IN BRIEF

Credit union will cut 10 percent of workers

Nevada's largest credit union on Tuesday announced that it is cutting 30 workers from its staff of 300 employees because of continuing losses related to the recession.

"It's not pleasant, but it's the right thing to do," said Brad Beal, chief executive officer of Nevada Federal Credit Union, which serves 86,000 members in Clark County, Pahrump and the Reno area. It has $783 million in assets.

"We see the recession as being a slow process," Beal said. "We are committed to maintaining our financial strength during this recession."

The credit union is well-capitalized with net worth equal to 9.5 percent of assets, but it, like other financial institutions, is losing money as more loans go bad.

Terminated employees will be given severance packages.

Gasoline prices rise locally, nationwide

Consumers for the first time this year are paying more on average for a gallon of gasoline than they did 12 months ago, data released Tuesday show.

There is a good chance that this week, retail gasoline will surpass peak summer prices reached just over four months ago during the driving season when prices are usually at their highest.

A gallon of gasoline climbed 0.4 cents higher overnight to $2.675 a gallon, according to auto club AAA, Wright Express and Oil Price Information Service. Prices a year ago were $2.668 a gallon.

In Las Vegas, a gallon of self-serve unleaded gasoline cost $2.64, AAA said in its Daily Fuel Gauge report. That's up 1.1 percent from $2.612 a week ago and down 9.6 percent from $2.919 a year ago.

Officials issue warning of bogus e-mail scam

State and federal officials are warning bank customers to beware of a bogus e-mail solicitation designed to look as if it came from the Federal Deposit Insurance Corp.

"This is definitely a scam," Financial Institutions Division Commissioner George Burns said in a statement.

"The e-mail and Web link associated with it are fraudulent, and consumers should not respond to it," he added.

The division recommended those receiving the e-mail file a complaint at http://www.ic3.gov -- the Internet Crime Complaint Center.

NEW YORK

Icahn offers to buy CIT Group debt

Billionaire investor Carl Icahn offered Tuesday to buy certain classes of debt from CIT Group Inc. bondholders as he tries to thwart a restructuring plan by the commercial lender.

Icahn said in a letter he will pay those bondholders 60 cents on the dollar for their bonds if they agree to reject CIT's debt restructuring plan.

New York-based CIT, one of the largest U.S. lenders to small and mid-sized businesses, is trying to get bondholders to swap existing debt for new debt that matures later and stock. CIT is trying to reduce its near-term debt maturities by $5.7 billion.

On Monday, CIT sweetened its exchange offer for a second time in two weeks in an apparent sign debtholders are balking at the program.

PITTSBURGH

US Steel posts third straight quarterly loss

United States Steel Corp. lost money for a third straight quarter as the global economic downturn dragged down demand for the metal used in everything from cars to office furniture.

The loss highlights an industrywide slump that began when the economy faltered late last year.

The largest U.S.-based steel maker said it lost $303 million, or $2.11 per share, for the three months ended Sept. 30, reversing a profit of $919 million, or $7.79 per share, in the same period last year. U.S. Steel said its operating loss amounted to $412 million, down from an operating profit of $1.33 billion a year earlier.

Revenue fell 61 percent to $2.82 billion.

Analysts polled by Thomson Reuters expected a loss of $2.87 per share on revenue of $2.72 billion.

TOKYO

Honda raises forecast, avoids first-half loss

Japanese government incentives for green cars and strong sales in China helped Honda Motor Co. avoid red ink for the first half and raise its full-year profit forecast.

Japan's No. 2 automaker said Tuesday it now expects a net profit for the fiscal year ending in March of 155 billion yen ($1.7 billion), nearly four times its initial outlook for a 40 billion-yen profit.

Hit by a strong yen and weak global auto market, net profit for the July-September quarter fell 56.2 percent from a year earlier to 54 billion yen ($587 million) but was better than expected.

For the first half, the automaker booked a net profit of 61.5 billion yen compared with its earlier projection for a 10 billion-yen loss.

SACRAMENTO, Calif.

Halloween candy sales to reach $2.23 billion

In the week before Halloween, cash registers will ring up nearly $2.23 billion in candy sales, 600 million pounds of every confection imaginable for the nine out of 10 kids who will be ringing doorbells Saturday night.

For the biggest sugar rush of the year, Halloween candy sales are expected to nudge up 1.8 percent over last year, said Susan Fussell, spokeswoman for the National Confectioners Association. Landing on a Saturday this year only ups the opportunity for more celebrating, more candy, Fussell said.