AP Executive Morning Briefing

The top business news from The Associated Press for the morning of Wednesday, October 10, 2007:

Chrysler, UAW Talk As Deadline Nears

DETROIT (AP) _ Negotiators for the United Auto Workers union and Chrysler LLC bargained through the night and continued talks Wednesday morning with just hours to go before a strike deadline. The UAW set an 11 a.m. deadline to reach a tentative agreement or have about 49,000 workers leave their jobs at 24 U.S. factories and other sites.

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U.S. Stocks Head Toward Lower Open

NEW YORK (AP) _ Wall Street headed for a moderately lower open Wednesday a day after stocks set fresh highs amid renewed speculation that interest rates could come down further. Stocks surged Tuesday after some investors read minutes from the Federal Reserve's last meeting as implying further rate cuts might be in the offing. The idea of another cut led the Dow Jones industrial average and the Standard & Poor's 500 index to new closing highs Wednesday.

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Alcoa Reports 3 Percent Rise in Profit

PITTSBURGH (AP) _ Alcoa Inc. ushered in earnings season by reporting a 3 percent profit rise despite slumping revenue, as the aluminum producer's sale of a stake in a Chinese aluminum company helped lift results. The sale and other cash-generating moves helped lead Alcoa, the first Dow Jones component to report third-quarter earnings, to expand its stock repurchase program to 25 percent of its outstanding shares.

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Toyota Explores Japan Roots at Auto Show

TOKYO (AP) _ Toyota is getting philosophical and exploring its Japanese roots at the Tokyo Motor Show, which opens later this month. A single-seat vehicle packed with sensors and a car designed to blend harmoniously with nature are among the futuristic-looking "concept," or experimental, models Toyota Motor Corp. is readying for the biannual exhibition. The show opens to the public Oct. 27, but reporters got a sneak peek of several models that will be on display.

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Heating Costs Seen Jumping This Winter

NEW YORK (AP) _ Almost all Americans will pay a lot more to heat their homes this winter, even though temperatures are expected to be warmer than average. That's the sobering message from an Energy Department report Tuesday that estimates heating oil costs are likely to jump 22 percent and natural gas bills, on average, will rise 10 percent between October and March. And while the National Oceanic and Atmospheric Administration forecast a milder than average winter in most parts of the country, the agency also predicted Tuesday that temperatures will be 1.3 percent colder than last year.

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Oil Prices Slip After Big Overnight Gain

VIENNA, Austria (AP) _ Oil prices slipped Wednesday in anticipation of increased U.S. crude inventory levels, after rising sharply in the previous session on U.S. government predictions that a colder winter ahead will help lift worldwide demand for crude during the fourth quarter. In a monthly report, the U.S. Energy Department's Energy Information Administration estimated global demand for oil will be 1.8 million barrels a day higher in the fourth quarter than it was during the same period last year. The report follows a prediction last Thursday from the U.S. National Oceanic and Atmospheric Administration that temperatures in the U.S. will be 1.3 percent colder than last year, although they'll be 2.8 percent warmer than average.

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Coors/SABMiller to Combine US Operations

MILWAUKEE (AP) _ The nation's second and third-largest brewers, Miller and Coors, are planning to blend their U.S. operations to help them compete in a struggling U.S. industry and against its leader, Anheuser-Busch. The deal, announced Tuesday, will place almost 80 percent of the U.S. beer market in the hands of just two companies, the new MillerCoors and Anheuser-Busch, making it a likely target for a tough antitrust review.

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Fed Minutes: Rate Cut in Sept. 'Prudent'

WASHINGTON (AP) _ Worried that a jarring credit crunch would stifle the economy, Federal Reserve policymakers at their September meeting felt compelled to act aggressively in lowering a key interest rate for the first time in over four years. Fed policymakers unanimously agreed to slash interest rates by one-half percentage point to 4.75 percent, calling it "the most prudent course of action," according to minutes of the Sept. 18 meeting released Tuesday.

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P&G CEO Says Company Reviewing Portfolio

CINCINNATI (AP) _ The Procter & Gamble Co. is reviewing its brand portfolio with an eye toward possible sales of some businesses, its chief executive told shareholders Tuesday. "We'll continue to shift P&G's portfolio toward fast-growing, high-margin businesses," said A.G. Lafley, chairman and chief executive officer.

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ConAgra Stops Pot Pie Plant Production

OMAHA, Neb. (AP) _ ConAgra Foods Inc. voluntarily stopped production Tuesday at the Missouri plant that makes its Banquet pot pies after health officials said the pies may be linked to 139 cases of salmonella in 30 states. ConAgra officials believe the company's pies are safe if they're cooked properly, but the Omaha-based company told consumers Tuesday not to eat its chicken or turkey pot pies until the government and company investigations are complete.

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Gold Prices

HONG KONG (AP) _ Gold closes at $740.55 an ounce in Hong Kong, up $10.40 from Tuesday's close.

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Japan Markets

TOKYO (AP) _ Japanese stock finished narrowly mixed Wednesday, as gains in retail sector offset a decline in bank shares.

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Dollar-Yen

TOKYO (AP) _ The dollar was almost flat against the yen Wednesday in Asia amid a lack of fresh market-moving factors.

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