AP Financial News Summary at 9:14 a.m. EST
U.S. Trade Deficit Soars to Record
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WASHINGTON (AP) _ America’s deficit in the broadest measure of trade shot up to an all-time high in the summer, reflecting the huge jump in the country’s foreign oil bill.
Investors Look for Rally to Continue
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LONDON (AP) U.S. stock futures rose Monday as investors hoped the year-end rally would continue, with an upgrade for Citigroup, the world’s biggest bank, and continued talk of a Harrah’s Entertainment deal in focus.
Horseradish Growers Worry After Drought
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COLLINSVILLE, Ill. (AP) _ In this kitschy town where a giant ketchup bottle doubles as a 100,000-gallon water tower, Barry McMillin regards the sinus-clearing horseradish as the true king of condiments.
Oil Prices Fall After Last Week’s Highs
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LONDON (AP) _ Oil prices retreated from highs reached last week as traders took profits but stayed above $63 a barrel Monday. Key prices remained down despite reports of explosions at an Agip residential compound in Port Harcourt and at a Shell facility in the Nigerian city. The region’s main militant group claimed responsibility, saying it had planted car bombs.
Delphi Accepts $3.4 Billion in Financing
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Reports: Minister Bullish on Russia
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MOSCOW (AP) _ Russia’s economics minister said Monday that the economy could grow 7 percent this year, beating the government’s original forecasts, news reports said.
EU Seeks to Avert Russia Beef Trade Ban
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BRUSSELS, Belgium (AP) _ The EU’s food safety chief visits Moscow on Tuesday to try and keep Russian authorities from imposing a ban on all EU beef and other animal products as of Jan. 1.
Norwegian Oil Companies Plan Merger
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OSLO, Norway (AP) _ Norwegian oil companies Statoil ASA and Norsk Hydro ASA on Monday announced plans to merge their offshore oil and natural gas units in a nearly $30 billion (23 billion euro) deal they said would create the world’s largest offshore oil operator.
VNU Says It Plans to Cut 4,000 Jobs
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AMSTERDAM, Netherlands (AP) _ VNU Group BV, which owns Nielsen’s television ratings service, said Monday it will cut 4,000 jobs, or around 10 percent of its work force, as part of a major reorganization.
Biomet to Be Taken Private for $10.9B
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WARSAW, Ind. (AP) _ Biomet Inc., a maker of hip and knee replacement products, agreed Monday to be acquired by a private equity consortium for about $10.9 billion in cash.