GM workers ratify local contract to end that strike
A striking United Auto Workers local at a key General Motors Corp. factory ratified a new contract with the company Friday afternoon and will resume production on Monday.
Surprise rebound in housing, outlook still shaky
Construction of new homes increased by the biggest percentage in more than two years in April, a rare spot of good news amid the worst downturn in housing in more than two decades.
California winemaking patriarch Robert Mondavi dead at 94
Robert Mondavi, the pioneering vintner who helped put California wine country on the map, died at his Napa Valley home Friday. He was 94.
Treasurys fall amid more anxiety about inflation
Treasurys fell Friday after rising oil prices had investors worrying about inflation's impact on fixed-income returns.
Stocks pare losses to finish mixed after oil spikes
Wall Street capped a week of big gains with modest moves Friday as investors grappled with surging energy prices that overshadowed news of a surprise increase in home construction.
GE confirms plans to exit appliance business
NEW HAVEN, Conn. - General Electric Co. plans to sell or spin off the business that for a century has put appliances in American homes, a decision that could presage further asset sales, analysts said.
Oil sets record near $128; pump price at high, too
As President Bush wrapped up a meeting with Saudi Arabia's King Abdullah on Friday, the country's oil minister announced the desert kingdom had opened its taps and was pumping an additional 300,000 barrels of crude a day.
Bush fails to win Saudi help on gas prices
President Bush failed to win the help he sought from Saudi Arabia to relieve skyrocketing American gas prices Friday, a setback for the former Texas oilman who took office predicting he would jawbone oil-producing nations to help the U.S.
Macy's signs deal to put FAO Schwarz in its stores
FAO Schwarz will open toy stores in nearly 700 Macy's department stores over the next two years in a move that both stores hope will drive traffic in a tough economic environment.
Rice futures fall on improved supply outlook
Rice futures sank to a six-week low Friday, falling for a fifth day on hopes that exports from Pakistan and Japan will ease fears of a shortage of the staple consumed by half the world's population.
Abercrombie profit edges up on sales increase
Teen retailer Abercrombie & Fitch Co. said Friday that its first-quarter earnings rose 3 percent from a year ago on stronger sales.
Fannie Mae scraps higher downpayment requirements
Fannie Mae is doing away with higher minimum down-payment requirements for borrowers in parts of the country where home prices are dropping.
Treasurys fall amid more anxiety about inflation
Treasury prices fell Friday after rising oil caused investors to worry about rising inflation's erosion of fixed-income valuations.
US oil shipments canceled
Responding to congressional pressure, the Bush administration on Friday said it is suspending oil deliveries into the government's Strategic Petroleum Reserve for the remainder of the year.
FDA orders Texas plant to shut down, recall smoked seafood
Federal health authorities are directing a Pasadena, Texas, company to shut down and recall all its dried smoked catfish steaks and other smoked seafood produced since June 2007 because it failed to develop safety standards, leading to a risk of bacteria contamination in its products. There have been no reported illnesses, according to Food and Drug Administration spokeswoman Stephanie Kwisnek.
Treasury secretary says markets are calmer now
Treasury Secretary Henry Paulson said Friday that financial markets are "considerably calmer" now than they were two months ago. He predicted the economy will be rebounding by the second half of this year.
China tallies losses, costs from quake
Cracked dams and buckled roads, collapsed buildings and toppled factories - China has begun to tally its losses from an earthquake this week that killed thousands and left thousands more missing, with estimates ranging to over $20 billion.
Senate votes to roll back media ownership rule
The Senate Thursday night voted to nullify a Federal Communications Commission rule that allows media companies to own a newspaper and a television station in the same market.
Tours of Hanford nuclear waste site draw interest
In a cramped control room, a bright yellow sticker cautions workers about critical radiation alarms. Now a novelty stuck on a wall between dials that haven't spun in decades, the sign hints at the enormity of the plant's mission.
Stock futures up ahead of home construction data
Wall Street headed for a modestly higher open Friday as investors watched oil prices hit a new record high and awaited data on new home construction last month.
Housing posts surprising rebound in April
Construction of new homes posted the biggest increase in more than two years in April, a rare bit of good news in what has been the worst downturn in housing in more than two decades.
BA annual profits more than doubles on int. travel
British Airways said Friday it will pay a dividend for the first time in seven years after reporting its full-year profits more than doubled.
Oil back above $125 in volatile trading
Oil prices continued to rise Friday after a whipsaw overnight session that paired the expiration of options with a bevy of news that swung the price of oil per barrel in a $6 range.
AP Executive Morning Briefing
The top business news from The Associated Press for the morning of Friday, May 16, 2008:
Euro, pound, yen higher against dollar
The euro traded slightly higher against the U.S. dollar Friday after data showed a drop in U.S. industrial production and unexpectedly strong first-quarter economic growth in Germany.
Japan stocks edge lower, ending winning streak
Tokyo stocks edged lower Friday after a four-day winning streak as investors sold recent gainers such as precision equipment and electronics makers.
Dairy farmers pamper cows to boost milk output
When it comes to comfort, Kirk Christie's cows have it all - a new barn, a flat-screen television and waterbeds.
UN: World economy to grow by 1.8 percent in 2008
The world economy is "teetering on the brink" of a severe downturn and is expected to grow only 1.8 percent in 2008, the United Nations said in its mid-year economic projections Thursday.
In South Korea, US reaffirms safety of its beef
A top U.S. trade official said Friday that American beef is safe and rejected calls to re-negotiate an accord allowing it to resume beef exports to South Korea.
Japan's economy grows at 3.3 pct annual pace in 1Q
Japan's economy grew at a stronger-than-expected 3.3 percent annual pace in the first quarter, racking up its third consecutive quarter of growth.
