Around the business world
Ford, DaimlerChrysler July sales drop: DETROIT – Ford and DaimlerChrysler’s July vehicle sales fell from a year earlier, when heavy discounts fueled a near record month for the U.S. auto industry.Consumer spending slows in June: WASHINGTON – Consumer spending was weak for a fourth straight month in June as rising gasoline prices left Americans with little to spend on other items.Stocks drop on inflation, interest rate worries: NEW YORK – Heightened fears of inflation prompted investors to sell off stocks as a key price index climbs to an 11-year high and an improving manufacturing sector raises the likelihood of another interest rate hike by the Federal Reserve.Oil prices up again: NEW YORK – Oil prices rise as traders worry about a tropical storm in the Caribbean and watch the continued violence in the Middle East.Bush administration taking a wait-and-see attitude toward Cuba: WASHINGTON – Cuba could see support, trade and U.S. money in place of embargoes. But not yet. The administration, fiercely opposed to Castro, is waiting to see what happens now that Cuban Dictator Fidel Castro’s health is failing and he’s transferred power to his younger brother.Kodak posts its seventh quarterly loss in a row: ROCHESTER, N.Y. – Eastman Kodak Co., scrambling to squeeze bigger profits from digital photography, posted its seventh quarterly loss in a row and moved to axe 2,000 more jobs as it navigates a historic shift away from its waning film business. Its shares tumbled 11 percent.Verizon: Vodafone wants to keep wireless stake: NEW YORK – Verizon Communications Inc. revealed that Vodafone has decided not to sell its 45 percent stake in Verizon Wireless for at least the next few years. But even if Verizon won’t need to raise tens of billions of dollars for a cellular deal, it plans to continue with a spinoff its phone book business. The updates on the two big deals came as Verizon reported a 24 percent drop in second-quarter profit.Video game maker reports losses: SAN JOSE, Calif. – Electronic Arts Inc., the biggest video game publisher in the U.S., reported results for its fiscal first quarter after the market close. Analysts, on average, expect a loss of 24 cents per share on sales of $335 million, according to a poll by Thomson Financial.Vonage’s is sailing in red ink as a public company: NEW YORK – In its first earnings report as a public company, Internet phone carrier Vonage Holdings Corp. said its losses increased 17 percent in the second quarter as customer-acquisition costs stayed high.Sirius’ losses getting serious: NEW YORK – Sirius Satellite Radio Inc. reported a wider loss for its second quarter Tuesday as the company continued to build its subscriber base. Sirius also edged up its forecast for full-year subscribers to 6.3 million.Senate votes to expand offshore drilling: WASHINGTON – The Senate voted to expand oil and gas drilling into the central Gulf of Mexico, setting up a confrontation with the House which wants even more coastal drilling.Fall of a Titan: Yukos declared bankrupt by Russian court: MOSCOW – A Moscow judge declared the Yukos oil company bankrupt, paving the way for the liquidation of what was once Russia’s biggest oil producer.European interest rates on their way up: BRUSSELS, Belgium – The European Central Bank is expected to lift interest rates to 3 percent when it meets this week – the fourth increase since December as it juggles fighting inflation with maintaining economic growth.Vail Daily, Vail, Colorado
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