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AP Business NewsBrief at 4:59 a.m. EDT
(Associated Press Via Acquire Media NewsEdge) Panasonic to buy out Sanyo, Panasonic ElectricTOKYO (AP) _ Panasonic is planning to take 100 percent ownership of its subsidiaries Sanyo Electric and Panasonic Electric Works in a move costing up to $9.4 billion to strengthen green businesses such as electric cars and solar panels. Japan's biggest consumer electronics maker said in a statement Thursday it will buy shares in the two companies through a public tender offer, aiming for a complete purchase by April 2011. Shares in the target companies soared while Panasonic tumbled.
Nissan returns to profit on sales growthTOKYO (AP) _ Nissan Motor Co. veered back into the black in its latest quarter as global auto sales rebounded, putting the company on track to meet its yearly profit target. Yokohama-based Nissan, maker of the Leaf electric vehicle and the March compact, said Thursday its profit was 106.6 billion yen ($1.2 billion) for the April-June quarter, the first of its fiscal year. It lost 16.5 billion yen the same period the previous year.
Hyundai Motor 2Q net profit soars to record $1.2BSEOUL, South Korea (AP) _ Hyundai Motor Co.'s second-quarter profit soared 71 percent to a record high on a double-digit jump in global sales. South Korea's biggest automaker said it earned 1.39 trillion won ($1.2 billion) in the three months ended June 30. It earned 811.9 billion won the same period last year.
Playstation, TVs boost Sony to $294 million profitTOKYO (AP) _ Sony bounced back to profit last quarter and raised its full-year earnings forecast, fueled by stronger demand for its PlayStation 3 gaming consoles, personal computers and televisions. The Tokyo-based electronics and entertainment giant said Thursday it booked a net profit of 25.7 billion yen _ or $294 million at current exchange rates _ for the April-June quarter. That was a sharp turnaround from a 37.1 billion yen loss a year earlier. Revenue grew 3.8 percent to 1.66 trillion yen.
Small business lending bill founders in SenateWASHINGTON (AP) _ A bill to increase small business lending is in jeopardy in the Senate as lawmakers struggle to reach agreement on a series of Republican amendments. Democratic leaders have scheduled a key test vote Thursday on the legislation. But the bill won't advance unless Democrats can attract Republican votes.
Rio Tinto and Chinalco sign iron ore dealLONDON (AP) _ Anglo-Australian mining company Rio Tinto PLC and China's state-owned Chinalco have signed a binding agreement to establish a joint venture to operate an iron ore project in Guinea in West Africa. London-based Rio Tinto said Thursday that Chalco, a subsidiary of Chinalco, will acquire a 47 percent interest in the venture by providing $1.35 billion to fund development work in the Simandou project over the next two to three years.
Asian shares down on new signs US economy slowingSINGAPORE (AP) _ Most Asian markets retreated Thursday after fresh evidence of slower U.S. growth blunted appetite for riskier assets like stocks. The latest sign of sluggishness in the world's No. 1 economy came from the Federal Reserve's regional survey, a report known as the "beige book." The Fed said economic growth in the U.S. has been steady during the summer in some cities, but was slowing in others like Atlanta and Chicago.
Shell Q2 net profit up 15 percentTHE HAGUE, Netherlands (AP) _ Europe's largest oil company, Royal Dutch Shell, has reported a 15 percent rise in net profit for the second quarter thanks to increased oil and gas production and a surge in gas sales. Shell says net profit during the period was $4.39 billion, up from $3.82 billion last year, while revenue swelled to $90.57 billion from $63.88 billion.
Foreclosure activity up across most US metro areasLOS ANGELES (AP) _ Households across a majority of large U.S. cities received more foreclosure warnings in the first six months of this year than in the first half of 2009, new data shows. The trend is the latest sign that the nation's foreclosure crisis is worsening as homeowners battling high unemployment, slow job growth and an uneven rebound in home prices continue to fall behind on their mortgage payments.
Amazon CEO hopes new Kindles stoke salesSEATTLE (AP) _ Jeff Bezos isn't just confident you'll want a Kindle e-book reader. The CEO of Amazon.com is bracing for a future in which you'll also want ones for your kid heading to college, your spouse in a book club and perhaps even Grandpa. And despite increased competition from Apple Inc.'s flashy iPad and other e-readers, that future could be coming soon _ as early as August, actually, when online retailer Amazon.com Inc. releases two new Kindle models.
(c) 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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