Oil prices rise as Isaac nears Gulf refineries
Oil rose as Isaac gathered strength on its way into the heart of the Gulf of Mexico’s oil and refinery operations.
The price got a boost after midday when forecasters said Isaac strengthened into a Category 1 hurricane.
Benchmark oil rose 86 cents to $96.33 per barrel in New York as traders waited to see how much – and for how long – the storm’s powerful winds and driving rains will affect oil production and refinery operations in the region.
Nearly 94 percent of oil production in the Gulf, or 1.3 million barrels per day, has been halted, the U.S. government said Tuesday. At least 1 million barrels per day of refining capacity is expected to be shut down. – Associated Press
David’s sells for $1 billion
Clayton Dubilier & Rice LLC, the private-equity firm, agreed to buy David’s Bridal Inc. for $1.05 billion. The retailer has more than 300 stores in North America, including a store on the Town of Tonawanda and one at the McKinley Mall in Blasdell.
Leonard Green & Partners will continue as a minority partner, the companies said Tuesday in a statement. No additional terms of the transaction were disclosed.
David’s Bridal has the most recognized name in its industry in the U.S., according to Standard & Poor’s. The company has more than half of the market share in the $600-and-under bridal gown market, and a “much lower” share in prices above $800 and higher, Brian Milligan, an S&P analyst, wrote in a note last month.
David’s Bridal, based in Conshohocken, Pa., has an exclusive partnership with Vera Wang, under the brand White by Vera Wang.
Bank earnings rise 21%
WASHINGTON (AP) – U.S. bank earnings rose 21 percent last quarter and lending to consumers increased, adding to evidence that the industry is strengthening four years after the financial crisis.
The Federal Deposit Insurance Corp. said Tuesday that the banking industry earned $34.5 billion in the second quarter, up from $28.5 billion in the second quarter of 2011.
Banks became less cautious about lending. Bank loans to consumers increased in most categories, including credit card loans and home mortgages, reversing a first-quarter decline.
GM sets goal for Cadillacs
General Motors Co., the largest U.S. automaker, aims to double the 2010 sales of its Cadillac luxury brand within a couple of years, Don Butler, the brand’s vice president for marketing, said Tuesday.
GM sold 146,925 Cadillac cars and sport-utility vehicles in 2010, according to Autodata Corp., an industry researcher. The leader that year was Toyota Motor Corp.’s Lexus with 229,329 deliveries. Bayerische Motoren Werke AG’s namesake BMW brand led last year with 247,907 sales.
Cadillac, which last ranked as the top-selling U.S. luxury brand in 1997, aims to compete for the title again, Butler said. – Bloomberg News Energy?efficiency?seminar?set
Research and Development Authority will hold a free, half-day seminar Sept. 5 providing information on starting energy efficiency projects in multifamily buildings.
The seminar will be from 9:30 a.m. to noon at the Holiday Inn Buffalo Downtown hotel, 620 Delaware Ave.
Attendees will learn how to select the most appropriate path for implementing energy efficiency; qualify for cash-back incentives and low-interest loans; become eligible for bonus incentives of up to $300 per apartment; and decrease building energy use through sub-metering of electric billing.
Multifamily building owners, property managers, developers and members of condominium and co-op boards can register for the seminar at http://nyserdapowerevents.org/participants.