[August 04, 2008]

AP Business NewsBrief at 7:16 a.m. EDT

(AP Online Via Acquire Media NewsEdge) Humana reports slight drop in 2Q earningsLOUISVILLE, Ky. (AP) _ Health insurer Humana Inc. reported a slight drop in second-quarter profit Monday caused by a double-digit decline in premiums from its Medicare prescription drug plans, which offset solid growth in its Medicare Advantage and commercial segments. Humana's results for the three months ended June 30 still outperformed Wall Street expectations, and the company raised its earnings-per-share projection for the full year.

Oil steady near $125 on Gulf of Mexico stormOil prices were steady near $125 a barrel Monday as the market kept on eye on a tropical storm that could affect oil facilities in the Gulf of Mexico. Concerns that a showdown over Iran's nuclear program could threaten crude supplies out of the Middle East also buoyed up prices. By midday in Europe, light, sweet crude for September delivery fell 7 cents to $125.04 a barrel in electronic trading on the New York Mercantile Exchange. The contract gained $1.02 on Friday to settle at $125.10 a barrel.

US stocks head for slightly lower openNEW YORK (AP) _ Wall Street headed for a moderately lower open Monday as investors awaited key government readings on factory orders and personal income. The market expects the Commerce Department report to show that orders to factories rose by 0.7 percent in June, pushed moderately higher by an increase in demand for defense equipment, according to the consensus of Wall Street economists surveyed by Thomson Financial/IFR. That would be just higher than the 0.6 percent increase reported in May.

Fed likely to hold rates steady amid crosscurrentsWASHINGTON (AP) _ An ugly brew of rising unemployment, spiking foreclosures and gyrating energy prices is plaguing the country and making life difficult for Federal Reserve Chairman Ben Bernanke as he tries to right the economy. Bernanke and his central bank colleagues are faced with dueling problems: weak economic growth and advancing inflation. To treat one risks aggravating the other. So the Fed is widely expected when it meets Tuesday to leave a key interest rate alone.

TNK-BP CFO resigns amid shareholder rowMOSCOW (AP) _ A senior executive has stepped down from embattled Anglo-Russian oil firm TNK-BP due to the debilitating shareholder conflict over control and strategy. Chief Financial Officer James Owen tendered his resignation is a letter dated Monday to CEO Robert Dudley, who is currently managing the company from abroad.

Verizon, unions extend contract negotiationsNEW YORK (AP) _ Verizon Communications Inc. and two unions representing some 65,000 of its workers remained in talks after agreeing to "stop the clock" on contracts that were set to expire at 12:01 a.m. Sunday. The company expects "business as usual" on Monday as talks continue, Verizon spokesman Eric Rabe said late Sunday.

ArcelorMittal to build Mexico mill, buy US plantBRUSSELS, Belgium (AP) _ ArcelorMittal SA, the world's largest steelmaker, said Monday it would build a $600 million steel mill in Mexico and buy a coking coal plant in the U.S. The company said it was still looking at potential sites for the Mexico mill, which will be able to turn out some 500,000 metric tons (551,000 tons) of carbon steel and bars every year for the car-making and construction sectors in the country.

Equity group bids $2.7B for Australia's AscianoMELBOURNE, Australia (AP) _ Shares in Australian ports and rail operator Asciano Group soared Monday after the company received an unsolicited 2.89 billion Australian dollar ($2.69 billion) takeover offer from a U.S. private equity group and a fund. TPG Capital and independent investment fund Global Infrastructure Partners bid to buy all of Asciano for A$4.40 ($4.10) cash a share, Asciano said in a statement to the Australian Securities Exchange. There was also a share-exchange alternative, Asciano said.

Imperial Energy confirms new possible 'cash offer'SHANGHAI, China (AP) _ Independent oil and gas group Imperial Energy Corp. PLC confirmed Monday that it has received an approach regarding another "possible cash offer" for the company. Imperial Energy, whose shares are traded in London, did not identify the company involved. But the statement issued on its Web site followed reports by British-based media that state-owned Chinese oil refiner Sinopec Corp. was planning an offer.

Rich begin feeling the pain in down economyThe rich are sharing your financial pain _ and contributing to it. It may have taken longer and it may not be as acute, but there are early hints that the economic slump is crimping the lifestyles of the wealthy.

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