Gasoline prices jump 9 cents
The average U.S. retail price of gasoline jumped more than 9 cents last week to $2.68 a gallon.
The federal Energy Information Administration said Monday that U.S. motorists paid an average of $2.683 a gallon for regular grade gasoline last week, an increase of 9.5 cents from the previous week. Pump prices are 37.1 cents higher than a year ago.
Average retail gasoline prices peaked at $3.07 a gallon last September, reflecting the extreme tightness in the market following Hurricane Katrina, which knocked out refineries in the Gulf Coast region as well as pipelines that deliver fuel to the East Coast and Midwest.
Gasoline prices were most expensive last week on the West Coast, averaging $2.751 per gallon, and cheapest in the Rocky Mountain region, averaging $2.484 per gallon.
New York
Demand strong for buyout funds
Investor demand for private-equity funds – especially buyout funds – remained strong in the first quarter, enabling such funds to nearly double the amount of capital they had raised in the prior first quarter.
According to data compiled by The Private Equity Analyst, published by Dow Jones & Co., private-equity funds raised $26.93 billion in the quarter, up from $13.71 billion.
“Fund raising continues at an unbelievable pace,” said Robert Mast, managing director with placement agent Monument Group.
Mast added that the extent of the strength of the fund-raising market has taken many by surprise. Some people had expected a slowdown, given that the market has been going strong for several years.
Dover, Del.
Bank closing three call centers
Bank of America said Monday it is closing call centers in Delaware, Colorado and Pennsylvania, cutting about 1,900 jobs as it continues its integration of former credit-card giant MBNA Corp.
Bank of America said its credit-card call center in Dover, Del., will close by the end of the year. The center employs about 630 workers.
The bank also is closing a call center in Colorado Springs, Colo., where about 670 employees work, and a third in Horsham, Pa., with about 600 workers.
Havana
Cuba-Venezuela trade growing
Friendly ties between Cuba and Venezuela are much more than political, opening the way to a burgeoning trade relationship expected to reach more than $3.5 billion this year – about 50 percent richer than in 2005, according to Venezuela’s ambassador to Cuba.
The favorable balance converted Cuba into Venezuela’s third-most-important trade partner last year after the United States and Colombia.
The bulk of trade comes from the 90,000 barrels of crude petroleum that oil-producing Venezuela sends to the communist-run island daily, but the South American nation also has increased non-petroleum exports to Cuba in recent months, including construction supplies and chocolate.