Log In | Register
— The top business news from The Associated Press for the morning of Thursday, July 10, 2008:
US foreclosure filings surge 53 percent in June
WASHINGTON (AP) — The number of homeowners stung by the rout in the U.S. housing market jumped last month as foreclosure filings grew by more than 50 percent compared with June a year ago, according to data released Thursday. Nationwide, 252,363 homes received at least one foreclosure-related notice in June, up 53 percent from the same month last year, but down 3 percent from May, RealtyTrac Inc. said. One in every 501 U.S. households received a foreclosure filing last month.
___
Yahoo opens search toolkit in quest for more ads
SAN FRANCISCO (AP) — Having fallen so far behind Google Inc. that it became a takeover target, Yahoo Inc. is banking on the creativity of other Web developers to help preserve its independence and regain ground in the lucrative Internet search advertising market. Yahoo will try to unleash the pent-up innovation Thursday with a new service called "Build Your Own Search," or BOSS, that will share the Sunnyvale-based company's technology with third parties.
___
Wachovia confirms Steel to lead bank
CHARLOTTE, N.C. (AP) — Wachovia Corp. named Treasury Undersecretary Robert Steel chief executive on Wednesday, ending a nearly six-week search for a new leader. But now the nation's fourth-largest bank must convince shareholders — as well as employees — that it made the right decision. Wachovia said Steel plans to hold a meeting with employees Thursday in Charlotte.
___
More suspects in frustrating salmonella probe
WASHINGTON (AP) — Think of your favorite recipe for salsa. Three common ingredients now are suspects in the salmonella poisonings that have become the nation's largest foodborne outbreak in at least a decade. And therein lies the frustration. Seven weeks into their investigation, federal health officials aren't shortening the list of potential culprits but adding to it. Now jalapeno pepper producers are being probed alongside tomato distributors, and even fresh cilantro is under suspicion too.
___
Oil trading at $136 a barrel on Mideast tension
KUALA LUMPUR, Malaysia (AP) — Oil held close to $136 a barrel Thursday in Asia amid lingering concerns over Iran's nuclear conflict and reports of lower-than-expected U.S. oil stockpiles. Renewed concerns about supply disruptions out of Nigeria also emerged as the main militant group there said it would resume attacks in the country's oil-rich river delta region because of Britain's recent pledge to back the government.
___
Bank of England expected to hold rates steady
LONDON (AP) — The Bank of England is expected to hold official interest rates steady when it announces its monthly decision on Thursday as concerns about rising inflation outweigh worries about the slowing economy. That would leave the benchmark lending rate at 5 percent, providing little relief to struggling homeowners and prospective buyers in a slumping domestic housing market.
___
Verizon settles suit over early termination fees
SAN FRANCISCO (AP) — Verizon Wireless has agreed to pay $21 million to settle a lawsuit filed by California customers upset with the company's early termination fees, a lawyer on the case said Wednesday. Many details of the settlement still need to be worked out and authorized by an Alameda County Superior Court judge, said Alan Plutzik, an attorney for the customers.
___
Japan backs joint display-technology research
TOKYO (AP) — The Japanese government said Thursday it will support Sony Corp., Sharp Corp. and other domestic companies in joint development of super-thin TVs based on organic light-emitting diodes. The group will aim to develop a 40-inch OLED display sometime after 2015, the New Energy and Industrial Technology Development Organization, or NEDO, said in a statement. NEDO is a Japan government agency that promotes research into new technologies.
___
Federal mortgage aid package to advance in Senate
WASHINGTON (AP) — Hundreds of thousands of homeowners could get safe, cheaper loans rather than losing their homes under a massive election-year mortgage rescue that's drawing bipartisan support. The housing aid package — on track for Senate passage as early as Thursday — is far from completed, however, with House leaders planning to rewrite key portions and the White House still threatening a veto.
___
Gates says Pentagon will reopen $35B tanker bid
WASHINGTON (AP) — Boeing Co. and Northrop Grumman Corp. will submit new offers for a disputed $35 billion Air Force tanker contract, and the Pentagon will pick a winner by the end of the year. Defense Secretary Robert Gates said Wednesday that his office — not the Air Force — will oversee the competition between Boeing and the team of Northrop and Airbus parent European Aeronautic Defence and Space Co.
___
Japan Markets
TOKYO (AP) — Japanese shares rose Thursday on bargain-hunting in the financial sector, but buying sentiment fizzled amid continued uncertainty over oil prices and lingering fears over a slump in the global economy. The benchmark Nikkei 225 index gained 15.08 points, or 0.12 percent, to close at 13,067.21.
___
Dollar-Yen
TOKYO (AP) — The dollar traded at 106.86 yen midafternoon Thursday in Tokyo, little moved from 106.82 yen in New York late Wednesday.
___
A service of The Associated Press. Copyright 2008 All rights reserved.
