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Philips Q2 profits up on strong salesTHE HAGUE, Netherlands (AP) – Royal Philips Electronics NV, the world’s largest maker of lights, said Monday its second quarter profit rose sharply, thanks to strong sales at its lighting and consumer electronics divisions, particularly in emerging markets. Net profit was (EURO)262 million ($340 million), up from (EURO)45 million in the same period a year ago. Revenues rose to (EURO)6.19 billion from (EURO)5.23 billion a year ago, when the company was hit hard by the global economic crisis.
RICO law made to combat Mafia used in BP lawsuitsMIAMI (AP) – Using a law originally enacted to combat the Mafia, attorneys are filing lawsuits accusing BP PLC and Transocean Ltd. of committing a longterm series of crimes by concealing flaws in deepwater drilling plans and lacking safeguards to contain a catastrophic Gulf of Mexico spill. BP has been named in at least three lawsuits brought under the federal law known as RICO, which stands for Racketeering Influenced and Corrupt Organizations. Transocean, which leased the ill-fated Deepwater Horizon drilling rig to BP, has been named in two lawsuits filed in Louisiana and Florida.
BP puts Gulf oil spill cost at nearly $4 billionLONDON (AP) – Oil company BP says that the cost of dealing with the Gulf of Mexico spill has now reached nearly $4 billion. The company, which last week managed to place a temporary cap on the leak, said Monday it has made payments totaling $207 million to settle individual claims for damages from the spill along the southern coast of the United States.
Economists say recovery continues, but pace slowsNEW YORK (AP) – Economists say the U.S. recovery continued during the second quarter of this year with more businesses hiring workers and fewer cutting jobs, but the pace of growth has slowed, a new survey shows. The National Association for Business Economics said its latest survey, released Monday, found 31 percent of businesses added workers between April and June, the highest level in three years. And 39 percent of those surveyed say they expect to hire more workers over the next six months – the most since January 2008. Manufacturers reported the strongest increase in demand and profitability. Finance, insurance and real estate sectors saw the slowest growth.
Asian shares retreat after Wall Street tumbleBANGKOK (AP) – Asian stock markets fell Monday after U.S. consumer confidence plunged and corporate results fell short of expectations, signs the world’s biggest economy may be in danger of falling back into recession. Oil prices fell slightly to below $76 a barrel as traders eyed falling global stocks markets ahead of more key corporate earnings reports this week. The dollar rose against the euro and the yen.
Oil prices fall below $76 as traders eye equitiesSINGAPORE (AP) – Oil prices fell slightly to below $76 a barrel Monday in Asia as traders eyed falling global stock markets ahead of more key corporate earnings reports this week. Benchmark crude for August delivery was down 13 cents to $75.88 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract lost 61 cents to settle at $76.01 on Friday.
BP, feds clash over reopening capped Gulf oil wellNEW ORLEANS (AP) – BP and the Obama administration offered significantly differing views Sunday on whether the capped Gulf of Mexico oil well will have to be reopened, a contradiction that may be an effort by the oil giant to avoid blame if crude starts spewing again. Pilloried for nearly three months as it tried repeatedly to stop the leak, BP PLC capped the nearly mile-deep well Thursday and wants to keep it that way. The government’s plan, however, is to eventually pipe oil to the surface, which would ease pressure on the fragile well but would require up to three more days of oil spilling into the Gulf.
Louisiana biologist sees future in shrimp crawfishNEW ORLEANS (AP) – Way down South, where football and food are close to religions, tailgate parties could turn into crawfish boils a few autumns from now if a Louisiana State University project works out. "I certainly hope so. It would be a nice option to have," said Greg Lutz, an aquaculture specialist at the university’s agriculture center.
UK air show tests health of ailing aircraft marketFARNBOROUGH, England (AP) – Boeing Co.’s long-anticipated 787 jet touched down on British soil Sunday, tipping its wings to the crowd and building buzz at the Farnborough International Airshow, the industry’s premier event. The arrival of the blue-and-white 787 after years of delay underlined hopes that the two-year downturn in the aviation and defense industry is nearing a bottom. Boeing Chief Executive Jim McNerney claimed that the 787 would be "the way planes are going to be built for the next 80 years."
Healthscope recommends Carlyle, TPG takeover bidSYDNEY (AP) – Healthscope Ltd., Australia’s second-largest private hospital operator, said Monday its board has unanimously recommended a 2 billion Australian dollar ($1.72 billion) takeover offer from U.S. private equity firms Carlyle Group and TPG Capital. Carlyle and TPG have offered AU$6.26 a share for Healthscope, which the Melbourne-based company said represents a 39 percent premium to its AU$4.50 share price of May 13 – the day before the company said it had received a proposal. Based on the company’s 317 million shares outstanding, the purchase price would total about 1.98 billion Australian dollars ($1.72 billion). Including debt, the company values the deal at 2.7 billion Australian dollars ($2.3 billion).
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