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AP Business NewsBrief at 3:14 a.m. EST
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| Copyright: | The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. | | Source: | Associated Press | | Wordcount: | |
Toyota returns to profit in latest quarter
TOKYO (AP) _ Toyota said Thursday it returned to a profit in the latest quarter as government incentives boosted sales, leading the world's largest automaker to trim its projected red ink for the year. Toyota Motor Corp. reported a 21.8 billion yen ($242 million) profit for the July-September period after three straight quarterly losses.
Democrats' plan to help 'uninsurables' questioned
WASHINGTON (AP) _ You're afraid your cancer is back, and a health insurance company just turned you down. Under the health care bills in Congress, you could apply for coverage through a new high-risk pool that President Barack Obama promises would immediately start serving patients with pre-existing medical problems.
October sales promise a bit of relief to stores
NEW YORK (AP) _ October sales reports from major retailers ranging from Target Corp. to Macy's Inc. are expected to offer more evidence of a spending recovery when they're released Thursday. That's helping to lift hopes for a slightly merrier holiday season and for the health of the overall economy.
Panasonic begins tender offer for Sanyo takeover
TOKYO (AP) _ Panasonic Corp. said Thursday it has begun a tender offer to take over smaller rival Sanyo Electric Co. for an estimated 402 billion yen ($4.4 billion), moving closer to create one of the world's biggest electronics makers. Panasonic, the world's biggest plasma TV maker, is expected to purchase more than 50 percent of Sanyo shares, hoping to take advantage of the smaller rival's green businesses in solar panels and rechargeable batteries.
GM's Opel move raises anger, new uncertainty
BERLIN (AP) _ General Motors Co.'s decision to scrap the sale of European subsidiary Opel raised new uncertainty Wednesday over the unit's future, astonishing politicians in Germany and Russia, and prompting workers to plan walkouts in protest. The GM board's unexpected decision to call off the sale to auto parts maker Magna International Inc. and Russian lender Sberbank was a startling end to months of haggling in which Chancellor Angela Merkel and other German leaders had strongly backed the deal.
Asia stocks drop amid economic recovery doubts
SINGAPORE (AP) _ Asian stocks markets dropped Thursday as the U.S. Federal Reserve failed to reassure investors that a lasting recovery in the global economy was taking hold. The U.S. central bank decided Wednesday to keep a key interest rate at a record low and said cheap credit would continue for an "extended period" as the world's largest economy struggles to regain its footing after its worst downturn in decades.
House Dems in final push on health care
WASHINGTON (AP) _ The House is steaming toward a historic vote on President Barack Obama's remake of the U.S. health care system, with Democratic leaders increasingly confident and the powerful seniors' lobby AARP about to get on board. A debate and vote are expected Saturday on the 10-year, $1.2 trillion bill that would extend coverage to 96 percent of Americans, require employers to insure their employees and bar such insurance company practices as dropping coverage for sick people.
Oil dips below $80 as US dollar strengthens
SINGAPORE (AP) _ Oil prices dipped below $80 a barrel Thursday in Asia as the U.S. dollar strengthened. Benchmark crude for December delivery was down 60 cents to $79.80 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract added 80 cents to settle at $80.40 on Wednesday.
AP IMPACT: Clunker pickups traded for new pickups
WASHINGTON (AP) _ The most common deals under the government's $3 billion Cash for Clunkers program, aimed at putting more fuel-efficient cars on the road, replaced old Ford or Chevrolet pickups with new ones that got only marginally better gas mileage, according to an analysis of new federal data by The Associated Press. The single most common swap _ which occurred more than 8,200 times _ involved Ford F150 pickup owners who took advantage of a government rebate to trade their old trucks for new Ford F150s. They were 17 times more likely to buy a new F150 than, say, a Toyota Prius. The fuel economy for the new trucks ranged from 15 mpg to 17 mpg based on engine size and other factors, an improvement of just 1 mpg to 3 mpg over the clunkers.
Senate acts to extend aid for jobless, homebuyers
WASHINGTON (AP) _ Recognizing that a weak economy still needs a government boost, the Senate voted overwhelmingly Wednesday to provide the jobless with up to 20 weeks in additional unemployment benefits and expand a first-time homebuyer tax credit to include a far larger pool of people entering the dormant housing market. The $24 billion bill, passed 98-0, also provides tax relief for struggling businesses. It comes to the rescue of more than 1 million out-of-work people who will run out of benefits by the end of the year. Everyone will receive 14 weeks of additional benefits, while those in states with unemployment rates of 8.5 percent and above get six weeks on top of that.
This is a news service of Thomson Business Intelligence Service ©2006. This content is for your personal use only, subject to Terms and Conditions. No redistribution allowed.
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