Stocks have a slight gain
NEW YORK (AP) — The broader stock market is shuffling between minor gains and minor losses this week.
The market closed up a bit yesterday.
The S&P 500 index gained four points, or 0.3 percent, to close at 1,690.
The Dow Jones industrial average rose 13 points, or 0.1 percent, to 15,555.
The Nasdaq composite gained 25 ½ points, or 0.7 percent, closing at 3,605.
Asia stocks flounder as China resists stimulus
MANILA, Philippines (AP) — Asian stock markets floundered today as China pressed ahead with industrial restructuring that is contributing to slowing growth in the world's No. 2 economy.
Beijing ordered companies to close factories in 19 industries where overproduction has led to price-cutting wars, affirming its determination to push ahead with a painful makeover of the economy. That move followed weak manufacturing data on Wednesday.
Communist leaders are trying to reduce reliance on investment and trade.
Benchmark crude oil rose slightly and was above $105 a barrel. The dollar fell against the yen and was little-changed against the euro.
CBO: Reversing cuts would boost jobs, economy
WASHINGTON (AP) — A new study says that reversing more than $100 billion in automatic spending cuts hitting the economy this year and next would boost the economy by 0.7 percent and increase employment by 900,000 jobs.
The Congressional Budget Office study is similar to prior estimates by the agency. The CBO figures are the agency's best estimate but the possible range of job growth is much wider, from 300,000 jobs to 1.6 million.
The report comes as President Barack Obama is redoubling his campaign against the automatic cuts, known as sequestration, which are causing furloughs among government workers and have been credited with slowing the economic recovery.
CBO says reversing the cuts would boost the economy in the short term, but hurt it in the longer term.
China orders production cuts in some industries
BEIJING (AP) — China's government has ordered companies in 19 industries including steel and cement to reduce production, affirming its determination to restructure the economy despite slowing growth.
The Cabinet's planning agency issued detailed orders to more than 1,400 companies to reduce production or close some facilities outright. It also applies to producers of copper and glass.
The move affirmed the Communist Party's determination to reduce China's reliance on investment and heavy industry by promoting service industries and technology.
It was one more sign the Cabinet is resisting calls to launch a new stimulus to reverse a slowdown that saw China's economic growth dip to a two-decade low of 7.5 percent in the latest quarter.
Toyota top-selling automaker despite China slump
TOKYO (AP) — Toyota shrugged off China sales woes to stay the world's top selling automaker for the first half of this year, outpacing General Motors Co.
Toyota Motor Corp. said Friday it sold 4.91 million cars and trucks around the world for the January-June period, down 1.2 percent from the previous year.
GM said earlier this month it sold 4.85 million vehicles worldwide in the six months, growing almost 4 percent as it gained U.S. sales faster than Toyota.
Toyota's sales in China were hurt by anti-Japanese sentiment that flared last year over a territorial dispute, setting off boycotts and riots.
But the Japanese automaker stayed ahead of GM in other regions.
Samsung's 2Q profit record high but below forecast
SEOUL, South Korea (AP) — Samsung Electronics reported a record-high profit for six straight quarters but still disappointed investors who had higher expectations for the world's largest smartphone maker.
Samsung said Friday its April-June net profit jumped 50 percent over a year earlier to 7.77 trillion won ($6.9 billion).
The bottom line was lower than the market forecast of 7.96 trillion won, according to a survey of analysts by FactSet.
Operating profit was also at a record high of 9.53 trillion won, up 48 percent. Sales rose 21 percent to 57.46 trillion won.
Samsung's latest quarterly report indicates that its explosive profit growth driven by Galaxy smartphone sales may be slowing down. Samsung says its mobile business posted a lower profit compared with the previous quarter on marketing costs.
Starbucks beats on stronger sales, lower costs
NEW YORK (AP) — Starbucks says its profit climbed 25 percent in the quarter as caffeine-addicted customers helped boost sales and the company paid less for coffee costs.
The results topped Wall Street expectations.
The Seattle-based chain, which has more than 19,000 locations around the world, says global sales rose 8 percent at cafes open at least 13 months. In its flagship U.S. market, the figure rose 9 percent.
For the quarter, Starbucks earned $417.8 million, or 55 cents per share. That's up from $333.1 million, or 43 cents per share, a year ago.
Analysts on average expected 53 cents per share.
Revenue rose to $3.74 billion, more than the $3.72 billion analysts had forecast.
GULF OIL SPILL-HALLIBURTON
Feds: Halliburton agrees to plead guilty in spill
WASHINGTON (AP) — Federal officials say Halliburton Energy Services has agreed to plead guilty to destroying evidence in connection with the 2010 Gulf oil spill.
The Department of Justice said in a news release Thursday that a criminal information charging Haillburton with one count of destruction of evidence was filed in federal court in Louisiana.
The news release says Halliburton has agreed to pay the maximum fine, be on probation for three years and continue to cooperate with the government's criminal investigation.
The Houston-based company has also made a $55 million voluntary contribution to the National Fish and Wildlife Foundation.
Hallburton was BP's cement contractor on the drilling rig that exploded in the Gulf of Mexico in 2010. The blowout triggered an explosion that killed 11 workers and spilled millions of gallons of oil into the Gulf.
UBS paying $885M to settle US claims on bonds
WASHINGTON (AP) — Swiss banking giant UBS is paying $885 million to settle U.S. government claims that UBS violated securities laws in its sales of mortgage-backed bonds to Fannie Mae and Freddie Mac.
The Federal Housing Finance Agency, which oversees the two government-controlled mortgage finance companies, announced the settlement Thursday. The agency had sued UBS and 17 other major banks over their sales to Fannie and Freddie of about $196 billion in mortgage securities that soured when the housing market collapsed in 2007.
UBS will pay about $415 million to Fannie and $470 million to Freddie.
The FHFA said the deal means it has now reached settlements with three of the 18 banks it sued. The agency previously settled with Citigroup and GE Capital. The others include Bank of America and JPMorgan Chase.
Google discloses it paid $966 million for Waze
SAN FRANCISCO (AP) — Google says it paid $966 million to buy online mapping service Waze, six weeks after closing the deal.
The Internet search leader spelled out the purchase price in regulatory documents filed Thursday. Google withheld the price last month when it announced the acquisition of the Israel-based startup. The Associated Press and other media outlets had previously pegged the purchase price at $1 billion, based on information from people familiar with the negotiations who didn't want to be named.
Google also bought seven other smaller companies for a total of $53 million during the three months in June. That calculation is based on information that Google disclosed in Thursday's document as well as a quarterly report filed in April.