AP Executive Morning Briefing

Wed Nov 28, 2007 6:42 AM EST

business, associated-press, financial, summary

The top business news from The Associated Press for the morning of Thursday, November 29, 2007:

Dow Gets Biggest 2-Day Gain in 5 Years

NEW YORK (AP) — Although Wall Street has logged its biggest two-day rally in five years, no one is ready to declare an end to the credit crisis that has pummeled stocks since the summer. Moreover, the Dow Jones industrial average will have to keep posting gains this week to keep November from being its worst month since September 2002.

___

Settlement Reached in Broadway Strike

NEW YORK (AP) — Broadway stagehands and theater producers reached a tentative agreement Wednesday night to end a strike and almost immediately return to the stage most of the two dozen plays and musicals that have been shut down for more than two weeks. The settlement came after two days of marathon, all-night sessions and months of negotiation between Local 1 and the League of American Theatres and Producers. The walkout, which began Nov. 10, has cost the city and theaters millions of dollars in lost income.

___

Asian Markets Rally on Wall Street Gains

HONG KONG (AP) — Asian stocks rallied Thursday, tracking an overnight surge on Wall Street, amid a brightening outlook for the U.S. economy — a key export market for Asian companies. Investors took heart after the Dow Jones industrial average mustered its biggest two-day point gain in five years following hints from a Federal Reserve official that the central bank may lower interest rates again.

___

US Foreclosure Filings Up 94 Pct in Oct.

LOS ANGELES (AP) — U.S. foreclosure filings nearly doubled in October from the same month last year, the latest sign many homeowners are falling behind on mortgage payments and increasingly losing their homes, according to a mortgage research company. A total of 224,451 foreclosure filings were reported in October, up 94 percent from 115,568 in the same month a year ago, Irvine-based RealtyTrac Inc. said Thursday.

___

Oil Prices Jumps $4 in Asian Trading

BANGKOK, Thailand (AP) — Oil prices jumped more than $4 Thursday after a fire erupted at a pipeline carrying crude oil from Canada to the U.S. Midwest, rebounding from the previous day's plunge. The fire late Wednesday along the Enbridge Energy pipeline in northern Minnesota killed two workers who were repairing it, authorities said. It wasn't immediately clear how the fire and the shutdown of five pipelines would affect supplies.

___

Japan Industrial Output at Record High

TOKYO (AP) — Japan's industrial production rose 1.6 percent in October to a record high, boosted by output of semiconductors and autos, the trade ministry said Thursday. Industrial production climbed a seasonally adjusted 1.6 percent from a month earlier, according to the Ministry of Economy, Trade and Industry. Production dropped 1.4 percent in September after jumping 3.5 percent in August.

___

Fed: Economy Loses Speed, Shopping Slows

WASHINGTON (AP) — The economy grew at a slower pace in the late fall as shoppers watched their pennies heading into the busy holiday season. The Federal Reserve's new snapshot, released Wednesday, suggested the strains from a severe housing slump and a painful credit crunch are affecting the behavior of individuals and businesses alike — making them somewhat more cautious.

___

Bankers Plead Guilty in Enron Case

HOUSTON (AP) — Three British bankers who were set to go to trial for their roles in a fraudulent scheme with former Enron Chief Financial Officer Andrew Fastow changed their pleas to guilty Wednesday. David Bermingham, Giles Darby and Gary Mulgrew had originally pleaded not guilty to seven counts of wire fraud for allegedly colluding with Fastow in a secret financial scam in 2000 to enrich themselves at their employers' expense. They were set to go on trial in January.

___

Ford Agrees to Settle Rollover Case

SACRAMENTO, Calif. (AP) — Ford Motor Co. on Wednesday ended an era of litigation over its rollover-plagued Explorer sport utility vehicles when it agreed to settle a class-action lawsuit covering plaintiffs in four states. The settlement applies to about 1 million people in California, Connecticut, Illinois and Texas who claimed their Explorers were prone to flip, said Kevin P. Roddy, a New Jersey attorney and co-counsel for the SUV owners who brought the lawsuit.

___

Bear Stearns Cuts 4 Percent of Staff

NEW YORK (AP) — Battered by the subprime mortgage crisis, Bear Stearns Cos. on Wednesday cut 4 percent of its staff in a move that could prelude a final push by investment banks to cull their ranks before bonuses are handed out. The nation's fifth-biggest investment bank will cut 650 jobs in all departments from its staff of about 15,500. This marks the third wave of layoffs to sweep through Bear Stearns, which as of last month eliminated about 900 positions.

___

Gold Prices

HONG KONG (AP) — Gold closes higher in Hong Kong at $805.15 an ounce, up $5.80 from Wednesday.

___

Japan Markets

TOKYO (AP) — Japanese stocks surged Thursday as investors took cues from a weaker yen to buy auto and banking shares. Wall Street's overnight rally also boosted confidence.

___

Dollar-Yen

TOKYO (AP) — The dollar held on to its overnight gains in Asia Thursday, as early buying by mutual funds cancelled out late selling by Japanese exporters and life insurers.