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AP Business NewsBrief at 1:14 a.m. EDT(AP Online Via Acquire Media NewsEdge) Report: Microsoft-Yahoo deal may go hostile FridaySEATTLE (AP) _ Microsoft Corp. may go hostile in its bid for Yahoo Inc. as soon as Friday, according to a published report. Citing unnamed people familiar with the matter, the Wall Street Journal reported early Friday that the world's largest software maker may be preparing to go straight to Internet pioneer Yahoo's shareholders. Sun Microsystems' third-quarter loss stuns Wall StreetSAN JOSE, Calif. (AP) _ Wall Street expected Sun Microsystems Inc.'s global sales base to help it weather the U.S. economic slowdown and turn a profit in the first three months of the year. Instead, the Santa Clara-based server and software maker stunned investors Thursday by reporting a loss in its third quarter, caused in part by sagging sales to U.S. consumer-oriented companies that are putting off big-ticket spending for better times. Thailand pitches cartel of rice-producing nationsBANGKOK, Thailand (AP) _ Thailand, the world's biggest rice exporter, said Friday that it wants to form an OPEC-style cartel with four of its Southeast Asian neighbors so they have has more control over rice prices, which have tripled this year. Commerce Minister Mingkwan Saengsuwan plans to talk with his counterparts in Laos, Myanmar, Cambodia and Vietnam about the proposal. China's food exports to Japan fall following dumpling caseBEIJING (AP) _ China's food exports to Japan, a key market, plunged 30 percent in February, hurt by a scare over poisoned Chinese-made dumplings, according to data reported Friday. Japan is the third-largest market for Chinese exporters of fish, dumplings and other processed food, and the drop in sales is a severe blow to the fast-growing food industry in China. Embattled EPA administrator for Midwest resignsCHICAGO (AP) _ The top U.S. Environmental Protection Agency administrator in the Midwest resigned Thursday amid internal fights over dioxin contamination near Dow Chemical Co.'s world headquarters in Michigan, according to a published report. Mary Gade, regional administrator of EPA Region 5, told the Chicago Tribune she resigned as regional administrator of EPA Region 5 after two top EPA officials stripped her of her powers and told her to quit or be fired by June 1. Exxon Mobil 1Q profit up 17 pct, Marathon edges up 2 percentHOUSTON (AP) _ Don't expect motorists to sympathize, but Exxon Mobil Corp. says gasoline prices didn't do it any favors in the first quarter. Still, the world's largest publicly traded oil company said Thursday it earned $10.9 billion to start 2008, the second-biggest U.S. quarterly profit ever. The smaller Marathon Oil Corp. said its profit rose 2 percent to $731 million, well ahead of Wall Street forecasts. Consumer spending up mainly because of sharp price increasesWASHINGTON (AP) _ Don't be fooled by a larger-than-expected increase in consumer spending. People aren't buying more _ they're just paying more for their purchases, raising doubts about whether the 130 million stimulus payments the government began sending out this week will be enough to lift consumers' sagging spirits. The Commerce Department reported Thursday that consumer spending was up 0.4 percent, double the increase that economists had forecast. However, once inflation was removed, spending edged up a much slower 0.1 percent. Small cars post gains, trucks fall as gas prices riseDETROIT (AP) _ Small cars were the big winners in April, as high gas prices accelerated U.S. consumers' rush away from trucks and sport utility vehicles and makers of fuel-efficient models scored gains despite the weak economy. General Motors, Ford and Chrysler all saw double-digit U.S. sales declines compared to last April. But Nissan's sales were up 7 percent on the strength of its car sales, while Toyota's sales edged up 3 percent. Honda's sales figures were delayed because of a technical problem, but the automaker said April sales were likely to be up at least 6 percent. Oil prices slide as the dollar extends its gainsNEW YORK (AP) _ Another jump in the dollar and the end of an oil workers' strike in Nigeria sent crude prices falling Thursday as speculators who drove crude futures to nearly $120 pulled out of the market. Retail gas prices, meanwhile, rose to a new record above $3.62 a gallon. The dollar's rise against the euro and other currencies stripped away some of oil's appeal to investors who have been betting for months that the greenback would continue to falter. When the greenback gains ground, commodities such as oil lose their value as a hedge against inflation, prompting selling. Also, a stronger dollar makes oil more expensive to investors overseas. Western ports return to normal after workers' war protestLOS ANGELES (AP) _ West Coast cargo traffic came to a halt Thursday as port workers ditched the day shift, saying they wanted to commemorate May Day and call on the U.S. to end the war in Iraq. Worker stayed off the job for about 10 hours before returning for evening shifts. Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |