Natural gas prices rise with heat
Natural gas prices jumped to their highest in nearly six months Monday as hot weather across much of the United States led to increased demand for natural-gas-generated electricity.
Natural gas trading for future delivery rose $1.027, or 14 percent, to $8.211 per thousand cubic feet as investors fretted about natural gas supplies. That was the biggest increase since December and the highest close since Feb. 3.
The increase came as hot weather spread across the country, leading to elevated demand for electricity.
Natural gas is a key source of electricity generation. When demand for air conditioning, and thus electricity, rises, natural gas supplies can decline if they are not replenished.
St. Louis
Pleas entered in BetOnSports case
Seven defendants named in a federal indictment of one of the world’s largest online gambling companies, BetOnSports, pleaded not guilty Monday to federal racketeering and mail and wire fraud charges.
Neil Kaplan and Lori Kaplan Multz, the brother and sister of BetOnSports founder Gary Kaplan, were among those pleading not guilty to a 22-count indictment.
The government claims BetOnSports and its employees fraudulently took billions of dollars in wagers from U.S. residents by phone and over the Internet without paying excise taxes.
The Justice Department is seeking the forfeiture of $4.5 billion, cars and computers from the defendants.
Washington
Honda’s toll-free number a bit racy
A toll-free number listed in more than a million Honda owners’ manuals was supposed to direct callers to a government hotline – not to another number where the conversation is probably about anything but auto safety.
Honda Motor Co. said it incorrectly published an 800 prefix, rather than an 888, on a toll-free vehicle safety telephone number in 1.2 million manuals for 2006 model year Honda and Acura vehicles and Honda motorcycles.
Owners who dial the 800 prefix hear a recorded message in which a woman’s voice, speaking over a funky beat, urges them to call 1-800-918-TALK for “just 99 cents per minute.”
Honda said it will send postcards to dealers and owners in August with the correct NHTSA hotline information – 1-888-327-4236 – along with instructions.
Spokane
Itron to offer convertible notes
Spokane-based Itron Inc. said it will offer about $300 million in convertible senior subordinated notes due in 2026.
The Monday announcement included a statement that the funds would be used for investment, acquisitions and other general purposes.
The company, which makes equipment and software for the utility industry, also said it will give underwriters the option of buying up to $45 million in additional notes.