AP Executive Morning Briefing

The top business news from The Associated Press for the morning of Wednesday, December 20, 2006:

NYSE Shareholders Back Euronext Deal

NEW YORK (AP) _ The New York Stock Exchange said Wednesday that its shareholders overwhelmingly approved a planned $14.3 billion acquisition of Paris-based Euronext in a deal that would create the first trans-Atlantic financial market. The cash-and-stock deal was endorsed by about 99.7 percent of shareholders who voted. More than 75 percent of eligible shareholders voted, NYSE said.

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Arcelor, Mittal Buy Mexico's Sicartsa

BRUSSELS, Belgium (AP) _ Arcelor and Mittal, which are in the process of combining to form the world's biggest steelmaker, announced Wednesday they have bought Mexico's Sicartsa from Grupo Villacero for $1.44 billion. The deal includes the acquisition of Vinton, Texas-based mini-mill Border Steel Inc., as well as an integrated steel-making plant, a mini-mill and two rolling mills in Mexico.

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Stock Futures Up on Ericsson Deal

LONDON (AP) _ U.S. stock futures advanced on Wednesday, on hopes for technology sector gains after Ericsson agreed to buy a network hardware company and by a recovery in Asian stock markets after Thailand's government reversed course on a widely-derided decision to limit foreign investment. Dow Jones futures were recently up 16 points, S&P 500 futures rose 2.6 points and Nasdaq futures rose 6.5 points.

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FedEx 2Q Profit Up, 3Q View Disappoints

MEMPHIS, Tenn. (AP) _ Express package delivery company FedEx Corp. on Wednesday said its fiscal second-quarter profit rose 9 percent on strong results from its ground delivery business. But the company also issued a third-quarter forecast that was below both the previous year's results and analysts' expectations, and the company's shares fell almost 4 percent to $109.70 in premarket trading

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Thailand's Stock Market Bounces Back

BANGKOK, Thailand (AP) _ Thai stocks jumped 11.2 percent Wednesday, recovering from a historic fall that shook regional markets and sparked concerns over another Asian financial crisis. The Stock Exchange of Thailand's benchmark SET Index ended a tense day at 691.55 after it tumbled nearly 15 percent the day before in reaction to new rules restricting foreign investment aimed at stemming the baht's surge.

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EU Nixes Spain's Order on Endesa Buyout

BRUSSELS, Belgium (AP) _ European Union regulators on Wednesday overturned Spanish conditions on E.On AG's $48.64 billion bid for Spain's biggest electricity company Endesa SA, giving Madrid a Jan. 19 deadline to withdraw them. If Spain fails to act, the European Commission says it can take it to court.

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Scania Workers Union Reaffirm Opposition

STOCKHOLM, Sweden (AP) _ The union representing blue-collar workers of Swedish truck maker Scania AB on Wednesday reaffirmed its objections to a hostile $13.5 billion takeover bid by German rival MAN AG, saying it would cost hundreds of jobs and damage the Scania brand. In a statement posted on its Web site, the metalworkers union said it had reviewed the offer in more detail, but remains "clearly against all intentions by MAN to acquire Scania."

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EBay Shifts China Strategy

BEIJING (AP) _ EBay Inc. announced Wednesday it is turning over control of its Chinese auction Web site to a Beijing-based partner in a new joint venture, marking a strategic shift as the U.S. company tries to penetrate China's market. The deal with Tom Online Inc. comes as foreign companies struggle to adapt to China, the world's No. 2 Internet market. Yahoo Inc. launched a strategy similar to eBay's last year, turning over management of its China operation to a local partner, commerce site Alibaba.com.

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Oil Prices Rise Before Inventory Report

LONDON (AP) _ Oil prices rose Wednesday, extending their rise above $63 a barrel as traders awaited a weekly report that was expected to show a drop in U.S. oil inventories. Light sweet crude for February delivery on the New York Mercantile Exchange gained 21 cents to $63.67 a barrel in electronic trading by afternoon in Europe.

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Former eBay COO Webb to Lead Startup

PALO ALTO, Calif. (AP) _ A former executive at online auctioneer eBay Inc. has come out of a short-lived retirement to take a job leading Silicon Valley startup LiveOps, which contracts with companies to handle customer service and sales calls. Maynard Webb, 51, left his position as eBay's chief operating officer in August after seven years with the company. He previously served as chief information officer of PC maker Gateway Inc.

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Gold Prices

LONDON (AP) _ Gold bullion opened Wednesday at a bid price of $621.95 a troy ounce, up from $620.20 late Tuesday.

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Japan Markets

TOKYO (AP) _ Japanese stocks rose Wednesday to a fresh seven-month high, led by exporter blue chips, steel and machinery stocks amid receding speculation over an interest rate hike anytime soon.

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Dollar-Yen

TOKYO (AP) _ The U.S. dollar rose against the yen in Asia Wednesday on strong U.S. economic data for November as the euro hit a record high against the Japanese currency.

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