AP Financial News Summary at 8:34 a.m. EDT
Employers Add Just 113,000 Jobs in July
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WASHINGTON (AP) _ Hiring slowed in July as employers added just 113,000 new jobs, propelling the unemployment rate to a five-month high of 4.8 percent and providing fresh evidence that companies are growing cautious amid high energy prices. Wages grew solidly.
Toyota Reports 39 Percent Jump in Profit
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TOKYO (AP) _ Toyota chalked up a 39 percent jump in profit for its first fiscal quarter as soaring gas prices led drivers around the world to snatch up the Japanese automaker’s models known for their good mileage.
Stock Futures Edge Lower
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LONDON (AP) _ U.S. stock futures edged lower on Friday before the release of data seen deciding whether the Federal Reserve hikes interest rates next week, while Apple Computer Inc.’s further options-accounting trouble and another homebuilder profit warning could add to market pressure.
Apple Warns of Profit Restatement
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SAN FRANCISCO (AP) _ Apple Computer Inc. warned Thursday that it may have to revise its profits dating back to 2002 in a worsening stock option scandal that has cast a harsh light on Silicon Valley’s compensation practices.
Gateway Posts 2nd-Quarter Loss of $7.7M
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TUSTIN, Calif. (AP) _ Computer maker Gateway Inc. on Thursday said it swung to a loss in the second quarter on deteriorating gross margins and sluggish revenue growth. Company shares fell more than 6 percent on the news.
British Airways’ 1Q Profit Up 72 Percent
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LONDON (AP) _ British Airways PLC said Friday its first-quarter net profit rose 72 percent as the carrier saw passenger traffic driven by low fares on short-haul routes and strong demand for lucrative business class flights.
AOL to Reduce Work Force Within 6 Months
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NEW YORK (AP) _ AOL will shed as much as a quarter of its global work force within six months as the company seeks more than $1 billion in savings to offset its decision to give more services away for free.
Going After Web Gambling a Challenge
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ST. LOUIS (AP) _ When federal prosecutor Marty Woelfle went before a judge this week to lay out her case against an online gambling firm, she faced a daunting legal challenge from the company. No one bothered to show up.
Oil Prices Continue to Fall in Asia
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SINGAPORE (AP) _ Oil prices continued to fall Friday as concerns eased that a tropical storm blowing through the Caribbean could damage oil facilities in the Gulf of Mexico.
Germany Says Corporate Bankruptcies Fell
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BERLIN (AP) _ The number of German businesses filing for bankruptcy decreased by more than 8 percent in May, according to government figures released Friday, underscoring optimism about Europe’s biggest economy.