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AP Business NewsBrief at 3:04 a.m. EDT
(AP Online Via Acquire Media NewsEdge) Small-cap stock run could herald broader recoveryNEW YORK (AP) _ Even as Wall Street skids lower almost by the day, and the major indexes have touched the levels of a bear market, some analysts are actually finding some signs in the performance of small-company stocks that might be pointing to the early stages of a much broader recovery. Small-cap stocks are now doing better than the overall market _ and that has some analysts hopeful. These stocks typically get knocked lower during tough economic times as investors look to safer investments, but historically are the first to rise when the economy rebounds.
SocGen fined over trading scandalPARIS (AP) _ France's central bank announced Friday that it has fined Societe Generale $6.3 million for "serious shortcomings" in its internal controls that led to nearly $7.8 billion in trading losses announced earlier this year. The Bank of France's banking commission also issued a formal warning to SocGen, France's second-biggest bank, saying shortcomings in "hierarchical controls" for extended periods in 2007 fueled the problem.
Canadian telecom BCE, suitor agree on termsTORONTO (AP) _ BCE Inc, Canada's largest telecommunications company, said Friday it has agreed on terms of a $35 billion sale to a group led by the Ontario Teachers' Pension Plan in the biggest leveraged buyout ever. The deal is expected to be completed by mid-December. The announcement ends suspense that the banks funding the biggest buyout to date in Canada would try to back out of the deal or that the price would have to be lowered.
9 convicted in Austria fraud caseVIENNA, Austria (AP) _ Nine people, including a prominent executive who fled to France in an attempt to elude justice, were convicted Friday of criminal charges in a major Austrian bank fraud case linked to the 2005 collapse of New York-based commodities brokerage Refco Inc. Vienna Federal Court Judge Claudia Bandion-Ortner found the defendants responsible for ?1.4 billion (US$1.9 billion) in losses at BAWAG, Austria's No. 4 bank.
Smooth sailing for yacht builders despite economyNEW ORLEANS (AP) _ Fuel prices are soaring and credit markets tightening, but the super-rich are still lining up to pay tens of millions of dollars for mega yachts. The well-heeled buyers of the floating mansions are increasingly coming from emerging economies _ in the Middle East, Russia and South America. The source of their wealth runs the gamut _ technology, venture capitalism, new industries. And, yes, oil.
Farmers say salmonella scare has hurt tomato salesFRESNO, Calif. (AP) _ Expect fewer slices of red, ripe tomatoes next to the grill this holiday weekend. With a salmonella scare causing many customers to shun what's normally a summertime favorite, tomato farmers nationwide have had to plow under their fields and leave their crop to rot in packinghouses.
2 supervisors at raided meatpacking plant arrestedDES MOINES, Iowa (AP) _ Two supervisors at an Iowa meatpacking plant that was raided by federal immigration agents in May were arrested and charged with encouraging people to live in the United States illegally. Juan Carlos Guerrero-Espinoza, 35, and Martin De La Rosa-Loera, 43, were also charged Thursday with and aiding and abetting the possession and use of fraudulent identification. Guerrero-Espinoza was charged with aiding and abetting aggravated identity theft.
EU widens Billiton-Rio Tinto probeBRUSSELS, Belgium (AP) _ The European Commission on Friday widened its antitrust probe into the proposed acquisition of Rio Tinto Inc. by BHP Billiton Ltd., saying an initial investigation revealed concerns about higher prices and reduced choice for European customers of the mining concerns. Both are British-Australian dual-listed companies mining and marketing iron ore, coal, uranium, aluminum, mineral sands, copper and diamonds and other base metals and industrial minerals.
European shares fall, Asia markets mixedLONDON(AP) _ European markets fell and Asian markets were mixed Friday as investors digested uneven readings on the U.S. economy and oil prices that remained near records. Japan posted its 12th straight day of losses. Trading was subdued as U.S. financial markets were closed for the July Fourth holiday.
G-8 meets as economy storm clouds thickenSAPPORO, Japan (AP) _ Between surging oil prices, food inflation and a credit crunch that's depressed global growth, leaders from the Group of Eight economic powers face the gravest combination of economic woes in at least a decade when they gather next week. The outlook has darkened dramatically since last year's summit in Germany, when the leaders declared the global economy was in "good condition" and oil cost $70 a barrel _ which seemed high at the time.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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