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AP Business NewsBrief at 8:00 a.m. EDT(Associated Press Via Acquire Media NewsEdge) APNewsBreak: BP investigates new sheen in GulfLONDON (AP) _ Oil giant BP is investigating a new sheen in the Gulf of Mexico with a remote-controlled mini-sub but says there is no immediate indication it was the result of a new oil spill. A catastrophic April 2010 explosion at BP's Macondo well in the Gulf killed 11 men and led to the worst offshore oil spill in U.S. history, although BP's description of the site of the new sheen and a statement from a U.S. official seemed to indicate that the discovery wasn't near where the Macondo well blew up. Sears Holdings 2Q loss widens, misses expectationsHOFFMAN ESTATES, Ill. (AP) _ The operator of Sears and Kmart stores said Thursday that it lost more money in the second quarter as it marked down items to clear shelves for fall merchandise. The quarterly loss is the second straight for Sears Holdings Corp. and fourth in its last five quarters. The company cut 250 jobs and closed 29 stores during the second quarter to help cut costs. Police make new arrest in UK phone hacking inquiryLONDON (AP) _ British police made a new arrest Thursday in the country's tabloid phone hacking scandal, amid fresh scrutiny of Rupert Murdoch's media empire after newly disclosed documents appeared to contradict testimony his son and top aide gave to U.K. lawmakers. Police in London confirmed a 38-year-old man, who they declined to name, was arrested at a London police station after he arrived voluntarily Thursday. He is the 13th person to be arrested so far in the saga _ only one of those arrested has already been cleared. Coca Cola plans $4 billion investment in ChinaBEIJING (AP) _ Coca Cola Co. said Thursday it plans to invest $4 billion in China as food brands scramble to expand in its fast-growing consumer market. The investments will take place over three years beginning in 2012 and raise Coca Cola's total investment in China between 2009 and 2014 to $7 billion, the company said. J.M. Smucker 2nd-quarter net income risesORRVILLE, Ohio (AP) _ J.M. Smucker Co. says its second-quarter net income rose 8 percent as it raised prices in most categories to offset higher commodity costs. The maker of Folger's coffee, Jif peanut butter and its namesake jams says net income rose to $111.5 million, or 98 cents per share, from $102.9 million, or 86 cents per share last year. Economic fears hit stocks againLONDON (AP) _ Downbeat Japanese export and British retail sales figures renewed worries over the state of the global economy on Thursday and hit already fragile confidence in stock markets. Investors are worried about both the debt situation in both the U.S. and Europe and the pace of the global economic recovery following a run of weak economic data. Consol selling some Marcellus interests for $3.4BPITTSBURGH (AP) _ Consol Energy says it is selling some of its interest in Marcellus Shale drilling in Pennsylvania and West Virginia to Noble Energy Inc. for about $3.4 billion. Under the deal announced Thursday, Noble Energy, based in Houston, will buy half of Consol's Marcellus development rights and existing wells in those states. UK retail sales barely grow in JulyLONDON (AP) _ Retail sales in Britain barely grew in July, in another sign that the country's economy is struggling in the wake of waning global growth and high inflation, official figures showed Thursday. The Office for National Statistics said retail sales rose by only 0.2 percent in July from the month before. That was down on June's equivalent rate of 0.8 percent and below market expectations for a 0.4 percent rise. Biden, Chinese VP call for improved relationsBEIJING (AP) _ Stressing the importance of personal ties, Vice President Joseph Biden sat down Thursday with his Chinese counterpart and the country's leader-in-waiting for talks that will focus largely on U.S. economic woes. Biden was given an honor-guard welcoming ceremony before meeting Xi Jinping, who is expected to take over as Communist Party chief next year. Google-Motorola deal highlights patent arms raceNEW YORK (AP) _ When an Internet company plunks down $12.5 billion to buy a struggling cellphone company for its collection of patents, it's another sign that, for the high-tech industry, patents have become a mallet wielded by corporations to pummel their competitors. Google Inc. announced the deal to buy Motorola Mobility Holdings Inc. on Monday, specifically for its trove of 17,000 patents. Google needs them to shield companies like HTC Corp. and Samsung Electronics Co. _who make phones based on Google's Android software_ from lawsuits filed by Microsoft Corp. and Apple Inc. (c) 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |