Trade deficit balloons

America’s trade deficit expanded in July to $40.3 billion as imported goods from China and the quantity of overseas crude oil sold to the United States each hit record highs.

The latest snapshot of the country’s trade activity showed that the trade gap grew by 0.7 percent in July from June’s $40 billion imbalance, the Commerce Department reported Thursday. July’s trade deficit was slightly smaller than the $40.5 billion shortfall economists were predicting.

Real Estate

Mortgage rates slide

After a fairly steady upward climb since late June, mortgage rates edged down this week.

The average rate on 30-year mortgages declined to 6.16 percent for the week ending Sept. 12, compared with last week’s 6.44 percent, Freddie Mac reported Thursday in its weekly nationwide survey.

For 15-year fixed-rate mortgages, a popular option for refinancing, rates fell to 5.46 percent from 5.77 percent. Rates for one-year adjustable mortgages dipped to 3.87 percent from 3.98 percent.

Manufacturing

Sauer sets dividend

Sauer-Danfoss Inc. announced Thursday that its board of directors had declared a cash dividend of 7 cents per share for the third quarter ended Sept. 28. The dividend is payable on Oct. 15 to stockholders of record as of Sept. 26.

Sauer-Danfoss operates a manufacturing plant in Lawrence.

Wall Street

Campbell’s profit up

Campbell Soup Co. reported a 35 percent profit increase for the latest quarter on Thursday as improved results from its North American beverage and sauce divisions and its international operations offset a decline in North American soups.

But the company said its earnings for the first fiscal quarter and all of fiscal 2004 would be lower than analysts expected.

For its fourth fiscal quarter ended Aug. 3, the firm earned $74 million, or 18 cents per share, up from $55 million, or 13 cents per share, for the same period last year. That was a penny per share above expectations of analysts surveyed by Thomson First Call.

Legislation

Media ownership vote slated for Monday

Senators opposed to new media ownership rules pressed their attack on Thursday, hoping to build on victories in the House and the courts and roll back changes they said would give giant media companies too much control.

The critics, led by Sens. Byron Dorgan, D-N.D., and Trent Lott, R-Miss., were pushing a measure that would halt changes of rules governing ownership of newspapers and television and radio stations. The Senate is expected to vote Monday on the resolution.