Wire Business News

Battered by drought, a late freeze and flooding rain, Oklahoma's winter wheat harvest may produce only half of what was yielded last year, officials said.

Indian outsourcing bellwether Infosys Technologies Ltd. reported a slight rise in quarterly profit in dollar terms but warned of a steep drop in revenue as its global clients struggle to cope with the economic slowdown.

China's exports and imports fell again in June but declines were less severe than in May, data showed Friday, adding to signs the world's third-largest economy is recovering from its slump.

Japan's central bank said Friday that wholesale prices fell 6.6 percent in June from a year earlier, the biggest fall on record and the latest sign that deflation is returning to the country.

European stock markets fell modestly Friday following lackluster performances on Wall Street and in Asia as investors remained on the sidelines. But second-quarter U.S. corporate earnings over the coming days and weeks have the potential to lift markets out of their current stupor.

China has proof four detained employees of miner Rio Tinto Ltd. stole state secrets for foreign countries, the government said Thursday, following their detention amid contentious iron ore price talks.

After its bonus payments ignited a firestorm of criticism earlier this year, American International Group Inc. is asking the federal government to weigh in on the insurer's plan to resume paying millions in promised retention incentives next week, according to media reports.

The following recalls have been announced because the products may be contaminated with salmonella, an organism that can cause serious and sometimes fatal infections, especially in young children, the elderly and those with weakened immune systems; no illnesses have been reported:

Sunoco placed four employees on administrative leave and said Thursday that it had notified the Department of Justice of what it called improper conduct during a bidding process with an oil producer.

Tidewater Inc., which provides water transportation for the petroleum industry, said Thursday its board has authorized it to repurchase up to $200 million in shares of its common stock.

Sunoco Inc. said Thursday it has placed four employees on administrative leave after an internal investigation into the bidding for a crude oil processing transaction found that they violated company policy.

Healthcare Realty Trust Inc. will replace truck-trailer manufacturer Wabash National Corp. in the S&P SmallCap 600 after the close of trading on July 16, Standard & Poor's said Thursday.

Chevron Corp. said Thursday its second-quarter earnings from pumping oil will be improved from the first three months of the year, when low crude and natural-gas prices contributed to the worst results in years for oil companies.

Stocks edged higher Thursday as investors encouraged by better-than-expected results from aluminum maker Alcoa Inc. put money into stocks they recently avoided: commodities producers, banks and industrial companies. Money also moved into more economically sensitive industries such as technology and energy, which stand to gain more if a recovery takes hold.

State regulators gave a Wisconsin utility permission Thursday to begin building a giant wind farm in southern Minnesota, opening the door for Wisconsin ratepayers to shell out millions of dollars in construction costs.

Gannett Co. has begun eliminating 106 full-time and 19 part-time positions at its six New Jersey newspapers because of the economic recession.

Treasury prices slipped Thursday, a day after a big jump, as stock prices recovered.

GM sale cleared, path opens to exit Chapter 11

With many lawmakers wary of giving the Federal Reserve more power under a proposed financial overhaul, the Fed's No. 2 official on Thursday defended the central bank's ability to take on more oversight responsibilities.

The Food and Drug Administration said Thursday the strain of E. coli found in a sample of raw cookie dough collected at a Nestle USA manufacturing plant does not match the strain that has been linked to a 30-state outbreak, and they aren't sure how the dough was contaminated.

The government has tens of billions of dollars left in the eye-popping $700 billion bank bailout fund created last fall, prompting a debate in Congress over what to do with it.

Chevron Corp. said Thursday its second-quarter earnings from pumping oil will be improved from the first three months of the year, when low crude and natural-gas prices contributed to the worst results in years for oil companies.

Riding a wave of public outrage over credit card practices, 7-Eleven Inc. wants to show merchants are victims of the industry too.

Investors moved money back into commodities Thursday, sending prices for gold, copper and soybeans higher as they stepped up their willingness to take on risk.

Starting Friday, most state government offices will begin closing three days a month to save California some money.

U.S. airlines have cut many flights and they are getting better at staying on schedule with their remaining flights, as more trips arrived on time in May than a year earlier.

Verizon Wireless has laid off 50 workers in Arkansas who were part of the former Alltel Corp., which Verizon acquired in January.

The Y-shaped Ilikai hotel that has graced the Waikiki skyline for nearly five decades and hosted everyone from U.S. presidents to Elvis Presley has closed.

The U.S. Department of Transportation on Thursday issued a $375,000 penalty against Delta Air Lines Inc., saying the world's largest carrier broke federal rules when it bumped passengers from oversold flights.

Titanium producer Allegheny Technologies Inc. said Thursday it expects to take a charge of $17 million in the second quarter related to a pension trust contribution and costs from the retirement of $183.3 million of notes.

The dollar gave up most of its big day-ago gains but came off its five-month low against the yen in Thursday trading, as a positive sign in the labor market and Alcoa's financial results galvanized investors to swap their cash for stocks.

Banks trimmed borrowing from the Federal Reserve's emergency lending facility over the past week and cut back on other programs designed to ease the financial crisis, promising signs that some credit problems are easing.

Major business events and economic events scheduled for Friday:

It's report card season on Wall Street and investors are bracing for bad news.

The nation's largest labor federation is about to elect its first new leader in 14 years after the labor movement split because of tensions about the longtime leadership.