AP Executive Morning Briefing

The top business news from The Associated Press for the morning of Thursday, May 24, 2007:

Chinese Ministers, Bush to Meet on Trade

WASHINGTON (AP) _ Preparing to meet President Bush, Chinese ministers sought to soothe congressional anxiety about Beijing's trade practices after high-level economic talks yielded few results. Discussions Wednesday between senior Bush administration officials and the largest high-level Chinese delegation ever to visit the United States also failed to reach a breakthrough in the countries' biggest dispute: China's undervalued currency.

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Chinese Stock Prices Wobble

SHANGHAI, China (AP) _ Chinese stocks wobbled in volatile trading early Thursday after former U.S. Federal Reserve Chairman Alan Greenspan voiced concern about an eventual correction in China's stock markets following a spate of record highs. The benchmark Shanghai Composite Index opened up 0.36 percent but then dipped by as much as 1.2 percent Thursday morning. The index later regained lost ground but then lost it, dropping by 0.4 percent to 4,156.87 by late morning.

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Limited Brands' 1Q Profit Drops 46 Pct.

COLUMBUS, Ohio (AP) _ Limited Brands' first-quarter profit dropped 46 percent, but despite concerns about gas prices and the slumping housing market curtailing people's spending, some other retailers aren't hurting as badly. Just over a week after Limited Brands Inc. said it would sell its remaining apparel divisions, the retailer reported Wednesday that its earnings were hurt by lower-than-anticipated sales and margins across all its brands, particularly Victoria's Secret. The company also cut its full-year earnings outlook.

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Oil Prices Steady in Asian Trading

SINGAPORE (AP) _ Oil prices were steady in Asian trading Thursday after a U.S. government report showed gasoline stocks rose nearly twice as much as expected last week. The U.S. Energy Information Administration reported Wednesday that gasoline stocks grew 1.5 million barrels last week to 196.7 million barrels. Analysts had forecast a rise of about 800,000 barrels. Crude oil supplies rose 2 million barrels to 344.2 million barrels, just above the upper end of the average for this time of year. Analysts had predicted a fall of 200,000 barrels.

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Stocks Fall After Greenspan Comments

NEW YORK (AP) _ Stocks wilted Wednesday as comments from former Federal Reserve Chairman Alan Greenspan and worries about upcoming economic data deflated a rally fed by takeover activity. Stocks initially rose, lifting the Dow Jones industrials briefly above 13,600 for the first time, after the market got a fresh load of deal-related news that included a possible bidding battle over aluminum producer Alcan Inc. But the excitement waned after a media report that Greenspan expressed concern that China's stock market _ which has recently been hitting record highs _ could eventually see a sharp decline.

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HP Settles SEC Claim Over Resignation

SAN FRANCISCO (AP) _ Hewlett-Packard Co. has settled federal securities charges alleging the company illegally concealed the reason a director resigned just before its boardroom spying scandal erupted. The Securities and Exchange Commission and the Palo Alto-based technology giant separately announced the settlement Wednesday.

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House OKs Gas Price Gouging Penalties

WASHINGTON (AP) _ Responding to high costs at the pump, the House approved legislation Wednesday that would outlaw gasoline price gouging. Many lawmakers said that may be easier to say than to detect or enforce. The legislation would penalize individuals or companies for taking "unfair advantage" or charging "unconscionably excessive" prices for gasoline and other fuels.

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Ex-Coke Secretary Gets 8 Years in Prison

ATLANTA (AP) _ A federal judge ignored a former Coca-Cola secretary's plea for mercy Wednesday and sentenced her to eight years in prison for conspiring to steal trade secrets from the world's largest beverage maker. U.S. District Judge J. Owen Forrester told Joya Williams, 42, that he was giving her a longer sentence than recommended by federal prosecutors and sentencing guidelines because, "This is the kind of offense that cannot be tolerated in our society."

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Fed Wants to Clear Credit Card Confusion

WASHINGTON (AP) _ Confused by the fees and terms of your credit card? The Federal Reserve wants to make your monthly bill and solicitations that arrive in your mailbox easier to understand. The Fed also wants companies to give people more than a month _ 45 days _ notice before making any changes to the terms of an account, including slapping on a higher penalty rate for missing payments or paying bills late.

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Boeing Reaffirms Strong Growth Outlook

CHICAGO (AP) _ Boeing Co. reaffirmed its outlook Wednesday for strong growth in 2007 and 2008, telling investors it remains on pace for double-digit increases in earnings and revenue as it rides momentum linked to the new 787 jet. The upbeat assessment came at the aerospace company's annual investor conference in Chicago at a time when Boeing is fast closing in on Airbus for the title of world's leading commercial airplane maker.

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Gold Prices

LONDON (AP) _ Gold bullion opened Thursday at a bid price of $661.20 a troy ounce, down from $662.50 late Wednesday.

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Japan Markets

TOKYO (AP) _ Japanese stocks edged lower Thursday after a three-day advance, with selling focused on real estate, department store and consumer finance shares.

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Dollar-Yen

TOKYO (AP) _ The dollar dipped against the yen in Asia Thursday as the market awaited key U.S. economic data that traders said could send the dollar higher.

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