AP Executive Morning Briefing
Monday June 20, 7:34 am ET
A service of The Associated Press. Copyright 2005 All rights reserved.
The top business news from The Associated Press for the morning of Monday, June 20, 2005:
Crude Oil Prices Hit New Intraday High
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BUDAPEST, Hungary (AP) -- Fears that U.S. refineries will be unable to cope with increasing demand in the second half of the year sent crude oil prices soaring Monday to a new intraday high near $60 a barrel. The kidnapping last week of six oil workers, including two Germans, in OPEC-member Nigeria also contributed to the momentum.
Cablevision Plans to Take Company Private
NEW YORK (AP) -- The family that controls Cablevision Systems Corp., the country's sixth-largest cable operator, has presented a plan to the company's board that would take it private and create a separate public firm for its entertainment assets, which include Madison Square Garden and Radio City Music Hall. The $7.9 billion deal would give Cablevision stockholders $21 in cash for each share they currently own, plus shares in the new company, Rainbow Media Holdings. That company also would include the New York Knicks, the New York Rangers, and several cable channels, like the American Movie Channel.
Stocks Set to Open Lower on Oil Prices
NEW YORK (AP) -- U.S. stock futures are trading in negative territory Monday, as record high oil prices continue to apply pressure. Dow Jones futures were recently down 36 points, Nasdaq futures were off 4 points and S&P futures were down 3.1 points.
Heinz Buys Danone Units for $852 Million
PARIS (AP) -- H.J. Heinz Co., the nation's largest ketchup maker, has agreed to buy the HP Foods and Lea & Perrins sauce divisions from France's Groupe Danone for $852 million, the company said Monday. The brands, which are marketed primarily in Britain, the United States and Canada, account for about $300 million in annual sales.
China Announces Plan to Cut Gov't Stake
BEIJING (AP) -- The Chinese government plans to sell off stakes in 42 major state companies and convert them into shares that can be publicly traded, state media said Monday. Chinese stocks rallied on the news. The government aims to raise up to US$200 billion (ÂEuro150 billion) by selling blocks of stock in companies like major conglomerates Baoshan Iron & Steel Corp., electrical company Yangtze Power and financial firm Citic Securities, the official Xinhua news agency said.
CardSystems: Shouldn't Have Kept Records
NEW YORK (AP) -- The head of the credit card processing company whose computer system was breached by hackers, exposing millions of credit card accounts, has acknowledged that his firm should not have been keeping the consumer records in the first place. The official, John Perry, chief executive of Atlanta-based CardSystems Solutions Inc., said that the records known to have been stolen covered roughly 200,000 of the 40 million compromised credit card accounts, from Visa, MasterCard, and other companies.
Man Sues McDonald's for Discrimination
CLEVELAND (AP) -- It was tradition in Russell Rich's family that every Friday night his dad would take the kids to McDonald's. Rich recalls gazing through the window of the local old-style McDonald's -- the kind with the big golden arches and no indoor seating -- and dreaming of flipping burgers like the workers inside.
Qantas Airways Not Considering Merger
CANBERRA, Australia (AP) -- Australia's largest airline Qantas Airways said Monday it is not considering a merger with Singapore Airlines, despite the Australian trade minister raising the prospect. The Australian newspaper reported Trade Minister Mark Vaile had backed a merger between the airline rivals.
Japanese Stocks Drop on Record Oil Prices
TOKYO (AP) -- Japan's key stock index declined on Monday for the first time in seven sessions, surrendering early gains on news that oil prices had reached a record high. The dollar fell against the yen and euro. The Nikkei 225 Index fell 30.68 points, or 0.27 percent, to 11,483.35 points on the Tokyo Stock Exchange. In the past six sessions, the index had advanced more than 3 percent.
Indian Stocks Rise to a Record High
BOMBAY, India (AP) -- Indian stocks rose to a record high Monday on weekend news that India's most powerful business family had settled a months-long dispute by splitting Reliance Group's diverse businesses between two brothers. The benchmark index of the Bombay Stock Exchange, the Sensex, briefly touched an all-time high of 7000.27 points before retreating to 6981.5 points, up 1 percent from Friday's close.
Gold Prices
LONDON (AP) -- Gold traded in London at $440.50 bid per troy ounce, up from $437.90 Friday. In Zurich, the bid price was $440.20, up from $438.10. Gold rose $4.10 in Hong Kong to close at $440.45.
Japan Markets
TOKYO (AP) -- Japan's key stock index declined on Monday for the first time in seven sessions, surrendering early gains on news that oil prices had reached a record high. The dollar fell against the yen and euro. The Nikkei 225 Index fell 30.68 points, or 0.27 percent, to 11,483.35 points on the Tokyo Stock Exchange. In the past six sessions, the index had advanced more than 3 percent.
Dollar-Yen
TOKYO (AP) -- The U.S. dollar was trading at 108.70 yen on the Tokyo foreign exchange market at 5 p.m. Monday, down 0.16 yen from late Friday.
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