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AP Business NewsBrief at 6:25 p.m. EDT
(AP Online Via Acquire Media NewsEdge) Stocks end lower on personal income dataNEW YORK (AP) _ Wall Street tumbled Friday after the government said personal incomes fell last month by the largest amount in nearly three years while consumer spending slowed. The Dow Jones industrial average fell more than 170 points, while a disappointing profit report from computer maker Dell Inc. weighed on the technology-heavy Nasdaq composite index. Meanwhile, investors charted the path of Hurricane Gustav as it heads toward the Gulf of Mexico and its oil rigs and refineries.
Gas prices up as Gustav threatens Gulf refineriesNEW YORK (AP) _ Retail gas prices swung higher Friday _ the first increase in 43 days _ as analysts warned that a direct hit on U.S. energy infrastructure by Hurricane Gustav could send pump prices hurtling toward $5 a gallon. Meanwhile, oil prices ended the day slightly lower, falling for a second straight session. But prices fluctuated sharply as some traders feared supply disruptions and others bet the government will release supplies from the Strategic Petroleum Reserve if Gustav wreaks havoc in the Gulf of Mexico area _ home to a quarter of U.S. crude supplies and 40 percent of refining capacity.
Incomes drop sharply in July while spending slowsWASHINGTON (AP) _ Consumer spending slowed to a crawl and personal incomes plunged in July, reflecting the waning impact of $93 billion in economic stimulus payments. The Commerce Department report Friday showed that consumer activity got off to a shaky start in the third quarter, raising new worries that the economy could falter in coming months due to rising unemployment, a continuing credit crisis and the deepest housing slump in decades.
Machinists union leaders call for Boeing strikeLeaders of Boeing Co.'s Machinists union called for a strike Friday after deciding a proposed labor contract the aerospace company called its "best and final" offer wasn't good enough. They urged members to reject the offer in an upcoming vote. The Chicago-based company hoped the proposal, which provides added pay and incentives to workers over three years, would help it avert a labor standoff. The talks come as Boeing tries to keep up with a backlog of plane orders and avoid more penalties caused by production delays of its next-generation passenger jet.
Alitalia files for bankruptcy protectionROME (AP) _ Alitalia said Friday it has sought bankruptcy protection, taking the first step in a plan to reshape Italy's unprofitable and debt-laden national carrier. The company said in a statement that its board had asked the government to appoint an administrator and had declared insolvency to a Rome court.
As summer ends, flyers brace for airline changesATLANTA (AP) _ The grip U.S. airlines have on travelers' wallets is about to get tighter as carriers go ahead with plans to trim their domestic schedules due to the high cost of fuel. Executives acknowledge that despite the economic downturn, fares will rise, discounts currently available will be scarce, and routes and frequencies of flights will be reduced as domestic capacity is cut through the end of the year. The changes starting in September come on top of a litany of new charges _ for luggage, drinks, pillows and other amenities _ announced by some airlines earlier this year.
GM recalling 944,000 vehiclesWASHINGTON (AP) _ General Motors Corp. said Friday it was recalling 944,000 vehicles because of a problem with a windshield wiper fluid system that could lead to a fire. More than 850,000 sport utility vehicles, trucks and passenger cars in the United States and nearly 100,000 vehicles in Canada, Mexico and the Middle East are involved in the recall, the company said.
Ala. county offer plan to avoid massive bankruptcyBIRMINGHAM, Ala. (AP) _ Alabama's largest county offered a plan Friday to restructure its $3.2 billion sewer debt and, at least for now, put off filing the largest bankruptcy in U.S. history. Gov. Bob Riley said an attorney for Jefferson County proposed restructuring the bond debt at a lower, fixed rate over a longer term, and Wall Street creditors allowed the county to delay any further interest payments at no cost until Sept. 30.
Fears of isolation as investors flee RussiaMOSCOW (AP) _ At the outset of this year, Russia proudly proclaimed itself an island of stability at the annual economic gathering in Davos, setting itself apart from the tumult of the global financial crisis. Then came the war with Georgia, which some here regard as Russia's 9/11.
FAA outage reveals odd computing practicesWASHINGTON (AP) _ When a computer glitch at a Federal Aviation Administration center caused widespread airline delays this week, it served as a reminder that the U.S. flight system is waiting for a modernizing overhaul. But it also appears the FAA's management of its existing technologies falls short of standards in other vital sectors. By using computing practices that would be considered poor in credit card networks or power plant operators, for example, the FAA was vulnerable to a problem caused when new software was loaded at the Atlanta center that distributes flight plans.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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