National business briefs

SEC looks into Countrywide CEO's stock sales

The Securities and Exchange Commission is examining stock sales of the chief executive of Countrywide Financial Corp., the nation's largest mortgage lender, a person familiar with the matter said. The informal SEC inquiry of stock sales by CEO Angelo Mozilo has been underway for a while, the person said, speaking on condition of anonymity because the probe has not been made public. Mozilo sold about $130 million in Countrywide stock in the first half of the year through a prearranged trading plan.

Apple will allow third-party iPhone programs

In an apparent about-face, Apple Inc. will allow third-party applications to work directly on the iPhone, Chief Executive Steve Jobs said in a posting on the company's website. Apple infuriated developers and some iPhone users when it issued a software update Sept. 27 that disabled unofficial programs installed on the handsets. Until Wednesday, Apple had tried to control which applications consumers had on their iPhones. Now, Jobs said the company intends to release a software development kit in February that will let coders create applications to work directly on the iPhone and the iPod Touch.

IMF projects robust global economic growth

The global economy should grow soundly this year and next, although the persistence of a credit crunch that has unnerved financial markets worldwide could throw a wrench in the works. In its latest World Economic Outlook, the International Monetary Fund projected that the global economy would grow by 5.2 percent this year and moderate to 4.8 percent in 2008. The forecast for this year -- which didn't change from a projection issued in July -- would be slightly slower than last year's brisk 5.4 percent global growth.

Oil prices back off for first time in 7 sessions

Oil futures retreated from their record prices, ending lower after government data showing larger-than-expected gas and oil supplies outweighed worries about tension in northern Iraq. Trading was volatile throughout the session as oil futures were buffeted by a number of headlines, including news that Turkey's parliament approved a government plan to attack Kurdish rebels in northern Iraq and word of an explosion at a small refinery in Montana. Light, sweet crude for November delivery fell 21 cents to settle at $87.40 a barrel on the Nymex. It was crude's first price decline in seven sessions.

Times shares sink after Morgan Stanley sells

Shares of the New York Times Co. fell after news that a dissident investor who had been pushing for changes at the family-controlled company sold a 7.2 percent stake. Hassan Elmasry, a fund manager at Morgan Stanley Investment Management, sold the fund's entire stake in the Times, ending a two-year standoff with management, a person familiar with the matter said, speaking on condition of anonymity. The Times' shares fell 43 cents, or 2.3 percent, to close at $18.48, a 52-week low.