Business Desk
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
COMMODITIES
Crude Oil Rises On Cold Weather Forecast
Crude oil rose to a two-month high after a report showed that American heating-oil inventories fell and belownormal temperatures moved toward the eastern United States. Heating-oil stockpiles slipped 1.06 million barrels to 59.1 million last week, leaving supplies the lowest since August, the Energy Department said. Crude oil and gasoline inventories also fell. The Northeast, where 80% of American heating oil is used, is forecast to be hit by a cold-weather system next week. World oil demand peaks during the Northern Hemisphere winter.
— Bloomberg News
PUBLISHING
Greenberg: No Plans To Take Over N.Y. Times
Billionaire Maurice “Hank” Greenberg said he has no current plans to attempt a takeover of New YorkTimes Co., damping speculation that prompted the biggest rally in the shares in almost six years. Mr. Greenberg, the former chief executive officer of American International Group Inc., said he owns fewer than 100,000 shares in the publisher. His statement sent the shares down 3.9% to $23.80 in extended trading on the New York Stock Exchange. They earlier had risen 7.5%, the most since January 2001. “He has no present intention of significantly increasing his holdings,” a spokesman, Mark Corallo, said in an interview. The comments downplayed a report on CNBC yesterday that Mr. Greenberg, 81, was “actively”trying to buy the third-largest American newspaper publisher and had asked investment bankers, including the CEO of Morgan Stanley, John Mack, for help.
— Bloomberg News
RETAIL
San Diego City Council Votes To Ban Wal-Mart Superstores
SAN DIEGO — The City Council here voted late Tuesday to ban certain giant retail stores, dealing a blow to Wal-Mart Stores Inc.’s potential to expand in the nation’s eighth-largest city. The measure, approved on a 5–3 vote, prohibits stores of more than 90,000 square feet that use 10% of space to sell groceries and other merchandise that is not subject to sales tax. It takes aim at Wal-Mart Supercenter stores, which average 185,000 square feet and sell groceries. Mayor Jerry Sanders will veto the ban if the council reaffirms it on a second vote, which will likely happen in January, a mayoral spokesman, Fred Sainz, said. The council can override his veto with five votes.
— Associated Press
