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Trade deficit widens; highest in three months

By Times Wires
Published December 13, 2007

WASHINGTON

The U.S. trade deficit rose to the highest level in three months, with record oil prices and a flood of toys and other imports from China swamping a solid gain in American exports. The Commerce Department reported Wednesday that the deficit for October increased to $57.8-billion, the highest level since July and 1.2 percent above the September imbalance. The widening deficit was slightly worse than expected and occurred even though U.S. exports of goods and services rose for an eighth consecutive month, climbing 0.9 percent to an all-time high of $141.7-billion. This gain was offset by a 1 percent rise in imports to $199.5 billion, also a record, as a surge in global oil prices sent America's oil bill soaring.

HOFFMAN ESTATES, Ill.

Sears to phase out PVC product use

Sears Holdings Corp. said Wednesday it will move to phase out the use of the plastic PVC in packaging and merchandise at its Sears and Kmart stores, joining other retailers in targeting the plastic because of health and environmental concerns. The company said it has adopted a policy aimed at identifying more sustainable choices because of potential risks tied to the manufacture, use and disposal of polyvinyl chloride, known more commonly as PVC or vinyl, which is used in a wide range of products, including clothing, vinyl siding and pipes. Sears did not mention a timetable for the phase-out.

SAN FRANCISCO

Judge approves eBay damages

A federal judge has approved a roughly $30-million judgment against eBay Inc. more than four years after a jury concluded the online auctioneer had infringed on the patent of a small Virginia company. U.S. District Court Judge Jerome Friedman's certification, issued late Tuesday in Virginia, edges MercExchange LLC of Great Falls, Va., a step closer to cashing in on its long-running battle against one of the Internet's powerhouses. The dispute revolves around eBay's "Buy It Now" option, which sells merchandise at a fixed price instead of fluctuating bids. MercExchange contends the system tramples on its patented technology. A federal jury sided with MercExchange in 2003.

CHARLOTTE, N.C.

Banks warn of bigger writedowns

More troubling news erupted from the financial services sector Wednesday as Wachovia, PNC and Bank of America warned of bigger-than-expected writedowns and hinted that fourth-quarter results could be a disappointment. Wachovia Corp. doubled its estimate of loan loss provisions to about $1-billion for the fourth quarter, while the chief executive of crosstown rival Bank of America Corp. pointed to higher writedowns and said he expects current credit market turbulence to extend into 2008.

[Last modified December 13, 2007, 01:44:21]