AP Money Minute: AOL Radio, Oil, Ford

BusinessAP Money Minute: AOL Radio, Oil, FordAP Money Minute: AOL Radio, Oil, FordThe Associated PressAOL is revamping its popular online radio service, adding streams from all 140 CBS-owned stations. AP's Mark Hamrick reports on that and the rest of Tuesday's top business headlines. (June 10)AP Money MinuteA retreat in oil prices failed to keep investors from fretting over the effect of high energy costs on the U.S. economy.Light, sweet crude futures, which traded above $137 a barrel early in the day, dropped back below $132 on reports of a stronger dollar and the U.S. government reducing its oil consumption forecast. And although investors got some temporary relief from oil's steady rise, their long-term concerns remain that high energy costs could stymie consumer spending and overall economic growth. -------------------------------Ford investors flocked to Kirk Kerkorian's offer to buy 20 million additional shares of the company for about $170 million, a move that will help the billionaire investor increase his stake in the automaker to about 5.5 percent. Kerkorian's Tracinda Corp. says its tender offer of $8.50 a share drew overtures of more than 1 billion of the company's shares, or nearly half of Ford's outstanding stock. Analysts said the enthusiastic response was not surprising given the trajectory of Ford's stock price in recent weeks. ----------------------------------AOL is revamping its popular online radio service, adding streams from all 140 CBS-owned stations Much is at stake for AOL, which is looking for new ways to boost revenues from online music streaming, which has yet to become profitable. The addition of CBS stations will bring a number of highly rated news, talk and sports channels to the portal. CBS will also use its vast advertising sales force to sell all ads across the AOL radio service.I'm Mark Hamrick with AP Money Minute(****END****)