AP Executive Morning Briefing
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(AP) - The top business news from The Associated Press for the morning of Thursday, Sept. 13, 2007:
Mattel CEO Pledges to Improve Toy Safety
WASHINGTON (AP) _ Acknowledging that "we are by no means perfect," Mattel Inc. CEO Robert Eckert said Wednesday the company could have done a better job overseeing subcontractors in China that produced more than 21 million recalled toys. The Consumer Product Safety Commission embraced Democrats' calls for more money after years of cutbacks to the beleaguered agency. "This situation cannot continue," said Nancy Nord, the CPSC's acting chief.
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SEC Charges 4 More Former Nortel Execs
TORONTO (AP) _ The U.S. Securities and Exchange Commission has charged four more former Nortel Networks Corp. executives with accounting fraud, alleging they manipulated reserves to change Nortel's earnings statements on the orders of more senior officers of the Canadian networking equipment maker. The U.S. stocks regulator said Wednesday it had filed civil fraud charges against Douglas Hamilton, Craig Johnson, James Kinney and Kenneth Taylor, the former vice presidents of finance for Toronto-based Nortel's optical, wireline, wireless and enterprise business units.
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Oil Prices Retreat From Record High
SINGAPORE (AP) _ Oil prices dropped Thursday as traders took profits after U.S. crude stocks fell and drove oil futures in the previous session above $80 a barrel for the first time ever. Light, sweet crude for October delivery lost 13 cents to $79.78 a barrel in Asian electronic trading on the New York Mercantile Exchange by mid-afternoon in Singapore.
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North Dakota's Corn Crop Forecast Good
BISMARCK, N.D. (AP) _ Hard red spring wheat has always been king in North Dakota, but this year corn is stealing the crown. The Agriculture Department is forecasting the state's 2007 corn crop at a record 279 million bushels, up 2 percent from the August forecast and 80 percent above last year's crop. The spring wheat crop is projected at 238 million bushels.
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Study: World Bank Probers Need PR Help
WASHINGTON (AP) _ A siege mentality prevails at a World Bank unit that investigates allegations of misconduct and corruption in bank-financed projects, an independent panel says. It recommends the group reach out to other departments and outside advisers to deal with its problems. The panel said the bank's Department of Institutional Integrity, known as INT, must play a central role in the bank's effort to promote economic development and reduce poverty.
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IMF Sees Australian GDP Up 4.4 Percent
SYDNEY, Australia (AP) _ Australia's economy is well positioned to ride out the turbulence in world financial markets and will grow around 4.4 percent this fiscal year, the International Monetary Fund said Thursday. The country's gross domestic product will rise 4.4 percent in the fiscal year ending June 30, 2008, but growth may cool to 4.0 percent in the following year, the IMF said in its annual review of the economy, completed Aug. 29.
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China: Foreign Investment Up 12.8 Pct.
BEIJING (AP) _ Foreign investment in China rose 12.8 percent to $42 billion in the first eight months of this year, the Commerce Ministry said Thursday, despite new limits on investment in real estate and acquisitions of Chinese companies. Investment growth from January to August was down slightly from the 12.9 percent increase reported through July.
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Mortgage Rejection Rates Higher in 2006
WASHINGTON (AP) _ Applicants for home mortgages were turned down for loans at a slightly higher rate in 2006 than the previous year and significant disparities continued to exist between white applicants and minority applicants, the government reported Wednesday. In its annual look at mortgage practices among the nation's lending institutions, government regulators found the denial rate for all home loans was 29 percent last year, up from 27 percent in 2005.
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Gold Prices
LONDON (AP) _ Gold bullion opened Thursday at a bid price of $707.85 a troy ounce, down from $708.70 late Wednesday.
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Japanese Stocks Closed Mixed
TOKYO (AP) _ Japanese stocks were mixed Thursday as traders were jittery over the outlook for the government after Prime Minister Shinzo Abe announced his resignation a day earlier. The benchmark Nikkei 225 index inched up 23.59 points, or 0.15 percent, to 15,821.19 points on the Tokyo Stock Exchange.
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Dollar-Yen
TOKYO (AP) _ The dollar was trading at 114.44 yen at 4:50 p.m. Thursday, up from 114.26 yen late Wednesday in New York.
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