AP Executive Morning Briefing

The top business news from The Associated Press for the morning of Friday, January 12, 2007:

State Farm Loses Katrina Claim Case

GULFPORT, Miss. (AP) _ A jury awarded $2.5 million in punitive damages against State Farm Fire and Casualty Co. for a Mississippi couple for denying their Hurricane Katrina claim. The decision could benefit hundreds of other homeowners challenging insurers for refusing to cover billions of dollars in storm damage. State Farm said it will likely appeal.

___

Investigator in HP Probe to Plead Guilty

SAN FRANCISCO (AP) _ Federal prosecutors are poised to score their first victory in their investigation of Hewlett-Packard Co's ill-fated boardroom spying probe, after a private investigator agreed to plead guilty to identity theft and conspiracy charges. Bryan Wagner, 29, of Littleton, Colo., will enter his plea during his scheduled arraignment hearing on Friday morning in San Jose federal court, said his lawyer Stephen Naratil.

___

Consumers See Brighter Future in 2007

WASHINGTON (AP) _ Consumers greeted the new year in a much more optimistic frame of mind, with their confidence rising to a nearly one-year high in January. And, their outlook for the economy's prospects and their own financial situations over the next six months turned considerably brighter. This improvement comes after a long, angst-ridden period about future economic activity. "A lot of the fears people had about the economy seem to be dissipating. Fears about inflation and soaring gas prices. Fears about higher interest rates and the housing bust," said Mark Vitner, an economist at Wachovia Corp.

___

Hyundai Motor Union Votes to Strike

SEOUL, South Korea (AP) _ Hyundai Motor Co.'s labor union voted Friday to go on strike over a dispute with management over the size of an annual bonus, the head of the union said. Union chief Park Yoo-ki said that 400 representatives of the company's 44,000-strong union voted unanimously in favor of the proposed walkout.

___

Ex-Currency Trader Ordered to Pay $33M

PORTLAND, Ore. (AP) _ A former currency trader convicted of defrauding hundreds of investors has been ordered to pay more than $33 million in one of the largest fines against an individual sued by the U.S. Commodity Futures Trading Commission. However, one of the prosecutors in the criminal case against Russell Cline said the order was "a symbolic victory, unfortunately."

___

Oil Prices Rise in Asia After U.S. Drop

SINGAPORE (AP) _ Oil prices rose in Asian trading Friday as traders bought up contracts after a plunge in the previous session of more than $2 a barrel that sent crude to its lowest price in more than a year-and-a-half. Light, sweet crude for February delivery rose 77 cents to $52.65 a barrel in electronic trading on the New York Mercantile Exchange, midmorning in Singapore. The contract fell $2.14 to settle at $51.88 a barrel on Thursday, but not before reaching a low of $51.80 a barrel, a level not seen since May 2005.

___

Cingular Rebranding at AT&T Set to Begin

NEW YORK (AP) _ Three years after AT&T Wireless subscribers found their cell-phone carrier was now Cingular Wireless, Cingular Wireless subscribers will soon be learning to call their carrier AT&T. In the latest step of a confusing dance of brand names in the wireless world, AT&T Inc. will next week start its planned rebranding of Cingular, just two weeks after AT&T gained full ownership of the nation's largest wireless carrier through the purchase of BellSouth Corp.

___

Japan Stocks Rise; Dollar Up Against Yen

TOKYO (AP) _ Japanese stocks rose Friday, helped by another record close on Wall Street and the dollar's rise above 120 yen, a boon to the nation's key export sector. The benchmark Nikkei 225 index rose 218.84 pints, or 1.30 percent, to finish at 17,057.01 points on the Tokyo Stock Exchange. The advance came after the Nikkei had fallen the past two sessions.

___

Processor Charged With Wasting Salmon

ANCHORAGE, Alaska (AP) _ A defunct fish processor accused of letting 400 tons of Alaska salmon rot and stiffing the fishermen who sold it has been charged with five misdemeanors. The Alaska attorney general's office filed charges this week against Wild Alaskan Seafood Co. LLC, and its primary manager, Jeremy M. Oliver, 36, both of Washington state. Also charged was the company's banker, Strategica Import-Export Financial Group LLC, and its manager, Jay Enis, both of Florida.

___

AMD Warns of Lower 4Q Operating Profit

SAN FRANCISCO (AP) _ Advanced Micro Devices Inc., the world's second-largest microprocessor maker behind much-larger rival Intel Corp., said that plunging selling prices for their computer chips hacked into the company's fourth-quarter profit. AMD warned late Thursday that operating income for the quarter _ excluding business units and charges related to newly acquired graphics chipmaker ATI Technologies Inc. _ is expected to be "positive but substantially lower" than in the third quarter.

___

Gold Prices

LONDON (AP) _ Gold bullion opened Friday at a bid price of $613.25 a troy ounce, down from $614.60 late Thursday

___

Dollar-Yen

TOKYO (AP) _ The dollar rose to a 13-month high versus the yen in Asia Friday amid optimism about U.S. consumption data, helping the economy achieve a soft landing.

A service of The Associated Press. Copyright 2007 All rights reserved.