AP Business NewsBrief at 11:02 p.m. EDT

Top online, Windows exec to depart Microsoftnews://newsclip.ap.org/[e-mail]

SEATTLE (AP) — Microsoft Corp. on Wednesday said the executive in charge of its Windows and Web operations is leaving the company. Kevin Johnson had served since 2005 as president of Microsoft's platforms and services division, which included the Windows operating system and Windows Live programs such as Web e-mail and instant messaging. The division also included online advertising, search and Microsoft's MSN sites.

Dissident actors could sway outcome of SAG talksnews://newsclip.ap.org/[e-mail]

LOS ANGELES (AP) — More than 30 actors dissatisfied with stalled contract talks said Wednesday they have joined to campaign for seats on the Screen Actors Guild's board of directors, a move that could eventually break the stalemate with Hollywood studios. The 31 actors running under the name Unite for Strength are challenging the leadership of guild president Alan Rosenberg and the faction that supports him, Membership First.

House OKs rescue for homeowners, Freddie, Fannienews://newsclip.ap.org/[e-mail]

WASHINGTON (AP) — Rescue legislation sailed through the House on Wednesday aimed at helping 400,000 strapped homeowners avoid foreclosure and preventing the collapse of troubled mortgage companies Fannie Mae and Freddie Mac. The 272-152 vote reflected a congressional push to send election-year help to struggling borrowers and to reassure jittery financial markets about the health of two pillars of the mortgage market.

Sallie Mae's 2Q profit falls 72 percentnews://newsclip.ap.org/[e-mail]

NEW YORK (AP) — Student lender SLM Corp., more commonly known as Sallie Mae, said Wednesday its second-quarter profit plunged 72 percent as funding costs remained high amid further weakening in the credit markets and the company took charges related to its restructuring. Net income fell to $266 million, or 50 cents per share, during the second quarter, from $966 million, or $1.03 per share, during the same quarter last year.

Stocks advance following sharp drop in oil pricesnews://newsclip.ap.org/[e-mail]

NEW YORK (AP) — Stocks advanced for the second straight session Wednesday as another decline in oil prices and several upbeat profit reports eased some of Wall Street's concerns about the economy. Investors expect that a sustained pullback in oil prices would give a crucial boost to the economy. Crude has retreated as oil investors have worried that high prices and a sluggish economy are reducing demand. The government reported Wednesday that domestic inventories increased last week as consumers curbed their energy use.

Minimum wage going up, little help as costs soarnews://newsclip.ap.org/[e-mail]

WASHINGTON (AP) — About 2 million Americans get a raise Thursday as the federal minimum wage rises 70 cents. The bad news: Higher gas and food prices are swallowing it up, and some small businesses will pass the cost of the wage hike to consumers. The increase, from $5.85 to $6.55 per hour, is the second of three annual increases required by a 2007 law. Next year's boost will bring the federal minimum to $7.25 an hour.

Oil drops below $125 for 1st time in over 6 weeksnews://newsclip.ap.org/[e-mail]

NEW YORK (AP) — Oil prices shed nearly $4 Wednesday, tumbling below $125 a barrel for the first time since early June on growing fears that high prices and the weak economy are destroying demand. Light, sweet crude for September delivery dropped $3.98 to settle at $124.44 a barrel on the New York Mercantile Exchange, crude's lowest finish since June 4. The August contract expired Tuesday at $127.95.

Amazon profit doubles, beats estimatesnews://newsclip.ap.org/[e-mail]

NEW YORK (AP) — Amazon.com Inc. showed Wednesday that it wasn't being hurt by economic weakness and high fuel prices, reporting second-quarter earnings that more than doubled and surpassed analysts' expectations. The Internet retailer also raised its full-year revenue projections. Sales were strong in several sections of Amazon's massive marketplace, and the company was helped substantially by a $53 million non-cash gain from the sale of European DVD rental assets.

Chrysler plans to cut 1,000 salaried jobsnews://newsclip.ap.org/[e-mail]

DETROIT (AP) — Chrysler LLC said Wednesday it will cut 1,000 salaried jobs worldwide by Sept. 30 as it tries to return to profitability amid a severe downturn in U.S. sales. The automaker announced the cuts in a letter to employees. Chrysler spokesman David Elshoff said the company hopes most of the cuts will be accomplished through early retirements, attrition and voluntary separation programs, but he said involuntary layoffs will be considered if the company fails to meet its targets.

Toyota outsells GM worldwide in first halfnews://newsclip.ap.org/[e-mail]

DETROIT (AP) — General Motors Corp., pummeled by falling U.S. sales and high gas prices, lost the global sales lead to Toyota Motor Corp. in the first half of this year, but the churning market makes it difficult to predict which automaker will end the year on top. Toyota sold 4,817,941 vehicles globally during the first six months of the year, company spokesman Hideaki Homma said Wednesday, beating GM by 277,532 vehicles. Toyota said its global sales rose 2 percent from the same period the year before, while GM's sales fell 3 percent.

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