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AP Business NewsBrief at 6:51 a.m. EDT
(AP Online Via Acquire Media NewsEdge) US foreclosure filings surge 48 percent in MayWASHINGTON (AP) _ The number of U.S. homeowners swept up in the housing crisis rose further last month, with foreclosure filings up nearly 50 percent compared with a year earlier, a foreclosure listing company said Friday. Nationwide, 261,255 homes received at least one foreclosure-related filing in May, up 48 percent from 176,137 in the same month last year and up 7 percent from April, RealtyTrac Inc. said.
Yahoo seeks Google's aid after Microsoft talks dieSAN FRANCISCO (AP) _ Yahoo Inc. became Microsoft Corp.'s takeover prey largely because Google Inc. established such a commanding lead in the Internet's lucrative search advertising market. But after eluding Microsoft's grasp, Yahoo is now turning to Google to help squelch a rebellion among its shareholders who believe it should have accepted Microsoft's $47.5 billion buyout offer while it was still available last month.
Wall Street closes up but off highs as oil risesNEW YORK (AP) _ Wall Street gave up a big early advance as the price of oil rose Thursday, with stocks closing moderately higher but also demonstrating how anxious investors are about inflation and the overall health of the economy. Bond prices fell sharply and yields shot higher in response to an upbeat retail sales report. Word late in the session that Yahoo Inc. called off talks of any deal with Microsoft Corp. gave investors one more reason to rein in the enthusiasm that drove the day's early rally.
Oil holds steady above $136 a barrelKUALA LUMPUR, Malaysia (AP) _ Oil prices held steady above $136 a barrel in Asia Friday after a sharp rebound the previous session as traders said supply worries would likely drive the market higher. "Trading has been quite choppy over the past week between the range of $131 and $139 a barrel," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.
US urges support for global warming fundOSAKA, Japan (AP) _ U.S. Treasury Secretary Henry Paulson urged other Group of Eight industrialized nations Friday to back a special fund of up to $10 billion to help developing countries fight global warming. Paulson appeared with his counterparts from Japan and Britain, and World Bank Group President Robert Zoellick, to encourage G-8 nations to back the Climate Investment Funds.
Bank of Japan keeps key interest rate unchangedTOKYO (AP) _ The Bank of Japan on Friday left its key interest rate unchanged at 0.5 percent in a unanimous decision amid global economic uncertainty. The move, coming after a two-day meeting, was widely expected.
Lawmakers approve subpoenas over food testingWASHINGTON (AP) _ Lawmakers voted to subpoena nine companies responsible for analyzing the most dangerous food entering the country as part of an investigation that gained more urgency with an outbreak of salmonella from tomatoes. For months, a House Energy and Commerce subcommittee has investigated the possible circumvention of government import alerts. Foods posing a potential danger can enter the marketplace only after a laboratory has determined that they are safe, according to Food and Drug Administration rules. But investigators have been told that it is a routine practice for private labs to test food until a clean result is obtained.
United, US Air to charge $15 for 1st checked bagCHICAGO (AP) _ Baggage fees are fast becoming an unavoidable part of U.S. flying _ three of the largest carriers now charge $15 for a first checked bag. No. 2 United Airlines and No. 7 US Airways announced their new fees on Thursday, three weeks after No. 1 American Airlines set the precedent for the charge. Most U.S. carriers already have instituted a $25 charge for checking a second bag _ part of a potpourri of new fees that reflect a struggling airline industry passing along record fuel prices to passengers in the form of higher fares, fuel surcharges and service charges.
Lehman Brothers removes finance, operating chiefsNEW YORK (AP) _ The hope at Lehman Brothers is that a management shakeup Thursday will contain the damage of a stunning quarterly loss _ yet some on Wall Street fear this is one more step toward a more dramatic outcome for the embattled investment bank. The ouster of Chief Financial Officer Erin Callan and Chief Operating Officer Joseph Gregory was an attempt to quell investor anger that Lehman's leadership has failed them. But, with a four-day stock plunge that wiped $4.5 billion from the investment bank's market value, it was unclear if the upheaval will be enough to satisfy critics.
Continental cutbacks to hit Cleveland and HoustonNEW YORK (AP) _ Travelers in Cleveland and Houston will be hit hardest when Continental Airlines starts cutting flights later this year in its fight against record fuel costs. In a message to employees made public Thursday, the carrier said it will stop flying to 15 destinations and reduce service in several other markets as it sheds about 11 percent of mainline capacity starting in September.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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