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AP Business NewsBrief at 4:15 a.m. EDT
(AP Online Via Acquire Media NewsEdge) UAW, American Axle reach deal that may end strikeDETROIT (AP) _ About 3,600 workers at American Axle and Manufacturing Holdings Inc. will find out soon whether a new contract was worth 80 days without a company paycheck. Bargainers for the United Auto Workers reached a tentative agreement with the company on Friday that could end a bitter strike against the auto parts maker that crippled dozens of General Motors Corp. factories in the U.S., Canada and Mexico.
Summer may bring a turning point for stock marketNEW YORK (AP) _ After nine months of turmoil that started with the collapse of the subprime mortgage market, Wall Street appears to be at a turning point of sorts. The data of the past few weeks have given investors some hope that the worst of the credit crisis has passed, that the economy isn't losing jobs at a dangerous rate and that inflation isn't out of control. The result has been relative calm in the financial markets, enabling the major indexes to reach levels they hadn't seen since early in the year _ including the Dow Jones industrials' brief return earlier this month to the 13,000 mark.
Oil sets record near $128; pump price at high, tooNEW YORK(AP) _ News that Saudi Arabia had boosted its oil output by 300,000 barrels a day was greeted as a non-event on oil markets _ the move wasn't anywhere near the kind of production increase needed to bring prices down on Friday. And traders were equally unimpressed by the U.S. government's plan to stop adding to the Strategic Petroleum Reserve.
Treasury secretary says markets are calmer nowWASHINGTON (AP) _ Treasury Secretary Henry Paulson said Friday that financial markets are "considerably calmer" now than they were two months ago. He predicted the economy will be rebounding by the second half of this year. In a speech to business executives in Washington, Paulson said the drag from housing, which he characterized as still the biggest risk to the economy, will soon be lessened by nearly $100 billion in economic stimulus payments to U.S. households.
Surprise rebound in housing, outlook still shakyWASHINGTON (AP) _ Construction of new homes increased by the biggest percentage in more than two years in April, a rare spot of good news amid the worst downturn in housing in more than two decades. Analysts, however, played down the increase, noting that all the strength came from the volatile apartment sector. They said the painful housing slump is far from over as a record flood of foreclosures continues to add to the sizable stockpile of unsold homes.
GE confirms plans to exit appliance businessNEW HAVEN, Conn. _ General Electric Co. plans to sell or spin off the business that for a century has put appliances in American homes, a decision that could presage further asset sales, analysts said. The industrial conglomerate, one of the world's largest companies, said in a statement Friday that the move is part of an ongoing plan to exit "slower growth and more volatile businesses."
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.
GM workers ratify local contract to end that strikeLANSING, Mich. (AP) _ A striking United Auto Workers local at a key General Motors Corp. factory ratified a new contract with the company Friday afternoon and will resume production on Monday. UAW Local 602 said on its Web site its members voted 73.5 percent in favor of the new deal. It will end a strike that began April 17 at the Delta Township plant near Lansing that makes the Buick Enclave, Saturn Outlook and GMC Acadia.
Calif. wine patriarch Robert Mondavi dies at 94BERKELEY, Calif. (AP) _ Robert Mondavi, the vintner who built his career and helped an iconic Northern California industry blossom by insisting that Napa Valley wines can compete with the best in the world, died in the valley Friday. He was 94. Mondavi died peacefully at his home in Yountville, Robert Mondavi Winery spokeswoman Mia Malm said.
Macy's signs deal to put FAO Schwarz in its storesCINCINNATI (AP) _ FAO Schwarz will open toy stores in nearly 700 Macy's department stores over the next two years in a move that both stores hope will drive traffic in a tough economic environment. The two companies announced Friday that about 75 full-size FAO Schwarz toy stores will open across the country in the fall, along with about 200 smaller shops that will be up to 300 square feet.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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