AP Executive Morning Briefing

The top business news from The Associated Press for the morning of Wednesday, June 27, 2007:

Fed Not Expected to Change Key Rate

WASHINGTON (AP) _ Keeping inflation under control as the economy emerges from a yearlong sluggish spell is certain to be a matter of lively debate for Federal Reserve policymakers. Fed Chairman Ben Bernanke and his central bank colleagues open a two-day meeting Wednesday, where the economy's current and future performance will be assessed. The strength of the anticipated economic rebound, the depth of the housing slump, problems with risky mortgages, the state of the employment climate, and the direction of gasoline and other energy prices will figure prominently into those discussions.

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Immigration Amendment Aimed at Day Labor

WASHINGTON (AP) _ Home Depot is tired of being forced by local governments to accommodate the day laborers who turn up in its store parking lots seeking construction work. So the Georgia-based company turned to Congress for help. The Senate could respond this week by attaching language to the immigration bill that would prohibit city councils from requiring home improvement stores to pay for shelters or other services to help maintain orderly day labor sites.

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Oracle's Acquisitions Paying Off

SAN FRANCISCO (AP) _ The $25 billion bill that Oracle Corp. has run up buying smaller business software makers looks like money well spent so far. In the latest validation of a spending spree that began 2 1/2 years ago, Oracle's fiscal fourth-quarter profit climbed 23 percent to $1.6 billion, or 31 cents per share.

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Nike's 4Q Results Allay Fears

PORTLAND, Ore. (AP) _ Nike Inc.'s products are focused on helping athletes set records, but the company set a few of its with fiscal fourth-quarter and year-end results that were well-received by analysts and investors. With growth in the U.S. and abroad, plus surprisingly strong future orders, Nike allayed fears and buoyed hopes for some about the future of the world's largest athletic shoe and clothing maker.

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Nissan Developing Smaller Car Batteries

BANGKOK, Thailand (AP) _ Nissan CEO Carlos Ghosn said Wednesday his company is working hard to develop the next generation of smaller, lighter auto batteries _ a technology that holds promise not just for hybrids but also for electric cars. Automakers are racing to develop viable lithium ion batteries, which are common in gadgets such as laptops and cell phones but have yet to be fully adapted to the more rigorous demands of a car engine.

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China Shuts 180 Food Factories

BEIJING (AP) _ China has closed 180 food factories after inspectors found industrial chemicals being used in products from candy to seafood, state media said Wednesday. The closures came amid a nationwide crackdown on shoddy and dangerous products launched in December that also uncovered use of recycled or expired food, the China Daily said.

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Stocks Edge Lower As Investors Await Fed

NEW YORK (AP) _ Wall Street finished an extremely erratic session with a modest decline Tuesday as investors parsed unimpressive data on home sales and consumer confidence and awaited the Federal Reserve's meeting on interest rates. The Dow Jones industrial average initially slipped, soared nearly 100 points, and ultimately pulled back again _ much as it did Monday, when the blue chip index rose by triple digits only to give up the gains and finish lower.

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Oil Prices Steady Below $68 a Barrel

SINGAPORE (AP) _ Oil prices were steady in Asia Wednesday as traders awaited the release of a U.S. government inventory report expected to show increases in supplies of crude, gasoline and distillates. Light, sweet crude for August delivery rose a penny to $67.78 a barrel in Asian electronic trading on the New York Mercantile Exchange, mid-afternoon in Singapore. The contract fell $1.41 to settle at $67.77 a barrel Tuesday.

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Dow, Murdoch in Agreement on Safeguards

NEW YORK (AP) _ Dow Jones & Co. and News Corp. agreed broadly on measures to protect the editorial independence of The Wall Street Journal under ownership by Rupert Murdoch's media conglomerate, clearing away a major hurdle in the way of a deal, a person familiar with the matter said Tuesday. Details of the agreement remained unclear, and any deal must still be approved by the full membership of Dow Jones' controlling shareholders, the Bancroft family, who initially rejected Murdoch's approach.

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Bear Puts Bailout at $1.6 Billion

NEW YORK (AP) _ Investors following the near-collapse of two hedge funds managed by Bear Stearns Cos. might be a little bit like a homeowner watching the house down the block catch fire. It is far enough away to think there's no immediate threat _ but you still need to care about what the embers could do to your own roof. The worry is the same on Wall Street, where bankers are anxiously watching to see if the hemorrhaging at Bear Stearns will spread elsewhere.

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Gold Prices

HONG KONG (AP) _ Gold closed at $642.85 an ounce on Wednesday in Hong Kong, down $6.70 an ounce from Tuesday's close of $649.55.

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Japan Markets

TOKYO (AP) _ Japanese stocks fell for a fourth consecutive session Wednesday, dragged lower by trading company issues and exporters like Toyota.

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Dollar-Yen

TOKYO (AP) _ The dollar fell in Asia Tuesday on remarks by the Japanese finance minister that investors used as an excuse to sell the dollar amid signs authorities may be worried about the yen's weakness.

A service of The Associated Press. Copyright 2007 All rights reserved.