heraldsun.com: business

Incomes drop sharply in July while spending slows
WASHINGTON -- Consumer spending slowed to a crawl and personal incomes plunged in July, reflecting the waning impact of $93 billion in economic stimulus payments.

Gas prices up as Gustav threatens Gulf refineries
NEW YORK -- Retail gas prices swung higher Friday -- the first increase in 43 days -- as analysts warned that a direct hit on U.S. energy infrastructure by Hurricane Gustav could send pump prices hurtling toward $5 a gallon.

•	Stocks end lower on personal income data
	Wall Street tumbled Friday after the government said personal incomes fell last month by the largest amount in nearly three years while consumer spending slowed. The Dow Jones industrial average more than 170 points, while a disappointing profit report from computer maker Dell Inc. weighed on the technology-heavy Nasdaq composite index.

•	Registration starts for Internet Summit '08
	Registration is under way for Internet Summit '08, an interactive conference on topics related to the Internet economy and technologies.

•	Freezer sales climb as food prices soar
	Once relegated to the dank corners of the basement, freezers are being embraced again by shoppers who are stashing bulk-sized purchases of meats, fruits and vegetables there as they work to combat rising food prices.

•	Dell 2Q profit drops 17 percent and stock plunges
	Slashing computer prices helped Dell Inc. boost sales in its fiscal second quarter, but the No. 2 PC maker's bottom line took a hit when efforts to cut costs failed to make up the difference.

•	Sears' 2Q profit drops 62 percent
	Beleaguered retailer Sears Holdings Corp. reported a hefty drop in second-quarter profit as sales slumped, despite a restructuring aimed at drawing back shoppers who've taken their checkbooks elsewhere.

•	Union leadership rejects Boeing contract offer
	Machinists union leadership has called for a strike after deciding Boeing's final contract offer isn't good enough. Connie Kelliher, a spokeswoman for the International Association of Machinists and Aerospace Workers District Lodge 751, says the union plans a news conference at 3 p.m. (1800 ET) to explain the union's objections.

•	Automakers face conflicting safety rules worldwide
	It seems like an easy solution: Americans are looking for more fuel-efficient vehicles, so Ford Motor Co. is bringing over some of the small, gas-sipping cars it's been selling to Europeans for years.

•	Jewelers look abroad to boost sales as US slows
	Rising sales in Asia and Europe boosted Tiffany & Co.'s second-quarter profit on Thursday, signaling that strong international demand for jewelry is helping offset U.S. economic weakness.

•	Even critics give Apple a pass on iPhone 3G woes
	First an iPhone price cut left early buyers feeling foolish, and then came reports that some iPods were spitting sparks. Now the new iPhone 3G has been marred by bugs, spotty service, disappearing programs for the device and a veil of secrecy over software developers trying to broaden its appeal.

•	CDC: Salmonella outbreak appears to be over
	The government said Thursday that the salmonella outbreak that sickened at least 1,440 people appears to be over, but its ultimate source may never be known, partly because of shortcomings in the nation's food safety system.

•	Federal agency issues warning on popular bassinet
	The federal Consumer Product Safety Commission is warning parents and caregivers to immediately stop using a popular brand of bassinet after the death of a second baby attributed to the product.

August 27

BB&T's CEO to retire Dec. 31
BB&T Corp. announced Wednesday that long-time CEO John Allison will retire Dec. 31. He will continue as chairman of the BB&T Corporation board of directors until Dec. 31, 2009.

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