AP Executive Morning Briefing

The top business news from The Associated Press for the morning of Thursday, May 1, 2008:

Consumer may get benefits from a Fed rate pause

WASHINGTON (AP) _ While the Federal Reserve's aggressive drive to lower interest rates appears to be over, there could be benefits for consumers in other places _ like some relief from soaring gasoline and food costs. "With the Fed on hold and the dollar firming, oil and gasoline and food prices may all top out some time in the next few months," said Mark Zandi, chief economist at Moody's Economy.com.

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AT&T launches TV service on new phones, rivaling Verizon

NEW YORK (AP) _ AT&T Inc. is launching its new video service for cell phones Sunday on two phones, and will charge $15 per month for 10 channels. AT&T Mobile TV is almost identical to Verizon Wireless' V Cast Mobile TV, and is operated by the same company, Qualcomm Inc. AT&T will have two exclusive channels on the service, it said Thursday.

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Oil rises as dollar drops after Fed interest rate cut

SINGAPORE (AP) _ Oil prices rose in Asian trading Thursday as the dollar weakened after the U.S. central bank cut its key interest rate. The U.S. Federal Reserve said Wednesday it would cut the federal funds rate by a quarter percentage point to 2 percent. Early in Asia, the dollar lost ground against both the euro and yen, although it began to stabilize and strengthen later in the day.

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Starbucks looks to international stores to fuel earnings

SEATTLE (AP) _ Starbucks Corp. is dialing back expectations for its U.S. stores in light of economic uncertainty but has a three-year plan for snazzy new drinks and future profit growth fueled by aggressive international expansion. As expected, the company said Wednesday its fiscal second-quarter profit sank 28 percent as U.S. consumers responded to rising food and gas prices by making fewer latte runs.

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Costs, weaker economy drive Las Vegas Sands to 1Q net loss

LAS VEGAS (AP) _ Las Vegas Sands Corp. plans to win back gamblers in Macau and is banking on strong growth from its new resort in Las Vegas after intense competition abroad and dwindling tourism at home led the casino giant to an $11.2 million loss in the first quarter. The casino company run by billionaire Sheldon Adelson saw its shares fall nearly 9 percent in after-hours trading Wednesday on word of the quarterly loss, which equaled 3 cents per share, compared with a profit of $90.9 million, or 26 cents per share, a year earlier.

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Cable, satellite and ... Sezmi? Startup wants in on pay TV

NEW YORK (AP) _ A startup is betting that people are tired enough of their cable and satellite bills to take a look at an alternative pay TV system that combines a number of different technologies to deliver programming. Silicon Valley-based Sezmi Corp. is revealing a system Thursday that amounts to a way for phone companies and local TV broadcasters to team up for an end run around satellite and cable. Technical trials are starting shortly, with full-blown commercial trials in some markets, yet unnamed, later this year.

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Federal judge sets formula for Internet music royalties

SAN FRANCISCO (AP) _ A federal court on Wednesday established a formula for determining the Internet royalties owed to thousands of music composers, writers and publishers by three major online services _ Yahoo Inc., AOL and RealNetworks Inc. The American Society of Composers, Authors and Publishers hailed the decision, estimating the guidelines could yield as much as $100 million in payments covering a seven-year period ending in 2009.

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House to approve anti-genetic discrimination bill

WASHINGTON (AP) _ Genetic testing can make it easier to determine a person's risk of debilitating diseases like cancer and Alzheimer's, but many people worry that it also makes them targets for insurance rate increases and job loss. A bill expected to pass Congress overwhelmingly and be signed into law by President Bush should provide some relief by prohibiting insurance and job discrimination by companies using genetic information.

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Economy grows by only 0.6 percent in first quarter

WASHINGTON (AP) _The bruised economy limped through the first quarter, growing at just a 0.6 percent pace as housing and credit problems forced people and businesses alike to hunker down. The country's economic growth during January through March was the same as in the final three months of last year, the Commerce Department reported Wednesday. The statistic did not meet what economists consider a definition of a recession _ which is a contraction of the economy. This means that although the economy is stuck in a rut, it is still managing to grow, even if slightly.

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GM loses $3.3 billion in first quarter; lowers sales outlook

DETROIT (AP) _ Bowing to grim reality, General Motors Corp. followed Ford's lead and cut its U.S. sales forecast Wednesday after a tough first quarter that saw a $3.3 billion loss. But unlike Ford, GM faces more unknowns that could complicate its North American turnaround and drag down strong results overseas, including a strike at supplier American Axle, the protracted bankruptcy case of its former parts division, Delphi Corp., and unresolved labor talks in Canada.

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Gold Prices

LONDON (AP) _ Gold bullion opened Thursday at a bid price of $875.70 a troy ounce, up from $872.40 late Wednesday.

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Japan Markets

TOKYO (AP)_ Japanese shares fell Thursday as investors sold banking stocks after the U.S. Federal Reserve cuts its key interest rate. The benchmark Nikkei 225 Stock Average index shed 83.13 points, or 0.6 percent, to 13,766.86.

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Dollar-Yen

TOKYO (AP) _ The dollar fell slightly against the yen Thursday in Asia after a widely expected cut in the key U.S. interest rate came with no clear indication that the Federal Reserve is ready to end the cycle of reductions. The dollar was quoted at 103.72 yen midafternoon in Tokyo, down from 104.17 yen late Wednesday in New York.

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