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AP Business NewsBrief at 2:36 a.m. EDT
(AP Online Via Thomson Dialog NewsEdge) Hollywood hopes theme parks, superheroes fly in Middle EastLOS ANGELES (AP) _ Wonder Woman, King Kong and Shrek are heading for the Persian Gulf as part of the rush to build what could become the world's largest theme park playground. But even as the ink dries on the billion-dollar deals in the United Arab Emirates, movie studios are grappling with ways to make their signature characters and amusement parks fly in the conservative Muslim region.
Dollar's plunge becoming lynchpin in 1Q earningsNEW YORK (AP) _ The dollar's plunge might be preventing Americans from taking that European vacation this summer, but it could be the very thing saving their 401(k)s from buckling. Some of the nation's biggest corporate powerhouses _ across all industries _ have used the greenback's retrenchment to shield themselves from slumping profit margins. Declines against world currencies make U.S. products look cheap overseas, and translate into big returns when sales are converted back into dollars.
1Q venture capital investments dip 5 percent to $7.1BSAN FRANCISCO (AP) _ Venture capital investments in the United States dipped 5 percent to $7.1 billion during the first quarter compared to 2007, signaling the financing climate may be turning frostier for entrepreneurs as the slumping economy makes it more difficult for startups to go public or sell to a larger company. This was the first year-over-year decline in the venture capital industry's quarterly investments since the end of 2005, based on data to be released Monday by the National Venture Capital Association, PricewaterhouseCoopers and Thomson Reuters.
Sizzling commodities market puts the heat on farmersNEW ORLEANS (AP) _ Farming has always been a risky business, at the mercy of bad weather, wars and drought. Now farmers' profits face a new and surprising enemy: speculators that some believe are driving prices up so fast that growers are getting locked out of top dollar for their crops. Shoppers are feeling it, too, as investors pump billions of dollars into agricultural commodities and, insiders say, help push up the price of the most basic of foodstuffs, a loaf of bread.
Wall Street jumps as investors weigh Citi, Google resultsNEW YORK (AP) _ Wall Street topped off a strong week with a big rally Friday, after results from companies like Citigroup Inc. and Google Inc. helped ease investor anxiety about the health of corporate profits. Investors have been worried that recent data indicate a slowing economy, which would cut into profit growth at some of the nation's biggest companies. But, results so far have shown that earnings, for the most part, are meeting or beating expectations, and the major indexes all posted gains of more than 4 percent for the week.
Citigroup cuts value of investments by $14B in 1QNEW YORK (AP) _ Citigroup's 9,000 job cuts and $14 billion in write-downs suggest that even if the worst of the credit market volatility is over, the industry is now in a conservative, cost-cutting mode. With banks expecting more loans to go sour, people can expect tight lending standards for many months _ perhaps years _ to come.
Gas prices push closer to $3.50 a gallon, oil hits $117NEW YORK (AP) _ Retail gas prices set new records Friday on their seemingly relentless march toward $3.50 a gallon, and diesel prices pushed further above $4 a gallon. Crude futures, meanwhile, surged to a new record of $117 a barrel. The price of crude oil was pushed higher after a militant group in Nigeria said it had sabotaged a major oil pipeline operated by a Royal Dutch Shell PLC joint venture and promised further attacks on the country's petroleum industry.
AT&T to cut about 4,600 jobs, sees $374 million 1Q chargeNEW YORK (AP) _ AT&T Inc. on Friday said it plans to cut about 4,600 jobs, or 1.5 percent of its work force, to shift resources to growing parts of its business. The nation's largest telecommunications provider said most of the layoffs will be among managers, particularly in wireline operations, including local phone service and service for large corporate customers. Jobs in corporate functions in like finance will also be cut.
Google shares soar 20 percent to record 1-day gainSAN FRANCISCO (AP) _ Google Inc.'s stock soared 20 percent Friday, restoring $28 billion in shareholder wealth as Wall Street renewed its love affair with the Internet search leader after weeks of worry about an online advertising slowdown. Driven by stellar first-quarter results that surprised industry analysts, Google shares surged $89.87 to finish at $539.41. It marked the biggest one-day gain since Google's initial public stock offering in August 2004, leaving the shares at their highest closing price since January.
UAW threatens strike at Chevrolet Malibu plantWARREN, Mich. (AP) _ General Motors Corp. dodged one strike at a key factory on Friday, but the United Auto Workers threatened to walk out at the main plant that builds the hot-selling Chevrolet Malibu. UAW Local 31 at the Malibu factory in Fairfax, Kan., near Kansas City, on Thursday gave the company a letter warning that it will strike the plant in five days if local contract issues go unresolved, GM spokesman Dan Flores said Friday.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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