Short Reports

America’s trade deficit declined slightly, to $33.2 billion in October, but was still the second-highest on record. Imbalances with China and Japan both hit all-time highs, reflecting imports of autos and Christmas toys, and America’s foreign oil bill also rose to the highest level ever.

The Commerce Department reported Tuesday that the October trade deficit represented a 1.6 percent decline from the record high of $33.7 billion set in September.

A jury returned a $3.5 billion verdict against Exxon Mobil Corp. on Tuesday, finding the oil company defrauded Alabama on royalties from natural gas wells in state waters.

Philip Morris Cos Inc. and R.J. Reynolds Tobacco Holdings have raised the wholesale price of a pack of cigarettes by 14 cents per pack.

General Motors Corp. has boosted incentives on new Oldsmobiles, offering up to $5,000 to loyal customers to buy sport utility vehicles or minivans from the dying division. GM said it had increased the cash rebates on the Alero, Intrigue, Bravada and Silhouette by $500, and increased by $1,000 the rebate on the Aurora sedan.

As part of the plan to wind down the Oldsmobile division, GM is offering people who bought new and still own 1996 to 2001 Oldsmobiles a $1,500 coupon for a new Olds. Combined with other incentives, that leads to discounts of $5,000 on 2000 Bravada and Silhouettes and $4,000 off a 2000 Intrigue or Alero.