on more fears of economic weakness in the U.S. and Europe’s debt crisis. A U.S government report that hiring improved in July sent stocks sharply higher just after the market opened. The rally lasted less than a half-hour. By Daniel Wagner.
WASHINGTON — Hiring picked up slightly in July and the unemployment rate dipped to 9.1 percent. The modest improvement may quiet fears of another recession.
— GLANCE — By the numbers that exams the data.
— OBAMA-UNEMPLOYED VETERANS — President Barack Obama is asking Congress to approve new initiatives to help some of America’s 1 million unemployed military veterans find work, including tax credits for companies that hire out-of-work vets.
MARKETS & ECONOMY:
— OIL PRICES —Oil prices fell slightly amid fears that a slowing global economy will weaken demand for crude. They recovered from earlier lows on reports of an explosion at a pipeline in Iran.
EARNS-PROCTER & GAMBLE
CINCINNATI — Procter & Gamble’s fourth-quarter revenue and net income jumped by double digits on strong sales in emerging markets such as China and India. But the world’s largest consumer products company sees things slowing down this quarter as the U.S. and other developed economies struggle. By Dan Sewell.
WASHINGTON — Government-controlled mortgage company Fannie Mae says its second-quarter loss widened as it continues to seek out loan modifications to help lower defaults amid the ongoing difficulties in the housing and mortgage markets. By Michelle Chapman.
Berkshire Hathaway Inc. reports quarterly financial results after the market close.
More than 15 years have passed since David Kessler first worked to regulate the tobacco industry as a Food and Drug Administration commissioner, and much has changed. The federal agency can now ban some ingredients and limit marketing, and the largest tobacco companies pay states billions of dollars a year toward health care and smoking cessation. Then again, much has stayed the same. More than 20 percent of Americans — or 46 million people — still smoke, and the rate seems to have stopped dropping. Kessler, a doctor and professor, spoke recently with The Associated Press about the challenge of tobacco control in the United States. By Michael Felberbaum.
SANTA ANA, Calif. — The first salvo was fired years ago when toy giant Mattel Inc. sued MGA Entertainment Inc. over ownership of the hugely popular Bratz fashion doll line. The turbulent legal chapter has now ended with a federal judge ordering Mattel to pay its rival more than $309 million. Mattel said it was disappointed with the decision Thursday and was evaluating its next steps. The El Segundo-based toy maker can appeal. By Gillian Flaccus.
JUNEAU, Alaska — A federal agency’s decision allowing Shell Oil Co. to move a step closer to drilling in Arctic waters off Alaska has drawn criticism from conservationists, expressing concern over how any potential oil spill would be handled. By Becky Bohrer.
TECHNOLOGY & MEDIA
NEW YORK — Viacom’s net income rose 37 percent in the third quarter. The owner of MTV, Comedy Central and Paramount Pictures benefitted from growing advertising sales and higher fees from cable TV and other companies that carry its channels. By Barbara Ortutay.
— BRITAIN-PHONE HACKING — A lawyer for several alleged victims of tabloid phone hacking says lawsuits will soon be filed against a second newspaper group, Trinity Mirror PLC.
FRANKFURT, Germany — The eurozone’s debt crisis battered markets once again, challenging vacationing European leaders to find a way to keep the turmoil from pushing Spain and Italy to a financial collapse that would hit an already-waning global recovery.
— ITALY-FINANCIAL CRISIS — Official figures show the Italian economy grew by only 0.3 percent in the second quarter from the previous three-month period, providing further evidence that the recovery is running out of steam at a time when financial markets are fretting over its ability to pay down its debts.
— SPAIN-FINANCIAL CRISIS — Spain’s central bank says the country’s economy rose 0.2 percent in the second quarter, down modestly from the 0.3 percent growth recorded in the previous three month period.
— GERMANY-ECONOMY — German government data show that industrial production in Europe’s biggest economy declined by 1.1 percent in June compared with the previous month.
— EARNS-ALLIANZ — German insurer Allianz SE says net profit slipped 7.4 percent in the second quarter as the company took a loss of $460 million on its holdings of Greek bonds.
— BRITAIN-RBS — Royal Bank of Scotland Group PLC swung to a second-quarter loss as it wrote down the value of its Greek bond holdings by a massive $842 million.