Energy futures fell Monday after a tropical depression that moved through the Gulf of Mexico late last week turned out to be a dud, and investors tried to determine if oil futures’ recent record-setting advance above $80 a barrel had run its course. Many analysts believe much of oil’s recent run can be attributed to speculators buying and selling crude futures contracts with no intention of taking delivery.
Nuclear plants planned in Texas
Power producer NRG Energy Inc. will submit the first application for a new nuclear reactor in the U.S. in nearly 30 years, the company’s chief executive said Monday. Today, nuclear regulators expect to receive NRG’s application for two new units at its facility in Bay City, Texas, about 90 miles southwest of Houston. It will be the first complete submission since before the Three Mile Island accident.
U.S. dollar hits another low
The dollar failed to rally Monday, dropping to a new record low against the euro and a 15-year low against five other major currencies as investors continued to act on last week’s larger-than-expected interest rate cut and economic data on August consumer spending and home sales expected this week. The 13-nation euro rose as to a new high of $1.4130 Monday before drifting back to $1.4087.
Dell computer eyes sales in China
Dell Inc. announced a deal Monday for a retail presence in China by selling computers through the country’s biggest electronics chain as it struggles to capture a bigger market share. Dell also has targeted China with a low-cost PC unveiled in March and aimed at rural customers. Sales will start in 50 Gome Group stores next month.
Microsoft ponders Facebook stake
Setting the stage for a possible bidding battle, Microsoft Corp. is mulling an investment in Facebook Inc. that would value the online hangout at $10 billion or more, according to a report published Monday. The Wall Street Journal said Microsoft is holding discussions that could culminate in a $300 million to $500 million stake in Facebook. For the money, Microsoft would receive up to a 5 percent stake.
T-bill rates fall in Monday auction
The Treasury Department auctioned three-month bills at a discount rate of 3.82 percent, down from 4.05 percent last week. Six-month bills were auctioned at 4 percent, down from 4.13 percent last week. For a $10,000 bill, the three-month price was $9,903.44 while a six-month bill sold for $9,797.78. Separately, the Federal Reserve said the average yield for one-year Treasury bills — a popular index for changing adjustable-rate mortgages — fell to 4.11 percent last week from 4.15 percent the previous week.
Correction
Anita Wuellner is part-owner of the North County Outlook, a new twice-a-month newspaper in Marysville. She was left out of a story about the Outlook on Page C1 Monday.
From Herald staff and news services
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