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AP Business NewsBrief at 8:55 a.m. EDT(Associated Press Via Acquire Media NewsEdge) Google to buy Motorola Mobility for $12.5 billionMOUNTAIN VIEW, Calif. (AP) _ Google Inc. is buying cell phone maker Motorola Mobility Holdings Inc. for $12.5 billion in cash. It's by far Google's biggest acquisition and a sign the online search leader is serious about expanding beyond its core Internet business and setting the agenda in the fast-growing mobile market. Google will pay $40.00 per share, a 63 percent premium to Motorola's closing price on Friday. US stock futures rise following wild weekNEW YORK (AP) _ U.S. stock futures rose Monday, following Wall Street's wildest week since the 2008 financial crisis. Companies announced a trio of acquisitions worth more than $1 billion combined, Japan's economy shrank far less than economists expected last quarter and businesses continue to report stronger earnings. Google Inc. said it will buy wireless phone maker Motorola Mobility Holdings Inc. for $12.5 billion in cash. It is by far the technology company's biggest acquisition. That sent shares of Motorola up 60 percent in premarket trading, but Google fell nearly 3 percent. Lowe's 2Q net income flat on muted demandMOORESVILLE, N.C. (AP) _ Lowe's Cos. said Monday its second-quarter net income was nearly flat as volatile weather and shoppers' worries about the economy muted demand during the key summer selling season. The nation's second-largest home improvement retailer's net income for the three months ended July 29 totaled $830 million, or 64 cents per share. That compares with $832 million, or 58 cents per share, last year. China says local debt risks can be controlledBEIJING (AP) _ China's finance ministry tried Monday to allay concern about billions of dollars in bank loans owed by local governments, saying risks can be controlled and officials are looking at ways to ease the burden. It was Beijing's most detailed comment since disclosing in June that local governments have piled up 10.7 trillion yuan ($1.6 trillion) in debt, the equivalent of 25 percent of China's annual economic output. Much of that is owed to state banks, prompting concern they might face problems if borrowers default. Daily news important as markets face volatile weekDETROIT (AP) _ A little good news could bring some stability back to Wall Street this week as investors look for bargains amid chaos. Then again, bad news could lead to continued volatility. It all depends on the news of the day. Time Warner Cable buying Insight for $3B in cashNEW YORK (AP) _ Time Warner Cable will buy Insight Communications Co. for $3 billion in cash as it bolsters its presence in the Midwest, the company said Monday. The privately held cable operator serves more than 750,000 customers in Indiana, Kentucky and Ohio. It has about 537,000 high-speed data subscribers, 679,000 video subscribers and 297,000 voice subscribers. World stocks regain footing after wild swingsBANGKOK (AP) _ World stocks rose Monday as a measure of stability returned to markets after last week's dizzying swings and data showed the economy of earthquake-battered Japan shrank less than expected. Oil prices hovered above $85 a barrel. The dollar rose against the yen but lost ground against the euro. Buffett calls for more taxes on 'mega rich'Billionaire investor Warren Buffett is calling on the so-called mega-rich to pay more in taxes. Buffett says in a New York Times opinion piece that he would immediately raise rates on households with taxable income of more than $1 million, and he would add an additional increase for those making $10 million or more. Sept. 11 changed everything _ about air travelFive-year-old Frank Allocco is 37,000 feet above America, face pressed against the window. "Cool," he says to his 6-year-old sister. "Francesca, look." Germany baulks at euro rescue, insists on rulesBERLIN (AP) _ As Germany emerged from the destruction of World War II, it rebuilt its economy on a system of strong rules governing virtually every aspect of business, from auto manufacturing to competition among regional newspapers. Today, the German economy is Europe's strongest, a regional powerhouse that its indebted neighbors depend on for billions of euros they need to cope their staggering indebtedness. Germany is insisting that they, too, adopt strict rules before it's prepared to release its money. (c) 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |