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AP Business NewsBrief at 8:51 p.m. EST(Associated Press Via Acquire Media NewsEdge) Microsoft beats Street, readies new mobile devicesNEW YORK (AP) _ Microsoft is working with manufacturers to produce a line of small touch-screen devices powered by Windows, apparently intended to compete with 7-inch tablets like the iPad Mini and Amazon Kindle Fire. Peter Klein, Microsoft's chief financial officer, told investors and analysts on a conference call Thursday that the new devices will be available in coming months at competitive prices. Google's 1Q shows more progress in mobile adsSAN FRANCISCO (AP) _ Google's latest quarterly results provided further proof that the Internet search leader is figuring out how to make more money as Web surfers migrate from personal computers to mobile devices. The first-quarter numbers released Thursday show that a recent decline in Google's average ad prices is easing. That's an indication that marketers are starting to pay more for the ads that Google distributes to smartphones and tablet computers. The company expects that trend to continue as it changes its pricing system and as mobile devices emerge as the most effective way to reach consumers. FBI: Pilot worker says Haslam knew of rebate fraudNASHVILLE, Tenn. (AP) _ A Pilot Flying J employee told investigators that CEO Jimmy Haslam, who is also the owner of the Cleveland Browns, knew about rebate fraud at the truck stop chain his family owns, according to an FBI affidavit unsealed Thursday. The 120-page document filed federal court in Knoxville, where Pilot is based, alleges that members of the company's sales force preyed on smaller trucking companies by reducing the amount of rebates they were owed for buying certain amounts of fuel. Stock market slips on weak earningsNEW YORK (AP) _ Disappointing earnings from a range of companies pushed the stock market lower on Thursday, giving major indexes their third loss this week. The stock prices of Morgan Stanley, UnitedHealth Group and others sank after they turned in weaker quarterly results. Prices of commodities held steady following a wild couple of days. Government bond yields remained near their lowest point of the year as investors sought safety. UnitedHealth warns of Medicare profit squeezeUnitedHealth Group, the largest provider of Medicare Advantage plans, warned Thursday that funding cuts for the privately-run versions of the federal Medicare program will force it to reconsider its expectations for earnings growth next year. CEO Stephen Hemsley told analysts that the government-subsidized coverage for elderly and disabled people faces a reimbursement cut of about 4 percent next year. That's on top of other possible federal funding reductions and an expected 3 percent rise in medical costs. IBM 1Q net income slips, results miss expectationsNEW YORK (AP) _ IBM Corp.'s first-quarter net income and revenue declined due to delays in closing several of the technology company's large software and mainframe computer deals. The results fell short of Wall Street's expectations, sending IBM's stock lower in after-hours trading. IBM is seen as a good gauge of technology demand because it sells to major companies and governments around the world. That said, it's not immune to economic uncertainty and currency fluctuations, which were evident in the quarterly results. South Koreans hope to return to Kaesong factoriesSEOUL, South Korea (AP) _ The South Korean entrepreneurs who invested up to 10 years and millions of dollars in the Kaesong industrial complex, a symbol of economic collaboration between the Koreas that is now shuttered by the North, have little more than hope to cling to as assembly lines sit idle day after day. They say they want to go back to work. The sooner the better. They say they cannot abandon their investments in factories, or the cheap North Korean labor that helped them put aside misgivings about doing business with the South's unpredictable neighbor. Some were just getting over their beginners' mistakes and were starting to see the fruits of their work. US unemployment aid applications rise to 352KWASHINGTON (AP) _ The number of Americans seeking unemployment benefits increased just 4,000 last week to a seasonally adjusted 352,000. The slight gain kept applications at a level consistent with solid hiring and suggests March's sluggish hiring may be temporary. The Labor Department report released Thursday also noted that the four-week average, a less volatile measure, rose only 2,750 to 361,250. Because the four-week average changes less than the weekly number, many economists say it better captures the pace of layoffs. Measure of US economy's health declines in MarchWASHINGTON (AP) _ A measure of the U.S. economy's future health declined slightly in March, signaling that growth could slow this spring. The Conference Board says its index of leading indicators dipped 0.1 percent last month to 94.7. That's the first decline after three months of gains. The gauge is designed to anticipate economic conditions three to six months out. 2 more execs leave Penney as Ullman cleans houseNEW YORK (AP) _ J.C. Penney is cleaning house. The embattled department store chain announced Thursday that two top executives, Chief Operating Officer Michael Kramer and Chief Talent Officer Dan Walker, have left the company. (c) 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |