Business Headlines

Challenges abound for Bush at last economic summit

AP - Saturday, July 5, 2008 9:32 a.m.

WASHINGTON (AP) -- The problems do not get any easier as President Bush attends his final summit with leaders of industrialized democracies....

Employers use federal law to deny benefits

AP - Saturday, July 5, 2008 8:04 a.m.

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....

Businesses Use Economy As Sales Gimmick

NPR - Saturday, July 5, 2008 6:34 a.m.

Many businesses are using the economic crunch as a marketing tool. But will people spend money if you keep reminding them how tight things are? Seth Stevenson, ad critic for the online magazine Slate, talks about what ads we\'re watching and what it means.

Retail Changes Key To Starbucks Closings

NPR - Saturday, July 5, 2008 6:34 a.m.

Starbucks announced this week that it\'s closing about 600 stores, but it\'s not the only chain slimming down to meet hard economic times. Retail consultant Howard Davidowitz says consumers are going to get so scared they will start saving and spend less.

Companies begin quest for oil, gas off Fla. coast

AP - Saturday, July 5, 2008 5:56 a.m.

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....

Before Microsoft, Gates Solved A Pancake Problem

NPR - Saturday, July 5, 2008 4:52 a.m.

Before Bill Gates became a household name, he went to Harvard. His sophomore year, he was assigned a complicated mathematics problem caputred his interest, which — no surprise — he solved. His paper on the solution was published, and until recently it remained the best solution to that problem: stacking pancakes.

FBI probe latest setback for beleaguered Detroit

AP - Saturday, July 5, 2008 3:15 a.m.

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....

9 convicted in Austria fraud case

AP - Saturday, July 5, 2008 1:24 a.m.

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....

Canadian telecom BCE, suitor agree on terms

AP - Saturday, July 5, 2008 1:22 a.m.

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....

SocGen fined over trading scandal

AP - Saturday, July 5, 2008 1:21 a.m.

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....

Small-cap stock run could herald broader recovery

AP - Saturday, July 5, 2008 1:21 a.m.

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....

Travel experts: US share of foreign tourists slips

AP - Saturday, July 5, 2008 1:21 a.m.

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....

Smooth sailing for yacht builders despite economy

AP - Friday, July 4, 2008 9:22 p.m.

NEW ORLEANS (AP) -- Fuel prices are soaring and credit markets tightening, but the super-rich are still lining up to pay tens of millions of dollars for mega yachts....

2 supervisors at raided meatpacking plant arrested

AP - Friday, July 4, 2008 6:06 p.m.

DES MOINES, Iowa (AP) -- Two supervisors at an Iowa meatpacking plant that was raided by federal immigration agents in May were arrested and charged with encouraging people to live in the United States illegally....

Farmers say salmonella scare has hurt tomato sales

AP - Friday, July 4, 2008 4:13 p.m.

FRESNO, Calif. (AP) -- Expect fewer slices of red, ripe tomatoes next to the grill this holiday weekend....

Oil prices fall more than $1 a barrel

AP - Friday, July 4, 2008 2:10 p.m.

Oil prices fell more than $1 a barrel Friday from record levels set a day earlier on hopes that tensions surrounding Iran\'s nuclear program could ease and cut the chances of American or Israeli military action against OPEC\'s second-largest oil producer....

EU widens Billiton-Rio Tinto probe

AP - Friday, July 4, 2008 1:52 p.m.

BRUSSELS, Belgium (AP) -- The European Commission on Friday widened its antitrust probe into the proposed acquisition of Rio Tinto Inc. by BHP Billiton Ltd., saying an initial investigation revealed concerns about higher prices and reduced choice for European customers of the mining concerns....

Financial Aid Woes Boost Community College Appeal

NPR - Friday, July 4, 2008 1:05 p.m.

Despite efforts by the Bush Administration and Congress to quell turmoil in the student loan market, some students are struggling to find money for college. We examine the case of two recent high school graduates who have been promised financial aid, but don\'t know how much they can count on.

TPG pulls out of Bradford & Bingley plan

AP - Friday, July 4, 2008 11:18 a.m.

LONDON (AP) -- Bradford & Bingley PLC said Friday it is revising its plans to raise new capital after U.S. private equity fund Texas Pacific Group pulled out of its agreement to invest more than $350 million in the mortgage banker....

UBS may post small loss for 2Q

AP - Friday, July 4, 2008 10:48 a.m.

ZURICH, Switzerland (AP) -- UBS AG, Switzerland\'s largest bank, said Friday it expects its second-quarter results to be "at or slightly below break-even" due to a tax credit that will at least partly offset investment losses. It also said it won\'t need to ask for more capital when it reports the results next month....

European shares fall, Asia markets mixed

AP - Friday, July 4, 2008 10:30 a.m.

LONDON (AP) -- European markets fell and Asian markets were mixed Friday as investors digested uneven readings on the U.S. economy and oil prices that remained near records. Japan posted its 12th straight day of losses....

G-8 meets as economy storm clouds thicken

AP - Friday, July 4, 2008 10:26 a.m.

SAPPORO, Japan (AP) -- Between surging oil prices, food inflation and a credit crunch that\'s depressed global growth, leaders from the Group of Eight economic powers face the gravest combination of economic woes in at least a decade when they gather next week....

Rebate Checks Also Stimulating the Porn Industry

NPR - Friday, July 4, 2008 10:17 a.m.

This year\'s tax-rebate checks sent out to boost your bank account are also boosting the porn industry. A company that tracks the online adult entertainment market says many sites report a 20 percent to 30 percent increase in membership since May. About a third of these members said the stimulus checks were a factor in their decision to join or renew.

BHP, China's Baosteel agree iron ore price hike

AP - Friday, July 4, 2008 8:40 a.m.

SYDNEY, Australia (AP) -- BHP Billiton Ltd. said Friday that China\'s Baosteel, negotiating on behalf of the Chinese steel industry, agreed to price hikes of up to 96.5 percent for iron ore supplies this year following protracted negotiations....

What 'Bear Markets' Mean For The Economy

NPR - Friday, July 4, 2008 7:28 a.m.

Some economists are saying that the economy has slumped into a "bear market," but what does that term really mean? Co-host Ari Shapiro talks with David Wessel, economics editor of the Wall Street Journal, who says that the way experts talk about the economy can have a significant impact on it.

Saudis Refuse To Boost Output As Oil Summit Ends

NPR - Friday, July 4, 2008 7:26 a.m.

A meeting of oil producers and consumers has ended in Madrid, with little hope of any reduction in the price of fuel.

Luxury Retailers Want eBay To Police For Knockoffs

NPR - Friday, July 4, 2008 7:24 a.m.

A French court ruled this week that eBay must pay Louis Vuitton more than $60 million in damages for allowing fake goods to be sold through its site. Co-host Ari Shapiro talks with Chris Sprigman, a professor of intellectual property law at the University of Virginia, about the implications of the ruling.

All That And A Bag Of Beer Chips

NPR - Friday, July 4, 2008 3 a.m.

Co-host Renee Montagne has today\'s Last Word in business.

62,000 jobs lost, off nearly half-million for year

AP - Friday, July 4, 2008 2:54 a.m.

WASHINGTON (AP) -- The nation lost jobs for a sixth month in a row in June, a storm of pink slips drenching this year\'s July Fourth holiday for more than 60,000 Americans and leaving thousands more worried about the future....

Australia's Origin Energy rejects BG's $13B bid

AP - Friday, July 4, 2008 2:52 a.m.

MELBOURNE, Australia (AP) -- Origin Energy Ltd., Australia\'s second largest power retailer, rejected a $13 billion takeover bid Friday from British natural gas producer BG Group....

American Airlines workers brace for job cuts

AP - Friday, July 4, 2008 2:52 a.m.

DALLAS (AP) -- Many more job cuts, likely totaling more than 6,000, are likely at American Airlines as the nation\'s largest airline hunkers down and tries to survive record high fuel costs....

Japan's ANA may purchase Airbus A380

AP - Friday, July 4, 2008 2:51 a.m.

TOKYO (AP) -- All Nippon Airways Co. is studying buying about five Airbus superjumbo A380s or other aircraft for long-haul routes, the Japanese carrier said Friday....

Chrysler looks at auto alliance with Chinese

AP - Friday, July 4, 2008 2:48 a.m.

BEIJING (AP) -- Chrysler LLC, looking for foreign partnerships to help drive its business as U.S. sales slump, announced a deal with China\'s Great Wall Motor Co. on Friday to study sharing technology, components and distribution....

Prices And Demand Skyrocket, Not Fireworks

NPR - Thursday, July 3, 2008 9 p.m.

A series of supply and production problems in China have caused cities across the U.S. to curtail or completely cut their fireworks shows this Fourth of July. The problems have even affected commercial sales, driving prices sky-high.

Judge urges Eli Lilly to settle Zyprexa lawsuit

AP - Thursday, July 3, 2008 7:53 p.m.

INDIANAPOLIS (AP) -- A federal judge in New York is urging Eli Lilly and Co. to settle a multibillion-dollar lawsuit filed by insurance companies, unions and others who claim the pharmaceutical giant overpriced its top-selling drug Zyprexa and exaggerated its usefulness....

Judge in NY scolds hedge fund scammer who ran away

AP - Thursday, July 3, 2008 3:44 p.m.

NEW YORK (AP) -- A hedge fund cheat who tried to fake his own death and spent nearly a month as a fugitive told a judge Thursday that he really did try to commit suicide while on the run, saying he thought it would be better to do himself in than turn himself in....

Penn National's $5.82 billion takeover is off

AP - Thursday, July 3, 2008 3:43 p.m.

PHILADELPHIA (AP) -- Two investment firms pulled the plug Thursday on their $5.82 billion acquisition of Penn National Gaming Inc. after the racetrack and casino operator\'s stock price tumbled....

Ky. lawyers face new trial in diet-drug settlement

AP - Thursday, July 3, 2008 2:46 p.m.

COVINGTON, Ky. (AP) -- Two lawyers accused of defrauding their clients in a diet-drug settlement of $65 million were sent back to jail Thursday after a jury deadlocked and a federal judge declared a mistrial....

Stocks end mixed following jobs, services data

AP - Thursday, July 3, 2008 2:23 p.m.

NEW YORK (AP) -- Wall Street capped a shortened trading week with a mixed finish Thursday after some uneven economic data: news of a contraction in the nation\'s services sector and a tame reading on employment. But stocks still had their third dismal week in a row, with the major indexes again posting losses as worries about rising oil prices and the fallout from the credit crisis dogged the market....

NY judge orders prison for former Refco CEO

AP - Thursday, July 3, 2008 2:07 p.m.

NEW YORK (AP) -- The former head of Refco Inc., blamed for the collapse of one of the world\'s largest commodities brokerages, was sentenced to 16 years in prison Thursday by a judge who decried the "staggeringly arrogant" greed of white collar criminals....

FHA Aims To Curb No-Money-Down Loan Program

NPR - Thursday, July 3, 2008 1:31 p.m.

The Federal Housing Administration says homebuyers who receive down payments through nonprofits are more likely to default on FHA loans than homebuyers who put up the money themselves. Supporters of the assistance program are fighting back.

Median Net Worth Declines

NPR - Thursday, July 3, 2008 1:22 p.m.

The Fed\'s report in June said the net worth of Americans showed the biggest decline since 2002. Scott Hoyt, senior director of consumer economics at Moody\'s Economy.com, says when the value of assets fall, it makes it harder to reach financial goals.

Employers Cut Jobs For Sixth Straight Month

NPR - Thursday, July 3, 2008 1 p.m.

The U.S. economy lost jobs for the sixth straight month in June. The Labor Department says employers cut 62,000 jobs from their payrolls. The unemployment rate was unchanged at 5.5 percent. The data were in line with economists\' expectations.

Service sector contracts as orders fall

AP - Thursday, July 3, 2008 11:30 a.m.

NEW YORK (AP) -- Higher oil prices caused service businesses to shrink in June, as falling new orders and rising costs hit the nation\'s coffee shops, paper mills and corner stores....

Continental ordered to trial in Concorde explosion

AP - Thursday, July 3, 2008 10:51 a.m.

PARIS (AP) -- A French judge ordered Continental Airlines and five people to stand trial on charges of manslaughter for the 2000 crash of a Concorde jet that killed 113 people, a prosecutor said Thursday....

ECB raises key rate to 4.25 percent

AP - Thursday, July 3, 2008 9:46 a.m.

FRANKFURT, Germany (AP) -- Wary of higher energy and commodity prices, the European Central Bank raised its benchmark interest rate Thursday by a quarter percentage point to 4.25 percent, a move it hopes will help curtail rising inflation in the 15 countries that use the euro....

Analyst: GM not in immediate danger of bankruptcy

AP - Thursday, July 3, 2008 7:47 a.m.

DETROIT (AP) -- An auto analyst with JPMorgan says General Motors Corp. is not in danger of an imminent bankruptcy, but will need to raise about $10 billion in cash to weather the downturn in U.S. auto sales....

FAA Report: Agency Too Cozy With Airlines

NPR - Thursday, July 3, 2008 7:43 a.m.

The Federal Aviation Administration inspector general issued a stern rebuke to his own agency. Still, says The Wall Street Journal\'s Andy Pasztor, the U.S. safety record is excellent — for now.

Bourbon producers see amber-colored future

AP - Thursday, July 3, 2008 7:33 a.m.

LAWRENCEBURG, Ky. (AP) -- To Wild Turkey master distiller Jimmy Russell, the piercing sounds of a warehouse rising in the Kentucky countryside are the sounds of prosperity....

Employers Cut More Than 60,000 Jobs In June

NPR - Thursday, July 3, 2008 7:04 a.m.

Some 62,000 jobs were cut from company payrolls in June, and the number of laid-off workers seeking benefits also rose sharply last week. The figures are further signs of a slowing U.S. economy.

Why We Spend More Using Credit Versus Cash

NPR - Thursday, July 3, 2008 6:30 a.m.

Why is it that people seem to spend more when they use credit cards than when they use cash? The answer could be rooted in psychology. Robert Frank, an economics professor at Cornell University, talks about how the brain works when it comes to paying for goods, and how people can avoid spending too much of their money.

Home Prices Drop More Steeply Outside Cities

NPR - Thursday, July 3, 2008 6:23 a.m.

In some parts of the country, house prices are dropping faster outside cities rather than inside them. It could be because migration to America\'s fastest growing areas has slowed in the past year. William Frey, a senior fellow at the Brookings Institution, talks about the housing markets that are cooling fastest, and why.

SKorean leader calls for end to beef dispute

AP - Thursday, July 3, 2008 5:17 a.m.

SEOUL, South Korea (AP) -- South Korea\'s president called Thursday for an end to a long-running dispute over American beef imports, saying it was time for the nation to concentrate instead on overcoming its economic difficulties....

Paulson: no quick fix for oil price

AP - Thursday, July 3, 2008 4:41 a.m.

LONDON (AP) -- U.S. Treasury Secretary Henry Paulson warned Thursday that rising oil prices are likely to prolong the world economic slowdown....

Bush's final G-8 summit may be harmonious

AP - Thursday, July 3, 2008 4:40 a.m.

WASHINGTON (AP) -- The issues are as difficult as ever, but the conditions are likely to be more conducive to agreement as President Bush attends his eighth and final economic summit of industrial democracies....

Oil Prices, Global Worries Drag Down Asian Stocks

NPR - Thursday, July 3, 2008 3 a.m.

Co-host Ari Shapiro has this morning\'s business news.

Visa Changes PIN Policy For $25-Or-Less Purchases

NPR - Thursday, July 3, 2008 3 a.m.

Visa is rescinding a rule that requires merchants to treat Visa-branded PIN-debit cards differently from signature debit cards. Co-host Renee Montagne reports.

Air New Zealand to lift fares again

AP - Wednesday, July 2, 2008 10:43 p.m.

WELLINGTON, New Zealand (AP) -- Air New Zealand will increase domestic and international fares from mid-July, the airline said Thursday, blaming its fourth fare hike since March on rising fuel prices....

Report: Microsoft seeks help for another Yahoo bid

AP - Wednesday, July 2, 2008 10:19 p.m.

SAN FRANCISCO (AP) -- Unable to strike a deal on its own, Microsoft Corp. reportedly is hoping to snap up Yahoo\'s online search operations with the help of News Corp. and Time Warner Inc....

R.I. lead paint ruling ends hope of costly cleanup

AP - Wednesday, July 2, 2008 9:53 p.m.

PROVIDENCE, R.I. (AP) -- Health advocates and Rhode Island officials say it will be much harder to eliminate childhood lead poisoning after the state Supreme Court overturned a landmark jury verdict that could have led to a multibillion-dollar cleanup of lead paint....

Movie productions keep rolling despite uncertainty

AP - Wednesday, July 2, 2008 9:34 p.m.

LOS ANGELES (AP) -- On-location movie shoots are on the rise in Los Angeles, despite repeated warnings from Hollywood studios that the possibility of an actors strike had stalled moviemaking, a permitting group said Wednesday....

LA Times to cut 250 jobs, including 150 news jobs

AP - Wednesday, July 2, 2008 7:39 p.m.

LOS ANGELES (AP) -- The Los Angeles Times plans to cut 250 positions, including 150 jobs in the print and online news departments, amid a continuing industrywide slump in ad sales, the paper\'s editor said Wednesday....

Honda grows while US auto industry falters

AP - Wednesday, July 2, 2008 4:05 p.m.

DETROIT (AP) -- When consumers astonished the U.S. auto industry two months ago by quickly shunning trucks and going for gas mileage, the biggest beneficiary ended up being Honda Motor Co....

Circuit City shares fall as Blockbuster yanks bid

AP - Wednesday, July 2, 2008 3:55 p.m.

RICHMOND, Va. (AP) -- Circuit City Stores Inc. plummeted to historic lows in trading Wednesday after Blockbuster Inc. withdrew its takeover bid, causing investors to question the consumer electronics retailer\'s future....

GM shares fall below $10 for first time since 1954

AP - Wednesday, July 2, 2008 3:20 p.m.

NEW YORK (AP) -- Shares of General Motors Corp. plunged Wednesday to close below $10 for the first time in more than half a century, on worries about the company\'s cash needs and speculation about a possible bankruptcy protection filing down the road....

Starbucks To Close 600 Stores

NPR - Wednesday, July 2, 2008 2:32 p.m.

Starbucks Corp. says it will close hundreds of stores it opened over the past three years. The company did not say where the stores were located, but all together, 600 underperforming stores will close and 12,000 full- and part-time positions be cut.

Presidential Candidates Differ On Free Trade

NPR - Wednesday, July 2, 2008 2:21 p.m.

John McCain and Barack Obama both have trade on their agenda. John Bussey, Washington bureau chief of the Wall Street Journal, says Obama raises questions about trade accords while McCain sees them as an effective way to extend U.S. foreign policy.

Free Speech In China? Text Me

NPR - Wednesday, July 2, 2008 2:21 p.m.

Hundreds of millions of people in China have cell phones, and with no voice mail, many turn to text messaging to make sure their messages get conveyed. Texting remains one of the few outlets for free speech in a country notorious for its censorship practices.

UnitedHealth cuts 4,000 jobs and 2008 outlook

AP - Wednesday, July 2, 2008 2:12 p.m.

MINNEAPOLIS (AP) -- UnitedHealth Group Inc. cleared its decks of bad news on Wednesday, announcing a lower profit outlook, a restructuring that will trim 4,000 jobs and a $900 million payout to settle a class-action lawsuit over options backdating....

Bleak Car Sales Data Still Produce Winners

NPR - Wednesday, July 2, 2008 1:59 p.m.

New car purchases are at the lowest levels in 10 years. Nearly all major carmakers reported steep sales declines for June. Derek Mattsson, head of Vehix.com, says consumers are still favoring cars like the Honda Civic at the expense of U.S. vehicles.

GM shares break crucial $10 mark

AP - Wednesday, July 2, 2008 1:11 p.m.

NEW YORK (AP) -- Shares of General Motors have closed below $10 for the first time since Dwight Eisenhower was president of the United States....

Rising Fuel Prices Keep Fishermen On Dry Land

NPR - Wednesday, July 2, 2008 12:16 p.m.

High fuel prices are keeping many New England fishing boats in the docks. Economists predict that if fuel prices stay this high, many fishermen will be forced out of business.

Charges filed against ex-Airbus chief

AP - Wednesday, July 2, 2008 10:46 a.m.

PARIS (AP) -- French judges filed preliminary charges Wednesday against former Airbus CEO Gustav Humbert as part of an investigation into alleged insider trading, a judicial official said....

'Marketplace' Report: Starbucks Closing 600 Stores

NPR - Wednesday, July 2, 2008 10 a.m.

The company is yet to announce which stores will close. What sort of opportunities might this create for the competition?

Collection Agencies Are Thriving

NPR - Wednesday, July 2, 2008 10 a.m.

The sluggish economy is forcing more people to default on their debts. Consequently, the debt collection business is booming. One Chicago judge is trying to reach settlements that are good for both sides.

One Investor Who Bucked The Market

NPR - Wednesday, July 2, 2008 10 a.m.

The predominant philosophy of investing is to hold stocks for the long term. But eight months ago, Paul Krsek bucked the trend, cashing in every last share held by his asset management company. To his investors\' delight, they held on to their money as others\' funds dwindled.

In Switzerland, A Health Care Model For America?

NPR - Wednesday, July 2, 2008 8:53 a.m.

Switzerland\'s health care system could be the perfect political compromise for the U.S. Those who can afford to buy insurance are required by law. For those who can\'t, the government provides subsidies. Swiss citizens, like Cecile Crettol-Rappaz, say they wouldn\'t trade it for any other system.

High Point University Boosts Its 'Wow' Factor

NPR - Wednesday, July 2, 2008 8:45 a.m.

The president of High Point University in North Carolina hired a director of "wow" to help make students happy. The campus now features ice cream trucks, valet parking, a concierge desk, a hot tub and free snacks. Classical music wafts through the grounds.

NYSE's Ex-Chief Wins $187.5M Pay Package

NPR - Wednesday, July 2, 2008 8:40 a.m.

A court ruled Tuesday that Richard Grasso is entitled to the $187.5 million compensation package from his job leading the New York Stock Exchange. He\'s been fighting to keep the money for the past several years. When details of his pay package were revealed in 2003, he became a symbol of corporate greed and was forced to retire.

Elizabeth Warren On The Rising Cost Of Credit Debt

NPR - Wednesday, July 2, 2008 7:54 a.m.

Harvard Law professor returns to Fresh Air to talk about how credit-card debt is becoming more costly due to increased fees and interest rates. Warren is a bankruptcy expert and an outspoken critic of abusive lending practices.

Starbucks Store Closures To Affect 12,000 Workers

NPR - Wednesday, July 2, 2008 7:45 a.m.

Starbucks will close more than 600 shops in the U.S. in the coming months, which analysts say is a consequence of the chain spreading too far, too fast. About 12,000 workers, or 7 percent of its global work force, will be affected by the closings.

Helmsley Reportedly Left Billions For Dog Care

NPR - Wednesday, July 2, 2008 7:18 a.m.

Leona Helmsley reportedly directed that her fortune — up to $8 billion — be used for the care and welfare of dogs. The New York Times reports that the bequest was included in a so-called mission statement for the real estate magnate\'s.

Newspapers Make Cuts At Home, Hire Abroad

NPR - Wednesday, July 2, 2008 6:55 a.m.

More and more U.S. companies are outsourcing jobs overseas to cut costs, and that includes newspaper groups. Employees in India are doing everything from writing ad copy to copy editing to writing weekend supplements for U.S. and British newspapers.

British construction activity falls

AP - Wednesday, July 2, 2008 5:47 a.m.

LONDON (AP) -- Construction activity in Britain declined in June at the fastest rate in 11 years, a supply institute said Wednesday, and a major home builder said it had been unable to raise more capital - both signs of worsening conditions in the battered housing industry....

Shares in UK's Marks & Spencer dive 22 percent

AP - Wednesday, July 2, 2008 4:47 a.m.

LONDON (AP) -- Shares in British food and clothing retailer Marks & Spencer PLC plummeted Wednesday after the company reported that home market sales fell 5.3 percent in the first quarter as the domestic economy slows....

EU clears Nokia to buy mapmaker Navteq

AP - Wednesday, July 2, 2008 4:46 a.m.

BRUSSELS, Belgium (AP) -- European regulators cleared Nokia\'s takeover of U.S. digital mapmaker Navteq on Wednesday, saying the deal would be unlikely to shut off rivals\' access to digital maps....

Astra shares up 6 pct on Seroquel court ruling

AP - Wednesday, July 2, 2008 4:45 a.m.

LONDON (AP) -- Shares in AstraZeneca PLC jumped 6 percent Wednesday after the drug maker won a key patent battle in the United States over Seroquel, its anti-psychotic drug and second-best seller....

Starbucks to close 600 US stores, rein in growth

AP - Wednesday, July 2, 2008 4:29 a.m.

SEATTLE (AP) -- For a decade it appeared there was no such thing as too many Starbucks for U.S. coffee drinkers, whose willingness to buy its $4 lattes and dark drip brews rationalized a second green-and-white mermaid awning just down the street - and sometimes even a third. But in a sign that those days are over, Starbucks Corp. announced Tuesday it will close 600 company-operated stores in the next year as the faltering U.S. economy hastened the pain caused by the company\'s own rapid expa...

Starbucks To Close 600 Stores

NPR - Wednesday, July 2, 2008 4 a.m.

Starbucks announces plans to close 600 stores nationwide.

Hour Two: Starbucks To Close 600 Stores

NPR - Wednesday, July 2, 2008 4 a.m.

Starbucks announces plans to close 600 stores nationwide.

June car sales plummet; more declines expected

AP - Wednesday, July 2, 2008 3:03 a.m.

DETROIT (AP) -- A last-minute no-interest financing offer and strong sales of some cars helped General Motors Corp. keep its U.S. sales over Toyota Motor Corp. last month, but it was still the worst June for the industry in 17 years and a harbinger of more misery ahead....

Wal-Mart branches out into locally grown produce

AP - Tuesday, July 1, 2008 11:19 p.m.

LITTLE ROCK, Ark. (AP) -- Wal-Mart stores in Arizona now stock Grand Canyon sweet onions while aisles in New York display state-grown eggplant, as the world\'s largest retailer says it has become the nation\'s largest buyer of locally grown fruits and vegetables....

Salvage yard haven for do-it-youself customers

AP - Tuesday, July 1, 2008 9:14 p.m.

DETROIT (AP) -- It took an hour\'s worth of work, but Roman Knight didn\'t mind. The 18-year-old needed a bumper for his \'94 Buick LeSabre, and a Detroit salvage yard had the right one. So he got down to business, prying off the bumper from a junked-out car, walking it to the clerk\'s desk and hoisting it up to the checkout counter. Then he went back for more....

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