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AP Executive Morning Briefing
32 minutes ago
The top business news from The Associated Press for the morning of Monday, Jan. 21, 2008:
Asia Stocks Sink Amid US Recession Fears
TOKYO (AP) — Asian stock markets plunged Monday following declines on Wall Street last week amid investor pessimism over the U.S. government's stimulus plan to prevent a recession. India's benchmark Sensex stock index fell as much as 10.9 percent in afternoon trading, while Hong Kong's blue-chip Hang Seng index plummeted 5.5 percent to 23,818.86, its biggest percentage drop since the Sept. 11, 2001, terror attacks.
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Schumer: Expand Those Helped by Stimulus
WASHINGTON (AP) — Any rebate included in an economic stimulus plan should include people who pay Social Security taxes, not just those who pay income taxes, a leading Democratic lawmaker said Sunday. "If we did the rebate based on the payroll tax, it would hit a lot more people at a lower end of the spectrum. And so to just say income taxes are the only taxes we're considering that people pay is unfair," said Charles Schumer, the New York lawmaker who is chairman of the congressional Joint Economic Committee. People making $35,000 to $50,000 pay a lot of federal taxes, he said, but much of that is not income tax, but directed to programs like Social Security.
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LA Times Editor Fired in Budget Dispute
LOS ANGELES (AP) — The Los Angeles Times fired its top editor after he rejected a management order to cut $4 million from the newsroom budget, 14 months after his predecessor was also ousted in a budget dispute, the newspaper said Sunday. James O'Shea was fired following a confrontation with Publisher David D. Hiller, the Times reported on its Web site. The story didn't say when the confrontation took place.
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Wall Street Braces for More Volatility
NEW YORK (AP) — With Wall Street falling precipitously almost by the day, investors are asking what it will take to revive it. Market experts are increasingly coming to the same answer: Time. There is no piece of economic data, no corporate earnings report, no move by the Federal Reserve and no government tax plan that will be able to soothe the market's anxiety in the next couple weeks over the weakening economy.
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'Cloverfield' Sets January Movie Record
LOS ANGELES (AP) — The creature-feature "Cloverfield" became the first monster hit released in 2008, debuting with $41 million, a record opening for January, according to studio estimates Sunday. Paramount's tale of a giant reptile causing chaos in New York City surpassed the $35.9 million premiere weekend of the "Star Wars" special edition in 1997, the previous best for January.
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Nissan Sees US As Tough Market for Sales
TOKYO (AP) — A top Nissan executive said Monday that selling cars in the United States is going to be tough this year because of a likely U.S. economic slowdown amid problems in the credit and housing markets as well as a stronger yen. Automakers and analysts are predicting that this year's U.S. auto sales could drop to their lowest level in a decade to about 16 million vehicles or lower.
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Oil Drops Below $90 a Barrel
SINGAPORE (AP) — Oil prices fell Monday in Asia as concern over the U.S. economy drove down regional stock markets and outweighed concern that OPEC will resist pressure to raise crude production levels. Oil prices have now retreated more than $10 from a record above $100 a barrel early this year on worries a flagging U.S. economy would dampen fuel demand. Prices had gained Friday on hopes that President George W. Bush's economic stimulus plan would work.
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LinkedIn Founder Has Golden Touch
MOUNTAIN VIEW, Calif. (AP) — Few Internet entrepreneurs practice what they preach as devoutly as LinkedIn Corp. co-founder Reid Hoffman, whose business revolves around his belief that good fortune flows from good relationships. Hoffman, 40, has put that principle to work by mining his own vast network of Silicon Valley connections to rake in one Internet jackpot after another.
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Casinos Threaten Hong Kong Racing Club
HONG KONG (AP) — The 124-year-old Hong Kong Jockey Club, whose racetrack revenues are one of the secrets of the territory's economic success, is facing a decidedly modern threat: glitzy casinos being built by Las Vegas operators in nearby Macau. The new competitors are draining away at least $2.4 billion a year in potential betting revenue, or about 20 percent of last year's take, estimates the club's Chief Executive Officer Winfried Engelbrecht-Bresges.
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China Real Estate Brokers Face Slowdown
SHANGHAI, China (AP) — After booming in recent years, China's real estate market is finally beginning to feel the pinch from sagging demand and tighter controls. One of China's biggest real estate agencies, Chuanghui Real Estate, has shuttered dozens of outlets in Shanghai and other cities, leaving behind angry customers and employees, following an ill-timed expansion just as the market was peaking.
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Gold Prices
LONDON (AP) — Gold bullion opened Monday at a bid price of $876.60 a troy ounce, down from $880.20 late Friday.
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Japan Markets
TOKYO (AP) — Japanese stocks plunged Monday, tracking declines on Wall Street and around Asia, on worries that the U.S. economy is recession-bound. Major exporters such as Toyota and Honda sank. The Nikkei 225 index shed 535.35 points, or 3.86 percent, to close at 13,325.94 on the Tokyo Stock Exchange. The drop erased the combined 2.6 percent gain in the market Thursday and Friday.
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Dollar-Yen
TOKYO (AP) — The dollar rose against the yen in Asia Monday, as Japanese importers bought the unit to settle accounts. The greenback also gained on the euro, with non-Japanese investors selling the latter to lock in profits amid concerns about Europe's economic outlook. The dollar was trading at 106.76 yen at 2:50 p.m. Monday, up from 106.67 yen late Friday in New York.
A service of The Associated Press. Copyright 2008 All rights reserved.
http://ap.google.com/article/ALeqM5j...kYAzgD8UA78H81
32 minutes ago
The top business news from The Associated Press for the morning of Monday, Jan. 21, 2008:
Asia Stocks Sink Amid US Recession Fears
TOKYO (AP) — Asian stock markets plunged Monday following declines on Wall Street last week amid investor pessimism over the U.S. government's stimulus plan to prevent a recession. India's benchmark Sensex stock index fell as much as 10.9 percent in afternoon trading, while Hong Kong's blue-chip Hang Seng index plummeted 5.5 percent to 23,818.86, its biggest percentage drop since the Sept. 11, 2001, terror attacks.
___
Schumer: Expand Those Helped by Stimulus
WASHINGTON (AP) — Any rebate included in an economic stimulus plan should include people who pay Social Security taxes, not just those who pay income taxes, a leading Democratic lawmaker said Sunday. "If we did the rebate based on the payroll tax, it would hit a lot more people at a lower end of the spectrum. And so to just say income taxes are the only taxes we're considering that people pay is unfair," said Charles Schumer, the New York lawmaker who is chairman of the congressional Joint Economic Committee. People making $35,000 to $50,000 pay a lot of federal taxes, he said, but much of that is not income tax, but directed to programs like Social Security.
___
LA Times Editor Fired in Budget Dispute
LOS ANGELES (AP) — The Los Angeles Times fired its top editor after he rejected a management order to cut $4 million from the newsroom budget, 14 months after his predecessor was also ousted in a budget dispute, the newspaper said Sunday. James O'Shea was fired following a confrontation with Publisher David D. Hiller, the Times reported on its Web site. The story didn't say when the confrontation took place.
___
Wall Street Braces for More Volatility
NEW YORK (AP) — With Wall Street falling precipitously almost by the day, investors are asking what it will take to revive it. Market experts are increasingly coming to the same answer: Time. There is no piece of economic data, no corporate earnings report, no move by the Federal Reserve and no government tax plan that will be able to soothe the market's anxiety in the next couple weeks over the weakening economy.
___
'Cloverfield' Sets January Movie Record
LOS ANGELES (AP) — The creature-feature "Cloverfield" became the first monster hit released in 2008, debuting with $41 million, a record opening for January, according to studio estimates Sunday. Paramount's tale of a giant reptile causing chaos in New York City surpassed the $35.9 million premiere weekend of the "Star Wars" special edition in 1997, the previous best for January.
___
Nissan Sees US As Tough Market for Sales
TOKYO (AP) — A top Nissan executive said Monday that selling cars in the United States is going to be tough this year because of a likely U.S. economic slowdown amid problems in the credit and housing markets as well as a stronger yen. Automakers and analysts are predicting that this year's U.S. auto sales could drop to their lowest level in a decade to about 16 million vehicles or lower.
___
Oil Drops Below $90 a Barrel
SINGAPORE (AP) — Oil prices fell Monday in Asia as concern over the U.S. economy drove down regional stock markets and outweighed concern that OPEC will resist pressure to raise crude production levels. Oil prices have now retreated more than $10 from a record above $100 a barrel early this year on worries a flagging U.S. economy would dampen fuel demand. Prices had gained Friday on hopes that President George W. Bush's economic stimulus plan would work.
___
LinkedIn Founder Has Golden Touch
MOUNTAIN VIEW, Calif. (AP) — Few Internet entrepreneurs practice what they preach as devoutly as LinkedIn Corp. co-founder Reid Hoffman, whose business revolves around his belief that good fortune flows from good relationships. Hoffman, 40, has put that principle to work by mining his own vast network of Silicon Valley connections to rake in one Internet jackpot after another.
___
Casinos Threaten Hong Kong Racing Club
HONG KONG (AP) — The 124-year-old Hong Kong Jockey Club, whose racetrack revenues are one of the secrets of the territory's economic success, is facing a decidedly modern threat: glitzy casinos being built by Las Vegas operators in nearby Macau. The new competitors are draining away at least $2.4 billion a year in potential betting revenue, or about 20 percent of last year's take, estimates the club's Chief Executive Officer Winfried Engelbrecht-Bresges.
___
China Real Estate Brokers Face Slowdown
SHANGHAI, China (AP) — After booming in recent years, China's real estate market is finally beginning to feel the pinch from sagging demand and tighter controls. One of China's biggest real estate agencies, Chuanghui Real Estate, has shuttered dozens of outlets in Shanghai and other cities, leaving behind angry customers and employees, following an ill-timed expansion just as the market was peaking.
___
Gold Prices
LONDON (AP) — Gold bullion opened Monday at a bid price of $876.60 a troy ounce, down from $880.20 late Friday.
___
Japan Markets
TOKYO (AP) — Japanese stocks plunged Monday, tracking declines on Wall Street and around Asia, on worries that the U.S. economy is recession-bound. Major exporters such as Toyota and Honda sank. The Nikkei 225 index shed 535.35 points, or 3.86 percent, to close at 13,325.94 on the Tokyo Stock Exchange. The drop erased the combined 2.6 percent gain in the market Thursday and Friday.
___
Dollar-Yen
TOKYO (AP) — The dollar rose against the yen in Asia Monday, as Japanese importers bought the unit to settle accounts. The greenback also gained on the euro, with non-Japanese investors selling the latter to lock in profits amid concerns about Europe's economic outlook. The dollar was trading at 106.76 yen at 2:50 p.m. Monday, up from 106.67 yen late Friday in New York.
A service of The Associated Press. Copyright 2008 All rights reserved.
http://ap.google.com/article/ALeqM5j...kYAzgD8UA78H81
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