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AP Business NewsBrief at 10:31 a.m. EDT
(Associated Press Via Acquire Media NewsEdge) ISM service sector index dips unexpectedly in JulyNEW YORK (AP) _ A trade group's measure of the health of the U.S. services sector contracted more sharply than expected in July as business activity, new orders and employment worsened. The Institute for Supply Management on Wednesday said its services index clocked in at 46.4, down from 47 in June. It's the 10th straight month of decline as any reading below 50 indicates the sector is shrinking.
Factory orders unexpectedly increase in JuneWASHINGTON (AP) _ Factory orders rose in June for the fourth time in five months, an unexpected gain and the latest sign of recovery in the ailing manufacturing sector. The Commerce Department said Wednesday that factory orders rose 0.4 percent, after a 1.1 percent increase in May. Economists expected a 1 percent drop, according to a survey by Thomson Reuters.
Weak economic data puts stock market rally on holdNEW YORK (AP) _ Wall Street's summer rally is on hold after investors got some unpleasant news about the health of the service sector. The Institute for Supply Management has reported Wednesday that business at service companies was weaker than expected last month. The news offset a more upbeat report from the Commerce Department, which says factory orders unexpectedly rose in June.
GM board orders faster new vehicle rolloutTRAVERSE CITY, Mich. (AP) _ At its first meeting, the board overseeing the new General Motors Co. ordered management to bring some new vehicles to market faster, a sign that the new 13-member board will play a far larger role than the old one. Board Chairman Edward Whitacre Jr., in a conference call with reporters Wednesday, would not identify which vehicles were pulled ahead, but said the board of the government-controlled company emphasized fuel efficiency as well as other areas.
'Clunkers' rebates look likely for another monthWASHINGTON (AP) _ The Senate has cleared the way for a vote extending the "cash-for-clunkers" program, which offers car buyers rebates of up to $4,500 for trading in their gas-guzzlers for new, higher-mileage models, setting aside Republican opposition to the plan. Senate Majority Leader Harry Reid said Wednesday he had several very good conversations with Republican Minority Leader Mitch McConnell, R-Ky., and there is "a significant majority" that wants to move forward with the legislation.
P&G's 4Q profit falls 18 pct; sales declineCINCINNATI (AP) _ The Procter & Gamble Co.'s fourth-quarter profit fell 18 percent, and the consumer products maker said Wednesday it expects more declines as households around the globe keep tight reins on spending in the recession. P&G says slow sales and sluggish earnings will continue in the short term before starting to rebound late in the year, and it forecast lower profit and falling revenue again for the current quarter. P&G officials said Wednesday they are making price cuts in some markets and adding to their lower-priced products.
Post office's losses reach $2.4B for third quarterWASHINGTON (AP) _ The post office says it lost $2.4 billion from April through June. That brings the year's losses so far to $4.7 billion. And the Postal Service expects to be $7 billion in the red when the fiscal year ends Sept. 30. The stark figures come from a decline in mail volume as people rely more on e-mail, plus a dip in advertising mail because of the recession.
Merck, Schering-Plough in $42M Vytorin settlementNEW YORK (AP) _ Drug developers Merck & Co. and Schering-Plough Corp. said Wednesday they will pay $41.5 million to settle a series of lawsuits claiming they delayed key study results on their cholesterol drug Vytorin because the data was unfavorable. In January 2008, the companies released long-awaited study data showing Vytorin and Zetia were no more effective than Zocor, an older and less expensive cholesterol treatment at reducing plaque buildup in arteries. Zocor is combined with Zetia to make Vytorin.
Marsh & McLennan posts loss on impairment chargeNEW YORK (AP) _ Marsh & McLennan Cos. said Wednesday it recorded a loss in the second quarter because of an impairment charge tied to the value of one of its divisions. Excluding the special charge, Marsh & McLennan was able to turn a profit that narrowly beat analysts' expectations as the New York-based insurance broker and consulting firm said profitability improved in its core risk and insurance services segment.
Google sells underperforming radio ad businessSAN FRANCISCO (AP) _ Google Inc. has found a buyer for a radio advertising business it has abandoned as part of efforts to cut costs and jettison underperforming operations. WideOrbit Inc., a privately held company that makes software for the broadcast TV and radio industries, said Wednesday it has agreed to buy Google's technology for automating radio ad placement. The San Francisco-based company did not disclose financial details. It will inherit 3,600 customers and an undisclosed number of employees.
(c) 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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