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[July 05, 2011]
AP Business NewsBrief at 12:57 p.m. EDT
(Associated Press Via Acquire Media NewsEdge) WTO rules against China on raw materialsGENEVA (AP) _ The World Trade Organization ruled Tuesday that China was unfairly protecting its domestic manufacturers by limiting the export of nine raw materials that are used widely in steel, aluminum and chemical industries. A WTO panel sided with the United States, European Union and Mexico, which had each filed complaints saying China was driving up the prices they pay for raw materials such as coke, bauxite and zinc by setting export duties and quotas on them.
Stocks wobble after Dow has best week in 2 yearsNEW YORK (AP) _ Stocks wavered between slight gains and losses Tuesday after the Dow Jones industrial average had its best week in two years. The Dow Jones industrial average slipped 2 points to 12,580 in afternoon trading. The Dow had risen as many as 19 points after the Commerce Department reported an increase in factory orders. The Standard & Poor's 500 index fell 2, or 0.2 percent, to 1,338. The Nasdaq composite index rose 4, or 0.2 percent, to 2,820. All three indexes were moving in a narrow range.
House panel to take up 3 trade agreementsWASHINGTON (AP) _ House Republicans are bucking demands from the Obama White House to include renewal of a U.S. job training assistance program in long-pending legislation providing free-trade agreements with South Korea, Colombia and Panama. The standoff could jeopardize passage of the trade pacts, which are to be brought before the Ways and Means Committee later this week.
Companies ordered more factory goods in MayWASHINGTON (AP) _ Businesses requested more airplanes, autos, and oil drilling equipment in May The jump in factory orders after a sluggish spring suggests supply disruptions stemming from the Japan crisis are fading. Factory orders rose 0.8 percent in May, the Commerce Department said Tuesday. That followed a downwardly revised drop of 0.9 percent in April.
Budgeting for wireless data on Verizon's new plansNEW YORK (AP) _ Are you a wireless data glutton or a nibbler? Many Verizon Wireless customers will have to figure that out _ perhaps as soon as this week _ as the country's largest wireless carrier is set to introduce data plans with monthly usage caps.
GOP uses budget, other tools to sap financial lawWASHINGTON (AP) _ Congressional Republicans are greeting the one-year anniversary of President Barack Obama's financial overhaul law by trying to weaken it, nibble by nibble. Wary of attempting to dismantle the entire statute and being portrayed as Wall Street's allies _ banks are among the nation's most unpopular institutions _ GOP lawmakers are attacking corners of it. They can't prevail because they don't control the White House or Senate, but they may be able to force some compromises on agency budgets, pressure regulators and influence some of Obama's nominations.
Lawsuit says GM failed to fix thousands of ImpalasDETROIT (AP) _ A lawsuit claims General Motors Co. fixed a defective part on police versions of the Chevrolet Impala but didn't correct the same problem in hundreds of thousands of other Impalas. The class-action lawsuit, filed last week in Detroit, says 2007 and 2008 model-year Impalas have defective spindle rods, which connect the suspension to the rear wheels. The defect misaligns the wheels, which makes the tires wear out faster.
Energy Transfer in new $5.1B Southern Union dealDALLAS (AP) _ Energy Transfer Equity LP has agreed to pay a revised $5.1 billion for pipeline company Southern Union Co., increasing its offer in an effort to trump rival bidder Williams Cos. Inc. The boards of Energy Transfer and Southern Union have approved the revised deal which was announced Tuesday.
Western Union to buy Travelex unit for nearly $1BNEW YORK (AP) _ The Western Union Co. said Tuesday it has agreed to acquire Travelex Global Business Payments for about $973.8 million in cash, in a deal that will allow it to expand rapidly in the business of international payment processing. The Travelex division provides international payments services to business clients, mostly small and medium-sized companies and distribution partners.
Netflix to stream movies, shows in Latin AmericaLOS GATOS, Calif. (AP) _ Netflix is expanding its movie and TV show streaming service into 43 countries throughout Latin America. It's the online movie rental company's largest international expansion yet. Its stock rose to a 52-week high of $283 on the news.
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