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Chevron chalks up another banner year

By TIMES WIRES
Published February 3, 2007


Chevron Corp.'s fourth-quarter profit dropped by 9 percent amid lower energy prices, but the nation's second largest oil company still ended up with its third consecutive year of record earnings. For the year, Chevron earned $17.1-billion. Its previous record of $14.1-billion was set in 2005. The company said Friday that it made $3.77-billion, or $1.74 per share, during the final three months of 2006. That compared with net income of $4.14-billion, or $1.86 per share, in 2005.

Unemployment climbed last month

The nation's unemployment rate climbed to a four-month high of 4.6 percent as somewhat wary employers added fewer new jobs in January. Wage gains were more modest. A Labor Department report Friday suggested that the jobs market still remains in decent shape. The added 111,000 positions fell short of economists' expectation of roughly 150,000.

Bush files China trade complaint

The Bush administration filed a complaint with the World Trade Organization on Friday accusing China of providing companies with improper subsidies that hurt U.S. firms. The action came as the administration faced increased pressure from Congress to do something about the nation's soaring trade deficits and lost manufacturing jobs, which critics blame in part on unfair trade practices by foreign nations.

Jury: She tried to steal Coke secrets

A federal jury rejected a former Coca-Cola secretary's claim that she was duped by two ex-cons and convicted her Friday of conspiring to steal trade secrets and sell them to rival Pepsi. Joya Williams faces up to 10 years in prison. An appeal is planned.

Two airlines raise U.S. rates by $10

Delta Air Lines Inc. and American Airlines, two of the three largest U.S. carriers, raised most domestic round-trip fares $10 because of higher fuel costs. The move marks the third attempt at a broad fare increase this year by major U.S. airlines. Delta boosted fares late Thursday. American raised fares Friday. United, Northwest, Continental and US Airways said they were studying the increase.

Executive heading Zune effort resigns

A Microsoft Corp. executive responsible for its newly launched Zune digital music player will leave the company. The company said the departure of Bryan Lee, a corporate vice president in Entertainment and Devices division, was for personal reasons and "absolutely not" related to sales of the music player, which lags far behind Apple Inc.'s iPod in the United States.

GM upgrades usedcar warranties

General Motors Corp. said Friday that on March 5 it will include a fully transferable five-year, 100,000-mile powertrain warranty on some of its 2002 to 2006 used vehicles sold by GM's U.S. dealers. GM also said it will add Cars.com to its online vehicle-listing program, doubling the number of certified used vehicles listed for sale on the Internet.