AP Executive Morning Briefing

The top business news from The Associated Press for the morning of Monday, July 30, 2007:

Asian Markets Bounce Back

TOKYO (AP) _ Asian markets bounced back Monday after last week's global sell-off as investors snapped up shares that had fallen to attractive levels and reassessed the possible impact U.S. housing woes on the region's companies. Japan's benchmark Nikkei 225 index edged up 5.49 points, or 0.03 percent, to 17,289.30, after having plunged 2.4 percent Friday.

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Sanyo Swings to Profit in Latest Quarter

TOKYO (AP) _ Scandal-plagued Sanyo said Monday it swung back to a profit in the April-June quarter, reversing losses from a year ago as improved sales in digital cameras and rechargeable batteries helped offset a decline in mobile handsets and refrigerators. Sanyo Electric Co. posted a 2.57 billion yen ($21.7 million) net profit during the three months ended June 30. It had racked up a 9.67 billion yen loss the same period a year earlier.

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U.S. Treasury Secretary Visits China

BEIJING (AP) _ For months, U.S. lawmakers have warned Treasury Secretary Henry Paulson that patience was wearing thin as his economic dialogue with China failed to produce breakthroughs on currency and other disputes. Now, as he meets this week with Chinese leaders, Paulson faces new pressure in Congress, where legislators have proposed measures that would punish Beijing for manipulating its currency.

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Wall St. Faces Down Spending, Jobs Data

NEW YORK (AP) _ After the huge debacle the stock market suffered last week, it's hard to know what earnings or economic data being released this week might actually comfort Wall Street. As the market tries to recover from its worst week in nearly five years, investors will be closely looking at profit reports from such heavyweights as General Motors Corp., Procter & Gamble Co. and Verizon Communications Inc. The stock market will also get a read on consumers Tuesday, when the Commerce Department reports on personal income and spending.

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Company Sinks Teeth Into Dog Time Shares

SAN FRANCISCO (AP) _ From the state that popularized purse puppies, drive-thru dog washes and gourmet dog food delivery comes the latest in canine convenience _ a company that contracts out dogs by the day to urbanites without the time or space to care for a pet full-time. Marlena Cervantes, founder of FlexPetz, bristles when people refer to her five-month-old business as a rent-a-pet service. She prefers the term "shared pet ownership," explaining the concept is more akin to a vacation time share or a gym membership than a trip to the video store.

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Japan Hybrid Train Fights Global Warming

SAKU, Japan (AP) _ Winding past rice paddies and lazily blowing its whistle along bubbly creeks, this two-car train in rural northern Japan is the latest entrant in the battle against global warming. Following its runaway success with hybrid cars, Japan is bringing the world hybrid trains. Regular passenger runs are set to begin Tuesday on a short mountain route, the first time a diesel-electric hybrid train will be put into commercial service.

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Oil Prices Slide Back Below $77 a Barrel

SINGAPORE (AP) _ Oil prices fell in Asian trading Monday as traders took profits after crude futures settled near an all-time high in the previous session. Light, sweet crude for September delivery lost 30 cents to $76.72 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore.

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Northwest Cancels Flights, Blames Pilots

MINNEAPOLIS (AP) _ Northwest Airlines canceled more flights as expected Saturday, with the company continuing to attribute the problem to pilot absenteeism. Northwest did not release its own cancellation figures Saturday, but the Web site FlightStats.com reported as of 9 p.m. EDT that the airline had called off 166 flights. It reported that 1,056 scheduled flights departed.

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Aquafina Source Is Same as for Tap

NEW YORK (AP) _ So you thought that water in your Aquafina bottle came from some far-away spring bubbling deep in a glen? Try the same place as the water in your tap. PepsiCo Inc. is the latest company to offer some clarity about the source of its top-selling bottled water as it announced on Friday it would change the label on Aquafina water bottles to spell out that the drink comes from the same source as tap water.

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Chavez Accuses Former Oil Officials

CARACAS, Venezuela (AP) _ President Hugo Chavez on Sunday accused former Venezuelan officials of allowing foreign oil companies to "rob" Venezuela's immense petroleum wealth, saying they should be charged with crimes. Former executives at state-run oil company Petroleos de Venezuela, or PDVSA, permitted international companies to blatantly violate contracts by extracting billions of barrels of light, sweet oil without investing in technology required to produce heavy crude, Chavez said.

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Gold Prices

Hong Kong (AP) _ Gold closed at $662.15 an ounce on Monday in Hong Kong, down $1.30 an ounce from Friday's close of $663.45.

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Japan Markets

TOKYO (AP) _ Japanese stocks edged higher Monday as investors snapped up shares that appeared to have fallen too far after last week's plunge and shrugged off a defeat for the ruling party in weekend elections.

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Dollar-Yen

TOKYO (AP) _ The dollar slipped against the yen Monday in Asia as non-Japanese investors sold the U.S. currency to reduce risks as Japan's ruling camp's crushing defeat in elections triggered initial falls in Tokyo stock prices.

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