AP Executive Morning Briefing

The top business news from The Associated Press for the morning of Monday, May 21, 2007:

Alltel Agrees to $27.5 Billion Buyout

LITTLE ROCK, Ark. (AP) _ A pair of investment firms have agreed to acquire Alltel Corp., the fifth-biggest U.S. wireless company and owner of the nation's largest geographic network, in a deal worth $27.5 billion. The telecommunications company announced Sunday that it had signed an agreement to be acquired by TPG Capital, formerly Texas Pacific Group, and GS Capital Partners, a subsidiary of Goldman Sachs.

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Wall Street Analysts Eye Undaunted Rise

NEW YORK (AP) _ The stock market has been rising at an undaunted pace, and Wall Street is curious whether this week's readings on durable goods and home sales will cause anyone to flinch. Recently, stocks, particularly those of large companies, have advanced even in the face of reports showing economic fragility. Robust data has been read as a good sign the consumer will keep spending, while weak data has been interpreted as a reason for the Federal Reserve to lower interest rates _ a move that could lift the market further by freeing up more cash.

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Oil Prices Rise Above $65 a Barrel

SINGAPORE (AP) _ Oil prices climbed above $65 a barrel in Asian trading Monday on continued concerns that U.S. refiners are not producing enough gasoline to meet peak summer demand. Light, sweet crude for June delivery gained 30 cents to $65.24 a barrel in electronic trading on the New York Mercantile Exchange mid-afternoon in Singapore.

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U.S. Gas Prices Jump More Than 11 Cents

CAMARILLO, Calif. (AP) _ The average price of self-serve regular gasoline hit a record high of $3.18, rising more than 11 cents over the past two weeks, according to a nationwide survey released Sunday. The latest figure topped the record of $3.07 set two weeks ago, which had been the highest price since the average cost of a gallon of gas hit $3.03 on Aug. 11, 2006, according to the Lundberg Survey of 7,000 gas stations across the country.

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Stats Show Differing Trends for Drivers

NEW YORK (AP) _ With gasoline prices hitting records above $3 a gallon, analysts are watching closely for any hints that motorists are altering their behavior. This vigilance has led to an undisputed conclusion _ that federal statistics reveal contradictory trends _ and an unresolved debate. For the first three months of 2007, Department of Energy data show U.S. demand for gasoline rose by more than 2 percent, while Department of Transportation data suggest Americans drove nearly 1 percent fewer miles.

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War Stretches Nation's Ammo Supply

DES MOINES, Iowa (AP) _ Ammunition shipments to local gun shops and police departments are being delayed for months because the Army has more than tripled its demand for small caliber ammunition. Ammunition plants have dramatically ratcheted up production, but company officials acknowledge delays to police and retailers of up to a year.

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Wildfire Spots Spook Insurance Companies

SANTA ANA, Calif. (AP) _ Spooked by devastating wildfire seasons, the nation's top insurers are inspecting homes in high-risk areas throughout the West and threatening to cancel coverage if owners don't clear brush or take other precautions. The inspections have angered homeowners and watchdog groups that accuse the companies of trying to cut risk at the expense of customers, even while industry profits soar. The complaints echo concerns raised after Hurricane Katrina, when many insurance companies increased rates or dropped policies along the Gulf Coast.

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China to Invest $3 Billion in Blackstone

NEW YORK (AP) _ The Chinese government has agreed to acquire a $3 billion stake in U.S. private equity firm Blackstone Group LP in a deal that marks China's long-anticipated move to diversify how it invests its massive foreign exchange reserve. The transaction calls for China's upstart state investment company to buy nonvoting shares in the buyout company, concurrent with Blackstone's highly anticipated initial public offering of its management division, which is expected to raise up to $4 billion. The IPO was announced earlier this year, though no date has been set for its debut on the New York Stock Exchange.

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Some in Silicon Valley Want Gore to Run

PALO ALTO, Calif. (AP) _ Even with 18 presidential candidates to choose from, it is Al Gore who draws the allegiance of many high-tech elite. Since losing the 2000 election, Gore has become an environmental crusader and technology insider. He is on Apple's board of directors, advises Google and has his own startup.

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Ala., Germany Have Mercedes, Rocket Ties

BIRMINGHAM, Ala. (AP) _ A partnership with roots in luxury automobiles and moon rockets is thriving between Alabama and Germany, with ThyssenKrupp AG only the latest German company to locate in the state. Once known overseas for farming, poverty and strained race relations, Alabama is now home to 50 German industries that state officials say employ upward of 12,000 people. Thousands more work in related companies.

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Gold Prices

Hong Kong (AP) _ Gold closed at $661.85 an ounce on Monday in Hong Kong, up $0.60 an ounce from Friday's close of $661.25.

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Japan Markets

TOKYO (AP) _ Japanese stocks rose Monday after a two-day decline, with buying centered on shipping and steel shares on expectations for solid earnings in the current fiscal year.

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Dollar-Yen

TOKYO (AP) _ The euro soared to a record high against the yen in Asian trading Monday after Group of Eight finance ministers didn't discuss the beleaguered Japanese currency during their weekend talks, making traders feel safe selling the yen.

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