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AP Financial News Summary at 9:18 a.m. EDT

June 16, 2004

Mandalay Board OKs $4.8B MGM Mirage Buyout

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LAS VEGAS (AP) _ Mandalay Resort Group directors have said yes to MGM Mirage’s $4.8 billion cash buyout in a deal that would unite two of the world’s biggest gambling companies and bring some of the most famous Las Vegas Strip properties under a single owner.

Housing Construction Dips in May

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WASHINGTON (AP) _ The number of housing projects builders broke ground on dipped in May, but even with the decline the level of activity was quite brisk, fresh testimony to the good health of the residential construction market. Total housing permits were the highest in over three decades.

U.S. Stocks Set to Open Higher

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NEW YORK (AP) _ U.S. stocks are set to open higher Wednesday after a slight rise Tuesday. Dow Jones futures rose 20 points recently, Nasdaq futures were up 4 points and S&P futures increased 2.10 points.

OPEC to Ask Oil Producers to Boost Output

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JAKARTA, Indonesia (AP) _ The Organization of Petroleum Exporting Countries will ask large non-OPEC oil producers to boost output in an attempt to blunt rising oil prices after a series of attacks on Iraqi oil facilities, the OPEC president Purnomo Yusgiantoro said Wednesday.

Mitsubishi Motors Carries Out Pay Cuts

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TOKYO (AP) _ Shaken by a cover-up scandal and a spate of recalls, Mitsubishi Motors Corp. on Wednesday said it will slash paychecks and reduce other costs to make up for an expected plunge in car sales.

California Ordered to Refund Enron $270M

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SACRAMENTO, Calif. (AP) _ As California struggled through the 2000-2001 energy crisis, Enron traders gloated about gouging the state. Now state Attorney General Bill Lockyer says federal regulators are heaping insult upon injury by demanding California pay Enron and other energy companies almost $270 million in refunds.

Greenspan: Fed Can Handle Economy Threats

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WASHINGTON (AP) _ Federal Reserve Chairman Alan Greenspan said Tuesday the central bank is standing ready to deal with potential threats to the economy including the ``fortunately low but still deeply disturbing possibility″ of a new terrorist attack.

Tokyo Stocks End Higher; Dollar Falls

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TOKYO (AP) _ Tokyo stocks rose Wednesday as receding expectations for an early interest rate hike in the United States helped boost technology and other export-related issues. The U.S. dollar was down against the Japanese yen.

China Has No Plans for Interest Rate Hike

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SHANGHAI, China (AP) _ China has its inflation problems under control and doesn’t plan to hike interest rates in the immediate future, state media reported Wednesday, dousing speculation that the central bank might raise rates to stem soaring investment.

Beer Magazine Chronicles Changing Industry

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DURHAM, N.C. (AP) _ From ales to stouts to porters, from home brewing to Belgian Trappist breweries, Julie Bradford is the woman to know.

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