AP Business NewsBrief at 9:32 p.m. EDT

MOUNTAIN OF DEBT: Rising debt may be next crisisnews://newsclip.ap.org/[e-mail]

WASHINGTON (AP) — The Founding Fathers left one legacy not celebrated on Independence Day but which affects us all. It's the national debt. The country first got into debt to help pay for the Revolutionary War. Growing ever since, the debt stands today at a staggering $11.5 trillion — equivalent to over $37,000 for each and every American. And it's expanding by over $1 trillion a year.

Communities bug out over cuts to mosquito controlnews://newsclip.ap.org/[e-mail]

Millions of mosquito eggs laid across southern Texas after Hurricane Ike hit the coast last summer are waiting for the little bit of rain and hot summer days they need to hatch. That's got the man whose job it is to fight the bugs worried — he's already running out of money. Lee Chastant and fellow bug battlers across the Gulf of Mexico in Florida, up the East Coast in Connecticut and on the Great Plains of South Dakota are predicting a bumper crop of the always annoying and sometimes deadly pests. And even in places where dwindling tax revenues haven't forced mosquito control budget cuts, they're concerned about keeping up with the summer swarm.

Job seekers seek solace with fellow faithfulnews://newsclip.ap.org/[e-mail]

BEVERLY, Mass. (AP) — Her fellow job seekers offer knowing groans as Diane Castro recalls the day she was laid off: The fear of being summoned to the front office. The phones in nearby cubicles going off like grenades. Finally, a ring at her desk. Every member of the unemployment support group meeting has their own story to share and encouragement to give. In twice monthly gatherings, they exchange tips on writing resumes, developing new contacts and making ends meet.

Airline BA to cut capacity, delay new planesnews://newsclip.ap.org/[e-mail]

LONDON (AP) — British Airways PLC announced Friday it will ground aircraft, slash seat numbers and postpone taking delivery of a dozen new Airbus A380 superjumbos as it faces a recession-driven decline in passengers. The airline said it carried 2.93 million passengers in June, 5 percent fewer than in June 2008.

China Investment buying stake in Teck Resourcesnews://newsclip.ap.org/[e-mail]

TORONTO (AP) — Mining company Teck Resources Ltd. said Friday it is selling a 17 percent stake to China Investment Corp. for 1.74 billion Canadian dollars ($1.5 billion) in a bid to reduce its debt. The Vancouver-based company said CIC, the world's largest commodity buyer, will buy 101.3 million class B voting shares for 17.21 Canadian dollars each. CIC will hold onto the stock for at least a year, said the mining company.

GM awaits judge's ruling on sale plannews://newsclip.ap.org/[e-mail]

NEW YORK (AP) — General Motors Corp. may have to wait out the long holiday weekend to learn if its bankruptcy plan is moving forward, after U.S. Judge Robert Gerber adjourned a three-day hearing without indicating when he will rule on GM's plan to sell its good assets to a new company. Gerber asked GM's attorneys to submit a proposed order that would be entered if the sale were to be approved. They said they would do so by Friday night or Saturday, July 4th. Gerber is expected to rule some time after that.

HealthSouth accuses Scrushy of hiding assetsnews://newsclip.ap.org/[e-mail]

BIRMINGHAM, Ala. (AP) — HealthSouth Corp. is accusing fired chief executive Richard Scrushy of hiding money in offshore bank accounts and transferring assets out of his name to avoid paying court judgments. Documents filed Thursday by the Birmingham-based rehabilitation chain claim Scrushy has told people that he has some $600 million in accounts outside the United States. They also ask a judge to freeze real estate assets that Scrushy has put in the name of others.

Much-needed tax refunds delayed from Ga. to Calif.news://newsclip.ap.org/[e-mail]

ATLANTA (AP) — Colin Daymude was out of work last year after his business failed and eagerly filed his taxes in mid-January, figuring he'd get his refund sooner. He was wrong. It took the 44-year-old entrepreneur more than six months to get his $1,300 check — money that he needed to pay living expenses while he worked a few side gigs.

The old is new again at Saturday Evening Postnews://newsclip.ap.org/[e-mail]

INDIANAPOLIS (AP) — The Saturday Evening Post, a centuries-old publication that helped make illustrator Norman Rockwell a household name and showcased some of America's greatest writers, is returning to its roots to show readers the value of a quiet read in an increasingly frenetic digital age. A redesign launching with its July/August issue combines the Post's hallmarks — art and fiction — with folksy commentary and health articles. The revamped Post promises a more relaxing option for people who are used to doing much of their reading online, or are simply tired of special-interest magazines crammed into tight niches.

Texas brewer, once near defeat, shines againnews://newsclip.ap.org/[e-mail]

SHINER, Texas (AP) — By all accounts, Shiner beer shouldn't have made it this long. The Spoetzl Brewery ferments its brew in a one-stoplight town that's not on the way to anywhere, and much larger regional brewers long ago succumbed to consolidation and the muscle of national brewers. For years, Spoetzl limped along with cast-off parts from other breweries and lingered on the brink of shutting down. But today, at 100 years of age, Shiner beers are more popular than ever, and it is the oldest and largest craft brewer in a state where people cling fiercely to their beer and to all things Texan.

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