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5 Big Stories: The Week in Business

This week's top business stories

By Jeff Harrington, Times Deputy Business Editor
Published February 24, 2008

1. Gas prices soar

Gas prices in the bay area keep rising, setting a record of $3.145 for regular unleaded Friday.

What it means: We've only just begun. Experts warn that once more costly summer blends and peak travel times kick in, we could be paying $3.75 a gallon.

2. Castro resignation could increase detente

Fidel Castro steps down as Cuba's president.

What it means: The changing of the guard - even to a pro-Castro successor - is expected to trigger debate over whether the long-standing economic embargo against Cuba should be eased.

3. St. Joe chief steps aside

Peter Rummell ends an 11-year stint running the Jacksonville company.

What it means: Though Rummell is credited with transforming St. Joe from a paper company to a major developer, the timing for his exit is bittersweet as St. Joe's home-building powerhouse slogs through its toughest climate.

4. Blu-ray declares victory

HD DVD maker Toshiba drops out of the battle over the next generation of movie disc technology, ceding to Sony's Blu-ray.

What it means:If you spent hundreds extra on an HD DVD player, it was a bad bet. At least you know where to put your money now.

5. Retail dominoes keep falling

Sharper Image and Lillian Vernon are the latest victims of a shopping slump to file for bankruptcy.

What it means: The toll could accelerate, with some predicting a record number of retailers will close shop because of tapped-out and tight-fisted consumers.

[Last modified February 22, 2008, 21:35:27]