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AP Financial News Summary at 8:42 a.m. EDT

June 13, 2005

Morgan Stanley CEO Plans to Retire

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NEW YORK (AP) _ Morgan Stanley CEO Philip J. Purcell said Monday he is planning to retire from the Wall Street investment bank amid calls for his ouster from a group of dissident shareholders and former executives.

Warner Music Group Reports 2Q Profit

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NEW YORK (AP) _ Warner Music Group Corp., one of the world’s largest recording companies, on Monday reported a second-quarter profit, reversing a year-ago loss, as revenue was helped by growth in recorded music and publishing.

Stocks Are Set to Open Lower

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NEW YORK (AP) _ U.S. stock futures are lower Monday, with market indices continuing in the same direction they left off Friday. Trading is expected to remain quiet with little economic or corporate data scheduled to offer direction.

Qatar Airways Picks Airbus Over Dreamliner

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LE BOURGET, France (AP) _ Qatar Airways said it chose the mid-sized Airbus A350 over Boeing’s rival 787 ``Dreamliner″ jet as the Paris Air Show opened Monday, with the battle between the trans-Atlantic rival plane makers taking center stage.

Gas Prices Continue to Decline

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CAMARILLO, Calif. (AP) _ The average gasoline price nationwide for all grades dropped less than 2 cents in three weeks, continuing a slide in pump prices that began in April, according to an industry analyst.

Unicredito to Cut As Many As 9,000 Jobs

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ROME (AP) _ Unicredito SpA said Monday that it would cut about 9,000 jobs as part of its planned merger with Germany’s HVB Group, a move that would help boost operating income at the two banks by more than 50 percent over three years.

OPEC Mulls Increase in Production Ceiling

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VIENNA, Austria (AP) _ Like a driver reflected in the puddle of oil on his driveway, crude prices can mirror the global economy _ and analysts aren’t pleased with what they’re seeing. As the Organization of Petroleum Exporting Countries prepares to meet in Vienna on Wednesday, experts predict that prices will remain high for the rest of the year and well into 2006, even if the cartel decides to raise its production ceiling.

U.S., EU Delay Establishment of WTO Panels

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GENEVA (AP) _ The United States and European Union on Monday both blocked requests from one another asking the World Trade Organization to create panels to investigate illegal subsidies allegedly paid to rival airplane makers Airbus and Boeing Co., trade officials said.

S. Korean Tycoon to Face Charges Soon

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SEOUL, South Korea (AP) _ South Korea prepared Monday for the expected return of one of the country’s most wanted fugitives, the former chairman of collapsed conglomerate Daewoo Group who fled overseas in the aftermath of the 1997-98 Asian financial crisis.

Oil Prices Slip Below $54 Per Barrel

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BUDAPEST, Hungary (AP) _ Crude futures fell but held above $53 a barrel Monday as fears of tropical storm Arlene causing supply disruptions waned and traders looked ahead to this week’s OPEC meeting. The first big storm of the season in the Gulf of Mexico had caused only minimal damage to oil refinery operations.

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