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In Brief

Economic news can't keep oil prices from skidding

Some of the economic news was a little better on Tuesday, but it was not enough to keep oil prices from dropping again.

Benchmark crude for October delivery lost $2.78 to settle at $71.92 a barrel on the New York Mercantile Exchange.

At the pump, the national average for unleaded regular gasoline on Tuesday was $2.677 a gallon, according to AAA, Wright Express and Oil Price Information Service. That's about half a cent less than a month ago and 6.7 cents higher than a year ago.

In Las Vegas on Tuesday, a gallon of regular self-serve unleaded gasoline averaged $2.807, AAA said in its Daily Fuel Gauge Report.

The price is down 1.6 percent from $2.852 a month ago, AAA said, but up 3.4 percent from $2.714 a year ago.

JPMorgan Chase to shut down its proprietary trading desks

JPMorgan Chase & Co. is shutting down its proprietary trading desks and eliminating about 80 jobs to comply with new restrictions on investment banks, a source familiar with the situation said on Tuesday.

The source spoke to The Associated Press on condition of anonymity because JPMorgan Chase isn't formally announcing the move.

The overhaul of U.S. financial regulations signed into law in July limits proprietary trading in which an investment bank trades on its own accounts for its own profit, rather than on behalf of clients.

The source says JPMorgan Chase is responding by phasing out proprietary desks that trade stocks, bonds and commodities. The desks are in several locations around the globe, including London and New York. Roughly 80 employees out of a total 29,000 staff in JPMorgan Chase's investment banking operations will lose their jobs.

WASHINGTON

Minutes show Fed standing ready to boost economy

Federal Reserve officials signaled at their August meeting that they would consider going beyond a modest program to purchase government debt if necessary to boost the economy.

Minutes of the Fed's discussions from the Aug. 10 meeting show the central bank recognized that the economy could need further stimulus beyond the debt purchases. Those are intended to lower interest rates on a range of consumer and business loans.

The minutes, which were released Tuesday, did not spell out what new steps might be taken. But they do indicate that the officials focused attention on the modest move the Fed did take at the meeting, which would invest a small amount of proceeds from its huge mortgage bond portfolio in Treasury securities.

Some Fed officials argued that reinvesting proceeds from the Fed's holdings of mortgage securities "could send an inappropriate signal to investors about the committee's readiness to resume large-scale asset purchases," the minutes said.

DETROIT

Deals, incentives get scarcer for shoppers of new cars

For years, Americans shopping for cars were treated to all sorts of deals and incentives, especially at the end of summer. Think "Cash for Clunkers," which paid up to $4,500, or promotions that offered employee discounts to all.

Those days are over.

Deals are getting scarcer because automakers, newly lean and profitable, are holding the line on those profit-eating promotions. In July, they offered $1,000 less in incentives per car than a year earlier, according to Edmunds.com.

And with no one expecting the government to offer a repeat of the Clunkers program, get ready for fewer discounts on your next car.

"This may be as good as it gets, and get used to it," says Jeff Schuster, the executive director of forecasting for J.D. Power and Associates.

As a result, U.S. auto sales are at a standstill, with potential buyers waiting for more deals but automakers resisting. The industry expects this to be the worst August in 18 years, with sales barely over 1 million cars and trucks. Sales are expected to fall 3 percent from July, according to car-pricing website Truecar.com.

WASHINGTON

Commission won't seek fraud charges against Moody's

The Securities and Exchange Commission has declined to seek fraud charges against Moody's Investors Services over its ratings of risky investments that led to the financial crisis.

But the SEC said it decided against seeking civil charges only because it determined it lacked authority to charge a foreign affiliate of Moody's.

Instead, in a report on its investigation, the SEC warned all credit rating agencies that they could face charges if they mislead investors with deceptive ratings.

LOS ANGELES

Higher ratings at MTV push Viacom higher (Thanks, Snooki)

MTV is finally getting its mojo back, thanks to the tanned twentysomethings of "Jersey Shore."

Ever since its December debut, the show's buzz has been huge -- even making it into one of President Barack Obama's speeches. The July 29 start of the second season, shot in Miami, drew 5.3 million viewers, nearly quadruple the original opener. And audiences have been staying put ever since.

"Jersey Shore" is just one contributor to a ratings rebound that MTV has enjoyed since January. It marks MTV's first consistent gain in three years.

That's a big win for parent company Viacom Inc., as its movie studio Paramount Pictures has been paring down its slate. Higher ratings mean advertisers from fast-food chains to clothing retailers are lining up to get on board. Analysts say that should help boost the stock price in the months ahead.

MTV's ratings had been steadily declining as some of its reality shows such as "Real World," now in its 24th season, were getting old. But since the beginning of July, MTV's ratings are up 22 percent among its core audience of people ages 12 to 34, and ratings are up 15 percent in core demographics across key Viacom channels MTV, Comedy Central, Nickelodeon and TV Land.

ST. LOUIS

Exelon will pay $900 million for Deere wind energy assets

Energy company Exelon Corp. said Tuesday it will pay $900 million for the wind energy assets of manufacturer Deere & Co., potentially signaling an active merger and acquisition period ahead for the power industry.

With energy prices persistently low due to a grinding economic recovery, stakes in the power industry have begun to shift. Power generation facilities like Deere's massive wind farms are a bargain for big firms like Exelon who have cash on hand.

On Tuesday, Deere said the sale will let it focus on what it does best: building farm equipment. It once saw the wind business as an extension of its agricultural work, with projects located in rural areas.

Deere was involved in project management and financing, buying much of the hardware used in the wind projects from India's Suzlon Energy, one of the biggest suppliers in the world. Deere invested $1 billion over the past five years in the financing, development and ownership of wind energy projects.

LOS ANGELES

Amazon in talks to offer views of old films, shows

Amazon.com Inc. is talking with major media companies about offering unlimited views of older TV shows and movies online, in an attempt to stay relevant as consumers flock to Apple Inc.'s iTunes a la carte store and Netflix Inc.'s all-you-can-eat subscription plan.

The company has approached several companies, including Viacom Inc. and Time Warner Inc., two people familiar with the matter said Tuesday. They requested anonymity because the talks are ongoing.

The talks are at an early stage and focus on offering TV shows and movies that have been available on home video, according to one person.

An Amazon spokesman said the company cannot speculate on the future.

NEW YORK

'Madden' football game set to kick off on Facebook

Electronic Arts is bringing its popular "Madden" football game to Facebook. "Madden NFL Superstars" launches as a free application Tuesday.

The game lets players create fantasy teams featuring more than 1,500 current NFL players from this year's team rosters. The fantasy teams compete with one another on Facebook. Or, they can play against fantasy versions of the season's actual NFL teams.

Electronic Arts Inc. plans to make money from the game by letting players pay nominal amounts of money for better players and other game content. Those microtransactions are expected to add up, though the majority of players are expected to play the game without paying a dime.

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