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Newspaper
Baytown Sun
Location
Baytown, Texas, United States of America
Date
Feb 20, 2010
Page
5
Oil tests near 80 a barrel as a two week rally continues on upbeat economic data and supply worries. March crude settles at 79.81, up 75 cents, with April at 80.06. Gasoline may rise toward 3 a gallon this summer despite ample supplies.
Millions of seniors enrolled in Medicare Advantage plans face higher premiums in 2010. A major consulting firm notes an average 14.2 percent premium rise, following a 5.2 percent increase last year. About 8.5 million elderly and disabled Americans are in these plans offering broader coverage at lower cost.
Six Flags Inc. wins more time to gain support for its bankruptcy reorganization. A Delaware judge extended the exclusive right to reorganize until April 5, allowing the plan to proceed to a trial next month. If the plan fails, note holders could propose an alternative.
J C Penney Co posted fourth quarter profit that beat estimates and issued an upbeat 2010 forecast after a holiday season with limited clearance discounting. The drop was 0.2 percent though profit fell 5.2 percent due to a pension expense. Gross margin rose from the prior year as inventories were cut and promotions held steady.
Akio Toyoda, grandson of the founder, faces unprecedented recall turmoil at Toyota with 8.5 million vehicles recalled globally. He plans to testify before the U.S. House committee on recalls and steps to boost safety, after criticism over his early response and leadership during the automaker’s 70 year crisis.
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