AP Executive Morning Briefing

The top business news from The Associated Press for the morning of Tuesday, October 9, 2007:

Sprint Nextel CEO Gary Forsee Steps Down

NEW YORK (AP) _ Subscribers aren't the only ones leaving Sprint Nextel Corp. _ its CEO is following them. The cell phone carrier's board, disappointed with weak financial results, pushed out Chairman and Chief Executive Gary Forsee on Monday, just as the company forecast weaker financial results and a larger subscriber loss for the current quarter than it had seen earlier.

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Sallie Mae Suit Seeks $900M Breakup Fee

NEW YORK (AP) _ Sallie Mae's potential buyers gave the nation's largest student lender until Tuesday to consider their reduced buyout offer in light of what they said was "the new economic and legislative environment that faces the company." But despite that pitch, Sallie Mae reiterated Monday that it isn't interested in the lower price.

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Stocks End Mostly Down Ahead of Earnings

NEW YORK (AP) _ Wall Street finished a quiet session mostly lower Monday as investors cashed in some gains from last week's rally and readied for quarterly corporate earnings reports. The Treasury bond market was closed for the Columbus Day holiday and there was no major economic news to guide investors, so Wall Street remained cautious ahead of the flood of third-quarter results. Aluminum producer Alcoa Inc., one of the 30 Dow Jones industrial average components, kicks off the earnings season on Tuesday.

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Oil Prices Slip Below $79 a Barrel

SINGAPORE (AP) _ Oil prices dropped Tuesday in Asian trading after Royal Dutch Shell said it will boost production from an oil terminal in Nigeria. Light, sweet crude for November delivery lost 27 cents to $78.75 a barrel in Asian electronic trading on the New York Mercantile Exchange by midafternoon in Singapore. The contract fell $2.20 to settle at $79.02 a barrel Monday in New York.

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Auto Workers Set Wed. Strike Deadline

DETROIT (AP) _ If there was a script that automakers were supposed to follow for UAW contract talks, Chrysler seems to have overlooked it. As negotiations continued Monday at Chrysler LLC's Auburn Hills headquarters, the United Auto Workers set a deadline of Wednesday morning to agree on a new contract, or else workers could strike.

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Ethanol Isn't Sole Food Price Culprit

CHAMPAIGN, Ill. (AP) _ The cost of food spiked right on cue last year when economists warned that the country's thirst for ethanol would drive up the cost of the grain used to feed livestock for meat, dairy and other foods. But economists say it isn't all ethanol's fault, and warn that Americans have yet to feel the full force of the corn-based fuel additive on food prices.

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AEP to End Lawsuit, Pay to Cut Pollution

WASHINGTON (AP) _ One of the nation's largest power generators has agreed to end a years-long federal lawsuit by paying $4.6 billion to reduce pollution that has eaten away at Northeast mountain ranges and national landmarks, The Associated Press has learned. The settlement requires American Electric Power, based in Columbus, Ohio, to reduce chemical emissions that cause acid rain by at least 69 percent over the next decade.

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Costa Rica to Join Free Trade Agreement

SAN JOSE, Costa Rica (AP) _ Costa Ricans prepared on Monday to join a controversial free trade agreement with Central American neighbors, the Dominican Republic and the U.S. after a thin majority apparently backed the pact in a national referendum. But even Sunday's vote on the Central American Free Trade Agreement did not end a yearlong battle over the agreement.

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Yum Brands 3Q Profit Jumps 17 Percent

LOUISVILLE, Ky. (AP) _ Fast-food giant Yum Brands Inc. said Monday its third-quarter profit rose 17 percent on the strength of surging sales in its international and China divisions that offset sluggishness in the United States, led by slumping Taco Bell. The operator of KFC, Taco Bell and Pizza Hut reported 28 percent profit growth in its China division and 21 percent growth in its international division for the three months ended Sept. 8. Yum's U.S. operation had a scant 1 percent profit growth for the period.

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Textron Buying Maker of Unmanned Planes

PROVIDENCE, R.I. (AP) _ Textron Inc. is buying United Industrial Corp. in a $1.1 billion deal that underscores its expectations for U.S. military reliance on unmanned aircraft. The deal announced Monday would help Textron expand its aerospace and defense business.

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Gold Prices

HONG KONG (AP) _ Gold closed lower in Hong Kong Tuesday at $730.15 an ounce, down $6.50 an ounce from Monday's close of $736.65.

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Japan Markets

TOKYO (AP) _ Japanese stock rose modestly Tuesday, led by exporters like Honda Motor, as investors took heart from recent positive signs about the U.S. economy, a key market for Japanese companies.

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Dollar-Yen

TOKYO (AP) _ The dollar fell versus the yen in Asia Tuesday, as Japanese exporters sold the greenback and other currency traders awaited speeches by U.S. Federal Reserve officials that could provide hints about the possibility of any interest rate moves in October.

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