Business Highlights

Published on NewsOK Modified: August 1, 2014 at 4:49 pm •  Published: August 1, 2014
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Rare summer relief for gasoline prices

NEW YORK (AP) — The gasoline price roller coaster is running a strange course this summer.

August began with the lowest average gasoline price for this time of year since 2010. Just a few weeks ago, drivers were paying the highest July Fourth gasoline price in six years.

The average price of a gallon of gasoline is $3.52 after falling 16 cents over the last month. Prices may continue to slide in early August and post larger drops after Labor Day — as long as there are no hurricanes that halt production in the Gulf Coast or violence in the Middle East that disrupts crude supplies.

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Harley recalls bikes for ignition switch problem

DETROIT (AP) — Ignition switch problems that have plagued General Motors and Chrysler have now turned up in the motorcycle business.

Harley-Davidson is recalling more than 4,500 FXDL Dyna Low Rider bikes worldwide because engine vibration can turn the switches from "on" to "accessory."

The recall covers motorcycles from the 2014 ½ model year, including more than 3,300 in the U.S. If the motorcycles have been modified to rev higher than 5,600 RPMs, an engine mount bracket can vibrate excessively, causing the problem.

If the switch goes to "accessory," the engine can shut off while being driven and potentially cause a crash. The company said there have been no crashes or injuries reported from the problem.

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Prosecutor: Peanut plant faked salmonella results

ALBANY, Ga. (AP) — A Georgia peanut plant linked to a deadly salmonella outbreak cut corners and sent fake lab results to customers, endangering consumers nationwide, federal prosecutors said Friday as they opened a rare case seeking criminal punishment for corporate workers over food poisoning.

Peanut Corp. of America "had a huge problem with salmonella in its plant and in the products it produced," Assistant U.S. Attorney Alan Dasher told the jury in his opening statement — a two-hour preview of a case that could take months to present. He said the company shipped products that were untested and products that it knew were tainted to customers, including food giant Kellogg's.

Managers employed to run the company's plants failed to do their jobs, leaving former Peanut Corp. owner Stewart Parnell "holding the bag," defense attorney Tom Bondurant told jurors.

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Allergan sues Valeant, claims fraud in buy attempt

TRENTON, N.J. (AP) — Botox and eye-drug maker Allergan is suing a Canadian drugmaker and a hedge fund over their hostile takeover attempt, alleging insider trading and other fraud before their plan became public.

Allergan Inc.'s lawsuit names as plaintiffs drugmaker Valeant Pharmaceuticals International Inc., New York investment firm Pershing Square Capital Management LP and its principal, William Ackerman.

Allergan has rejected multiple unsolicited offers from Valeant and Pershing, the latest for more than $53 billion.

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By The Associated Press=

The Dow Jones industrial average fell 69.93 points, or 0.4 percent, to 16,493.37. The Standard & Poor's 500 index lost 5.52 points, or 0.3 percent, to 1,925.15. The Nasdaq composite fell 17.13 points, or 0.4 percent, to 4,352.64.

Benchmark U.S. crude oil dropped 29 cents to $97.88 a barrel on the New York Mercantile Exchange. Brent crude, a benchmark for international oils used by many U.S. refineries, fell $1.18 to $104.84. Heating oil fell 2.4 cents to $2.87 a gallon. Wholesale gasoline fell 5.3 cents to $2.74 a gallon. Natural gas dropped 4 cents to $3.80 per 1,000 cubic feet.