Business News at 1:30 p.m.

Business News at 1:30 p.m.

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TOP STORIES:

NATIONAL SUMMIT

DETROIT — The country’s economic troubles already were brewing when organizers announced in September that business and other leaders would gather here to craft a plan for keeping the U.S. competitive in manufacturing, energy, technology and environmental efforts. But few predicted the plunge to follow: Banks failed, stocks tanked, homes foreclosed and two once-mighty U.S. automakers landed in bankruptcy court. Congress has poured billions into hopeful fixes, and the new president has made it a personal mission to right the nation’s ship. By Business Writer Jeff Karoub.

WALL STREET-WEEK AHEAD

NEW YORK — The summer slowdown is setting in on Wall Street. The stock market has been drifting, stalling a three-month rally, and analysts say investors need to see more concrete signs of economic growth before they’ll take stocks higher. By Sara Lepro.

INDUSTRY:

HISPANIC GROCERIES

NORCROSS, Ga. — After moving to the U.S. 10 years ago, Juana Carabarin still wanted to cook Mexican food for her family but often didn’t have time to go to specialty shops for the ingredients. Now the Publix grocery near her home carries corn husks for tamales, chilis in the spice aisle, chorizo and queso fresco in the refrigerator case and some branded items. Several major chains are expanding their specialty offerings to capture business from Latinos. By Business Writer Sarah Skidmore.

AP Photos: FLWL601-604, 606-610, GAJB201-202.

PIZZA AND MORE

LOUISVILLE, Ky. — Papa John’s is betting the store on keeping its eye on the pie — even as two larger competitors load their plates with pasta with pasta or sandwiches to boost sales in the slumping economy. By Business Writer Bruce Schreiner.

AP Photos.

BOX OFFICE

LOS ANGELES (AP) — Hollywood is nursing another big hangover. The Warner Bros. comedy “The Hangover” hauled in $33.4 million to remain the top box-office draw for a second-straight weekend. The tale of a Vegas bachelor party gone to extremes raised its total to $105.4 million after 10 days in theaters.

MARKETS and the ECONOMY:

STRESS MAP-FACTORY TOWNS

BURLINGTON, N.C. — Tim Holt was among those who wove fabric and prosperity here for generations, until the textile factories left town in a global manufacturing shift that the rest of the country hardly seemed to notice. Holt and other residents in this former industrial town of 50,000 know their community began its tailspin long before sub-prime mortgages failed and stocks plunged. Yet the Associated Press Economic Stress Index shows that smaller industrial cities like Burlington have been among the hardest hit in today’s economic crisis. Unlike counties hurt by the housing crisis, their prospects for rebounding are dim. By John Moreno Gonzales.

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AP Photos NY313-320.

With:

BC-STRESS MAP-FACTORY TOWNS-GLANCE

TECHNOLOGY & MEDIA:

AP IMPACT: SHOPPERS’ GAMBLE

UNDATED — Every time you swipe your credit card and wait for the transaction to be approved, sensitive data including your name and account number are ferried from store to bank through computer networks, each step a potential opening for hackers. And while you may take steps to protect yourself against identity theft, an Associated Press investigation has found the banks and other companies that handle your information are not being nearly as cautious as they could. The government leaves it to card companies to design security rules that protect the nation’s 50 billion annual transactions. But the rules are cursory at best and all but meaningless at worst. By Technology Writer Jordan Robertson.

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AP Photos of June 11: MR201-202. AP Graphic CREDIT CARDS.

WASHINGTON:

MELTDOWN OVERHAUL

WASHINGTON (AP) — President Barack Obama is ready to roll out an overhaul of the intricate rules and systems that govern America’s troubled financial institutions, proposing the most ambitious revision since the Great Depression. The goal is to prevent a recurrence of the economic crisis that erupted in the United States and exploded last fall with devastating consequences still reverberating around the world.

BIDEN STIMULUS

WASHINGTON (AP) — Vice President Joe Biden said Sunday that “everyone guessed wrong” on the impact of the economic stimulus, but he defended the administration’s spending designed to combat rising joblessness. Biden said inaccuracies in unemployment predictions should not undercut the White House’s support of the $787 billion economic revival plan that has not met the expectations of President Barack Obama’s team. Instead, the vice president urged skeptics to look at teachers who kept their classroom assignments and police officers who kept their beats because of financial assistance from Washington.

INTERNATIONAL:

FRANCE-EADS-A400M

PARIS (AP) — EADS CEO Louis Gallois said he hopes the fate of Europe’s troubled A400M military transport plane will be resolved by the end of 2009, ending months of agonizing and costly uncertainty. In comments held for release until Sunday, Gallois said he expects the first A400M flight around the end of the year, when governments could decide whether or not to continue with the program.

FRANCE-AIR SHOW

LE BOURGET, France (AP) — The Paris Air Show opens Monday under a morose, uneasy cloud. Already reeling from the global recession, the aviation industry gathering in the city where Air France Flight 447 should have landed only two weeks ago has been shaken by the still unexplained crash.