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AP Business NewsBrief at 12:53 p.m. EDT
(AP Online Via Acquire Media NewsEdge) US Treasury chief: no 'quick fix' on oilDOHA, Qatar (AP) _ U.S. Treasury Secretary Henry Paulson said Sunday that there was no quick fix to high oil prices, which he called an issue of supply and demand. Paulson said inflation in the Gulf is "significant" but suggested that Gulf countries pegging their currencies to the weak dollar was not the only reason for it. He said it was a "sovereign decision" by each country whether it wants to de-peg its currency from the dollar.
Despite strains, sponsors look for Olympic boostBEIJING (AP) _ As protests flared along the Olympic torch route, games sponsor BHP Billiton Ltd. set up a very different clash of its own: A basketball game against one of the Australian miner's key Chinese customers. The match was part of a family day with 800 children of Maanshan Iron & Steel Co. employees, one of a series of Olympic-themed BHP events meant to nurture ties with Chinese customers and officials.
Economic cost drives Senate climate debateWASHINGTON (AP) _ The possible economic cost of confronting global warming _ from higher electricity bills to more expensive gasoline _ is driving the debate as climate change takes center stage in Congress. The Senate will begin considering legislation Monday that would mandate a reduction in carbon dioxide and other greenhouse gases from power plants, refineries, factories and transportation, cutting heat-trapping pollution by two-thirds by mid-century.
Britain may tighten cigarette rules, ban brandingLONDON (AP) _ Britain's Department of Health has proposed banning tobacco companies from putting any logos or branding on cigarette packs. One proposal for preventing young people from smoking is to sell cigarettes in plain black-and-white boxes with nothing on them but health warnings.
Pension fund pulls out of cluster bombsSTOCKHOLM, Sweden (AP) _ Swedish pension fund AP7 said Sunday it will sell all its holdings in companies making cluster bombs and nuclear weapons, including Airbus parent EADS and U.S.-based Lockheed Martin Corp. and General Dynamics Corp. The fund's chief executive, Richard Grottheim, told The Associated Press the decision would affect the fund's holdings in about 10 companies.
Clashes mark South Korean beef protestSEOUL, South Korea (AP) _ South Korean President Lee Myung-bak showed no signs Sunday of dropping a plan to resume U.S. beef imports, despite nearly 40,000 people holding an anti-government protest marked by clashes between police and demonstrators. Scattered rallies and marches continued after police fired water cannons in the pre-dawn hours and detained more than 200 people who took part in the demonstration that began Saturday night.
OPEC president says oil prices not tied to marketALGIERS, Algeria (AP) _ The weak U.S. dollar, market speculation and the subprime crisis are the causes for the spiraling price of oil, OPEC's current president said Saturday. Algerian Energy Minister Chakib Khelil told reporters the cartel will make no new decision on production levels until its Sept. 9 meeting in Vienna.
Bone drug Zometa helps fight breast cancer spreadCHICAGO (AP) _ A drug to prevent bone loss during breast cancer treatment also substantially cut the risk that the cancer would return, results that left doctors excited about a possible new way to fight the disease. It is the first large study to affirm wider anti-cancer hopes for Zometa and other bone-building drugs called bisphosphonates. Zometa, made by Novartis AG, is used now for cancers that have already spread to the bone.
Erbitux slightly boosts survival in cancer studyCHICAGO (AP) _ Adding the novel cancer drug Erbitux to standard chemotherapy helped advanced lung cancer patients live just a month longer than chemo alone, a study found. Although this is the first study to find a survival benefit from a newer, more targeted cancer drug as initial treatment for lung cancer patients, the results left doctors mostly disappointed.
Russell index revamp could lead to hectic tradingNEW YORK (AP ) _ "The whole month of June is kind of a magic month." Citi Investment Research equity strategist Lori Calvasina wasn't referring to weddings, graduations or wildflowers blooming. She was talking about the stock trading that will take place in the next few weeks in anticipation of the annual reconstitution of Russell Investment's indexes. It may seem like a wonkish matter that few individuals would pay attention to, but the reshuffling of the stocks that make up Russell's indexes, including the widely followed Russell 2000 index of small companies, will have a big impact on stock and mutual fund holdings.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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