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Business Briefs

Reported by Star-Bulletin staff & wire

Tuesday, June 13, 2000

Study: Oahu lost jobs as U.S. gained

Honolulu lost jobs during much of the 1990s while the nation's other largest cities gained jobs overall, according to a new federal study.

The study, released yesterday, by the U.S. Department of Housing & Urban Development said the city of Honolulu lost nearly 10 percent of its jobs from 1992 to 1997.

That's well behind the job growth of nearly 9 percent in 114 selected cities nationwide.

The study also said the number of employed Honolulu residents dropped by almost 1 percent from 1992 to 1999, while that number increased by almost 13 percent nationally.

Oil, gas prices continue to climb

LONDON -- Oil prices surged to three-month highs on world oil markets today on doubts that OPEC will raise production at a meeting next week.

Light, sweet crude for July delivery jumped 86 cents this morning on the New York Mercantile Exchange to $32.60 a barrel.

The last time crude was higher on the Nymex was March 8.

Higher prices were spurred by the belief that OPEC will not increase production levels at its June 21 meeting, analysts said.

Meanwhile, high oil prices, rising demand and new antismog regulations affecting 17 metropolitan areas have increased the nationwide average of gasoline 9 cents a gallon, according to the latest Lundberg Survey of 10,000 stations.

The national average price of gasoline, including taxes, at self-serve pumps on Friday was $1.63 per gallon for regular unleaded, up from nearly $1.54 two weeks ago.

AES competes Venezuelan deal

CARACAS, Venezuela -- Global energy company AES Corp. completed its stock purchase of Venezuelan electricity provider CA La Electricidad de Caracas, or EDC, in a deal valued at more than $1.5 billion.

Late yesterday. Arlington, Va.-based AES said it has purchased more than 75 percent of EDC's shares. EDC is Venezuela's largest publicly traded utility. AES, which had $3.25 billion in revenue last year, owns stakes in more than 110 power plants in 14 countries.

Its holdings include a coal-fired power plant in Barbers Point