The AAA auto club reports the average price of a gallon of gas in Washington is $4.12. That’s up 5 cents in a week and 19 cents in a month. It’s also 19 cents higher than the national average. Some metro prices from Monday’s AAA survey: Bellingham $4.26, Bremerton $4.13, Seattle-Bellevue-Everett $4.17, Tacoma $4.15, Olympia $4.16, Vancouver $4.15, Yakima $4.04, Tri-Cities $4.05, and Spokane $3.87.
Euro unemployment hits record 10.8 %
Unemployment in the 17 countries that use the euro hit its highest level since the currency was introduced back in 1999, official figures showed Monday, adding to fears that the region is in recession. Eurostat, the European Union’s statistics office, said unemployment in the eurozone rose to 10.8 percent in February from 10.7 percent the previous month. The U.S. jobless rate is 8.3 percent.
Alleged payday loan scam targeted by feds
A payday lending operation and the race-car driver allegedly running it are under federal scrutiny after more than 7,000 complaints to authorities. The Federal Trade Commission filed a complaint Monday in U.S. district court in Nevada against driver Scott Tucker, his brother and several Internet-based lending companies, including AMG Services, Inc. The FTC charges that Tucker and others controlled lending companies that piled on undisclosed and inflated fees — in some cases more than triple the amount borrowed — and then collected on the loans illegally by threatening borrowers with arrests and lawsuits.
Avon rejects $10 billion buyout offer
Struggling direct cosmetics seller Avon Products Inc. on Monday rejected a $10 billion buyout offer from Coty Inc., a smaller beauty products maker looking to capitalize on Avon’s business woes. It is the largest takeover offer by far from New York-based Coty Inc., which has snapped up smaller beauty brands like OPI nail polish and Philosophy Inc. skin care, in the past two years. The $23.25-per-share bid also underscores the weakness at Avon, which has been beset by a foreign bribery investigation, weakening sales and a leadership vacuum.
Construction spending falls 1.1%
U.S. builders trimmed activity for a second straight month in February, pushing construction spending down by the largest amount in seven months. There was widespread weakness with spending on home building, office construction and government projects all dropping. The Commerce Department reported Monday that construction spending fell 1.1 percent in February after a drop of 0.8 percent in January which was revised down from an initial estimate of a decline of 0.1 percent.
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