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Around the business world

Daily Staff Report

BP can’t say how long largest U.S. oil field will stay down: ANCHORAGE, Alaska – Oil company BP discovered corrosion at a pipeline that supplies 8 percent of daily U.S. crude production only after federal regulators asked it to inspect the lines coming from the nation’s largest oil field. The request came after BP spilled 267,000 gallons in March at another section of the North Slope. Oil prices and gasoline futures rose. See story page B12Oilfield shutdown sends oil soaring, weighs on stocks: LONDON – The discovery of corrosion in an Alaska pipeline is the latest in a series of woes for BP’s U.S. operations that are threatening the British oil company’s reputation – and its profits. See story page B12Oil price jump amid BP news: NEW YORK – Oil prices jumped by more than $2 a barrel following a production shutdown at an Alaskan oil field that accounts for about 8 percent of U.S. production. The Energy Department is prepared to provide oil from the government’s emergency supplies if a refinery requests it because of the disruption of supplies from Alaska.Wall Street gets jittery on BP news: NEW YORK – The shutdown of a major Alaskan oil field sent oil prices sharply higher Monday and prompted investors to sell stocks on inflation fears, one day before the Federal Reserve’s next decision on interest rates.Fed to decide today on interest rate increase: WASHINGTON – Economists say it’s a close call on whether the Fed will raise interest rates again on Tuesday or take a breather after two years of rate increases.Growth in executive pay slows: NEW YORK – Pay to corporate directors grew last year at a slower rate than it had been as boards absorbed rules changes brought about by accounting scandals, a new study by Mercer Human Resource Consulting shows.Northwest losses continue to mount: MINNEAPOLIS – Northwest Airlines Corp., which has been operating under Chapter 11 bankruptcy protection, posted a wider second-quarter loss as restructuring costs mount.U2 singer ready to rock Forbes: NEW YORK – Forbes magazine says it has sold a minority stake to a private equity group that includes the singer Bono of the rock band U2.Hyundai earnings take a tumble: SEOUL – Hyundai Motor Co., South Korea’s largest auto maker, says its net profit tumbled 37 percent in the second quarter from a year ago as the strong South Korean won eroded the company’s export revenue.Appeals court rejects age discrimination claims in IBM pension case: BOSTON – IBM Corp. did not commit age discrimination when it changed its pension coverage in the 1990s, a federal appeals court ruled in a case that Big Blue had agreed to settle for up to $1.4 billion if it had lost the appeal.AOL acknowledges mistake in releasing subscriber search data: NEW YORK – AOL released data on what more than 650,000 of its subscribers searched over a three-month period in a gesture to the research community, a move the company acknowledged was a mistake because of privacy concerns.Jobs is back on the job at Apple: SAN FRANCISCO – Steve Jobs is expected to discuss the next upgrade to the Mac operating system during his keynote at Apple Computer Inc.’s Worldwide Developer Conference, shifting the public’s attention back to his company’s computing products and away – for the moment – from its troubles surrounding the mishandling of stock options.China Wal-Marts being unionized: BEIJING – Employees at two more Wal-Mart stores in China have formed unions, raising the number to four amid efforts by labor officials to have the U.S. retailing giant’s 60 Chinese outlets unionized, an official newspaper says.Deutsche Boerse in the bidding: FRANKFURT – Deutsche Boerse AG valued its bid for Euronext NV at a little more than $10.2 billion and says it was still trying to sway the company’s shareholders to form a pan-European bourse.EU companies can refuse to hire smokers – BRUSSELS, Belgium – Companies in the European Union may legally refuse to hire smokers because EU anti-discrimination laws do not protect them, the European Commission said.Sweden’s economy growing again: STOCKHOLM -Sweden’s economy saw its highest growth in six years during the second quarter, with the gross domestic product up 5.5 percent compared to the same time last year, the national statistics agency said.Vail Daily, Vail, Colorado


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