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The Tampa Tribune

Published: July 5, 2009

Manufacturing data boosts hopes of recession end

WASHINGTON (AP) - Brighter news on manufacturing is offering more hope that the longest recession since World War II is near an end. But with construction and many other segments of the economy still weak and unemployment rising, any rebound likely will be slow.

A key gauge of manufacturing showed Wednesday that industry activity declined less than expected in June. The Institute of Supply Management's manufacturing index posted a 44.8 - the best showing since last August, a month before the financial crisis erupted with force.

Home prices post 18.1 percent drop in April

NEW YORK (AP) - Newfound signs of stability in the housing market could still be threatened by rising foreclosures and slow efforts to stop them, according to two reports released Tuesday.

The Standard & Poor's/Case-Shiller index of 20 major cities showed the smallest monthly decline since June 2008. The index tumbled by 18 percent in April from the year before, but for the third month in a row it was not a record decline. Yearly losses in 13 metros improved compared to March.

Official: Gov't won't fund GM after July 10

NEW YORK (AP) - A senior member of President Barack Obama's auto task force testified Wednesday that the U.S. government will not continue to fund General Motors Corp.'s operations if the automaker doesn't get approval to sell its assets to a new company within the next 10 days.

The No. 1 U.S. automaker's government-backed plan for a quick exit from Chapter 11 hinges on the sale plan, which would allow it to leave behind many of the costs and liabilities that have made the company unprofitable in the past.

The Detroit-based automaker, whose June 1 filing for bankruptcy protection was the fourth-largest in U.S. history, is hoping to avoid a lengthy court battle over the sale.

General Mills: 2010 profit to rise, costs to slow

MILWAUKEE (AP) - General Mills Inc. reported Wednesday that its fiscal fourth-quarter profit beat estimates as sales of top brands like Cheerios rose while consumers continued eating at home.

The food maker offered a 2010 outlook above estimates as it said it expects sales to keep rising and ingredient costs to continue moderating - a reversal from the past few years, when costs for commodities like corn reached record highs.

Consumers have been pulling back on their spending at restaurants during the recession and heading to grocery stores. That trend is helping sales for Golden Valley, Minn.-based General Mills, though many consumers also are switching to less expensive in-house brands once they get to the store.

SEC approves rule on pay disclosure

WASHINGTON (AP) - The Securities and Exchange Commission on Wednesday unanimously approved rules requiring greater transparency for executive compensation at bailed-out firms and all public companies.

In an open meeting, the panel voted 5-0 for a rule requiring firms that received government bailouts to let shareholders vote on executive pay. The SEC also voted to make all public companies give shareholders more information about pay policies, risk management and corporate governance.

Congress mandated the rule for participants in the Troubled Asset Relief Program, the $700 billion financial bailout. Known as "say-on-pay," it gives shareholders the opportunity to vote on companies' compensation practices, although the votes can be nonbinding.

Oil prices decline despite falling supply

NEW YORK (AP) - Oil prices fell Wednesday despite another decline in crude supply, with lingering doubts about whether people and businesses will be using more energy anytime soon.

Crude supplies have fallen in seven out of the past eight weeks, according to a government report Wednesday.

Benchmark crude for August delivery fell 58 cents to settle at $69.31 a barrel on the New York Mercantile Exchange with one trading day left in a holiday-shortened week. In London, Brent prices lost 51 cents to settle at $68.79 a barrel on the ICE Futures exchange.

All major fuel futures fell on Nymex Wednesday, and gasoline led the way. Average retail gasoline prices have now fallen for 10 straight days.

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