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AP Business NewsBrief at 1:45 p.m. EDT(Associated Press Via Acquire Media NewsEdge) US trade official 'dumbfounded' by GOP boycottWASHINGTON (AP) _ The Obama administration's top trade official said Friday he is "dumbfounded" and "shell-shocked" by Senate Republicans who blocked action on three coveted free trade agreements the GOP largely supports. In an interview with The Associated Press, U.S. Trade Representative Ron Kirk said he was caught by surprise when GOP senators didn't show up to a hearing Thursday to consider trade pacts with South Korea, Colombia and Panama. Republicans object to Democrats' decision to link the deals to the renewal of a program that retrains workers hurt by foreign trade, and want to consider the program separately. 'FarmVille' creator Zynga to go publicLOS ANGELES (AP) _ Zynga, the online game maker behind "FarmVille" and other popular Facebook pastimes, is going public, the latest in a crop of high-valued Internet IPOs expected after LinkedIn Corp. showed that the online networking craze is a hot commodity on Wall Street. Zynga Inc. hopes to raise up to $1 billion in an initial public offering that follows LinkedIn's sizzling stock market debut last month. The amount of money Zynga is seeking in its IPO will likely change as its bankers determine how many shares should be sold and at what price. That process typically takes three to four months. GM, Ford June sales rise as gas prices fallDETROIT (AP) _ Falling gas prices brought truck buyers back to showrooms last month. Still, pump prices remained high enough that shoppers snapped up smaller cars as well. Industry analysts expect overall U.S. sales to rise 13.5 percent from last June, to around 1.1 million cars and trucks. Automakers were reporting June sales throughout the day on Friday. Treasury confirms deadline for raising debt limitWASHINGTON (AP) _ Congress has one month to raise the nation's borrowing limit or the government will default on its debt, the Treasury Department said Friday. Treasury officials confirmed the Aug. 2 deadline in a monthly update that assesses the nation's borrowing situation. The United States reached the $14.3 trillion limit in May. Higher revenue and accounting maneuvers have allowed the government to keep paying its bills in the interim. Stocks continue rally after manufacturing reportNEW YORK (AP) _ A rebound in manufacturing prolonged a weeklong rally in the stock market Friday. Major indexes are track for their best week in a year. The increase in the Institute for Supply Management's manufacturing index in June came after the closely watched measure had its sharpest one-month drop since 1984 in May. Stock indexes started the day mixed but jumped in midmorning trading after the report came out. Gas is 24 cents/gallon cheaper since Memorial DayNEW YORK (AP) _ Call it an Independence Day discount. Gasoline prices usually peak in the summer. This year, however, the peak occurred so early _ on May 5 _ that the subsequent slide in pump prices has made gasoline an average 24 cents per gallon cheaper than what it was on Memorial Day. Manufacturing activity grew faster in JuneNEW YORK (AP) _ Manufacturing activity recovered somewhat in June from a sharp slowdown in May. The rebound suggested that the pain from the late-spring spike in gas prices and supply problems that hurt auto sales are easing. Nortel sells patents to consortium for $4.5BNEW YORK (AP) _ A consortium that includes leading smartphone makers Apple and Research In Motion is paying $4.5 billion in cash for about 6,000 patents and patent applications belonging to bankrupt telecom-equipment maker Nortel Networks Corp. The group prevailed in an auction this week over Google Inc., which had said it planned to bid $900 million in cash for all of Nortel's remaining patents and patent applications. Phones running Google's Android system compete with Apple's iPhone and RIM's BlackBerry devices. Eurozone delays decision on new Greek bailoutBRUSSELS (AP) _ Eurozone finance ministers have canceled a crisis meeting planned for Sunday because they need more time _ as much as two more months _ to nail down the details of a second bailout for Greece, officials said Friday. They will, however, hold a video conference on Saturday to sign off on a new loan installment that will keep Greece from bankruptcy over the summer. Construction spending falls 0.6 pct. in MayWASHINGTON (AP) _ Builders began work on fewer projects in May, led by steep declines in apartment construction and less spending by state and local governments. Construction spending declined 0.6 percent in May to a seasonally adjusted annual rate of $757.9 billion, the Commerce Department said Friday. That put overall spending barely above an 11-year low hit in February. And it is roughly half the $1.5 trillion pace considered healthy by most economists. (c) 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |