The top business news from The Associated Press for the morning of Wednesday, July 9, 2008: Bush Hails G-8 summit's work on climate change TOYAKO, Japan (AP) _ President Bush on Wednesday hailed the move by G-8 leaders to coalesce behind a broad climate-change strategy, claiming in a summit valedictory that "significant progress" has been made on global warming. "In order to address climate change, all major economies must be at the table, and that's what took place today," Bush said at the conclusion of the summit of leading industrialized nations _ talks that he said also strove to advance free trade and combat hunger and disease around the world, particularly in Africa. ___ Oil prices rebound on Iran missile tests BANGKOK, Thailand (AP) _ Oil prices rebounded Wednesday in Asia from a tumble of more than $5 in the previous session after Iran test-fired nine missiles, renewing fears of a conflict that could cut global oil supplies. Iran's elite Revolutionary Guards fired nine long and medium range missiles Wednesday during war games officials say are a response to U.S. and Israeli threats, state television reported. ___ Alcoa's 2Q profit sinks 24 percent on higher costs PITTSBURGH (AP) _ Alcoa Inc., the world's third-largest aluminum producer, ushered in the second-quarter earnings season by posting a 24 percent earnings decline as rising production costs eroded profits, but the results still exceeded analysts' expectations. Alcoa, the first of the Dow Jones industrials to report earnings this quarter, said Tuesday it earned $546 million, or 66 cents per share, for the three months ended June 30, compared with $715 million, or 81 cents per share, in the year-ago period. ___ Fed to curb shady home-lending practices WASHINGTON (AP) _ The Federal Reserve will issue new rules next week aimed at protecting future homebuyers from dubious lending practices, its most sweeping response to a housing crisis that has propelled foreclosures to record highs. Fed Chairman Ben Bernanke spoke of the much-awaited rules in a broader speech Tuesday about the challenges confronting policymakers in trying to stabilize a shaky U.S. financial system. To that end, Bernanke said the Fed may give squeezed Wall Street firms more time to tap the central bank's emergency loan program. ___ Developing economies don't back G-8 climate goal TOYAKO, Japan (AP) _ A joint gathering of major developed and developing nations on Wednesday agreed that climate change was "one of the great global challenges of our time" and pledged to back a United Nations effort to conclude new climate pact by 2009. The major economies said they supported longterm and midterm goals for greenhouse-gas reductions, but endorsed no targets. It came a day after the Group of Eight major industrial democracies set a goal of halving heat-trapping emissions that contribute to global warming by 2050. ___ Actors union ratifies deal with Hollywood studios LOS ANGELES (AP) _ The labor drama gripping Hollywood is now entering its final act after one actors group said its members ratified a new deal and the other prepared to turn down the major studios' final offer. The American Federation of Television and Radio Artists said Tuesday that its members had ratified a three-year prime-time TV contract with studios with 62 percent of voting members supporting it, after fierce opposition from the larger Screen Actors Guild. ___ Dow ends up 152 on decline in oil, Bernanke talk NEW YORK (AP) _ Wall Street finished sharply higher Tuesday as oil prices dropped for the second straight day and investors were encouraged by the possibility of more help for the ailing financial system. The Dow Jones industrials gained more than 150 points, and all the major indexes were up more than 1 percent. Crude prices tumbled $5.33 to settle at $136.04 a barrel on the New York Mercantile Exchange, bringing oil's two-day drop to more than $9. Other commodities also pulled back. ___ Anheuser-Busch calls InBev takeover bid illegal ST. LOUIS (AP) _ Anheuser-Busch claims that Belgian brewer InBev's unsolicited takeover bid isn't just bad for the bottom line, but is an "illegal scheme" that threatens to defraud Anheuser-Busch shareholders if a federal judge doesn't step in. Anheuser-Busch Cos. Inc. made the claim in a lawsuit filed late Monday, just hours after InBev SA filed its own motion seeking to oust Anheuser-Busch's board of directors. The lawsuit, filed in St. Louis federal court, claims that InBev is deceiving Anheuser-Busch shareholders about the company's $46 billion takeover bid by concealing a number of facts. Continued... |