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After vote win, Greek leaders face pressure to restart talks
ATHENS, Greece (AP) — Despite triumphing in a popular vote against austerity, Greece's leaders Monday faced the urgent need to heal ties with European creditors and reach a financial rescue deal to prevent it from falling out of the euro — possibly within days.
Prime Minister Alexis Tsipras won big in Sunday's referendum, with 61 percent of voters rejecting the economic measures creditors had proposed in exchange for loans Greece needs to remain afloat. He also received the rare backing of opposition parties to restart bailout negotiations.
Chinese small investors look for way out of stocks
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BEIJING (AP) — Shares in big state companies soared Monday after promises of government action to halt a slide in Chinese stock prices but many others sank as jittery small investors tried to cut their losses.
The market benchmark closed up 2.4 percent but still was down 27 percent from its June 12 peak. That came after a group of 21 state-owned brokerages pledged Saturday to buy stocks. On Sunday, the central bank promised more credit to finance trading. Regulators have reduced the number of planned share sales to ease fears of a glut.
Don't twist that Oreo: Cookie gets skinny, 'sophisticated'
NEW YORK (AP) — Oreos are getting a skinny new look, and its maker says the new cookie is a "sophisticated" snack for grown-ups that isn't meant to be twisted or dunked.
Mondelez International Inc. says it will add "Oreo Thins" to its permanent lineup in the U.S. starting next week. The cookies look like regular Oreos and have a similar cookie-to-filling ratio, except that they're slimmer. That means four of the cookies contain 140 calories, compared with 160 calories for three regular Oreos.
No more 'roar' as famed trading pits come to an end
NEW YORK (AP) — Pete Meegan had every intention of going back to college, but then he got a summer job in the Chicago trading pits and fell in love with the "roar" of the floor, the excitement of "4,000 people yelling, 'Buy! Buy! Buy!'" and decided no more classroom for him.
That roar will soon go silent. On Monday, most futures pits in Chicago and New York, where frenzied buying and selling once helped set prices on cattle and corn, palladium and gold, and dozens of other commodities, are expected to close for good. Traders yelled and shoved and flashed hand signals, just as they did in the movie "Trading Places." But now the computer — faster, cheaper and not nearly as noisy — has taken over.
What's next, as Greece stumbles toward euro exit
FRANKFURT, Germany (AP) — Greece is at the last chance saloon, thirsty and out of credit. Next stop could be the badlands of euro exit.
Without a deal on more bailout loans, the heavily indebted country faces looming financial hurdles in the coming days.
If it stumbles, it could leave the shared currency in a chaotic mess. A resounding "no" vote in a referendum Sunday on the tough conditions attached to more loans leaves Athens at odds with its main creditors — the other eurozone governments, led by Germany.
Growth in US services firms rises in June
WASHINGTON (AP) — U.S. service firms grew at a slightly faster pace in June, as business activity and new orders increased.
The Institute for Supply Management said Monday that its services index edged up to 56 in June from 55.7 in May. Any reading over 50 indicates that services firms are expanding.
Steady hiring over the past year has fueled a consumer spending rebound from a winter slump. Many economists say the economy will expand at an annual rate of 2.5 per cent in the second quarter, after shrinking during the first three months of 2015.
Sears' REIT goes public as others consider similar moves
NEW YORK (AP) — Seritage Growth Properties, the real estate spinoff of Sears Holdings Corp., made its debut Monday on the New York Stock Exchange and estimated that it had raised about $1.6 billion from the offering.
Sears, which is dealing with slumping retail sales, formed the real estate investment trust to extract more revenue from its properties. It plans to sell and lease back about 235 properties, most of them Sears and Kmart stores, to the REIT.
Sears expects to raise $2.6 billion in proceeds from the REIT buying those properties.
$333K in settlements for 6 pepper-sprayed Occupy protesters
NEW YORK (AP) — The city has agreed to pay a total of $332,500 to six Occupy Wall Street protesters who said police unjustly blasted them with pepper spray in an episode that helped propel the movement into the spotlight.
The settlements, reached in recent weeks, range from $52,500 to $60,000 per person in cases arising from Occupy's early days in September 2011. They're among a number of payouts the city has OK'd over its handling of the protests against economic inequality while fighting some other claims.
Honda chief: Product development needs more time for quality
TOKYO (AP) — To illustrate his vision for a turnaround at recall-slammed Honda, Takahiro Hachigo, the new chief executive, showed video footage set to a light-hearted 50s-style rock music of happy people with Honda products, like a lawn mower and the Asimo walking robot.
But that kind of almost nostalgic look back was close to summarizing what he offered.
Atlantic City betting big on non-gambling attractions
ATLANTIC CITY, N.J. (AP) — Atlantic City's efforts to recapture some of the tourism dollars it has lost to casino competition in recent years finally appear to be working.
Nine years ago, the city's casinos started realizing they needed to offer more than just gambling if they still wanted visitors. They doubled down on expensive investments like additional hotel towers, restaurants, swimming pools, spas, shopping, nightclubs and concert venues.
Starbucks: Prices for some drinks to go up by 5 to 20 cents
NEW YORK (AP) — Starbucks is raising prices again starting Tuesday, with the increases ranging from 5 to 20 cents for most affected drinks, the company said.
The Seattle-based company also raised prices nationally about a year ago.
A small and large brewed coffee will each go up by 10 cents in most areas of the country, Starbucks says. That would bring the price of a large coffee to $2.45 in most U.S. stores.
Farm use of drones to take off as US loosens restrictions
CORDOVA, Md. (AP) — Agricultural use of drones is about to take off in the U.S. after being grounded for years by the lack of federal guidelines.
The small, relatively inexpensive vehicles could replace humans in a variety of ways: transmitting detailed information about crops to combines and sprayers, directing them to problem spots and cutting down on the amount of water and chemicals that a farmer needs to use in those areas.
The Association for Unmanned Vehicle Systems International, a trade group, says agriculture could account for 80 percent of all commercial drone use.
Amazon pushes Prime service with day of deals
NEW YORK (AP) — Amazon is trying to lure more subscribers to its $99 Prime loyalty program by pushing a day of discounts it calls "Prime Day" during the sleepier summer shopping season.
The e-commerce retailer plans to offer thousands of deals on July 15 in the nine countries that have the Prime loyalty program, including the U.S., U.K., Spain, Japan, Italy, Germany, France, Canada and Austria.
Italian surveillance company hacked, documents stolen
LONDON (AP) — An Italian surveillance firm known for selling malicious software used by police bodies and spy agencies has succumbed to a cyberattack, the firm's spokesman said Monday, confirming an embarrassing breach which sent documents and invoices ricocheting across the Internet.
Hacking Team spokesman Eric Rabe said in a written statement that the company was the victim of an "online attack."
Hacking Team's headache began late Sunday, when its Twitter account was apparently hijacked and began posting screenshots of what were purported to be internal company emails and details of secret deals with various world governments.
By The Associated Press=
The Dow Jones industrial average fell 46.53 points, or 0.3 percent, to 17,683.58. The Standard & Poor's 500 index gave up 8.02 points, or 0.4 percent, to 2,068.76. The Nasdaq composite lost 17.27 points, or 0.3 percent, to 4,991.94.
Benchmark U.S. crude fell $4.40 Thursday to close at $52.53 a barrel in New York. Brent crude, a benchmark for international oils used by many U.S. refineries, fell $3.78 to close at $56.54 in London. Wholesale gasoline fell 11 cents to close at $1.924 a gallon. Heating oil fell 13.1 cent to close at $1.709 a gallon. Natural gas fell 6.6 cents to close at $2.756 per 1,000 cubic feet.