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AP Business NewsBrief at 1:14 a.m. EDT
(AP Online Via Acquire Media NewsEdge) Asian markets tumble after Wall Street sell-offTOKYO (AP) _ Asian stock markets plunged Friday after more bad news on the U.S. economy, a vital export market, triggered a broad sell-off on Wall Street overnight. Disappointing reports on U.S. retail sales and jobless claims undercut hopes for a late-year recovery in the U.S. and depressed investor sentiment across Asia.
Oil steady in Asia ahead of OPEC meetingSINGAPORE (AP) _ Oil prices were steady Friday in Asia below $108 a barrel as investors wait to see if OPEC moves to restrict output at its meeting next week amid a two-month plunge in prices. Light, sweet crude for October delivery was up 1 cent to $107.90 a barrel in electronic trading on the New York Mercantile Exchange midday in Singapore. The contract overnight fell $1.46 to settle at $107.89.
Greenspan: Don't use Fed as a 'magical piggy bank'WASHINGTON (AP) _ Troubled by the Bear Stearns debacle, former Federal Reserve Chairman Alan Greenspan is advocating a new way of dealing with government bailouts of companies whose sudden collapse could wreak havoc on the country's economic and financial stability. Greenspan says Congress needs to give the government new powers to handle troubled companies to minimize any potential losses to American taxpayers. A self-described libertarian Republican, Greenspan has a reputation for being wary of giving the government extra powers. However, in crisis situations, there needs to be a clear process for handling bailouts, rather than depending on the Fed to do so, he reckons.
Lloyd's of London push into emerging marketsLONDON (AP) _ Lloyd's of London, the world's biggest insurance market, signaled its intention to push its business in emerging markets in Asia and Latin America and oil rich countries in the Gulf, warning on Friday that a shift in world power can not be ignored. Lloyd's Chairman Peter Levene also hit back at pricing criticism directed at the insurance market amid threats from major Atlantic hurricanes like Gustav, taking a dig at Florida Gov. Charlie Crist for asking for lower-than-justified premiums for residents in his state.
Boeing, machinists union meet with mediatorSEATTLE (AP) _ Representatives from Boeing Co. and the machinists union met with a federal mediator Thursday as the clock ticked on an unusual two-day contract extension after union production workers soundly rejected a contract offer and voted to strike. Members of the union representing 27,000 aircraft assembly workers at the aerospace giant voted overwhelmingly Wednesday to strike for an unprecedented second time in three years, then learned both sides had agreed to a 48-hour contract extension at the request of Washington Gov. Chris Gregoire and federal mediators.
Stocks plummet after retail, unemployment dataNEW YORK (AP) _ Dejected investors sent stocks plunging Thursday, hurtling the Dow Jones industrials down more than 340 points after retailers and the government added to a mountain of bad economic news and devastated hopes for a late-year recovery. The market was already nervous as it waited for the government to release its August employment report on Friday. So news from the nation's major retailers that shoppers curtailed their spending last month due to higher gas and food prices came as a heavy blow.
Jobless claims jump is bad omen for economyWASHINGTON (AP) _ Jobless claims rose unexpectedly last week, the government said Thursday, while companies responded to the slowing economy by producing more with fewer workers. It was not great news for American workers, who have seen jobs decline and wages erode, but it may signal less inflation worries for the Federal Reserve.
Slow August sales signal more weakness in retailNEW YORK (AP) _ When it came to buying their children new jeans and trendy tops, parents held the line: They focused on basics at discounters and waited for the best deals, resulting in weak August sales at many stores. That's a bad sign for the holiday season as families may be just as cautious with their gift-giving. Even lower gas prices may not offer retailers much relief in the months ahead as shoppers are still seeing personal incomes fall and food prices remain high. In fact, Wal-Mart Stores Inc., the world's largest retailer, as well as warehouse club operators such as Costco Wholesale Corp. remain among the few bright spots as shoppers focus on the lowest prices.
Oil's climb forced companies to become leanerNEW YORK (AP) _ Conventional wisdom had long held that some industries would collapse if oil topped $100 a barrel. As oil neared $150, sending costs higher for everything from jet fuel to plastic jars, the question was how many companies would succumb. The surprising answer: Not many. Some have even thrived.
Comcast appeals FCC Web traffic-blocking decisionWASHINGTON (AP) _ Comcast Corp. is appealing an FCC ruling that the company is improperly blocking customers' Web traffic, triggering a legal battle that could determine the extent of the government's authority to regulate the Internet. In a precedent-setting move, a divided Federal Communications Commission last month determined that the company is violating a federal policy that guarantees unfettered access to the Internet.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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