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AP Business NewsBrief at 1:49 p.m. EDT(Associated Press Via Acquire Media NewsEdge) Stocks jump as home sales, construction increaseNEW YORK (AP) _ Investors are rushing into stocks Monday as surprise increases in pending home sales and construction spending offered the latest signs that the economy is stabilizing. Stocks surged roughly 2 percent, including the Dow Jones industrial average, which jumped 150 points. Obama announces plan to close tax loopholesWASHINGTON (AP) _ President Barack Obama vowed to "detect and pursue" American tax evaders Monday as he announced a plan to close tax loopholes and clamp down on overseas shelters. The president said he wants to prevent U.S. companies from deferring tax payments by keeping profits in foreign countries rather than recording them at home. He also called for more transparency in bank accounts held by Americans in tax havens such as the Cayman Islands. Construction spending, pending home sales riseWASHINGTON (AP) _ Hopes that the recession is easing got a boost Monday from reports that construction spending and pending home sales both fared better than expected in March. The news pushed stock prices higher. The Commerce Department said construction spending increased 0.3 percent in March, the best showing since a similar rise last September. Economists surveyed by Thomson Reuters had expected spending to drop 1.5 percent for a sixth straight monthly decline. Fiat aims for Opel deal without running up debtBERLIN (AP) _ Fiat Group SpA aims to take over General Motors Corp.'s main European unit without running up debt in a deal that could require billions of euros in government loan guarantees, Germany's economy minister said Monday. Fiat's concept _ part of a wider plan to build a global powerhouse also including Chrysler _ foresees keeping the Opel brand and the unit's three assembly plants in Germany, Economy Minister Karl-Theodor zu Guttenberg said after meeting Fiat CEO Sergio Marchionne. Oil nears $54 on indications demand is up overseasSIOUX FALLS, S.D. (AP) _ Signs of increasing energy demand in China, the world's second largest consumer, pushed oil up to near $54 a barrel Monday, but concerns over the state of the economic recovery and the spread of the swine flu continue to hold prices in check. Benchmark crude for June delivery gained 37 cents to $53.57 a barrel on the New York Mercantile Exchange after settling at $53.20 on Friday. Sprint Nextel loss widens, beats viewKANSAS CITY, Mo. (AP) _ Sprint Nextel Corp., the nation's third-largest wireless service provider, on Monday reported a larger first-quarter loss on declining revenue and a charge for job cuts announced in January. But its adjusted results beat estimates and its shares climbed more than 12 percent in midday trading. Judge delays decision on Chrysler asset transferNEW YORK (AP) _ A bankruptcy judge on Monday postponed his decision on whether Chrysler LLC can start the process of transferring its assets to a new entity partnered with Italian automaker Fiat. Judge Arthur Gonzalez delayed the issue until Tuesday afternoon because Chrysler did not file its motion until late Sunday and people with objections need more time to review the deal. DirecTV, Liberty Media detail spinoff plansDirecTV Group Inc., the nation's largest satellite TV provider, said Monday it will be combined with the entertainment unit of Liberty Media Corp. and spun off into a separately traded company. The deal will enable Liberty Media, an entity controlled by media mogul John Malone, to boost its stake in DirecTV to 54 percent from 48 percent. Court sends Janet Jackson case back for reviewWASHINGTON (AP) _ The Supreme Court on Monday ordered a federal appeals court to re-examine its ruling in favor of CBS Corp. in a legal fight over entertainer Janet Jackson's wardrobe malfunction. The high court on Monday directed the 3rd U.S. Circuit Court of Appeals in Philadelphia to consider reinstating the $550,000 fine that the Federal Communications Commission imposed on CBS over Jackson's breast-baring performance at the 2004 Super Bowl. Dr Pepper artifact may reveal soft drink's originDALLAS (AP) _ Poking through antiques stores while traveling through the Texas Panhandle, Bill Waters stumbled across a tattered old ledger book filled with formulas. He bought it for $200, suspecting he he could resell it for five times that. Turns out, his inkling about the book's value was more spot on than he knew. The Tulsa, Okla., man eventually discovered the book came from the Waco, Texas, drugstore where Dr Pepper was invented and includes a recipe titled "D Peppers Pepsin Bitters." EU says euro-zone jobless to hit postwar recordBRUSSELS (AP) _ Deepening the economic gloom in Europe, the European Union admitted Monday that its previous forecasts were way off the mark. It now predicts "a deep and widespread recession" across the continent and says unemployment among nations using the euro currency will rise to a postwar record of 11.5 percent in 2010. The new forecasts expect the economies of the 27-nation EU and the 16-nation euro-zone to shrink by 4 percent this year _ more than double a January estimate. Pending home sales up 3.2 percent in MarchWASHINGTON (AP) _ There was another ray of hope Monday for the distressed housing market: the National Association of Realtors said the volume of signed contracts to buy previously occupied homes rose for the second month in a row. Homebuyers taking advantage of bargain prices, low interest rates and a tax credit for first-time buyers pushed the seasonally adjusted index of pending sales up by 3.2 percent to 84.6 in March. Filene's Basement files for Ch. 11 reorganizationWILMINGTON, Del. (AP) _ Discount retailer Filene's Basement says it has filed to reorganize under Chapter 11 bankruptcy protection, less than two weeks after its new owner said it was reviewing "all available options." The privately held company also reached a deal that will allow a Crown Acquisitions affiliate to buy 17 of its 25 stores, including its flagship locations in Boston and New York. The agreement is subject to a bankruptcy court auction, which is expected in about five weeks. (c) 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |