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AP Business NewsBrief at 10:59 a.m. EDT(Associated Press Via Acquire Media NewsEdge) US stocks mixed after brutal week of sellingU.S. stocks were mixed Friday morning after a week of brutal selling pushed them to new yearly lows. Shares opened slightly lower, but turned positive in the first half-hour of trading. Later they bounced between small gains and losses. Lawyer: Phone hacking legal action to begin in USLONDON (AP) _ A group of British phone-hacking victims plan to ask U.S. courts to look into possible "corrupt practices" at Rupert Murdoch's News Corp., a lawyer said Friday. The move could broaden the scope of a scandal that has shaken the mogul's international media empire. British attorney Mark Lewis told The Associated Press that he had retained American lawyer Norman Siegel, who represents the families of many of those killed on Sept. 11, 2001, to take on News Corp. in the United States. Signs of China slowdown add to dim global outlookSHANGHAI (AP) _ Signs that the powerhouse Chinese economy is slowing have spooked global markets and sharpened fears that the world economy will not escape another recession, so much so that a small, preliminary survey of Chinese manufacturers contributed to a global stock market plunge this week. However, analysts said Friday that the dramatic fallout from a preliminary reading of HSBC's index of manufacturing for September far exceeded the data's importance. And while the world's No. 2 economy is slowing as expected, they said, growth will remain relatively strong. Global leaders struggle to calm recession fearsWASHINGTON (AP) _ The world's major economic powers are pledging to launch a bold effort to deal with a chronic slowdown in growth and a European debt crisis threatening to push the global economy into another recession. But it was unclear whether their strong words would be backed up by equally strong actions. The statement by the Group of 20 major economies was issued late Thursday and pledged that the countries, which represent 85 percent of the global economy, would do what was necessary to restore financial stability and clam financial markets which had plunged on Thursday over renewed fears of a global downturn. AP IMPACT: Hospital drug shortages deadly, costlyTRENTON, N.J. (AP) _ A severe shortage of drugs for chemotherapy, infections and other serious ailments is endangering patients and forcing hospitals to buy life-saving medications from secondary suppliers at huge markups because they can't get them any other way. An Associated Press review of industry reports and interviews with nearly two dozen experts found at least 15 deaths in the past 15 months blamed on the shortages, either because the right drug wasn't available or because of dosing errors or other problems in administering or preparing alternative medications. KB Home posts wider loss for fiscal 3QLOS ANGELES (AP) _ KB Home said Friday its fiscal third quarter loss widened, as the homebuilder delivered fewer homes than a year ago when a federal homebuyer tax credit helped inflate deliveries and revenue. The Los Angeles company also said the tax credit, which expired in April 2010, contributed to a 40 percent climb in new home orders in this year's quarter. Moody's downgrades 8 Greek banksATHENS, Greece (AP) _ Moody's downgraded eight Greek banks Friday, citing their exposure to their government's bonds and the deteriorating economic situation in the country as it struggles to convince creditors it's doing enough to get more bailout cash. Moody's Investors Service downgraded National Bank of Greece, EFG Eurobank Ergasias, Alpha Bank, Piraeus Bank, Agricultural Bank of Greece and Attica Bank by two notches from B3 to CAA2. HP fires second CEO in 2 years; Whitman in chargeSAN FRANCISCO (AP) _ Hewlett-Packard has performed another extreme act of corporate remodeling, firing its CEO Leo Apotheker after just 11 months and replacing him with billionaire businesswoman and political aspirant Meg Whitman. Yet it's done little to convince investors that the company has its house in order. HP has now removed two CEOs in two years, and the stock has dropped precipitously, shedding $60 billion of HP's market value. Based on shareholder reaction to Thursday's CEO shuffle, more punishment is likely in store. Oil below $81 amid growing global economy fearsSINGAPORE (AP) _ Oil prices hovered below $81 a barrel Friday in Asia, gaining back a little of the previous day's big loss amid the prospect of weaker demand for crude as the global economy slows. Benchmark oil for November delivery was up 16 cents to $80.67 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude plunged $5.41, or 6.3 percent, to settle at $80.51 on Thursday. Solyndra leaders invoke 5th Amendment at hearingWASHINGTON (AP) _ Top executives from a bankrupt California solar energy company have declined to testify before a congressional hearing investigating their half-billion dollar government loan. Solyndra Inc. CEO Brian Harrison and the company's chief financial officer, Bill Stover, both invoked their Fifth Amendment right to decline to testify to avoid self-incrimination. (c) 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |