IN BRIEF
NEW YORK
Prices for oil, gasoline continue upward climb
Gasoline and oil prices extended their record-setting streaks Wednesday, with gasoline at the pump reaching a new high of nearly $3.25 and crude surpassing $110 for the first time.
The gains came as a weakening dollar led investors to shrug off an Energy Department report that crude oil and gasoline supplies jumped last week.
The national average price of a gallon of regular gas rose by 1.9 cents overnight to $3.246 a gallon, a new record, according to AAA and the Oil Price Information Service. Pump prices are following crude's recent surge, and could rise as high as $3.75 a gallon this spring, analysts say.
In Las Vegas, the price of a gallon of regular self-serve unleaded was a record $3.253 on Wednesday, AAA said in its Daily Fuel Gauge report. That price is up 10.1 percent from $2.954 a month earlier and up 21.1 percent from $2.671 a year earlier.
Meanwhile, light, sweet crude for April delivery rose $1.17 to settle at a record $109.92 a barrel on the New York Mercantile Exchange after earlier rising to a new trading record of $110.20.
Shareholder sues Societe Generale
Societe Generale SA, the French bank that lost a $7.6 billion in unapproved trading, was sued in the U.S. by a shareholder who says the lender lacks proper internal controls.
Phillip Barkett Jr. claims in the complaint filed Wednesday in federal court in New York that Societe Generale failed to stop irregular bets by junior trader Jerome Kerviel. The bank said in January that Kerviel, 31, used fake hedges and false documents to trigger the biggest trading loss in banking history. Police investigating the losses searched the bank's headquarters Wednesday and took a second employee into custody.
Chief Executive Officer Daniel Bouton is named in the lawsuit, accused of failing to act on information he had about "highly irregular" trades at the bank's Delta One derivative-trading desk, handled by Kerviel.
CHICAGO
Chew on this: Wrigley to redesign gum packs
Wm. Wrigley Jr. Co. will overhaul the packaging and flavor of its ubiquitous stick gums, including Doublemint, Juicy Fruit, Big Red and Extra brands, as part of an effort to revive sagging U.S. sales.
The confectioner announced the makeover Wednesday during its annual shareholders meeting in Chicago, saying the change would help boost the gum's profile among store shoppers.
The company says it will transform the bulky packs of foil-wrapped stick gum to a sleek and slim 15-stick envelope. It also intends to boost the gum's flavor.
The slim design is similar to the packaging used for 5, the Chicago-based company's newest gum that launched last year.
NEW YORK
Dollar keeps on falling, hits low against euro
The dollar fell against most major currencies on Wednesday, including a new low against the euro, which fetched $1.55, as skepticism grew over the latest U.S. Federal Reserve Bank plan to restore calm to jittery global credit markets.
The Fed on Tuesday unveiled a rescue package that would direct as much as $200 billion into banks and investment houses. The action was in concert with help from the European Central Bank and central banks in Britain, Switzerland and Canada.
But the Fed action was overshadowed by U.S. economic struggles, halting the dollar's rise and pushing the euro to a record high of $1.5559, surpassing its previous record of $1.5495 set Tuesday.
Late Wednesday, the 15-nation euro fell back to $1.5526 -- still above the $1.5319 it bought in New York late Tuesday.
ATLANTA
United Parcel Service issues profit warning
United Parcel Service may not meet its first-quarter earnings guidance and plans to focus more on growth opportunities overseas because of the uncertain U.S. economy, executives of the world's largest shipping carrier said Wednesday.
At an investor conference in New York, CEO Scott Davis said the Atlanta-based company still considers its domestic market to be important to its future.
But he noted that U.S. "economic forecasts for this year are uncertain at best."
MIAMI
Seminole tribe ready to hire casino workers
The Seminole Tribe of Florida is about to hire workers for the blackjack and other card games it plans to soon offer at its casinos, even though the compact with Gov. Charlie Crist allowing the games is being challenged in the Florida Supreme Court.
The tribe will begin running print advertisements Friday that pitch job openings for 3,650 dealers for blackjack, baccarat and pai gow, which is a form of poker. The ads also seek floor supervisors, and cage and pit managers for casinos in Hollywood, Tampa, Coconut Creek and at its Everglades reservations.
Meanwhile, the tribe is planning job fairs next week in Atlantic City and early April in Hartford, Conn. It also may hold similar fairs in Mississippi and Las Vegas, tribe spokesman Gary Bitner said Wednesday.
NEW YORK
Treasury prices rise as traders seek safety
Treasury prices advanced Wednesday, as investors sought safe assets and lowered their expectations for the Federal Reserve's plan to inject more liquidity into the financial markets..
The benchmark 10-year Treasury note rose 0.41 points to 99.66 with a yield of 3.54 percent, down from 3.60 percent late Tuesday, according to BGCantor Market Data. Prices and yields move in opposite directions.
