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AP Business NewsBrief at 7:53 a.m. EDT
(AP Online Via Acquire Media NewsEdge) Lehman raising $6B in capital, expects $2.8B lossNEW YORK (AP) _ Lehman Brothers Holdings Inc. on Monday said it will raise $6 billion in new capital to shore up its balance sheet after saying it expects to post an unexpectedly large second-quarter loss of nearly $3 billion. Shares of the nation's fourth largest investment bank tumbled 12 percent in premarket trading after closing at $32.29 on Friday.
Oil prices fall but choppy path aheadOil prices fell Monday, retreating from a record surge late last week, and traders said the market would remain choppy amid jitters about supplies, growing global demand and a weak U.S. dollar. But the average price of a gallon of gasoline in the United States hit $4 for the first time ever Sunday, according to AAA and the Oil Price Information Service. Record prices threaten to shake consumers who are spending and increasingly large share of paychecks on transportation.
Stock futures rise after last week's sell-offNEW YORK (AP) _ Wall Street headed for a higher open Monday as investors looked to recover from a huge sell-off triggered by soaring oil prices. The price of oil backed down slightly in premarket trading, with light sweet crude down $1.76 at $136.78 a barrel. Stock investors were unnerved Friday when oil rocketed up $11 a barrel above $138, and that caused the worst tumble on Wall Street in 15 months.
Giant Calif. land partnership files for Chapter 11LOS ANGELES (AP) _ A 15,000-acre California real estate partnership that has the nation's largest public employees pension fund as its main investor has filed for Chapter 11 bankruptcy protection. LandSource Communities Development LLC issued a news release late Sunday to announce the bankruptcy filing in U.S. Bankruptcy Court in Delaware. The partnership's assets include 15,000 acres of undeveloped land north of Los Angeles in the Santa Clarita Valley, making it one of the largest land deals to falter amid the national housing glut.
AP-AOL poll: Debt stress tears at your body, tooWASHINGTON (AP) _ The stress from deepening debt is becoming a major pain in the neck _ and the back and the head and the stomach _ for millions of Americans. When people are dealing with mountains of debt, they're much more likely to report health problems, too, according to an Associated Press-AOL Health poll. And not just little stuff; this means ulcers, severe depression, even heart attacks.
SKorea lawmakers to US for beef talksSEOUL, South Korea (AP) _ South Korea's president dispatched officials to Washington on Monday to try to calm weeks of public uproar over fears of mad cow disease. The move comes ahead of reports that the beef issue could prompt a reshuffling of President Lee Myung-bak's Cabinet less than four months after he took office.
Swiss investment firm bids for SilverjetLONDON (AP) _ The administrator of collapsed business-class airline Silverjet PLC, confirmed on Monday that it has received a formal offer from a Swiss investment firm to buy and relaunch the airline. Administrator Begbies Traynor added that two other parties have expressed an interest in the carrier, which suspended operations late last month after a key funding deal fell through, but did not comment on any financial details.
Asian markets fall on oil, US worriesMUMBAI, India (AP) _ Asian stock markets fell Monday, tracking Wall Street's losses amid alarm over soaring oil prices and sluggishness in the U.S. economy. Japan's Nikkei 225 index dropped 308.06, or 2.1 percent, to 14,181.38. Singapore's benchmark index closed down nearly 2 percent, while South Korea, Taiwan, Thailand, Malaysia and New Zealand stocks slid well over 1 percent.
Japan to cut CO2 by 60-80 percentTOKYO (AP) _ Japan will cut its greenhouse gas emissions 60-80 percent by 2050 and can match or better European reduction levels over the next 12 years, Prime Minister Yasuo Fukuda announced Monday. Fukuda, trying to establish Japan as a world leader in the field, also said his country will contribute $1.2 billion to an international greenhouse gas reductions fund and will take a more supportive role in establishing an emissions trading market worldwide.
Boom times wane in oil-rich VenezuelaCARACAS, Venezuela (AP) _ Mirina Kakalanos has been forced to double prices at her family's shoe store in the last year. Customers turn away after browsing the pumps and sandals, but Kakalanos says she has no choice. "There is less money coming in, and more costs to cover," said the 40-year-old mother of three, whose Greek immigrant father opened the shop after moving to Venezuela in search of a better life. Now she barely makes enough to get by.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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