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AP Business NewsBrief at 3:52 p.m. EDT(Associated Press Via Acquire Media NewsEdge) The economic recovery turns 2: Feel better yet?WASHINGTON (AP) _ This is one anniversary few feel like celebrating. Two years after economists say the Great Recession ended, the recovery has been the weakest and most lopsided of any since the 1930s. GM, Ford June sales rise, Honda fallsDETROIT (AP) _ Gas prices have hit a sweet spot for U.S.-based automakers. They've fallen enough to spur pickup truck sales, yet remain so high that newer small cars are selling as well. That isn't the case for Honda and Toyota, however. They ran short of small cars because of production problems tied to the March earthquake in Japan. Stocks continue rally after manufacturing reportNEW YORK (AP) _ So much for that soft patch. An unexpected rebound in U.S. manufacturing surprised investors. Many had lowered their estimates for growth over the last two months as the economic recovery appeared to be slowing down. A shortage of computer chips and auto parts from Japan, higher gas prices and severe weather in the South all contributed to the gloomier estimates. AP Source: Google among firms looking to buy HuluLOS ANGELES (AP) _ Search giant Google Inc. is one of about a dozen companies involved in talks to potentially buy online video site Hulu, a person familiar with the matter said Friday. As the owner of YouTube, it would be a strategic buy for the Silicon Valley technology company, which has had a rocky relationship with Hulu's Hollywood owners. Hulu has begun presenting its financial information to many prospective bidders, but it's too early to declare a front-runner, said the person, who spoke on condition of anonymity because the discussions are confidential. '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. Factories busier in June after spring slumpNEW YORK (AP) _ Factory activity picked up in June after a sluggish May, helped by lower gas prices and some easing of supply disruptions. The Institute for Supply Management, a trade group of purchasing executives, said Friday that its index of manufacturing activity rose to 55.3. The sector has now grown for 23 straight months. Last month's growth was the slowest in 20 months. 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. Gas is 24 cents/gallon cheaper than Memorial DayNEW YORK (AP) _ Call it an Independence Day discount. Gasoline prices usually peak in the summer. This year, however, they peaked on May 5. The subsequent slide in pump prices has made gasoline an average 24 cents per gallon cheaper than what it was on Memorial Day. Exxon Mobil ordered to pay $1.5B for Md. gas leakTOWSON, Md. (AP) _ Exxon Mobil Corp. has been ordered to pay more than $1.5 billion in damages to 160 families and businesses affected by a 2006 gasoline leak in Maryland. Jurors awarded more than $1 billion in punitive damages on Thursday, after earlier awarding $495 million in compensatory damages. The ruling in Baltimore County Circuit Court follows a $150 million award in 2009 involving about 90 households, which Exxon is appealing. The Irving, Texas-based oil company said the facts do not support the latest ruling and that it will appeal it as well. 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. (c) 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |