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Newspaper
The Chronicle Telegram
Location
Elyria, Ohio, United States of America
Date
Feb 15, 2008
Page
9
The Commerce Department says the 2007 U S trade deficit fell 6.2 percent to 711.6 billion, despite a soaring oil bill and a record with China rising 10.2 percent to 256.3 billion. December deficit dropped 6.9 percent to 58.8 billion as exports gain. Analysts expect GDP growth to rise.
Akron based Goodyear Tire & Rubber Co reports a fourth quarter profit of 52 million dollars or 23 cents a share reversing a year ago loss. The quarter ended December 31 saw 5.16 billion in sales up 11 percent with double digit revenue growth in several international markets while Europe rose 5 percent and North America grew 10 percent.
In New York platinum futures rose above 2000 dollars an ounce for a second day as South Africa’s power shortages restrained output. Impala Platinum reported a 10,000 ounce loss with potential further cuts under 90 percent supply, while broader commodities climbed on the energy constrained supply.
Governor Eliot Spitzer told Congress that bond insurers face credibility questions after the subprime crisis, raising borrowing costs for states cities and nonprofits. He warned AAA ratings could fall threatening funding for schools police museums and hospitals and delaying vital construction projects.
Pennsylvania attorney general says Caremark will pay 38.5 million to 24 states and Washington DC to settle a deceptive business practice complaint. It may pay up to 2.5 million to reimburse patients for costs to switch cholesterol drugs. States and CVS Caremark Corp. say the settlement confirms commitment to consumer protection laws.
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