AP Financial News Summary at 1:22 p.m. EDT
Report: Fannie Mae Manipulated Accounting
%mlink(STRY:v8010; PHOTO:; AUDIO:%)
WASHINGTON (AP) _ Senior executives at Fannie Mae manipulated accounting to collect millions in ``maximum, undeserved bonuses″ and deceive investors, a federal report charged Tuesday. The government-sponsored mortgage company was fined $400 million.
Stocks Advance As Commodities Bounce Back
%mlink(STRY:v8027; PHOTO:NYRD109-0522061508; AUDIO:%)
NEW YORK (AP) _ Wall Street showed more signs of a modest recovery Tuesday as solid earnings from homebuilder Toll Brothers Inc. and a jump in oil and gold prices lifted stocks and helped them recoup some of their heavy losses of recent weeks.
Euronext Holders Give Boost to NYSE Bid
%mlink(STRY:v8016; PHOTO:NYRD107-0522061424; AUDIO:%)
AMSTERDAM, Netherlands (AP) _ Shareholders of European stock-exchange operator Euronext rejected a proposal Tuesday to commit in principle to a takeover by Deutsche Boerse Group, giving a boost to a rival bid from the New York Stock Exchange.
Ad Calls for Wal-Mart to Change Principles
%mlink(STRY:v8022; PHOTO:; AUDIO:%)
One of Wal-Mart’s most vocal union-funded critics took out a full-page ad in The New York Times on Tuesday calling on the company to live up to the ``moral responsibilities″ of being the world’s largest private employer by improving wages and health insurance.
Toll Brothers Quarterly Profit Up
%mlink(STRY:v7981; PHOTO:NYBZ101-0223061652; AUDIO:%)
PHILADELPHIA (AP) _ Luxury home builder Toll Brothers Inc. reported a 3 percent increase in net income for its fiscal second quarter but said higher costs for materials and labor as well as steeper write-downs will drag down earnings for the full year.
Enron Jury Resumes Deliberations
%mlink(STRY:v7860; PHOTO:TXPS104-0523060951; AUDIO:06235096%)
HOUSTON (AP) _ Jurors in the federal fraud and conspiracy trial of Enron Corp. founder Kenneth Lay and former Chief Executive Jeffrey Skilling resumed deliberations for a fourth day Tuesday.
Bernanke: Comments a ‘Lapse of Judgement’
%mlink(STRY:v7958; PHOTO:DCGH104-0523061008; AUDIO:%)
WASHINGTON (AP) _ Federal Reserve Chairman Ben Bernanke said Tuesday he suffered a ``lapse of judgment″ by talking to a CNBC reporter recently, a conversation that caused the stock market to tank when his comments were reported.
Japan Stocks Fall to 3-Month Low
%mlink(STRY:v7793; PHOTO:XJK108-0523060742; AUDIO:%)
TOKYO (AP) _ Japanese stocks fell to their lowest in three months Tuesday, led by banking and steel stocks as foreign investors dumped shares amid declines across Asian markets.
Oil Prices Rise Past $71 a Barrel
%mlink(STRY:v7972; PHOTO:CAPS101-0522061314; AUDIO:%)
SINGAPORE (AP) _ Crude futures gained more than $1 a barrel Tuesday as scientists’ predictions that the next Atlantic hurricane season would be an active one renewed concerns about potential supply disruptions at U.S. Gulf of Mexico refineries.
Alaska Senate Approves New Profits Tax
%mlink(STRY:v7680; PHOTO:; AUDIO:%)
JUNEAU, Alaska (AP) _ The Alaska Senate voted for the second time this year to rewrite the state’s oil and gas production taxes.