AP Top Business News At 1:32 a.m. EDT

Australia's St. George Bank agrees to Westpac bid

Tue, 13 May 2008 04:28:27 GMT

SYDNEY, Australia (AP) -- St. George Bank on Tuesday agreed to an 18.6 billion Australian dollar ($17.5 billion) takeover offer from Westpac Banking Corp. that would create Australia's biggest bank and be one of the country's largest corporate deals....

Chinese bourses suspend quake zone firms

By ELAINE KURTENBACH — Tue, 13 May 2008 04:31:36 GMT

SHANGHAI, China (AP) -- Chinese shares fell Tuesday and the country's two stock exchanges suspended trading in 66 companies based in the region hit by a major earthquake in an effort to minimize potential disruptions to financial markets....

Stocks up as oil price drop eases inflation fears

By TIM PARADIS — Mon, 12 May 2008 21:53:48 GMT

NEW YORK (AP) -- Wall Street rallied Monday as oil prices fell back and alleviated some of investors' concerns about accelerating inflation. The Dow Jones industrials gained 130 points....

Old gas pumps can't handle ever-rising prices

By JOHN K. WILEY — Tue, 13 May 2008 05:32:33 GMT

REARDAN, Wash. (AP) -- Mom-and-pop service stations are running into a problem as gasoline marches toward $4 a gallon: Thousands of old-fashioned pumps can't register more than $3.99 on their spinning mechanical dials....

Tribune's Newsday deal is one step in easing debt

By SETH SUTEL — Mon, 12 May 2008 20:44:58 GMT

NEW YORK (AP) -- Tribune Co.'s $650 million sale of Newsday is an important step toward alleviating its debt burden - for this year....

HP has eye on IBM as it discusses EDS acquisition

By MICHAEL LIEDTKE — Tue, 13 May 2008 04:34:57 GMT

SAN FRANCISCO (AP) -- Having seized the lead in personal computer sales worldwide, Hewlett-Packard Co. is stalking the technology services market for its next conquest....

Former CEO asks AIG to postpone annual meeting

By KRISTEN A. LEE — Tue, 13 May 2008 01:59:20 GMT

NEW YORK (AP) -- Maurice R. Greenberg, the former chief executive and largest individual shareholder of AIG, says the insurer is "in crisis" and urged it to postpone its annual meeting in the wake of its massive first-quarter loss, according to regulatory filing Monday....

Mortgage cos. reveal damage from housing crisis

By STEPHEN BERNARD — Mon, 12 May 2008 20:38:47 GMT

NEW YORK (AP) -- Broad damage in the mortgage industry was in full view Monday as a number of companies posted dismal first-quarter earnings, but there were also some hope that the worst of the housing crisis is over....

Sprint Nextel 1Q deficit widens, fewer subscribers

By DAVID TWIDDY — Mon, 12 May 2008 20:42:37 GMT

KANSAS CITY, Mo. (AP) -- Sprint Nextel Corp.'s Dan Hesse had little good news to share Monday on the eve of addressing his first shareholder meeting as chief executive of the troubled wireless carrier....

Crude falls after hitting new record above $126

By STEVENSON JACOBS — Mon, 12 May 2008 20:22:32 GMT

NEW YORK (AP) -- Oil prices briefly spiked to a new record above $126 a barrel Monday but ended the day lower as investors cashed in profits and an earthquake in China raised the possibility of a drop in demand....