TMCnet News
AP Business NewsBrief at 11:05 a.m. EDT(Associated Press Via Acquire Media NewsEdge) AP source: Government blocks AT&T-T-Mobile mergerWASHINGTON (AP) _ The Justice Department is blocking AT&T's $39 billion deal to buy T-Mobile USA, saying the acquisition of the No. 4 wireless carrier in the country by No. 2 AT&T would reduce competition and raise prices. That's according to a person familiar with the matter. The person spoke on condition of anonymity because the agreement wasn't announced yet. Strong autos drove July factory orders up 2.4 pct.WASHINGTON (AP) _ U.S. factory orders rose strongly in July on the biggest jump in demand for autos in more than eight years and a surge in commercial airplane orders. The increase suggests supply chain disruptions created by the Japan crisis are easing. Factory orders climbed 2.4 percent, the largest increase since March, the Commerce Department reported Wednesday. Orders for motor vehicles and parts rose 9.8 percent, the largest one-month gain since January 2003. Rise in factory orders pushes stocks higherNEW YORK (AP) _ Stocks rose Wednesday, capping a wild month in the stock market, after a surge in factory orders reassured investors that the manufacturing industry remains healthy. Factory orders rose 2.4 percent in July, the biggest increase since March. Demand for automobiles jumped by the largest amount in eight years and orders for commercial airplanes soared. Manufacturing has been one of the strongest parts of the economy since the recession ended about two years ago. Hollywood's summer story: more dollars, fewer fansLOS ANGELES (AP) _ The good news for Hollywood: summer movie revenues are up worldwide as studios rebounded from a dismally slow start to the year. The bad news: Domestically, revenues rose only a fraction compared to the previous year's, while actual movie attendance dropped for the fourth-straight year. 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." APNewsBreak: Monsanto seeks OK for low-fat soybeanDES MOINES, Iowa (AP) _ The soybean industry is seeking government approval of a genetically modified soybean it says will produce oil lower in saturated fat, offer consumers a healthier alternative to foods containing trans fats and increase demand for growers' crops. Demand for soybean oil has dropped sharply since 2005, when the U.S. Food and Drug Administration began requiring labels to list levels of trans fats, which have been linked to coronary heart disease. Vegetable oil does not naturally contain trans fats, but when hydrogen is added to make it suitable for use in the food industry, trans fats are created. 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. Hack may have hit Google users in IranAMSTERDAM (AP) _ Experts say the Iranian government may have been behind a hacking attack, allowing it to read Google email from dissidents who thought they were using secure connections. Chicago-based Internet security firm Vasco said Wednesday its Dutch subsidiary, DigiNotar, detected the hack on July 19, compromising its security guarantees for "a number of domains, including Google.com." The company then quietly tried to fix the damage, but was alerted by the Dutch government Monday that it had missed Google, and perhaps others. 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. (c) 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |