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AP Business NewsBrief at 9:45 a.m. EDT(Associated Press Via Acquire Media NewsEdge) Best Buy reports 1Q loss on restructuring costsMINNEAPOLIS (AP) _ Best Buy Co. on Tuesday reported a loss in its fiscal first quarter as it sold its stake in Best Buy Europe and works on a turnaround plan that includes cutting costs and closing some stores. Its adjusted earnings beat Wall Street expectations, but revenue fell short as the company faced tough pricing competition during the quarter. Its shares fell in premarket trading. Apple's Cook to face Senate questions on taxesWASHINGTON (AP) _ A Senate panel says Apple Inc. is avoiding paying billions of dollars in U.S. taxes, but the world's most valuable company says it is complying with the laws and pays "an extraordinary amount" in taxes to the U.S. government. Apple Inc. CEO Tim Cook is scheduled to testify Tuesday on Capitol Hill to explain the company's tax strategy. Sprint to listen to Dish offerOVERLAND PARK, Kan. (AP) _ Wireless company Sprint Nextel Corp. says it can now let Dish Network Corp. see its books and talk with Dish to see whether its competing offer to buy Sprint is better than its current deal with Japan's SoftBank. The companies said late Thursday that SoftBank had waived provisions of its deal with Sprint that will allow Sprint to talk with Dish. Sprint boosts buyout offer for ClearwireOVERLAND PARK, Kan. (AP) _ Sprint says it has raised its buyout offer for the stake in Clearwire it does not already own by 14 percent. Sprint Nextel Corp. said Tuesday that it is offering $3.40 per share for Clearwire Corp. Its previous offer, from December, was for $2.97 per share for the wireless data operator. Average credit card debt, late payments fall in 1QLOS ANGELES (AP) _ Americans got better about paying their credit card debt on time in the first three months of the year, a period when many borrowers use income tax returns to tackle their holiday season debt. The rate of credit card payments at least 90 days overdue fell to 0.69 percent in the first quarter from 0.85 percent a year earlier _ drop of nearly 19 percent, credit reporting agency TransUnion said Tuesday. Futures fall as markets await hints from FedNEW YORK (AP) _ U.S. stock futures are down in light trading ahead of an appearance this week by Fed Chairman Ben Bernanke before Congress. Dow Jones industrial futures slipped 4 points to 15,315. S&P futures have given up 1.1 points to 1,663.50. Nasdaq futures are up 1.75 points to 3,019.25. Housing recovery boosts Home Depot 1Q resultsATLANTA (AP) _ Even though the weather was poor, Home Depot posted an 18 percent increase in its net income for the first quarter thanks to the ongoing housing recovery. Its quarterly results topped Wall Street's view and the world's biggest home improvement chain boosted its full-year earnings and revenue forecasts Tuesday. Does France have right plan to revive its economy PARIS (AP) _ The man charged with reviving France's shrinking economy and attracting businesses to invest there is gaining a reputation for doing the opposite. As the country's first-ever minister for industrial renewal, Arnaud Montebourg has told the world's largest steelmaker it is not welcome in France; exchanged angry letters with the head of an American tire company he was supposedly wooing; and scuttled Yahoo's offer to buy the majority of a video-sharing website. German central bank: Economy to improve 'markedly'FRANKFURT, Germany (AP) _ Germany's central bank expects the country's economy to improve "markedly" in the second quarter _ a development that could boost the wider eurozone as it struggles to get out of recession. The Bundesbank said Tuesday that Europe's largest economy should expand more robustly after a weak first three months of the year. Germany grew only 0.1 percent in the first quarter in part because cold weather delayed the construction season. Vodafone annual profits up 1.9 percentLONDON (AP) _ U.K.-based mobile telecoms company Vodafone has reported a 1.9 increase in annual profits despite a slowdown in much of its European operations. It reported Tuesday net profits of 7.70 billion pounds ($11.665 billion) for the year ending March 2013 compared with 7.55 billion pounds the year before. (c) 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |