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AP Business NewsBrief at 2:52 p.m. EDT(Associated Press Via Acquire Media NewsEdge) Survey: Employers consider ending health coverageINDIANAPOLIS (AP) _ Nearly one of every 10 midsized or big employers expects to stop offering health coverage to workers once federal insurance exchanges start in 2014, according to a new survey from a large benefits consultant. Towers Watson also found in a survey completed last month that an additional 20 percent of the companies are unsure about what they will do. Google settles pharmacy ad probe for $500 millionPROVIDENCE, R.I. (AP) _ Google says in a statement that the company shouldn't have allowed Canadian pharmacies to advertise prescription drugs to U.S. consumers. The Internet search leader agreed to pay $500 million to settle a federal investigation into the distribution of online ads from pharmacies that were illegally selling prescription drugs to American consumers. An early stock rally fades; indexes trade mixedNEW YORK (AP) _ An early stock market rally faded Wednesday, leaving indexes mixed in afternoon trading. The price of gold slumped 5.6 percent as investors became less fearful. A sharp increase in orders for long-lasting goods in July eased fears that the U.S. was headed for another recession. Companies placed more orders for aircraft, automobiles and other durable goods in July. Orders rose 4 percent, the biggest increase since March. Gold prices plunge as economic fears ease, for nowGold prices are plunging as investors grow more confident about the global economy. Gold fell $104, or 5.6 percent, to settle at $1,757 an ounce Wednesday. It's the steepest percentage drop since March 2008. Gold is still is up 24 percent for the year. Bank of America quashes merger talk in memoNEW YORK (AP) _ Bank of America is telling employees that speculation it's in talks to merge with rival JPMorgan Chase is "baseless," and "don't make practical sense." The nation's largest bank sent the memo to employees on Tuesday after takeover talk swirled in the market when a few blogs reported that it might be acquired by JPMorgan Chase & Co. In the memo, Bank of America Corp. also said the reports that it needs to raise at least $200 billion in capital to meet new regulatory capital requirements was also "wrong." Higher durable-goods orders ease economic worriesWASHINGTON (AP) _ A surge in demand for autos and aircraft drove orders for long-lasting manufactured goods higher in July, easing fears that the economy might be on the verge of another recession. The rebound in the auto industry helped offset a decline in orders for most other factory goods. CBO: Budget deficit to hit $1.28T, down slightlyWASHINGTON (AP) _ The federal budget deficit will hit $1.28 trillion this year, down slightly from the previous two years, with even bigger savings to come over the next decade, according to congressional projections released Wednesday. The nonpartisan Congressional Budget Office says budget deficits will be reduced by a total of $3.3 trillion over the next decade, largely because of the deficit reduction package passed by Congress earlier this month. Burger King introduces oatmeal to breakfast menuPORTLAND, Ore. (AP) _ Burger King is adding oatmeal to its breakfast menu as the struggling fast-food chain tries to reinvent itself. The world's second-largest burger chain says the move balances out its menu to offer customers a healthier breakfast option. But it is also an attempt by the company to catch-up with competitors and expand its appeal beyond its traditional burger-and-fries base to boost its sagging sales. Nokia launches 3 mass-market smartphonesHELSINKI (AP) _ Nokia on Wednesday unveiled three mass-market smartphones, as the troubled handset maker struggles against top-end competitors and cheaper producers in a market it once ruled as the innovative technology bellwether. The new models, based on the Symbian platform, include what the Finland-based company calls the world's smallest touch-screen smartphone and one with an exceptionally bright display. Oil climbs on stronger manufacturing activityNEW YORK (AP) _ Oil rose Wednesday following news of stronger U.S. manufacturing activity. Benchmark West Texas crude on Wednesday rose 75 cents to $86.19 per barrel in New York, while Brent crude was up $1.34 at $110.65 per barrel in London. (c) 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |