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AP Business NewsBrief at 1:53 p.m. EDT
(AP Online Via Acquire Media NewsEdge) Food crisis: Drought hurts vital Australian wheatPOOCHERA, Australia (AP) _ Glen Phillips kneels down, scoops up a handful of dirt and squashes it in his fist to test whether the soil in this dry patch of the Australian Outback is ready to take a crop of wheat. "It should clump together when you squeeze," says Phillips, whose family has lived off the land on the edge of the Great Australian Bight since 1949. "That's how you know it's good to plant, it's moist enough to hold the roots."
Fed poised to curb shady home-lending practicesWASHINGTON (AP) _ Confronted by record foreclosures, the Federal Reserve is ready to give home buyers more protection from the types of shady lending practices that have contributed to the housing crisis. Chairman Ben Bernanke and his central bank colleagues were expected to approve a plan Monday that would crack down on dubious lending practices that have hurt many of the riskiest "subprime" borrowers _ people with tarnished credit histories or low incomes.
Yahoo spurns Microsoft again as bad blood boilsSAN FRANCISCO (AP) _ Yahoo Inc. has rejected Microsoft's latest attempt to buy its online search operations in a "take or leave it" proposal that Yahoo said would have dismantled its Internet franchise. As described by Yahoo in a statement released late Saturday, Microsoft packaged its latest offer with activist investor Carl Icahn, a billionaire who is seeking to overthrow Yahoo's board of directors in a shareholder meeting scheduled for Aug. 1.
Chavez aims to expand Venezuela oil-supply pactMARACAIBO, Venezuela (AP) _ President Hugo Chavez on Sunday touted a pact that is delivering fuel to 17 nations, calling it a tool against poverty and dismissing accusations that he is giving away Venezuela's oil wealth. Hosting a summit, Chavez said Venezuela aims to "continue strengthening" the Petrocaribe accord, calling it an "anti-hunger shield" for Latin America and Caribbean countries.
EADS CEO confident of winning US tanker contractDOGMERSFIELD, England (AP) _ The chief executive of EADS said he is confident his company and U.S. partner Northrop Grumman Corp. will win a disputed $35 billion Pentagon Air Force tanker contract when the bidding process reopens. The Air Force in February selected the Northrop team to replace 179 Eisenhower-era aerial refueling planes. Boeing filed a protest in March, and last week, Defense Secretary Robert Gates said the Pentagon will reopen the bid.
Obama says `little doubt' country in recessionSAN DIEGO (AP) _ Barack Obama said Saturday there is "little doubt we've moved into recession," underscoring the country's need for a second economic stimulus package, swift steps to shore up the housing market and a long-term energy policy to reduce reliance on foreign oil imports. The Democratic presidential contender also said removing U.S. forces from Iraq won't be "perfectly neat," yet a call from Iraqi Prime Minister Nouri al-Maliki for a withdrawal timetable supports his position more than the longer term presence favored by rival John McCain or his fellow Republican, President Bush.
Airbus CEO: Insider-trading probe a 'show trial'DOGMERSFIELD, England (AP) _ Airbus CEO Thomas Enders dismissed a French insider trading investigation as a "show trial" and said a probe into his sale of shares in parent company EADS have not affected the way he runs the European planemaker. French investigators are looking at the selling of the stock by company executives and shareholders at the aerospace and defense giant before a June 2006 announcement of delays for the A380 superjumbo. EADS shares tumbled 26 percent in one day when those problems were revealed.
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."
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.
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.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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