AP Executive Morning Briefing

The top business news from The Associated Press for the morning of Tuesday, May 29, 2007:

FTC Probing Proposed $3.1B Google Deal

SAN FRANCISCO (AP) _ The Federal Trade Commission has opened an antitrust investigation into Google Inc.'s proposed $3.1 billion purchase of ad-management technology company DoubleClick Inc. The review of the deal was widely expected after Mountain View-based Google announced plans last month to acquire DoubleClick, a company that helps its customers place and track online advertising.

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Wal-Mart Shareholders to Pack Ark. Arena

Thousands of Wal-Mart investors and employees will pack a northwest Arkansas sports arena Friday for the giant retailer's annual shareholder meeting, a mix of music celebrity flash and serious business with a pinch of criticism from dissident shareholders. Investors will be closely watching the presentations by Chief Executive Lee Scott and top executives for word on growth strategies after the company warned second quarter profits may miss Wall Street expectations.

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URS Buying Washington Group for $2.6B

BOISE, Idaho (AP) _ San Francisco-based URS Corp. is buying Washington Group International for $2.6 billion, the engineering and construction companies announced Monday. The boards of directors of both companies unanimously approved the deal, which calls for Washington Group stockholders to receive $43.80 in cash and .772 shares of URS stock for each Washington Group share.

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Most Asian Markets Rise on Metal Shares

HONG KONG (AP) _ Most Asian markets advanced Monday as Japanese stocks were lifted by gains in metal and machinery shares and Chinese and South Korean markets rose to new records. Stocks in Hong Kong and Australia ended flat. Trading in many markets was thin due to holidays Monday in the United States, Britain and Germany.

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Construction Boosts Demand for Cranes

DALLAS (AP) _ It's daybreak when Michael Machovsky climbs nearly 200 feet to the cab of his tower crane for a 10-hour day of hoisting equipment and supplies across a downtown construction site. As morning joggers shuffle by and commuter traffic backs up, Machovsky methodically swings the crane's jib and drops the hook for the morning's first lift. The same morning ritual is repeated across the Dallas skyline as the construction day rumbles to a start.

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Oil Prices Steady in Asian Trading

SINGAPORE (AP) _ Oil prices were steady in electronic trading Tuesday amid sluggish trade due to the Memorial Day holiday. Prices have been eased from last Friday in the U.S. by news that a Nigerian oil workers' strike ended over the weekend. Monday there was no floor trade and no closing price in the U.S. because of the holiday Monday.

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Newspaper Business Thriving in India

NEW DELHI (AP) _ Obituaries for newspapers are already being written in the United States and much of Europe, with the rise of the Internet and shrinking attention spans listed as the causes of death. But the news hasn't made it to India. Here, more than 150 million people read a newspaper every day _ compared with 97 million Americans and 48 million Germans. Circulation numbers in India are soaring, and advertising is expected to grow by 15 percent this year.

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Report: Rio Tinto May Bid for Alcan

SYDNEY, Australia (AP) _ Anglo-Australian mining company Rio Tinto PLC may be considering a $27 billion-plus bid for Canada's Alcan Inc., an Australian newspaper reported, but analysts on Monday played down the benefits of a linkup between the two global companies. Rio Tinto has hired Deutsche Bank to advise it on a possible bid for Alcan, The Sydney Morning Herald reported, without citing sources.

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Siberian Court Throws Out BP Lawsuit

MOSCOW (AP) _ A Siberian court on Monday threw out a lawsuit filed by the BP PLC's local subsidiary over the amount of gas it produces, opening the way for regulators to pull the license to the company's giant Kovykta gas field. Analysts have called the case symptomatic of a broader drive by the Russian state to expand its influence in the oil and gas industry, predicting that the regulatory pressure will disperse as soon as a deal is sealed to allow state-controlled gas monopoly OAO Gazprom to take control of the project.

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Iranian Gas Price Hike Shows Weaknesses

CAIRO, Egypt (AP) _ Iran's decision to raise gasoline prices has thrown new light on one of its most entrenched problems _ the danger a vulnerable, subsidized economy poses for a country under international pressure over its nuclear program. Experts warn of the popular backlash that other countries have faced when dealing with the same need to raise long-subsidized staple prices, including in Indonesia which saw a wave of protests in 2005.

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Gold Prices

HONG KONG (AP) _ Gold closed at $657.15 an ounce on Tuesday in Hong Kong, up .95 cents an ounce from Monday's close of $656.20.

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Japan Markets

TOKYO (AP) _ Japanese stocks advanced Tuesday for a second straight session as investors welcomed upbeat economic data and the continued recovery in Japan's venture markets. Banks, real estate developers and shipping firms _ all recent decliners _ led the way.

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Dollar-Yen

TOKYO (AP) _ The dollar fell against the yen in Asia Tuesday after a drop in Japan's unemployment rate fanned speculation about higher Japanese interest rates and caused some players to scale back yen-carry trade positions.

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