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AP Business NewsBrief at 9:38 a.m. EDT(Associated Press Via Acquire Media NewsEdge) BP calls search of Moscow office an illegal raidMOSCOW (AP) _ Russian bailiffs searched BP's Moscow office 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 and the situation in the office was "calm." 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. Ireland's unemployment rate rises to 14.4 percentDUBLIN (AP) _ Ireland's unemployment rate has risen to 14.4 percent on doubts that the bailed-out country can tame its debts and deficits. Ireland has been trying to escape its 3-year recession through export growth led by its multinational companies. But the domestic economy remains dormant because of weak consumer demand, high household debts and a collapsed real-estate market. 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. Many investors were encouraged after minutes from the Federal Reserve's latest meeting, released on Tuesday, showed that central bank officials discussed a range of options to boost the economy, including buying more Treasury bonds. 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. Brown-Forman posts higher 1Q profitLOUISVILLE, Ky. (AP) _ Brown-Forman Corp. said Wednesday its first-quarter profit rose 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. 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. |