Business briefs 6/14/07

Federal panel rejects weight-loss drug

WASHINGTON -- Federal health advisers unanimously rejected a weight-loss drug Wednesday after hearing testimony that it increases the risk of suicidal thoughts, even in patients without a history of depression. The manufacturer, Sanofi-Aventis SA, further failed to show the drug rimonabant is safe, the panel said. The back-to-back, 14-0 votes by the expert panel made it unlikely the Food and Drug Administration will approve the drug. The agency usually follows its panel's advice, but it isn't required to do so. In studies, patients given the once-daily tablet reported twice as many psychiatric side effects, including depression, anxiety and sleep problems, than those who received sham treatment.

Wal-Mart saying little about shoplifting

NEW YORK -- Shoppers at Wal-Mart stores across America are loading carts with merchandise -- maybe a flat-screen TV, a few DVDs and a six-pack of beer -- and strolling out without paying. Employees also are helping themselves to goods they haven't paid for. The world's largest retailer is saying little about these kinds of thefts, but its recent public disclosures that it is experiencing an increase in so-called shrinkage at its U.S. stores suggests that inventory losses due to shoplifting, employee theft, paperwork errors and supplier fraud could be worsening. The hit is likely to rise to more than $3 billion this year for Wal-Mart Stores Inc., which generated sales of $348.6 billion last year, according to a retail consultant.

Futures for gas, oil jump after report

NEW YORK -- Gas and oil futures jumped Wednesday on a government report that raised concerns that refiners aren't producing enough gasoline to meet peak summer demand. In its weekly inventory report, Energy Department's Energy Information Administration said gasoline stockpiles were unchanged last week and refinery utilization fell. Analysts had expected solid increases in both measures. Imports of refined gasoline also declined. As a result, some analysts think prices at the pump are about to stop falling. Light, sweet crude for July delivery jumped 91 cents to settle at $66.26 a barrel on the New York Mercantile Exchange, while gasoline for July rose 2.03 cents to settle at $2.1553 a gallon.

Automakers hope to lower labor costs

DETROIT -- General Motors, Ford and Chrysler will seek labor cost reductions that put them on par with their Asian rivals during summer contract talks with the United Auto Workers, officials of the three automakers said Wednesday. Ford Motor Co. and Chrysler Group officials who asked not to be identified told The Associated Press of their plans to secure concessions on wages that have left them at a competitive disadvantage.

-- From wire reports