AP Executive Morning Briefing

The top business news from The Associated Press for the morning of Thursday, July 26, 2007:

Chinese Stocks Rise to New Record High

SHANGHAI, China (AP) _ China's roller-coaster stock markets surged to a new high Thursday, boosted by expectations of stronger corporate profits despite government efforts to cool the sizzling economy. The benchmark Shanghai Composite Index rose 22.49 points, or 0.52 percent, to close at 4,346.46, breaking its previous record set May 29. The Shenzhen Composite Index for the country's second, smaller market rose 1.5 percent to 1,231.65.

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Sony Says Profit More Than Doubled in 2Q

TOKYO (AP) _ Sony said Thursday its April-June net profit more than doubled to 66.46 billion yen ($551.5 million) from a year ago on solid sales of flat-panel TVs, digital cameras and video camcorders. But the Japanese electronics and entertainment company said its game operations were still in the red because of strategic pricing of the PlayStation 3 video game console below production costs.

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Hyundai Motor Profits Jump 52 Pct. in 2Q

SEOUL (AP) _ South Korea's biggest automaker Hyundai Motor Co. said Thursday its second quarter net profit rose 52 percent from a year earlier on robust domestic demand and cost-cutting efforts. Hyundai Motor, the world's sixth-largest carmaker by sales, said net profit for the three months through June grew to 611.5 billion won ($666 million) from 403.1 billion won a year earlier.

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Oil Prices Climb on Supply Concerns

SINGAPORE (AP) _ Oil prices rose above $76 a barrel Thursday, extending a spike from previous session, amid worries that inventories of crude oil at a key Oklahoma terminal fell last week. Light, sweet crude for September delivery rose 32 cents to $76.20 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore. The contract rose $2.32 to settle at $75.88 a barrel Wednesday, reversing a three-day fall as traders re-entered the market at lower prices.

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Massive Farm Bill Opposed on All Sides

WASHINGTON (AP) _ A wide-ranging, five-year farm bill is facing opposition from both the right and the left _ a challenge for Democratic leaders who are hoping to win House passage of the legislation before the August recess. The House was expected to begin consideration of the bill Thursday that would extend agriculture and nutrition programs.

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U.S. Sponsors of Tour de France Hang On

PORTLAND, Ore. (AP) _ Despite extreme doping scandals and waning interest at home in the Tour de France, U.S. sponsors are more hesitant than their European counterparts to drop ties to the world's largest cycling event. Sponsorship is key to the Tour de France _ a symbiotic relationship exists between the teams and cyclists desperate for funding and the corporations eager for exposure. Few images of the Tour are absent a company name emblazoned on a bike, jersey, helmet or team van.

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Apple Macs Fuel Record Quarterly Profit

SAN JOSE, Calif. (AP) _ All eyes have recently been on the iPhone, Apple Inc.'s newest family member, but the company's fiscal third-quarter results showed the elder Macintosh computer was still flexing its muscles, helping to drive record profits that blew past Wall Street's expectations. Apple shares surged more than 9 percent in extended trading Wednesday after the computer and gadget maker reported that earnings grew 73 percent.

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Japanese Stocks Down; Dollar Unchanged

TOKYO (AP) _ Japanese stocks fell for a second day Thursday as investors remained cautious ahead of the upper house elections Sunday and amid a flurry of corporate earnings reports. The Nikkei 225 index shed 156.33 points, or 0.9 percent on the Tokyo Stock Exchange, to 17,702.09 points Thursday. On Wednesday, the index shed 143.61 points, or 0.8 percent.

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ConocoPhillips Profit Down 94 Pct. in 2Q

HOUSTON (AP) _ ConocoPhillips' decision to snub an invitation from President Hugo Chavez to keep producing crude oil in Venezuela under tougher terms has had two results: much lower net profit in the second quarter and a projected drop in third-quarter production. On Wednesday, the third-largest U.S. oil company said a $4.5 billion charge in the second quarter to write off its huge assets in Venezuela sliced net income by 94 percent. Without that charge, operating earnings topped Wall Street expectations with the help of higher oil prices and refining margins.

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Advertising Falls at N.Y. Times, Tribune

NEW YORK _ Newspaper publishers New York Times Co. and Tribune Co. reported lower advertising revenues for the second quarter on Wednesday as the industry struggled with deep losses in several categories, especially classified. The Times, which also owns The Boston Globe, the International Herald Tribune and a group of regional newspapers, posted a 6.9 percent decline in newspaper advertising in the period, while Tribune's fell 11.2 percent.

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Gold Prices

LONDON (AP) _ Gold bullion opened Thursday at a bid price of $675.05 a troy ounce, up from $673.20 late Wednesday.

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Dollar-Yen

TOKYO (AP) _ The dollar fell to a new two-and-a-half-month low against the yen Wednesday in Asia amid continuing U.S. subprime mortgage woes.

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