Business briefs

WASHINGTON. The Transportation Department says the popular Cash for Clunkers program generated nearly 700,000 new car sales and came under the $3 billion budget for the monthlong program. The government said Wednesday dealers submitted 690,114 vouchers totaling $2.88 billion in the program, which ended Tuesday.

NEW YORK. US mortgage applications rose for a second straight week, with demand for home refinancing loans rising to its highest level since early June, data from an industry group showed on Wednesday.

NEW YORK. Russian food retailer Magnit said on Wednesday that its net profit rose to $117.9 million in the first half of 2009 from $65.9 million in the same period a year ago. The company said it opened 226 stores in the first half of the year. Magnit, operates convenience stores and hypermarkets throughout Russia.

OAK BLUFFS. US President Barack Obama nominated Ben Bernanke to a second term as Federal Reserve chairman on Tuesday, aiming for continuity at a time when the US economy is breaking free from a deep recession. The decision, while widely expected, was welcomed by financial markets and policy makers around the globe.

HOUSTON. The price of oil fell again Wednesday with new government data showing that US crude supplies increased last week, a sign that demand remains weak.