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AP Business NewsBrief at 10:20 a.m. EDT(Associated Press Via Acquire Media NewsEdge) Philadelphia Fed manufacturing index reboundsWASHINGTON (AP) _ A gauge of manufacturing activity in the Philadelphia region rebounded in July after hitting a nearly two-year low during the previous month. The Federal Reserve Bank of Philadelphia says its regional index of manufacturing conditions rose to 3.2 in July. It had dropped to negative 7.7 the previous month, the first negative reading in nine months. Leading indicators rise, signal slow growthNEW YORK (AP) _ A private research group forecast that the economy will grow slowly as summer turns into fall. The Conference Board said Thursday that its index of leading economic indicators rose 0.3 percent in June. The index had rebounded 0.8 percent in May after dropping 0.3 percent in April. The April decline was the first since June 2010. Report: New questions over UK PMs ex-news chiefLONDON (AP) _ Prime Minister David Cameron's former communications director did not have a top-level security clearance, which spared him from the most stringent type of vetting, a published report said Thursday. Andy Coulson, a former editor of the News of the World, the paper at the heart of a phone hacking scandal, would have been vetted when he went to work for Cameron once he became prime minister last year. Coulson resigned in January as more questions arose about the newspaper. Express Scripts will buy rival Medco for $29.1BNEW YORK (AP) _ Express Scripts and Medco Health Solutions, the largest U.S. pharmacy benefits management companies, said Thursday they will combine in a deal worth $29.1 billion in cash and stock. The companies manage prescription drug benefits and look for ways to cut costs for health plan sponsors and members. Combined, they handled more than 1.7 billion prescriptions in 2010 and reported almost $110 billion in revenue. The new Express Scripts Holding Inc. could use its size to negotiate bigger discounts on drug prices, although it would also have less competition than Medco and Express Scripts individually. More people sought unemployment benefits last weekWASHINGTON (AP) _ More people applied for unemployment benefits last week, evidence that layoffs are rising and the job market is weak. Applications for unemployment benefits rose by 10,000 to a seasonally adjusted 418,000, the Labor Department said Thursday. The four-week average, a less volatile measure, dipped to 421,250. Eurozone set for Greek deal, temporary defaultBRUSSELS (AP) _ European leaders were poised to sign off on a second bailout for Greece on Thursday, even at the cost of making the country the first euro state to partially default on its debt. With the new rescue program, leaders want to "address the problems really at the root," by lightening the country's debt burden and restoring its economic competitiveness, German Chancellor Angela Merkel said as she arrived at an emergency summit in Brussels. Hope for Europe crisis meeting lifts marketsNEW YORK (AP) _ Stocks are opening higher on hope that European officials will sign off on a plan to resolve the region's debt crisis. European leaders are expected to finalize a new aid package for Greece at an emergency meeting Thursday. German Chancellor Angela Merkel said European officials want to tackle the "root" of the crisis by easing Greece's debt burden. Progress scarce as debt limit impasse continuesWASHINGTON (AP) _ Progress remains elusive as official Washington grapples day after day for a way out of a debt dilemma that has the government sliding toward a first-ever default on its financial obligations. President Barack Obama met with House Speaker John Boehner, R-Ohio, at the White House for 90 minutes on Wednesday, but neither side would comment afterward. United Continental 2Q profit dropsUnited Continental's second-quarter profit fell 11.9 percent as fuel costs rose sharply and travel to Japan dropped. The airline company still reported net income of $538 million, or $1.39 per share, for the second quarter. It spent $145 million on integration costs as it continues to merge United and Continental airlines into what will be the world's largest carrier. Without special one-time items, it would have earned $1.49 per share. AT&T stays strong against threat of Verizon iPhoneNEW YORK (AP) _ AT&T Inc. saw a rebound in the number of new contract subscribers in the second quarter, showing resilience in the face of competition from Verizon's iPhone. The country's largest telecommunications company said Thursday that it added a net 331,000 new subscribers on contract-based plans, up from a record low of 62,000 in the first quarter. (c) 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |