AP Executive Morning Briefing

The top business news from The Associated Press for the morning of Friday, September 28, 2007:

Freddie Mac Pays $50M to Settle Charges

WASHINGTON (AP) _ Freddie Mac, the nation's second-largest financer of home mortgages, is paying a $50 million fine to settle civil securities fraud charges brought by federal regulators in a four-year accounting lapse. In addition, four former executives at the government-sponsored company settled negligent conduct charges by agreeing to pay a total of $515,000 in civil fines and to make restitution totaling $275,548. They are former president and chief operating officer David Glenn, ex-chief financial officer Vaughn Clarke, and former senior vice presidents Robert Dean and Nazir Dossani.

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Wall Street Heads for Lower Open

NEW YORK (AP) _ Wall Street headed for a lower opening Friday ahead of a batch of economic reports that could show that the economy's slowdown continues and ahead of speeches by several Federal Reserve officials. Investors will evaluate reports that will measure personal income, consumer spending, and the Chicago purchasing managers' index. In addition, speeches from Atlanta Federal Reserve President Dennis Lockhard and St. Louis Federal Reserve President William Poole are planned.

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Oil Prices Back Above $83 a Barrel

BANGKOK, Thailand (AP) _ Oil prices rose back above $83 a barrel in Asian trade Friday, adding to gains in the previous session sparked by a decline in crude inventories at a key Oklahoma terminal and the confrontation between the West and Iran. Light, sweet crude for November delivery rose 36 cents to $83.24 a barrel in Asian electronic trading on the New York Mercantile Exchange by late morning in Singapore.

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IMF to Choose New Director

WASHINGTON (AP) _ The International Monetary Fund, which once lent billions of dollars to help countries through financial crises, now faces questions of its relevance in a world that seems to need it less and less. The fund's 24 executive directors were to meet Friday to choose a new managing director to begin trying to chart a different course for the 185-nation organization that has been trying to give countries with fast-developing economies a greater role in IMF decisions.

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Japanese Jobless Rate Worsens, CPI Drops

TOKYO (AP) _ Japan's economic recovery remains on track despite figures Friday that showed a jump in the nation's jobless rate and a continued decline in consumer prices, the economy minister said. But in some good news, the government said Japanese industrial production rebounded 3.4 percent in August after declining in July due to plant shutdowns after an earthquake hit north-central Japan, cutting supplies from a major auto parts maker.

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China Bank Ups Mortgage Interest Rates

SHANGHAI, China (AP) _ China has raised mortgage interest rates and increased the down payment needed for loans to finance purchases of second homes, the central bank said in a notice seen Friday. The moves were widely expected due to official concerns over surging property prices.

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New-Home Sales Tumble to 7-Year Low

WASHINGTON (AP) _ New-homes sales tumbled in August to the lowest level in seven years, a stark sign that the credit crunch is aggravating an already painful housing slump. Sales of new homes dropped 8.3 percent in August from July, the Commerce Department reported Thursday, driving down sales to a seasonally adjusted annual rate of 795,000. That was the lowest level since June 2000.

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Senate Panel Probes Google's Acquisition

WASHINGTON (AP) _ Senators expressed no outright opposition to Google's $3.1 billion purchase of online advertising firm DoubleClick at a hearing focused on the deal's potential threats to competition and consumer privacy. Sen. Herb Kohl, D-Wis., chairman of an antitrust subcommittee, said at the outset of Thursday's hearing that the transaction "warrants close examination" by federal regulators. But afterward, he said there was "no clear winner" among the deal's supporters and opponents _ most notably Microsoft Corp.

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KB Home: Housing Market Slump to Last

LOS ANGELES (AP) _ KB Home, one of the nation's largest homebuilders, swung to a loss Thursday, citing a deep deterioration in the housing market and warning the sales slump will likely extend into next year. KB's financial results were released the same day the Commerce Department reported new home sales in August fell 8.3 percent from the previous month to the lowest level in seven years.

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UAW Deal Said to Save GM Billions

DETROIT (AP) _ If United Auto Workers ratify a groundbreaking new contract with General Motors Corp., its provisions likely will save the company $2 billion to $3 billion per year which it can pump into the development of new products like electric cars, according to several industry analysts. The savings estimates, made largely on news reports since the contract provisions haven't been released, show that the biggest savings would come from shifting the cost of retiree health care from GM to a union-run trust called a Voluntary Employees Beneficiary Association or VEBA.

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Gold Prices

LONDON (AP) _ Gold bullion opened Friday at a bid price of $736.30 a troy ounce, up from $731.60 late Thursday.___

Japan Markets

TOKYO (AP) _ The main index on Tokyo's stock market slipped 0.3 percent Friday on profit-taking in securities, real estate and insurance company issues following three days of gains.

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Dollar-Yen

TOKYO (AP) _ The dollar fell versus the yen Friday in Asia, with selling of the greenback by Japanese exporters overwhelming buying by investment trusts.

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