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AP Business NewsBrief at 4:22 a.m. EDT(AP Online Via Acquire Media NewsEdge) Senate close to passing housing aidWASHINGTON (AP) _Homeowners struggling to make their house payments could get government mortgage relief under a rescue plan that seeks to revive the chaotic housing market and help reverse the economic downturn. The Senate is expected Saturday to clear the wide-ranging legislation _ considered the most significant housing measure in decades _ for President Bush's signature, and the White House says he'll sign it quickly. FCC approves XM-Sirius satellite radio mergerWASHINGTON (AP) _ Sirius Satellite Radio Inc.'s $3.3 billion buyout of rival XM Satellite Radio Holdings Inc. will mean millions of subscribers will be able to receive programming from both services, while executives say it will create huge cost savings for the industry. Federal regulators formally approved the merger of the nation's only two satellite radio operators Friday. FDIC takes over 2 more banks, closing 28 branchesCARSON CITY, Nev. (AP) _ The 28 branches of 1st National Bank of Nevada and First Heritage Bank, operating in Nevada, Arizona and California, were closed Friday by federal regulators. The banks, owned by Scottsdale, Ariz.-based First National Bank Holding Co., were scheduled to reopen on Monday as Mutual of Omaha Bank branches, the Federal Deposit Insurance Corp. said. Oil's 2-week nosedive shows up at the pumpNEW YORK (AP) _ Whether or not any bubble has burst, Americans now live in an economy where the prospect of a gallon of gas for less than $4 is cause for relief. That barrier may be broken as early as this weekend, as a two-week nosedive in crude prices begins to ripple out to gas stations nationwide. Banks rally as CEOs hold off on issuing sharesNEW YORK (AP) _ With many banks still reporting massive writedowns and even quarterly losses from bad mortgage investments, it certainly seems like an odd time for financial stocks to rally. But, amid the many gyrations in the sector's stocks over the past week or so was a 27 percent pop in Wachovia Corp. after it announced a nearly $9 billion quarterly loss. And a 22 percent jump for Merrill Lynch & Co. after it lost about $5 billion. Investors were also clamoring for shares of Citigroup Inc., JPMorgan Chase & Co., and Bank of America Corp. after they reported pretty dismal quarters. FCC poised to punish Comcast over Web blockingWASHINGTON (AP) _ A majority of members of the Federal Communications Commission have cast votes in favor of punishing Comcast Corp. for blocking subscribers' Internet traffic, an agency official said Friday. Comcast, the nation's largest cable company, was accused of violating agency principles that guarantee customers open access to the Internet. Stocks end higher following economic readingsNEW YORK (AP) _ Wall Street ended a volatile week with uneven gains Friday after better-than-expected economic data placated a market pummeled a day earlier by concerns about housing and the financial sector. Financials drifted lower on continued worries about the health of balance sheets, while a surge in profits at Juniper Networks Inc. lifted technology stocks. Chrysler to get out of leasing businessDETROIT (AP) _ Chrysler LLC said Friday its financial arm will get out of the auto leasing business by the end of the month because economic conditions have made leasing more expensive than buying, for both consumers and the company. The move comes as Chrysler Financial is in the process of renewing a $30 billion credit line with banks amid a startling drop in values for leased trucks and sport utility vehicles that are coming back to automakers as leases end. First ships crawl up Mississippi after spillNEW ORLEANS (AP) _ Ships began crawling up the Mississippi River at New Orleans in a tightly controlled procession Friday, two days after a massive oil spill shut down a stretch of one of the nation's most critical commercial arteries. The pecking order was based on Coast Guard determination of the economic importance of the ships' cargo, and the pace was slowed by a scrubbing process to remove oil from each hull. A ship carrying refinery-bound oil was the first to get the go-ahead. New markets spur Honda to record quarterTOKYO (AP) _ Honda Motor Co. reported record profit for a fiscal first quarter Friday as sales growth in new markets offset the damage from a stronger yen and soaring material costs. The results came a day after U.S. automaker Ford Motor Co. reported its worst quarterly loss ever. Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |