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AP Business NewsBrief at 4:15 p.m. EDT(Associated Press Via Acquire Media NewsEdge) US stocks fall on European economic, debt worriesNEW YORK (AP) _ Stocks have closed lower because of rising worries about Europe. Economic growth slowed across Europe last quarter, and the leaders of France and Germany tried to calm concerns about the region's debt troubles by pushing for long-term political solutions. Markets had hoped for immediate financial fixes like the introduction of a single bond jointly backed by eurozone members. Merkel, Sarkozy propose eurozone governmentPARIS (AP) _ The leaders of France and Germany called Tuesday for greater economic discipline and unity among European nations but declined to take the expensive financial measures seen by many investors as the only way to halt the continent's spiraling debt crisis. The Dow Jones industrial average fell, the euro slid against the dollar and key European markets edged down in off-hour trading after Chancellor Angela Merkel of Germany and French President Nicolas Sarkozy announced the results of their emergency talks in Paris. Automakers rebound in July to lift factory outputWASHINGTON (AP) _ U.S. automakers rebounded in July to boost factory production by the most since the Japan crisis. But builders broke ground on fewer single-family houses, leaving home construction at depressed levels. The mixed data suggest that the economy remains fragile but is not on the cusp of another recession. Overseas strength lifts Wal-Mart 2Q profit 5.7 pctNEW YORK (AP) _ Wal-Mart Stores Inc. posted a second-quarter profit increase of 5.7 percent on Tuesday and raised its outlook for the year as its results benefit from international sales growth and cost cutting. But the world's largest retailer was unable to stop a two-year sales slump at its Walmart stores in the U.S as customers continue to grapple with a weak job market and other economic woes. While its international business has consistently been strong, Wal-Mart's U.S. operations have suffered as the nation's economic downturn has pummeled low-income Americans __ Wal-Mart's core customers. That's bad news for the U.S. economy since Wal-Mart is considered a bellwether for consumer spending, which accounts for 70 percent of the economy. The retailer rings up nearly 10 percent of all nonautomotive retail dollars spent in the U.S. Documents cast new doubt on James Murdoch's denialLONDON (AP) _ Lawyers and former executives have cast fresh doubt on the denials made by Rupert and James Murdoch over Britain's phone hacking scandal, raising the prospect that the media tycoon's son could be recalled for a new grilling by U.K. legislators. In written testimony released by lawmakers Tuesday, former Murdoch lieutenants poked holes in the dramatic testimony delivered by their ex-bosses before Parliament last month, accusing them of misrepresentations, exaggerations and more. NYC court upholds trustee's calculation of lossesNEW YORK (AP) _ Investors who lost billions of dollars in Bernard Madoff's massive multi-decade fraud are not entitled to recover fake profits that were described to them in phony statements, a federal appeals court said Tuesday. The 2nd U.S. Circuit Court of Appeals concluded that a trustee's calculation of the investors' losses was "legally sound" and that a bankruptcy court was correct when it rejected arguments from lawyers for investors who said their clients should receive more than what they initially gave to Madoff. Allstate sues Goldman Sachs over toxic investmentsAllstate Corp. is suing Goldman Sachs Group Inc. claiming the broker fraudulently sold it more than $123 million in mortgage-backed securities in 2006 and 2007, before the housing market collapse sent the investments' value plunging. The insurer claims in a lawsuit filed in New York that the documents Goldman provided at the time "contained untrue statements and omitted material facts" about the mortgages underlying the investments. Home Depot 2Q net income rises on storm repairsATLANTA (AP) _ Home Depot Inc.'s second-quarter net income rose 14 percent as shoppers picked up lawn and garden products and made storm-related repairs during the summer, the company said Tuesday. The nation's largest home-improvement retailer also raised its earnings guidance. The results sent Home Depot shares up 5 percent in morning trading and are a positive sign that consumers are feeling slightly better about spending money to improve their homes. Purchases over $900, which accounts for about 20 percent of Home Depot's revenue, rose 5.4 percent during the quarter. Transactions under $50 were flat. Netflix gets kid friendly as it raises US pricesSAN FRANCISCO (AP) _ Netflix Inc. is giving kids and their parents a new reason to embrace its Internet video subscription service as it raises prices to the dismay of many customers. A "Just For Kids" tab has been added to subscribers' accounts on Netflix's website. Clicking on the feature will pull up a list of kid-friendly recommendations drawn from about 1,000 movies and TV shows in Netflix's Internet video streaming library. Sony cuts price of PlayStation 3 by $50 to $249NEW YORK (AP) _ Sony Corp. is cutting the price of its PlayStation 3 gaming console by $50 in an attempt to drum up demand for the 5-year-old machine. It is now $249, down 17 percent from $299. The last time Sony lowered the price of the PlayStation 3 was in 2009, when it launched a lighter, slimmer model of the video game system. (c) 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |