IN BRIEF

More gambling debts counted for Canadian

A prosecutor says a Canadian businessman wanted in Nevada for failing to pay a $5 million gambling debt to one casino also owes $7.9 million to another.

Chief Deputy Clark County District Attorney Bernie Zadrowski says The Venetian has asked him to file more criminal charges against Semion Kronenfeld, who already faces a criminal complaint for unpaid markers from the Green Valley Ranch Resort.

The alleged debts are from October.

Zadrowski says Kronenfeld told the casino in Henderson that he had an investment and real estate business in Toronto. Zadrowski says Kronenfeld also spells his last name Cronenfeld.

TORONTO

Suncor Energy will acquire Petro-Canada

Suncor Energy Inc. will acquire Petro-Canada for $15.5 billion, uniting two of Canada's biggest oil companies as the nation's energy industry retrenches.

If the deal announced Monday is approved, it would create the largest oil company in Canada with a market capitalization of about $38 billion.

That's much smaller than global heavyweights such as Exxon Mobil and ConocoPhillips, which boast market capitalizations of $326.6 billion and $55.97 billion respectively, but the company would have some of the same benefits of scale.

The companies said they could save $244 million in operating costs and $812 million in capital efficiencies each year.

NEW YORK

Walgreen earnings dip 7 percent in quarter

Drugstore operator Walgreen Co.'s profit fell 7 percent in the fiscal second quarter because of restructuring costs as cash-strapped shoppers cut discretionary purchases even as retail prescriptions grew.

The Deerfield, Ill., company says it earned $640 million, or 65 cents per share. That compares with $686 million, or 69 cents per share, a year ago. That includes restructuring expenses of $93 million, or 6 cents per share.

Sales grew 7.1 percent to $16.48 billion from $15.39 billion.

Thomson Reuters says analysts expected earnings of 66 cents per share and sales of $16.42 billion.

NEW YORK

J.P.Morgan decides not to buy any new jets

JPMorgan Chase & Co. said Monday it has no plans to purchase new jets or renovate an aircraft hangar until after it has paid off money it received as part of the government's bank investment program last fall.

JPMorgan disclosed the plans amid published reports that it was moving ahead with plans to buy new jets and renovate a hangar where it houses its fleet.

JPMorgan was one of hundreds of banks that received money last fall as part of the government's plan, known as the Troubled Asset Relief Program, to bolster bank's balance sheets. The New York-based bank, considered one of the strongest banks amid the ongoing credit crisis, received $25 billion as part of the program.

NEW YORK

Tiffany earnings skid 75 percent in quarter

Shoppers who were cautious about splurging on high-priced jewelry led Tiffany & Co. to report Monday that fourth-quarter profit tumbled more than 75 percent.

Tiffany said its earnings dropped to $31.1 million, or 25 cents per share, for the three months ended Jan. 31, down from $127.4 million, or 96 cents per share, a year ago.

Excluding costs related to job cuts and other one-time items, the retailer said quarterly earnings totaled 85 cents, better than the 80 cents expected by analysts polled by Thomson Reuters.

Sales dropped 19.9 percent to $841.2 million from $1.05 billion.

HOUSTON

Hope for solution to bank crisis boosts oil

Oil prices briefly topped $54 a barrel Monday, getting a boost from stock investors who seemed hopeful the Obama administration's new plan to resolve the nation's banking crisis would spur economic growth. Better-than-expected housing news helped too.

Benchmark crude for May delivery rose $1.73 to settle at $53.80 a barrel on the New York Mercantile Exchange, continuing its upward momentum. Prices climbed as high as $54.05.

On Friday, oil ended the week above $50 a barrel for the first time this year, and prices have risen more than 30 percent this month.

UBS sees targets for takeovers in tech

Juniper Networks Inc. and McAfee Inc. are among small technology companies that may be acquired because their valuation gap relative to bigger rivals such as Oracle Corp. has narrowed, UBS AG said.

The 16 takeover targets, as identified by UBS, have on average an enterprise value 2.3 times their sales, compared with 1.7 times sales for the largest technology companies, according to the brokerage's data. In November 2007 the ratios were 7.4 and 3.6, respectively.

WASHINGTON

Interest rates decline in Treasury auction

Interest rates on short-term Treasury bills fell in Monday's auction to the lowest levels in nearly two months.

The Treasury Department auctioned $31 billion in three-month bills at a discount rate of 0.225 percent, down from 0.25 percent last week. Another $29 billion in six-month bills was auctioned at a discount rate of 0.39 percent, down from 0.445 percent last week.

NEW YORK

Treasurys fall as traders send stocks higher

Treasurys fell moderately on Monday as investors flooded Wall Street with renewed buying power.

The 10-year Treasury note fell 0.41 points to 100.59. Its yield rose to 2.65 percent from 2.62 percent late Friday.

The 30-year bond fell 0.94 points to 96.28, and its yield rose to 3.69 percent from 3.65 percent, according to BGCantor market data.