AP Executive Morning Briefing

The top business news from The Associated Press for the morning of Tuesday, January 16, 2007:

Citigroup to Rebrand With Shorter Name

NEW YORK (AP) _ Executives at financial giant Citigroup Inc. are preparing to rebrand the company with a shorter name _ "Citi" _ and a new logo without the signature red umbrella, according to a published report. The new name and look will be presented to Citigroup's board this week following a 14-month review of the bank's brand, The New York Times reported Monday, citing several executives close to the process. The plan still could undergo changes before a rollout that could begin as early as next month, the report said.

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Jail Term Sought for Hyundai Chairman

SEOUL, South Korea (AP) _ Prosecutors demanded a six-year prison term against Hyundai Motor Co. Chairman Chung Mong-koo for embezzlement and other charges Tuesday, adding to the woes of the largest South Korean automaker. Chung, 68, has been on trial since June on charges of illegally raising a slush fund from affiliates from which authorities say he spent 69.3 billion won (US$74 million, ?57 million) for private and other purposes, including payments to lobbyists for government favors.

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Sony PlayStation 3 Shipments Reach 1M

TOKYO (AP) _ Shipments in Japan of the new PlayStation 3 video game machines reached 1 million Tuesday, Sony said, hitting the company's target about two weeks behind schedule. Sony had planned to ship 2 million PlayStation 3 machines around the world by the end of last year. Last week, Tokyo-based Sony Corp. said it met its shipping target of 1 million PS3 consoles in the United States in 2006.

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Oil Prices Dip Below $53 a Barrel

SINGAPORE (AP) _Oil prices fell in Asian trading Tuesday amid uncertainty about possible OPEC moves to bolster crude prices, which have slumped 13 percent so far this year. Light, sweet crude for February delivery dropped 25 cents to $52.55 a barrel in electronic trading on the New York Mercantile Exchange midmorning in Singapore. On Monday, no floor trading was scheduled because the Nymex was shut for Martin Luther King Jr. Day, a public holiday in the United States.

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Study: Illinois' Wineries on the Rise

EAST ST. LOUIS, Ill. (AP) _ As retirement neared, hand surgeon David Conner knew exactly what he wanted to do once he put away his scalpel: hit the bottle. And the barrel. And the vineyard. The 65-year-old Conner transferred his mind for chemistry into his Kickapoo Creek Winery near Peoria, joining a growing number of winemakers in a state better known for Abe Lincoln, corn and coal. If a recent study is any indication, the time looks ripe for folks like Conner.

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Mexico Predicts Drop in Tortilla Prices

MEXICO CITY (AP) _ Mexico's economy secretary said he was confident tortilla prices, which have skyrocketed over the past year because of high international demand for corn, will stabilize in less than a month. Several government departments will monitor corn-tortilla prices three times a week while officials wait for the market to regulate prices, Eduardo Sojo said Monday. Prices have risen as much as 14 percent in the past year and led to threats of protest by unions and opposition leaders.

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Smithfield Workers Protest Over MLK Day

FAYETTEVILLE, N.C. (AP) _ A few hundred employees at a massive Smithfield Foods Inc. hog slaughterhouse missed work Monday after a union called for a walkout to protest the company's decision to not make Martin Luther King Jr. Day a paid holiday. But it was difficult to tell if the workers didn't come to work because of the union or because of other reasons, Smithfield spokesman Dennis Pittman said.

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Hawaii Lawmakers Seek Gas Prices Answer

HONOLULU (AP) _ Frustrated with the failure of the nation's only gas price controls, Hawaii lawmakers are trying to force the oil companies to reveal why gas prices are so high in a captive island market. But eight months after the gas cap experiment was repealed, state government has not yet enforced a compromise law that requires local oil refineries to reveal their pricing practices to the Public Utilities Commission.

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World Stock Markets Close Higher

LONDON (AP) _ World stock markets closed higher Monday, with European indexes buoyed by merger and acquisition activity, while U.S. markets were closed for Martin Luther King Jr. Day holiday. Sentiment was also supported by the gain in U.S. markets Friday, when the Dow Jones industrial average marked its 24th record close since the start of October.

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U.S., S.Korea Vow Major Effort on Trade

SEOUL, South Korea (AP) _ South Korea and the United States on Monday vowed a major push this week in free trade talks that have yielded little progress and face a looming deadline. The two sides started their sixth round of negotiations Monday after five previous efforts since June left them far apart on issues ranging from antidumping provisions to trade in automobiles and pharmaceuticals.

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Gold Prices

LONDON (AP) _ Gold bullion opened Tuesday at a bid price of $626.45 a troy ounce, up from $626.04 late Monday.

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Japan Markets

TOKYO (AP) _ Japanese stocks edged lower Tuesday as investors awaited the central bank meeting later this week.

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Dollar-Yen

TOKYO (AP) _ The dollar fell against the yen in Asia Tuesday after an early session rise, retreating after comments by Japan's finance minister seen as signaling tolerance for higher interest rates.

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