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AP Business NewsBrief at 1:32 p.m. EDT(Associated Press Via Acquire Media NewsEdge) Stocks sink on fresh fears about global economyNEW YORK (AP) _ Stocks fell sharply Monday as investors feared that Europe's debt crisis would spread. The Dow Jones industrial average fell 150 points, or 1.2 percent, to 12,508, in afternoon trading. The Standard & Poor's 500 index fell 22, or 1.6 percent, to 1,322. Every industry group in the S&P 500 fell. Judges in US, Canada approve Nortel patents saleWILMINGTON, Del. (AP) _ U.S. and Canadian judges have approved a $4.5 billion cash bid from a consortium that includes smartphone makers Apple and Research In Motion for patents held by bankrupt telecom-equipment maker Nortel. The judges approved the results of Nortel's patent auction at a joint hearing Monday, just over a week after the consortium offered five times more than Google Inc.'s initial bid of $900 million for some 6,000 patents and patent applications. Phones running Google's Android system compete with Apple Inc.'s iPhone and Research in Motion Ltd.'s BlackBerry devices. News Corp's bid for BSkyB referred to regulatorLONDON (AP) _ A final decision on Rupert Murdoch's biggest takeover battle has been delayed for several months after the British government referred News Corp.'s bid for British Sky Broadcasting PLC to competition authorities, as a phone hacking scandal showed no sign of abating. The announcement Monday from Culture Secretary Jeremy Hunt followed News Corp.'s withdrawal of a promise to spin off Sky News, which had been a condition for buying the 61 percent of the satellite broadcaster that it doesn't already own. Eurozone seeks to stop crisis from reaching ItalyBRUSSELS (AP) _ European officials tried Monday to prevent the eurozone's debt crisis from spilling over into bigger economies such as Italy and Spain, as disagreements delayed a second bailout for Greece. Intense debate over how, and how much, banks and other private investors can contribute to a new rescue package for Greece has unsettled financial markets in the currency union, most dramatically in Italy, as rating agencies warn that even a voluntary involvement will likely be seen as a partial default of Greece on its massive debts. Obama challenges GOP to compromise on debtWASHINGTON (AP) _ President Barack Obama declared on Monday there would be no deal on raising the government's debt limit if Republicans won't compromise, and he said he would not sign a short-term extension _ raising the stakes on volatile negotiations with the clock ticking toward an Aug. 2 deadline. "I don't see a path to a deal if they don't budge. Period," the president said in a challenge to his political opponents, accusing Republicans of having a "my way or the highway" posture. Dunkin' Donuts' parent announces IPO price rangeNEW YORK (AP) _ The parent of Dunkin' Donuts plans to raise as much as $461 million when it takes the company public, up from the $400 million it originally estimated. Dunkin' Brands Group Inc., which runs Dunkin' Donuts and Baskin-Robbins, disclosed the estimated pricing in a regulatory filing on Monday. It didn't say when the stock might start trading. Oil drops below $95 per barrelNEW YORK (AP) _ The latest readings on Chinese inflation and renewed worries about European debt are pushing oil lower. Benchmark West Texas Intermediate crude fell $1.44 to $94.75 per barrel Monday on the New York Mercantile Exchange. Brent crude, which is used to price many international oil varieties, dropped $2.41 to $115.92 per barrel on the ICE Futures exchange in London. AP Sources: GM to sell diesel Chevy Cruze in USDETROIT (AP) _ Two people briefed on the matter say General Motors has decided to sell a diesel version of the Chevrolet Cruze car in the United States. They say the car would get about 50 miles per gallon on the highway and help GM meet stricter government fuel economy standards. Lonza buying Arch Chemicals for $1.2B in cashNEW YORK (AP) _ Swiss specialty chemicals and biotechnology company Lonza Group Ltd. said Monday it will buy Arch Chemicals Inc., a maker of antibacterial products, for $1.2 billion in cash. The deal values the Norwalk, Conn., company at $47.20 per share, and also includes $170 million in debt. Lonza will start a tender offer for Arch Chemicals shares by Friday, and it expects to complete the acquisition later in 2011. The board of directors of Arch Chemical voted in favor of the sale and recommended shareholders tender their shares in support. ArcelorMittal, Peabody bid for Macarthur CoalBRUSSELS (AP) _ ArcelorMittal says that together with Peabody Energy Corp. it has made an offer to acquire Macarthur Coal Ltd. in a bid that values the Australian company at 4.7 billion Australian dollars ($5 billion). ArcelorMittal said Monday that Macarthur shareholders will be offered AU$15.50 per share. The Luxembourg steel maker already owns about 16 percent of Macarthur. (c) 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |