Feds probe oil market amid soaring prices and new CFTC steps
The Commodity Futures Trading Commission opened a December probe into potential abuses in crude oil purchasing, shipping, storage, and trading amid a 42 percent price rise since December. The agency also announced measures to boost market transparency including monthly reports from index fund managers and a cross border accord with UK regulators.
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Berkeley Premium seeks new identity after fraud conviction
Berkeley Premium Nutraceuticals plans a possible name change after founder Steve Warshak faces sentencing in August. The firm, famed for Enzyte ads with Smiling Bob, is accused of deceiving customers and bilking about $100 million, while aiming to restore its former $200 million yearly revenue.
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Berkeley Premium Nutraceuticals
Enzyte
Berkeley
Steve Warshak
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Economic growth remains weak despite slight GDP uptick
Washington reports a 0.9 percent rise in GDP for January to March, aided by stronger overseas demand. Yet consumer spending remains tepid, reflecting ongoing impact from housing, credit, and financial crises, with experts calling the economy "gasping for air."
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Washington
U.S
Bernard Baumohl
Economic Outlook Group
GM considers moving truck plant workers to nearby car plants
GM plans furloughs at truck plants and may transfer workers to Orion Township car assembly as part of a broad restructuring driven by high fuel costs. About 19,000 hourly workers signed leaves through July 1, with 16,000 non-assembly staff affected by a new entry level wage of about 14 dollars per hour.
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Comair Pushes Forward Amid Delta Northwest Merger Talks
Comair, a Delta Air Lines subsidiary based in Erlanger Kentucky, pushes to stay a core part of the Delta Connection network as Delta and Northwest pursue a merger. The company reports progress cutting 35 million dollars in costs this year and expanding ground handling and maintenance work for other airlines. Delta has not ruled out keeping Comair as a subsidiary, and a separate move to end a contract with Freedom Airlines faced a federal court block pending appeal. Analysts say Comair’s prospects appear stronger than some peers.
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Delta Air Lines Inc
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Ed Bastian
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