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AP Business NewsBrief at 11:58 a.m. EDT(Associated Press Via Acquire Media NewsEdge) Stocks shake off 2-week slump on retail sales newsNEW YORK (AP) _ Stocks are shaking off a two-week slump after retailers had better sales in May than economists had predicted. The Dow Jones industrial average, the Standard & Poor's 500 index and the Nasdaq composite index are all on track to have their best day so far in June. Cautious consumers could see lower prices aheadWASHINGTON (AP) _ Consumers are spending cautiously in the face of still-high gasoline and grocery-store prices and restraining the economy's growth. But some relief could be on the way: Wholesale food prices dropped last month by the most in a year. And motorists are likely to face lower gasoline prices this summer. J.C. Penney names Apple retail exec as new CEONEW YORK (AP) _ J.C. Penney Co. says Ron Johnson, who pioneered Apple Inc.'s retail stores, will become the department store's next CEO. The appointment takes effect Nov. 1. FDA wants more sunscreen protectionsWASHINGTON (AP) _ Federal regulators will require sunscreen manufacturers to test their products' effectiveness against sun rays that pose the greatest risk of skin cancer. Under new rules published Tuesday, they also will have to follow stricter guidelines when describing how well their products block ultraviolet B rays. The Food and Drug Administration announced new regulations Tuesday designed to enhance effectiveness of sunscreens and make them easier to use. Best Buy 1st quarter net income fallsMINNEAPOLIS (AP) _ Growth in China and strong mobile phone sales helped to push Best Buy's first-quarter net income and revenue beyond Wall Street expectations Tuesday, sending shares jumping more than 7 percent. A slight decline in sales was expected due to tough competition from discounters and online retailers, and net income slid 12 percent as consumers put off purchases of TVs and DVDs. Avis, Budget brands to unite worldwide in $1B dealDETROIT (AP) _ Car rental company Avis Budget Group Inc. said Tuesday it will take over Avis Europe in a $1 billion deal, raising the possibility that Avis Budget may back away from a bidding war for U.S. rival Dollar Thrifty. The move reunites Avis Europe, which separated from Avis in the 1980s, combines the Avis and Budget brands worldwide, and creates what the company said is the largest publicly traded rental car business in the world. Nokia, Apple settle drawn-out patent disputeHELSINKI, Finland (AP) _ Nokia Corp. on Tuesday notched a valuable win against rival Apple Inc., with the U.S. company agreeing to pay the Finnish handset maker a one-time sum to settle long-standing patent disputes as well as royalties for current licenses. Espoo-based Nokia said that the deal "will result in settlement of all patent litigation between the companies, including the withdrawal by Nokia and Apple of their respective complaints to the US International Trade Commission." Survey: CEOs expect hiring, spending to growNEW YORK (AP) _ More than half of the chief executives of large U.S. companies said they expect to spend and hire more over the next six months despite slower economic growth. The Business Roundtable said Tuesday that 51 percent of CEOs polled expect to increase hiring. Last quarter's level of 52 percent had been the highest since the trade group began surveying its members in 2002. Google invests $280 million to spur home solarNEW YORK (AP) _ Google is investing $280 million to help private homeowners put solar panels on their rooftops. It's Google's latest _ and largest _ investment in clean energy. The money will allow installer SolarCity to offer solar systems to homeowners for no money up front. In exchange, customers agree to pay a set price for the power produced by the panels. Senate to vote on repealing ethanol tax creditsWASHINGTON (AP) _ With lawmakers desperately working to shave federal budget deficits, the Senate is debating a measure to eliminate ethanol tax credits that pay the oil industry $5 billion a year. The biggest defenders of the subsidies, however, include farm belt conservatives leading the charge for less government. Sen. Tom Coburn, R-Okla., is forcing a vote on a measure Tuesday that would repeal the credits. Coburn says they are wasteful subsidies for an industry that no longer needs them. (c) 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |