Choose the news for 7/22 Oakland Press
Here are the choices we are considering from AP and staff.
Let us know what you think should go in print
I like Medco merger -- it will affect 1 in 3 Americans
Also Obama backing spending cuts for major programs -- that is surprising
Keep an eye on NFL Labor -- that may happen tonight
Business for Friday
CHRYSLER-GOVERNMENT STAKE — The Treasury Department says it has exited its investment in Chrysler after Italian automaker Fiat SpA purchased the U.S. government’s remaining holdings in the auto company.
Penske Auto earning - szczesny
Penske Automotive Group releases second quarter earnings report.
Citizens Bank -szczesny
Citizen Banks regains its stock listing on NASDQ, may be takeover target.
spotlights
7.22 Oakland Nostalgia Antique Bloomfield Hills
7.22 Macomb Rhythm & Jump Dance studio St Clair Shores
local briefs
on the web
JAPAN-TOYOTA — Toyota is developing a safety technology that takes control of the steering so the vehicle can veer away when it isn’t able to stop before impact. All the world’s automakers are working on special safety technology in an effort to woo customers as competition intensifies among manufacturers.
PERSONAL FINANCE:
OF MUTUAL INTEREST-DEBT SHOWDOWN — How do top mutual fund managers operate in an environment where the most seemingly trustworthy credit risk — Uncle Sam — could be on the verge of a default? Some are starting to play defense. We’ll offer snapshots of managers who are keeping as much as one-third of their portfolios in cash and gold, and using other strategies aimed at providing a buffer against volatile markets. The managers say there are plenty of reasons to invest with unusual caution now, beyond the risk that politicians won’t reach a debt ceiling deal by Aug. 2.
Eds: Available exclusively on AP Exchange/ AP Web Feeds.
FYI-AT&T-T-MOBILE — A key lawmaker says AT&T’s proposal to buy T-Mobile would hurt consumers.
Eds: Available exclusively on AP Exchange/ AP Web Feeds.
Michigan
TOP STORIES:
HEAT WAVE-MICHIGAN — A prolonged heat wave that has affected every corner of Michigan is expected to reach its apex on Thursday when temperatures are predicted to be at record highs across parts of the state. AP Photos.
ASIAN CARP-GREAT LAKES — Critics of the federal government’s approach to preventing an Asian carp invasion of the Great Lakes say the discovery of more DNA from the unwanted fish above an electric barrier near Chicago shows more urgent action is needed. But government officials say they remain confident that the barrier is performing well.
QUICKEN FOUNDER-DETROIT INVESTMENT — Hall-of-Fame basketball player turned businessman Earvin “Magic” Johnson is joining a Detroit venture capital company led by Quicken Loans founder and chairman Dan Gilbert. Johnson says he wants “to have a positive impact on the biggest downtown in my home state.” The ex-NBA star and Lansing native is joining Detroit Venture Partners as a general partner and plans to invest millions of dollars. AP Photo.
ROSA PARKS-ESTATE
DETROIT — A lawyer involved in a long-running dispute over the estate of civil rights pioneer Rosa Parks claims that a judge allowed two other lawyers to pile up fees that ate away about two-thirds of the estate’s $372,000 cash value.
AP Photo MIPS201.
MEIJER-CAMPAIGN LAWS
TRAVERSE CITY — A judge believes a Grand Rapids lawyer committed perjury when he denied knowing anything about the role of Meijer Inc. in a 2007 recall election of township officials in Grand Traverse County. Grand Traverse County Judge Philip Rodgers says he’s referred the matter to the Michigan Attorney Grievance Commission, a watchdog agency.
nation/world
DEVELOPING
— GEORGIA EXECUTION — Delayed execution now scheduled for 7 p.m.
TOP STORIES
DEBT SHOWDOWN —Fresh hopes for a debt-limit deal — but also worries. House Speaker John Boehner says a solid majority of Republicans might be willing to compromise to avert the government default threatened for Aug. 2. That would be a sea change in negotiations. But the Senate’s top Democrat says he fears “the closer we get to disaster, the further we get from a deal.” AP photos, video.
— DEBT SHOWDOWN-OBAMA’S OFFER — President Barack Obama has upended orthodoxy by pushing historic spending cuts that include his party’s sacrosanct programs. It could be a win-win if he’s successful, attracting vital independent voters next year and gaining him credit for taming the untamable deficit. AP photos.
EUROPE-FINANCIAL CRISIS — Private banks would suffer losses on their loans to Greece and a Europe-wide rescue fund would gain new powers to swiftly help other debt-stricken countries under a deal being negotiated by European Union leaders in a last-ditch attempt to contain the continent’s debt crisis. Stocks, bonds and the euro rally sharply on hopes the deal will be a turning point in the 18-month-long crisis. AP photos.
SPACE SHUTTLE — The space shuttle passes into history, the words “wheels stop” crackling over the radio for the very last time. In an almost anticlimatic end to the 30-year program, Atlantis glides to a ghostly landing in near darkness following a triumphant mission to the International Space Station. Now the spaceship and the two other surviving shuttles will become museum pieces, like the Mercury capsule and the Wright brothers’ flying machine before them. And thousands of shuttle workers will lose their jobs, beginning as early as Friday.
AP photos, video, interactive.
BROKEN BUDGETS-HEAT WAVE
SOUTH BEND, Ind. — Many states hit hardest by this week’s searing heat wave have drastically cut or entirely eliminated programs that help poor people pay their electric bills in the summer, forcing thousands to go without air conditioning when they need it most. Oklahoma ran out of money for its program in just three days. Illinois cut its program to focus on offering heating money for the winter ahead. Indiana isn’t taking any new applicants. When weighed against education and other budget needs, cooling assistance has been among the first items cut, and advocates for the poor say that could make this year’s heat waves even more dangerous.
AP photos. AP video and interactive.
— HEAT AND HUMIDITY — Explainer box on why the combination is potentially dangerous to your health.
BRITAIN-PHONE HACKING — With Britain still coming to terms with the tabloid hacking scandal, Scotland Yard is now being asked to look into another intrusive technique: “Pinging.” A member of the board that oversees London police has asked it to investigate claims that News of the World reporters paid officers to locate people by tracking their cell phone signals. By Raphael G. Satter.
AP photos.
GAY MARRIAGE-FEDERAL BENEFITS — As same-sex couples in New York prepare this weekend to tie the knot, their brethren in Massachusetts — the first state to legalize gay marriage — have some advice. Enjoy the wedding because afterward, they will realize that there are 1,000 or so benefits gay couples can’t get because of the federal defense of Marriage Act: Joint federal tax returns, federal health plans for spouses, and access to spouses’ federal pensions. AP photos.
ALZHEIMER’S DISEASE-ANALYSIS — Picture yourself in Barbara Lesher’s shoes: 54, unable to remember taking a bath or struggling to follow a recipe. Fearing you are developing Alzheimer’s disease. Then picture doctors arguing about whether to test you for signs of the incurable disease or tell you the results. There are better ways to detect the “Big A” earlier. But are there good reasons for doing that? By Medical Writer Marilynn Marchione. AP News Analysis.
AP graphic.
INTERNATIONAL
CHINA-APPLE — It looks almost exactly like a sleek Apple store. Sales assistants in blue T-shirts with the company’s logo chat with customers. Signs advertising the iPad 2 hang on the white walls. Outside, the famous logo sits next to the words “Apple Store” — one of the few clues that the whole thing is a fake. AP photos.
AFGHAN-TRANSITIONLAND — Welcome to Mehterlam, a sweaty and troubled city of 100,000 that is, for better or worse, the future of Afghanistan. Rockets hit it once a month or so. The chief judge was removed for collaborating with insurgents. The police force is barely large enough to patrol the city. Handed over officially to Afghan control this week, it shows the challenges Afghan authorities will have to deal as NATO puts more of the country in their hands. AP photos.
EAST AFRICA-FAMINE — Somali soldiers beat desperate families with gun butts as they fight for food in front of a weeping diplomat, a day after the U.N. declared parts of the country were suffering from the worst famine in a generation. Kenya says it wants to air drop food to stop starving people from walking to refugee camps along the border. AP photos, video.
MALI-INFANTICIDE — Coumba came to Mali’s capital in search of work — and pregnant outside wedlock. “When the time came for me to deliver I went to the toilet. Then the child went into the hole and that was the end of it,” she says from prison. Here in one of the poorest countries in the world, abortion is illegal and UNICEF estimates only 8 percent of women use contraception. Infanticide is now the third most common crime among female inmates. AP photos
IRELAND-CATHOLIC ABUSE — From the pews and pulpits, Ireland’s Catholics are demanding that the Vatican come clean about child abuse cover-ups — a revolution of sorts in a nation founded on devotion to Roman Catholicism. When the prime minister denounced the Vatican’s role in years of abuse scandals, astonished cabbies pulled over to watch the unprecedented speech on their smartphones. Victims of clerical sexual abuse cheered a day they thought would never come. And even Ireland’s priests voiced support. AP photo.
NATIONAL
PRESIDENTIAL ARTIFACTS-THEFT — The arrest of a presidential historian and his companion on charges of taking documents worth millions from the Maryland Historical Society has been a wake-up call for archive groups nationwide, which are checking for missing items and reviewing their security. The Pennsylvania Historical Society realized they were missing a George Washington letter only after a dealer got a suspicious offer and called them, prompting them to check the box that had contained it. On the list of visitors who had recently been through the box: one of the men now charged. By Sarah Brumfield.
EDUCATION OVERHAUL— Idaho, South Dakota and Montana risk of losing millons in federal dollars by boldly defying a 2014 deadline to make sure every student is proficient in math and reading under No Child Left Behind. The states including say it’s unfair for their schools to have to adhere to an outdated education program left over from the Bush administration, so they are ignoring it. AP photos.
BUSINESS
MEDCO-EXPRESS SCRIPTS
Two top prescription drug benefit managers are combining in a $29.1 billion deal they say will help rein in costs and improve patients’ health. Express Scripts Inc. agreed to buy larger rival Medco Health Solutions Inc., to create a company that would handle the prescriptions of one in three Americans.
AP photos, graphic.
— Medco-Express Scripts-Glance
ECONOMY
WASHINGTON — The economy’s spring slump appears to be extending into the summer, according to a slew of mixed data released Thursday. Layoffs are rising. Manufacturing activity in the Northeast rebounded only slightly in July after plummeting in June. Growth is projected to pick up this fall, but not enough to give businesses confidence to hire and speed the economy to a stronger recovery. By Christopher S. Rugaber.
SPORTS
NFL LABOR
NFL owners meet in Atlanta to discuss — and possibly vote on — a tentative deal to end the lockout that began in March. Falcons owner Arthur Blank is optimistic about approval. Players had been expected to vote Wednesday on a full proposal to settle the labor dispute, but they did not. AP photos, video.
ALSO GETTING ATTENTION
— OIL SPILL-STREAM CROSSING — Three weeks after a broken Exxon Mobil pipeline spilled 1,000 barrels of oil into the Yellowstone River, federal officials remain unsure how many pipelines carrying hazardous fuels cross the nation’s rivers and streams. AP photos.
— YOSEMITE NATIONAL PARK, Calif. — The plunge of three people over a 300-foot waterfall at Yosemite National Park serves as a tragic reminder of the raging rivers, streams and falls that are present all across the West after a record winter snowfall. AP photos.
— NAPOLITANO INTERVIEW — Homeland Security chief Janet Napolitano says 10 years after 9/11, terrorists continue to target aviation more than any other potential avenue of attack against the U.S.
— FAMILY BASEBALL FUED — Feud erupts in Chicago family over who should inherit 200 signed baseballs by many of greatest players in history, including Babe Ruth and Joe DiMaggio.
— TEXAS-EDUCATION BOARD — Texas education board meets for the first time under its conservative new chairwoman appointed by Gov. Rick Perry and is expected to rekindle the debate over teaching evolution in public schools.
— CIVIL WAR-MANASSAS 150TH — Ceremonies mark 150th anniversary of Civil War battle at Bull Run, first major battle of war.
— GEORGIA EXECUTION — Georgia seeks to block video recording of execution, part of an inmate’s challenge to state’s new injection protocol
— GERMANY-NAZI GRAVE — The bones of Hitler deputy Rudolf Hess are removed from their grave in Germany and cremated after the site draws neo-Nazis.
Business
TOP STORIES:
MEDCO-EXPRESS SCRIPTS Two top prescription drug benefit managers are combining in a $29.1 billion deal they say will help rein in costs and improve patients’ health. Express Scripts Inc. agreed to buy larger rival Medco Health Solutions Inc., to create a company that would handle the prescriptions of one in three Americans. AP Graphic. AP Photos.
— Medco-Express Scripts-Glance.
ECONOMY — The economy’s spring slump appears to be extending into the summer, according to a slew of mixed data released Thursday. Layoffs are rising. Manufacturing activity in the Northeast rebounded only slightly in July after plummeting in June. Growth is projected to pick up this fall, but not enough to give businesses confidence to hire and speed the economy to a stronger recovery. By Christopher S. Rugaber. Incorporates BC-US--Unemployment Benefits, BC-US--Leading Indicators, and BC-US--Philadelphia Fed.
MARKETS & ECONOMY:
FINANCIAL OVERHAUL — Banking regulators refuse to commit to releasing details of their investigations into illegal foreclosure practices by the nation’s largest banks. Appearing before a Senate panel Thursday, Federal Reserve Chairman Ben Bernanke and Acting Comptroller of the Currency John Walsh said they had not decided whether to release reports on illegal practices by individual banks.
UNEMPLOYMENT BENEFITS — More people applied for unemployment benefits last week, evidence that layoffs are rising and the job market is weak.
DEBT SHOWDOWN — Progress remains elusive as official Washington grapples day after day for a way out of a debt dilemma that has the government sliding toward a first-ever default on its financial obligations.
— DEBT SHOWDOWN-DEMOCRATS — The chairman of the Senate Budget Committee says it’s impossible to enact spending cuts, a tax code overhaul and changes in benefit programs in the less than two weeks left before an Aug. 2 government default deadline.
— LEADING INDICATORS— A private research group forecasts that the economy will grow slowly as summer turns into fall.
— MORTGAGE RATES — Fixed mortgage rates were mostly unchanged this week, inching up from their yearly lows.
WALL STREET — Hope for a plan to ease Europe’s debt crisis lifted stock indexes. Oil prices rose and U.S. government bond prices fell as investors bought riskier assets. AP Photo.
— OIL PRICES — Oil tops $100 per barrel for the first time since early June as a private research group said the economy should keep growing this year while European leaders discussed more financial aid for Greece.
EARNINGS:
EARNS-AIRLINES
Fare increases give United Continental and US Airways profitable quarters despite the financial damage from sharply higher fuel prices. Both airlines report smaller profits than a year ago. By AP Airlines Writer Joshua Freed. Incorporates BC-US--Earns-United Continental and BC-US--Earns-US Airways.
EARNS-PEPSICO
PepsiCo Inc.’s earnings report tells two familiar stories: One was of a U.S. company relying more heavily on customers in emerging markets, as U.S. customers remain shy about spending. The other was of a company raising prices on those same customers, and blaming the higher costs for ingredients.
EARNS-MORGAN STANLEY — Morgan Stanley reports a much smaller loss than investors were expecting thanks to a pick-up in trading revenue.
EARNS-WHIRLPOOL Whirlpool reports a second-quarter loss, largely due to the settlement of a collection dispute, but adjusted results top Wall Street’s expectations.
EARNS-ELI LILLY— Eli Lilly and Co.’s second-quarter net income fell 11 percent, as increases in marketing and other expenses blunted the drugmaker’s revenue growth.
— SWITZERLAND-EARNS-ROCHE — Swiss maker of cancer-fighting drugs Roche Holding AG says profit dropped 5 percent in the first six months of the year.
— EARNS-PHILIP MORRIS — Cigarette maker Philip Morris International says its second-quarter net income grew more than 21 percent because it raised prices. By Michael Felberbaum.
— EARNS-UNION PACIFIC — Union Pacific railroad’s second-quarter profit grew 10 percent despite the challenges of severe Midwest flooding and higher fuel costs. By Josh Funk.
— EARNS-SAFEWAY— Grocery store operator Safeway Inc. says its second-quarter profit rose as higher and selling prices and strong gas sales helped offset rising commodity costs.
INDUSTRY:
— BORDERS-BANKRUPTCY — Borders is seeking permission to sell 30 to 35 of its stores to bookstore chain Books-a-Million. A judge is expected to rule on the matter as well as Borders plan to liquidate its remaining stores later on Thursday.
— SCHLUMBERGER-CEO RETIRING — The chairman and CEO of Schlumberger is retiring after 36 years with the oil services company.
— NETHERLANDS-RANDSTAD — Randstad Holding NV, the world’s second-largest staffing company, says it is offering $14 per share, or $771 million, for U.S. staffing company SFN Group, in a deal backed by SFN’s management.
TECHNOLOGY AND MEDIA:
EARNS-MICROSOFT
Microsoft Corp. reports earnings after the market closes. By Rachel Metz.
EARNS-AT&T
AT&T saw a rebound in the number of new contract subscribers in the second quarter, showing resilience in the face of competition from Verizon’s iPhone. By Peter Svensson.
EARNS-NEW YORK TIMES
The owner of The New York Times says it had a net loss in the second quarter because of a non-cash writedown for the declining value of some of its smaller newspapers.
BRITAIN-PHONE HACKING — Britain’s deputy prime minister says the tabloid phone hacking scandal has created a once-in-a-generation chance to clean up murky relations among media, police and politicians.
— EARNS-AMD — Advanced Micro Devices Inc. reports earnings after the market closes. By Jordan Robertson.
— FINLAND-EARNS-NOKIA — Mobile phone maker Nokia Corp. posted a loss of (euro) 368 million ($523 million) as sales slumped in the second quarter amid “greater than expected” challenges.
— SWEDEN-EARNS-ERICSSON — Strong demand for mobile broadband boosted wireless equipment maker LM Ericsson’s sales in the second quarter but restructuring costs kept the rise in profit below expectations.
CHINA-APPLE — At first, it looks like a sleek Apple store. But outside, the famous logo sits next to the words “Apple Store” — that’s the clue it’s fake. China, long known for producing counterfeit consumer gadgets, software and brand name clothing, has reached a new piracy milestone: Fake Apple stores.
INTERNATIONAL:
EUROPE-FINANCIAL CRISIS
BRUSSELS — European leaders were poised to sign off on a second bailout for Greece, even at the cost of making the country the first euro state to partially default on its debt. By Business Writer Gabriele Steinhauser.
WITH:
— NETHERLANDS-FINANCIAL CRISIS — The Dutch finance minister leaked details of a plan reached on Greece’s next bailout, saying that it will include private sector involvement and apparently will put in the country in default.
— SPAIN-FINANCIAL CRISIS — Investors kept up the pressure on Spain, demanding steeper interest rates in two debt auctions and giving a tepid reception to the second Spanish savings group to begin listing its stock.
— CHINA-MANUFACTURING — China’s manufacturing contracted in July for the first time in a year as the government tightened controls to cool rapid economic growth.
— JAPAN-ECONOMY — The slump in Japan’s exports moderated in June in a sign the world’s third-largest economy is beginning to mend after the March 11 earthquake and tsunami.
— CHINA-IMF — China faces risks from inflation and a possible boom and bust in real estate prices and should allow its tightly controlled currency to rise to promote economic stability, the International Monetary Fund said.
— GERMANY-GREECE-INDUSTRY — Germany’s industry federation says representatives are meeting with Greece’s development minister to explore investment possibilities and ways of improving the debt-laden country’s competitiveness.
— GREECE-FINANCIAL CRISIS — Greek authorities say striking taxi drivers are disrupting cruise ship arrivals at two major resort islands and blocking highways during the peak of the vital tourist season.
ASIA-THEME PARK DESIGN BOOM — A rush of theme park construction across Asia that will result in new homes for Mickey Mouse, the Monkey King and Hello Kitty is also providing a financial lifeline for the world’s elite group of entertainment designers. The projects represent the next big growth area for skilled and experienced designers and creators as the North American market has become saturated and opportunities to design big new resorts have dried up. By Kelvin Chan.
ASIA-FOOD CRISIS — When the daughter of businessman Mohammed Sultan got married recently, guests were treated to a lavish 30-course meal served in super-sized silver platters. Hours later, after the more than 500 guests had eaten their fill, the leftovers were dumped by the cartload at a nearby garbage site. Such prodigious waste has horrified many in a nation where food prices are skyrocketing and tens of millions of young children are malnourished. Now, India’s Food Minister wants to curtail what has become known as the Big Fat Indian Wedding.
MONEY & MARKETS:
Business News at 1:30 p.m.
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TOP STORIES:
MEDCO-EXPRESS SCRIPTS
Two top prescription drug benefit managers are combining in a $29.1 billion deal they say will help rein in costs and improve patients’ health. Express Scripts Inc. agreed to buy larger rival Medco Health Solutions Inc., to create a company that would handle the prescriptions of one in three Americans. By AP Business Writer Linda A. Johnson.
AP Graphic. AP Photos.
With:
— Medco-Express Scripts-Glance.
ECONOMY
WASHINGON — The economy’s spring slump appears to be extending into the summer, according to a slew of mixed data released Thursday. Layoffs are rising. Manufacturing activity in the Northeast rebounded only slightly in July after plummeting in June. Growth is projected to pick up this fall, but not enough to give businesses confidence to hire and speed the economy to a stronger recovery. By Christopher S. Rugaber. Incorporates BC-US--Unemployment Benefits, BC-US--Leading Indicators, and BC-US--Philadelphia Fed.
MARKETS & ECONOMY:
FINANCIAL OVERHAUL
WASHINGTON — Banking regulators refuse to commit to releasing details of their investigations into illegal foreclosure practices by the nation’s largest banks. Appearing before a Senate panel Thursday, Federal Reserve Chairman Ben Bernanke and Acting Comptroller of the Currency John Walsh said they had not decided whether to release reports on illegal practices by individual banks. By Daniel Wagner.
UNEMPLOYMENT BENEFITS
WASHINGTON — More people applied for unemployment benefits last week, evidence that layoffs are rising and the job market is weak. By Christopher S. Rugaber.
DEBT SHOWDOWN
WASHINGTON — Progress remains elusive as official Washington grapples day after day for a way out of a debt dilemma that has the government sliding toward a first-ever default on its financial obligations. By Andrew Taylor.
WITH:
— DEBT SHOWDOWN-DEMOCRATS — The chairman of the Senate Budget Committee says it’s impossible to enact spending cuts, a tax code overhaul and changes in benefit programs in the less than two weeks left before an Aug. 2 government default deadline.
— LEADING INDICATORS— A private research group forecasts that the economy will grow slowly as summer turns into fall.
— MORTGAGE RATES — Fixed mortgage rates were mostly unchanged this week, inching up from their yearly lows.
WALL STREET
NEW YORK — Hope for a plan to ease Europe’s debt crisis lifted stock indexes. Oil prices rose and U.S. government bond prices fell as investors bought riskier assets. By Business Writer Matthew Craft.
AP Photo.
— OIL PRICES — Oil tops $100 per barrel for the first time since early June as a private research group said the economy should keep growing this year while European leaders discussed more financial aid for Greece.
EARNINGS:
EARNS-AIRLINES
Fare increases give United Continental and US Airways profitable quarters despite the financial damage from sharply higher fuel prices. Both airlines report smaller profits than a year ago. By AP Airlines Writer Joshua Freed. Incorporates BC-US--Earns-United Continental and BC-US--Earns-US Airways.
EARNS-PEPSICO
PepsiCo Inc.’s earnings report tells two familiar stories: One was of a U.S. company relying more heavily on customers in emerging markets, as U.S. customers remain shy about spending. The other was of a company raising prices on those same customers, and blaming the higher costs for ingredients. By Christina Rexrode.
EARNS-MORGAN STANLEY
NEW YORK — Morgan Stanley reports a much smaller loss than investors were expecting thanks to a pick-up in trading revenue. By Pallavi Gogoi.
EARNS-WHIRLPOOL
Whirlpool reports a second-quarter loss, largely due to the settlement of a collection dispute, but adjusted results top Wall Street’s expectations. By Michelle Chapman.
EARNS-ELI LILLY
INDIANAPOLIS — Eli Lilly and Co.’s second-quarter net income fell 11 percent, as increases in marketing and other expenses blunted the drugmaker’s revenue growth. By Tom Murphy.
— SWITZERLAND-EARNS-ROCHE — Swiss maker of cancer-fighting drugs Roche Holding AG says profit dropped 5 percent in the first six months of the year.
— EARNS-PHILIP MORRIS — Cigarette maker Philip Morris International says its second-quarter net income grew more than 21 percent because it raised prices. By Michael Felberbaum.
— EARNS-UNION PACIFIC — Union Pacific railroad’s second-quarter profit grew 10 percent despite the challenges of severe Midwest flooding and higher fuel costs. By Josh Funk.
— EARNS-SAFEWAY— Grocery store operator Safeway Inc. says its second-quarter profit rose as higher and selling prices and strong gas sales helped offset rising commodity costs.
INDUSTRY:
JAPAN-TOYOTA
SUSONO, Japan — Toyota is developing a safety technology that takes control of the steering so the vehicle can veer away when it isn’t able to stop before impact. All the world’s automakers are working on special safety technology in an effort to woo customers as competition intensifies among manufacturers. By Business Writer Yuri Kageyama.
CHRYSLER-GOVERNMENT STAKE
WASHINGTON — The Treasury Department says it has exited its investment in Chrysler after Italian automaker Fiat SpA purchased the U.S. government’s remaining holdings in the auto company. By Christopher S. Rugaber.
OIL SPILL-STREAM CROSSING
BILLINGS, Mont. — Three weeks after a broken Exxon Mobil pipeline spilled 1,000 barrels of oil into the Yellowstone River, federal officials remain unsure how many pipelines carrying hazardous fuels cross the nation’s rivers and streams, nor can they say how deeply those pipelines are buried. The spill has raised concern that other underwater pipelines may have been exposed to debris by high and fast-moving waters that swept much of the U.S. in recent months. By Matthew Brown and Garance Burke.
— BORDERS-BANKRUPTCY — Borders is seeking permission to sell 30 to 35 of its stores to bookstore chain Books-a-Million. A judge is expected to rule on the matter as well as Borders plan to liquidate its remaining stores later on Thursday.
— SCHLUMBERGER-CEO RETIRING — The chairman and CEO of Schlumberger is retiring after 36 years with the oil services company.
— NETHERLANDS-RANDSTAD — Randstad Holding NV, the world’s second-largest staffing company, says it is offering $14 per share, or $771 million, for U.S. staffing company SFN Group, in a deal backed by SFN’s management.
TECHNOLOGY AND MEDIA:
EARNS-MICROSOFT
Microsoft Corp. reports earnings after the market closes. By Rachel Metz.
EARNS-AT&T
AT&T saw a rebound in the number of new contract subscribers in the second quarter, showing resilience in the face of competition from Verizon’s iPhone. By Peter Svensson.
EARNS-NEW YORK TIMES
The owner of The New York Times says it had a net loss in the second quarter because of a non-cash writedown for the declining value of some of its smaller newspapers. By Barbara Ortutay.
BRITAIN-PHONE HACKING
LONDON — Britain’s deputy prime minister says the tabloid phone hacking scandal has created a once-in-a-generation chance to clean up murky relations among media, police and politicians.
— EARNS-AMD — Advanced Micro Devices Inc. reports earnings after the market closes. By Jordan Robertson.
— FINLAND-EARNS-NOKIA — Mobile phone maker Nokia Corp. posted a loss of (euro) 368 million ($523 million) as sales slumped in the second quarter amid “greater than expected” challenges.
— SWEDEN-EARNS-ERICSSON — Strong demand for mobile broadband boosted wireless equipment maker LM Ericsson’s sales in the second quarter but restructuring costs kept the rise in profit below expectations.
CHINA-APPLE
BEIJING — At first, it looks like a sleek Apple store. But outside, the famous logo sits next to the words “Apple Store” — that’s the clue it’s fake. China, long known for producing counterfeit consumer gadgets, software and brand name clothing, has reached a new piracy milestone: Fake Apple stores.
INTERNATIONAL:
EUROPE-FINANCIAL CRISIS
BRUSSELS — European leaders were poised to sign off on a second bailout for Greece, even at the cost of making the country the first euro state to partially default on its debt. By Business Writer Gabriele Steinhauser.
WITH:
— NETHERLANDS-FINANCIAL CRISIS — The Dutch finance minister leaked details of a plan reached on Greece’s next bailout, saying that it will include private sector involvement and apparently will put in the country in default.
— SPAIN-FINANCIAL CRISIS — Investors kept up the pressure on Spain, demanding steeper interest rates in two debt auctions and giving a tepid reception to the second Spanish savings group to begin listing its stock.
— CHINA-MANUFACTURING — China’s manufacturing contracted in July for the first time in a year as the government tightened controls to cool rapid economic growth.
— JAPAN-ECONOMY — The slump in Japan’s exports moderated in June in a sign the world’s third-largest economy is beginning to mend after the March 11 earthquake and tsunami.
— CHINA-IMF — China faces risks from inflation and a possible boom and bust in real estate prices and should allow its tightly controlled currency to rise to promote economic stability, the International Monetary Fund said.
— GERMANY-GREECE-INDUSTRY — Germany’s industry federation says representatives are meeting with Greece’s development minister to explore investment possibilities and ways of improving the debt-laden country’s competitiveness.
— GREECE-FINANCIAL CRISIS — Greek authorities say striking taxi drivers are disrupting cruise ship arrivals at two major resort islands and blocking highways during the peak of the vital tourist season.
ASIA-THEME PARK DESIGN BOOM
HONG KONG — A rush of theme park construction across Asia that will result in new homes for Mickey Mouse, the Monkey King and Hello Kitty is also providing a financial lifeline for the world’s elite group of entertainment designers. The projects represent the next big growth area for skilled and experienced designers and creators as the North American market has become saturated and opportunities to design big new resorts have dried up. By Kelvin Chan.
ASIA-FOOD CRISIS
NEW DELHI — When the daughter of businessman Mohammed Sultan got married recently, guests were treated to a lavish 30-course meal served in super-sized silver platters. Hours later, after the more than 500 guests had eaten their fill, the leftovers were dumped by the cartload at a nearby garbage site. Such prodigious waste has horrified many in a nation where food prices are skyrocketing and tens of millions of young children are malnourished. Now, India’s Food Minister wants to curtail what has become known as the Big Fat Indian Wedding. By Nirmala George.
PERSONAL FINANCE:
OF MUTUAL INTEREST-DEBT SHOWDOWN
BOSTON — How do top mutual fund managers operate in an environment where the most seemingly trustworthy credit risk — Uncle Sam — could be on the verge of a default? Some are starting to play defense. We’ll offer snapshots of managers who are keeping as much as one-third of their portfolios in cash and gold, and using other strategies aimed at providing a buffer against volatile markets. The managers say there are plenty of reasons to invest with unusual caution now, beyond the risk that politicians won’t reach a debt ceiling deal by Aug. 2. By Personal Finance Writer Mark Jewell.
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FYI-AT&T-T-MOBILE — A key lawmaker says AT&T’s proposal to buy T-Mobile would hurt consumers.
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MONEY & MARKETS:
A sampling of Money & Markets modules is below. The full digest for AP’s Money & Markets service can be found at markets.ap.org:
For questions about Money & Markets content, please contact Joyce Rosenberg (800-845-8450, ext. 1688). For technical support: Todd Balog (816-654-1096). After 6 p.m., contact the AP Business News desk (800-845-8450, ext. 1680) for content questions; 1-800-3AP-STOX for technical support and 212-621-1905 for graphics help.
CENTERPIECE
Still golden
Gold has crossed another milestone — this time, $1,600 — as investors keep looking for a safe place for their money.
COMPANY/INDUSTRY SPOTLIGHT
Whirlpool: still waiting for a recovery
Appliance maker Whirlpool expected to see its business starting to recover this year in the U.S. Instead, sales fell in the second quarter.
CENTERPIECE
Still golden
Gold has crossed another milestone — this time, $1,600 — as investors keep looking for a safe place for their money.
COMPANY/INDUSTRY SPOTLIGHT
Whirlpool: still waiting for a recovery
Appliance maker Whirlpool expected to see its business starting to recover this year in the U.S. Instead, sales fell in the second quarter.
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