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AP Business NewsBrief at 1:56 a.m. EDT
(AP Online Via Acquire Media NewsEdge) HP posts 3Q profit jump; faces stiff competitionSAN FRANCISCO (AP) _ Hewlett-Packard Co. weathered economic turbulence remarkably well in the fiscal third quarter but the technology bellwether faces another big challenge _ stiffer personal-computer competition _ that threatens to slow its steady growth. The Palo Alto-based company said Tuesday that its profit for the May-July quarter jumped 14 percent, beating Wall Street's expectations on strong laptop sales and a robust international presence.
Oil up slightly in Asia ahead of inventory reportSINGAPORE (AP) _ Oil prices rose slightly in Asia on Wednesday to near $115 a barrel as investors awaited a weekly crude inventory report for evidence an economic slowdown in the U.S. is cutting consumer demand for oil products such as gasoline. Light, sweet crude for September delivery was up 55 cents at $115.08 barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore. The contract rose $1.66 overnight to settle at $114.53 a barrel.
States push laws to require paid sick daysHARTFORD, Conn. (AP) _ For school bus driver Jamille Aine, a cold is more than an inconvenience. His employer does not offer paid sick days, so if he can't shake the bug, he may not be able to pay his bills. Some 46 million U.S. workers lack paid sick days, but lawmakers in 12 states _ including California, Connecticut, Minnesota and West Virginia _ have proposed legislation in the past year that would require businesses to provide them.
Small SUVs improve in crash testsWASHINGTON (AP) _ Four small sport utility vehicles received top scores in crash tests to be released Wednesday by the insurance industry, a sign of improvement compared with SUVs built earlier in the decade. The Insurance Institute for Highway Safety gave top crash test scores in front-end, side and rear tests to the 2009 Ford Escape, 2009 Volkswagen Tiguan, 2008 Mitsubishi Outlander and the 2008 Nissan Rogue.
Ford workers catch glimpse of future carsDEARBORN, Mich. (AP) _ As Ford Motor Co. faces perhaps the most difficult period in its 105-year history, the company is trying to boost employee confidence by showing them _ and letting them drive _ the vehicles it hopes will pull the storied automaker out of the financial basement. Last week, Ford started pulling around 4,000 workers from their desks at sites near the Dearborn headquarters and onto a test track for a few hours of driving and learning about how Ford hopes to set its vehicles apart from other automakers.
Some eBay sellers frustrated with rule changesNEW YORK (AP) _ Some people who sell things on eBay are fed up with new rules the company has been imposing in hopes of making the auction site more attractive to online shoppers. Now even more changes are coming in the next few weeks, but this time eBay Inc. hopes it can cool tempers. Already this year, eBay has tinkered with its fee structure, search results and feedback system. These efforts might be meeting eBay's aims of improving the experience for buyers, but several sellers say their relationship with eBay is worse than ever, and some have left the site entirely.
Soaring costs has Toyota mulling Japan price hikeTOKYO (AP) _ Soaring material costs has Toyota considering raising prices in Japan without a model makeover for the first time in three decades, the Japanese automaker said Wednesday. Speculation has been rife Toyota Motor Corp. will be forced to announce higher prices in Japan _ a move even Toyota acknowledges could be critically damaging for an already sluggish Japanese market.
Stocks fall on inflation data, financial worriesNEW YORK (AP) _ Wall Street fell sharply for a second straight session Tuesday after a hefty jump in wholesale inflation and a drop in new home construction gave investors more reason to believe an economic recovery is far off. The Dow Jones industrial average dropped 130 points. The Labor Department said its Producer Price Index rose by 1.2 percent in July, more than double the expected rate, and lifting the current annual rate to the loftiest level in 27 years. Even after stripping out food and energy, core prices rose by a higher-than-expected 0.7 percent, the biggest increase since November 2006.
Wholesale prices rising at fastest pace since 1981WASHINGTON (AP) _ Wholesale inflation soared in July, leaving prices rising at the fastest pace in nearly three decades. While recent declines in oil and other commodity prices raise hopes inflation may have peaked, some economists worry about the widespread nature of the July price surge and caution it will take more time for that pressure to ease on Wall Street and Main Street. The Labor Department reported Tuesday that wholesale prices shot up 1.2 percent in July, pushed higher by rising costs for energy and a variety of other products from motor vehicles to plastic goods.
2Q profit reports from retailers show more strainNEW YORK (AP) _ From affluent shoppers at Saks to bargain-hunters at Target, from Home Depot to office supplier Staples, consumers are pulling back and that's hurting retailers and raising more concerns about how they'll do the rest of the year. The latest round of second-quarter reports show more signs of financial stress on shoppers, as Target's customers stick to necessities and have trouble making their credit card payments. Saks says it's now seeing its high-end designer consumer cut back, whereas previously it was only the aspirational customers who were the ones retrenching.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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