AP Financial News Summary at 9:17 p.m. EDT
Consumer Confidence Plummets on Job Market
%mlink(STRY:v2928; PHOTO:; AUDIO:%)
NEW YORK (AP)_ Consumers’ renewed worries about job prospects led to a bigger-than-expected drop in confidence in August and provided more evidence of the fragility of the economic expansion.
Probe: Ex-Hollinger CEO Looted Profits
%mlink(STRY:v2909; PHOTO:NY825-0220041049; AUDIO:%)
NEW YORK (AP) _ Conrad Black, the former CEO of Hollinger International Inc., conspired with associates to systematically loot the newspaper publishing company of more than $400 million _ nearly all of its profits from 1997 through 2003, an internal investigation found.
Stocks Up Despite Consumer Confidence News
%mlink(STRY:v2881; PHOTO:NYR109-0830041547; AUDIO:04318263%)
NEW YORK (AP) _ A late-session buying spurt gave stocks a moderate lift Tuesday as investors managed to overcome their disappointment over troubling readings on consumer confidence and manufacturing. But with volume extremely light, analysts said it was difficult to place any real significance on the upturn.
Oil Market Ignores Iraqi Export Troubles
%mlink(STRY:v2916; PHOTO:NYET252-0831040955; AUDIO:%)
WASHINGTON (AP) _ The price of oil slid toward $42 a barrel Tuesday despite confusion about the status of Iraqi exports, indicating that the market has become less worried about the global balance of supply and demand.
WTO OKs U.S. Sanctions Over Dumping Rules
%mlink(STRY:v2899; PHOTO:BRU103-0831041512; AUDIO:%)
BRUSSELS, Belgium (AP) _ The World Trade Organization has authorized the European Union and seven other leading U.S. trading partners to impose over US$150 million worth of sanctions against the United States for failing to repeal antidumping rules already deemed illegal by the WTO.
Tokyo Stocks Open Higher; Dollar Down
%mlink(STRY:v2921; PHOTO:; AUDIO:%)
TOKYO (AP) _ Tokyo stocks opened higher Wednesday on bargain hunting following losses the day before. The dollar was down against the Japanese yen.
SEC Settles With Former Invesco Execs
%mlink(STRY:v2765; PHOTO:; AUDIO:%)
DENVER (AP) _ Three former executives of Invesco Funds Group were ordered to pay more than $340,000 Tuesday to settle allegations that they allowed some clients to use the funds for market-timing, the Securities and Exchange Commission said.
BofA CEO Meets With Mass. Officials
%mlink(STRY:v2936; PHOTO:; AUDIO:%)
BOSTON (AP) _ Bank of America’s top executive traveled to Boston Tuesday to meet with state and local government leaders and answer criticism that the bank is not living up to local jobs commitments in its acquisition of FleetBoston Financial Corp.
Apple Bets on IMac’s Stripped-Down Chic
%mlink(STRY:v2904; PHOTO:PAR109-0831041828; AUDIO:%)
PARIS (AP) _ Apple has taken its trademark minimalism a step further, launching launched the latest computer in the iMac family that helped restore the company’s fortunes: a sleek flat-panel monitor with processor and drives built in.
Reverse Mortgages Gain Among Elderly
%mlink(STRY:v2808; PHOTO:NY827-0830041527; AUDIO:%)
When Koula Chumley and her husband paid $25,000 for a four-bedroom split-level 35 years ago, it was an investment in family. But Chumley’s children have families of their own now, she’s widowed, and is counting on that same house _ worth much more _ to ease life in retirement.