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AP Executive Morning Briefing

AP - Saturday, July 5

The top business news from The Associated Press for the morning of Friday, July 4, 2008:

G-8 leaders face ominous economic woes this year

SAPPORO, Japan (AP) _ Between surging oil prices, food inflation and a credit crunch that's depressed global growth, leaders from the Group of Eight economic powers face the gravest combination of economic woes in at least a decade when they gather next week. The outlook has darkened dramatically since last year's summit in Germany, when the leaders declared the global economy was in "good condition" and oil cost $70 a barrel _ which seemed high at the time.

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Chrysler looks at auto alliance with Chinese

BEIJING (AP) _ Chrysler LLC, looking for foreign partnerships to help drive its business as U.S. sales slump, announced a deal with China's Great Wall Motor Co. on Friday to study sharing technology, components and distribution. Chrysler, the smallest of the three major U.S. automakers, is trying to expand sales in the fast-growing Chinese market and has a deal with China's Chery Automobile Co. to produce a low-cost model for sale under its Dodge brand.

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Asia markets mixed as Nikkei falls again

HONG KONG (AP) _ Asian markets were mixed Friday as investors digested uneven readings on the U.S. economy and more record oil prices. Japan posted its 12th straight day of losses. Indonesia's main index rebounded after selling off nearly 4 percent the prior session. Hong Kong and Australia equities also were higher.

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Oil steady above $145 in Asia on Saudi declaration

BANGKOK, Thailand (AP) _ Oil prices remained near record highs above $145 a barrel in Asia after Saudi Arabia's oil minister suggested his country doesn't plan to boost production. Light, sweet crude for August delivery was up 23 cents at $145.52 a barrel in Asian electronic trading on the New York Mercantile Exchange, midafternoon in Singapore. Crude futures rose to $145.85, a record high, in New York on Thursday before settling at a record finish of $145.29 a barrel.

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Farmers say salmonella scare has hurt tomato sales

FRESNO, Calif. (AP) _ Expect fewer slices of red, ripe tomatoes next to the grill this holiday weekend. With a salmonella scare causing many customers to shun what's normally a summertime favorite, tomato farmers nationwide have had to plow under their fields and leave their crop to rot in packinghouses.

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Japan's ANA may purchase Airbus A380

TOKYO (AP) _ All Nippon Airways Co. is studying buying about five Airbus superjumbo A380s or other aircraft for long-haul routes, the Japanese carrier said Friday. The nation's No. 2 airline set up a panel Thursday to decide which jets to buy, ANA spokeswoman Nana Kon said.

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American Airlines workers brace for job cuts

DALLAS (AP) _ Many more job cuts, likely totaling more than 6,000, are likely at American Airlines as the nation's largest airline hunkers down and tries to survive record high fuel costs. American notified its flight attendants union on Wednesday that it will cut up to 900 jobs starting Aug. 31, but that appears to be the tip of the iceberg.

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Australia's Origin Energy rejects BG's $13B bid

MELBOURNE, Australia (AP) _ Origin Energy Ltd., Australia's second largest power retailer, rejected a $13 billion takeover bid Friday from British natural gas producer BG Group. BG Group last month launched a hostile bid of 15.50 Australian dollars per Origin share, almost four weeks after Origin rejected an unsolicited proposal from BG Group at the same price. That was revised up from an initial offering of 14.70 Australian dollars a share in April.

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9 convicted in Austria fraud case

VIENNA, Austria (AP) _ Nine people were convicted Friday of criminal charges in a major Austrian bank fraud case linked to the collapse of U.S.-based commodities brokerage Refco Inc. Vienna Federal Judge Claudia Bandion-Ortner found the defendants responsible for 1.4 billion euros ($1.9 billion) in losses at BAWAG, Austria's No. 4 bank.

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62,000 jobs lost, off nearly half-million for year

WASHINGTON (AP) _ The nation lost jobs for a sixth month in a row in June, a storm of pink slips drenching this year's July Fourth holiday for more than 60,000 Americans and leaving thousands more worried about the future. Weighed down by energy prices and the housing crisis, employers laid off workers in stores, factories and forsaken building sites.

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Japan Markets

TOKYO (AP) _ Japan's key stock index extended its longest slide in more than a half-century, as record oil prices intensified concerns over the impact on corporate earnings and consumer demand. The benchmark Nikkei 225 Stock Average lost 27.51 points, or 0.21 percent, to 13,237.89.

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Dollar-Yen

TOKYO (AP) _ The yen was holding steady against the dollar Friday at 106.74.

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A service of The Associated Press. Copyright 2008 All rights reserved.

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