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U.S. wholesale prices helped by cheaper energy

By Times staff and wires
Published September 19, 2007

WASHINGTON - Wholesale prices fell in August by the largest amount in 10 months, reflecting a plunge in the price of gasoline and other energy products and the fourth straight month of falling food costs. The Labor Department said Tuesday that wholesale prices fell by 1.4 percent last month, the best showing since a 1.5 percent fall last October. It was a much bigger decline than the 0.3 percent drop that analysts had expected and was led by a 6.6 percent plunge in energy costs, the biggest drop in more than four years.

Wal-Mart workers get new drug plan
BENTONVILLE, Ark. - Wal-Mart Stores Inc. is adding $4 generic drugs to its health insurance plans and offering lower premiums and deductibles, the third year in a row of changes to employee health benefits that have been a focus of union-led criticism of the nation's largest private employer. The retailer said the new 2008 plan will add more than 2,400 generic prescriptions at $4 each. That compared with fewer than 20 generic drugs for a co-pay of $3 under the existing plan.

Hilton shareholders back $20.1B buyout
LOS ANGELES - Hilton Hotels Corp. shareholders overwhelmingly approved the company's $20.1-billion sale to the Blackstone Group LP, the hotel operator said Tuesday. More than 98 percent of votes cast at a special shareholder's meeting held at the Beverly Hilton hotel favored the buyout, the company said. Pending approval by the European Commission, the deal is expected to close by the end of October, Hilton said.

Port director earns a new 4-year deal
TAMPA - Richard Wainio, director of Tampa's port, will get a deal giving him four more years on the job after his current contact expires in March. Wainio took over as head of the Tampa Port Authority in 2005 and received high marks in his evaluation this month. Port commissioners agreed to let chairman Larry Shipp negotiate a new contract and bring it back for their approval.

Insurance firm owner is arrested
PORT RICHEY - A Pasco County man who allegedly sold "phony" homeowners policies to 44 families has been arrested. Bruce Anthony Fonte, former owner of the now-defunct Family Insurance company in Port Richey, turned himself in to the county jail Tuesday morning. Florida Chief Financial Officer Alex Sink said that Fonte's customers were uninsured during a period - March 2003 to December 2005 - in which eight hurricanes swept across the state. Fonte is accused of keeping more than $90,000 of his customers' premiums and using the money to finance a gambling habit, authorities contend.

[Last modified September 18, 2007, 22:22:19]