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AP Business NewsBrief at 1:56 a.m. EDT
(AP Online Via Acquire Media NewsEdge) Finance ministers weigh rising oil, food pricesOSAKA, Japan (AP) _ Finance ministers from the world's top industrialized nations wrapped up talks Saturday after vowing to grapple with the economic risks of soaring oil and food prices and assist developing countries in the fight against global warming. While not on the official schedule, the U.S. dollar also drew attention at the two-day meeting as the currency has rebounded from recent lows against the euro.
The worst may be behind for Wall Street - or notNEW YORK (AP) _ Not long ago, it seemed like the worst was over. As the first quarter wound down, the credit crisis appeared to be easing, the housing market seemed like it might get some footing and Wall Street was growing confident that it had finally found a bottom after months of volatility. No one expected oil would shoot up 30 percent in just three months.
Wall Street ends turbulent week with sharp gainsNEW YORK (AP) _ Wall Street ended a turbulent week with a sharp gain Friday after government readings on inflation and a drop in oil prices eased worries about the effect of rising prices on consumers. The advance lifted the Dow Jones industrial average more than 165 points, and the three major indexes turned in a mixed performance for the week. Short-term Treasury prices rose after being pounded earlier this week on fears that the Federal Reserve would be forced to raise interest rates to combat inflation.
Inflation jumps by biggest amount in 6 monthsWASHINGTON (AP) _ Soaring energy costs pushed inflation up in May at the fastest pace in six months. Food costs kept rising, too, and all signs are pointing to more bad news on gasoline, oil and food in the months ahead. Costs for clothing and prescription drugs did drop last month, but consumer prices rose by 0.6 percent in all, the biggest one-month increase since November, the Labor Department reported Friday.
Ford tells union more cuts needed as market slumpsDETROIT (AP) _ With the U.S. auto market worsening for Ford Motor Co. almost daily, managers told union officials Friday that the company will have to further reduce its factory work force in the coming months. The slumping U.S. economy has cut U.S. auto sales by 8 percent during the first five months of the year, but it's been a double hit on Ford, General Motors Corp. and Chrysler LLC as consumers shun their high-profit pickup trucks and sport utility vehicles for more fuel-efficient models as they cope with $4 per gallon gasoline.
Training helps bloggers hone professionalismMiami real estate agent Lucas Lechuga began blogging to share his knowledge of the local market. He didn't bargain for a $25 million defamation lawsuit when he wrote that a Miami developer had gone bankrupt decades ago. In Lake Geneva, Wis., commodities trader Gary Millitte registered the Internet domain name LakeGenevaNews.com eight years ago, but is so worried about the legal boundaries of writing online that he still hasn't started the ultra-local news site.
Oil closes below $135 after OPEC questions pricesNEW YORK (AP) _ Oil prices pulled back Friday after OPEC questioned whether crude can remain so high and the dollar gained against the euro. Meanwhile, U.S. filling station operators pushed average gas prices deeper into record territory. Prices at the pump are up nearly 7 cents since crossing the $4 threshold nationwide last weekend.
FDA: Florida, Mexico suspects in tomato outbreakWASHINGTON (AP) _ Parts of Florida and Mexico were supplying "the vast majority" of tomatoes sold when the salmonella outbreak began in April and thus remain leading suspects, the Food and Drug Administration said Friday. But the FDA hasn't narrowed its hunt to just those two places, said Dr. David Acheson, the agency's food safety chief.
The Weather Channel moves closer to deal with NBCNEW YORK (AP) _ An investor group led by NBC Universal moved closer to buying The Weather Channel Friday after Time Warner Inc. dropped out of the bidding. NBC Universal, a unit of General Electric Co., said late Friday that it had entered exclusive negotiations to buy The Weather Channel from its owner, Landmark Communications Inc.
Google grows stronger in Microsoft-Yahoo falloutSAN FRANCISCO (AP) _ Microsoft Corp.'s abandoned takeover bid for Yahoo Inc. appears to have culminated with a disheartening thud for those two companies but amounted to yet another coup for online search leader Google Inc. What began in January as Microsoft's most audacious attack yet on Google instead paved the way for the Internet's most powerful company to gain even more clout through a deal that gives Google access to a large chunk of Yahoo's advertising space.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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