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AP Business NewsBrief at 11:31 a.m. EDT(Associated Press Via Acquire Media NewsEdge) ECB raises interest rates, hints at more increasesLONDON (AP) _ The European Central Bank raised its key interest rate on Thursday and hinted at more to come, the latest sign that it will not be derailed by the debt crisis in its mission to fight inflation. The bank nevertheless agreed to extend emergency liquidity to Portuguese banks, as it has done with Greece and Ireland, even though one of the major ratings agencies downgraded the country's bonds to junk status. UK police appeal for patience in hacking probeLONDON (AP) _ The police officer in charge of Britain's burgeoning phone hacking probe has appealed to the public for patience as authorities contact thousands of potential victims. Deputy Assistant Commissioner Sue Akers issued a statement Thursday saying police are sorting through 11,000 pages of material containing almost 4,000 names that could be linked to the News of the World scandal. Retailers post strong June salesNEW YORK (AP) _ Colossal sales enticed consumers to shop like it was 1999 last month. But higher prices ahead could cause the party to end. Warm weather and discounts of up to 80 percent on summer merchandise helped retailers deliver the best revenue gains since June 1999 in what is typically the second-biggest shopping month of the year. House and Senate panels take up 3 trade billsWASHINGTON (AP) _ House and Senate lawmakers on Thursday wrangled over how to help American workers dislocated by trade as they took up three free trade agreements that could also create tens of thousands of new jobs in the U.S. The two committees in charge of trade _ Finance in the Senate and Ways and Means in the House _ both took up draft versions of legislation to implement trade deals with South Korea, Colombia and Panama. Jobs reports push stocks higher; Retailers riseNEW YORK (AP) _ Better news on jobs drove stock indexes higher in early trading Thursday. Target Corp., Gap Inc. and other retailers jumped as their stores reported higher sales. The government reported that the number of people who made first-time claims for unemployment benefits dropped to 418,000 last week, the lowest level in seven weeks. That's a sign that employers are laying off fewer workers. 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. The four-week average, a less volatile measure, declined for the first time in four weeks, to 424,750. 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. Pfizer may sell animal health, nutrition unitsNEW YORK (AP) _ Pfizer Inc. said Thursday it may sell its animal health and nutrition business in the next two years so it can focus on expanding its low-cost pharmaceuticals unit. Pfizer, which has faced pressure to eliminate some business units and return more cash to shareholders, said the moves will allow investors to get more value for the businesses. The company will also consider transactions including spinoffs and may pursue different strategies for each business. Any transactions could take one to two years to complete, Pfizer said. It does not expect to provide any further updates until 2012. Rate on 30-year fixed mortgage rises to 4.60 pct.WASHINGTON (AP) _ Fixed mortgage rates rose this week by the most in four months. The average rate on the 30-year loan increased to 4.60 percent, up from 4.51 percent a week ago, Freddie Mac said Thursday. It hit its lowest level of the year three weeks ago, at 4.49 percent. 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. |