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AP Financial NewsBrief at 4:40 a.m. EDT

Sony Ericsson posts loss, to cut 2,000 jobs

STOCKHOLM (AP) _ Mobile phone maker Sony Ericsson on Friday posted a euro293 million ($387 million) net loss in the first quarter on falling sales and said it would slash an additional 2,000 jobs to cut costs. The result was the third consecutive quarterly loss for the Sony Corp. and LM Ericsson AB joint venture, which reported a profit of euro133 million in the same period in 2008.

Asian markets gain on solid corporate results

HONG KONG (AP) _ Asian stock markets were mostly higher Friday as stronger-than-expected results from bellwether companies gave investors more reasons to hope the worst of the global recession was over. European markets were mixed in early trade. Most Asian markets followed Wall Street's overnight advance, with technology shares like Japan's Sharp and Toshiba among the day's best performers, as the region headed for its sixth straight week of gains. Oil prices and the dollar sank modestly.

Toshiba expects bigger FY loss, contract job cuts

TOKYO (AP) _ Toshiba Corp., Japan's top chipmaker, Friday said its net loss for the last fiscal year will be bigger than forecast due to a large write-off, and warned that more contract jobs will be cut. The company will cut 3,900 contract workers in Japan by March of next year, according to spokeswoman Hiroko Mochida. That is in addition to the 4,500 Japanese contract workers it previously said would be cut by last month.

Google's search for savings boosts 1Q profit 9 pct

SAN FRANCISCO (AP) _ The recession is prodding Google Inc. to grow up faster than a lot of people anticipated. With its revenue growth rapidly decelerating, Google has been clamping down on its expenses with a ferocity that seemed unthinkable a year ago when the Internet search leader was still known for its spendthrift ways. Besides pampering its rapidly expanding work force, Google rarely hesitate to invest in new products without worrying whether they would make money.

AP sources: UAW focusing on talks with Chrysler

DETROIT (AP) _ The United Auto Workers union has placed concession talks with General Motors Corp. on the back burner as it tries to reach a deal with Chrysler LLC before an April 30 government deadline, two people briefed on the negotiations said Thursday. The decision likely means that any deal with Chrysler will set the pattern for concessions granted to GM as both companies try to show the government they have cut costs enough to get more government loans.

YouTube boosts full-length movies, TV show lineup

LOS ANGELES (AP) _ Google Inc.'s YouTube said Thursday it is vastly expanding its library of full-length movies and TV shows it offers online, while also launching a new advertising service and adding about a dozen new content partners. The long-form videos will be housed on a unique page at http://www.youtube.com/shows and get a "Shows" tab on the main YouTube site. http://www.youtube.com/shows More suburbanites, hobbyists raise chickens

UNION, Mo. (AP) _ A sport utility vehicle loaded with 1,200 baby chicks in cardboard boxes pulls up to the Clearview Feed and Seed store, where customers come to pick up their peeping, cheeping poultry orders on a recent spring day. Poultry dealers, chicken feed businesses and self-proclaimed "chicken enthusiasts" nationwide report city slickers and suburbanites are showing greater interest in raising small flocks of chickens far from the farm.

New signs emerge that recession may be easing

WASHINGTON (AP) _ Housing construction unexpectedly plunged, the number of people receiving jobless benefits grew and JPMorgan Chase & Co. said its first-quarter profit dropped compared with last year. That was the bad news. But those same reports Thursday included some silver linings suggesting the recession may be easing.

JPMorgan Chase posts better-than-expected profit

NEW YORK (AP) _ JPMorgan Chase & Co.'s first-quarter profit wasn't as good as last year's, but it told investors what they wanted to hear: Banking isn't dead. JPMorgan became the third big bank in a week to release upbeat earnings news, reporting Thursday that it earned $2.14 billion for the January-March period, thanks to both strong trading activity and banking to consumers. The company's performance added to the evidence that the financial industry is starting to recover from the devastating losses caused by the credit crisis and the recession, even as banks still contend with rising loan defaults.

Zurich Financial to buy AIG US unit for $1.9B

CHARLOTTE, N.C. (AP) _ Insurer American International Group Inc. said Thursday it will sell its car insurance unit, 21st Century Insurance, to Zurich Financial Services Group for $1.9 billion. New York-based AIG is in the process of selling off a number of business units to help repay $182.5 billion in financial support from the government that it has received since September. The transaction is the largest divestiture by AIG since then.

GM preparing to make official bond exchange offer

DETROIT (AP) _ General Motors Corp. is preparing to launch a public bond-exchange offer soon so the company can start slashing its debt, even without an agreement from a committee representing large institutional bondholders. The Detroit automaker has been working on a plan to wipe out most of its $28 billion unsecured debt by June 1 to avoid bankruptcy.

DirecTV, Comcast fined for violating call rules

WASHINGTON (AP) _ Satellite television provider DirecTV Inc. and cable company Comcast Corp. will pay out a combined $3.2 million to settle claims that they broke the law by placing phone calls to people who had asked the companies not to call them again. It's the second time DirecTV has been hit with such a fine. The Federal Trade Commission made the announcement Thursday.

Air China suffers 2008 loss of $1.3 billion

BEIJING (AP) _ Air China Ltd., one of China's three major state-owned carriers, said Friday it lost 9.3 billion yuan ($1.3 billion) in 2008 due to surging fuel costs and wrong-way bets on fuel hedging contracts. Air China said it returned to profitability in the first quarter of 2009 but earnings were down 6 percent from the same time last year on weaker traffic.

Tech, financial stocks pull market higher

NEW YORK (AP) _ Investors are growing more confident that the bruised economy is starting to heal. Stocks closed at their highest level in more than two months Thursday as investors sifted through a mix of earnings and economic reports and found reason to be optimistic.

Mall operator files for bankruptcy protection

In its drive to become the second-largest owner of shopping malls in the nation, General Growth Properties Inc. racked up $27 billion in debt. At around 2 a.m. in Chicago on Thursday morning, the retail giant buckled under the weight. After months of tense negotiations with tightfisted lenders, General Growth filed for Chapter 11 bankruptcy in a bid to protect its 200-plus shopping malls including the Glendale Galleria in Southern California and the South Street Seaport in Manhattan.

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