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AP Business NewsBrief at 10:31 a.m. EDT
(AP Online Via Acquire Media NewsEdge) American to begin charging for first checked bagFORT WORTH, Texas (AP) _ American Airlines said Wednesday it will start charging $15 for the first checked bag, cut domestic flights and lay off workers as it grapples with record-high fuel prices. The nation's largest carrier said the fee for the first checked bag starts June 15 and that it would raise other fees for services ranging from reservation help to oversized bags.
Supply concern puts oil above $130 for first timeOil prices rose above $130 a barrel Wednesday for the first time, as supply concerns mounted and the dollar weakened. Light, sweet crude for July delivery reached a trading record of $130.47 a barrel in electronic trade on the New York Mercantile Exchange after closing at $128.98 in the floor session. By the afternoon in Europe, it had retreated to $129.13 a barrel, up 15 cents.
Wall Street mixed after oil passes $130NEW YORK (AP) _ Wall Street wavered in a narrow range Wednesday, with investors attempting to rebound from a big drop a day earlier but still concerned about oil prices reaching new record highs. Crude oil briefly shot past $130 a barrel for the first time, then retreated to $129.51 in the normal push and pull of trading.
Time Warner, Time Warner Cable agree to separateNEW YORK (AP) _ Media conglomerate Time Warner Inc. and its cable television arm Time Warner Cable Inc. said Wednesday their boards have approved the companies' legal separation, with Time Warner Cable expected to pay a hefty $10.9 billion one-time dividend. As parent of the nation's second-largest cable TV operator, Time Warner will receive $9.25 billion of the payout, or $10.27 per share of Time Warner Cable common stock. The dividend will be distributed just prior to the deal's completion.
BJ's Wholesale profit up 26 pct, boosts guidanceBOSTON (AP) _ BJ's Wholesale Club Inc. reported a nearly 26 percent increase in its first-quarter profit and raised earnings expectations for the full year, reaping the benefits of a tough economy that's increasingly sending shoppers to discounters in search of deals. The nation's third-largest discount warehouse club said Wednesday it earned $17.19 million, or 29 cents per share, in the three months ended May 3. That's up from a profit of $13.65 million, or 21 cents per share, a year ago, when results were boosted a penny per share from the asset sales after BJ's closed 46 in-store pharmacies.
Corporate Express buying French rival for $2.7BAMSTERDAM, Netherlands (AP) _ Offices supplies distributor Corporate Express NV showed its determination to fend off a hostile takeover by Staples Inc. on Wednesday, announcing plans to instead buy French peer Lyreco SAS for about $2.7 billion in cash and shares. If approved by shareholder and regulators, a Corporate Express-Lyreco combination would create a sizable international competitor to Massachusetts-based Staples. Corporate Express-Lyreco would be larger than Staples in business-to-business sales in the U.S., Europe and Asia.
Honda to sell new gas-electric hybrid next yearTOKYO (AP) _ Honda will sell a new, improved and affordable gas-electric hybrid in the U.S., Japan and Europe starting in early 2009, underlining the Japanese automaker's commitment to "green" technology, the company president said Wednesday. The new model _ to be sold solely as a hybrid, and not as a traditional, gasoline-powered car _ is a key part of Honda Motor Co.'s strategy for the next three years that President Takeo Fukui outlined at Tokyo headquarters.
Cell phone users may get break on feesWASHINGTON (AP) _ The government is quietly negotiating to help cell phone customers avoid expensive fees when they cancel contracts with wireless companies, The Associated Press has learned. Cell phone companies routinely charge customers $175 or more for quitting their service early. Under a proposal to the Federal Communications Commission, the wireless industry would give consumers the opportunity to cancel service without any penalty for up to 30 days after they sign a cell phone contract or until 10 days after they receive their first bill.
Tentative deal reached to settle GM-Kansas City strikeDETROIT (AP) _ General Motors Corp.'s string of labor problems could soon come to an end with a tentative agreement at a key assembly plant in Kansas City, Kan. GM reached the deal on a local contract with United Auto Workers Local 31 at the plant Tuesday evening, company spokesman Dan Flores said.
As gas prices rise, so does cost of small used carsDETROIT (AP) _ The beige 2003 Honda Civic sat on Mike Haile's used car lot in Atlanta for only three days before he sold it for $8,200. And that was $300 more than the asking price. The car, with 62,000 miles on it and equipped with an automatic transmission, sunroof, air conditioning, side airbags and a compact disc player, is a perfect example of what Haile and other auto industry experts say is a consequence of nearly $4 per gallon gas: A run-up in the price of used small cars.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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