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AP Business NewsBrief at 9:50 a.m. EDT
(Associated Press Via Acquire Media NewsEdge) Stocks follow overseas markets lowerNEW YORK (AP) _ Stocks followed overseas markets lower Monday, pausing after a recent surge. All the major European indexes declined in afternoon trading there after stocks fell in Asia overnight. Commodities like oil and gold also retreated, while the dollar inched higher. Bond prices rose.
Dell agrees to buy Perot Systems for about $3.9BNEW YORK (AP) _ Dell Inc. said Monday it has agreed to buy the information technology services company Perot Systems Corp. for about $3.9 billion as it looks to expand beyond the personal computer business. Round Rock, Texas-based Dell said it will offer $30 per share in cash for Perot, which is based in Plano, Texas. That represents a 68 percent premium over Perot's closing share price Friday, and Perot shares shot up almost 66 percent in premarket trading Monday.
Lennar posts wider loss in 3Q, but market improvesMIAMI (AP) _ Lennar Corp. reported a wider loss in its fiscal third quarter as the homebuilder continued to write down the value of its land and unsold homes. While customer orders were down 8 percent from the prior-year period, the number of new orders increased each month during the quarter and the Lennar ended August with the highest backlog in a year.
Oil falls below $71 amid weak demandVIENNA (AP) _ Oil prices slipped below $71 a barrel Monday as high crude stockpiles and weak demand tempered enthusiasm about recent signs of improvement in the world's largest economy. Benchmark crude for October delivery was down $1.25 at $70.79 a barrel by noon European electronic trading on the New York Mercantile Exchange. The contract gave up 43 cents Friday to settle at $72.04 a barrel.
EU gives details of Intel's sales tacticsBRUSSELS (AP) _ The European Union on Monday published e-mail excerpts from computer makers and Intel Corp. to show that Intel pressured chip buyers into choosing Intel over rival Advanced Micro Devices Inc. Intel was hit by a record EU antitrust fine of €1.06 billion ($1.45 billion) last May for what the EU said was using strong-arm sales tactics such as threatening to withdraw price rebates to squeeze out AMD. The company rejects the charges and is appealing to the EU courts.
House moves to extend unemployment benefitsWASHINGTON (AP) _ Despite predictions the Great Recession is running out of steam, the House is taking up emergency legislation this week to help the millions of Americans who see no immediate end to their economic miseries. A bill offered by Rep. Jim McDermott, D-Wash., and expected to pass easily would provide 13 weeks of extended unemployment benefits for more than 300,000 jobless people who live in states with unemployment rates of at least 8.5 percent and who are scheduled to run out of benefits by the end of September.
IRS extends amnesty program for tax cheatsWASHINGTON (AP) _ Tax dodgers who hid assets overseas will get a few extra weeks to apply for an amnesty program that has been flooded with applications ahead of the Wednesday deadline. The Internal Revenue Service said Monday the deadline will be extended until Oct. 15.
Sanofi to deliver swine flu vaccine in OctoberPARIS (AP) _ Sanofi-Aventis SA will begin delivering the first doses of its new swine flu vaccine in the United States by mid-October, the head of France's largest pharmaceutical company said Monday.
Gates Foundation helps bring banking to the poorSEATTLE (AP) _ The Bill & Melinda Gates Foundation, best known for its work combating malaria, AIDS and other diseases, this week announced an effort to bring banking, including savings accounts, to the poor. It may be hard to understand how savings is even an issue for the people who live on less than $2 a day, said Bob Christen, who directs the Gates Foundation's financial services initiative. However, access to a safe place to store money is a top priority of poor people around the world, he said.
Scary times for pumpkin growers in New EnglandPORTLAND, Maine (AP) _ New England pumpkin growers, who spent the early summer mostly losing a battle with rain that destroyed many pumpkins, face the frightening prospect that the rest won't be ready before Halloween. The relentless rain in June and July caused some seedlings to turn to mush in the soil and delayed the harvest up to two weeks, meaning pumpkins may not turn orange or grow large enough in time to be shipped to stores.
(c) 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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