BUSINESS BRIEFS
More economists predict recession
Advertiser Staff and News Services
WASHINGTON — The odds the country will fall into its first recession since 2001 are rising sharply.
Thirty percent of economists now believe the economy will shrink in the first half of this year, up from 10 percent who thought this in January, according to a survey being released today by the National Association for Business Economics, known by its acronym NABE.
"That's a striking difference," said Ken Simonson, chief economist for the Associated General Contractors of America and the NABE's point person on the survey. The tone of the overall survey, he said, was "extremely gloomy."
Under one rough rule, if the economy contracts for six straight months it would be considered in a recession. Many economists and regular citizens believe we are in one. Federal Reserve Chairman Ben Bernanke recently acknowledged, for the first time, that a recession is possible.
REGISTRATIONS OF NEW HYBRIDS RISE
DETROIT — U.S. registrations of new hybrid vehicles rose 38 percent in 2007 to a record 350,289, according to data to be released today by R.L. Polk & Co., a Southfield-based automotive marketing and research company.
Hybrids made up just 2.2 percent of the U.S. market share for the year, but they were growing steadily even as overall sales declined 3 percent.
The Prius remained the best-selling hybrid in 2007, commanding 51 percent of the hybrid market, up from 43 percent in 2006.
SKYPE INTRODUCES NEW CALLING PLAN
NEW YORK — Skype, the Internet calling subsidiary of eBay Inc., is introducing its first plan for unlimited calls to overseas phones today.
The plan will allow unlimited calls to land-line phones in 34 countries for $9.95 per month, said Don Albert, vice president and general manager for Skype North America.
The countries encompassed include most of Europe, plus Canada, Australia, New Zealand, Chile, China, Singapore, Taiwan, Japan, South Korea and Malaysia.
Calls to domestic land lines and cell phones are included as well, as are calls to cell phones in Canada, China, Hong Kong and Singapore, but not cell phones in other countries.
VIACOM TEAMS UP WITH HOLLYWOOD
LOS ANGELES — Viacom Inc. and five Hollywood studios are joining forces to create a television channel and video-on-demand service.
The companies said Sunday that the new venture will combine movies and television series from Paramount, Paramount Vantage, MGM, United Artists and Lionsgate, starting in fall 2009. It will also have access during the pay-per-view television window to recent movie releases from the studios, including "Iron Man," "Star Trek," and "Love Guru." Movies from the studios' archive libraries and new TV series created by the studios also will be featured.
OPEC OFFICIAL: OIL COSTS WILL RISE
ROME — OPEC Secretary-General Abdullah el al-Badri said yesterday oil prices would likely go higher and that the group was ready to raise production if the price pressure was due to a shortage of supply — something he doubted.
"Oil prices, there is a common understanding that has nothing to do with supply and demand," al-Badri said at an energy conference in Rome.
Oil prices reached a new high Friday at $117 a barrel.
Supply and demand concerns in the U.S. and abroad, along with the dollar's weakness, have served to support prices, even as record retail gasoline prices in the U.S. appear to be dampening demand. Crude prices rose as much as 4 percent last week.
The OPEC chief said the cartel would increase production if the group thought the higher prices were due to shortages. But he said more oil will not solve the high prices.
