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AP Financial News Summary at 11:51 p.m. EDT

August 8, 2006

BP: Pipeline Closing May Last for Months

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ANCHORAGE, Alaska (AP) _ BP said Monday it discovered corrosion so severe that it will have to replace 16 miles of pipeline at the huge Prudhoe Bay oil field _ work that could shut down the nation’s single biggest source of domestic crude for months and drive gasoline prices even higher.

Google, News Corp. Sign Search, Ad Deal

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NEW YORK (AP) _ Google Inc. reached a deal Monday with the owner of MySpace.com to pay at least $900 million in shared advertising revenue and become the exclusive search provider for the popular online hangout.

Dow Ends Down 21, Nasdaq Closes Down 13

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NEW YORK (AP) _ Near-record oil prices following an Alaskan oilfield shutdown prompted stock investors to sell on inflation fears Monday, one day before the Federal Reserve’s next decision on interest rates.

Crude Prices Fall After Jumping $2

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SINGAPORE (AP) _ Crude oil prices fell Tuesday, likely a result of profit-taking a day after prices jumped more than $2 a barrel in response to the shutdown of a large oil field in the U.S. state of Alaska.

Stewart to Pay to Settle SEC Charges

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Homemaking diva Martha Stewart will pay about $195,000 and cannot serve as the director of a public company for five years under a settlement announced Monday on civil insider trading charges with the Securities and Exchange Commission.

Sector Wrap: Oil Stocks Mixed

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NEW YORK (AP) _ Shares of independent oil producers and others with no production in the Prudhoe Bay oil field rose on Monday, benefiting as crude prices spiked from a planned shutdown of the major Alaskan field.

SEC Won’t Challenge Hedge Funds Ruling

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WASHINGTON (AP) _ The Securities and Exchange Commission said Monday it will not challenge a federal appeals court ruling that overturned its new rules for oversight of hedge funds.

El Paso 2Q Earnings Rise, Shares Fall

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HOUSTON (AP) _ El Paso Corp., the nation’s largest natural gas pipeline company, said it swung to a $141 million profit in the second quarter because of gains in pipeline income and pre-tax gains on derivatives used to hedge an increase in oil and gas production prices.

Condo Conversions Turn Into Reversions

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NEW YORK (AP) _ Even when it was clear in December that the condo market was slowing, Ted Charron went ahead and bought a two-bedroom, two-bathroom condo in Tampa, Fla., where some industry experts say the froth is especially frothy.

Pipeline Closing Adds to BP Woes in U.S.

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LONDON (AP) _ The discovery of corrosion in an Alaska pipeline is the latest in a series of woes for BP’s U.S. operations that are threatening the British oil company’s reputation _ and its profits.

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