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AP Business NewsBrief at 5:59 p.m. EDT(Associated Press Via Acquire Media NewsEdge) Flood surge raises fears of Mont. oil spill spreadLAUREL, Mont. (AP) _ Crews responsible for cleaning up an oil spill on the Yellowstone River faced difficult conditions Tuesday as the scenic waterway rose above flood stage and raised fears that surging currents will push crude into undamaged areas and back channels vital to the river's prized fishery. Conditions on the swollen river have prevented a thorough assessment and hampered efforts to find the cause of Friday's break in the 12-inch pipeline, which spilled an estimated 1,000 barrels of crude oil. The river was flowing too high and swiftly for crews to reach some oiled areas, and forecasters said mountain snowmelt was adding to the high water levels. Rally stalls as Moody's cuts Portugal debt ratingNEW YORK (AP) _ The first week of July is off to a much slower start than the last week of June, when stocks had their biggest gains in two years. Major indexes were mixed for much of the day Tuesday but dipped in afternoon trading after Moody's downgraded Portugal's debt to "junk." The credit ratings agency cited concerns that Portugal will not be able to meet targets to reduce its deficit due to the "formidable challenges" the country is facing in cutting spending. Bank of America settlement faces challengeNEW YORK (AP) _ Bank of America's $8.5 billion settlement with investors over poor-quality mortgage bonds is facing a new challenge. On Tuesday, a group of bond investors calling themselves Walnut Place said they objected to the terms of the settlement. In a filing with the New York Supreme Court, the investors said they wanted to be excluded from the settlement that was struck after negotiations between the bank and 22 institutional investors such as BlackRock Inc., the Federal Reserve Bank, and Pimco. The settlement was meant to cover a broader group of investors being represented by a trustee. Britain shocked by hacking into slain girl's phoneLONDON (AP) _ Britain's voracious tabloids may have hit a new low: The News of the World was facing claims Tuesday that it hacked into a missing 13-year-old's phone messages, possibly hampering a police inquiry into her disappearance. Milly Dowler was found murdered months later and the report that her messages were tampered with has horrified Britons. Major advertisers _ including Ford UK _ have pulled their ads from the paper. Moody's downgrades Portugal on fear of 2nd bailoutLISBON, Portugal (AP) _ Ratings agency Moody's downgraded Portugal's government debt on Tuesday, citing growing risks the country will require a second rescue package because it cannot meet its debt reduction targets. Moody's Investors Service cut its rating by one notch to Baa2 from Baa1 and said in a report that it was increasingly unlikely that Portugal would be able to borrow money on capital markets in 2013, as planned. Calif. bill targets excess health insurance ratesSACRAMENTO, Calif. (AP) _ A bill that would allow state officials to reject rate increases proposed by health insurers is under intense lobbying pressure as it faces a key committee vote this week. Groups representing insurers, doctors and hospitals are trying to have the California bill weakened or killed, although for different reasons. Stores find success by focusing on the huntTrader Joe's, the specialty grocery chain, might not have the cheapest toilet paper or the most varieties of ketchup, but it hooks customers with mango butter, chocolate-covered pomegranate seeds and cilantro-and-jalapeno hummus. These goodies aren't on most grocery lists, but they're eye-catching enough to tempt shoppers into an impulse buy. At a time when families are watching dollars and the Web makes discount-hunting easy, unexpected treasures are an increasingly important strategy for stores. Budgeting for wireless data on Verizon's new plansNEW YORK (AP) _ Are you a wireless data glutton or a nibbler? Many Verizon Wireless customers will have to figure that out _ perhaps as soon as this week _ as the country's largest wireless carrier is set to introduce data plans with monthly usage caps. New fall TV season? How about summer?NEW YORK (AP) _ If September is what first comes to mind when considering new television shows, there are some 82 reasons to think again. That's the number of new programs that have or will premiere on cable networks post-Memorial Day through August, based on an informal survey. That doesn't even include existing series that are starting new seasons (HBO's "Curb Your Enthusiasm," USA's "Burn Notice," etc.) or new programs on broadcast TV (NBC's "Love Bites" and ABC's "101 Ways to Leave a Game Show"), because the latter usually aren't built to last. Companies ordered more factory goods in MayWASHINGTON (AP) _ Businesses requested more airplanes, autos, and oil drilling equipment in May. The jump in factory orders after a sluggish spring suggests supply disruptions stemming from the Japan crisis are fading. Factory orders rose 0.8 percent in May, the Commerce Department said Tuesday. That followed a downwardly revised drop of 0.9 percent in April. (c) 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |