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Oil prices tumble in biggest weekly drop ever

The price of oil recorded its biggest weekly drop ever, and a gallon of gas finally pulled back from its record high. So is it time to declare the energy bubble popped?- 12:30 AM

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Citigroup posts $2.5B loss, but beats expectations

Citigroup has become the latest big bank to quell Wall Street's worries about a financial sector implosion, posting a $2.5 billion second-quarter loss that was smaller than expected.- 7:05 PM
Product Recalls: smoked salmon spread

The following recall has been announced:- 4:00 PM
Argentina's president drops export tax hike

President Cristina Fernandez canceled a widely protested farm export tax hike on Friday following months of protest and a stunning rejection by the Senate.- 4:25 PM
Qantas Airways to cut 1,500 jobs worldwide

Qantas Airways Ltd., Australia's flagship carrier, said Friday it will slash 1,500 jobs worldwide and abandon plans to create 1,200 more as it tries to deal with skyrocketing fuel costs.- 3:24 AM
AP Executive Morning Briefing

The top business news from The Associated Press for the morning of Friday, July 18, 2008:- 5:18 AM
Teva to buy Barr Pharma for more than $7 billion

Teva Pharmaceutical said Friday it will buy rival generic drugmaker Barr Pharmaceuticals for nearly $7.5 billion in a move that will boost Teva's dominance as the world's biggest generic drugmaker.- 4:16 PM
AMD shares fall after CEO steps down, weak 2Q

Shares of Advanced Micro Devices Inc. fell at the market open Friday, a day after the chip maker reported the departure of Chief Executive Hector Ruiz and reported a wider second-quarter loss than analysts expected.- 9:49 AM
Oil rises above $131 a barrel in Asia

Oil rebounded to near $131 a barrel Friday in Asia as news of an output cut in Nigeria helped to halt the sharp decline in prices that began three days ago.- 9:54 AM
ALL BUSINESS: Don't count on ailing-dollar bailout

Federal rescue plans are all the rage in Washington right now, for what seems to be everything but the dollar. The U.S. currency is not going to get a bailout, even though its steep decline is feeding inflation and straining the economy.- 12:52 PM
Web sites give voyeurs view of neighborhood safety

I have no reason to feel unsafe in my neighborhood, but I appear to be surrounded by dozens of people convicted of everything from theft and sex crimes to public drunkenness and speeding.- 3:15 PM
Tomato scare ending; fears linger for many people

The tomato scare may be over, but it has taken a toll - it's cost the industry an estimated $100 million and left millions of people with a new wariness about the safety of everyday foods.- 9:30 PM
Platinum falls to 5-month low on slowing economy

Platinum prices fell to a five-month low Friday as a sagging U.S. economy and a push to build smaller cars prompt automakers to buy less of the metal used in catalytic converters.- 5:30 PM
Chinese oil giant Sinopec warns of profit fall

Chinese oil giant Sinopec says its first-half profit will fall more than 50 percent from the same period last year due to government controls that limit its ability to pass on record-high crude costs to consumers.- 3:24 AM
Crude prices help lift Schlumberger 2Q profit

Oilfield services provider Schlumberger Ltd. opened the petroleum sector's midyear earnings period on a strong note Friday, reporting a nearly 13 percent jump in profit driven by robust spending among customers searching for new sources of crude and natural gas.- 6:35 PM
Mattel's 2Q profit falls sharply, but tops view

Mattel Inc. said Friday its second-quarter profit fell by nearly half as higher costs offset strong sales of toys related to summer movies like "Kung Fu Panda" and the latest Batman film and the benefit from the weaker dollar.- 6:45 PM
Honeywell 2Q profit rises 18 pct, boosts view

Second quarter earnings rose 18 percent at Honeywell International Inc. and the diversified manufacturer raised its 2008 forecast Friday as its global reach helped buffer the company from the deep woes faced by the U.S. economy.- 6:35 PM
Sony Ericsson profit tumbles, plans to cut 2K jobs

Mobile phone maker Sony Ericsson on Friday posted a 97 percent drop in second-quarter earnings and said it would slash 2,000 jobs worldwide in a move to cut costs.- 12:52 PM
FDA declares it's OK to eat tomatoes again

It's OK to eat all kinds of tomatoes again, the U.S. government declared Thursday - lifting its salmonella warning on the summer favorites amid signs that the record outbreak, while not over, may finally be slowing.- 7:04 AM
WTO publishes trade ruling against China

The World Trade Organization made public its first official condemnation of Chinese commercial practices on Friday, releasing a February ruling that sided with the United States, the European Union and Canada in a dispute over car parts.- 4:20 PM

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