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AP Business NewsBrief at 5:19 a.m. EST
(Associated Press Via Acquire Media NewsEdge) Sony chief executive outlines turnaround planTOKYO (AP) _ Sony said it aims to be profitable in gaming and flat-panel TVs by the fiscal year ending March 2011, pushing 3-D technology as a way to showcase its strength in entertainment and surface from deep losses. "Our work is already bearing fruit," Chief Executive Howard Stringer said Thursday in outlining Sony's turnaround strategy at the electronics giant's Tokyo headquarters. "We still have more work to do."
Infineon 4Q net income rises to $21 millionFRANKFURT (AP) _ German chipmaker Infineon Technologies AG said Thursday its fourth quarter net income rose sharply from a large loss a year ago as the company saw cost reductions help its results. Infineon, based in Neubiberg, said net profit totaled €14 million ($21 million) in the fourth quarter, compared with a loss of €884 million in the fourth quarter of 2008.
Asian stocks mixed amid US weakness; Europe downHONG KONG (AP) _ Asian stock markets turned in a mixed performance Thursday as signs of weakness in the U.S. economy aggravated worries about the strength of the global recovery. European markets fell in early trade. It was the second day of middling trade in Asia and followed modest losses on Wall Street. Oil and gold prices were down slightly, while the dollar fell against the yen and rose against the euro.
Senate girds for historic debate on health billWASHINGTON (AP) _ After months of maneuvering, the Senate stands at the brink of a historic battle over health care with President Barack Obama and his allies on one side and Republicans, outnumbered but unflinching, on the other. "Now it's America's turn, and this will not be a short debate," Sen. Mitch McConnell of Kentucky, the Republican leader, warned after Majority Leader Harry Reid unveiled long-awaited legislation Wednesday night to extend coverage to 30 million more Americans and force insurance companies to take all comers.
China Commercial Aircraft plans plant in ShanghaiSHANGHAI (AP) _ Commercial Aircraft Corp. of China plans to build an assembly line for its homegrown C919 jetliners in Shanghai, the latest step in the country's ambitions to become a leader in world aviation. The company announced the showcase project following a signing ceremony Wednesday with officials of Shanghai's Pudong district, where the plant will be located.
Malaysia's Maxis debuts at 9.2 percent above IPOKUALA LUMPUR, Malaysia (AP) _ Shares of Malaysia's top mobile phone company Maxis Berhad jumped 9.2 percent on their return to the bourse Thursday following the biggest share sale ever in Southeast Asia. Maxis, owned by Malaysian billionaire Ananda Krishnan, opened with a 46 sen (14 cents) gain above its initial public offering price of 5 ringgit ($1.48).
Oil falls to near $79 amid mixed economic signsKUALA LUMPUR, Malaysia (AP) _ Oil prices slipped to near $79 a barrel Thursday in Asia amid mixed signals over the strength of the global economic recovery. Benchmark crude for December delivery was down 53 cents to $79.05 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 44 cents to settle at $79.58 on Wednesday.
GAO: Fraud in gov't contracts for disabled vetsWASHINGTON (AP) _ Companies fraudulently collected at least $100 million in federal contracts from a $4 billion government program designated for disabled military veterans who run small businesses, congressional investigators charge. The Small Business Administration failed to check if companies were eligible for the no-bid contracts for veterans with service-related injuries, allowing, for example, a contracting employee at a military base in Tampa, Fla., to improperly funnel a $900,000 Air Force contract to his wife's firm.
Singapore economy expands for 2nd straight quarterSINGAPORE (AP) _ Singapore said its economy would expand as little as 3 percent in 2010, well below the high growth rates of past years because of a sluggish recovery in the U.S. and other developed countries. The forecast came Thursday as the city-state reported a second straight quarter of economic growth with the manufacturing and service sectors lifting it out of a deep recession.
Obama voices commitment to S.Korea trade agreementSEOUL, South Korea (AP) _ President Barack Obama says he is committed to resolving issues that have stalled a free trade agreement between the United States and South Korea. Obama said Thursday in Seoul that expanding trade ties would have economic and strategic benefits for both countries. He said Congress must recognize that U.S. trade with South Korea doesn't have the same imbalances as with other Asian nations.
(c) 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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