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TMCNet: AP Business NewsBrief at 6:02 p.m. EDT

[May 19, 2009]

AP Business NewsBrief at 6:02 p.m. EDT

(Associated Press Via Acquire Media NewsEdge) Obama touts plan for cleaner, more efficient carsWASHINGTON (AP) _ President Barack Obama is asking consumers to put their money _ up to $1,300 per new vehicle by 2016 _ behind his plan for higher efficiency standards for cars and trucks and tougher rules on their greenhouse gas emissions. In return, Obama said Tuesday in unveiling the plan, drivers would make up the higher cost of more fuel-efficient, cleaner vehicles by buying less gas at the pump. It would take just three years to pay off the investment and would, over the life of a vehicle, save about $2,800 though better gas mileage, the president said.


Senate passes credit card overhaul billWASHINGTON (AP) _ The Senate voted overwhelmingly on Tuesday to rein in credit card rate increases and excessive fees, hoping to give voters some breathing room amid a recession that has left hundreds of thousands of Americans jobless or facing foreclosure. The House was on track to pass the measure as early as Wednesday, paving the way for President Barack Obama to see the bill on his desk by week's end.

Surprise drop in housing data checks market's riseNEW YORK (AP) _ A record low in housing construction has investors doubting the economy again. Stocks closed narrowly mixed in light trading Tuesday as the surprise drop in construction and a cautious outlook from retailer Home Depot Inc. led energy and utility stocks to pare gains.

Housing bottom in sight, but recovery will be slowWASHINGTON (AP) _ Single-family home construction posted a modest rebound in April, raising hopes that the three-year slide in housing is leveling off. But a bulging supply of unsold homes, record levels of foreclosures and still-falling home prices suggest a sustained recovery isn't likely until next spring at the earliest. The Commerce Department said construction of homes and apartments fell 12.8 percent last month to a seasonally adjusted annual rate of 458,000 units. That's the lowest pace on records going back a half-century.

TARP repayments from big banks may start in JuneWASHINGTON (AP) _ The Federal Reserve said Tuesday that approval for big banks seeking to repay bailout money could start in early June. A Fed official said several of the country's 19 largest banks that participated in the recent stress tests are interested in repaying the money they received from the government's $700 billion bailout fund.

Merkin to cede control of funds that fed to MadoffNEW YORK (AP) _ J. Ezra Merkin, the hedge fund manager who invested billions of dollars of his clients' money with Wall Street swindler Bernard Madoff, has agreed to relinquish control of his funds to court-appointed trustees. The attorney general's office had requested the turnover agreement in connection with its civil fraud lawsuit accusing Merkin of convincing clients he was managing their money when he was actually funneling $2.4 billion to Madoff's Ponzi scheme.

6 independent AIG directors to stand for electionCHARLOTTE, N.C. _ Embattled insurer American International Group Inc. said Tuesday it will reconfigure its board to include six new independent directors. Six new nominees will be up for election at the New York-based company's annual meeting on June 30. AIG's Web site lists nine current board directors, including Ed Liddy, the company's chairman and chief executive.

Home Depot shares fall, despite 1Q profit beatCHICAGO (AP) _ The Home Depot Inc. posted a 44 percent increase in its first-quarter profit on Tuesday, but didn't live up to the market's high expectations a day after rival Lowe's Cos. Inc. boosted its full-year outlook. The volatile housing market continued to drag down revenue and hurt business in states with the highest foreclosure rates, Home Depot said _ taking a decidedly less optimistic view than its chief competitor, whose own results Monday helped lead a market rally.

HP profit drops 17 pct, in line with estimatesSAN FRANCISCO (AP) _ Hewlett-Packard Co. says its quarterly profit dropped 17 percent as sales of personal computers and printer ink slumped. The numbers were still in line with Wall Street's forecasts. The company's chief financial officer, Cathie Lesjak (pronounced LESS'-Jack), said in an interview Wednesday it's still "too tough to call" whether PC sales have hit a bottom.

Boeing loses lawsuit on pricing for GPS satellitesWASHINGTON (AP) _ The Air Force can disclose the rates that Boeing Co. charged for the next generation of global positioning satellites to the public and its competitors, a federal judge ruled Tuesday. The ruling by U.S. District Judge Gladys Kessler rejects Boeing's effort to reverse an Air Force Space and Missile Systems Center decision to comply with a Freedom of Information request filed five years ago about the satellite contract the company won in 1996.

Medtronic to cut up to 1,800 jobs after profit dipMedical device maker Medtronic said Tuesday it would cut up to 1,800 employees after its fiscal fourth-quarter plunged 69 percent on slipping sales and restructuring and other charges. Its adjusted earnings matched Wall Street expectations, but shares fell after the company forecast disappointing sales guidance and announced the layoffs.

Crude prices follow stock market higherCOLUMBUS, Ohio (AP) _ Oil prices appeared to take their cue again from the stock market, pushing higher Tuesday even as new data suggests any economic rebound that might spark demand for gas or other fuels may take some time. Benchmark crude for June delivery rose 82 cents to $59.85 a barrel on the New York Mercantile Exchange after hitting as high as $60.48. With the June contract expiring Tuesday, however, most traders were focused on the July contract, which rose 70 cents to $60.29.

CBS remains most-watched network, Nielsen saysNEW YORK (AP) _ CBS kept up its winning ways, remaining the most-watched network for the 11th straight week. And Fox again could lay claim last week to the top duo of shows: the Wednesday and Tuesday editions of "American Idol." (c) 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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