AP Executive Morning Briefing

The top business news from The Associated Press for the morning of Tuesday, January 30, 2007:

Microsoft Launches New Vista System

RALEIGH, N.C. (AP) _ Retailers across the country stayed open through the wee hours of Tuesday morning to sell the long-awaited Windows Vista operating system, even though most knew customers wouldn't be lining up out the door for the midnight launch of Microsoft Corp.'s latest product. At a CompUSA store in Raleigh, only about a dozen people waited around to be among the first to get Vista. The store reopened at 10 p.m., offering customers coffee and discounts on other items including printers and recordable DVDs, and planned to stay open until at least 2 a.m.

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U.S. Businesses at Odds Over Minimum Wage

WASHINGTON (AP) _ America's businesses are at odds over minimum wage legislation, but the rift has little to do with a $2.10 hourly raise. A Senate bill that could win final passage this week has divided the private sector, pitting small businesses and retailers that would benefit from tax breaks in the bill against the larger corporations and manufacturers that would have to pay for them.

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U.S. Steel 4Q Profit More Than Doubles

PITTSBURGH (AP) _ Higher metal prices and robust sales in Europe helped United States Steel Corp. more than double its fourth-quarter profit, but the steel maker warned of a downturn in coming months. The sharp increase, which surpassed Wall Street projections, also reflected year-ago results that were undermined by anemic prices and production volumes, as well as costs tied to the rebuilding of the company's main blast furnace in Gary, Ind.

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Sony Reports 5 Percent Profit Drop

TOKYO (AP) _ Sony's quarterly profit dipped 5 percent as huge costs for launching its PlayStation 3 video game console offset a recovery in its electronics business. But in an optimistic sign, the Japanese manufacturer raised its full-year earnings forecast Tuesday, saying that booming Christmas sales in digital cameras and flat-panel TVs outpaced earlier targets.

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Oil Prices Rise to $54.03 a Barrel

SINGAPORE (AP) _ Oil prices were flat Tuesday as traders looked for direction following a drop of more than $1 a barrel the day before. But even with the wide fluctuations in daily trading this month, energy analyst Victor Shum predicted prices in the near term would remain in the range of $50 to $56 a barrel.

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Canon Ordered to Compensate Ex-Worker

TOKYO (AP) _ A court ordered Canon on Tuesday to compensate a former employee for laser printer technology he developed, the latest in a spate of legal battles that pit inventors against big-name Japanese companies. In the ruling in Tokyo District Court by presiding judge Ryuichi Shitara, Canon was ordered to pay Kazuo Minoura, the engineer, 33.5 million yen, or $275,000, as his due for profits that his work earned Canon, a court official said on condition of anonymity.

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Shanghai Exchange Warns of Trade Threat

SHANGHAI, China (AP) _ China's stock markets risk disruptions from record turnover and growing volatility, the Shanghai Stock Exchange has warned in the latest sign regulators are alarmed over the market's recent surges. "We must pay close attention to risks in the market, chiefly whether the technology system and trading platform can handle such large trading volumes," the head of the exchange, Geng Liang, said in a statement seen Tuesday.

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Stocks End Higher Ahead of Fed Meeting

NEW YORK (AP) _ Stocks barely budged Monday, ending narrowly mixed after yields on the 30-year Treasury note briefly hit 5 percent and investors grew skittish a day ahead of the Federal Reserve's first meeting of the year. After a volatile week in which stocks lost ground, merger and acquisition news gave a boost to stocks for much of the session before the 30-year yield moved higher. Merrill Lynch & Co. agreed to acquire wealth manager First Republic Bank for $1.8 billion in cash and stock and Citigroup Inc. struck an agreement to buy British insurer Prudential PLC's Egg Banking PLC online bank for about $1.13 billion.

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Fidelity Voting No on Clear Channel Deal

SAN ANTONIO (AP) _ Clear Channel Communications Inc.'s biggest shareholder, Fidelity Management & Research, plans to vote against the proposed $18.7 billion private equity buyout of the radio giant, a person familiar with Fidelity's position said Monday. The person told The Associated Press that the mutual fund company, which owns nearly 11 percent of outstanding Clear Channel shares, will cast a vote against the deal at a shareholder meeting set for March 21. The person spoke on condition of anonymity because Fidelity hasn't publicly commented on its position.

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Citigroup to Buy Prudential's Egg Bank

NEW YORK (AP) _ Citigroup Inc. announced Monday that it was buying the world's largest stand-alone online bank, London-based Egg Banking PLC, to expand its financial operations in Britain and its Internet expertise worldwide. Citigroup, which is headquartered in New York, said it would pay British insurer Prudential PLC $1.13 billion in cash for the bank. The deal is subject to regulatory approval and is expected to close by the end of April.

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Gold Prices

HONG KONG (AP) _ Gold closed at $642.0 an ounce on Tuesday in Hong Kong, down $2.90 an ounce from Monday's close of $644.90.

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Japan Markets

TOKYO (AP) _ Japanese stocks were mixed Tuesday as investors digested a flurry of earnings reports and braced for more this week.

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Dollar-Yen

TOKYO (AP) _ The dollar fell against the yen in Asian trading Tuesday, despite some disappointing economic news on the status of Japan's economy.

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