IN BRIEF
Report suggests bid for Kansas casino over
A proposal by former Mandalay Resort Group executive Mike Ensign to operate a casino in Kansas has seemingly ended.
The Wichita Eagle newspaper reported that the Kansas Lottery accepted bids for a planned casino in Sumner County by Minnesota-based Lakes Entertainment and the Foxwoods Development Co.
Ensign's Prairie Sky casino proposal for Sumner County won't be sent to the state's casino review board for consideration, according to lottery officials.
The lottery commission was to vote Wednesday on contracts negotiated with the two other casino applicants for the county. If approved, the contracts will be sent to the review board, which will choose one applicant.
A few weeks ago, lottery officials said they were concerned about Ensign's role in making $96,000 in payments to the family of a woman who had an affair with Ensign's son, Sen. John Ensign, R-Nev.
Lottery executive director Ed Van Petten said the issue didn't figure in the termination.
Deere earnings fall by 27 percent in quarter
Deere & Co. posted a 27 percent decline in third-quarter profit Wednesday as the slumping global economy continued to depress sales of its tractors, bulldozers and other products. But the results easily beat Wall Street expectations.
Deere said it earned $420 million, or 99 cents per share, during the three months ended July 31. That's down from $575.2 million, or $1.32 per share, during the same period last year.
Revenue fell 24 percent to $5.89 billion from $7.74 billion a year earlier.
Analysts surveyed by Thomson Reuters expected a profit of 57 cents per share on revenue of $5.25 billion. Those estimates typically exclude one-time items.
WASHINGTON
Smart fortwo receives high score in crash test
The tiny Smart fortwo automobile received top scores Thursday in new roof strength tests conducted by the insurance industry aimed at helping consumers understand how vehicles respond to serious rollover crashes.
The fortwo was the only 2009 model year minicar to earn the top rating of good in test results released by the Insurance Institute for Highway Safety. The Honda Fit, Hyundai Accent, Mini Cooper and Toyota Yaris received the second-highest mark of acceptable. The 2009 Chevrolet Aveo got the second-lowest score of marginal.
More than 10,000 people are killed in rollover crashes in the United States each year. The Obama administration issued new regulations in May on vehicle roof strength requirements, the first significant upgrade of the rules since 1973.
With the changes, vehicles need to withstand direct pressure of three times the weight of the vehicle, compared with the previous requirements of 1.5 times the vehicle's weight. The regulations will be phased in beginning in September 2012 and will affect all vehicles by the 2017 model year.
WASHINGTON
Money back coming for 'Clunkers,' official says
Transportation Secretary Ray LaHood assured car dealers Wednesday that they will be reimbursed for the money they have fronted to customers buying cars under the "Cash for Clunkers" program, responding to complaints over a backlog of rebate payments.
Dealers must pay the rebates out of pocket and wait for reimbursement from the federal government. Some car dealers have said their reimbursement requests have not been approved, leading to a cash crunch at their businesses. Dealers typically borrow money to put new cars on their lots and must repay lenders within a few days of a sale.
LaHood's assurances came as a growing number of dealers ceased offering the program. A group representing New York metro dealerships said Wednesday that hundreds of its members have withdrawn from "Cash for Clunkers," citing delays in getting reimbursed.
NEW YORK
Wells Fargo accused of altering credit lines
The banking unit of Wells Fargo & Co. is facing a lawsuit claiming it illegally reduced the size of customers' home equity lines of credit.
The suit, which was filed in Illinois, claims Wells Fargo failed to accurately assess the value of customers' houses before deciding to cut the size of their credit lines. San Francisco-based Wells Fargo is being accused of using unreliable computer models that wrongly valued home prices too low to justify cutting the size of customers' loans.
BERLIN
Germany enters race to produce electric car
Germany -- home to brands including Volkswagen, Porsche and BMW -- became the latest country to fast-track development of electric cars, the government approving a plan Wednesday that aims to put 1 million of them on the road by 2020.
To help bring Germany up to speed, the government plans to spend some $705 million on the plan over the next three years -- including $164 million to establish eight test regions examining how the cars could best be introduced.
NEW YORK
Oil prices surge on news of inventories
Oil prices spiked Wednesday after the government reported a huge draw of crude oil from U.S. stockpiles.
The report was surprising because the demand for energy has been knocked down so badly by the recession. Crude withdrawn from storage facilities last week wiped out a buildup in supplies over the past two weeks.
Benchmark crude for September delivery jumped $3.23 to settle at $72.42 a barrel on the New York Mercantile Exchange. That contract expires Thursday, and most of the trading has already shifted to the October contract, which climbed $2.74 to settle at $73.83.
If the October contract ends the week at that price, it would set a new high for 2009.
