AP Financial News Summary at 6:43 a.m. EDT
Yahoo 2Q Profit Meets Analysts’ Estimates
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SAN FRANCISCO (AP) _ Yahoo Inc. keeps raking in more money as advertisers continue to shift their spending to the Internet, but the Internet powerhouse keeps lagging behind online search leader Google Inc.
OAO Rosneft Admitted to London Exchange
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MOSCOW (AP) _ Shares in Russian oil company OAO Rosneft held close to their offer price Wednesday as the company made its official debut on the London Stock Exchange.
US Airways to Place Ads on Sickness Bags
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PHOENIX (AP) _ US Airways wants to make the most out of a nauseating situation. The Tempe, Ariz.-based airline plans to sell advertisements on its air-sickness bags _ those pint-sized expandable envelopes tucked between the in-flight magazines and safety cards.
India’s Wipro Says Quarterly Profit Jumped
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BOMBAY, India (AP) _ India’s third-largest software company, Wipro Ltd., said Wednesday that its net profit in April-June quarter jumped 44 percent from a year ago, driven by strong outsourcing orders from overseas.
Oil Prices Rise Near $74 a Barrel
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SINGAPORE (AP) _ Crude oil prices rose in Asian trading Wednesday amid expectations that midweek U.S. inventory figures would show a decline in domestic gasoline stocks on strong demand for motor fuel during the summer driving season.
Firm Seeks Expansion in Recycling Business
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DALLAS (AP) _ Only about 10 percent of computers, cell phones and other electronic gadgets are recycled, industry analysts say, with the vast majority either collecting dust or leaching toxins into landfills.
China’s Biggest Bank Gets Approval for IPO
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BEIJING (AP) _ China’s biggest state-owned commercial bank has received approval for an initial public offering, the government said Wednesday, following reports the deal could raise up to $14 billion in the third-largest IPO ever.
BP to Shut Down 12 North Slope Wells
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ANCHORAGE, Alaska (AP) _ Britain’s BP PLC is closing 12 oil wells on Alaska’s North Slope as a precaution after whistleblowers alleged more than 50 were leaking.
IBM 2Q Earnings Beat Analysts’ Forecasts
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Even an earnings report with rough spots was enough to soothe investors in International Business Machines Corp., who pushed the technology stock higher after the company said second-quarter profit rose nearly 11 percent.
Dow Closes Up 52, Nasdaq Finishes Up 6
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NEW YORK (AP) _ A late-day rally gave stocks a moderate advance Tuesday as a second day of sharply lower oil prices calmed investors uncertain about the direction of interest rates.
Wholesale Prices Rise 0.5 Percent in June
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WASHINGTON (AP) _ Wholesale prices rose by 0.5 percent in June, spurred by a big jump in food prices and continuing increases in energy costs.