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AP Business NewsBrief at 2:55 p.m. EDT(Associated Press Via Acquire Media NewsEdge) Bernanke urges GOP to support raising debt ceilingWASHINGTON (AP) _ Federal Reserve Chairman Ben Bernanke is urging Republicans to support a vote to raise the nation's borrowing limit. He says threatening to block the increase to gain deeper cuts in federal spending could backfire and worsen the economy. Bernanke says even a short delay in making payments on the nation's debt would cause severe disruptions in financial markets, damage the dollar and raise serious doubts about the nation's creditworthiness. The nation must raise the $14.3 trillion borrowing limit by Aug. 2. 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. Lockheed Martin's space business to cut 1,200 jobsDENVER (AP) _ Aerospace and defense contractor Lockheed Martin Corp. plans to cut 1,200 employees in its space systems equipment division. The company said Tuesday the cuts will be nationwide and trim the division's16,000-person work force by nearly 8 percent. The company said middle management will be reduced by 25 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. Under new rules published Tuesday, sunscreens will have to prove they filter out both ultraviolet B rays and ultraviolet A rays to claim they protect against skin cancer. Starting next summer, if they don't protect against both, or the sun protection factor is below 15, then they have to carry a warning: "This product has been shown only to help prevent sunburn, not skin cancer or early skin aging." 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. 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. Google invests $280 million to spur home solarNEW YORK (AP) _ Google is investing $280 million to help private homeowners put solar panels on their rooftops. It's Google's latest _ and largest _ investment in clean energy. The money will allow installer SolarCity to offer solar systems to homeowners for no money up front. In exchange, customers agree to pay a set price for the power produced by the panels. Best Buy 1st quarter net income fallsMINNEAPOLIS (AP) _ A renewed focus at Best Buy on hot-selling gadgets and a larger presence in China pushed the retailer's first-quarter results beyond what Wall Street had expected, vaulting shares as much a 7 percent higher Tuesday. Yet even as industry analysts lauded the nation's largest specialty electronics store for its ability to keep costs down and maintain its financial outlook, they also see a threat to margins going forward, with consumers increasingly heading online or to discount stores for the best deals. 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." (c) 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |