[July 13, 2008]

AP Business NewsBrief at 12:56 a.m. EDT

(AP Online Via Acquire Media NewsEdge) Obama says `little doubt' country in recessionSAN DIEGO (AP) _ Barack Obama says there's "little doubt" the U.S. economy has moved into a recession, underscoring the need for a second economic stimulus package, steps to shore up the housing market and a long-term energy policy. The Democratic presidential contender also says removing U.S. troops from Iraq won't be "perfectly neat" but is justified given calls from the country's own leaders for a withdrawal timetable.

Judge won't dismiss other Adelphia chargesWILLIAMSPORT, Pa. (AP) _ A federal judge has refused to dismiss charges of conspiracy and tax evasion against the imprisoned founder of Adelphia Communications Corp. and his son, ruling the charges don't amount to double jeopardy. The charges Adelphia founder John Rigas and his son, Timothy, faced in Pennsylvania are separate from the fraud charges on which they were prosecuted in New York, the judge ruled Friday.

Bush, Democrats bicker over soaring energy pricesWASHINGTON (AP) _ President Bush on Saturday tried to pin the blame on Congress for soaring energy prices and said lawmakers need to lift long-standing restrictions on drilling for oil in pristine lands and offshore tracts believed to hold huge reserves of fuel. "It's time for members of Congress to address the pain that high gas prices are causing our citizens," the president said. "Every extra dollar that American families spend because of high gas prices is one less dollar they can use to put food on the table or send a child to college. The American people deserve better."

Government shuts down mortgage lender IndyMacLOS ANGELES (AP) _ IndyMac Bank's assets were seized by federal regulators on Friday after the mortgage lender succumbed to the pressures of tighter credit, tumbling home prices and rising foreclosures. The bank is the largest regulated thrift to fail and the second largest financial institution to close in U.S. history, regulators said.

Washington, Wall St. weigh Fannie, Freddie helpWASHINGTON (AP) _ Wall Street and Washington wrestled Friday with how to shore up mortgage giants Fannie Mae and Freddie Mac, two troubled pillars of the economy whose failure would deal a devastating blow to the already crippled housing market. As investors grew more convinced that only some type of government bailout could rescue the firms, Treasury Secretary Henry Paulson said the focus was to support the pair "in their current form" without a takeover.

Investors set for another tough earnings seasonNEW YORK (AP) _ Investors already disheartened about the growing problems of the financial sector and the soaring price of oil are facing more depressing news with the release of second-quarter earnings reports. The coming week will bring the first big wave of results from America's largest companies, including seven Dow Jones industrial average components and 53 members of the Standard & Poor's 500 index. Investors shouldn't expect much: Earnings for all the companies in the S&P 500 index are forecast by the rating agency to be down 10 percent from a year earlier.

Senate passes mortgage rescue planWASHINGTON (AP) _ A mortgage rescue to help hundreds of thousands of struggling homeowners avoid foreclosure and get more affordable, safer loans passed the Senate overwhelmingly Friday, but it faces a bumpy road amid continuing turmoil in the housing market. The 63-5 vote reflected a keen interest by Democrats and Republicans to send election-year help to distressed homeowners with economic issues topping voters' concerns.

Software problems bug Apple's launch of new iPhoneNEW YORK (AP) _ The launch of Apple Inc.'s much-anticipated new iPhone turned into an information-technology meltdown on Friday, as customers were unable to get their phones working. "It's such grief and aggravation," said Frederick Smalls, an insurance broker in Whitman, Mass., after spending two hours on the phone with Apple and AT&T Inc., trying to get his new iPhone to work.

ALL BUSINESS: Minimum-wage gains rattle businessesNEW YORK (AP) _ If the law of averages really worked, then the upcoming hike in the minimum wage would help offset consumers' surging food and fuel costs. A good balance, right? Don't count on it.

Actors guild weighs strategy as studios hold firmLOS ANGELES (AP) _ The Screen Actors Guild weighed bargaining strategies Friday after Hollywood producers warned a souring economy could cause them to reconsider their contract offer. The guild's national negotiating committee met in a closed-door strategy session and remains "committed to continuing to bargain for a fair contract," SAG said in a statement Friday.

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