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AP Business NewsBrief at 6:35 a.m. EDT
(AP Online Via Acquire Media NewsEdge) Fed likely to hold rates steady amid crosscurrentsWASHINGTON (AP) _ An ugly brew of rising unemployment, spiking foreclosures and gyrating energy prices is plaguing the country and making life difficult for Federal Reserve Chairman Ben Bernanke as he tries to right the economy. Bernanke and his central bank colleagues are faced with dueling problems: weak economic growth and advancing inflation. To treat one risks aggravating the other. So the Fed is widely expected when it meets Tuesday to leave a key interest rate alone.
Oil near $125.50 a barrel in Asia on Iran concernsSINGAPORE (AP) _ Oil prices rose to near $125.50 a barrel Monday in Asia on concern that a showdown over Iran's nuclear program could threaten crude supplies out of the Middle East. U.S. Secretary of State Condoleezza Rice said Saturday that the United States would have no choice "but to begin again to prepare sanctions resolutions for the (U.N.) Security Council" if Iran did not halt the development of its uranium enrichment program.
Abbott faces more litigation over AIDS drugSAN FRANCISCO (AP) _ When Abbott Laboratories Inc. hiked up the price of a popular AIDS drug by 400 percent in 2003, executives prepared for the inevitable public relations hit, but assured themselves the backlash would be brief. Nearly five years later, the accusations against Abbott are still flying.
Verizon, unions extend contract negotiationsNEW YORK (AP) _ Verizon Communications Inc. and two unions representing some 65,000 of its workers remained in talks after agreeing to "stop the clock" on contracts that were set to expire at 12:01 a.m. Sunday. The company expects "business as usual" on Monday as talks continue, Verizon spokesman Eric Rabe said late Sunday.
Campaigns spar over drilling as leadership issueWASHINGTON (AP) _ The different paths John McCain and Barack Obama have taken to support expanded offshore drilling for oil demonstrate how each would govern as president, their supporters said Sunday. McCain surrogates contended on the Sunday news programs that the Arizona Republican's turn toward drilling, which he had once opposed, showed how McCain would respond decisively to a crisis. Obama's supporters argued that his willingness to consider a bipartisan proposal including more drilling showed how the Illinois Democrat would pursue compromise to achieve results.
Lax oversight risks millions of Medicare dollarsWASHINGTON (AP) _ The government is putting millions of Medicare dollars at risk by authorizing fictitious sellers of wheelchairs, prosthetics and other medical supplies to submit reimbursement claims with only limited review, congressional investigators say. The study by the Government Accountability Office obtained by The Associated Press sought to follow up on oversight gaps that have plagued the Centers for Medicare and Medicaid Services since at least 2005. Roughly $1 billion of the $10 billion in annual Medicare payments the government makes for medical equipment are later deemed improper.
Rich begin feeling the pain in down economyThe rich are sharing your financial pain _ and contributing to it. It may have taken longer and it may not be as acute, but there are early hints that the economic slump is crimping the lifestyles of the wealthy.
With automated tagging, Web links can surpriseNEW YORK (AP) _ It wasn't what anyone expected to see while perusing a news article. But there, in the final paragraph of an online story about the call girl involved in the Eliot Spitzer scandal, Yahoo's automated system was inviting readers to browse through photos of underage girls.
Brazil's Vale spends US$1.6 billion for ore shipsSAO PAULO, Brazil (AP) _ Brazilian mining company Vale has placed a US$1.6 billion order for 12 huge iron ore carriers from China's Rongsheng shipbuilder, and the vessels will be the biggest of their kind in the world, Vale said Sunday. Companhia Vale do Rio Doce SA said in a statement that the ships will be used to create a "dedicated route" to ship the company's iron ore from Brazil to Asia, a key market where iron ore is used as the main raw ingredient for steel production.
Bus travel grows as fuel soars, airfares leapNEW YORK (AP) _ It's a tale of two cities: Nikita Bernstein, 29, a dyed-in-the-wool New Yorker with a business in Boston, was in need of a cheap way to travel between his two homes. And a place to plug in his laptop, store his bike and stretch his legs along the way. Bernstein is an example of a growing number of people, often young professionals, that are jumping on the bus as their primary method of travel. The service Bernstein uses most often, discount carrier BoltBus, offers amenities including wireless internet, electrical outlets, extra leg room and flushable toilets.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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