Oil, gas decline
From our wire services
The price of oil fell to $104.37 per barrel as the prospect of the Federal Reserve pulling back on stimulus measures hung over the market. At the pump, the average price of a gallon of gasoline fell 1 cent to $3.60. That's down 3 cents during the past week.
Americans borrowed more in June to buy cars and attend schools. But they were frugal again with their credit cards, as many remain wary of
taking on high-interest debt. Consumers increased their borrowing $13.8 billion in June from May to a seasonally adjusted $2.85 trillion, the Federal Reserve said.
Samsung Electronics Co. has applied for U.S. and South Korean trademarks for a watch that connects to the Internet in the latest sign that consumer technology companies see wearable devices as the future of their business. Samsung described "Samsung Galaxy Gear" as
a wearable digital electronic device in the form of a wristwatch, wrist band or bangle.
BP owes $130M
A federal magistrate ordered BP to pay more than $130 million in fees to the court-supervised administrator of its multibillion-dollar settlement with Gulf Coast businesses and residents after the company's 2010 oil spill. The ruling comes as BP tries to temporarily block claims payments while former FBI Director Louis Freeh investigates allegations of misconduct by an attorney who worked on the settlement program.
Toyota is recalling 342,000 Tacoma midsize pickup trucks because the front seat belts can malfunction. The recall affects 2004 to 2011 Access Cab models with a small door to the rear passenger compartment.
In the April-June period,
187 million Android phones accounted for 79 percent of worldwide shipments, up from 69 percent a year ago. IDC said shipments of iPhones also grew, by 20
percent to 31 million. But market share fell to 13 percent from nearly 17 percent.
Wal-Mart has agreed to improve safety conditions for employees who use trash compactors and cleaning chemicals at more than 2,800 stores as part of a settlement agreement with the Labor Department. The retail giant has also agreed to pay a $190,000 fine to fix hazards discovered during an inspection at a store in Rochester, N.Y.
China announced it has fined six milk suppliers, including Mead Johnson and New Zealand's Fonterra, a total of $108 million for price-fixing after an investigation that shook the country's fast-growing dairy market. China is reeling from a separate recall of milk supplies from Fonterra this week due to possible contamination.
Botulism threat ends
The chief executive of New Zealand dairy giant Fonterra said the risk that people could contract botulism from infant formula made with the company's whey concentrate has ended. Theo Spierings said that all supplies of potentially contaminated infant formula have now been removed from the international market. He said there was almost no more risk for consumers.
The European Union is pressing ahead with an investigation of whether China unfairly helps its solar panel makers with government subsidies. The European Commission, the 28-nation bloc's executive arm, had only days ago agreed to a settlement over China's alleged practice of selling its panels below cost, a practice known as dumping.