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AP Business NewsBrief at 9:52 p.m. EDT
(AP Online Via Acquire Media NewsEdge) US Government takes over mortgage giantsWASHINGTON (AP) _ The Bush administration's seizure of troubled mortgage giants Fannie Mae and Freddie Mac is potentially a $200 billion bet that it will help reverse a prolonged housing and credit crisis. The historic move announced Sunday won support from both presidential campaigns, but private analysts worried that it may not be enough to stabilize the slumping housing market given the glut of vacant homes for sale, rising foreclosures, rising unemployment and weak consumer confidence.
Wall Street may cheer Fannie, Freddie bailoutNEW YORK (AP) _ Wall Street finally got what it's been angling for: a bailout of Fannie Mae and Freddie Mac that could aid a recovery of the broken U.S. housing market and arrest a slide in stock and credit markets worldwide. Overall, the move is a positive for banks around the world, including Citigroup Inc., Merrill Lynch & Co. and UBS AG that invested in U.S. mortgages, according to Daniel Alpert, managing director at the investment bank Westwood Capital. And in electronic trading Sunday evening, futures for the major U.S. stock indexes all rose about 2 percent.
Fannie, Freddie deal helps some borrowers, not allNEW YORK (AP) _ The government's historic bailout of Fannie Mae and Freddie Mac on Sunday will be good news to homebuyers and some homeowners hoping to refinance if it leads to lower mortgage rates, as experts expect. But for homeowners already behind on their mortgage payments, or who owe more than their homes are now worth, the plan unveiled Sunday by Treasury Secretary Henry Paulson offers little in the way of extra relief.
OPEC considers cutting oil productionVIENNA, Austria (AP) _ With oil prices off nearly 30 percent from their highs of almost $150 a barrel, OPEC oil ministers are considering what was unthinkable just a few weeks ago _ cutting back output to prop up the price of crude. No one is predicting much of a cutback _ if any at all. Still, such a move would not even have been thought of with oil prices setting record after record back in July.
Gulf oil and gas producers give Ike a serious lookNEW YORK (AP) _ Efforts to bring oil and gas production back online in the Gulf of Mexico slowed Sunday as Hurricane Ike barreled toward the nation's energy complex, likely to be the second hurricane to slam into the Gulf in as many weeks. Royal Dutch Shell said it would keep staffing at its offshore installations to a minimum as it monitors the storm, which was described as "extremely dangerous" by the National Oceanic and Atmospheric Administration on Sunday.
Wall Street wobbles as economic landscape shiftsNEW YORK (AP) _ The stock market has lurched back near its July lows _ but Wall Street's concerns are a bit different now than they were then. In July, investors were vexed about record-high oil prices; since that time, crude has fallen nearly 28 percent. Back then, financial services companies were dragging down the broader market; over the past two months, the financial sector has outperformed the major stock indexes.
Foodmakers plan big ad campaigns in down economyMILWAUKEE (AP) _ Foodmakers may be worried about higher costs for key ingredients, pushing through price increases and still maintaining their profits. But for big names like Sara Lee, Kraft and others, these slim times don't mean doing away with their advertising budgets. While the food companies, like other large advertisers, pulled back on their spending as the economy soured, many big foodmakers plan advertising punches in the coming months. The shift comes as consumers worried about rising costs eat at home more and shop with budgets in mind _ a trend that's leading many of them to generics, or private-label brands.
Advertising group opposes Yahoo-Google pactSAN FRANCISCO (AP) _ A group representing big-spending national advertisers said Sunday it sent a letter to the Justice Department asserting an online ad partnership between Yahoo Inc. and Google Inc. will stifle competition and likely raise prices. The Association of National Advertisers said on its Web site that the letter to Thomas Barnett, assistant attorney general in charge of the Justice Department's antitrust division, came after a "comprehensive, independent analysis" and meetings with Google and Yahoo executives.
Auto industry to press Congress for $50B in loansWASHINGTON (AP) _ Auto industry allies hope to secure up to $50 billion in government loans this month that would pay to modernize plants and help struggling car makers build more fuel-efficient vehicles. With Congress returning this coming week from its summer break, the industry plans an aggressive lobbying campaign for the low-interest loans. The situation is growing dire after months of tumbling sales, high gasoline prices and consumers' abandoning profitable trucks and sport utility vehicles.
Long-term plan aids marketing of Michael PhelpsOlympian Michael Phelps' record-setting performance in Beijing has led to multimillion-dollar endorsement deals, but his road to marketing gold was paved years before he swam a lap in China. Phelps' marketing success this summer grows from a strategy his agent, Peter Carlisle of marketing powerhouse Octagon, has mapped out carefully over the six years of their partnership. Venturing online and into other new venues and targeting new geographies, Phelps and Carlisle are pursuing a lasting public presence and $100 million in endorsements _ unheard of in swimming. If they succeed, Carlisle's handling of the 23-year-old swimmer could be a model for managing Olympians.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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