Business briefs

FRANKFURT.German producer prices fell 7 percent in August from a year earlier, hitting levels not seen since September 2007, the Federal Statistical Office said Friday. The Wiesbaden-based office said the price declines follow a near 8 percent decline in July and a 5 percent decline in June compared to the year-ago periods. Prices for fuels contributed most to the drop, with energy prices more than 14 percent lower compared with August 2008.

ABAKAN. Russian electricity trader Inter RAO plans to set up a joint venture with Cuban state company Union Electrica by November, at the latest, Inter RAO's chief executive officer said on Thursday. The sides agreed to form a joint venture in January this year to allow Inter RAO to invest in the Cuban power sector.

NEW YORK.Smart phone maker Palm Inc. on Thursday posted a wider fiscal first-quarter loss — its ninth in a row. Adjusted results, however, handily beat Wall Street's forecast as the company shipped more of its new Pre devices than had been expected. But a disappointing second-quarter sales forecast and news of a planned stock offering sent shares lower in after-hours trading.

WHITEHOUSE STATION. French drugmaker Sanofi-Aventis SA has completed its $4 billion purchase of Merck & Co.'s half interest in their veterinary medicine business, Merial Ltd. The move was required by regulators before Merck can close its $41 billion purchase of Schering-Plough Corp., which also sells animal health products. Sanofi-Aventis says the acquisition should boost its net income in the first year after the deal.