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AP Business NewsBrief at 1:54 p.m. EDT(Associated Press Via Acquire Media NewsEdge) SEC IG: agency never did competent probe of MadoffWASHINGTON (AP) _ The watchdog of the Securities and Exchange Commission has found that three agency exams and two investigations of Bernard Madoff's business were incompetent, despite ample warnings of the multibillion-dollar fraud. But SEC inspector general David Kotz's report found no evidence of any improper ties between agency officials and Madoff. Productivity up 6.6 percent in 2Q, most in 6 yearsWASHINGTON (AP) _ Worker productivity, the single biggest factor determining living standards, grew at the fastest pace in nearly six years in the spring while labor costs fell by the most in nine years, as companies slashed costs to survive the recession. Increases in productivity can help boost living standards because companies can increase wages financed by rising output. But during the recession, companies have been using their productivity gains to bolster their bottom lines as many struggle to stay in business. Stocks zigzag as traders worry about unemploymentNEW YORK (AP) _ Stocks zigzagged a day after a big slide as investors worried that a weak job market will trip up a recovery in the economy. Stocks traded in a tight range but were essentially flat Wednesday after the Dow Jones industrial average tumbled 186 points Tuesday on renewed worries about banks and concerns that a six-month rally of more than 50 percent has left the stock market overheated. Industry group proposes replacing Fannie, FreddieWASHINGTON (AP) _ A mortgage industry group wants Fannie Mae and Freddie Mac replaced with private companies that would be able to issue mortgage bonds formally backed by the federal government. The Mortgage Bankers Association's proposal, released Wednesday, offers a detailed plan for how to restructure the U.S. mortgage market, which has been torn apart by the housing bust. Weak retail report cards likely, analysts sayNEW YORK (AP) _ It may be the beginning of the year for students, but for retailers, it's report-card time. Analysts expect the early grades on the back-to-school selling season to be weak when retailers report August results Thursday. The results will give insight into whether consumers opened their wallets after months of keeping them closed amid the recession, and how well back-to-school offerings such as trendy jeans, dresses and T-shirts are being received. Pfizer to pay record $2.3B penalty over promotionsWASHINGTON (AP) _ Pfizer Inc., the world's largest drug maker, will pay a record $2.3 billion civil and criminal penalty over unlawful prescription drug promotions. Announcing the settlement Wednesday, the Justice Department said that it included the largest criminal fine in U.S. history _ $1.2 billion. The agreement also included a criminal forfeiture of $105 million. ABC News: Gibson retiring, Sawyer will be anchorNEW YORK (AP) _ Charles Gibson is retiring at the end of the year and Diane Sawyer will replace him in January as anchor of ABC's "World News," the network said Wednesday. Gibson, 66, said he had been planning to retire at the end of 2007 but events compelled him to stay. He was named anchor following the death of Peter Jennings and the wartime injury of Bob Woodruff in 2006. He's been at ABC News for 35 years and says he plans to continue as an occasional contributor. SEC, CFTC coordination worries exchange chiefWASHINGTON (AP) _ Two agencies with oversight of the financial markets on Wednesday started coordinating their rules to eliminate differences involving similar types of investments, while the head of a major U.S. exchange said those efforts could do "more harm than good." The Securities and Exchange Commission, the government's primary markets watchdog, and the Commodity Futures Trading Commission _ which oversees the trading of oil, gas and other commodities as well as financial instruments _ have battled in the past over regulatory turf. Danaher buying MDS, Life Technologies unitNEW YORK (AP) _ Danaher Corp. said Wednesday it will shed about twice as many existing jobs and plants as previously announced and also buy a global provider of medical instruments to analyze molecules. The Washington-based company, which makes Sears' Craftsman hand tools, dental X-ray machines and microscopes, has been cutting costs since last year. Sony sells PCs with Google Web browser installedTOKYO (AP) _ Sony Corp. is giving Google Inc.'s fledging Chrome browser a boost by installing it as the primary browser on Vaio-brand computers sold in the United States and Europe. The Sony devices continue to provide Microsoft Corp.'s Internet Explorer _ the world's most widely used Web browser _ allowing users to have a choice between the two. But many users stick with the browser that is preset as the default, meaning they are likely to experience Chrome as their primary _ perhaps only _ gateway to the Web. (c) 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |