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Around the business world

Daily Staff Report

Jobless rate hits 5-month high, pressuring Fed on interest rates: WASHINGTON – Gripped by caution, employers slowed hiring in July, pushing the nation’s unemployment rate to a five-month high and putting pressure on the Federal Reserve to get off the economic brakes.Stocks slip on anxiety over Fed’s next move: NEW YORK – Wall Street got what it wanted – Labor Department data showing slower job growth – but cautious investors pushed stocks lower regardless, unwilling to trust that the report was enough to keep the Federal Reserve from raising interest rates next week.Apple sees likely restatement over stock options handling: SAN FRANCISCO – As the stock option cloud over Apple Computer Inc. darkens, investors try to determine whether the company’s popular products are powerful enough to overcome the potential accounting and legal risks facing the maker of the iPod and the Macintosh.Oil prices slide down: NEW YORK – Oil prices slipped below $75 a barrel when supply concerns eased after a storm in the Caribbean weakened and appeared to no longer threaten Gulf coast oil facilities.Toyota’s 1st-quarter profit up 39 percent: TOKYO – Toyota appears to be on track to overtake General Motors as the world’s No. 1 automaker as it boosted vehicles sales around the world and reported a 39 percent jump in profit in the first fiscal quarter.Goodyears earnings drop again: NEW YORK – Goodyear Tire & Rubber Co. says second-quarter earnings dropped sharply on restructuring charges and higher materials costs. Homebuilder’s earnings will be below targets: NEW YORK – The homebuilder Hovnanian Enterprises Inc. said third-quarter earnings will come in below its previous targets, as the housing slowdown is leading to slower sales and higher cancellations.Washington Post earnings go flat: WASHINGTON – Washington Post Co., publisher of The Washington Post and Newsweek, said its second-quarter profit was essentially flat, and widely missed Wall Street’s expectations.More pensions may disappear under new law: MINNEAPOLIS – Struggling airlines gave Congress a sense of urgency in passing the pension bill. But the changed the bill makes would reach far beyond a few struggling industries. Some experts say the new law will probably hasten the decline of the traditional pension. Young and low-income workers, Wall Street, a couple of airlines and U.S. taxpayers come out as winners in the pension changes made by Congress. Some older workers, as well as certain union members seeking to retire early, may not fare as well.Nerve gas depot looks to high schoolers as future workers: RICHMOND, Ky. – Blue Grass Army Depot will likely be the last site in the nation to begin destroying its chemical weapons stockpile in 2010, but it’s already going into local high schools and even middle schools to tout the employment as a great way to start a career.AOL needs to go beyond its latest strategy, analysts say: NEW YORK – Giving high-speed Internet users its services for free may help AOL stop an erosion of customers, but analysts say that alone will not be enough to draw new visitors and land a coveted spot in the top threeSteroid inventor headed to jail: SAN FRANCISCO – The rogue scientist who concocted “the clear,” a new and previously undetectable steroid is expected to be sentenced to three months in jail and three months of home detention for his role in the burgeoning performance enhancing drug scandal sweeping professional athletics.Steel group has new management team: BRUSSELS, Belgium -The new Arcelor-Mittal steel group presented its management team, naming Arcelor veteran Roland Junck as chief executive and Aditya Mittal as chief financial officer.Consumers to pay for heat wave-affected agriculture: FRESNO, Calif. – The heat wave that steamrolled across the country this week killed cattle and poultry by the thousands and cooked crops in the field before farmers could pick them. Experts say consumers will foot the bill.Vail Daily, Vail, Colorado


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