TMCnet News
AP Business NewsBrief at 8:45 a.m. EDT(Associated Press Via Acquire Media NewsEdge) Hacking costs tabloid more ads, link to vets groupLONDON (AP) _ A phone-hacking scandal cost the News of the World more advertisers and a prestigious link with military veterans Thursday after another paper reported that the tabloid had collected the telephone numbers of relatives of slain troops. The report in The Daily Telegraph newspaper did not cite any evidence that relatives' phones had been hacked or that the newspaper had done anything illegal in obtaining their numbers. Nonetheless a storm of outrage followed. Fewer people sought unemployment aid last weekWASHINGTON (AP) _ The number of people applying for unemployment benefits fell last week to the lowest level in seven weeks, although applications remain elevated. The Labor Department said Thursday that applications for benefits dropped by 14,000 to a seasonally adjusted 418,000. Retailers post strong June salesNEW YORK (AP) _ Retailers are reporting robust sales as deep discounts on summer merchandise pulled in shoppers in June. But the concern is that the momentum may not continue heading into the back-to-school shopping season when consumers are likely to find higher prices on everything from clothing to handbags. Big merchants Target Corp., Costco Wholesale Corp., Limited Brands Inc. as well as teen retailers such as The Buckle were among the companies that posted results that beat Wall Street estimates. The few stragglers included Destination Maternity Corp. and Bon Ton Stores, which reported declines. ECB raises key rate to 1.5 pct despite debt crisisLONDON (AP) _ The European Central Bank raised its key interest rate to 1.5 percent on Thursday to dampen down inflation, even though the move will add pressure on debt-ridden economies on the fringes of the 17-nation eurozone. The hike, the second this year, was widely expected in markets as the ECB focuses on its responsibility to get inflation, which is running at 2.7 percent, below its target of just below 2 percent. US stock futures rise ahead of jobs reportsNEW YORK (AP) _ Stock futures are rising ahead of two reports on the labor market. The government will report Thursday morning on the number of people who applied for unemployment benefits last week. Economists forecast that first-time claims for benefits dropped to 420,000 last week, below both the previous week and the four-week average. BSkyB shares hit by fears of phone hacking falloutLONDON (AP) _ Shares in British Sky Broadcasting continued to fall on worries that News Corp.'s takeover bid may be blocked because of the phone hacking scandal at its tabloid News of the World. Shares were down 1 percent at 819 pence at midday, recovering from earlier lows on the London Stock Exchange. Shares had closed at 850 pence on Monday, before it was alleged that the newspaper had hacked the phone of murdered schoolgirl Milly Dowler. Lawmakers visit White House for budget talksWASHINGTON (AP) _ President Barack Obama is pressing Democrats to support a higher deficit reduction proposal that could win Republican support for new tax revenue while reducing costs for major benefit programs such as Medicare and Social Security as the price to reach a deal on raising the government's debt limit. Congressional leaders from both parties will go to the White House Thursday, hoping to move closer to a budget deal with less than four weeks to avert a first-ever default on U.S. financial obligations. Exxon said failed Mont. pipeline was deeply buriedBILLINGS, Mont. (AP) _ People living near the oil-smeared shoreline of Montana's Yellowstone River are raising concerns about the risks and damage from a pipeline break that sent tens of thousands of gallons of crude into the watercourse. About 150 people showed up at an Environmental Protection Agency meeting Wednesday night with questions about health risks, the duration of the cleanup, and whether the oil will permanently damage their livestock or property. Extreme coupon cutters save cash, teach their waysBOISE, Idaho (AP) _ The women sat expectantly as Monica Knight told them she once routinely spent $600 a month on groceries for her family of four. Breaking into a broad smile, Knight says that figure has been reduced to only $100 to $150 a month. And now the dental hygienist and mother of two is about to tell them her secret. Cricket's music plan showing promiseLOS ANGELES (AP) _ If you think people who pre-pay their cellphone bills aren't the type to shell out for music these days, think again. Pre-paid wireless carrier Cricket said Thursday that its Muve Music service has quickly become one of the top unlimited mobile music plans in the United States with 100,000 subscribers, just months after launching in January. (c) 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |