AP Executive Morning Briefing-The top business news from The Associated Press for the morning of Monday, April 14, 2003:
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Postwar Spending Boom May Not Materialize BOSTON (AP) - Last fall, the prospect of war took much of the blame for corporate America's unwillingness to spend money, as uncertainty about the effect on oil prices, stock markets and budget deficits crippled the economy. But hope reigned that when the conflict was resolved, companies would commence previously postponed projects, resuming capital spending and lifting the whole economy. Now, many aren't so sure.
Poll Finds Opposition to More Tax Cuts WASHINGTON (AP) - With the country at war and facing budget deficits, six in 10 Americans say this is not the time for more tax cuts, an Associated Press poll finds. Still, half say their taxes are too high. The poll, taken in the days before Tuesday's tax-filing deadline, found that 61 percent say it would be better to hold off on additional tax cuts now to avoid making budget deficits worse and ensure there is adequate money to pay for the war.
Machinists at Lockheed Plant to Strike FORT WORTH, Texas (AP) - Members of the union representing about 4,000 workers at Lockheed Martin Corp.'s Texas aircraft manufacturing plant took to the picket line early Monday, hours after rejecting a contract offer and voting to strike. At 12:01 a.m., as Lockheed Martin Aeronautics' contract with Machinists Local 776 expired, about 20 people began picketing outside the plant. Calls to the union's office were not immediately returned.
Immigrants Make Use of IRS Tax ID Numbers SAN FRANCISCO (AP) - Ernesto Cuellar filed his taxes this year not just to report what he made from his $9-an-hour job as a house painter, but also, he hopes, to speed his path to becoming a legal resident of the United States. Cuellar submitted his federal return using an increasingly popular tax number issued by the Internal Revenue Service to people who can't get Social Security numbers. Many, like Cuellar, are undocumented immigrants, causing concern among critics of U.S. immigration policy.
Restoring Iraq's Economy May Take Years CAIRO, Egypt (AP) - Saddam Hussein took a wealthy, thriving country and drove it into the ground. Restoring Iraq's economy will take years, analysts say, even with the world's second-largest proven oil reserves. The hurdles are formidable: bombed-out roads, bridges, buildings; offices stripped by looters; outdated and corroded facilities in polluted oil fields; fallow farm fields ruined by waterlogging and salinity.
IMF, World Bank to Assess Iraq's Needs WASHINGTON (AP) - Fact finders from the International Monetary Fund and the World Bank will go to Iraq to assess the hugely expensive costs of reconstruction as soon as it is safe to do so. The finance ministers on the policy-setting committees of the IMF and World Bank "made it very clear that this is what they had in mind," World Bank President James Wolfensohn said Sunday, when weekend meetings of the two organizations ended.
World Bank Urges Lower Trade Barriers WASHINGTON (AP) - Global poverty can be cut in half by 2015 if rich countries lower trade barriers and increase foreign aid, the World Bank said Sunday. Poor countries can help themselves by investing more in health and education, the bank said.
Fed Official Sees Moderate Economic Rise PHILADELPHIA (AP) - The U.S. economy will experience moderate growth by year's end, but no sharp postwar rebound, the chairman of the Federal Reserve Bank of Philadelphia predicted Sunday in his annual forecast. Anthony M. Santomero expects the economy to be growing at 3 percent to 4 percent by the end of the year and into 2004 as businesses start to fill depleted inventories and rehire workers.
Venezuelan Oil Output Hits 3.2M Barrels CARACAS, Venezuela (AP) - Venezuela's oil production has risen to its highest level since before a two-month strike crippled operations, the energy minister said Sunday. Rafael Ramirez said Venezuela was pumping 3.2 million barrels a day, up slightly from 3.1 million at the end of March. Venezuela's output quota determined by the OPEC oil cartel is 2.8 million barrels a day.
Gold Prices LONDON (AP) - Gold bullion opened Monday at a bid price of $325.50 a troy ounce, down from $326.60 late Friday.
Japan Markets TOKYO (AP) - Japan's benchmark stock index hit a 20-year low for a second straight session Monday on concern that corporate pension funds were dumping shares. The U.S. dollar was higher against the Japanese yen.
Dollar-Yen TOKYO (AP) - The dollar traded at 120.64 yen on the Tokyo foreign exchange market Monday, up 0.86 yen from late Friday.
Last modified: April 14. 2003 4:38AM