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TMCNet: AP Business NewsBrief at 7:15 a.m. EDT

[July 29, 2010]

AP Business NewsBrief at 7:15 a.m. EDT

(Associated Press Via Acquire Media NewsEdge) AP survey: A bleaker outlook for economy into 2011WASHINGTON (AP) _ The U.S. economic recovery will remain slow deep into next year, held back by shoppers reluctant to spend and employers hesitant to hire, according to an Associated Press survey of leading economists. The latest quarterly AP Economy Survey shows economists have turned gloomier in the past three months. They foresee weaker growth and higher unemployment than they did before. As a result, the economists think the Federal Reserve will keep interest rates near zero until at least next spring.


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.

Toyota recalls 412,000 cars in US, mostly AvalonsTOKYO (AP) _ Toyota is recalling 412,000 passenger cars, mostly the Avalon model, in the U.S. for steering problems in which three accidents have been reported, the automaker said Thursday. The 373,000 Avalons being recalled range from the 2000 model year through to 2004 and have improper casting of the steering lock bar _ a component for the steering system _ causing cracks to develop on the surface.

Stocks up on AstraZeneca, Bayer, telecom earnsLONDON (AP) _ European stock markets rose Thursday after another batch of positive earnings and further evidence that Europe's economy is recovering faster than previously expected. The euro broke out of its recent tight trading range to strike a fresh 11-week high against the dollar.

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.

China govt approves Geely acquisition of VolvoBEIJING (AP) _ Geely Holding Group has received final Chinese government approval to acquire Volvo Cars from Ford Motor Co., the Commerce Ministry said Thursday. Commerce officials approved the $1.8 billion deal Monday, said a ministry spokesman contacted by phone who refused to give his name. He said other agencies already have signed off on it.

Stock futures rise on strong global earningsNEW YORK (AP) _ Stock futures rose Thursday following further signs that Europe's economy is bouncing back faster than expected. Strong earnings worldwide gave European markets a lift ahead of earnings reports from many U.S. companies including Colgate-Palmolive, ExxonMobil Corp. and Motorola Inc. U.S. markets received a boost over the past couple of weeks because of largely better-than-expected earnings and hopeful corporate forecasts for future growth.

Nissan returns to profit, Mitsubishi reduces lossTOKYO (AP) _ Nissan Motor Co. veered back into the black in its latest quarter as global car sales rebounded while its smaller rival Mitsubishi Motors Corp. narrowed its quarterly loss. 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.

Shell Q2 net profit up 15 percentTHE HAGUE, Netherlands (AP) _ Royal Dutch Shell, Europe's largest oil company, reported a 15 percent rise in net profit for the second quarter thanks to higher oil and gas prices and the early completion of a cost-cutting program. Net profit during the period was $4.39 billion, up from $3.82 billion last year. Revenue swelled to $90.57 billion from $63.88 billion, as prices rose and the company produced more oil.

AstraZeneca 2Q profit up 22 pctLONDON (AP) _ AstraZeneca PLC doubled its share buyback program on Thursday after posting strong second quarter results and revealing that a key new drug _ its blood thinner Brilinta _ has been given a thumbs up by an advisory committee of the U.S. Food and Drug Administration. The Anglo-Swedish drugmaker also raised its full-year earnings forecast after reporting a net profit of $2.1 billion for the three months to June 30, compared with a $1.72 billion profit in the same period a year ago.

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