AP Executive Morning Briefing

The top business news from The Associated Press for the morning of Tuesday, August 28, 2007:

Venetian Aims to Make Macau Resort City

MACAU (AP) _ American billionaire Sheldon Adelson opened what he says is the world's largest casino floor, housed in Asia's largest building Tuesday, adding credence to this coastal Chinese city's stature among major gambling centers. Adelson and his wife Miriam inaugurated the $2.4 billion Venetian by smashing a bottle of champagne against the front of one of the casino and hotel complex's gondolas.

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Stocks Head Toward Lower Opening

NEW YORK (AP) _ Stocks headed toward a lower opening Tuesday as Wall Street cautiously awaited minutes from the Federal Reserve's Aug. 7 meeting, which could provide insight into whether it may cut rates. At the central bank's last meeting, policymakers held rates steady and said that although tight credit and the housing market may drag on the economy, inflation remains its predominant concern. Since then, the market has tumbled further from its record levels of mid-July, and the Fed, raising concerns about the market turmoil's effect on the economy, did respond with a drop in its discount rate.

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Oil Prices Rise in Asian Trading

SINGAPORE (AP) _ Oil prices rose Tuesday following reports of problems at two U.S. refineries and amid expectations a midweek U.S. petroleum stocks report will show gasoline supplies fell again. Light, sweet crude for October delivery added 13 cents to $72.10 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore. The contract rose 88 cents to $71.97 a barrel Monday in the U.S.

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Investors Await Word on Home Depot Move

ATLANTA (AP) _ Shares of The Home Depot Inc. rose almost 2 percent Monday as investors awaited word of a deal that the retailer was selling its wholesale distribution business for nearly $2 billion less than originally planned. The reduced sale price of $8.5 billion for the Home Depot Supply division, which was confirmed on Sunday by a person with direct knowledge of the situation, reflected turbulent credit conditions and a tightening housing market.

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Home Sales Drop 0.2 Percent in July

WASHINGTON (AP) _ Sales of existing homes dropped for a fifth straight month in July, while the number of unsold homes shot up to a record level. Many analysts said the worst slump in housing in 16 years is likely to deepen in coming months, reflecting the recent turmoil in credit markets, which has caused lenders to tighten their standards.

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U.S. Steel to Acquire Stelco for $1.1B

PITTSBURGH (AP) _ United States Steel Corp. is buying the Canadian steel maker Stelco Inc. for about $1.1 billion in a move expected to bolster its position as a supplier to the North American automotive industry. The Pittsburgh-based company said slabs produced at Stelco's Lake Erie and Hamilton plants will supply finishing facilities for flat-rolled steel _ used in the auto and appliance industries _ and tubular steel used mostly in the energy sector.

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Proxy Groups Weigh in on H&R Block Fight

KANSAS CITY, Mo. (AP) _ Three more investor advisory groups have come out in favor of Breeden Capital Management LP's proxy campaign seeking three seats on H&R Block Inc.'s board of directors, the hedge fund said Monday. Egan Jones, Proxy Governance and Taft-Hartley Advisory Services recommended that shareholders vote to replace three existing board members with Breeden's nominees during the election scheduled for Sept. 6.

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Judges Won't Block Arcelor-Mittal Deal

ROTTERDAM, Netherlands (AP) _ Courts in the Netherlands and France refused Monday to grant injunctions blocking Mittal Steel Co. NV's proposed $41 billion acquisition of rival steel maker Arcelor SA. Legal actions launched in Rotterdam by three hedge funds and in Paris by an activist shareholder were both rejected by judges, clearing hurdles to the creation of the world's largest steel maker as measured by sales.

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Acer Buying Long-Struggling Gateway

LOS ANGELES (AP) _ Taiwan-based Acer Inc. will acquire Gateway Inc. for $710 million in a deal designed to give the long-struggling U.S. computer maker the size it needs to compete against larger players, the companies announced Monday. The deal will push the combined company past China's Lenovo Group Ltd. to become the world's third-largest vendor of personal computers, behind Hewlett-Packard Co. and Dell Inc.

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FAA Orders Inspections of All Newer 737s

WASHINGTON (AP) _ Federal regulators ordered inspections of the wing slats on all newer Boeing 737 jetliners based on findings about the fire that destroyed a China Airlines 737 in Japan last week. The orders apply to the owners and operators of 783 U.S. airplanes but will likely be imposed by other countries on the entire worldwide fleet of 2,287 newer 737s, Federal Aviation Administration spokesman Les Dorr said Monday.

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Gold Prices

HONG KONG (AP) _ Gold closed at $667.05 an ounce in Hong Kong, down 30 cents an ounce from Monday.

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Japan Markets

TOKYO (AP) _ Japanese stocks edged lower Tuesday in a quiet trading session, as unease about foreign markets and a stronger yen kept many players on the sidelines.

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Dollar-Yen

TOKYO (AP) _ The dollar dropped in Asia Tuesday on jitters about U.S. credit problems following a decline on Wall Street overnight.

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