AP Executive Morning Briefing

The top business news from The Associated Press for the morning of Friday, August 3, 2007:

Toyota's Quarterly Profit Up 32 Percent

TOKYO (AP) _ Toyota, on track to overtake General Motors as the world's biggest automaker this year, said Friday its April-June profit jumped 32.3 percent to a record high for a quarter, lifted by strong overseas sales and a weaker yen. Surging gas prices have proved a big plus for the Japanese automaker, as drivers flock to Toyota's fuel-efficient models, including the Camry, the best-selling model in the U.S., and the Prius gas-electric hybrid.

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Employers Bracing for Immigration Rules

WASHINGTON (AP) _ Employers across the country may have to fire workers with questionable Social Security numbers to avoid getting snagged in a Bush administration crackdown on illegal immigrants. The Department of Homeland Security is expected to make public soon new rules for employers notified when a worker's name or Social Security number is flagged by the Social Security Administration.

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China's Shares Rise to New Record High

SHANGHAI, China (AP) _ China's shares rose to a new record high Friday the third time in a week, surging back from an Asia-wide slump prompted by worries about U.S. mortgages. The benchmark Shanghai Composite Index rose 3.5 percent to close at 4,560.77 points. The Shenzhen Composite Index for China's smaller second market also reached a new high, rising 2.3 percent to 1,323.40.

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Oil Prices Steady in Asian Trading

SINGAPORE (AP) _ Oil prices were flat Friday after a moderate rise in the previous session on mixed interpretations of U.S. fuel stocks data. Light, sweet crude for September delivery rose 2 cents to $76.88 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore. The contract added 33 cents to settle at $76.86 a barrel Thursday.

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China Launches Food Price Investigation

BEIJING (AP) _ China's government announced an investigation Friday of sharply rising food prices, accusing companies of hoarding and threatening social stability. Communist leaders are alarmed at a jump in politically sensitive food prices, which hit China's poor majority especially hard. Authorities have ordered measures to increase supplies of pork and other basic goods.

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Recall Concerns Parents, Toy Companies

NEW YORK (AP) _ Wendy Schneider-Fisher is nervous about what toys to buy her children. "I'm less inclined to buy anything from China," said Schneider-Fisher, of New Albany, Ohio, who was heading into a local Toys "R" Us Thursday. "And I'm upset our government doesn't do more to stop it." Schneider-Fisher's comments reflect the quandary many American parents face after the world's largest toy company, Mattel Inc., recalled almost 1 million Chinese-made toys because they may contain lead.

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Japanese Stocks Mixed; Dollar Up vs. Yen

TOKYO (AP) _ Japanese stocks were mixed Friday in volatile trading, with players saying that a quick recovery from recent big falls was unlikely and that they will be watching U.S. markets for clues next week. The Nikkei 225 index shed 4.25 points, or 0.03 percent, on the Tokyo Stock Exchange to 16,979.86 points. Thursday, the index gained 0.67 percent following Wednesday's loss of 2.2 percent to 16,870.98 points, the lowest close since March 16.

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Chrysler Redesigns Minivan Offerings

CARLSBAD, Calif. (AP) _ Hoping to lure customers back to minivans by rocketing people-haulers out of the Betamax era and into the brave new iPhone world, Chrysler Group has loaded the next generation of its trademark vehicles with modern technology and a seating arrangement that lets families hang out around a virtual "kitchen table" on the road. The centerpiece of the redesigned 2008 Dodge Caravan and Chrysler Town & Country is a second-row seat that can spin 180 degrees to face backward. Nicknamed "Swivel n' Go" after the carmaker's popular "Stow n' Go" flat-fold seats, the new seats create space for a one-legged, plastic-topped table that lets passengers eat, do homework or pile things up the way they would in the house.

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Self-Service Economy Arrives Gradually

WASHINGTON (AP) _ At airports, supermarkets and big-box retailers, "customer service" in recent years has meant self-serve _ aided by touch-screen kiosks. As digital kiosks become more user-friendly and capable of handling more complicated tasks, health care providers, fast-food chains and other businesses say trading face-to-face encounters for face-to-monitor transactions improves service and saves money.

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International Paper's 2Q Profit Up

NASHVILLE, Tenn. (AP) _ Paper and packaging company International Paper Co. said Thursday its second-quarter profit more than doubled, but failed to meet Wall Street expectations, as improved pricing was offset by raw material costs and planned maintenance outages. Net income rose to $190 million, or 44 cents per share, from $83 million, or 17 cents per share, a year ago. Earnings per share from continuing operations before one-time items grew to 52 cents per share from 30 cents in the prior-year period.

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Gold Prices

LONDON (AP) _ Gold bullion opened Friday at a bid price of $665.35 a troy ounce, up from $664.60 late Thursday.

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Dollar-Yen

TOKYO (AP) _ The dollar was little changed against the yen Friday in Asia despite buying by Japanese importers, as many investors held back ahead of U.S. employment data due later the same day.

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