REYKJAVIK, Iceland – The second richest man in Icelandic history has filed for bankruptcy, his spokesman said Friday.
Bjorgolfur Gudmundsson, the brewer-turned-billionaire and former owner of the West Ham soccer club, applied for bankruptcy protection at Reykjavik district court, 96 billion Icelandic kronur ($759 million) in debt, Asgeir Fridgeirsson said.
It is the largest bankruptcy filing in Icelandic history.
Gudmundsson was the elder half of a father-and-son pair of billionaires whose success was synonymous with the country's debt-fueled economic miracle. But their fortunes faltered when the Icelandic economy imploded last year under the impact of the credit crunch.
Gudmundsson, 68, and his son, 42-year-old Bjorgolfur Thor Bjorgolfsson, still Iceland's richest man, were major shareholders in Iceland's second largest bank, Landsbanki, which failed in October. Gudmundsson's holding company, Hansa, has since gone into liquidation and West Ham has been taken over by his creditors.
In December, Forbes magazine, which once rated his personal fortune at $1.4 billion, revised his net worth to zero.
Gudmundsson's son remains a billionaire.
It is not the first time the Gudmundsson has gotten into trouble. Already a successful shipping executive in the 1980s, he was charged with fraud and embezzlement in the aftermath of the 1985 collapse of his firm Hafskip. He was eventually found guilty on five minor counts and escaped a jail sentence, serving 12 months' probation.
CLEVELAND – The Boston Red Sox got the big bat they were looking for, acquiring All-Star slugger Victor Martinez from the Cleveland Indians on Friday.
The Indians received right-hander Justin Masterson and minor league pitchers Nick Hagadone and Bryan Price. The trade came shortly before the 4 p.m. EDT deadline to complete deals without waivers.
The 30-year-old Martinez has split his time at catcher and first base this season. The switch-hitter is batting .284 with 15 home runs and 67 RBIs.
Boston is second in the AL East behind the New York Yankees, but leads the wild-card race. Martinez leaves Cleveland a day before the Indians were to hold Victor Martinez Bobblehead Night at Progressive Field in their game against Detroit.
Martinez's deal was the second major trade in three days for the disappointing Indians, who sent Cy Young winner Cliff Lee to the Philadelphia Phillies on Wednesday for four prospects.
Cleveland, which began the weekend 12 games out of first in the AL Central, has slashed nearly $25 million in payroll by trading Lee, Martinez, third baseman Mark DeRosa, reliever Rafael Betancourt and first baseman Ryan Garko.
"When you don't perform or have good results, things are going to happen like this," Indians center fielder Grady Sizemore said. "It's start from scratch now."
Martinez will likely share catching duties in Boston with Jason Varitek and can fill in at first base and designated hitter.
The Red Sox did not give up Clay Buchholz, one of their top pitching prospects, for Martinez. But they did part with three quality arms in order to bolster their lineup.
The versatile Masterson was Boston's second-round pick in 2006. He went 3-3 with a 4.50 ERA in 31 appearances, including six starts for the Red Sox this season. The 6-foot-6 righty was a key part of the Red Sox's run to the playoffs a year ago, going 6-5 with a 3.16 ERA in 36 games after being called up from the minors.
The 23-year-old Hagadone, a 6-foot-5 lefty, has pitched sparingly since being drafted No. 55 overall by the Red Sox in 2007. He missed much of the 2008 season after having Tommy John surgery and has worked only 25 innings this year, going 0-2 with a 2.52 ERA at Class A Greenville.
Price was drafted 45th overall in 2008. The 22-year-old righty has struggled in his first two years of pro ball, going just 5-11 record with a 4.42 ERA in 31 outings.
This marked the second straight year the Red Sox made a splash at the July 31 trade deadline. Last season, they dealt away Manny Ramirez and got Jason Bay.
In 2004, the Red Sox also made a last-minute deal, trading away popular Nomar Garciaparra and acquiring Orlando Cabrera to play shortstop. Boston went on to win the World Series that year.
The Red Sox held a three-game lead in the AL East at the All-Star break, but a five-game losing streak on the ensuing road trip dropped them into second place behind the rival Yankees.
Boston has won only four of its last 12 games, has a losing record on the road and five of the starting nine are batting .250 or below.
Boston general manager Theo Epstein has already been active this month: He traded shortstop Julio Lugo to St. Louis for minor leaguer Chris Duncan, acquired first baseman Adam LaRoche from Pittsburgh for prospects and got outfielder Brian Anderson from the Chicago White Sox for infielder Mark Kotsay.
But a bigger deal, for Toronto ace Roy Halladay, fell apart when Boston refused to part with both Buchholz and reliever Daniel Bard.
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AP Sports Writer Jimmy Golen in Boston contributed to this report.

More recent "old school" or "demostyle" MOD music, although sample-based, continues the style of the chiptunes used in these intros; new compositions in this style can still be regularly found at www.chiptune.com or www.chip-on.com (new chiptunes from old computers/formats can be found here as well).
In the last couple of years, chip music has returned to modern gaming, either in full chip music style or using chip samples in the music. Games that do this in their soundtrack include Mega Man Battle Network, Seiklus, and Tetris DS.
NORFOLK, Va. – First lady Michelle Obama is calling military families "quiet heroes" and urging the public to support them.
Obama spoke Friday at a homecoming gathering at the Norfolk Navy base in Virginia. She said military families represent the best in our nation, who serve the nation in their own way when their loved ones are deployed.
The first lady suggested that local communities support their military families by helping with carpools, bringing them dinner, helping spouses get a job or keep a job, or providing pro-bono legal or mental-health services.
Obama also met separately with Navy leaders during her visit and thanked sailors for their service.
LONDON (AFP) –
Former England and Newcastle manager Sir Bobby Robson died on Friday at the age of 76 after a long battle with cancer.
Robson, whose first brush with the disease that would ultimately claim him was in 1992, led England to the World Cup semi-finals in 1990 before leaving to manage a host of top European clubs including PSV Eindhoven, Sporting Lisbon, Porto, Barcelona and finally his boyhood team Newcastle.
A statement issued on behalf of his family said: "It is with great sadness that it has been announced today that Sir Bobby Robson has lost his long and courageous battle with cancer.
"He died very peacefully this morning (Friday) at his home in County Durham with his wife and family beside him.
"Sir Bobby's funeral will be private and for family members only.
"A thanksgiving service in celebration of Sir Bobby's life will be held at a later date for his many friends and colleagues.
"Lady Robson and the family would very much appreciate it if their privacy could be respected at this difficult time."
Ipswich opened a book of remembrance for Robson ahead of Friday's friendly with Real Valladolid and a minute's silence was held during training at Newcastle, while the club's St James' Park stadium was opened for fans to lay tributes.
As a mark of respect, flags at the Civic Centre in Newcastle were lowered in tribute, while Barcelona, PSV Eindhoven and Ipswich all released statements expressing their sympathy to Robson's family and saluting his achievements with their teams.
As a youngster, Robson, born in County Durham, fell in love with football as he travelled with his father Philip and brother Ronnie 20 miles on the bus to watch the Newcastle team of the 1940s, which included the great Jackie Milburn.
Robson, whose father was a miner, had started to learn the same trade when he avoided a career underground by signing for Fulham, aged 17.
Through the 1950s and early 1960s he was a top midfielder with the London club and with West Bromwich Albion.
Robson was the first player to negotiate an image rights deal and was paid a fee of three guineas for his photo to appear on cigarette cards.
He won 20 England caps, and took part in the 1958 World Cup in Sweden.
His first managerial role came at Fulham, but he made his name during a successful reign at Ipswich from 1969 to 1982.
Under Robson's astute leadership, Ipswich - an unheralded provincial club - became one of the most feared teams in England and their boss earned a reputation as one of the gentleman of British sport.
Ipswich won the FA Cup in 1978, beating Arsenal 1-0 in the final, and enjoyed European glory for the first time in 1981 with victory over Dutch side AZ 67 Alkmaar in the UEFA Cup final.
A year later Robson was appointed England coach and, after missing out on qualification for the 1984 European Championships, he took England to the quarter-finals of the World Cup in 1986.
England's run in Mexico ended in controversial circumstances when Diego Maradona's infamous 'hand of god' goal and a brilliant solo effort handed Robson's team a 2-1 defeat.
"It wasn't the hand of God, it was the hand of a rascal," Robson said.
By the time England reached the 1990 World Cup in Italy, Robson had grown tired of the pressures of the job and revealed he would leave to take charge at PSV after the tournament.
He almost went out on a high as England, inspired by a young Paul Gascoigne, reached the last four for the first time since winning the competition in 1966.
A heart-breaking penalty shoot-out defeat to West Germany ended Robson's England reign, but he was to enjoy more success for the rest of his career.
With his reputation restored, Robson won the Dutch league twice with PSV, then went on to Sporting Lisbon and Porto in Portugal, where he won more championships.
A move to Barcelona in 1996 was perhaps the biggest job in his club career, and he led them to Spanish Cup and Cup Winners' Cup success in Europe before he briefly became general manager.
In 1999 he made a romantic return to Newcastle at the age of 66 but was unable to end the club's long wait for silverware.
Robson was knighted in 2002 but two years later Newcastle chairman Freddy Shepherd sacked him despite a fifth place finish in the Premier League the previous season.
His last job in football came in 2006 when he was a consultant to the rookie Republic of Ireland boss Steve Staunton.
Robson was first diagnosed with cancer in 1992 while working in Holland and when he was 62 a malignant tumour was detected in his head.
A routine check-up in February 2007 revealed more tumours on his lungs. This time they were inoperable.
He devoted his time to raising cash for the fight against cancer and launched the Sir Bobby Robson Foundation.
He finally admitted cancer was going to kill him, saying: "I have accepted what they have told me and I am determined to make the most of what time I have left.
"But then everyone has to go some time, and I have enjoyed every minute."
Sir Bobby is survived by his wife Lady Elsie and their three children, Andrew, Paul and Mark.
WASHINGTON – The Agriculture Department is helping struggling dairy farmers by raising the price paid for milk and cheddar cheese through a dairy price support program.
The department estimates the temporary increases, which will be in place until October, will boost dairy farmers' overall revenue by $243 million.
Agriculture Secretary Tom Vilsack said Friday that the price increase will provide immediate relief, helping to keep dairy farmers on the farm while they weather what he called "one of the worst dairy crises in decades."
Many dairy farms around the country have been in danger of closing as milk prices have hit lows and operational costs have skyrocketed, and lawmakers from high-producing dairy states have been pushing the department to temporarily boost the prices.
The price paid by dairy processors to farmers is set by the U.S. Department of Agriculture based on commodity markets that rise and fall with global demand. Dairies increased production when demand for U.S. milk exports soared last year, but once the global recession accelerated last fall, demand dropped and farmers were left with too much milk and too many cows. Wholesale prices crashed.
The Agriculture Department has otherwise tried to buoy wholesale prices recently by releasing 200 million pounds of excess powdered milk to schools, food banks and needy countries to reduce U.S. supply and by accelerating payments to farmers.
Vilsack has said the department is reviewing dairy policy to determine what changes are needed to reduce price volatility and enhance farmer profits.

The cost and quality of hotels are usually indicative of the range and type of services available. Due to the enormous increase in tourism worldwide during the last decades of the 20th century, standards, especially those of smaller establishments, have improved considerably. For the sake of greater comparability, rating systems have been introduced, with the one to five stars classification being most common.[citation needed]
According to the Guinness Book of World Records, the oldest hotel still in operation is the Hoshi Ryokan, in Awazu, Japan. It opened in 717, and features hot springs.

In the United States, the earliest settlers claimed land by simply fencing it in. Later, as the American government formed, unsettled land became technically owned by the government and programs to register land ownership developed, usually making raw land available for low prices or for free, if the owner improved the property, including the construction of fences.
Where a fence or hedge has an adjacent ditch, the ditch is normally in the same ownership as the hedge or fence, with the ownership boundary being the edge of the ditch furthest from the fence or hedge. The principle of the rule is that an owner digging a boundary ditch will normally dig it up to the very edge of their land, and must then pile the spoil on their own side of the ditch to avoid trespassing on their neighbour. They may then erect a fence or hedge on the spoil, leaving the ditch on its far side. Exceptions often occur, for example where a plot of land derives from subdivision of a larger one along the centre line of a previously existing ditch or other feature.
INDIANAPOLIS – Jeff Belskus was content living life as Indianpolis Motor Speedway's No. 2 man.
He worked the books, sat in on meetings, offered advice and learned what it took to run a track. Yes, it was good training for a job he never dreamed he'd have, president and CEO of the 100-year-old Brickyard.
Welcome to reality, where everyone wants to know how Belskus intends to run this family owned company.
"I have a lot of ideas floating around in my head, but I think it's premature to talk about them right now," he said last weekend during NASCAR's race at Indy. "It would be easy, having been here for 22 years, to tell you I have all the answers and I have a plan, but I'm trying to learn everything I can to develop a strategy."
Clearly, Belskus is not suggesting a major philosophical overhaul. Yet. He still wants stock cars competing on the storied 2.5-mile oval and is willing to see if MotoGP racing will attract fans. And, of course, he's committed to keeping the speedway's signature event, the Indianapolis 500, front and center.
But changing executives at this venue, where tradition has always ruled, is almost as unfathomable as not seeing A.J. Foyt strolling through Gasoline Alley.
Since the Hulman-George family bought the track in 1945, the speedway corporation has been a model of stability. Tony Hulman was arguably the state's biggest celebrity this side of Bob Knight through the 1970s, and it was his grandson, Tony George, who took over as CEO in 1990.
Now there is uncertainty about the track's plans.
The board of directors, which is comprised of George, his mother, his three sisters and attorney Jack Snyder, replaced George with Belskus. Last week, speedway president Joie Chitwood also announced he was stepping down to take another racing job in Florida, giving Belskus even more power.
Most are convinced the new man will run a more efficient operation, something the board clearly craved after George spent hundreds of millions of dollars to make track improvements and keep the Indy Racing League afloat over the past 13 years.
So how will Belskus be different from George?
"We're different people with different styles," Belskus said. "I hope to bring some clarity to our situation in terms of goals and and objectives. I'll probably be more numbers oriented fiscally because that's my background."
Perhaps that's what the track needs in an economy where sponsorships are becoming tougher to keep.
NASCAR's Roush Fenway Racing confirmed last week that Dewalt Power Tools would not renew its longtime deal with Matt Kenseth, and on Monday, speedway officials announced Allstate was ending its five-year run as the title sponsor of NASCAR's Indy race.
Belskus' top priority is holding the line, something he appears well-suited to accomplish.
"I think any property in sports and entertainment faces tough challenges," Chitwood said. "It's about getting customers to attend your events. Jeff has over 20 years of experience here, he's been at the meetings of all the major decisions made here and I don't think he'll miss a beat."
But losing George and Chitwood weeks apart could make things harder.
Belskus is still trying to formulate ideas, choose a leadership team, run the track's day-to-day business and stay on top of the finances. This week, he was also scheduled to discuss next season's race deal with NASCAR president Mike Helton.
The good news is that racing insiders have confidence in Indy's new No. 1 man.
"Jeff Belskus has been a common denominator since we first started talking about coming here, so we are very familiar with Jeff, he knows us, we know him," Helton said. "He's representing the George family, so it's not a whole lot different from other transitions that we've seen at other racetracks over the years. But I would say that Belskus is the key to our comfort level. He's the common denominator in every conversation we've had here the last 17 years."
Belskus also gets a key endorsement from IndyCars' most prominent team owner, Roger Penske.
Though Penske credited George with having the foresight to bring stock cars and Formula One cars to Indy, invest in SAFER barrier development and figure out how to make IndyCar racing more affordable, Penske thinks the switch will be beneficial to the track and the series.
"If you look at any business, you know Tony has been in that role for 20 years, maybe it was time for a change," Penske said. "I think there will be continuity with Belskus and he has the confidence of the entire Hulman family."
All he has to do now is make sure everyone at the track knows he's in charge.
"I showed up at the Pagoda (Saturday) and was trying to get in and this security guy was doing his job and wouldn't let me in," Belskus said, chuckling. "Finally, he says 'Who are you?' I said, 'I'm Jeff Belskus' and then he let me in. There's been a lot of that lately."
LONDON (AFP) –
Energy producer BG Group said Wednesday that second-quarter net profit sank 31 percent to 513 million pounds because of weak gas and oil prices.
Group revenue tumbled 28 percent to 2.308 billion pounds in the three months to the end of June, compared with the same period of 2008, the firm said in an earnings release.
Production rose seven percent to 58.5 million barrels of oil equivalent, or 643,000 barrels per day, during the reporting period.
"An increase in production volumes and the positive effect of a stronger US dollar partially offset the sharp fall in oil prices (down 52 percent)," said BG in the results statement.
"These falling prices reflect the global economic downturn, which has this quarter been evident in weaker gas demand in a number of BG Group's markets."
The company, whose operations extend from Norway to Brazil, added that it expects to produce an average of 656,000-662,000 barrels of oil equivalent per day (boepd) in 2009, short of its previous target of 680,000 boepd.
"This is not due to our ability to create new supply," said chief executive Frank Chapman. "The issue here is that right across the globe, because of the economic downturn, we've seen some demand weakness."
He added: "These results demonstrate a resilient performance and rapid progress with the development of our business."
-- Dow Jones Newswires contributed to this report --