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AP Business NewsBrief at 12:18 a.m. EST
(Associated Press Via Acquire Media NewsEdge) Fed likely to keep key interest rate at record lowWASHINGTON (AP) _ Faced with lurking dangers to the budding recovery, Federal Reserve policymakers are sure to leave a key interest rate at a record low to entice Americans to spend more and help the economic turnaround gain traction. The economy started to grow again last quarter for the first time in more than a year, although there are uncertainties about the strength and staying power of the recovery, especially after government supports are removed.
Oil falls to near $79 despite US crude supply dropSINGAPORE (AP) _ Oil prices fell slightly to near $79 a barrel Wednesday in Asia despite an unexpected drop in U.S. crude supplies which suggested demand may be picking up. Benchmark crude for December delivery was down 20 cents to $79.40 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract gained $1.47 to settle at $79.60 on Tuesday.
Prominent Fla. lawyer's sales pitch called suspectFORT LAUDERDALE, Fla. (AP) _ A South Florida attorney who has raised millions for notable politicians nationwide and hobnobs with sports stars and celebrities was removed Tuesday as head of the law firm he co-founded, suspected by his partner, investors and federal investigators of financial wrongdoing in an exotic investment scheme. Scott Rothstein, 47, was dumped as chief executive officer at Rothstein Rosenfeldt Adler by Broward County Circuit Judge Jeffrey Streitfeld, who named a retired Miami judge as receiver to take control of the 70-lawyer firm's finances.
Buffett's big bet: $34B on 2nd-largest railroadNEW YORK (AP) _ The biggest name in investing is making what he calls an "all-in wager" on the U.S. economy _ $34 billion to own a railroad that hauls everything from corn to cars across the country. The acquisition of Burlington Northern Santa Fe, the nation's second-largest railroad, would be the biggest ever for Warren Buffett's Berkshire Hathaway investment company.
GM board decides to keep European Opel unitDETROIT (AP) _ General Motors Co. said Tuesday it will keep its European Opel unit and restructure it instead of selling a 55 percent stake to Canadian auto parts maker Magna International and its partner, Russian lender Sberbank. GM's board of directors made the decision at a daylong meeting after determining that a 3 billion euros ($4.43 billion) restructuring plan was significantly lower than what GM would have had to contribute to other bidders for the division. GM CEO Fritz Henderson added that Europe's business environment and GM's overall health have both improved since it put the division up for sale.
Disney says China approved Shanghai theme parkSHANGHAI (AP) _ China's planning agency has approved plans for a Disney theme park in Shanghai, the Walt Disney Co. said Wednesday, a major step toward setting a deal for the long awaited project. The approval by the National Development and Reform Commission will allow Shanghai, China's biggest city, and Disney to work on final details for the amusement park, to be located in the city's eastern Pudong district.
Rising commodities, dealmaking lift stocksNEW YORK (AP) _ Investors sidestepped some of their doubts about the economy and bought energy and industrial stocks as commodity prices rose. Stocks ended back-and-forth trading mostly higher Tuesday as a spike in the price of gold and corporate dealmaking extended an advance from Monday. The gains in commodity prices helped stocks pare early losses.
Auto sales show industry beginning to stabilizeDETROIT (AP) _ After months of roller-coaster results, the U.S. auto industry showed signs of stability in October. Total sales of cars and light trucks were unchanged at just over 838,000 compared with October of last year, but rose 12 percent from a dismal September 2009, Autodata Corp. reported Tuesday. The results signaled that some consumers are starting to spend again and the sputtering economy is beginning to pull out of trouble.
Factory orders rise 0.9 percent in SeptemberWASHINGTON (AP) _ Orders to U.S. factories rebounded in September, helped by strength in autos, heavy machinery and military aircraft. The fifth increase in six months bolstered hopes that a revival in manufacturing will help support an overall economic recovery. The worry is that if consumer spending falters in coming months, orders will slump again.
Sprint laying off part of wholesale divisionOVERLAND PARK, Kan. (AP) _ Sprint Nextel Corp. says it plans to trim jobs "in the dozens" from its wholesale division amid slowing business. The nation's third-largest wireless provider confirmed Tuesday that it has begun notifying employees in the division of layoffs.
(c) 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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