OPEC intends to produce less oil in 2007
Published 9:00 pm Thursday, December 14, 2006
The Organization of Petroleum Exporting Countries said Thursday it will take a half-million barrels a day off the market beginning in February, cementing its apparent intention to keep oil prices at around $60 a barrel. The decision by OPEC, which produces one-third of the world’s oil supply, reflected fears that inventories remain high in many nations. By delaying its action, the cartel left itself time to change its mind if a colder winter or a stronger economy arises. The price of crude rose Thursday by $1.14 to $62.51 a barrel on the New York Mercantile Exchange.
U.S. jobless claims fall to 2-month low
The number of Americans filing applications for unemployment benefits dropped sharply for a second straight week, pushing total claims down to the lowest level in two months. The Labor Department reported that 304,000 newly laid off workers filed claims for jobless benefits last week, a drop of 20,000 from the previous week, when claims had fallen by 34,000. The two straight weeks of big declines pushed claims down to the lowest level since they were at 300,000 the week of Oct. 14.
$2 billion cash bid for L.A. newspaper
Billionaire music mogul David Geffen, long known to be interested in owning the Los Angeles Times, has made a $2 billion cash bid for the paper, two newspapers reported. Geffen’s bid has not been accepted or rejected by Times’ parent, Chicago-based Tribune Co., which would prefer a sale of the entire media company instead of individual assets, the Times and the Wall Street Journal reported. Tribune owns 11 papers, including its flagship Chicago Tribune, as well as 24 television stations and the Chicago Cubs baseball team.
Everett bank firm pays out dividend
Frontier Financial Corp.’s board of directors has declared a first-quarter dividend of 15.5 cents per share to shareowners of record as of Jan. 9, 2007. The Everett-based banking company will pay out the dividend on Jan. 22. Next quarter will mark the 29th consecutive quarter in which Frontier’s cash dividend has increased, said John Dickson, president and chief executive of Frontier Bank’s parent company.
Bremerton bank debuts on Nasdaq
Shares of WSB Financial Group Inc. jumped 13 percent Thursday as the parent of Bremerton-based Westsound Bank had its trading debut on the Nasdaq stock market. The bank holding company’s stock closed at $18.70 after it sold 2.3 million shares at an initial public offering of $16.50 each. Westsound, which opened in 1999, has seven branches and three loan offices in the state.
Ford, Mulally juggle management ranks
Ford Motor Co. is realigning its management structure in a bid to focus more on the automaker’s worldwide business, while better leveraging its global assets and capabilities. Ford’s three automotive business unit leaders will report directly to Chief Executive Alan Mulally, the former head of Boeing’s commercial airplane division, under the new structure.
From Herald staff
and news services
