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AP Business NewsBrief at 3:21 a.m. EDT
(AP Online Via Acquire Media NewsEdge) UN: World economy to grow by 1.8 percent in 2008UNITED NATIONS (AP) _ The world economy is "teetering on the brink" of a severe downturn and is expected to grow only 1.8 percent in 2008, the United Nations said in its mid-year economic projections Thursday. That's down from a global growth rate of 3.8 percent in 2007, and the downturn is expected to continue with only a slightly higher growth of 2.1 percent in 2009, the U.N. report said.
'$100 laptop' nonprofit now teamed with MicrosoftBOSTON (AP) _ The One Laptop Per Child project is about to find out whether Microsoft Corp., a rival the nonprofit group once derided, is the solution to its problems in spreading inexpensive portable computers to schoolchildren. Microsoft and the laptop organization announced Thursday that the nonprofit's green-and-white "XO" computers now can run Windows in addition to their homegrown interface, which is built on the open Linux operating system. That had been anticipated for months, but it amounts to a major shift.
Oil prices rise after volatile sessionBANGKOK, Thailand (AP) _ Oil rose Friday in Asia following a whipsaw overnight session during which the expiration of options and a mix of news played havoc with prices trading in a range almost $6 wide. During Thursday's session, the front-month crude oil contract dropped as low as $120.75 before bouncing back to finish above $124 a barrel.
Senate votes to roll back media ownership ruleWASHINGTON (AP) _ The Senate Thursday night voted to nullify a Federal Communications Commission rule that allows media companies to own a newspaper and a television station in the same market. The unusual "resolution of disapproval," sponsored by Sen. Byron Dorgan, D-N.D., and 26 other senators, was approved by a voice vote. The measures sponsors include both Democratic candidates for president, Sens. Hillary Rodham Clinton of New York and Barack Obama of Illinois.
Drug combo helps women with advanced breast cancerA combination of two new-generation cancer drugs modestly delayed the time it took for cancer to worsen in a study of 300 women with very advanced disease who had stopped responding to other treatments. It was the first test of these two highly targeted drugs, Herceptin and Tykerb. Both aim at a protein called HER-2/neu that is made in abnormally large quantities in about one-fourth of all breast cancers. Herceptin blocks the protein on the cell's surface; Tykerb does it inside the cell.
Japan's economy grows at 3.3 pct annual pace in 1QTOKYO (AP) _ Japan's economy grew at a stronger-than-expected 3.3 percent annual pace in the first quarter, racking up its third consecutive quarter of growth. Japan's gross domestic product _ or the value of a nation's goods and services _ grew 0.8 percent in the January-March quarter from 2007's fourth quarter, according to Cabinet Office data released Friday. That would be a 3.3 percent annual pace.
China tallies losses, costs from major earthquakeSHANGHAI, China (AP) _ Cracked dams and buckled roads, collapsed buildings and toppled factories _ China has begun tallying losses from the calamitous earthquake that struck earlier this week, with estimates ranging to over $20 billion. With the death toll from the disaster forecast to rise as high as 50,000, China's main focus Friday remained on rescue and relief for survivors of the 7.9 magnitude quake that hit Sichuan province on Monday.
Icahn to Yahoo board: Sell to Microsoft or leaveSAN FRANCISCO (AP) _ Yahoo Inc. Chief Executive Jerry Yang spent months fending off Microsoft Corp.'s unsolicited takeover bid. Now he may only have a few weeks to persuade the software maker to revive its last offer of $47.5 billion, or risk being fired in a shareholder mutiny led by activist investor Carl Icahn. Spurred on by outraged shareholders, Icahn notified Yahoo Thursday that he will lead a revolt to oust Yang and the rest of the Internet company's board unless they renew negotiations with Microsoft that fell apart May 3 when the two sides couldn't agree on a price.
Industrial output falls, second time in 3 monthsWASHINGTON (AP) _ Industrial output plunged in April as factories making everything from autos to heavy machinery felt the adverse effects of the weak economy. Analysts held out hope that production will revive in the second half of the year, helped by the government's economic stimulus checks. Industrial production dropped 0.7 percent last month, the Federal Reserve reported Thursday, more than double the decline that economists had expected.
Bernanke: Banks must get better at foreseeing riskWASHINGTON (AP) _ Commercial banks and other financial institutions need to beef up their ability to detect and protect themselves against risks like the credit and mortgage debacles, Federal Reserve Chairman Ben Bernanke said Thursday. The trio of crises _ housing, credit and financial _ have exposed weaknesses in financial firms' so-called risk-management practices. That is their ability to sufficiently detect and hedge against risks. Banks and other financial players have racked up multibillion-dollar losses when investments in complex mortgage-backed securities soured with the collapse of the housing market. Credit problems in housing quickly spread to other areas, intensifying the turmoil.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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