SanLuisObispo.com: Business Headlines

Comparison of Democratic health care bills

Sat, 21 Nov 2009 11:06 PST

By By ERICA WERNER and RICARDO ALONSO-ZALDIVAR -- A comparison of the health care bills before Congress:

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The Senate Democratic bill (Patient Protection and Affordable Care Act):

More Americans expected to travel for Thanksgiving

Sat, 21 Nov 2009 13:21 PST

By By NAFEESA SYEED -- The number of Americans traveling away from home for Thanksgiving will be up only slightly this year from 2008, according to a report from the AAA auto club.

The group, which surveyed 1,350 households, said there will be about 33.2 million people traveling by car this year - a 2.1 percent increase from last year.

But there will be a 6.7 percent decrease in the number of air travelers, totaling 2.3 million this year, continuing a decade-long decline of Thanksgiving air travel.

Hawaii anxiously watching year-end tuna supply

Sat, 21 Nov 2009 09:06 PST

By By AUDREY McAVOY -- On New Year's Eve each year, thousands line up at fish counters across Hawaii to buy blocks of raw tuna, hoping that eating it will bring good luck and prosperity in the new year. This year, the long tradition may get a little more difficult to observe.

For the first time, federal regulators are expected to prohibit the catching of bigeye - Hawaii's favored tuna variety - in waters west of the islands once the fishermen hit their annual catch limit. They're on course to do that around the first or second week of December.

The potential for a shortage has produced anxiety here among consumers, fishermen, wholesalers and retailers, leaving them to wonder if they'll be able to get hold of the tuna, or ahi.

LyondellBasell gets buyout offer from Reliance

Sat, 21 Nov 2009 09:21 PST

LyondellBasell Industries said Saturday Reliance Industries offered to acquire a controlling interest in the beleaguered chemical company, which is under Chapter 11 bankruptcy protection.

LyondellBasell declined to disclose the value of the cash offer. India-based Reliance did not immediately respond to requests for comment.

Reliance's offer "represents a potential alternative to the initial plan of reorganization," LyondellBasell said, and it "will continue to work with all parties to design an approach that maximizes value for the company's creditors."

Russia president criticizes ruling party over vote

Sat, 21 Nov 2009 05:51 PST

By By IRINA TITOVA -- Russia's President Dmitry Medvedev on Saturday sharply criticized officials in the ruling Kremlin-backed party for manipulating recent regional votes, saying it must learn to win fairly.

Medvedev's statement marked a rare criticism of the United Russia party led by his predecessor and mentor, Prime Minister Vladimir Putin. United Russia is a power base for Putin, who has not ruled out a return to the presidency in 2012.

Speaking before a major party meeting in St. Petersburg also attended by Putin, Medvedev accused some of United Russia's regional branches of using their dominance and official connections to shape the election results in their favor.

Obama trumpets Asia trip as boost to US economy

Sat, 21 Nov 2009 15:11 PST

By By PHILIP ELLIOTT -- President Barack Obama's eight-day trip to Asia produced no tangible wins for the United States, though he is citing talks with Asian allies that he says could help create thousands of job and open new markets for American goods in the future.

Citing progress on a trip that took him from Tokyo to Seoul, Obama noted that "Asia is a region where we now buy more goods and do more trade with than any other place in the world - commerce that supports millions of jobs back home."

"I spoke with leaders in every nation I visited about what we can do to sustain this economic recovery and bring back jobs and prosperity for our people - a task I will continue to focus on relentlessly in the weeks and months ahead," Obama said in his weekly radio and Internet address taped while he was in Seoul, the South Korean capital, and released Saturday.

Philly transit union ratifies labor pact

Fri, 20 Nov 2009 19:11 PST

A labor agreement for Philadelphia transit workers has been ratified overwhelmingly by union members.

Transport Workers Union Local 234 spokesman Bob Wolper said Friday night that 2,806 members voted to ratify the pact. Another 242 voted against it.

Southeastern Pennsylvania Transportation Authority buses, subways and trolleys began running again Nov. 9 when a tentative agreement was reached, ending a strike that took up much of the previous week. The ratification ends the possibility of another strike.

More ethics rules issued for NC treasurer workers

Fri, 20 Nov 2009 17:21 PST

State Treasurer Janet Cowell unveiled new rules Friday banning employees from taking gifts from companies that do substantial business with the agency and setting a limit on charitable solicitations.

The rules come after former chief investment officer Patricia Gerrick said she was offered favors from investment firms while employed under Cowell predecessor Richard Moore, but that she didn't accept them.

Gerrick also said investment managers made donations in her honor to a charity where she was a board member but that she never solicited or advised people to do so.

UConn: Merger with Hartford Hospital not feasible

Fri, 20 Nov 2009 16:41 PST

University of Connecticut officials say a plan to merge the UConn Health Center in Farmington with Hartford Hospital is unlikely to win official approval.

President Michael J. Hogan told university staff and faculty Friday that a review by the UConn Board of Trustees concluded it cannot win approval for the proposed partnership with Hartford Hospital's parent company.

The merger has come under criticism from Gov. M. Jodi Rell, state lawmakers, other area hospitals and health care unions.

Monsanto aims to stop leaks at Idaho mine dump

Fri, 20 Nov 2009 16:41 PST

By By JOHN MILLER -- Monsanto Co. is installing a water management system at an Idaho phosphate mine the company depends on to make its Roundup weedkiller to stop the leakage of selenium and heavy metals into a tributary of the Blackfoot River.

The company hopes capturing runoff and underground water will remedy problems at the waste rock dump below its South Rasmussen Ridge Mine that have resulted in Clean Water Act violation notices from the federal Environmental Protection Agency.

Monsanto is seeking federal approval for a new mine nearby, called Blackfoot Bridge, to supply the phosphate for Roundup; activist groups have demanded it first remedy old problems like South Rasmussen's dump.

Moody's downgrades Liberty Media LLC ratings

Fri, 20 Nov 2009 16:21 PST

Moody's Investors Service downgraded ratings for Liberty Media Corp. subsidiary Liberty Media LLC on Friday. The changes come shortly after shareholders approved the formation of a new company out of DirecTV Group Inc. and some of Liberty's entertainment businesses.

Moody's lowered Liberty's corporate family rating to "B1" from "Ba2" and its probability of default rating to "Ba3" from "Ba2." It also lowered its senior unsecured bonds to "B1 from "Ba2."

The moves mark the end of a review for potential downgrade that the ratings service began in September when the spinoff was announced.

13 charged in $19M Central Oregon bank fraud

Fri, 20 Nov 2009 18:06 PST

By By WILLIAM McCALL -- The collapse of a Bend real estate development company has resulted in charges against 13 people in what prosecutors say is the largest Oregon fraud case to emerge from the national real estate boom and bust.

A federal grand jury in Eugene returned five separate indictments on Thursday that charged the principals in Desert Sun Development and others with mortgage and loan fraud that cost financial institutions more than $19 million in losses.

Developer Tyler Fitzsimons, several employees, two bankers and two mortgage brokers were among those indicted.

"Going Rogue" is going big

Fri, 20 Nov 2009 16:01 PST

"Going Rogue" is going big.

Publisher HarperCollins said Friday that Sarah Palin's memoir sold 300,000 copies its first day, among the best openings ever for a nonfiction book. In 2004, Bill Clinton's "My Life" debuted with sales of 400,000 copies. The year before, Hillary Rodham Clinton's "Living History" started at 200,000.

"Going Rogue" was released this week and its print run already has been increased from 1.5 million copies to 2.5 million, HarperCollins announced Friday. Palin, the former Alaska governor and GOP vice presidential candidate, is in the midst of a nationwide promotional tour.

Southwest Airlines changes board election rules

Fri, 20 Nov 2009 15:46 PST

Southwest Airlines Co. said Friday it will require uncontested candidates for its board of directors to win a majority among shareholder votes cast to be elected, instead of just a plurality.

If an incumbent fails to get a majority of votes cast, he or she must tender a resignation to the board, which can reject the offer to resign, the company said in a regulatory filing.

Southwest usually holds its annual shareholder meeting in May at its Dallas headquarters.

West Virginia regulators approve gas rate increase

Fri, 20 Nov 2009 15:41 PST

West Virginia's Public Service Commission has approved a 5 percent rate increase for Hope Gas Inc.

The $8.78 million increase approved Friday is substantially smaller than the $34.4 million increase the utility had requested.

The company, which has not received a rate increase since 2005, said it needed more money to cover non-gas operations and expenses, taxes, interest on customer deposits, dividend payments and interest on debt.

Wyoming challenges Yellowstone snowmobile rules

Fri, 20 Nov 2009 17:41 PST

By By BEN NEARY -- The state of Wyoming filed a federal lawsuit Friday seeking to block the National Park Service from further restricting snowmobile numbers in Yellowstone National Park.

The Park Service issued a temporary rule on Friday that would allow up to 318 snowmobiles and 78 snowcoaches per day into the park starting next month and continuing through the next winter season.

The Park Service had allowed up to 720 snowmobiles a day into the park over the past five winters but actual use has been far less.