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AP Business NewsBrief at 8:25 a.m. EDT(Associated Press Via Acquire Media NewsEdge) World stocks rise on Fed stimulus hopesLONDON (AP) _ World stock markets rose Wednesday as investors hoped that the Federal Reserve would respond to mounting signs of weakness in the global economy by providing more stimulus to the U.S. economy. Economic reports have been largely negative in recent weeks, with consumer and business confidence slumping sharply in developed economies. ConocoPhillips says 99 pct of China spill clearedSHANGHAI (AP) _ Under fire for oil spills off China's eastern coast, ConocoPhillips says it has finished collecting virtually all oil and drilling mud released into Bohai Bay, meeting a deadline to finish its cleanup by Wednesday. China's State Oceanic Administration, however, criticized the oil company's handling of the spills that began in June and said it would work with those affected, reportedly including scallops growers in the area, to seek compensation for damage. Oil hovers near $89 amid surprise US supply jumpSINGAPORE (AP) _ Oil prices hovered near $89 a barrel Wednesday in Asia after a report showed U.S. crude supplies unexpectedly jumped last week, a sign demand may be weakening. Benchmark oil for October delivery was up 14 cents to $89.04 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude rose $1.63 to settle at $88.90 on Tuesday. Russian bailiffs search BP's office in MoscowMOSCOW (AP) _ Russian bailiffs searched BP PlC's Moscow office on Wednesday because of a minority shareholder's lawsuit, the company said, calling the action an illegal raid. BP's Russian spokesman Vladimir Buyanov told The Associated Press the company was cooperating with the bailiffs. He said no documents were seized yet and the situation in the office was "calm." Brown-Forman posts higher 1Q profitLOUISVILLE, Ky. (AP) _ Brown-Forman Corp. said Wednesday its first-quarter profit rose by 6 percent as its flagship Jack Daniel's lineup posted double-digit revenue growth and the liquor company posted strong sales overseas. The company reaffirmed its full-year earnings projection and said it expects to benefit from brand development and wider distribution to help fuel improved net sales growth. US stock futures rise at end of volatile AugustNEW YORK (AP) _ U.S. stock futures are rising at the end of a wild month in the stock market. Investors are awaiting updates Wednesday on factory orders and hiring at private companies. China's Wen says controlling inflation still goalBEIJING (AP) _ The Chinese government remains focused on reining in surging prices despite global instability and has no plans to change controls that have caused its economy to slow, said Premier Wen Jiabao in comments released Wednesday. The global slowdown has prompted suggestions Beijing might ease its controls, but Wen said in comments on the Cabinet website that the cooling in China's rapid economic growth is in line with government plans. Wen is the country's top economic official and No. 3 in the ruling Communist Party hierarchy. Eurozone inflation data suggest no more rate hikesBRUSSELS (AP) _ Inflation in the 17 euro countries remained steady at 2.5 percent in August, adding to expectations the European Central Bank will hold off from raising interest rates _ and may even consider cutting them _ as economic growth slows. Wednesday's figure is still above the ECB's target of just below 2 percent, but underlines that prices in the eurozone are not rising as quickly as earlier in the year. In June, inflation was 2.7 percent. Sony, Toshiba, Hitachi join forces in displaysTOKYO (AP) _ The display businesses of three major Japanese electronics makers are joining forces to become more competitive in small and medium-sized panels _ a sector that's expected to grow because of the popularity of smartphones and tablets. The display-business subsidiaries of Sony Corp., Toshiba Corp. and Hitachi Ltd. agreed to sign a deal later this year and to complete the business combination by the first few months of next year, the companies said Wednesday. Lukoil's Q2 profit up 67 pct on higher oil pricesMOSCOW (AP) _ Russia's second-largest oil company Lukoil says its second-quarter profit went up 67 percent to $3.2 billion on the back of stronger oil prices. Moscow-based Lukoil said in a statement on Wednesday that sales rose by 35 percent to reach $35 billion, beating analyst forecasts. (c) 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |