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BUSINESS BRIEFING
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Industry officials said the loans, which are twice the amount authorized in last year's energy bill, are a top priority when Congress returns next month because of the declining fortunes of Detroit's automakers and tightening credit markets.
Auto industry officials have argued that the loan program would not represent a bailout, but would be similar to aid lawmakers have given to Wall Street investment banks and struggling mortgage firms.
"We don't see it as a bailout. We see it as government assistance to help retooling tied to the production of these advanced technology vehicles," said Alan Reuther, legislative director for the United Auto Workers union.
BRITAIN
Growth Halted in Second Quarter
The British economy stagnated in the second quarter, ending the nation's longest stretch of economic growth in more than a century.
Gross domestic product was unchanged from the previous quarter, the Office for National Statistics said, compared with a previous estimate for growth of 0.2 percent. Economists had expected a 0.1 percent expansion. Growth was 1.4 percent from a year earlier, the weakest since 1992.
The report, which showed the biggest drop in investment in 23 years, adds pressure on the Bank of England to set aside inflation concerns and cut interest rates.
TELECOM
Embarq to Cut 500 to 700 Jobs
Telecommunications provider Embarq said it will cut between 500 and 700 jobs and eliminate about 300 contract positions as it deals with a continued loss of telephone customers.
The Overland Park, Kan.-based company said the job cuts will all come from its Network Services organization, which installs and maintains its network. The cuts are part of the company's attempts to bring down costs, it said.
Embarq, the nation's fourth-largest traditional telephone company, with service in 18 states, has experienced a double-whammy as customers drop wireline phones for wireless and Internet telephone services while the slowdown in new housing reduces the number of new customers.
ENERGY
