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AP Executive Morning Briefing
2 hours ago
The top business news from The Associated Press for the morning of Thursday, Jan. 24, 2008:
Deal for Economic Rescue Package Closer
WASHINGTON (AP) — House Democratic and Republican leaders are looking for imminent agreement with the White House on an emergency package to jolt the economy out of its slump after negotiators on all sides made significant concessions at a late-night bargaining session. House Speaker Nancy Pelosi agreed to drop increases in food stamp and unemployment benefits during the Wednesday meeting in exchange for gaining a rebates of at least $300 for each person earning a paycheck, including low-income earners who make too little to pay income taxes.
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Asian Markets Mixed After Dow's Rebound
TOKYO (AP) — Asian markets were mixed Thursday as a stunning comeback on Wall Street overnight left some investors heartened but failed to completely allay concerns about the U.S. economy. Markets in Japan, South Korea, Australia and the Phillippines all rose for a second day, helping them erase losses from their steep slide earlier this week that was driven by fears of a recession in the U.S., a vital export market.
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French Bank Finds $7.14 Billion Fraud
PARIS (AP) — French bank Societe Generale has uncovered a $7.14 billion fraud that, combined with a write-down from its subprime exposure, will force it to seek $8.02 billion in new capital, the bank said. France's second-largest bank by market value after BNP Paribas SA said it detected the fraud at its French markets division the weekend of Jan. 19. A trader at the futures desk had taken "massive fraudulent directional positions in 2007 and 2008 beyond his limited authority," SocGen said.
___
YouTube Expands Mobile Video Service
SAN FRANCISCO (AP) — YouTube is expanding its mobile service to include virtually all of the videos available on its Web site, hoping to widen its sway on pop culture. Beginning Thursday, most people equipped with the latest generation of mobile phones will be able to peruse tens of millions of YouTube videos. YouTube first began showing videos on phones in 2006, but only a few thousand clips had been available until now.
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Online Auctioneer EBay Shifts Gears
SAN FRANCISCO (AP) — Calling eBay Inc. her "baby," outgoing chief executive Meg Whitman is promising a smooth transition to a new corporate leadership team as she gives up day-to-day control of the online auction company she has led for 10 years. "EBay is my baby in many ways, and I wanted to make sure the transition was handled in a first class way," Whitman told The Associated Press. She will remain on eBay's board of directors and make herself available to the new team, but looks forward to escaping the 24/7 grind.
___
Digital Music Sales Up Worldwide
LONDON (AP) — Record companies' revenue from digital music sales rose 40 percent to $2.9 billion over the past year, but the growth is still failing to cover losses from collapse of international CD sales, the music industry's global trade body said Thursday. The International Federation of the Phonographic Industry, or IFPI, said the increase in legitimate music sales did not come close to offsetting the billions of dollars being lost to music piracy, with illegal downloads outnumbering the number of tracks sold by a factor of 20-to-1.
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Toyota Still Close No. 2 to GM
TOKYO (AP) — General Motors just barely retained its lead over Toyota as the world's No. 1 automaker last year, but the neck-and-neck competition will only intensify in the coming year as the two rivals vie for sales in China, India and other newer, booming markets. It was the solid sales growth in such emerging markets that gave General Motors Corp. its slight edge over Toyota Motor Corp. in 2007 global vehicle sales, allowing the U.S. automaker to keep its top spot for the 77th year.
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China's Economy Grows 11.2 Percent
BEIJING (AP) — China's economy grew by a blistering 11.2 percent in the fourth quarter, propelling annual growth to its fastest rate in 13 years, the government said Thursday, showing that China remains vibrant despite worries that a possible U.S. recession will drag on global growth. Analysts say China — closing in on Germany as the world's third-largest economy — could help to drive world growth in the event of a U.S. slowdown, though they say it alone cannot fill the whole gap.
___
Agribusiness Stocks Lag on Oil Drop
ST. LOUIS (AP) — Oil prices are falling, which might be bad news for U.S. farmers and agribusiness firms because of their growing dependence on selling biofuels. Traditionally, a drop in petroleum prices would mean that farmers paid less to grow their crops, helping boost production and increase supplies for big corporations like Archer-Daniels-Midland Co. More crops also meant higher demand for seeds and other herbicides from the likes of Monsanto Co.
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Lone Star Funds Head Leaves South Korea
SEOUL, South Korea (AP) — The head of Lone Star Funds left South Korea on Thursday following extensive grilling by prosecutors over the U.S. buyout group's activities in the country. Lone Star Chairman John Grayken said he underwent 10 days of questioning by the Supreme Prosecutors' Office in relation to the private equity firm's purchase of Korea Exchange Bank in 2003 and the acquisition shortly thereafter of its credit card unit.
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Gold Prices
LONDON (AP) — Gold bullion opened Thursday at a bid price of $891.30 a troy ounce, up from $888.40 late Wednesday.
___
Japan Markets
TOKYO (AP) — Japan's benchmark stock index rose more than 2 percent Thursday as traders were encouraged by rising shares in other Asian markets and bought real estate and bank issues. The benchmark Nikkei index gained 263.72 points, or 2.06 percent, to close at 13,092.78 on the Tokyo Stock Exchange. On Wednesday, the index added 2.04 percent.
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Dollar-Yen
TOKYO (AP) — The U.S. dollar rose to 106.58 yen midafternoon in Tokyo, up from 105.75 yen in late Wednesday New York.
A service of The Associated Press. Copyright 2008 All rights reserved.
AP Executive Morning Briefing
2 hours ago
The top business news from The Associated Press for the morning of Thursday, Jan. 24, 2008:
Deal for Economic Rescue Package Closer
WASHINGTON (AP) — House Democratic and Republican leaders are looking for imminent agreement with the White House on an emergency package to jolt the economy out of its slump after negotiators on all sides made significant concessions at a late-night bargaining session. House Speaker Nancy Pelosi agreed to drop increases in food stamp and unemployment benefits during the Wednesday meeting in exchange for gaining a rebates of at least $300 for each person earning a paycheck, including low-income earners who make too little to pay income taxes.
___
Asian Markets Mixed After Dow's Rebound
TOKYO (AP) — Asian markets were mixed Thursday as a stunning comeback on Wall Street overnight left some investors heartened but failed to completely allay concerns about the U.S. economy. Markets in Japan, South Korea, Australia and the Phillippines all rose for a second day, helping them erase losses from their steep slide earlier this week that was driven by fears of a recession in the U.S., a vital export market.
___
French Bank Finds $7.14 Billion Fraud
PARIS (AP) — French bank Societe Generale has uncovered a $7.14 billion fraud that, combined with a write-down from its subprime exposure, will force it to seek $8.02 billion in new capital, the bank said. France's second-largest bank by market value after BNP Paribas SA said it detected the fraud at its French markets division the weekend of Jan. 19. A trader at the futures desk had taken "massive fraudulent directional positions in 2007 and 2008 beyond his limited authority," SocGen said.
___
YouTube Expands Mobile Video Service
SAN FRANCISCO (AP) — YouTube is expanding its mobile service to include virtually all of the videos available on its Web site, hoping to widen its sway on pop culture. Beginning Thursday, most people equipped with the latest generation of mobile phones will be able to peruse tens of millions of YouTube videos. YouTube first began showing videos on phones in 2006, but only a few thousand clips had been available until now.
___
Online Auctioneer EBay Shifts Gears
SAN FRANCISCO (AP) — Calling eBay Inc. her "baby," outgoing chief executive Meg Whitman is promising a smooth transition to a new corporate leadership team as she gives up day-to-day control of the online auction company she has led for 10 years. "EBay is my baby in many ways, and I wanted to make sure the transition was handled in a first class way," Whitman told The Associated Press. She will remain on eBay's board of directors and make herself available to the new team, but looks forward to escaping the 24/7 grind.
___
Digital Music Sales Up Worldwide
LONDON (AP) — Record companies' revenue from digital music sales rose 40 percent to $2.9 billion over the past year, but the growth is still failing to cover losses from collapse of international CD sales, the music industry's global trade body said Thursday. The International Federation of the Phonographic Industry, or IFPI, said the increase in legitimate music sales did not come close to offsetting the billions of dollars being lost to music piracy, with illegal downloads outnumbering the number of tracks sold by a factor of 20-to-1.
___
Toyota Still Close No. 2 to GM
TOKYO (AP) — General Motors just barely retained its lead over Toyota as the world's No. 1 automaker last year, but the neck-and-neck competition will only intensify in the coming year as the two rivals vie for sales in China, India and other newer, booming markets. It was the solid sales growth in such emerging markets that gave General Motors Corp. its slight edge over Toyota Motor Corp. in 2007 global vehicle sales, allowing the U.S. automaker to keep its top spot for the 77th year.
___
China's Economy Grows 11.2 Percent
BEIJING (AP) — China's economy grew by a blistering 11.2 percent in the fourth quarter, propelling annual growth to its fastest rate in 13 years, the government said Thursday, showing that China remains vibrant despite worries that a possible U.S. recession will drag on global growth. Analysts say China — closing in on Germany as the world's third-largest economy — could help to drive world growth in the event of a U.S. slowdown, though they say it alone cannot fill the whole gap.
___
Agribusiness Stocks Lag on Oil Drop
ST. LOUIS (AP) — Oil prices are falling, which might be bad news for U.S. farmers and agribusiness firms because of their growing dependence on selling biofuels. Traditionally, a drop in petroleum prices would mean that farmers paid less to grow their crops, helping boost production and increase supplies for big corporations like Archer-Daniels-Midland Co. More crops also meant higher demand for seeds and other herbicides from the likes of Monsanto Co.
___
Lone Star Funds Head Leaves South Korea
SEOUL, South Korea (AP) — The head of Lone Star Funds left South Korea on Thursday following extensive grilling by prosecutors over the U.S. buyout group's activities in the country. Lone Star Chairman John Grayken said he underwent 10 days of questioning by the Supreme Prosecutors' Office in relation to the private equity firm's purchase of Korea Exchange Bank in 2003 and the acquisition shortly thereafter of its credit card unit.
___
Gold Prices
LONDON (AP) — Gold bullion opened Thursday at a bid price of $891.30 a troy ounce, up from $888.40 late Wednesday.
___
Japan Markets
TOKYO (AP) — Japan's benchmark stock index rose more than 2 percent Thursday as traders were encouraged by rising shares in other Asian markets and bought real estate and bank issues. The benchmark Nikkei index gained 263.72 points, or 2.06 percent, to close at 13,092.78 on the Tokyo Stock Exchange. On Wednesday, the index added 2.04 percent.
___
Dollar-Yen
TOKYO (AP) — The U.S. dollar rose to 106.58 yen midafternoon in Tokyo, up from 105.75 yen in late Wednesday New York.
A service of The Associated Press. Copyright 2008 All rights reserved.
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