Alaska House OKs gas pipeline license

The Alaska State House of Representatives has approved a state license for a Canadian company to pursue a natural gas pipeline project that could unlock 4.5 billion cubic feet of North Slope gas reserves daily.

Utilities say grid can handle rechargeable cars

Which draws more juice from the electric grid, a big-screen plasma television or recharging a plug-in hybrid car?

Gupta removed as InfoGROUP chairman

Database provider InfoGROUP Inc. said Tuesday it has removed founder Vin Gupta as chairman, citing excessive corporate expenditures and expense reimbursements.

• Dolphin's anti-InfoGROUP site
• InfoUSA Inc.

Oil extends decline, drops below $128

Oil prices slipped further Wednesday after tumbling more than $3 a barrel in the previous session as a hurricane looked likely to spare key oil installations in the U.S. Gulf of Mexico.

Carlyle Group's bid for Chinese company ends

U.S. private equity firm Carlyle Group's bid to invest in a Chinese construction equipment maker has ended without a purchase, the Chinese company said Wednesday, following multiyear talks that stirred nationalist opposition.

• Carlyle Group

Alaska House OKs gas pipeline plan for North Slope

Alaska's House of Representatives has approved a company's plan to pursue a natural gas pipeline that could unlock 4.5 billion cubic feet of gas reserves a day.

Blackwater looks to rebuild name on other fronts

The world over, guns for hire are known as "Blackwater guys" - and that's the reason Blackwater Worldwide wants to move beyond the business of private security contracting.

• Summary Box: Blackwater looks to rebuild name
• Private Security Company Association of Iraq
• Joseph Neff's Blog: Blackwater Current

Stocks jump as crude drops $3 a barrel

Wall Street shook off early doldrums and closed sharply higher Tuesday after another drop in oil prices encouraged investors to set aside financial sector worries and go bargain hunting across the market. The Dow Jones industrial average rose more than 130 points.

• New York Stock Exchange
• Nasdaq Stock Market

Airlines think cutbacks could bring back profits

New travel fees mean hundreds of millions of dollars a year for beleaguered airlines, and executives say they need them more than ever as fuel costs continue to suck profits out of the industry. Plane tickets, it seems, now come with only the bare bones promise of getting from Point A to Point B.

Investors question financial sector rebound

Surprisingly large second-quarter losses at Wachovia Corp. and Washington Mutual Inc. have quickly revived concerns that the financial sector still has a long way to go before it recovers from the year-old credit crisis.

Rescue of mortgage giants could hit $25 billion

A federal rescue of Fannie Mae and Freddie Mac could cost taxpayers $25 billion, congressional budget experts said, as the House scheduled a Wednesday vote on legislation that would tap the mortgage giants' profits to cover any losses from saving 400,000 homeowners from foreclosure.

• Fannie and Freddie: Getting to know powerful pair
• Paulson says financial stability is top priority

AP IMPACT: Traffic deaths fall as gas prices climb

Rising prices at the gas pump appear to be having at least one positive effect: Traffic deaths around the country are plummeting, just as they did during the Arab oil embargo three decades ago.

• National Safety Council
• National Governors Highway Safety Association
• National Highway Traffic Safety Administration

Flight with 7 congressmen makes emergency landing

A Continental Airlines flight carrying former presidential candidate Ron Paul and six other members of Congress to Washington, D.C., made an emergency landing in New Orleans on Tuesday after a loss in cabin pressure.

Washington Mutual reports 2Q loss of $3.3 billion

Washington Mutual Inc. said Tuesday it lost a staggering $3 billion during the second quarter as the nation's largest savings and loan increased its loss reserves to more than $8 billion to cover souring loans in its mortgage portfolio.

UnitedHealth profit drops but tops estimates

Health insurers battered by rising costs and employer benefits cuts caught a break Tuesday when UnitedHealth Group beat Wall Street expecations and saw its stock jump nearly 8 percent, even though it reported a sharp drop in second-quarter profit.

Summary Box: Blackwater looks to rebuild name

BUILDING BLACKWATER: Former Navy SEAL Erik Prince founded Blackwater Worldwide with initial plans to provide training to law enforcement and military.

UPS reports 2Q profit decline, lowers outlook

Customers are using UPS shipping services within the U.S. less amid a slumping U.S. economy and soaring fuel prices. The company's international business was affected as imports into the country declined in the second quarter.

AP source: Ford to retool truck lines to make cars

Ford Motor Co. plans to revamp some U.S. plants and bring six small vehicles to the U.S. market from overseas to meet customers' growing demand for more fuel-efficient options, a person briefed on the company's plans said Tuesday.

Supervalu 1Q profit up 9 percent, cuts 2009 view

Grocer Supervalu Inc. cut its 2009 profit guidance on Tuesday, citing a slowdown in consumer spending and soaring energy costs, even as it said profit rose 9 percent in its fiscal first quarter.

Fannie and Freddie: Getting to know powerful pair

Behind their down-home names, Fannie Mae and Freddie Mac are so vital to the economy that the government scrambled to offer them a lifeline. But what exactly are they, and what do they do?

• Freddie Mac
• Fannie Mae

Treasurys lower on Plosser comments, drop in oil

Treasury prices dropped Tuesday as Federal Reserve Bank of Philadelphia President Charles Plosser said the central bank will need to boost interest rates "sooner rather than later" to fend off inflation.

Paulson says financial stability is top priority

Treasury Secretary Henry Paulson spent another day stumping for the U.S. banking system, declaring Tuesday that his top priority was ensuring "stability and confidence in our markets and financial institutions."

Commodities slump after crude, corn turn lower

Commodities mostly fell Tuesday as oil skidded lower and corn dropped below $6 a bushel, suggesting the commodities boom may be losing momentum as the slowing world economy saps demand for energy and raw materials.

Booming oil means record 2Q sales for Halliburton

Halliburton's second-quarter profit fell about 67 percent from a year ago, when it recorded a nearly $1 billion gain from its split with former subsidiary KBR, but the oilfield services provider posted record revenue and said prospects look good for the remainder of 2008.

Wachovia loses $8.9B, cuts 6,350 workers, dividend

Wachovia Corp. reported a surprisingly large second-quarter loss Tuesday, deflating Wall Street's hopes that the nation's big banks are weathering the credit crisis well. The bank said it lost $8.86 billion, is slashing its dividend and eliminating 10,750 positions after losses tied to mortgages soared.