TMCnet News
AP Business NewsBrief at 11:56 p.m. EST(Associated Press Via Acquire Media NewsEdge) Apple introduces new $499 iPad tablet computerSAN FRANCISCO (AP) _ Apple CEO Steve Jobs unveiled the company's much-anticipated iPad tablet computer Wednesday, calling it a new third category of mobile device that is neither smart phone nor laptop, but something in between. The iPad will start at $499, a price tag far below the $1,000 that some analysts were expecting. But Apple must still persuade recession-weary consumers who already have other devices to open their wallets yet again. Apple plans to begin selling the iPad in two months. Dealers swamped by worried Toyota driversNEW YORK (AP) _ Toyota dealers across the country were swamped with calls Wednesday from concerned drivers but had few answers a day after the company announced it would stop selling and building eight models because of faulty gas pedals. Toyota insisted the problem _ sudden, uncontrolled acceleration _ was "rare and infrequent" and said dealers should deal with customers "on a case-by-case basis." But drivers of Toyotas and those who share the road with them were left with uncertainty. No easy answer to why Toyota accelerators stickWASHINGTON (AP) _ For a century, the basic idea behind pressing the accelerator on a car has been pretty straightforward. What's going wrong with some Toyotas isn't simple. Experts say the sudden acceleration problem that has put the brakes on Toyota sales and production is likely not a single problem but an alignment of complicated interconnected conditions. Stocks end higher on Fed's economic assessmentNEW YORK (AP) _ The Federal Reserve reassured stock market investors Wednesday that the economy is improving and that interest rates will stay low. Stocks recovered from an early slide to end moderately higher after the Fed issued a more upbeat assessment of the economy following a two-day meeting on interest rates. The Dow Jones industrial average rose 42 points. Fed holds rates at record low to aid recoveryWASHINGTON (AP) _ The Federal Reserve pledged Wednesday to hold rates at record lows to nurture the economic recovery and lower unemployment. But its decision drew a dissent from one member, signaling the Fed's challenge in deciding when to pull back stimulus money it pumped into the economy. The Fed's statement sketched a mixed picture of the economy. Pointing to weakness, it noted that bank lending is contracting. And it dropped a reference in its previous statement to an improving housing market. Geithner draws fire defending Fed on AIG bailoutWASHINGTON (AP) _ Democrats and Republicans alike pummeled Treasury Secretary Timothy Geithner on Wednesday over his role in the $180 billion bailout of insurance giant AIG Inc., venting public anger over Wall Street's return to prosperity while unemployment stands at 10 percent. Geithner, one of the original architects of the government's 2008 response to the financial crisis as president of the Federal Reserve Bank of New York, defended the use of taxpayer money as necessary to head off "potentially catastrophic damage to the economy." Japan retail sales down for 16th month in DecemberTOKYO (AP) _ Japanese retail sales declined for the 16th month in December, as consumers in the world's second biggest economy stayed cautious amid falling wages and a lackluster job market. Sales retreated 0.3 percent from the previous year, following a 1.1 percent fall in November, the government said Thursday. UAL says business travelers return slowlyMINNEAPOLIS (AP) _ Business travelers are getting back on the plane, but they're not paying as much as they used to. United Airlines on Wednesday said it sees a definite improvement in demand for business and premium travel _ the high-priced or last-minute tickets that airlines crave. In recent days the other big carriers have said the same thing. Lawyer: Madoff brother a subject of criminal probeNEWARK, N.J. (AP) _ A lawyer for the brother of Ponzi king Bernard Madoff said in court papers made public Wednesday that his client has been told he is a "subject" of criminal investigators probing the multibillion-dollar fraud. Charles Spada said in the filing in Newark federal court that Manhattan federal prosecutors have said Peter Madoff is a "subject" of their wide-ranging probe and his "career, assets, and family all are under intense scrutiny." New home sales fall 7.6 pct in DecemberWASHINGTON (AP) _ Sales of new homes fell unexpectedly in December, capping the industry's worst year on record and fueling concern that the housing market turnaround could falter. Last month's results were the weakest since March and were only 4 percent above the bottom last January. The data showed the housing recovery remains limp despite newly expanded tax incentives to spur sales. Many in the industry, however, expect sales to pick up as the April 30 deadline for the tax credit nears. (c) 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |