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AP Business NewsBrief at 3:18 p.m. EDT
(AP Online Via Acquire Media NewsEdge) Stocks turn higher as oil prices reteatNEW YORK (AP) _ Stocks rebounded Wednesday as investors digested a report that said the service economy managed growth last month and as oil prices extended their retreat from recent highs. But stocks came off their highs of the session after Moody's Investors Service warned it might downgrade the ratings on bond insurers Ambac Assurance Corp. and MBIA Insurance Corp., stirring further concerns about the credit market.
United slashes staff, planes as it tries to save moneyCHICAGO (AP) _ United Airlines said Wednesday that it's cutting up to 1,100 more jobs, removing an additional 70 fuel-guzzling airplanes from its fleet and slashing domestic capacity as it tries to cope with spiraling fuel prices. The nation's No. 2 carrier said it plans to cut an additional 900 to 1,100 salaried, contract and management employees by the end of the year, in addition to 500 previously announced job reductions. The combined reductions mean the airline is cutting nearly 3 percent of its 55,000 workers worldwide.
Productivity improves while wage pressures moderateWASHINGTON (AP) _ Worker productivity increased at a faster pace in the first three months of this year than previously estimated, wage pressures moderated and an important measure of business activity showed the service sector skirted recession in May. The Labor Department reported Wednesday that productivity rose at an annual rate of 2.6 percent from January through March. That was faster than the government's first estimate of 2.2 percent a month ago.
Honda, Porsche lead in J.D. Power quality studyDETROIT (AP) _ Honda and Porsche lead the pack in J.D. Power and Associates' annual ranking of initial vehicle quality. Porsche is the top brand, with the fewest reported problems per vehicle. Honda has winners in three segments, more than any other automaker. The Honda Civic, Fit and CR-V all got awards.
Bernanke sees no repeat of `70s-style inflationWASHINGTON (AP) _ Federal Reserve Chairman Ben Bernanke said Wednesday he does not believe the United States will experience the out-of-control prices seen with 1970s oil shocks. His assessment came in a speech delivered Wednesday to graduating students at Harvard University, where he earned a bachelor's degree in economics in 1975.
Oil falls after government says gas demand is downNEW YORK (AP) _ Oil prices fell to the $122 level Wednesday after the Energy Department said gasoline demand dropped sharply last week while fuel inventories jumped more than expected. Retail gas prices, meanwhile, rose to a new record above $3.98 a gallon and are likely to hit $4 in coming days, although oil prices have retreated more than $10 from last month's record levels.
Airlines raise nonstop fares sharply for summerDALLAS (AP) _ If you're taking a nonstop flight to summer vacation, better pony up a lot more money or start unpacking. In many cases, major carriers have more than doubled or even tripled their cheapest U.S. fares from last summer's fares. That's on top of the new fees for checking luggage and other services.
J.M. Smucker buys Folgers for $2.95 billionCLEVELAND (AP) _ Jams and jellies maker J.M. Smucker made a $2.95 billion bid for more of the breakfast table Wednesday, announcing all-stock deal for Folgers coffee. Smucker also will assume about $350 million of Folgers' debt in the deal with current owner Procter & Gamble.
UN food summit battles it out on biofuelsROME (AP) _ Leaders gathered at a summit on the world's food crisis quickly laid out their disagreements on a key issue: how much the rush for environmentally friendly biofuels is contributing to soaring prices that are causing hunger and unrest worldwide. Most countries and international organizations meeting at the Rome-based United Nations Food and Agriculture Organization cite multiple causes for the crisis. These include rising energy costs, more demand for meat and dairy products from some booming developing countries, trade restrictions and speculation, as well as the demand for biofuels.
AMD rolls out new laptop chip packageSAN JOSE, Calif. (AP) _ Advanced Micro Devices Inc. rolled out a new package of chips for laptops Wednesday, a major overhaul of its mobile lineup the chip maker hopes will help it climb out of a deep financial trough. The Sunnyvale-based company, saddled with debt and hurt by product delays, is betting consumers will gravitate toward its new Turion brand processor and related chipset _ part of a package that chip makers call a "platform" and sell together _ because of their focus on high-definition video playback.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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