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AP Business News
07/05/2008 14:43:10
| Challenges abound for Bush at last economic summit
WASHINGTON (AP) - The problems do not get any easier as President Bush attends his final summit with leaders of industrialized democracies. Disputes over global warming, worries about soaring oil prices and uncertainty about Iran and North Korea's nuclear ambitions pose daunting challenges for Bush when he sits down with presidents and prime ministers Monday. More » | Employers use federal law to deny benefits
WASHINGTON (AP) - Dying of cancer, Thomas Amschwand did everything he was told to make sure his wife would collect on the life insurance policy he had through his employer. ``He was obsessed with dotting every `i' and crossing every `t','' Melissa Amschwand-Bellinger recalled about her husband, who died in 2001 at age 30. More » | Companies begin quest for oil, gas off Fla. coast
PENSACOLA, Fla. (AP) - Oil companies once viewed drilling in the deep waters off Florida as cost prohibitive. Politicians feared even the slightest sign of support would be career suicide. No more. Record crude oil prices are fueling support for oil and natural gas exploration off the nation's shores. In Florida, movement was underway even before President Bush called on Congress last month to lift a federal moratorium that's barred new offshore drilling since 1981. More » | Small-cap stock run could herald broader recovery
NEW YORK (AP) - Even as Wall Street skids lower almost by the day, and the major indexes have touched the levels of a bear market, some analysts are actually finding some signs in the performance of small-company stocks that might be pointing to the early stages of a much broader recovery. Small-cap stocks are now doing better than the overall market - and that has some analysts hopeful. These stocks typically get knocked lower during tough economic times as investors look to safer investments, but historically are the first to rise when the economy rebounds. More » | FBI probe latest setback for beleaguered Detroit
DETROIT (AP) - Auto industry cutbacks, double-digit unemployment and one of the nation's highest home foreclosure rates have left Detroit with a dreary economic future. Now, a mayoral text-messaging sex scandal, federal investigation into a City Council-approved $47 million sludge recycling deal, and poorly run and deficit-plagued public school system have dashed inroads toward respect and reopened Detroit to outside ridicule. More » | Travel experts: US share of foreign tourists slips
LAS VEGAS (AP) - Despite the weak U.S. dollar, a boom in international travel around the world hasn't translated into an explosion of foreign tourists to the United States. Explanations range from post-9/11 security headaches and lower airfares elsewhere to poor marketing by the U.S. Whatever the cause, travel industry experts say the U.S. is missing an opportunity to make up for the shortfall in domestic tourism caused by high fuel prices. More » | SocGen fined over trading scandal
PARIS (AP) - France's central bank announced Friday that it has fined Societe Generale $6.3 million for ``serious shortcomings'' in its internal controls that led to nearly $7.8 billion in trading losses announced earlier this year. The Bank of France's banking commission also issued a formal warning to SocGen, France's second-biggest bank, saying shortcomings in ``hierarchical controls'' for extended periods in 2007 fueled the problem. More » | Canadian telecom BCE, suitor agree on terms
TORONTO (AP) - BCE Inc, Canada's largest telecommunications company, said Friday it has agreed on terms of a $35 billion sale to a group led by the Ontario Teachers' Pension Plan in the biggest leveraged buyout ever. The deal is expected to be completed by mid-December. The announcement ends suspense that the banks funding the biggest buyout to date in Canada would try to back out of the deal or that the price would have to be lowered. More » | 9 convicted in Austria fraud case
VIENNA, Austria (AP) - Nine people, including a prominent executive who fled to France in an attempt to elude justice, were convicted Friday of criminal charges in a major Austrian bank fraud case linked to the 2005 collapse of New York-based commodities brokerage Refco Inc. Vienna Federal Court Judge Claudia Bandion-Ortner found the defendants responsible for 1.4 billion euros ($1.9 billion) in losses at BAWAG, Austria's No. 4 bank. More » |
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