AP Executive Morning Briefing

The top business news from The Associated Press for the morning of Thursday, January 11, 2007:

Oil Prices Drop to Below $54 a Barrel

VIENNA, Austria (AP) _ Oil prices extended their declines Thursday, briefly falling below $53 a barrel, after U.S. government data showed a larger-than-expected increase in domestic inventories of gasoline and heating oil. The easing of tensions between Russia and Belarus and the resumption of oil shipments through Belarus toward EU consuming countries also contributed.

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AirTran Increases Offer for Midwest Air

ORLANDO, Fla. (AP) _ AirTran Holdings Inc. raised its offer for Midwest Air Group Inc. on Thursday by almost 18 percent to about $345 million after its earlier bid for the regional airline was rejected last month. The new offer is equivalent to $13.25 per Midwest share, based on the closing price of AirTran common stock on Monday. The offer consists of $6.625 in cash and 0.5884 shares of AirTran common stock for each Midwest share.

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Minimum Wage Measure Moves to Senate

WASHINGTON (AP) _ House-passed legislation boosting the federal minimum wage moves to the Senate, where Democrats intend to add billions of dollars in tax breaks to make it easier for business to swallow. "Let us raise the minimum wage. Let us help small businesses cope," said Sen. Max Baucus, D-Mont, helping craft a multi-billion-dollar package of tax breaks aimed at businesses who hire low income workers, the restaurant industry and others.

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Genentech Inc. 4Q Earnings Soar 75 Pct.

SAN FRANCISCO (AP) _ Genentech Inc. is vowing to keep growing at a double-digit rate for the foreseeable future by continuing to spend billions of dollars annually on research and development of new drugs. Chief Executive Art Levinson said during a conference call reporting robust earnings Wednesday that the company plans to spend 18 percent of its revenues this year on research and development.

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Cisco Sues Apple Over Use of IPhone Name

SAN FRANCISCO (AP) _ Apple Inc.'s much-ballyhooed iPhone was unveiled this week after 30 months and millions of dollars in top-secret development. But the sleek new iPod-cellular phone combination could wind up costing the company a lot more. Cisco Systems Inc., the world's largest networking equipment maker, sued Apple in San Francisco federal court on Wednesday, claiming that Apple's iPhone violates its trademark.

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Investigator Faces Charges in HP Probe

SAN FRANCISCO (AP) _ A private investigator accused of posing as a journalist to access the reporter's private phone records as part of the boardroom spying scandal at Hewlett-Packard Co. was charged Wednesday with federal identity theft and conspiracy charges, prosecutors said. Bryan Wagner is accused of using the Social Security number of the unidentified journalist to illegally gain access to the phone logs, according to the criminal charges filed in San Jose federal court by U.S. Attorney Kevin V. Ryan's office.

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China Becomes No. 2 Vehicle Market

BEIJING (AP) _ China surged past Japan to become the world's No. 2 vehicle market after the United States last year as car purchases by newly affluent drivers jumped 37 percent, the Chinese auto industry association said Thursday. The announcement highlighted China's lightning evolution from a "bicycle kingdom" into a major auto market where foreign producers are racing to open factories and target a growing urban middle class.

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Delta Price May Be Burden for US Airways

PHOENIX (AP) _ Delta Air Lines certainly would be a huge prize for US Airways, but its proposed $10.3 billion price tag could become a heavy burden on the company's finances. US Airways Group Inc., which was forged from the struggling America West Airlines and the bankrupt former US Airways, said Wednesday it will increase its offer for Delta by almost 20 percent and will borrow $5 billion to do it.

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Infosys' Quarterly Profit Up 52.4 Pct.

NEW DELHI (AP) _ India's Infosys Technologies Ltd. said Thursday its net profit jumped 52.4 percent in the most recent quarter from a year ago on strong outsourcing orders. The company, which writes and develops software for Western companies like Goldman Sachs and J.C. Penney Co., said it added 43 new clients during the quarter.

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Ads Tested in LA Airport Security Trays

LOS ANGELES (AP) _ Travelers nationwide could soon see ads for laptops, expensive cars and other products in the trays that carry their shoes and cell phones through X-ray machines at airport security checkpoints. After a six-month test in Los Angeles, the federal Transportation Security Administration was expected to formally issue guidelines Thursday to vendors that want to offer the ads at other airports.

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Gold Prices

LONDON (AP) _ Gold bullion opened Thursday at a bid price of $612.10 a troy ounce, up from $609.95 late Wednesday.

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Japan Markets

TOKYO (AP) _ Japanese stocks fell for a second day Thursday, dragged down by consumer finance, some brokerage and technology issues.

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Dollar-Yen

TOKYO (AP) _ The dollar rose against the yen in Asian trading Thursday but fell against the euro amid expectations that the European Central Bank president may signal later in the day a rate hike next month.

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