The Oakland Press will consider the following Associated Press stories for the Friday, 7/2 print edition.

Some of these stories and photos will appear on theoaklandpress.com today

If you see stories on this list that you think should be in the print edition of The Oakland Press, please leave comments below about why you think the stories are important. You also can tell us why a story should not be in print. We will make every effort to get those stories into the paper.

Here are my early thoughts, stories likely to go to print will be in bold type:

Take a look at "Heat wave for Cold States" It is a pretty good reflection of Michigan and the difficulty we have with heat when we are built for cold.

The last story about Indian weddings is inaccurate and I phoned AP to tell them so. I have attended Indian weddings and they are over-the-top feasts. However, food in India is rarely dumped in garbage dumps. There are too many hungry people ready to take it. At the weddings I attended, beggars and children (and others) gather outside the caterer entrances and wait for them to bring out the leftover wedding food. What the people don't consume, the dogs and goats make short work of. None goes to waste.


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.

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.
The supervisor is Skip Wollenberg (800-845-8450, ext. 1680). On the photo desk: Business Photo Editors Chris Hatch and Katina Revels, ext. 7626. Multimedia and Graphics: ext. 7636.
AP stories, along with the photos that accompany them, can also be obtained from http://www.apexchange.com. For access to AP Exchange and other technical issues, contact customersupport(at)ap.org or call 877-836-9477. Reruns are also available from the Service Desk (800-838-4616).
If you have questions about transmission of financial market listings, please call 800-3AP-STOX.
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.
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.
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.

Michigan at noon.


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
TRAVERSE CITY — 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.
EARNS-WHIRLPOOL
BENTON HARBOR — Whirlpool reported a second-quarter loss Thursday, largely due to the settlement of a collection dispute, but adjusted results topped Wall Street’s expectations.
AP Photo NYBZ142.
With:
— WHIRLPOOL-SUMMARY BOX
SPORTS:
BBA--TIGERS-TWINS
MINNEAPOLIS — The Minnesota Twins start a key four-game series at Target Field against the AL Central co-leaders, the Detroit Tigers. Ace Justin Verlander (12-5) takes the mound for the Tigers, facing Carl Pavano (6-6) of the Twins. By Dave Campbell. Game starts at 8:10 p.m.
AP Photos.

Entertainment and Arts
TOP STORIES:
COMIC-CON-TWILIGHT AT DAWN
SAN DIEGO — Early risers among “Twilight” fans got a chance to see what some of their big-screen idols look like first thing in the morning. Not long after dawn broke Thursday, Ashley Greene, Nikki Reed, Elizabeth Reaser and other co-stars of the supernatural movie franchise made a surprise visit to greet fans who had camped out for days to catch a preview of the next “Twilight” flick at Comic-Con. AP Photos.
COMIC-CON-CAPTAIN AMERICA
SAN DIEGO — “Captain America” star Chris Evans introduces a screening of the film a day before it opens for fans at Comic-Con on Thursday. AP Photos.
BOOKS-LEARNING THE ROPES — The pay isn’t great in the book publishing world and the headlines can be scary, but that doesn’t keep students from coming each year to New York University’s Summer Publishing Institute and immersing themselves in an industry they hope to join. AP Photos.
—————————————————————————————————
OTHER STORIES MOVING TODAY:
PEOPLE-LINDSAY LOHAN
LOS ANGELES — Lindsay Lohan returns to court for a routine probation review that may be the actress’ least drama-filled hearing in months. By Entertainment Writer Anthony McCartney. Eds: Will be updated after start of 10 a.m. PDT court hearing.
AP Photos, AP Video.
FILM-FIVE MOST
LOS ANGELES — With the collapse of the British tabloid News of the World amid a phone-hacking scandal, a look at five great movies about newspapers. AP Photos.
BOX OFFICE PREVIEW
LOS ANGELES — New arrivals “Captain America” and “Friends With Benefits” take on “Harry Potter” and his box-office behemoth at the nation’s theaters this weekend. AP Photos.
CAPTAIN AMERICA-MARKETING CAMPAIGN
NEW YORK — It’s not easy being a superhero these days. “Captain America: The First Avenger,” coming out Friday, adds to the long list of action hero movies in theaters this summer. They all spent big bucks and had elaborate marketing campaigns as Hollywood fights to bring moviegoers to theaters at a time when ticket sales are at their lowest in years.
MTV VMA NOMINATIONS — Katy Perry’s “Firework” had enough sparks to help her claim a leading nine MTV Video Music Award nominations, including video of the year.AP Photos.
PEOPLE-CINDY MCCAIN — Cindy McCain is teaming up with actor Ben Affleck to try to bring more attention to violence against women in Congo, as well as that country’s upcoming presidential election.

The world at 11:25 a.m.

DEVELOPING
— NFL LABOR — Owners hold meeting, could vote on deal.
— CHEROKEE-NATION — Cherokee Nation Supreme Court throws out election for chief of Okla.’s largest Indian tribe
— FINANCIAL OVERHAUL — Testimony before the Senate Banking Committee starts late morning.
— GEORGIA EXECUTION — Delayed execution now scheduled for 7 p.m.
ADDS:
— UNEMPLOYMENT BENEFITS
Has moved:
— EAST AFRICA-FAMINE — Kenya wants aid airdropped inside Somalia to halt flow of thousands of famine refugees.
TOP STORIES
SPACE SHUTTLE
CAPE CANAVERAL, Fla. — Atlantis and four astronauts return from the International Space Station in triumph, bringing an end to NASA’s 30-year shuttle journey with one last, rousing touchdown that drew cheers and tears.
AP photos, video. An interactive is available with examples of NASA technology benefiting the public; a database of shuttle mission accomplishments, a look inside the shuttle, a timeline of the development of the program, a comparative look at the cost of the program and an audio with photographs of the shuttle’s final launch and landing.
— SHUTTLE-MISSION CONTROL — Controllers keep emotions in check, smiles but busy at work in Houston as last shuttle lands.
DEBT SHOWDOWN
WASHINGTON — The Senate has taken up tea party-backed House legislation tying an increase in the government’s borrowing authority to a series of conservative demands including a constitutional balanced budget amendment. Majority Leader Harry Reid called up the measure to placate Republicans demanding a vote. But he said it “doesn’t have one chance in a million of passing the Senate.” By Andrew Taylor.
AP photos, video.
— DEBT SHOWDOWN-TAXES — Bipartisan tax plan targets breaks for mortgage interest, health insurance, charitable gifts.
BRITAIN-PHONE HACKING
LONDON — Prime Minister David Cameron’s former communications director did not have a top-level security clearance, which spared him from the most stringent type of vetting, a published report says. Andy Coulson, a former editor of the News of the World would have been vetted when he went to work for Cameron once he became prime minister last year. Coulson resigned in January as more questions arose about the newspaper. By Robert Barr.
AP photos, video. An interactive with key players, News Corp.’s statistics and a panel with testimonies of News Corp. executives before Parliament is available.
FINANCIAL OVERHAUL
Federal Reserve Chairman Ben Bernanke and other regulators are expected to face tough questions Thursday from lawmakers over missed deadlines and delays implementing the most sweeping overhaul of financial laws since the Great Depression. Bernanke, Securities and Exchange Commission Chairwoman Mary Schapiro and other officials are scheduled to testify before the Senate Banking Committee on the progress they have made writing 243 rules mandated under the law. By Business Writer Marcy Gordon.
UNEMPLOYMENT BENEFITS
WASHINGTON — More people applied for unemployment benefits last week, evidence that layoffs are rising and the job market is weak. Applications for unemployment benefits rose by 10,000 to a seasonally adjusted 418,000, the Labor Department says. The four-week average, a less volatile measure, dipped to 421,250. AP photos.
CARE IN THE AIR
BAGRAM AIR FIELD, Afghanistan — It may look like a drab military transport, but for some it’s the Cadillac of the planes used for evacuating the war zones’ most seriously wounded. Massive C-17s are outfitted like flying intensive care units, packed with everything needed to keep injured service members stable until they reach solid ground. The Associated Press rode along on flights that took some injured service members from Afghanistan to Germany and then another group of wounded back to the U.S. By Sagar Meghani.
AP videos, audio, photos.
SHUTTLE-PRIVATE SPACE
HOUSTON — How America gets people and stuff into orbit is being outsourced in an out-of-this-world way. No longer will it be a government program where costs can balloon. It’s turning into a private venture with fixed prices, contracts and profit margins. NASA will be a customer, not the boss. The space agency hopes to hire companies that will be the space version of FedEx and Yellow Cab.
EUROPE-FINANCIAL CRISIS
PARIS — A draft of a deal on a new bailout for Greece foresees an overhaul the eurozone’s bailout fund in an attempt to stop the debt crisis from engulfing larger countries like Spain or Italy. The draft, which was seen by the Associated Press, says private creditors have agreed to contribute to a second rescue package for Greece. It does not say in what form they will contribute. By Gabriele Steinhauser.
AP photos.
NFL LABOR
Now it’s NFL owners who are in place to vote to end the four-month lockout. The players pass on any vote, even though representatives of each of the 32 teams and the NFL Players Association’s executive committee were in Washington for that purpose. One person tells the AP there was agreement among those players on what items needed to be resolved before any overall offer would be accepted. A second person says those players gave what was termed “conditional approval” of the proposal.
AP photos, video.
HEAT WAVE-COLD STATES
MINNEAPOLIS — In the land of giant ice castles, where car makers test their vehicles against extreme cold and people play hockey year-round, it’s not uncommon to hear some griping when winter seems to run six months or more. But days of dewpoints that turned anyone outdoors into a walking puddle has some people in the Upper Midwest longing for a taste of December.
AP photos.
CHINA-APPLE
BEIJING — At first, it looks like a sleek Apple store. Sales assistants in blue T-shirts with the company’s logo chat to customers. Signs advertising the iPad 2 hang from the white walls. Outside, the famous logo sits next to the words “Apple Store.” And 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. Even the employees didn’t know. By Louise Watt.
AP photos.
ALSO GETTING ATTENTION
— COMIC-CON — Comic-Con draws thousands of fans for 4 days of costumes, movies, games and pop-culture fun. AP photos.
— INDIA-LEOPARD ATTACK — Leopard mauls 11 in fierce showdown with Indian villagers before cat dies of wounds. AP photos.
— TEXAS EXECUTION — Texas inmate executed for fatal shooting he says was retaliation for 9/11 terrorist attacks. AP photos.
— FRANCE-PARIS BEACH — Drizzle, chill greet bathers as Paris unveils urban beach on riverbank highway. AP photos.
— MTV VMA NOMINATIONS — Katy Perry scores a leading nine MTV Video Music Award nominations; Adele, Kanye get seven each. AP photo.
— PEOPLE-KIM KARDASHIAN — Kim Kardashian sues Old Navy over using lookalike in ads; claims customers may be confused. AP photos.

The world at 7 a.m. Times in EDT.
At the Nerve Center, news producers Barbara Whitaker, Eric Carvin and Emily Fredrix can be reached at 800-845-8450 (ext. 1600). For photos, Aaron Jackson (ext. 1900). For graphics and interactives, Suzanne Boyle (ext. 7636). Expanded AP content can be obtained from http://www.apexchange.com. For access to AP Exchange and other technical issues, contact customersupport(at)ap.org or call 877-836-9477.
A selection of top photos can be found at: http://bit.ly/APTopPhotos.
DEVELOPING
— TROPICAL WEATHER — Monstrous Hurricane Dora trudges away from land; Mexico ends storm watch; next advisory is at 8 a.m.
— UNEMPLOYMENT BENEFITS — The Labor Department releases its weekly jobless claims at 8:30 a.m.
— ART FUGITIVE — Sentencing of Rhode Island art dealer convicted of money laundering and mail fraud at a 9:45 a.m. hearing.
— LEADING INDICATORS — the Conference Board releases its June index of leading economic indicators at 10 a.m.
— MORTGAGE RATES — Freddie Mac, the mortgage company, releases weekly mortgage rates at 10 a.m.
— FINANCIAL OVERHAUL — Testimony before the Senate Banking Committee starts at 10 a.m.
— GEORGIA EXECUTION — Delayed execution now scheduled for 7 p.m.
TOP STORIES
SPACE SHUTTLE
CAPE CANAVERAL, Fla. — Atlantis and four astronauts return from the International Space Station in triumph, bringing an end to NASA’s 30-year shuttle journey with one last, rousing touchdown that drew cheers and tears. By Aerospace Writer Marcia Dunn.
AP photos, video. An interactive is available with examples of NASA technology benefiting the public; a database of shuttle mission accomplishments, a look inside the shuttle, a timeline of the development of the program, a comparative look at the cost of the program and an audio with photographs of the shuttle’s final launch and landing.
— SHUTTLE-MISSION CONTROL — Controllers keep emotions in check, smiles but busy at work in Houston as last shuttle lands.
DEBT SHOWDOWN
WASHINGTON — Progress remains scarce 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.
AP photos, video.
— DEBT SHOWDOWN-TAXES — Bipartisan tax plan targets breaks for mortgage interest, health insurance, charitable gifts.
FINANCIAL OVERHAUL
Federal Reserve Chairman Ben Bernanke and other regulators are expected to face tough questions Thursday from lawmakers over missed deadlines and delays implementing the most sweeping overhaul of financial laws since the Great Depression. Bernanke, Securities and Exchange Commission Chairwoman Mary Schapiro and other officials are scheduled to testify before the Senate Banking Committee on the progress they have made writing 243 rules mandated under the law. By Business Writer Marcy Gordon.
CARE IN THE AIR
BAGRAM AIR FIELD, Afghanistan — It may look like a drab military transport, but for some it’s the Cadillac of the planes used for evacuating the war zones’ most seriously wounded. Massive C-17s are outfitted like flying intensive care units, packed with everything needed to keep injured service members stable until they reach solid ground. The Associated Press rode along on flights that took some injured service members from Afghanistan to Germany and then another group of wounded back to the U.S. By Sagar Meghani.
AP videos, audio. AP photos planned.
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. By Paisley Dodds.
AP photos, video. An interactive with key players, News Corp.’s statistics and a panel with testimonies of News Corp. executives before Parliament is available.
YOSEMITE-WATERFALL SEARCH
YOSEMITE NATIONAL PARK, Calif. — Friends are describing the three young people swept over a 317-foot waterfall in Yosemite National Park as church role models who normally did not take risks. By Gosia Wozniacka and Tracie Cone.
AP photos.
MORE ON SPACE SHUTTLE
SHUTTLE-PRIVATE SPACE
HOUSTON — How America gets people and stuff into orbit is being outsourced in an out-of-this-world way. No longer will it be a government program where costs can balloon. It’s turning into a private venture with fixed prices, contracts and profit margins. NASA will be a customer, not the boss. The space agency hopes to hire companies that will be the space version of FedEx and Yellow Cab.
INTERNATIONAL
EUROPE-FINANCIAL CRISIS
PARIS — Germany and France overcome differences over how to combat the continent’s debt crises ahead of what many in the markets are terming a make or break summit of EU leaders Thursday. Leaders are under pressure for a big announcement that could boost market confidence and calm fears the crisis might spread to larger countries like Italy. By Angela Charlton and Juergen Baetz.
LIBYA-TRIBES ON THE MARCH
Al-AZIZIYA, Libya — Dozens of horsemen in flowing robes sit on their mounts cheering as men around them fire AK-47s in the air, proclaiming their allegiance to Moammar Gadhafi and their readiness to march on the rebel-held western mountains. The pomp and bravado on display at the rally south of the capital is part of a concerted effort by Gadhafi to mobilize one of the pillars of his regime — Libya’s tribes — to combat recent rebel advances. By Paul Schemm.
AP Photos.
— MALAWI-RIOTS — Malawi anti-government demonstrations leave eight dead, local hospital says; unrest continues.
— YEMEN — Yemen says army killed senior al-Qaida member in fighting near militant-held town in south.
NATIONAL
HEAT WAVE-COLD STATES
MINNEAPOLIS — In the land of giant ice castles, where car makers test their vehicles against extreme cold and people play hockey year-round, it’s not uncommon to hear some griping when winter seems to run six months or more. But days of dewpoints that turned anyone outdoors into a walking puddle has some people in the Upper Midwest longing for a taste of December. By Chris Williams and Colin Fly.
AP photos.
GEORGIA EXECUTION
JACKSON, Ga. — Georgia officials delay what was expected to be the first videotaped execution in the United States since 1992. Attorneys for another death row inmate want it taped so they can have evidence of whether a new lethal injection drug causes pain and suffering that would be unconstitutional. By Shannon McCaffrey.
AP photo.
MINNESOTA GOVERNMENT SHUTDOWN
ST. PAUL, Minn. — After a nearly three-week shutdown, Minnesota’s state government will open for business Thursday with many of the 22,000 idled state workers reopening state historic sites, putting lottery tickets back on sale and allowing drivers to get their licenses. But some officials say it will take weeks to get through the paperwork that backed up during the nation’s longest state government shutdown in a decade. By Martiga Lohn.
AP photos, video.
DYING TOWN
SPARKMAN, Ark. — The tiny Arkansas town of Sparkman has been dying for decades. It’s lost than half of its population since 1950. It has virtually no jobs. And its lone school is on the brink of closing. Now the community is offering in-state college scholarships as a way to encourage new families to move in and enroll their children in school. By Jeannie Nuss.
AP photos.
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. By Matthew Brown and Garance Burke
AP photos.
— PARENTS KILLED-PARTY — Police say a Florida teen told his friend in the past that he was going to kill his parents. The friend never believed him. The friend still didn’t believe Tyler Hadley until he opened the door to the bedroom where their bodies lay while dozens of people attended a party in the house. AP photos.
— PEARL HARBOR-SKULL — Forensic scientists are conducting tests on a skull unearthed at the bottom of Pearl Harbor to determine if it is a Japanese pilot who died in the historic attack on Dec. 7, 1941. AP photos.
SPORTS
NFL LABOR
WASHINGTON — Now it’s NFL owners who are in place to vote to end the four-month lockout. The players pass on any vote, even though representatives of each of the 32 teams and the NFL Players Association’s executive committee were in Washington for that purpose. One person tells the AP there was agreement among those players on what items needed to be resolved before any overall offer would be accepted. A second person says those players gave what was termed “conditional approval” of the proposal. By Pro Football Writers Howard Fendrich and Barry Wilner.
AP photos, video.
BUSINESS
— MEDCO-EXPRESS SCRIPTS — Express Scripts and Medco Health Solutions, the largest U.S. pharmacy benefits management companies, say they will combine in a deal worth $29.1 billion in cash and stock.
— CHINA-APPLE — China, long known for producing counterfeit consumer gadgets, software and brand name clothing, has reached a new piracy milestone — fake Apple stores. AP photos.
ALSO GETTING ATTENTION
— MTV VMA NOMINATIONS — Katy Perry scores a leading nine MTV Video Music Award nominations; Adele, Kanye get seven each. AP photo.
— PEOPLE-KIM KARDASHIAN — Kim Kardashian sues Old Navy over using lookalike in ads; claims customers may be confused. AP photos.
— COMIC-CON-THE COMICS — Comic-Con draws thousands of fans for 4 days of costumes, movies, games and pop-culture fun. AP photos.
— INDIA-LEOPARD ATTACK — Leopard mauls 11 in fierce showdown with Indian villagers before cat dies of wounds. AP photos.
— TEXAS EXECUTION — Texas inmate executed for fatal shooting he says was retaliation for 9/11 terrorist attacks. AP photos.
———
Online:
http://www.apexchange.com



Business Editors:
Among the stories on Thursday from The Associated Press:
TOP STORIES:
MEDCO-EXPRESS SCRIPTS
NEW YORK — Express Scripts is buying Medco Health Solutions in a $29.1 billion deal that combines two of the largest U.S. pharmacy benefits management companies. The deal comes as Medco disclosed it had lost another major contract and that contract losses were outpacing new business.
With:
— EARNS-MEDCO HEALTH — Pharmacy benefits manager Medco Health Solutions Inc. said its second-quarter profit fell 4 percent.
CAPTAIN AMERICA-MARKETING CAMPAIGN
NEW YORK — It’s not easy being a super hero these days. “Captain America: The First Avenger,” coming out on Friday, adds to the unusually long list of action hero movies hitting movie theaters this summer. They’re all spending at about $60 million on elaborate marketing campaigns as Hollywood struggles to attract moviegoers to theaters at a time when ticket sales are at their lowest in years. By Mae Anderson
MARKETS & ECONOMY:
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 — Stocks are rising on hope that European officials will sign off on a plan to resolve the region’s debt crisis. By Business Writer Matthew Craft.
AP Photo.
— OIL PRICES — Oil prices edge up to near $99 a barrel as European leaders indicated they would agree on the broad terms of more financial aid for Greece.
EARNINGS:
EARNS-AIRLINES. By Josh Freed.
— EARNS-UNITED CONTINENTAL — United Continental’s second-quarter profit fell 11.9 percent as fuel costs rose sharply and travel to Japan dropped.
— EARNS-US AIRWAYS— US Airways Group Inc. says its second-quarter profit fell 67 percent as fuel prices jumped.
EARNS-PEPSICO
PepsiCo Inc.’s earnings report told two familiar story lines: 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 reported a much smaller loss than investors were expecting thanks to a pick-up in trading revenue. By Pallavi Gogoi.
EARNS-WHIRLPOOL
Whirlpool reported a second-quarter loss, largely due to the settlement of a collection dispute, but adjusted results topped Wall Street’s expectations. By Michelle Chapman.
EARNS-ELI LILLY
INDIANAPOLIS — Eli Lilly and Co. said its 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 said 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 commanded higher prices for its brands. 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.
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.
— 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-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.
— 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.