AP Executive Morning Briefing

The top business news from The Associated Press for the morning of Thursday, Jan. 10, 2008:

India's Tata Motors Unveils $2,500 Car

NEW DELHI (AP) — India's Tata Motors on Thursday unveiled its much anticipated $2,500 car, an ultra-cheap price tag that brings car ownership into the reach of tens of millions of people. But critics worry the car could overwhelm the country's roads and create an environmental nightmare. Company Chairman Ratan Tata, introducing the Nano during India's main auto show, drove onto a stage in a white version of the tiny four-door subcompact, his head nearly touching the roof.

___

British Airways Launches New Carrier

NEW YORK (AP) — How do you say "stiffer competition" in French? British Airways, long a staple of trans-Atlantic travel, is lending weight but not its name to a startup airline that will compete for well-heeled travelers traveling directly between New York and the European mainland. The new airline, named "OpenSkies," will begin service to either Brussels or Paris using a single Boeing 757 in June, British Airways said Wednesday. A second aircraft will start flying to the other European city later this year.

___

Bank of England to Make Rate Decision

LONDON (AP) — European central banks make key interest rate decisions Thursday, with the Bank of England facing calls for a second successive cut to boost fragile consumer confidence while the European Central Bank is expected to stand firm. Economists say the ECB has rates on hold because it is torn between the threat of rising inflation and uncertainty about fallout from the U.S. subprime credit crisis.

___

It's Official: Matsushita Now Panasonic

TOKYO (AP) — Japanese electronics maker Matsushita Electric Industrial Co. said Thursday it will drop the name of its charismatic founder and become Panasonic Corp. to strengthen its global image. Matsushita President Fumio Ohtsubo acknowledged it was a tough decision to give up the Matsushita and other brand names the company has built with consumers and employees for 90 years.

___

Toyota in Tight Race for No. 1 With GM

TOKYO (AP) — Toyota said Thursday that its global group sales rose 6 percent last year to 9.37 million vehicles, making for a tight race against General Motors, the world's largest automaker. GM has not released its annual sales tally but earlier estimated 2007 sales would come to 9.3 million vehicles.

___

Alcoa's Profit Jumps 76 Percent

PITTSBURGH (AP) — Alcoa Inc., the world's third-largest aluminum maker, kicked off earnings season by posting a 76 percent profit gain for the fourth quarter as the pending sale of its consumer and packaging businesses offset lower prices. The Pittsburgh-based company said net income soared to $632 million, or 75 cents per share, for the three months ended Dec. 31, from $359 million, or 41 cents per share, during the same period a year earlier.

___

French Use Happiness As Economic Measure

PARIS (AP) — What price happiness? French President Nicolas Sarkozy is seeking an answer to the eternal question — so that happiness can be included in measurements of French economic growth. He's turned to two Nobel economists to help him, hoping that if happiness is added to the count, the persistently sluggish French economy may seem more rosy.

___

Large Nevada Union Backs Obama

LAS VEGAS (AP) — Presidential candidate Barack Obama has won the support of the 60,000-member Culinary Workers Union in Nevada, a coup for the Democrat that could boost his candidacy against Hillary Rodham Clinton in the state's nominating contest. Leaders of the Culinary Workers Union, Local 226 announced the endorsement at a news conference with members Wednesday, the day after Obama narrowly lost the New Hampshire primary to Clinton.

___

Oil Stays Near $96 in Asian Trading

SINGAPORE (AP) — Oil prices held steady Thursday in Asia after falling overnight on a U.S. government report that the country's stockpiles of gasoline grew last week. But the U.S. Energy Department's Energy Information Administration also reported that the nation's crude oil inventories fell to their lowest level in more than three years.

___

Capital One Cuts 2007 Earnings Forecast

McLEAN, Va. (AP) — Capital One Financial Corp. said early Thursday that its 2007 earnings will fall short of the company's previous expectations because of increased loan delinquencies and additional legal reserves in the fourth quarter. Capital One, a credit card issuer that continues to expand into retail banking, issued a statement just after midnight saying it expects to report fourth-quarter profit of 60 cents per share and full-year earnings of about $3.97 per share, below its prior forecast of "about $5 per share."

___

Gold Prices

LONDON (AP) — Gold bullion opened Thursday at a bid price of $872.90 a troy ounce, down from $879.35 late Wednesday.

___

Japan Markets

TOKYO (AP) — Japanese stocks fell Thursday as traders sold real estate and shipbuilders amid concern about the slowdown of Japan's economy. The benchmark Nikkei 225 stock index fell 211.05 points, or 1.45 percent, to 14,388.11. The index rose 0.49 percent to 14,599.16 the day before.

___

Dollar-Yen

TOKYO (AP) — The U.S. dollar rose against the yen Thursday in Asia on Wall Street's rebound the day before and with traders awaiting a planned speech by the U.S. central bank chief. The dollar trading at 109.78 yen at 4:50 pm Thursday, up from 109.47 yen late Wednesday

___

A service of The Associated Press. Copyright 2008 All rights reserved.

Back To Top

	Stock Futures Higher After Big Sell-Off	Associated Press	Tue Jan 8	1
	AT&T CEO Sees Slowdown in Consumer Sales	Associated Press	Tue Jan 8	0