Price of crude oil hits the $100 benchmarkOil hit $100 per barrel for the first time in 2 1/2 years as the unrest in Libya worsened, and gasoline prices in the U.S. climbed to nearly $3.20 a gallon, the highest level ever for February. West Texas Intermediate crude for April delivery jumped $2.68, or 2.8 percent, to settle at $98.10 per barrel on the New York Mercantile Exchange. Earlier in the day, prices hit triple digits for the first time since Oct. 2, 2008. West Texas Intermediate has soared 18 percent since Valentine's Day. The national average for a gallon of regular gasoline rose 2.3 cents to $3.194, according to AAA, Wright Express and Oil Price Information Service.
U.S. home sales rise, but median price sinksSales of U.S. homes rose for the third month in a row in January, an industry group said, as the market experienced an increase in cash buyers and more foreclosure sales. With so-called distressed sales high and demand weak, home prices have been experiencing a renewed decline in recent months. The national median home price was $158,800 in January, down 3.7 percent from January 2010, according to data released by the National Association of Realtors. The median price, the point at which half the homes sold for more and half for less, was the lowest in nearly nine years.
Apple's March 2 announcement: A new iPad?Apple Inc. sent out invitations to media for what is presumed to be the unveiling of its next-generation iPad on March 2. The announcement comes as a swarm of competitors launch tablets aimed at unseating the Cupertino, Calif., company's dominant position in the new consumer computer category. Apple's iPad success last year has led to a host of me-too tablets. Now Apple appears ready to try to once again put distance between its tablet and the competition. The electronic invitation is embedded with an image of an app-like calendar date that is being peeled away, revealing an iPad behind it. "Come see what 2011 will be the year of," it reads.
New CEO named for parent of Sears, KmartSears Holdings Corp., the largest U.S. department store chain, named Lou D'Ambrosio chief executive and president. D'Ambrosio, a former CEO of telecommunications company Avaya Inc., will assume his duties Thursday, the company said. During the past six months, he worked as a consultant to the Sears board on strategic and operational matters. "I am confident that Lou is the right person to lead and transform Sears Holdings," Chairman Edward Lampert said in a prepared statement. Sears, which operates Sears and Kmart, hasn't posted an annual gain in revenue since fiscal 2007.
Ford to recall F-150 pickups for air bagsUnder government pressure, Ford Motor Co. will recall nearly 150,000 F-150 pickup trucks to fix air bags that could deploy without warning, a fraction of the vehicles the government contends should be called back and repaired. The recall covers trucks from the 2005-2006 model years in the United States and Canada for what the Dearborn, Mich., company calls a "relatively low risk" of the air bag deploying inadvertently. The government, however, has urged Ford to recall 1.3 million F-150s from the 2004-2006 model years, citing 77 injuries from air bags deploying accidentally.
FROM NEWS SERVICES
