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AP Business NewsBrief at 2:28 p.m. EDT(Associated Press Via Acquire Media NewsEdge) Stocks shake off 2-week slump on retail sales newsNEW YORK (AP) _ Stocks are shaking off a two-week slump after retailers had better sales in May than analysts had predicted. The Dow Jones industrial average climbed back above 12,000, and all three major indexes are on track to have their best day so far in June. The government reported Tuesday that retail sales edged down 0.2 percent last month, the first decline in nearly a year. That was slightly better than economists had forecast. Americans bought fewer cars during the month, but the decline reflected temporary supply chain disruptions caused by the earthquake and tsunami disaster in Japan. Excluding weak car sales, retail sales rose 0.3 percent. New rules to cut confusion on sunscreen claimsWASHINGTON (AP) _ Help is on the way to consumers confused by the jumble of sun protection numbers and other claims on sunscreens. Currently, standards of protection apply only to one part of the sun's spectrum, ultraviolet B rays, which cause sunburn. Under new rules published Tuesday, they will also have to protect against the more penetrating ultraviolet A rays associated with skin cancer. Austria postpones plan to sell mountain peaksVIENNA (AP) _ An Austrian government agency abruptly pulled two sky-high pieces of real estate _ majestic peaks offering stupendous alpine views _ off the open market Tuesday after an outpouring of national outrage over the perceived sellout of the nation's heritage. BIG, the agency that purchases state property and manages it in the public interest, announced the decision after discussions between Economics Minister Reinhold Mitterlehner and top officials in charge of the agency. J.C. Penney names Apple retail exec as new CEONEW YORK (AP) _ J.C. Penney Co. is looking to bite into the magic of Apple. The department store chain has named Ron Johnson, who pioneered Apple Inc.'s retail stores, its next CEO. He will succeed Myron Ullman III in November, the retailer said Tuesday. Social Security makes $8B in improper paymentsWASHINGTON (AP) _ The Social Security Administration made $6.5 billion in overpayments to people not entitled to receive them in 2009, including $4 billion under a supplemental income program for the very poor, a government investigator said Tuesday. In all, about 10 percent of the payments made under the agency's Supplemental Security Income program were improper, said Patrick P. O'Carroll Jr., the Social Security inspector general. Cautious consumers could see lower prices aheadWASHINGTON (AP) _ Consumers are spending cautiously in the face of still-high gasoline and grocery-store prices and restraining the economy's growth. But some relief could be on the way: Wholesale food prices dropped last month by the most in a year. And motorists are likely to face lower gasoline prices this summer. CEOs for the nation's largest companies say they plan to step up hiring over the next six months. Best Buy 1st quarter net income fallsMINNEAPOLIS (AP) _ Growth in China and strong mobile phone sales helped to push Best Buy's first-quarter net income and revenue beyond Wall Street expectations Tuesday, sending shares jumping more than 7 percent. A slight decline in sales was expected due to tough competition from discounters and online retailers, and net income slid 12 percent as consumers put off purchases of TVs and DVDs. Avis, Budget brands to unite worldwide in $1B dealDETROIT (AP) _ Car rental company Avis Budget Group Inc. said Tuesday it will take over Avis Europe in a $1 billion deal, raising the possibility that Avis Budget may back away from a bidding war for U.S. rival Dollar Thrifty. The move reunites Avis Europe, which separated from Avis in the 1980s, combines the Avis and Budget brands worldwide, and creates what the company said is the largest publicly traded rental car business in the world. Nokia, Apple settle drawn-out patent disputeHELSINKI, Finland (AP) _ Nokia Corp. on Tuesday notched a valuable win against rival Apple Inc., with the U.S. company agreeing to pay the Finnish handset maker a one-time sum to settle long-standing patent disputes as well as royalties for current licenses. Espoo-based Nokia said that the deal "will result in settlement of all patent litigation between the companies, including the withdrawal by Nokia and Apple of their respective complaints to the US International Trade Commission." Survey: CEOs expect hiring, spending to growNEW YORK (AP) _ More than half of the chief executives of large U.S. companies said they expect to spend and hire more over the next six months despite slower economic growth. The Business Roundtable said Tuesday that 51 percent of CEOs polled expect to increase hiring. Last quarter's level of 52 percent had been the highest since the trade group began surveying its members in 2002. (c) 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |