AP Executive Morning Briefing

The top business news from The Associated Press for the morning of Friday, June 29, 2007:

Siegelman, Scrushy to Appeal Sentences

MONTGOMERY, Ala. (AP) _ Attorneys for former Alabama Gov. Don Siegelman and former HealthSouth CEO Richard Scrushy said they would appeal their sentences in a bribery and corruption case the judge said damaged public trust in state government. Siegelman was sentenced Thursday to more than seven years in federal prison and Scrushy got nearly seven years. U.S. District Judge Mark Fuller ordered both immediately taken into custody, not even giving them time to talk with their families.

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China Approves New Contract Labor Law

BEIJING (AP) _ China passed a new contract labor law on Friday in a bid to improve basic workers' rights amid widespread complaints of unpaid wages, forced labor and other abuses, state media said Friday. The approval follows 18 months of deliberation and a rare government request for public comment on the law. It is expected to be the most significant change in Chinese labor rules in more than a decade by setting standards for labor contracts, use of temporary workers and severance pay.

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South Korea, U.S. Agree on Trade Pact

SEOUL, South Korea (AP) _ South Korea and the United States have agreed on final changes to their free trade agreement, paving the way for its signing on June 30, the prime minister's office said Friday. Prime Minister Han Duck-soo told managing editors of major newspapers and broadcast outlets that Seoul and Washington had agreed to change parts of the agreement to include new U.S. labor and environmental standards for free trade agreements, his office said.

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Last US Horse Slaughterhouse to Close

CHICAGO (AP) _ A federal judge Thursday refused a request from the nation's last operating horse slaughterhouse to remain open, but a legal dispute over a state ban on killing horses for food isn't over. Cavel International Inc.'s site in DeKalb was set to close at midnight Friday, when a temporary court order allowing it to stay open was to expire, according to Cavel attorney Phil Calabrese.

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Oil Prices Hold Steady in Asian Trading

SINGAPORE (AP) _ Oil prices held steady below $70 a barrel Friday in Asia after jumping above that mark in the previous session the first time in ten months on worries about gasoline supplies. Light, sweet crude for August delivery rose 15 cents to $69.63 a barrel in Asian electronic trading on the New York Mercantile Exchange, mid-afternoon in Singapore.

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Businesses Help Workers to Lose Weight

CHICAGO (AP) _ A burgeoning industry of wellness advisers, counselors and consultants is booming as corporate America tries to increase productivity and control insurance costs by helping its employees get healthy and shed pounds. The change is fueled by well-meaning, cost-conscious executives who are looking for ways to trim bottom lines along with waist lines.

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Japanese Stocks Rise; Dollar Up vs. Yen

TOKYO (AP) _ Japanese stocks climbed Friday for a second straight session, as upbeat analysts' ratings prompted investors to snap up Toshiba and Takeda Pharmaceutical. The Nikkei 225 index rose 206.09 points, or 1.15 percent, on the Tokyo Stock Exchange to 18,138.36 points. It was the biggest point rise in the index for June. On Thursday, the index gained 0.47 percent.

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Report: China Raises Minimum Wages

BEIJING (AP) _ China's government has ordered minimum wages raised to help the poor cope with soaring food costs, a state news agency reported Friday. Chinese leaders have been alarmed by a spike in inflation that saw the price of eggs rise 37.1 percent in May from their price in the same month last year. Meat and poultry were 26.5 percent more expensive in May compared to a year ago.

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Research in Motion's 1Q Earnings Jump

TORONTO (AP) _ Shares of Research In Motion Ltd. surged nearly 17 percent in after-hours trading Thursday after the BlackBerry maker said its first-quarter earnings grew 73 percent on increased sales and subscriber additions. For the quarter ended June 2, Waterloo, Ontario-based RIM earned $223.2 million, or $1.17 per share, up from $128.8 million, or 67 cents per share, in the year-ago quarter. Adjusted net income, which excludes a $5.3 million stock option expense, came to $228.5 million, or $1.20 per share, RIM said.

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GM Sells Allison Transmission for $5.6B

DETROIT (AP) _ Shares of General Motors Corp. hit a two-year high Thursday after the automaker said it had agreed to sell its Allison Transmission commercial and military business to an investment conglomerate and a private equity firm. The deal adds funds to GM's coffers as it gears up for crucial contract negotiations with unionized workers, although it also means losing a profitable division.

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Gold Prices

LONDON (AP) _ Gold bullion opened Friday at a bid price of $647.90 a troy ounce, down from $648.80 late Thursday.

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Dollar-Yen

TOKYO (AP) _ The dollar rose against the yen Friday in Asia as Japanese investors sold the yen to buy higher-yielding foreign assets.

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