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5 Big Stories: The Week in Business

The week's top business stories

By Jeff Harrington, Times Deputy Business Editor
Published March 9, 2008

1. Bay area full of empty homes

Tampa-St. Petersburg Clearwater has the second-highest glut of vacant homes nationally, with a 5.1 percent vacancy rate.

What it means:The Census report, which pinpoints Orlando as even worse, underscores how hard we've been hit by investors unable to rent out homes, let alone sell them.

2. Pearlman cuts a deal

Former boy band producer Lou Pearlman faces up to 25 years in prison under a plea deal struck last week.

What it means:Pearlman pledges full cooperation in the fraud case and to try to recover assets. But don't look for investors out some $300-million-plus to be made whole.

3. Jolt in coffee prices

Prices for green coffee beans rocket up 20 percent in two months.

What it means:Demand has only edged up slightly. Blame tight supplies of coffee beans and speculators betting on the next big commodity run-up.

4. Buffett topples Gates on world's richest list

Bill Gates, perennially atop Forbes' list of the world's richest people, is replaced by his good friend, investor Warren Buffett.

What it means:Not only did Buffett pass Gates, but so did Mexican mogul Carlos Slim Helu. But the real story is billionaires emerging from different places or ages, from Nigeria's Aliko Dangote to Facebook's 23-year-old creator, Mark Zuckerberg.

5. Oil prices soar even higher

The price of crude oil, which has been steadily on the rise, jumped $5 a barrel in a single day last week.

What it means:OPEC blames the United States' mismanagement for the price gain and says it won't increase output. Be prepared to pay more for the end products, including that gasoline you pump into your car every day.

[Last modified March 7, 2008, 22:31:47]