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AP Business NewsBrief at 12:38 p.m. EDT(Associated Press Via Acquire Media NewsEdge) Justice Department blocks AT&T-T-Mobile mergerWASHINGTON (AP) _ An administration official says the Justice Department is moving to block AT&T's $39 billion deal to buy T-Mobile USA. The government contends the acquisition of the No. 4 wireless carrier in the country by No. 2 AT&T would reduce competition and raise prices. Rise in factory orders pushes stocks higherNEW YORK (AP) _ The stock market is having a strong end to a wild month. The Dow Jones industrial average turned positive for the year Wednesday after a surge in factory orders reassured investors that the manufacturing industry is still healthy. 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. Obama to address Congress next week on jobsWASHINGTON (AP) _ The White House says President Barack Obama will lay out his jobs plan in a primetime address next week to a joint session of Congress. Obama sent a letter Wednesday to House Speaker John Boehner and Senate Majority Leader Harry Reid asking to speak to both chambers on Sept. 7 at 8 p.m. 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 accompanied by armed policemen 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. BP's office in a Moscow skyscraper was guarded by police with assault rifles, he said. 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. Natural gas rises as power demand returns in EastNEW YORK (AP) _ The price of natural gas is surging nearly 4 percent as lights flicker back on in the East following major outages caused by Hurricane Irene. The storm knocked out power to 9.4 million homes and businesses over the weekend. By Wednesday more than three-quarters of those customers were reconnected to the grid. The recovery will boost energy demand along the Eastern Seaboard, increasing the load on natural gas-fired generators. 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. (c) 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |