AP Business NewsBrief at 6:05 p.m. EST
(Associated Press Via Acquire Media NewsEdge) Stocks drop following Fed doubts about stimulusNEW YORK (AP) _ The stock market posted its biggest loss this year on news that Federal Reserve officials suggested the central bank scale back its effort to keep borrowing costs low. Minutes from the Fed's January meeting seemed to catch investors by surprise when they were released at 2 p.m. EST. Several Fed policymakers worried that the bank's program of buying $85 billion of bonds each month could eventually unsettle financial markets or cause the bank to take losses. Even so, most of the Fed officials thought the economy faced fewer risks than in December.
BP civil settlement remains elusive as trial nearsNEW ORLEANS (AP) _ The U.S. Justice Department and the five Gulf coast states affected by a massive oil spill nearly three years ago have indicated they would like to settle their environmental and economic claims with BP PLC ahead of a trial scheduled to start next week. The problem is that they haven't been able to agree on the possible terms of such an agreement. Months of negotiations have failed to resolve lingering differences _ not just with the London-based oil giant, but among themselves.
NY Times again prepares to sell Boston GlobeLOS ANGELES (AP) _ The New York Times Co. said Wednesday that it is putting The Boston Globe and its related assets up for sale four years after it called off a previous attempt to sell the newspaper. Mark Thompson, the Times' chief executive, said in a statement a sale would be in the best long-term interests of both properties, "given the differences between these businesses and The New York Times."
Sony holds PlayStation event in NY, ahead of XboxNEW YORK (AP) _ Sony is expected to unveil its next-generation gaming system, the PlayStation 4, at a New York event Wednesday evening. The development would give the struggling Japanese electronics company a head start over Microsoft and an Xbox 360 successor.
Beer cos., DOJ in resolution talks for $20.1B dealThe U.S. Department of Justice is talking with beer makers Anheuser-Busch InBev and Grupo Modelo about potentially resolving a legal challenge to their $20.1 billion deal. The beer companies and the government are asking the court for a stay of all litigation proceedings until March 19. There is no guarantee a resolution will be found.
Yahoo redesign aims to make site more invitingSAN FRANCISCO (AP) _ Yahoo is renovating the main entry into its website in an effort to get people to visit more frequently and stay longer. The long-awaited makeover of Yahoo.com's home page is the most notable change to the website since the Internet company hired Marissa Mayer as its CEO seven months ago. The new look debuted Wednesday in the U.S., although it could take a few more days before everyone starts to see it.
Boeing technical workers planning next moveSEATTLE (AP) _ The union for Boeing's technical workers is planning its next move after they rejected a contract offer, splitting with engineers represented by the same union who approved the deal. The Society of Professional Engineering Employees in Aerospace notified a federal mediator Wednesday to resume negotiations.
Source: Boeing to propose 787 battery fix to FAAWASHINGTON (AP) _ Boeing has developed a plan that it intends to propose to federal regulators to temporarily fix problems with the 787 Dreamliner's batteries that have kept the planes on the ground for more than a month, a congressional official told The Associated Press on Wednesday. Boeing Commercial Airplanes CEO Ray Conner is expected to present the plan to Michael Huerta, head of the Federal Aviation Administration, in a meeting on Friday, the official said. The official spoke on condition of anonymity because he wasn't authorized to speak publicly.
Sony PlayStation 4 expected at NY event WednesdayNEW YORK (AP) _ Sony is expected to unveil its next-generation gaming system at a New York event Wednesday evening, a development that would give the struggling electronics company a head start over Microsoft and an Xbox 360 successor. The PlayStation 4 would be Sony Corp.'s first major game console since the PlayStation 3 went on sale in 2006. The unveiling would give Sony the spotlight on video games, at least until Microsoft Corp. unveils the next Xbox in June, as expected, at the E3 video game expo in Los Angeles. Although the Xbox 360 came out a year before PlayStation 3, Microsoft's game machine has been more popular, largely because of its robust online service, Xbox Live, which allows people to play games with others online.
Fed minutes show concerns about bond purchasesWASHINGTON (AP) _ Several Federal Reserve policymakers suggested last month that the Fed might have to scale back its efforts to keep borrowing costs low for the foreseeable future. Minutes of the Fed's Jan. 29-30 policy meeting released Wednesday showed that some officials worried about the Fed's plan to keep buying $85 billion in bonds each month until the job market has improved substantially. They expressed concern that the continued purchases could eventually escalate inflation, unsettle financial markets or cause the Fed to absorb losses once it begins selling its investments.
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