Among the business news stories for Friday from the Associated Press:

TOP STORIES:
WALL STREET
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.
ECONOMY
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.
With:
— GLANCE — By the numbers that exams the data.
Also:
— 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.
EARNINGS:
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.
EARNS-FANNIE MAE
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.
EARNS-BERKSHIRE HATHAWAY
Berkshire Hathaway Inc. reports quarterly financial results after the market close.
INDUSTRY:
FDA-TOBACCO-KESSLER-Q&A
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.
MATTEL-BRATZ
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.
SHELL-ARCTIC DRILLING
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
EARNS-VIACOM
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.
INTERNATIONAL
EUROPE-FINANCIAL CRISIS
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.

Nation World late morning
NEW & DEVELOPING
— OBAMA-UNEMPLOYED VETERANS — Obama is calling on Congress to pass tax credits for companies that hire unemployed military veterans. Obama to speak late morning
ADDS:
— WALL STREET
— EAST AFRICA-FAMINE
TOP STORIES
WALL STREET
Even a good jobs report isn’t good enough to calm financial markets. The Dow Jones industrial average turns lower as traders focused on Europe’s latest efforts to contain the region’s debt crisis. The Dow had jumped as many as 171 points shortly after the opening bell on report that U.S. hiring picked up last month. By midmorning it was down 42 points. By Daniel Wagner.
AP photos.
ECONOMY
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 a day after Wall Street posted its worst losses in nearly three years. Employers added 117,000 jobs last month, better than the past two months, which were also revised higher. By Economics Writer Christopher S. Rugaber.
AP photos, video.
SYRIA
BEIRUT — Security forces open fire on protesters, killing at least 10, as tens of thousands poured into streets across Syria, chanting for the fall of President Bashar Assad and defying a fierce military siege of Hama, where tanks shelled residential districts around dawn. By Bassem Mroue.
AP photos, video.
AVIATION SHUTDOWN
WASHINGTON — The Senate approves legislation ending a two-week partial shutdown of the Federal Aviation Administration, clearing the way for thousands of employees to return to work and hundreds of airport construction projects to resume. The shutdown has cost the government about $400 million in uncollected airline ticket taxes. By Joan Lowy.
AP photos, video.
EAST AFRICA-FAMINE
MOGADISHU, Somalia — Somali government troops open fire on hungry civilians, killing at least seven people, as both groups made a grab for food at a U.N. distribution site in the capital of this famine-stricken country, witnesses say. Witnesses accused government soldiers of starting the chaos by trying to steal some of the 290 tons of dry rations as the aid workers tried to hand them out in the biggest camp in Mogadishu for famine refugees. By Abdi Guled and Katharine Houreld.
AP photos.
DEBT SHOWDOWN-DEFENSE
WASHINGTON — U.S. troops and their families are directly affected by the prospect of deep cuts in the Pentagon’s budget, which surely will shrink over the coming decade as the military closes out two wars, trims its ranks and possibly chops some budget-busting weapons systems. By Kimberly Hefling.
POLYGAMIST LEADER
SAN ANGELO, Texas — As a prophet for his polygamist sect, Warren Jeffs documented everything he did, keeping track of every marriage he performed, every young woman he wed, even recording his most intimate moments. Those meticulous records helped authorities secure two child sex assault convictions against Jeffs, and now prosecutors hope they will help them secure a life prison sentence for him. By Will Weissert.
AP photos, video.
LIBYA
BENGHAZI, Libya — Libyan rebel forces say they have unconfirmed reports that Moammar Gadhafi’s youngest son is dead in a NATO air strike on the western town of Zlitan. Khamis Gadhafi is in charge of the brigade that has been fighting around Zlitan, where Friday’s bombardment took place.
MEXICO-LIFE AFTER DEPORTATION
TIJUANA, Mexico — After 15 years of installing marble in homes in California, Porfirio Perez was caught without a driver’s license during a February traffic stop and deported. Now the 42-year-old just tries to survive in this sprawling border city, unable to get to his central Mexico hometown. He is among hundreds of deportees stuck in Tijuana because they don’t have the Mexican documents required and need permanent addresses to get them. By Omar Millan.
AP photos.
TEACHERS ON FACEBOOK
COLUMBIA, Mo. — As they prepare lesson plans for fall, teachers across Missouri have an extra chore: purging their Facebook friend lists to comply with a new state law that limits their contact with students on social networks. The law was proposed after an AP investigation found 87 Missouri teachers had lost their licenses between 2001 and 2005 because of sexual misconduct, some of which involved explicit online messages with students. By Alan Scher Zagier.
AP photo.
WEST COAST REPUBLICANS
WASHINGTON — Conservative Republicans flexed their newfound muscle in Capitol Hill’s chaotic debt showdown, but in left-leaning California, moderates are trying to push the party toward the center on immigration, guns and gay rights as the 2012 elections come into view. By Michael R. Blood.
GETTING ATTENTION
— NORWAY-POLAR BEAR ATTACK — Polar bear in Norway’s Arctic kills 1 British camper, injures 4, before being shot dead.
— BRITAIN-MR. BEAN — Reports: Mr. Bean actor Rowan Atkinson recovering in hospital after crashing supercar in UK/
— SCHWARZENEGGER-COMEBACK — With LA speech, Arnold Schwarzenegger continues a slow comeback after confirming his out-of-wedlock child.
— ARGENTINA-TWILIGHT FILM LAWSUIT — Argentine says she found unfinished scenes of the “Twilight” finale on the Internet; denies leaking them.
— FOOD AND FARM-RAW MILK — Regulations on raw milk tighten as local food movement spurs demand.
— EMIRATES-SELLING LINGERIE AND MORE — Risque offerings from Frederick’s of Hollywood offer window into Emirates’ retail appeal. AP photos.

nation/world
DEVELOPING
—Adds AVIATION SHUTDOWN
Has moved:
— POLYGAMIST LEADER — Polygamist leader Warren Jeffs convicted of child sexual assault charges. AP photos.
— TROPICAL WEATHER — Tropical Storm Emily breaks up after bringing heavy rain, isolated flooding to Haiti. AP photos, graphic.
TOP STORIES
WALL STREET
Fear that the American economy is headed back into recession grips the financial markets and drives the Dow Jones industrials to a decline of more than 500 points — their steepest since the 2008 financial crisis. The day is marked by wild swings: Gold prices touch a record high, oil falls an extraordinary $5, and investors are so desperate to get into safe government bonds that they’re willing to accept almost no return. By David K. Randall.
AP photos, graphics, interactive.
— WALL STREET PHOTO PACKAGE: Photographer Jin Lee has taken a series of powerful images for AP that capture the reactions and emotions on the floor of the New York Stock Exchange as the Dow slumps. Some of the best are AP photos NYJL114, 117, 113, 106, 112, 156, 158, 153, 137, 134-135.
— A separate package advisory detailing the AP’s coverage of Wall Street has moved.
DEBT SHOWDOWN-DEFENSE
WASHINGTON — The Pentagon got nearly everything it asked for during a decade of war shadowed by the Sept. 11 attacks and the rise of al-Qaida. No more. The debt deal approved by Congress opens the possibility of cutting up to $800 billion over the next decade, and new Defense Secretary Leon Panetta warns it will be painful. Among the places to look for cuts: a troubled new fighter jet, plans to upgrade the nuclear arsenal and perhaps some of the gold-plated benefits now guaranteed to military retirees. By Lolita C. Baldor and Donna Cassata.
AP photos.
TAINTED GROUND TURKEY
WASHINGTON — The first signs of the outbreak appeared in May. But it wasn’t until July that investigators were able to definitively link ground turkey to one death and 77 illnesses. And it wasn’t until this week that the public was notified and the turkey recalled. Health officials defend the lag time, saying a thorough investigation led to the nation’s third largest meat recall. By Mary Clare Jalonick.
AP photos by Danny Johnston.
AVIATION SHUTDOWN
WASHINGTON — Congress reaches a bipartisan compromise to end the two-week partial shutdown of the Federal Aviation Administration that has idled 74,000 federal employees and construction workers and cost the government about $30 million a day in uncollected airline ticket taxes, Senate Democratic leader Harry Reid says. By Joan Lowy.
AP photos.
VIRGINIA TECH-GUNMAN
BLACKSBURG, Va. — A report of a possible gunman at Virginia Tech set off the longest, most extensive lockdown and search on campus since the bloodbath four years ago that led the university to overhaul its emergency procedures. By Zinie Chen Sampson.
EGYPT-THE MUBARAK EFFECT-ANALYSIS
CAIRO — Facing tenacious uprisings, the leaders of Syria, Libya and Yemen could only have thought of their own possible fates when they saw Hosni Mubarak in a defendants’ cage facing charges that could carry a death sentence. For the three authoritarian Arab leaders, the choices are limited: Cling to power at any cost, negotiate immunity or find a foreign haven. And those options make it hard to resolve their countries’ turmoil. An AP News Analysis by Hamza Hendawi.
AP photos.
— EGYPT-MUBARAK TRIAL — Seven of Hosni Mubarak’s co-defendants return to court as boxes of evidence are opened, including weapons, ammunition and the blood-soaked jacket of a dead protester. AP photos.
WASHINGTON
DEBT SHOWDOWN-NO HAMMER
WASHINGTON — Speaker John Boehner was desperate in his search for votes from his party to prevent a first-ever government default. But despite what a GOP freshman called “hour by hour by hour” pressure from the Ohio Republican leader and his lieutenants, rank-and-file holdouts said they were neither offered carrots nor threatened with sticks to change their minds. That’s a major transformation from the not too distant past. By Larry Margasak.
AP photos.
INTERNATIONAL
SYRIA
BEIRUT — The flashpoint Syrian city of Hama endures a fifth day under military siege, with a resident saying people were being “slaughtered like sheep” in the streets and families were burying their dead in home gardens or roadsides rather than risk a trip to a cemetery. By Zeina Karam.
AP photos.
— SYRIA-DIPLOMACY — Russian President Medvedev says Syria’s leader will face a “sad fate” if he fails to talk with his opponents.
— US-SYRIA SANCTIONS — Clinton says more than 2,000 killed in brutal Syrian crackdown as US expands sanctions
NORWAY MASSACRE-RETHINKING SECURITY
OSLO, Norway — If a man buys three boxes of aspirin, there is no reason to take notice. But Anders Behring Breivik went to 20 drug stores a day for four days and bought three packages of aspirin at each stop — then ordered six tons of fertilizer, chemicals and a semiautomatic rifle — and largely escaped attention. Breivik’s massacre of 77 people forces Norwegian authorities to look at what they could have done to identify his purchases and other suspect behavior. By Adam Geller and Ian MacDougall.
AP photos, video.
EAST AFRICA-FAMINE
MOGADISHU, Somalia — Kaltum Mohamed sits beside a small mound of earth, alone with her thoughts. It is her child’s grave — and there are three others like it. The famine has killed an estimated 29,000 children under age 5 in the last 90 days in southern Somalia. It devastated Mohamed’s family. She watched four of her five children die as the family trekked from the parched south to Mogadishu. By Mohamed Sheikh Noor and Jason Straziuso.
AP photos by Schalk van Zuydam and Mohamed Sheikh Nor. AP video.
NATIONAL
TEXAS DROUGHT
SAN ANTONIO — The drought that has turned Texas and parts of the Plains into a parched moonscape of cracked earth could persist into next year, prolonging the misery of farmers and ranchers who have endured a dry spell that is now expected to be the state’s worst since the 1950s. By Paul Weber.
AP photos.
GETTING ATTENTION
— OBAMA — President celebrates his 50th birthday.
— NEW ZEALAND-EMPEROR PENGUIN — Lost Antarctic penguin finds a following on the Internet, likely to grow when he’s freed soon. AP Photos TOK801, TOK805.
— BRITAIN-AMY WINEHOUSE — Amy Winehouse, Tony Bennett duet on “Body and Soul” to be released as charity single. AP photo.
— MILES ARRESTED — Former NBA player Darius Miles arrested for carrying loaded gun at St. Louis airport. AP photo.
— REMAINS IN COOLER — Pennsylvania woman pleads guilty to murder in the deaths of five newborns whose remains were found in her home.
— JERRY LEWIS-MDA — Muscular Dystrophy Association says Jerry Lewis no longer national chairman, won’t appear on next Labor Day telethon.

FRIDAY, Aug. 5
A1 PROPOSALS

GM EARNINGS UP 89 PERCENT
@ With a lower cost structure and higher prices for new models, General Motors Co. reported net income increased 89 percent to $2.5 billion, or $1.54 per fully diluted share, marking the company’s sixth consecutive profitable quarter as the company continued to recover from its bankruptcy two years ago.
“GM’s investments in fuel economy, design and quality are paying off around the world as our global market share growth and financial results bear out,” chairman and chief executive officer Dan Akerson said Thursday. In the second quarter of 2010, GM’s net income attributable had earned $1.3 billion, or 85 cents per fully-diluted share.

MAN TO STAND TRIAL FOR DAUGHTER’S DEATH
@ An Oxford police officer testified Thursday that Robert Kelly walked into the station the morning of May 9 to report an assault. When asked who committed it, Kelly told the officer, “I did.”
A judge ordered Kelly, 52, to stand trial on one charge of first-degree, premeditated murder for the death of his 20-year-old daughter, Megan Roberts. Investigators contend Roberts was asleep in her bed when Kelly entered her room and beat her in the face and head with an aluminum baseball bat.
ZANIEWSKI VIDEO & SCREEN GRAB
TRIAL OPENS FOR MAN ACCUSED OF GAS STATION SHOOTING
@ 8:30 Hayes Bacall, a 50-year-old Farmington Hills resident, trial begins, charged in shooting death of Saif Jameel, a 33-year-old resident of Sylvan Lake.
HOPKINS PHOTO

NOVI
@ The real origin of Novi w/VID - Popular lore says Novi's name comes from its history as stage coach stop No. 6 along Grand River Avenue. It's a great story, says lifelong Novi resident and county Commissioner Kathy Crawford. But it's also not true.
CRUMM PHOTO & VIDEO



MUST RUNS

PONTIAC TRANSPORTATION CENTER TO OPEN
@ A grand opening is being held for the $1.4 million Pontiac Transportation Center on Woodward Avenue.
The ribbon cutting will be at 1:30 p.m. Monday, Aug. 8, at the center, which is located at 51000 Woodward Ave., just north of Orchard Lake Road.
BYRON PHOTO & VIDEO



SYLVAN LAKE Nudity?
Nudity or not? A reader wrote to The Oakland Press asking if anyone was upset over public nudity that he said occurred during the Sylvan Lake Summer Splash party held July 30 on Sylvan Lake.
The reader, who did not include a name, said people had placed a pole in the Sylvan Lake sandbar and then used it for a stripper contest.

Business for Friday

GM earnings - szczesny
General Motors earnings increased 89 percent during the second quarter. The reason? Its cars and trucks are selling for less of a discount.

new Cadillac - szczesny w/art web photos
Cadillac is planning to launch two new models as part of the next wave ot the company product offensive.
lear earnings - szczesny

FIAT-CHRYSLER TOUGH CHOICE
MILAN — Sergio Marchionne’s corporate jet has served a sort of mile-high headquarters as the CEO crisscrosses oceans and continents to integrate and expand Fiat and Chrysler. But the moment is coming, analysts say, when the high-flying CEO will have to choose a fixed center for the global car business he is building. By Business Writers Colleen Barry and Tom Krisher.
AP Photos MIJR101, 103-104.
Eds: Moved on national lines.


Southfield-based Lear Corp., a leading global supplier of automotive seating and electrical power management systems, reported a 21 percent increase in sales 20 percent gain in operating income from the same period year ago.

Flagstar Bank - szczesny

Jervis webb - szczesny

spotlights

Friday 8.5 Oakland Genesis10 IT firm Troy
Friday 8.5 Macomb Ed Morawski Mt Clemens

local briefs

on the web
PERSONAL FINANCE:
OF MUTUAL INTEREST-MONEY FUNDS
BOSTON — Money-market mutual funds have passed their first big test since the financial crisis. The risk of a U.S. debt default sent investors fleeing from the low-risk cash investments, stirring up memories of a money fund’s 2008 collapse. Although a default was avoided, there’s still a risk that money funds are vulnerable to a potential downgrade of U.S. debt because of their investment in Treasurys. We’ll examine that prospect, and review other options for investors seeking safety in cash now, from bank accounts to CDs. By Mark Jewell.
Eds: Available exclusively on AP Exchange/ AP Web Feeds.
FYI-TAX HOLIDAYS
At least 15 states have designated sales-tax holidays in August to help with back-to-school shopping. We’ll provide details on the various holidays and what sorts of purchases they apply to. By Eileen AJ Connelly
Eds: Available exclusively on AP Exchange/ AP Web Feeds

Business
TOP STORIES:
WALL STREET
NEW YORK — The Dow Jones industrial average plunges more than 350 points as fear about the U.S. economy and debt problems in Europe grip the stock market. The Dow has lost more than 1,000 points in less than two weeks, and broader measures of the market have fallen 10 percent since this spring, meeting the definition of a correction. AP photos, graphics, interactive.
WITH:
BANK OF NEW YORK-DEPOSITS
NEW YORK — Bank of New York says some of its institutional customers are stashing so much cash at the bank that it will start charging them a 0.13 percent fee to hold it. By Pallavi Gogoi.
WALL STREET-ECONOMY — The plunge in stock prices is signaling economic anxiety, but it’s also compounding the problem: Lower stock prices are shrinking Americans’ wealth, threatening consumer confidence and likely to make many employers less inclined to hire. For an economy that’s struggling to grow, the likelihood of a recession may be rising.
RETAIL SALES — The back-to-school season got off to a strong start as discounts and sweltering heat in July drove shoppers to air conditioned malls. But retailers worry that momentum won’t continue through the remainder of the second-biggest shopping period of the year.
KRAFT FOODS-SPLIT — Kraft Foods said it plans to split into two publicly traded companies, with one concentrating on its snack business like Oreo cookies and Trident gum while the other focuses on the North American grocery business, which includes Kraft cheese and Maxwell House coffee.AP Photo.

MARKETS & ECONOMY:
UNEMPLOYMENT BENEFITS
WASHINGTON — The number of people seeking unemployment benefits dipped last week, a sign the job market may be improving slowly. The Labor Department says that applications for unemployment benefits edged down 1,000 to a seasonally adjusted 400,000. That’s the lowest level in four months. By Christopher S. Rugaber.
— MORTGAGE RATES — The average rate on a 15-year fixed mortgage has fallen to its lowest level in decades.
— OIL PRICES — Oil dropped to a six-month low as investors continue to worry about sliding energy demand and a sluggish U.S. economy.
EARNINGS:
EARNS-CVS — CVS Caremark says its profit slipped 1 percent in the second quarter as its pharmacy benefits management business weathered lower prices on contract renewals. By Marley Seaman.
EARNS-SOUTHWEST — Southwest Airlines set records for full planes, and higher fares boosted revenue as the summer vacation season kicked into full gear. But high fuel prices hurt its profit, and the CEO said the airline is reconsidering its growth plans. By David Koenig.
— NETHERLANDS-EARNS-UNILEVER — Consumer products giant Unilever NV reported a 10 percent rise in first half earnings, as the company successfully passed on higher raw materials costs to customers.
— AUSTRALIA-EARNS-RIO TINTO — Mining giant Rio Tinto said its six-month profit jumped 30 percent to a record $7.6 billion, driven by strong Asian demand for iron ore and other minerals.
— EARNS-ALPHA NATURAL RESOURCES — Coal producer Alpha Natural Resources Inc. says it lost $56.4 million in the second quarter, reversing a profit from last year, as the company booked a $254 million charge related to its acquisition of rival Massey Energy Co.
— EARNS-CIGNA — Cigna Corp. said its second-quarter net income jumped 39 percent compared to last year’s quarter, when a hit from a discontinued business weighed on the managed care company’s performance. The Philadelphia health insurer hiked its earnings forecast for 2011.
— EARNS-FIRST SOLAR — First Solar Inc. reports quarterly financial results after the market close.
INDUSTRY:
TAINTED GROUND TURKEY — The first signs of the outbreak appeared in May. But it wasn’t until July that investigators were able to definitively link ground turkey to one death and 77 illnesses. And it wasn’t until this week that the public was notified and the turkey recalled. Health officials defend the lag time, saying a thorough investigation led to the nation’s third largest meat recall. By Mary Clare Jalonick.
— PIPELINE ACCIDENTS-CONGRESS — Republican and Democratic lawmakers say momentum is building to rewrite federal safety rules for the nation’s aging network of energy pipelines.
TECHNOLOGY & MEDIA:
HACKING CONFERENCE-INSULIN PUMPS
LAS VEGAS — Even the human bloodstream isn’t safe from computer hackers. A security researcher has identified several flaws that could allow an attacker to remotely control diabetics’ insulin pumps and alter the readouts of their blood sugar monitor. As a result, diabetics could get too much or too little insulin, a hormone they need for proper metabolism. By Jordan Robertson.
EARNS-LINKEDIN
LinkedIn Corp. reports quarterly financial results after the market close. By Michael Liedtke.
T-MOBILE USA-SUBSCRIBERS
NEW YORK — T-Mobile USA continued to lose wireless customers in the second quarter, but did a better job of keeping them than in the first three months of the year, when subscribers fled in record numbers. By Technology Writer Peter Svensson.
WITH:
— GERMANY-EARNS-DEUTSCHE TELEKOM — Deutsche Telekom AG said net profit fell 27 percent in the second quarter as it took one-time charges for early retirements in Germany and faced lagging revenue and excessive customer turnover in the U.S. mobile business it is selling to AT&T.
— EARNS-DIRECTV — Satellite TV provider DirecTV Group Inc. said its net income in the second quarter increased 29 percent as its subscriber base grew, especially in Latin America. But the company added far fewer subscribers in the U.S. than it has in previous quarters.
— JAPAN-SONY — Sony’s next-generation portable game machine, the PlayStation Vita, won’t be available in the U.S. or Europe in time for Christmas, a crucial sales period for game console makers.
INTERNATIONAL:
EUROPE-INTEREST RATES — European Central Bank head Jean-Claude Trichet isn’t saying whether the bank is propping up Spanish and Italian bonds to quell debt market turmoil, but insisted that the bond-buying program has not been shelved.
— EUROPE-FINANCIAL CRISIS — The 17-country eurozone needs to make further changes to its bailout fund — including boosting its size — to ensure it can stop the debt crisis from drawing in big economies like Italy and Spain, a top European Union official said.
— BRITAIN-INTEREST RATES — The Bank of England left its key rate on hold at the record low of 0.5 percent as concerns over Britain’s sluggish economic recovery outweighed inflation concerns.
JAPAN-CURRENCY INTERVENTION
TOKYO — Japan intervened in the foreign currency market and its central bank engineered a monetary boost, landing a one-two punch to knock the yen from levels that threaten the country’s post-disaster recovery. By Tomoko A. Hosaka.
— FRANCE-IMF CHIEF — A French court ordered an investigation into new IMF chief Christine Lagarde’s role in a much-criticized $400 million arbitration deal in favor of a controversial tycoon.
— GERMANY-ECONOMY — German industrial orders rose 1.8 percent in June, posting an unexpected third straight month of solid growth.
— NETHERLANDS-EARNS-ING — Financial firm ING Groep NV reported a 24 percent rise in second quarter profit because of a strong recovery at the insurance operations it intends to sell or spin off.

Nation world
DEVELOPING
— DEBT SHOWDOWN-PENTAGON — Defense Secretary Panetta’s news conference at 2:45 p.m.
— AWOL SOLDIER — Suspect expected in federal court at 3 p.m.
TOP STORIES
WALL STREET
NEW YORK — The Dow Jones industrial average plunges more than 300 points as fear about the U.S. economy and debt problems in Europe grip the stock market. The Dow has lost about 1,000 points in less than two weeks, and broader measures of the market have fallen 10 percent since this spring, meeting the definition of a correction. Bank of New York says so many of its large customers are stashing cash that it will start charging to hold it. By David K. Randall.
AP photos, graphics, interactive.
— WALL STREET PHOTO PACKAGE: Photographer Jin Lee has taken a series of powerful images for AP that capture the reactions and emotions on the floor of the New York Stock Exchange as the Dow slumps. Some of the best are AP photos NYJL114, 117, 113, 106 and 112.
DEBT SHOWDOWN-DEFENSE
WASHINGTON — The Pentagon got nearly everything it asked for during a decade of war shadowed by the Sept. 11 attacks and the rise of al-Qaida. No more. The debt deal approved by Congress opens the possibility of cutting up to $800 billion over the next decade, and new Defense Secretary Leon Panetta warns it will be painful. Among the places to look for cuts: a troubled new fighter jet, plans to upgrade the nuclear arsenal and perhaps some of the gold-plated benefits now guaranteed to military retirees. By Lolita C. Baldor and Donna Cassata.
AP photos.
VIRGINIA TECH-GUNMAN
BLACKSBURG, Va. — Sirens wail, text and email alerts go out and police swarm Virginia Tech’s campus after three children attending a summer camp tell police they spotted a man with what looked like a gun on the campus where a massacre four years ago left 33 people dead. Though authorities can’t find anyone matching the description of the possible gunman, the university that was fined for waiting too long to notify students and staff after the 2007 rampage takes no chances, telling people to remain indoors for hours while the search continues. By Zinie Chen Sampson.
AP photos, graphic, video.
TAINTED GROUND TURKEY
WASHINGTON — The first signs of the outbreak appeared in May. But it wasn’t until July that investigators were able to definitively link ground turkey to one death and 77 illnesses. And it wasn’t until this week that the public was notified and the turkey recalled. Health officials defend the lag time, saying a thorough investigation led to the nation’s third largest meat recall. By Mary Clare Jalonick.
AP photos by Danny Johnston.
EGYPT-THE MUBARAK EFFECT-ANALYSIS
CAIRO — Facing tenacious uprisings, the leaders of Syria, Libya and Yemen could only have thought of their own possible fates when they saw Hosni Mubarak in a defendants’ cage facing charges that could carry a death sentence. For the three authoritarian Arab leaders, the choices are limited: Cling to power at any cost, negotiate immunity or find a foreign haven. And those options make it hard to resolve their countries’ turmoil. An AP News Analysis by Hamza Hendawi.
AP photos.
— EGYPT-MUBARAK TRIAL — Seven of Hosni Mubarak’s co-defendants return to court as boxes of evidence are opened, including weapons, ammunition and the blood-soaked jacket of a dead protester. AP photos.
TEXAS DROUGHT
SAN ANTONIO — The drought that has turned Texas and parts of the Plains into a parched moonscape of cracked earth could persist for another year, prolonging the misery of thousands of farmers and ranchers. Climatologists say the La Nina weather phenomenon blamed for the crippling lack of rain might be back soon, just two months after the last La Nina ended. If it happens, the drought that is now the state’s worst since the 1950s would almost certainly extend into 2012. By Paul Weber.
AP photos.
WASHINGTON
DEBT SHOWDOWN-NO HAMMER
WASHINGTON — Speaker John Boehner was desperate in his search for votes to prevent a first-ever government default. Holdouts felt pressure “hour by hour by hour.” But there weren’t promises of bridges or campaign cash, and none of his rank-and-file Republicans came away feeling threatened or bullied — a major transformation from the not too distant past. By Larry Margasak.
AP photos.
— CONGRESS-TRADE — A Senate deal on extending some President Barack Obama’s stimulus aid for workers whose jobs moved overseas breaks a political logjam blocking free trade agreements with South Korea, Colombia and Panama.
— OBAMA — President celebrates his 50th birthday.
INTERNATIONAL
SYRIA
BEIRUT — People in the besieged Syrian city of Hama are forced to ration food and share bread, and phones, Internet and electricity are cut off or severely hampered as the military moves against anti-government protests. One resident says gunmen in plainclothes are randomly shooting people in the streets. Some families are burying loved ones in home gardens or roadside pits, fearful they will be killed if they go to a cemetery. By Zeina Karam.
AP photos.
— SYRIA-DIPLOMACY — Russian President Medvedev says Syria’s leader will face a “sad fate” if he fails to talk with his opponents.
— US-SYRIA SANCTIONS — U.S. imposes economic sanctions against prominent Syrian businessman and his company.
NORWAY MASSACRE-RETHINKING SECURITY
OSLO, Norway — If a man buys three boxes of aspirin, there is no reason to take notice. But Anders Behring Breivik went to 20 drug stores a day for four days and bought three packages of aspirin at each stop — then ordered six tons of fertilizer, chemicals and a semiautomatic rifle — and largely escaped attention. Breivik’s massacre of 77 people forces Norwegian authorities to look at what they could have done to identify his purchases and other suspect behavior. By Adam Geller and Ian MacDougall.
AP photos, video.
EAST AFRICA-FAMINE
MOGADISHU, Somalia — Kaltum Mohamed sits beside a small mound of earth, alone with her thoughts. It is her child’s grave — and there are three others like it. The famine has killed an estimated 29,000 children under age 5 in the last 90 days in southern Somalia. It devastated Mohamed’s family. She watched four of her five children die as the family trekked from the parched south to Mogadishu. By Mohamed Sheikh Noor and Jason Straziuso.
AP photos by Schalk van Zuydam and Mohamed Sheikh Nor. AP video.
NEW ZEALAND-EMPEROR PENGUIN
WELLINGTON, New Zealand — Happy Feet, the wayward emperor penguin found on a New Zealand beach, has become a creature of the Internet age with his own live webcast. When he’s freed into the wild later this month, he will carry a GPS tracker on his back. By Nick Perry.
AP photo, video.
— TROPICAL WEATHER — Tropical Storm Emily causes flooding and damages hundreds of homes in Haiti.
— FRANCE-IMF CHIEF — A French court orders an inquiry into new IMF chief Christine Lagarde’s role in a $400 million arbitration deal. AP photos.
NATIONAL
DB COOPER
OLYMPIA, Wash. — The FBI has been chasing ghosts for nearly 40 years in the search for the never-captured hijacker named D.B. Cooper, the latest being a dead Korean War vet whose niece came forward this week to say her uncle was hijacker. It’s far from the first promising lead to materialize. There was an ex-con who made a false deathbed confession in 1995 that he was Cooper. There was a fugitive who briefly became a suspect after being accused of killing his family days before the hijacking. There was an airline employee who attracted interest because he was a paratrooper. As every lead has surfaced, the D.B. Cooper phenomenon has grown in allure. By Mike Baker.
AP photos.
— REMAINS IN COOLER — Pennsylvania woman pleads guilty to murder in the deaths of five newborns whose remains were found in her home.
— MORMON DEFENSE LEAGUE — Organization that defends Mormon beliefs launches organization to help journalists better understand the faith at a time when two church members are running for president.
— JERRY LEWIS-MDA — Muscular Dystrophy Association says Jerry Lewis no longer national chairman, won’t appear on next Labor Day telethon.
— BURIED IN SAND — Video shows teenage boy being rescued from beach after being buried in 5 feet of sand.
BUSINESS
RETAIL SALES
NEW YORK — Many retailers post solid sales during the kickoff to the back-to-school season as discounts and high temperatures in July drove shoppers to air-conditioned malls. But merchants worry that momentum won’t continue through the remainder of the second-biggest shopping period of the year as the weather gets cold and the deals dry up. By Retail Writer Anne D’Innocenzio.
AP photos.
— KRAFT FOODS-SPLIT — Kraft plans to split into two companies: A snacks business and a North American grocery business. AP photo.
GETTING ATTENTION
— PEOPLE-LIL WAYNE — Lil Wayne and Young Money sued for $15 million over the hit single “Bedrock.” AP photo.
— BRITAIN-AMY WINEHOUSE — Amy Winehouse, Tony Bennett duet on “Body and Soul” to be released as charity single. AP photo.
— YANKEES-RODRIGUEZ POKER — Publicist criticizes report, says Yankees slugger Alex Rodriguez looks forward to cooperating with baseball’s poker probe. AP photos.
— HURRICANE FORECAST — U.S. forecasters upgrade Atlantic hurricane season outlook as peak storm period begins.
— MILES ARRESTED — Former NBA player Darius Miles arrested for carrying loaded gun at St. Louis airport. AP photo.
— BRITAIN-PHONE HACKING — British lawmakers call on CNN host Piers Morgan to answer questions over tabloid phone hacking scandal. AP photo.
— JERSEY SHORE-NEW SEASON — MTV’s “Jersey Shore” cast members missed the real Jersey shore when they were in Italy.

Nation World
NEW & DEVELOPING
— AWOL SOLDIER — Suspect expected in federal court at 2 p.m.
— DEBT SHOWDOWN-PENTAGON — Defense Secretary Leon Panetta’s news conference at 2:45 p.m.
TOP STORIES
WALL STREET
NEW YORK — Stocks are plunging in another broad sell-off as investors grow concerned about an economic slowdown in the U.S. and Europe. The Dow Jones industrial average dove more than 350 points, erasing its gains for the year. By Business Writer David K. Randall.
AP photos.
VIRGINIA TECH-GUNMAN
BLACKSBURG, Va. — Virginia Tech was locked down Thursday when three children attending a summer camp said they saw a man holding what looked like a gun, an alarming report on the campus where a 2007 massacre left 33 people dead. By Zinie Chen Sampson.
AP graphic. AP photos, videos planned.
TAINTED GROUND TURKEY
WASHINGTON — Meat giant Cargill is recalling 36 million pounds of turkey after a government hunt for the source of a salmonella outbreak that has killed one person in California and sickened dozens more. The Agriculture Department says it is one of the largest meat recalls ever. By Mary Clare Jalonick.
AP photos.
KRAFT FOODS-SPLIT
PORTLAND, Ore. — Kraft Foods says it plans to split into two publicly traded companies, with one focusing on its international snack brands like Trident gum and Oreo cookies and the other on its North American groceries business that includes Maxwell House coffee and Oscar Mayer meats. By Food Industry Writer Sarah Skidmore.
AP photo.
SYRIA
BEIRUT — Gunmen in plainclothes are randomly shooting people in the streets of the besieged Syrian city of Hama and families are burying their loved ones in gardens at home for fear of being killed themselves if they venture out to cemeteries, a resident says. By Zeina Karam.
AP photos, video.
FRANCE-IMF CHIEF
PARIS — A French court orders an investigation into new IMF chief Christine Lagarde’s role in a much-criticized $400 million arbitration deal in favor of a controversial tycoon. By Cecile Brisson.
AP photos.
INTERNATIONAL
NORWAY MASSACRE-RETHINKING
OSLO, Norway — Anders Behring Breivik’s massacre of 77 people in a meticulously planned rampage is forcing Norwegian authorities to look at what they could have done to prevent or identify his pattern of purchases and other suspect behavior. By Adam Geller and Ian MacDougall.
AP photos.
— NORWAY-MASSACRE — Prosecutor: Norway killer declining to give info that could determine if he had accomplices. AP photos.
LIBYA-TRIPOLI BRIGADE
NALUT, Libya — The rebel fighters of the Tripoli Brigade have one goal — to be among the first to enter the Libyan capital and kick out Moammar Gadhafi and his cronies. Its 475 fighters, some who came home after years abroad, all have links to Tripoli and are trying to fight their way there from the country’s western mountains. By Karin Laub.
AP photos.
TAIWAN-OLD SOLDIER
TAIPEI, Taiwan — As Taiwan marks the centenary of the Republic of China this year, 97-year-old Wei Hsien-wen can reflect on what was — and what might have been. When he was born, the republic was in its infancy, poised to build a new China after toppling the last imperial dynasty in 1911. Today, having lost the battle for China to the communists in 1949, it governs only the island of Taiwan and its 23 million people. By Annie Huang.
— EGYPT-MUBARAK TRIAL — After start of historic Mubarak trial, his security chief and six police officials back in court. AP photos.
— AUSTRALIA-SUSPICIOUS DEVICE — Australian police say fake bomb was attached to Sydney teen’s neck in an extortion attempt. AP photos.
— TROPICAL WEATHER — Tropical Storm Emily hovers off southern Haiti, bringing heavy rain, isolated floods. AP photos.
— EAST AFRICA-FAMINE — U.S. says Somalia famine has killed more than 29,000 children under age 5 in last 90 days. AP photos.
— NIGERIA-OIL SPILLS — UN: Oil spills leave widespread ecological damage in a region of Nigeria’s crude-rich delta.
NATIONAL
DB COOPER
OKLAHOMA CITY — The distant memories of an 8-year-old girl have prompted the FBI to take a closer look at the nearly 40-year-old mystery of the nation’s only unsolved skyjacking. Marla Cooper, now 48, believes her late uncle Lynn Doyle Cooper is the notorious D.B. Cooper, who hijacked a plane in 1971 and parachuted away with $200,000 in ransom cash into a rainy night over the Pacific Northwest. By Sean Murphy.
AP photos.
— POLICE-HOMELESS DEATH — Schizophrenic homeless man’s death after police confrontation outrages father. AP photos.
WASHINGTON
AVIATION SHUTDOWN
WASHINGTON — On the surface, the partial shutdown of the Federal Aviation Administration is about whether to cut $16 million in air service subsidies, a pretty small amount in this town. Underneath are layers upon layers of political gamesmanship that, at its heart, is about whether Democrats or Republicans get to call the shots in Congress. By Joan Lowy.
AP photos.
OBAMA-FUNDRAISING
CHICAGO — Trying to make up for lost time, President Barack Obama plunges back into his re-election campaign, urging supporters not to be discouraged by the frustrating debt negotiations that consumed Washington and kept him from raising money for his 2012 bid. By Julie Pace and Ken Thomas.
AP photos.
— OBAMA — President celebrates 50th birthday at White House with senior staff, family and friends.
— HEALTH OVERHAUL-LOOPHOLE — Massachusetts hospitals reap $275 million a year from health law loophole as other states pay for it.
BUSINESS
RETAIL SALES
NEW YORK — Many retailers posted solid sales during the kickoff to the back-to-school season as deep discounts and sweltering heat in July drove shoppers to air conditioned malls. But merchants worry that momentum won’t continue throughout the remainder of the second-biggest shopping period of the year. By Retail Writer Anne D’Innocenzio.
AP photos.
EARNS-GM
DETROIT — After years of big discounts, GM is finally getting a good price for its cars and trucks, and it’s helping the company’s bottom line. By Auto Writer Dee-Ann Durbin.
AP photo.
— UNEMPLOYMENT BENEFITS — Slightly fewer people seek unemployment benefits last week, lowering applications to 400,000. AP photos.
— MORTGAGE RATES — Average rate on 15-year fixed loan falls to 3.54 percent; 30-year fixed loan drops to 4.39 percent.
— EUROPE-INTEREST RATES — ECB’s Trichet says bond purchase program has not been shelved; bank leaves rates unchanged. AP photo.
HEALTH
EXPENSIVE DIET
SEATTLE — A healthy diet is expensive and could make it difficult for Americans to meet new U.S. nutritional guidelines, according to a study published Thursday that says the government should do more to help consumers eat healthier. By Donna Gordon Blankinship.
GETTING ATTENTION
— JERRY LEWIS-MDA — Jerry Lewis is no longer serving as the Muscular Dystrophy Association’s national chairman and won’t be appearing on this year’s Labor Day telethon, the nonprofit agency announces.
— YANKEES-RODRIGUEZ POKER — Publicist criticizes report, says Alex Rodriguez looks forward to cooperating with baseball’s poker probe. AP photos.
— BRITAIN-PHONE HACKING — British lawmakers call on CNN host Piers Morgan to answer questions over tabloid phone hacking scandal. AP photo.
— DANCING WHALE — Whale seen “dancing” on video from wedding at Connecticut aquarium; trainers doubt it was boogying.
— NEW ZEALAND-EMPEROR PENGUIN — Wayward penguin recovering in New Zealand joins Internet age with 120,000 online fans. AP photos.

Michigan at 12:45 p.m.

PAGE 1/SECTION FRONT RECOMMENDATIONS:
— EARNS-GM
— FIAT-CHRYSLER TOUGH CHOICE
— SURVEY-LOCAL LEADERS
PHOTO RECOMMENDATIONS:
— With FARMERS MARKETS-REPORT
— MITRA101, with GARDEN COMPLAINT-TRAVERSE CITY
PULL-OUT BOX:
— EARNS-GM-SUMMARY BOX
TOP STORIES:
EARNS-GM
DETROIT — After years of big discounts, GM is finally getting a good price for its cars and trucks, and it’s helping the company’s bottom line. General Motors Co. surprised Wall Street Thursday by doubling its second-quarter profit. A big reason was higher prices for its vehicles worldwide. By Auto Writer Dee-Ann Durbin.
AP Photo MIPS208.
With:
— EARNS-GM-SUMMARY BOX
FIAT-CHRYSLER TOUGH CHOICE
MILAN — Sergio Marchionne’s corporate jet has served a sort of mile-high headquarters as the CEO crisscrosses oceans and continents to integrate and expand Fiat and Chrysler. But the moment is coming, analysts say, when the high-flying CEO will have to choose a fixed center for the global car business he is building. By Business Writers Colleen Barry and Tom Krisher.
AP Photos MIJR101, 103-104.
Eds: Moved on national lines.
SURVEY-LOCAL LEADERS
LANSING — After lawmakers cut their funding and gave financial managers sweeping new powers earlier this year, half of local government leaders now think Michigan is on the wrong track, according to a survey released Thursday. Only a third said it’s headed in the right direction, while a fifth were undecided. By Kathy Barks Hoffman.
FARMERS MARKETS-REPORT
LANSING — Gov. Rick Snyder on Thursday toured a farmers market set up for the day in Lansing on Thursday. It follows the release of a new report finds that increasing farmers markets could create tens of thousands of jobs in economically struggling rural and urban areas. By Kathy Barks Hoffman.
AP Photo.
MISSING FUNERAL MONEY
MOUNT CLEMENS — A judge is postponing a sentence until 2012 for a Macomb County couple charged with spending more than $300,000 given for prepaid funerals. Judge John Foster says he’s delaying the punishment until March so authorities and Mark and Lisa Buehler can try to come up with money or other help for approximately 150 victims. By Ed White.
LONDON 2012-THE WRAP
LONDON — It’s a wrap: London organizers have sealed a deal with Midland, Mich.-based Dow Chemical Co. to restore an innovative wraparound curtain to encircle the Olympic Stadium for the 2012 Games. Olympic officials had scrapped the wrap late last year because its price tag of $11.4 million had been deemed too expensive at a time of economic austerity. Architects and artists had decried the decision, suggesting the look and image of the games would suffer. By Danica Kirka.
AP Photo LON101.
Eds: Moved on national lines.
SPORTS:
BBA--RANGERS-TIGERS
DETROIT — The Tigers have won the first two games of their series with the Rangers, and the teams play again Thursday night. Game starts at 1:05 p.m.
AP Photos.

Some of the stories the AP is covering Thursday.
AKRON, Ohio — Tiger Woods, recovered from injuries, is set to tee off in a tournament for the first time in three months at the Bridgestone Invitational.
BETHLEHEM, Pa. — Eagles trainer Rick Burkholder says defensive tackle Mike Patterson has a brain condition, and may require surgery. The player is undergoing further tests after suffering a seizure at practice Wednesday.
With the NFL year set to officially start Thursday afternoon, the league and the players are still trying to agree on final terms of a new collective bargaining agreement.
Alex Rodriguez’s publicist says the Yankees third baseman is looking forward to cooperating with Major League Baseball in its investigation of his alleged involvement in illegal poker games.
STANFORD, Calif. — Nathan Adrian leads the field for the men’s 50-meter freestyle, while Jessica Hardy attempts a double in the women’s 50 free and the 100 breaststroke at the U.S. national championships. Finals start 9 p.m.
CHICAGO — U.S. men’s soccer coach Jurgen Klinsmann is expected to announce the roster for his first game as coach of the American team.
DALLAS — Big 12 preview: Oklahoma is the favorite to win another championship in the newly trimmed-down conference.
INDIANAPOLIS — Hall of Fame profile: Kurt Warner understood what made the Greatest Show on Turf work. It wasn’t necessarily his strong, accurate arm or those speedy receivers that stretched defenses to the limit. The Rams secret weapon was Marshall Faulk’s brilliant mind -- and it’s a big reason he’s headed to Canton, Ohio this weekend.
ATLANTA — As a record heat wave sweeps across the South, high school football has been pummeled with one tragedy after another. Two players from Georgia drop dead. Another in South Carolina. Still another in Florida. Even a coach in Texas. It’s time to take another look at how well we’re protecting our kids.

Business events scheduled for Friday
By The Associated Press
Major business events and economic events scheduled for Friday:
WASHINGTON — Labor Department releases employment data for July, 8:30 a.m. Eastern.
WASHINGTON — Federal Reserve releases consumer credit data for June, 3 p.m.
Berkshire Hathaway Inc. reports quarterly financial results after the market close.
Procter & Gamble Co. reports quarterly financial results.
Viacom Inc. reports quarterly financial results.
German insurer Allianz SE reports quarterly financial results.


Business events scheduled for the coming week
By The Associated Press
MONDAY, August 8
TUESDAY, August 9
WASHINGTON — Labor Department releases second-quarter productivity data, 8:30 a.m.; Federal Reserve meets to discuss interest rates.
WEDNESDAY, August 10
WASHINGTON — Commerce Department releases wholesale trade inventories for June, 10 a.m.; Labor Department releases job openings and labor turnover survey for June, 10 a.m.; Treasury releases federal budget for July, 2 p.m.
LONDON — The Bank of England releases its inflation report.
THURSDAY, August 11
WASHINGTON — Commerce Department releases international trade for June, 8:30 a.m.; Labor Department releases weekly jobless claims, 8:30 a.m.; Freddie Mac, the mortgage company, releases weekly mortgage rates, 10 a.m.
FRIDAY, August 12
WASHINGTON — Commerce Department releases retail sales for July, 8:30 a.m.; Commerce Department releases business inventories for June, 10 a.m.

FOR USE SUNDAY, AUG. 7, AND THEREAFTER:
CENTERPIECE: LOSING TEACHERS-MICHIGAN
LANSING — Stacey Ancona has taught in inner-city and suburban school districts, and says her next job won’t be in Michigan. She’s one of hundreds of new teachers leaving for jobs in other states, a reflection of Michigan’s shrinking number of students and budget cuts that are forcing schools to cut staffs and raise the number of students per classroom. Since peaking at 100,638 in the 2004-05 academic year, the number of teachers in Michigan has shrunk by 8 percent, to 92,691. That number could be even smaller this fall as school districts absorb a 2.2 percent cut in state funding amid rising costs for teacher pensions, technology and books. By Kathy Barks Hoffman.
Eds: This week’s Capital Focus and a Michigan AP Centerpiece. Moving Friday.
With:
— LOSING TEACHERS-MICHIGAN-GLANCE
EXCHANGE-BOARD GAME
GREENVILLE — Hey board game enthusiasts: looking for a new challenge? Brothers Chris and Paul Nowak, of Greenville, have created and are self-manufacturing a game that has earned a seal from Texas-based super-smart-people foundation American Mensa. But you don’t have to be a genius to play Uncle Chestnut’s Table Gype (pronounced like “pipe” but with a “g”), which one reviewer has called a cross between chess and Chinese checkers. By Morgan Jarema, The Grand Rapids Press.
AP Photo pursuing.
Eds: An AP Member Exchange. Moving Thursday.
EXCHANGE-CAFFEINE FIX
OWOSSO — For the owners of Journey Cafi, each cup of coffee sold is in the service of a higher cause than profits. It’s a philosophy Cindy Bolf makes plain on the coffeehouse’s website: “Every time you buy a cup of coffee, you’re helping to change a life one cup at a time.” For Bolf, her mission to help fund relief efforts, improve facilities and save lives began with a church mission trip to Ethiopia, near the horn of Africa. By Jessica Robinson, The Argus-Press (Owosso).
AP Photo pursuing.
Eds: An AP Member Exchange. Moving Thursday.
FOR USE MONDAY, AUG. 8, AND THEREAFTER:
EXCHANGE-STRANGE SCHOOL
ONEIDA TOWNSHIP — No record of the historic Strange School would be complete without mentioning Nancy Ewing. After all, her tenure spans more than a quarter of the 132 years since the one-room brick schoolhouse was built. Ewing couldn’t tell you how many students she taught over the years, but she can relate countless stories of her time as a student there in the 1960s, and later serving as the school’s only full-time teacher, principal, nurse and janitor since 1977. Dozens of alumni, friends and family members gathered at the school recently to celebrate Ewing’s retirement. By Melissa Domsic, Lansing State Journal.
AP Photo pursuing.
Eds: An AP Member Exchange. Moving Thursday.
EXCHANGE-WILDLIFE PARADISE
ROLLIN TOWNSHIP — Jake Ehlinger is part exterior designer, part environmental engineer. The Addison area resident is owner of Habitat Solutions, a land management business that helps landowners improve their property to attract wildlife — especially whitetail deer. After spending the last 30 years transforming his 70-acre parcel into a wildlife paradise, Ehlinger said he is now using his expertise and experience to help other landowners do the same. By Doug Goodnough, The Daily Telegram (Adrian).
AP Photo pursuing
Eds: An AP Member Exchange. Moving Thursday.

Among the business news stories for Thursday from the Associated Press:
TOP STORIES:
RETAIL SALES
NEW YORK — Many retailers posted solid sales in July as deep discounts and sweltering heat drove shoppers to air conditioned malls. But merchants worry that momentum won’t continue through the back-to-school shopping season. By Anne D’Innocenzio.
KRAFT FOODS-SPLIT
NORTHFIELD, Ill. — Kraft Foods said it plans to split into two publicly traded companies, with one concentrating on its snack business like Oreo cookies and Trident gum while the other focuses on the North American grocery business, which includes Kraft cheese and Maxwell House coffee. By Sarah Skidmore.
EARNS-GM
DETROIT — After years of big discounts, General Motors is finally getting a good price for its cars and trucks, and it’s helping the company’s bottom line. Detroit’s biggest car company surprised Wall Street by doubling its second-quarter profit. By Dee-Ann Durbin.
MARKETS & ECONOMY:
UNEMPLOYMENT BENEFITS
WASHINGTON — The number of people seeking unemployment benefits dipped last week, a sign the job market may be improving slowly. The Labor Department says that applications for unemployment benefits edged down 1,000 to a seasonally adjusted 400,000. That’s the lowest level in four months. By Christopher S. Rugaber.
— MORTGAGE RATES — The average rate on a 15-year fixed mortgage has fallen to its lowest level in decades.
WALL STREET
NEW YORK — Stocks sank again as investors continued to fret about the struggling economies in Europe and slow growth in the U.S. By David K. Randall.
— OIL PRICES — Oil prices fell below $91 a barrel as investors continued to fret over the global economic recovery.
EARNINGS
EARNS-CVS
NEW YORK — CVS Caremark says its profit slipped 1 percent in the second quarter as its pharmacy benefits management business weathered lower prices on contract renewals. By Marley Seaman.
EARNS-SOUTHWEST
DALLAS — Southwest Airlines is making more money than it did a year ago because of higher fares and the acquisition of AirTran Airways. But fuel costs are up 64 percent from a year ago, and Southwest’s profit isn’t as big as analysts expected. By Dave Koenig.
— NETHERLANDS-EARNS-UNILEVER — Consumer products giant Unilever NV reported a 10 percent rise in first half earnings, as the company successfully passed on higher raw materials costs to customers.
— AUSTRALIA-EARNS-RIO TINTO — Mining giant Rio Tinto said its six-month profit jumped 30 percent to a record $7.6 billion, driven by strong Asian demand for iron ore and other minerals.
— EARNS-ALPHA NATURAL RESOURCES — Coal producer Alpha Natural Resources lost $56.4 million in the second quarter, reversing a profit from last year, as the company booked a $254 million charge related to its acquisition of rival Massey Energy.
— EARNS-CIGNA — Cigna said its second-quarter net income jumped 39 percent compared to last year’s quarter, which was lowered by a loss on a discontinued business. The Philadelphia health insurer hiked its earnings forecast for 2011.
INDUSTRY
FIAT-CHRYSLER TOUGH CHOICE
MILAN — Sergio Marchionne’s corporate jet has served a sort of mile-high headquarters as the CEO crisscrosses oceans and continents to integrate and expand Fiat and Chrysler. But the moment is coming, analysts say, when the high-flying CEO will have to choose a fixed center for the global car business he is building. Detroit or Turin: It’s a politically fraught decision. By Business Writers Colleen Barry And Tom Krisher.
— TAINTED GROUND TURKEY — Meat giant Cargill is recalling 36 million pounds of turkey after a government hunt for the source of a salmonella outbreak that has killed one person in California and sickened dozens more.
— PIPELINE ACCIDENTS-CONGRESS — Republican and Democratic lawmakers say momentum is building to rewrite federal safety rules for the nation’s aging network of energy pipelines.
— JAPAN-HITACHI-MITSUBISHI HEAVY — Japanese manufacturing giants Hitachi Ltd. and Mitsubishi Heavy Industries Ltd. denied they are in talks to combine their businesses, just hours after Hitachi’s president said an announcement was imminent.
TECHNOLOGY & MEDIA
HACKING CONFERENCE-INSULIN PUMPS
LAS VEGAS — Even the human bloodstream isn’t safe from computer hackers. A security researcher has identified several flaws that could allow an attacker to remotely control diabetics’ insulin pumps and alter the readouts of their blood sugar monitor. As a result, diabetics could get too much or too little insulin, a hormone they need for proper metabolism. By Jordan Robertson.
EARNS-LINKEDIN
LinkedIn Corp. reports quarterly financial results after the market close. By Michael Liedtke.
T-MOBILE USA-SUBSCRIBERS
NEW YORK — T-Mobile USA continued to lose wireless customers in the second quarter, but did a better job of keeping them than in the first three months of the year, when subscribers fled in record numbers. By Technology Writer Peter Svensson.
WITH:
— GERMANY-EARNS-DEUTSCHE TELEKOM — Deutsche Telekom said net profit fell 27 percent in the second quarter as it took one-time charges for early retirements in Germany and faced lagging revenue and excessive customer turnover in the U.S. mobile business it is selling to AT&T.
— EARNS-DIRECTV — Satellite TV provider DirecTV said net income in the second quarter increased 29 percent as its subscriber base grew, especially in Latin America.
— JAPAN-SONY — Sony’s next-generation portable game machine, the PlayStation Vita, won’t be available in the U.S. or Europe in time for Christmas, a crucial sales period for game console makers.
INTERNATIONAL
EUROPE-INTEREST RATES
FRANKFURT, Germany — European Central Bank head Jean-Claude Trichet isn’t saying whether the bank is propping up Spanish and Italian bonds to quell debt market turmoil, but insisted that the bond-buying program has not been shelved. By David McHugh.
WITH:
— EUROPE-FINANCIAL CRISIS — The 17-country eurozone needs to make further changes to its bailout fund — including boosting its size — to ensure it can stop the debt crisis from drawing in big economies like Italy and Spain, a top European Union official said.
— BRITAIN-INTEREST RATES — The Bank of England left its key rate on hold at the record low of 0.5 percent as concerns over Britain’s sluggish economic recovery outweighed inflation concerns.
JAPAN-CURRENCY INTERVENTION
TOKYO — Japan intervened in the foreign currency market and its central bank engineered a monetary boost, landing a one-two punch to knock the yen from levels that threaten the country’s post-disaster recovery. By Tomoko A. Hosaka.
— FRANCE-IMF CHIEF — A French court ordered an investigation into new IMF chief Christine Lagarde’s role in a much-criticized $400 million arbitration deal in favor of a controversial tycoon.
— GERMANY-ECONOMY — German industrial orders rose 1.8 percent in June, posting an unexpected third straight month of solid growth.
— GERMANY-EARNS-ADIDAS — Shoe and sports clothing maker Adidas says net profit rose 11 percent in the second quarter and reported a big jump in sales in China.
— NETHERLANDS-EARNS-ING — Financial firm ING Groep NV reported a 24 percent rise in second quarter profit because of a strong recovery at the insurance operations it intends to sell or spin off.

THURSDAY, Aug. 4
A1 PROPOSALS

STANDALONE PHOTO — Dancing with the Stars dancers Jonathan Roberts and Anna Tribinski at a dance studio in Orion Township

ROCHESTER HILLS MAN PARALYZED IN SPORTS EVENT
@ A fun day on a tough obstacle course turned tragic Sunday for a Rochester Hills man who was paralyzed when he dove into a mud pit.
James Sa, 21, participated in the Warrior Dash in Mt. Morris, near Flint, according to Michael Coco, spokesman for the event. The Warrior Dash is a race covering more than 3 miles, with multiple obstacles such as walls, mud pits and barbed wire.
PHILLIPS VIDEO & SCREEN GRAB
WATERFORD POLICE URGING WITNESSES TO COME FORWARD
@ As the family of James Dean Odle mourns his death this week, Waterford police are continuing to investigate how and why the 28-year-old Waterford man was gunned down early Sunday on the township’s east side.
Sgt. Scott Good with Waterford Police is urging any of the people who were riding in the vehicle — now described as a white Chevrolet Traverse — to call.
“We believe two to three other occupants were in the vehicle,” said Good.
HOPKINS MUG SHOT
ACCUSED COP KILLER ATTORNEY REQUESTS CHARGES TO BE DISMISSED
@ Livonia police put a tracking device on Terry Bowling’s vehicle and trailed behind as he drove to a house in Walled Lake. There, an officer was fatally shot.
Bowling’s attorney argued during a hearing Wednesday that the tracking device was placed illegally. The prosecution said other court decisions support the officers’ use of the tracker. Both sides are now awaiting a judge’s decision.
Bowling, 49, is facing felony murder and other charges for the Jan. 17 death of Livonia Police Officer Larry Nehasil.
ZANIEWSKI FILE ART

Brighton road rage -- AP

a-3
FINE ART AT THE VILLAGE
@ ROCHESTER HILLS — Artwork is usually reserved to remain inside and be displayed on walls. The Village of Rochester Hills is changing that this weekend when it hosts its 9th Annual "Fine Art at the Village of Rochester Hills," a celebration of artwork in an outdoor setting.
The free event, which is scheduled to take place this Saturday and Sunday in Rochester Hills, is expected to draw art enthusiasts from all over the area.
LAINE


MUST RUNS

Blotter

TROY LIBRARY ELEX FOLO - Coming at 4 p.m.
@ day after reax from troy folks, what now
CAPRARA NEW PHOTO (being shot by jose this afternoon)
OTHER ELEX FINALS
@ will include roch hills, royal oak twp, southfield
WORKMAN, CRUMM
TOXIC CAR SEATS - press conference was today
@ AUBURN HILLS — Car safety seats are often thought of as the ultimate lifeline of protection when transporting children. But something might be lurking within the seats themselves that is not safe.
The Michigan Network for Children's Environmental Health and the website HealthyStuff.org teamed up with the nonprofit group The Ecology Center to release the results of a toxicity study conducted on 150 various infant, convertible and child booster car seats sold in Michigan.
LAINE PHOTO & VIDEO

OLDEST AFRICAN AMERICAN CHURCH - event is fri
@ Newman Church, the oldest African American church in the county, was founded the same year Pontiac was chartered as a city. The two entities are both celebrating their 150th anniversary this year.
DILLABER

ALSO AVAILABLE

STANDALONE PHOTO — milford library
STANDALONE PHOTO — george blaha night

TONS OF TRUCKS IN OXFORD - SHOULD RUN

ROCHESTER HILLS TAXPAYERS FOR ACCOUNTABILITY
@ A group that mailed flyers to voters right before the 2009 Rochester Hills City Council election without registering as a campaign committee has been fined nearly $8,000 by the Michigan Department of State.
After a June 7 administrative hearing, Taxpayers for Accountability was found to be in violation of the Michigan Campaign Finance Act.
ROCHESTERMEDIA.COM
PONTIAC AWARDS
@ PONTIAC — Several students have been awarded scholarships by the Pontiac Alumni Association. The awards were presented at the Pontiac school board meeting. w/foto provided by judge mester and legal news.
DILLABER supplied art
SMOKE DETECTORS FOR HEARING IMPAIRED
@ The Assistance to Firefighters Grant Program, a FEMA entity, has awarded $22,500 to Auburn Hills for the purchase of 75 smoke detectors designed for the hearing impaired, city officials announced Wednesday.
The smoke detectors for the hearing impaired feature a strobe light activated by smoke, as well as a wireless device that is placed under one’s pillow while sleeping that vibrates when the smoke detector is activated.
WOLFFE
SCHOSTAK FAMILY DONATES TO OU
@ donates $1 million to OU med school
SUPPLIED
TURNING 103 YEARS OLD
@ Beatrice Winterstein Hill heard the strains of “Happy Birthday to You” for the 103rd time on Wednesday.
Hill, of The Boulevard Health Center in Rochester, celebrated her birthday with a large group of family at the Victorian Rose in downtown Rochester.
Loretta Curry, owner of the restaurant, made Hills favorite cream of asparagus soup and a lemon torte for the occasion.
INTERN DEB PHOTO
PONTIAC PLANNING COMMISSION
@ The names of the new members for the Pontiac Planning Commission have been announced.
The members are Hazel Cadd, Ashley Fegley, Scott Hudson, Dayne Thomas and Bruce Turpin.
The commission has two vacant seats for Pontiac residents.
BYRON
PONTIAC TRANSPORTATION CENTER
@ A grand opening is being held for the $1.4 million Pontiac Transportation Center on Woodward Avenue.
The ribbon cutting will be at 1:30 p.m. Monday, Aug. 8, at the center, which is located at 51000 Woodward Ave., just north of Orchard Lake Road.
Michigan Department of Transportation Director Kirk Steudle, U.S. Rep. Gary Peters (D-Bloomfield Township), Amtrak Board Chairman Thomas Carper and State Rep. Tim Melton (D-Auburn Hills) will be in attendance.
BYRON

ROAD PROJECTS

Remember when getting a letter or postcard was a news event? What happened?

1972: Electronic Mail Introduced by Ray Tomlinson

1973: Transmission Control Protocol/Internet Protocol (TCP/IP) is designed and in 1983 it becomes the standard for communicating between computers over the Internet.

1985: America Online debuts offering email, bulletin board updates, news and other information

1992: SMS Messaging invented, making it easier for people to communicate without having to telephone another person.

1995:

• CompuServe, America Online, and Prodigy start providing dial-up Internet access. Sun Microsystems releases the Internet programming language called Java.
• AOL Instant Messenger, also known as AIM, is an instant messaging and presence computer program which allows users to communicate in real time

1997:

• First picture message, MMS, was sent. The camera was now not just for printing pictures, but for sharing them with friends via cell phones.

• FedEx founded, offering express shipping and other options to expedite mail service

2002:

• iChat is an instant messaging software application developed by Apple Inc.

2003:

• Skype is invented and introduced; it allows users to speak with each other face-to-face over computers with videocams or to call phones from computers

2004:

• Gmail, a free, advertising-supported webmail service with support for Email clients, is a product from Google.
• Facebook is invented as a free social networking service, able to link people across the country and the world making communication fast and simple

2005:

· Gchat, also known as Google Talk, is a freeware voice over Internet protocol (VoIP) client application offered by Google Inc.

2006:

· Twitter is launched and offers a social networking and microblogging service, enabling users to send and receive messages called “tweets”

And so on...

Business at 3:30 p.m.

New this digest:

Dow may end in positive territory.

--Adds: BUDWEISER-CAN, CHRYSLER-FUEL ECONOMY, HACKING CONFERENCE-CHINA, DIGITAL LIFE-TECH TEST-LIVING-ROOM PC, AVIATION SHUTDOWN-OBAMA
--Updates: WALL STREET, HACKERS-CYBERATTACKS is now called REPORT-CYBERATTACKS.
TOP STORIES:
ECONOMY-GRIM OUTLOOK
WASHINGTON — Shoppers won’t shop. Companies won’t hire. The government won’t spend on economic stimulus — it’s cutting instead. With no clear sign of what will invigorate growth, there is mounting fear on Wall Street that the U.S. risks sliding into a long-term economic stupor. The Dow Jones industrials were down again Wednesday, on track for their first nine-day losing streak since 1978. By Paul Wiseman.
INVESTOR ANXIETY
BOSTON — The “relief rally” that many investors expected once Washington reached a debt ceiling deal proved to be an illusion. The stock market has declined for eight consecutive days, as the reality of disappointing economic news overshadowed the relief about the government’s narrow avoidance of a default. Signs of investor anxiety abound: Stocks are falling, gold prices rising, Treasury yields are down again. Investors are again pulling money out of stocks, and putting the proceeds back into safe investments like money-market mutual funds. By Mark Jewell.
MARKETS & ECONOMY:
WALL STREET
NEW YORK — Stocks edge higher in late afternoon after being down for most of the day. That could avert a ninth straight day of losses for the Dow Jones industrial average, which would be the longest losing streak in more than 33 years. Markets have become increasingly volatile this week as worries about the economy deepen. By David K. Randall.
— OIL PRICES — Oil prices fAll below $92 a barrel as more signs of a slowing U.S. economy raised concerns about demand for everything from gasoline to natural gas used to cool homes.
ECONOMY-SERVICES
WASHINGTON — Service businesses such as restaurants, hotels and financial companies experienced their weakest growth in 17 months in July. The report confirms other data that show the economy is struggling two years after the recession ended. By Chris Rugaber.
FACTORY ORDERS
WASHINGTON — Businesses cut back on orders for airplanes, autos and heavy machinery in June, lowering demand for factory goods for the second time in three months. High energy prices and supply disruptions caused by Japan crisis slowed manufacturing this spring, along with the broader economy. By Martin Crutsinger.
— METRO UNEMPLOYMENT — Unemployment rose in more than 90 percent of U.S. cities in June, mirroring a national slowdown in hiring.
— CHINA-US-DEBT — China’s central bank governor urged Washington to handle its debt responsibly, warning that uncertainty in the market for Treasury debt might harm a global economic recovery.
RETAIL
EARNS-DUNKIN’ BRANDS
CANTON, Mass. — Dunkin’ Brands Group Inc., which reported flat earnings after becoming a public company a week earlier, said it plans to rejuvenate the struggling Baskin-Robbins brand in the U.S. and expand its Dunkin’ Donuts chain in Europe. By Christina Rexrode.
EARNS-CLOROX
OAKLAND, Calif. — Consumer products maker Clorox says its fiscal fourth-quarter net income dipped 1 percent as rising commodity costs took a toll. The consumer product maker said it plans to raise prices again soon to compensate. By Christina Rexrode.
— BUDWEISER-CAN — Budweiser is giving its beer cans a new look, just in time for summer’s end as it tries to revive weak sales in the U.S.
— SINGAPORE-P&G-ECONOMY — Procter & Gamble Chief Executive Robert McDonald says his company is preparing for a period of little or no economic growth in developed countries. P&G is scheduled to announce its April-June earnings Friday.
INDUSTRY:
AIRLINES-PROFITS
GENEVA — Sky-high fuel prices have shrunk the profits of the world’s airlines, the industry’s main lobby group said. The International Air Transport Association expects $1.04 billion in profit for the second quarter of 2011, less than half of the $2.88 billion in profit posted in the same period last year. By John Heilprin.
EARNS-MASTERCARD
NEW YORK — MasterCard’s second-quarter profit rose 33 percent, as cardholders used their plastic more during the spring months. The company said U.S. shoppers kept on using their cards in July even as uncertainty about the economy increased. By Eileen AJ Connelly.
STARR-CHINA MEDIAEXPRESS
WILMINGTON, Del. — A Delaware judge hears arguments on whether to dismiss a lawsuit filed by a unit of Starr International, run by former AIG chairman Hank Greenberg, seeking to force China MediaExpress to turn over company records that Starr believes will show evidence of mismanagement and fraud. By Randall Chase. Developing from 2 p.m. hearing.
— AVIATION SHUTDOWN-OBAMA — President Barack Obama is imploring Congress to end the partial shutdown of the Federal Aviation Administration within days.
— CHRYSLER-FUEL ECONOMY — Carmakers will squeeze more miles out gasoline and diesel engines to meet the tougher fuel economy standards announced by the government last week, Chrysler CEO Sergio Marchionne says, and says electric or hydrogen-powered vehicles won’t be the answer.
TECHNOLOGY & MEDIA:
REPORT-CYBERATTACKS
LAS VEGAS — Hackers stole data from governments and U. S. corporations in an orchestrated series of global cyberattacks that lasted for more than five years, according to a report released today by a computer security firm. By Jordan Robertson and Barbara Ortutay.
HACKING CONFERENCE-CHINA
LAS VEGAS — Sophisticated hacking attacks are often hard to trace. But a crack has emerged in tracing an intrusion that had compromised a widely used technology for preventing computer break-ins elsewhere, RSA’s SecurID devices. A computer security researcher uncovered a tantalizing clue suggesting that an operation in China is likely to blame. By Jordan Robertson.
Eds: Embargoed for 8 p.m. EDT Wednesday.
EARNS-TIME WARNER
NEW YORK — Media conglomerate Time Warner says its second-quarter profit grew almost 14 percent, thanks to higher revenue from its TV channel business, video games and movies such as “The Hangover Part II.” By Ryan Nakashima.
EARNS-COMCAST
NEW YORK — Comcast, the country’s largest cable TV company, is bucking the trend among cable companies by making more money from its TV subscribers. By Peter Svensson.
RIM-NEW BLACKBERRYS
NEW YORK — Research In Motion unveiled five new BlackBerrys with touchscreens, as it hopes to revive the line’s dwindling appeal in the face of competition from the iPhone and Android smartphones. By Technology Writer Peter Svensson.
DIGITAL LIFE-TECH TEST-LIVING-ROOM PC
Flat-panel TVs and PCs go great together — one is a humungous PC screen, the other gives the TV access to tons of online video. But putting a PC in the living room and controlling it from the couch has been daunting, particularly because PC makers haven’t shown much interest in making PCs for this purpose. Acer gives it a shot with the Revo, a slim, quiet model with a pop-out wireless keyboard. By Peter Svensson.
— HULU-ORIGINAL SHOWS — Hulu, the online video service that primarily shows reruns from major broadcasters, is getting into the business of original programming. In the first of several projects, the company teamed up with Morgan Spurlock, the documentary maker who criticized McDonald’s and fast-food lifestyles in “Super Size Me.”
— EARNS-ACTIVISION — Activision Blizzard Inc. reports quarterly financial results after the market close.
— EARNS-CENTURYLINK — CenturyLink’s second-quarter profit fell 78 percent as it had to write off more than expected of the value of Qwest, which it bought in April.
INTERNATIONAL:
EUROPE-FINANCIAL CRISIS
MILAN — Italy’s borrowing rates touched a new euro-era high as a global market sell-off reignited fears that the debt crisis will engulf the eurozone’s third-largest economy. Spain was also under the market spotlight. By Colleen Barry.
— JAPAN-TOYOTA — Toyota told its suppliers in Japan to prepare for ramped up production starting in 2012, signaling that the automaker is confident it’s back on a growth track.
— SWITZERLAND-INTEREST RATES — Switzerland’s central bank is taking steps to lower the franc’s exchange rate, saying the currency is “massively overvalued” and threatening the Swiss economy. Switzerland’s currency, along with gold, has risen sharply because it’s considered a safe haven from the debt and economic woes in Europe and America.
— PORTUGAL-FINANCIAL CRISIS — Portugal raised $1 billion in a short-term debt auction, and its borrowing rate dipped slightly, despite market fears that Spain or Italy may be next in line for a European bailout.
— EUROPE-ECONOMY — Retail sales in the 17 countries that use the euro rose by more than anticipated in June.
— ITALY-EARNS-UNICREDIT — UniCredit SpA, Italy’s largest bank, says second-quarter net profit more than tripled even though its earnings were hit by its exposure to Greek debt.
— JAPAN-KIRIN-BRAZIL — A $2.53 billion bid by Japan’s Kirin Holdings Co. for a controlling stake in Brazilian brewer Schincariol Group is failing to win over investors in either company.
— BRITAIN-STANDARD CHARTERED — Standard Chartered bank reported a first half profit and said it was successfully reaching out to burgeoning middle classes in Asia, Africa and the Middle East.
PERSONAL FINANCE:
ON THE MONEY-DEBT DEAL STUDENTS
NEW YORK — College is already expensive enough. Now the government’s 11th-hour agreement to raise the debt ceiling includes measures that could drive costs higher for students and families. Federal subsidies for lower-income graduate students are on the chopping block and interest rates on federal and private loans could tick upward. By Candice Choi.
Eds: Available exclusively on AP Exchange/ AP Web Feeds.
--


MONEY & MARKETS CENTERPIECE:
What happened?
You might have thought stocks would be up after the government avoided default on its debt and companies reported strong second-quarter earnings. But the Dow has fallen for nine straight days and the S&P 500 is down more than 3 percent this week. We’ll look at some of the reasons why.
COMPANY SPOTLIGHT:
RIM tries to recharge the BlackBerry
Research in Motion introduced five BlackBerries with touch screens, a strategy aimed at getting back customers who have defected to iPhone and Android smartphones.

THURSDAY, Aug. 4
A1 PROPOSALS

STANDALONE PHOTO — Dancing with the Stars dancers Jonathan Roberts and Anna Tribinski at a dance studio in Orion Township

ROCHESTER HILLS MAN PARALYZED IN SPORTS EVENT
@ A fun day on a tough obstacle course turned tragic Sunday for a Rochester Hills man who was paralyzed when he dove into a mud pit.
James Sa, 21, participated in the Warrior Dash in Mt. Morris, near Flint, according to Michael Coco, spokesman for the event.
The Warrior Dash is a race covering more than 3 miles, with multiple obstacles such as walls, mud pits and barbed wire.
PHILLIPS VIDEO & SCREEN GRAB


ACCUSED COP KILLER ATTORNEY ARGUES AGAINST TRACKING DEVICE
@ Livonia police put a tracking device on Terry Bowling’s vehicle and trailed behind as he drove to a house in Walled Lake. There, an officer was fatally shot.
Bowling’s attorney argued during a hearing Wednesday that the tracking device was placed illegally. The prosecution said other court decisions support the officers’ use of the tracker. Both sides are now awaiting a judge’s decision.
Bowling, 49, is facing felony murder and other charges for the Jan. 17 death of Livonia Police Officer Larry Nehasil.
ZANIEWSKI FILE ART

UPDATE ON WATERFORD HOMICIDE

HOPKINS
TROY LIBRARY ELEX FOLO
@ day after reax from troy folks, what now?
CAPRARA NEW PHOTO (being shot by jose this afternoon)

COUNTY COMMISSION TEXT
@ Republican Bob Hoffman will hold on to the seat he was appointed to fill on the county commission, having won voters approval in Tuesday’s election.
The seat, representing the 2nd district for Holly, Rose, Springfield and Highland townships, became vacant after the November 2010 election when Bill Bullard — who previously held it — was appointed as county clerk.
WORKMAN MUG
OTHER ELEX FINALS
@ will include roch hills, royal oak twp, southfield
WORKMAN, CRUMM
TOXIC CAR SEATS
@ AUBURN HILLS — Car safety seats are often thought of as the ultimate lifeline of protection when transporting children. But something might be lurking within the seats themselves that is not safe.
The Michigan Network for Children's Environmental Health and the website HealthyStuff.org teamed up with the nonprofit group The Ecology Center to release the results of a toxicity study conducted on 150 various infant, convertible and child booster car seats sold in Michigan.
LAINE PHOTO & VIDEO


FINE ART AT THE VILLAGE
@ ROCHESTER HILLS — Artwork is usually reserved to remain inside and be displayed on walls. The Village of Rochester Hills is changing that this weekend when it hosts its 9th Annual "Fine Art at the Village of Rochester Hills," a celebration of artwork in an outdoor setting.
The free event, which is scheduled to take place this Saturday and Sunday in Rochester Hills, is expected to draw art enthusiasts from all over the area.
LAINE

CRUMM (working later shift)
@ 7 p.m. at county commission. Commissioners are taking up a vending resolution to allow people to sell hotdogs and such from carts at the courthouse. A Troy woman has been trying to get permission to do that for over a year. I suspect she'll be there.
@ working, c'piece on polls and polling.

DILLABER
DONE IN 2A PONTIAC — Children at the WHRC Summer Institute program have benefited academically by a partnership with the Pontiac school district and Catapault Learning Leap/Sharpen Your Skills program. They especially like the reward center where they cash in tokens for good work. w/foto take Tuesday. for THUR

DONE in 2A PONTIAC — Newman Church, the oldest African American church in the county, was founded the same year Pontiac was chartered as a city. The two entities are both celebrating their 150th anniversary this year. Newman IS HOLDING ITS CELEBRATION SAT - w/foto of Pontiac teacher being honored at the celebration Saturday. SHOULD GO THUR.

PONTIAC — Several students have been awarded scholarships by the Pontiac Alumni Association. The awards were presented at the Pontiac school board meeting. w/foto provided by judge mester and legal news.

DRAKE - article about Orion Twp. and Independence Twp. karate kid class opening w/ art and vid
-article from Independence Twp. meeting




DEPUTIES SEEKING ARMED ROBBERY SUSPECTS IN ORION TWP.
Don’t have much on this right now. Seeking more info.

SMOKE DETECTORS FOR HEARING IMPAIRED
@ The Assistance to Firefighters Grant Program, a FEMA entity, has awarded $22,500 to Auburn Hills for the purchase of 75 smoke detectors designed for the hearing impaired, city officials announced Wednesday.
The smoke detectors for the hearing impaired feature a strobe light activated by smoke, as well as a wireless device that is placed under one’s pillow while sleeping that vibrates when the smoke detector is activated.
WOLFFE
SCHOSTAK FAMILY DONATES TO OU
@ donates $1 million to OU med school
SUPPLIED
TURNING 103 YEARS OLD
@ Beatrice Winterstein Hill heard the strains of “Happy Birthday to You” for the 103rd time on Wednesday.
Hill, of The Boulevard Health Center in Rochester, celebrated her birthday with a large group of family at the Victorian Rose in downtown Rochester.
Loretta Curry, owner of the restaurant, made Hills favorite cream of asparagus soup and a lemon torte for the occasion.
INTERN DEB PHOTO
PONTIAC PLANNING COMMISSION
@ The names of the new members for the Pontiac Planning Commission have been announced.
The members are Hazel Cadd, Ashley Fegley, Scott Hudson, Dayne Thomas and Bruce Turpin.
The commission has two vacant seats for Pontiac residents.
BYRON
PONTIAC TRANSPORTATION CENTER
@ A grand opening is being held for the $1.4 million Pontiac Transportation Center on Woodward Avenue.
The ribbon cutting will be at 1:30 p.m. Monday, Aug. 8, at the center, which is located at 51000 Woodward Ave., just north of Orchard Lake Road.
Michigan Department of Transportation Director Kirk Steudle, U.S. Rep. Gary Peters (D-Bloomfield Township), Amtrak Board Chairman Thomas Carper and State Rep. Tim Melton (D-Auburn Hills) will be in attendance.
BYRON

Business for Thursday

Chryslermarchionne - szczesny w/photo of marchionne
Broadened alliance between Chrysler and Fiat will benefit both companies.

flagstar bank - szczesny
As its losses continue to mount, Flagstar Bank has moved to sell off part of its operations.

jervis webb - szczesny
Farmington Hills-based JervisWebb has landed a new multi-million contract to supply baggage handlying system for Love Field in Dallas, the home of Southwest Airlines.

Spotlights
Thursday 8.4 Oakland Mara Moss Makeup Bloomfield Hills
Thursday 8.4 Macomb Tech boosts drivers

local briefs

on the web
PERSONAL FINANCE:
ON THE MONEY-DEBT DEAL STUDENTS
NEW YORK — College is already expensive enough. Now the government’s 11th-hour agreement to raise the debt ceiling includes measures that could drive costs higher for students and families. Federal subsidies for lower-income graduate students are on the chopping block and interest rates on federal and private loans could tick upward. By Candice Choi.
Eds: Available exclusively on AP Exchange/ AP Web Feeds.


Business
TOP STORIES:
ECONOMY-GRIM OUTLOOK
WASHINGTON — Shoppers won’t shop. Companies won’t hire. The government won’t spend on economic stimulus — it’s cutting instead. With no clear sign of what will invigorate growth, there is mounting fear on Wall Street that the U.S. risks sliding into a long-term economic stupor. The Dow Jones industrials were down again Wednesday, on track for their first nine-day losing streak since 1978. By Paul Wiseman.
INVESTOR ANXIETY
BOSTON — The “relief rally” that many investors expected once Washington reached a debt ceiling deal proved to be an illusion. The stock market has declined for eight consecutive days, as the reality of disappointing economic news overshadowed the relief about the government’s narrow avoidance of a default. Signs of investor anxiety abound: Stocks are falling, gold prices rising, Treasury yields are down again. Investors are again pulling money out of stocks, and putting the proceeds back into safe investments like money-market mutual funds. By Mark Jewell
MARKETS & ECONOMY:
WALL STREET
NEW YORK — Stocks slumped again as worries about the economy deepen. The Dow Jones industrial average was down 50 points in afternoon trading, putting in on track for its ninth straight day of losses, the longest losing streak in more than 33 years. The S&P 500 index was headed for its eighth straight loss. By David K. Randall.
— OIL PRICES — Oil prices fell below $92 a barrel as more signs of a slowing U.S. economy raised concerns about demand for everything from gasoline to natural gas used to cool homes.
ECONOMY-SERVICES — Service businesses such as restaurants, hotels and financial companies experienced their weakest growth in 17 months in July. The report confirms other data that show the economy is struggling two years after the recession ended. By Chris Rugaber.
FACTORY ORDERS — Businesses cut back on orders for airplanes, autos and heavy machinery in June, lowering demand for factory goods for the second time in three months. High energy prices and supply disruptions caused by Japan crisis slowed manufacturing this spring, along with the broader economy. By Martin Crutsinger.
— METRO UNEMPLOYMENT — Unemployment rose in more than 90 percent of U.S. cities in June, mirroring a national slowdown in hiring.
— CHINA-US-DEBT — China’s central bank governor urged Washington to handle its debt responsibly, warning that uncertainty in the market for Treasury debt might harm a global economic recovery.
RETAIL
EARNS-DUNKIN’ BRANDS
CANTON, Mass. — Dunkin’ Brands Group Inc., which reported flat earnings after becoming a public company a week earlier, said it plans to rejuvenate the struggling Baskin-Robbins brand in the U.S. and expand its Dunkin’ Donuts chain in Europe. By Christina Rexrode.
EARNS-CLOROX
OAKLAND, Calif. — Consumer products maker Clorox says its fiscal fourth-quarter net income dipped 1 percent as rising commodity costs took a toll. The consumer product maker said it plans to raise prices again soon to compensate. By Christina Rexrode.
— SINGAPORE-P&G-ECONOMY — Procter & Gamble Chief Executive Robert McDonald says his company is preparing for a period of little or no economic growth in developed countries. P&G is scheduled to announce its April-June earnings Friday.
INDUSTRY:
AIRLINES-PROFITS — Sky-high fuel prices have shrunk the profits of the world’s airlines, the industry’s main lobby group said. The International Air Transport Association expects $1.04 billion in profit for the second quarter of 2011, less than half of the $2.88 billion in profit posted in the same period last year. By John Heilprin.
EARNS-MASTERCARD — MasterCard’s second-quarter profit rose 33 percent, as cardholders used their plastic more during the spring months. The company said U.S. shoppers kept on using their cards in July even as uncertainty about the economy increased.
STARR-CHINA MEDIAEXPRESS — A Delaware judge hears arguments on whether to dismiss a lawsuit filed by a unit of Starr International, run by former AIG chairman Hank Greenberg, seeking to force China MediaExpress to turn over company records that Starr believes will show evidence of mismanagement and fraud. Developing from 2 p.m. hearing.
TECHNOLOGY & MEDIA:
HACKERS- CYBERATTACKS — Hackers stole data from governments and U. S. corporations in an orchestrated series of global cyberattacks that lasted for more than five years, according to a report released today by a computer security firm.
EARNS-TIME WARNER
NEW YORK — Media conglomerate Time Warner says its second-quarter profit grew almost 14 percent, thanks to higher revenue from its TV channel business, video games and movies such as “The Hangover Part II.” By Ryan Nakashima.
EARNS-COMCAST — Comcast, the country’s largest cable TV company, is bucking the trend among cable companies by making more money from its TV subscribers.
RIM-NEW BLACKBERRYS — Research In Motion unveiled five new BlackBerrys with touchscreens, as it hopes to revive the line’s dwindling appeal in the face of competition from the iPhone and Android smartphones.
— HULU-ORIGINAL SHOWS — Hulu, the online video service that primarily shows reruns from major broadcasters, is getting into the business of original programming. In the first of several projects, the company teamed up with Morgan Spurlock, the documentary maker who criticized McDonald’s and fast-food lifestyles in “Super Size Me.”
— EARNS-ACTIVISION — Activision Blizzard Inc. reports quarterly financial results after the market close.
— EARNS-CENTURYLINK — CenturyLink’s second-quarter profit fell 78 percent as it had to write off more than expected of the value of Qwest, which it bought in April.
INTERNATIONAL:
EUROPE-FINANCIAL CRISIS
MILAN — Italy’s borrowing rates touched a new euro-era high as a global market sell-off reignited fears that the debt crisis will engulf the eurozone’s third-largest economy. Spain was also under the market spotlight. By Colleen Barry.
— JAPAN-TOYOTA — Toyota told its suppliers in Japan to prepare for ramped up production starting in 2012, signaling that the automaker is confident it’s back on a growth track.
— SWITZERLAND-INTEREST RATES — Switzerland’s central bank is taking steps to lower the franc’s exchange rate, saying the currency is “massively overvalued” and threatening the Swiss economy. Switzerland’s currency, along with gold, has risen sharply because it’s considered a safe haven from the debt and economic woes in Europe and America.
— PORTUGAL-FINANCIAL CRISIS — Portugal raised $1 billion in a short-term debt auction, and its borrowing rate dipped slightly, despite market fears that Spain or Italy may be next in line for a European bailout.
— EUROPE-ECONOMY — Retail sales in the 17 countries that use the euro rose by more than anticipated in June.
— ITALY-EARNS-UNICREDIT — UniCredit SpA, Italy’s largest bank, says second-quarter net profit more than tripled even though its earnings were hit by its exposure to Greek debt.
— JAPAN-KIRIN-BRAZIL — A $2.53 billion bid by Japan’s Kirin Holdings Co. for a controlling stake in Brazilian brewer Schincariol Group is failing to win over investors in either company.
— BRITAIN-STANDARD CHARTERED — Standard Chartered bank reported a first half profit and said it was successfully reaching out to burgeoning middle classes in Asia, Africa and the Middle East.