BUSINESS BRIEFS
Crude oil slips on OPEC output
Advertiser Staff
NEW YORK — Crude oil plunged to the lowest level this year in New York on speculation OPEC won't lower production enough to stem falling prices. Reductions will be made voluntarily on "a member-by-member" basis, Levi Ajuonuma, a spokesman for OPEC President Edmund Daukoru, said in a phone interview from Abuja, Nigeria.
Crude oil for November delivery fell 93 cents, or 1.6 percent, to $57.59 a barrel on the New York Mercantile Exchange. Futures touched $57.48, the lowest since Dec. 27. Oil is down 9.3 percent from a year ago.
FED TO ENSURE INFLATION SLOWS
WASHINGTON — Federal Reserve officials in September saw a "substantial risk" that inflation may not recede as expected and noted they must ensure it slows, records of their last meeting showed.
"Recent rates of core inflation, if they persisted, were seen as higher than consistent with price stability, and participants underscored the importance of ensuring a moderation in inflation," the Fed said in minutes of the Sept. 20 gathering, released in Washington yesterday.
S&P 500 TO LIST CB RICHARD ELLIS
NEW YORK — CB Richard Ellis Group Inc., the world's largest provider of commercial property services, will join the Standard & Poor's 500 Index, replacing BellSouth Corp. after its purchase by AT&T Inc. Shares of CB Richard Ellis gained in extended U.S. trading after the announcement, building on a 24 percent rally in 2006.
RESORT BUILDER KILLED IN CRASH
SANTO DOMINGO, Dominican Republic — Resort tycoon Howard "Butch" Kerzner was killed along with three others yesterday when a helicopter they were traveling in crashed into a building on the Dominican Republic's north coast, an aviation official said. Kerzner, 42, was surveying potential development sites when the helicopter crashed.
