Business

<< Previous   of   Next >>   ADVERTISEMENT   CONTACT THE HERALD Mike Benbow, Business Editor benbow@heraldnet.com   Published: Thursday, May 22, 2008 Oil prices continue to hit records Runaway oil prices blew past $130 a barrel for the first time Wednesday and kept going, while gasoline prices persisted in their own relentless climb, rising above $3.80 a gallon. Supply worries, rising demand and a slumping dollar are conspiring to make filling up the car -- and paying for just about everything else -- a growing burden for Americans. For July delivery, light, sweet crude rose to $133.17 a barrel. Honda to expand its hybrid lineup Honda will sell a new, improved and affordable gas-electric hybrid in the U.S., Japan and Europe starting in early 2009, underlining the Japanese automaker's commitment to green technology, the company president said Wednesday. The new model -- to be sold solely as a hybrid, and not as a traditional, gasoline-powered car -- is a key part of Honda Motor Co.'s strategy for the next three years that President Takeo Fukui outlined at Tokyo headquarters. In addition to the new hybrid, Honda will introduce several other hybrids: a Civic, a new sporty model based on the CR-Z and a Fit subcompact, sold as the Jazz in Europe, Fukui said. New Airbus A350 goes on a diet European planemaker Airbus said Wednesday that engineers are looking for ways to reduce the weight of the A350 XWB so that the long-range jet meets design specifications. The A350 XWB, which is expected to be available in 2013, is Airbus' answer to the Boeing Co.'s 787 and has been subject to a costly redesign after customers said they weren't happy with the original proposal. Airbus spokesman Stefan Schaffrath said technicians are making adjustments before the design is fixed at the end of the year. "That weight is a challenge in this phase of the project is normal," he said. Growth projections lowered for 2008 The Federal Reserve on Wednesday sharply lowered its projection for economic growth this year, citing blows from the housing and credit debacles along with zooming energy prices. It also expects higher unemployment and inflation. Wall Street tumbled in response. But Fed officials, even with the more downbeat assessment, left the impression that they would not be inclined to cut interest rates further. The decision at the Fed's last meeting to reduce rates was a "close call," according to minutes of those private deliberations released Wednesday. The Fed hopes that its series of powerful rate cuts ordered since last September and the government's $168 billion stimulus package of tax rebates for people and tax breaks for businesses would help energize growth later this year. Buffett shopping around Europe American investment guru Warren Buffett said Wednesday he sees more opportunities for big acquisitions in Europe than elsewhere. Buffett, one of the world's richest people, was in Spain on the third leg of a tour of Europe to explore such prospects. He said at a news conference, "We need large acquisitions." Buffett added: "And there are going to be more large acquisition possibilities in Europe probably than any place else on the globe." From Herald news services

1. Man blackmailed ex-girlfriend with nude pictures, police say 2. Snohomish motorcyclist dies in collision with pickup 3. Police looking for man who held up Everett pharmacy 4. Friends plan auction, hope to save woman's home 5. Sheriff warns of Camano Island burglar 6. Arlington private school principal charged with child rape 7. 400 open houses across the county this weekend 8. Man guilty for posing as trooper 9. Cama Beach cabins a quiet, cozy delight 10. LITTLE LEAGUE: Mill Creek reaches state semifinals 2 - Top 10 Stories Most Talked about 3 - Top 10 Stories Most Emailed

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