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AP Business NewsBrief at 12:47 a.m. EDT
(AP Online Via Acquire Media NewsEdge) Bank of America wins approval to buy CountrywideCHARLOTTE, N.C. (AP) _ The Federal Reserve has approved Bank of America Corp.'s purchase of distressed mortgage lender Countrywide Financial Corp. In a statement Thursday, the federal regulator said it considered many comments for and against the company buyout and "has considered carefully the financial factors of the proposal."
Wal-Mart benefits from new merchandising focusROGERS, Ark. (AP) _ Wal-Mart's better-than-expected sales in May got a boost customers spending their government stimulus checks, but company officials noted that its faster, cleaner and friendlier approach to merchandising is clearly resonating with shoppers in a challenging economy. "We have ended up in a really good place," said Eduardo Castro-Wright, president and CEO of Wal-Mart Stores Inc.'s U.S. division, standing in the garden section of a Supercenter in Rogers. He was joined Thursday by executives from different departments who offered presentations on how different categories are all embracing its "save money, live better" campaign begun a year ago. That means an emphasis on low prices while focusing on a more edited selection in an attractive selling environment.
Oil prices hold above $128 a barrelBANGKOK, Thailand (AP) _ Oil held above $128 a barrel Friday in Asia after rising more than $5 overnight as the dollar swooned against the euro in response to comments by the head of the European Central Bank. The dramatic reversal in what had been a weakening market came after ECB President Jean-Claude Trichet suggested the bank could raise interest rates and the euro climbed against the dollar. When interest rates rise in Europe, or fall in the U.S., the dollar tends to weaken against the euro. Many investors tend to buy commodities such as oil as a hedge against inflation when the dollar is falling.
Stocks rise following jobs report, retailer dataNEW YORK (AP) _ Wall Street surged Thursday as investors looked past a sharp rebound in oil prices and focused on comforting news about the economy _ better-than-expected retail sales and a drop in the number of laid-off workers seeking unemployment benefits. The Dow Jones industrials rose almost 214 points, posting its biggest daily point gain since April 18.
Foreclosures hit a record high _ and more comingWASHINGTON (AP) _ The foreclosure hammer is hitting ever harder. People lost their homes at the highest rate on record in the first three months of the year, and late payments soared to a new high, too _ an alarming sign that the housing crisis and its damage to the national economy may only get worse. Dumping more empty homes on an already glutted market also is likely to put a further drag on home prices _ extending a vicious cycle.
Verizon Wireless agrees to buy Alltel for $5.9BNEW YORK (AP) _ Verizon Wireless has agreed to buy Alltel Corp. for $5.9 billion, which would make it by far the largest cellular carrier in the U.S. Verizon Wireless would also assume $22.2 billion in debt in the deal, bringing the total value to $28.1 billion, the parties said Thursday.
Broadcom co-founder faces drug, securities chargesSANTA ANA, Calif. (AP) _ Broadcom Corp. co-founder Henry T. Nicholas III was indicted on federal narcotics charges that include allegations he slipped ecstasy into the drinks of business associates, maintained a drug warehouse and concealed his illegal conduct with bribes and death threats. In a pair of indictments unsealed Thursday, the billionaire also is accused of committing conspiracy, securities fraud and other violations while he led the Irvine-based computer chip company.
Continental Airlines to cut 3,000 jobs, capacityDALLAS (AP) _ Business travelers are likely to lose out when the fall off-peak season arrives and airlines that have cut flights slap more restrictions on the cheap fares that usually come that time of year. Continental on Thursday became the latest airline to announce cutbacks, saying it will shed 3,000 jobs _ more than 6 percent of its work force _ and reduce capacity by 11 percent this fall.
DOJ sues Honeywell over faulty bulletproof vestsWASHINGTON (AP) _ The government is suing diversified manufacturer Honeywell International Inc. for selling material used in bulletproof vests that it alleges the company knew was defective. According to the Justice Department lawsuit filed Thursday, Honeywell had scientific data that showed the ballistic material, known as Zylon Shield, "degraded quickly over time, especially in hot and humid conditions," leaving the vests unfit for use by law enforcement agencies and military personnel.
Retailers report May results above expectationsNEW YORK (AP) _ Tax rebate checks gave consumers a little extra money in their pockets during May, but most were still spending conservatively, buying necessities such as food and gas and shying away from splurging on clothing or furniture. The result was some better-than-expected sales for the nation's retailers, with lower-priced merchants like discounters and wholesale clubs showing the strongest gains. Accordingly, Costco Wholesale Corp. and Wal-Mart Stores Inc. were among the strongest performers, but fewer rebate dollars made their way to the mall, and retailers such as Gap Inc. and American Eagle Outfitters Inc. missed expectations.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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