IN BRIEF

Regulators won't revisit plant decision

State regulators rejected a request to reconsider their authorization for NV Energy to build a new power plant when LS Power was offering to sell the electric utility a similar existing plant for $235 million less.

The Public Utilities Commission on Thursday concluded the proposal from LS Power, which was disclosed late during a case on NV Energy resource plans, was unverifiable.

Separately, the commission approved a report that said it had no right to regulate the leasing of solar panels installed on residences.

The decision, which voids a previous ruling on the issue, enables companies that lease solar power equipment to offer their programs to Nevadans who cannot afford or don't want to spend large sums of money buying solar installations.

Commissioner Rebecca Wagner's motion on rented solar-power equipment also called for review of NV Energy's solar power rebate program.

The commission also approved a temporary rate case rule that decouples revenues, enabling Southwest Gas Corp. to promote gas conservation without cutting into its profits. Without decoupling, conservation programs would cause customers to use less gas and reduce the utility's net income.

WASHINGTON

Rescue plan will include guarantee of bank debt

The FDIC will guarantee up to $1.4 trillion in U.S. banks' debt for more than three years as part of the government's financial rescue plan.

The directors of the Federal Deposit Insurance Corp. voted Friday to approve the plan, which is meant to break the crippling logjam in bank-to-bank lending.

The FDIC will provide temporary insurance for loans between banks -- except for those for 30 days or less -- guaranteeing the new debt in case the borrowing bank defaults on its payment.

The FDIC also will guarantee deposits in noninterest-bearing "transaction" accounts by removing the current $250,000 insurance limit on them through the end of next year. That could add as much as $500 billion to FDIC-backed deposits.

NEW YORK

Citigroup faces more pressure to sell itself

Pressure intensified on Citigroup to sell part or all of itself as its stock fell below $4 a share on Friday and fears escalated about future loan losses.

Chief Executive Officer Vikram Pandit told managers earlier in the day he opposes breaking up the company, but the bank's board of directors met Friday to discuss whether to do exactly that, The Wall Street Journal reported.

Investors worry that all the risky debt sitting on Citigroup's balance sheet will eventually turn into losses as the economy worsens and the markets stay turbulent -- losses that could be nearly impossible to reverse.

RENO

Bowling championship set to come to Reno

The United States Bowling Congress has agreed to bring its open championship to Reno in 2011, a move tourism officials say will pump more than $100 million into the local economy.

Officials estimate the five-month tournament will bring about 130,000 visitors to town with an overall economic impact of up to $127 million.

The Bowling Congress had planned to hold the 2011 championship at a new facility in Orlando, Fla., but the sour economy halted that project. Wichita, Kan., had also bid for the 2011 event.

WASHINGTON

Wal-Mart names next chief executive officer

Wal-Mart Stores Inc. said Friday that the head of its international division will take over as chief executive of the world's largest retailer after the holiday season.

Fifty-eight-year-old Mike Duke will on Feb. 1 replace 59-year-old H. Lee Scott Jr., who led the company for nine years. Duke also joined Wal-Mart's board of directors, effective immediately. Scott will remain chairman of the board's executive committee.

Duke joined Wal-Mart in 1995 and has served as head of its U.S. division and worked in administration, logistics and distribution.

HOUSTON

National gasoline price now below $2 a gallon

Only four months after peaking at $4.11 a gallon, the national average price for gasoline tumbled below $2 Friday, its lowest point in more than three years.

The last time gasoline cost less than $2 was March 9, 2005.

The pump price for regular unleaded fell 3.1 cents overnight to an average of $1.989 a gallon nationally, auto club AAA, the Oil Price Information Service and Wright Express reported.

The national average price fell nearly a dime in the past week and almost 90 cents in the past month.

In Las Vegas, a gallon of self-serve unleaded gasoline averaged $2.176, AAA said in its Daily Fuel Gauge report.

That's down 30 percent from $3.111 a month ago and down 30.8 percent from $3.144 a year ago, AAA said.

NEW YORK

Amid credit wobbles, Treasury prices slide

Treasury yields rebounded Friday, sending prices down.

The 10-year note fell 1.03 points to 104.66 and yielded 3.17 percent, up from 3.14 percent on Thursday.

And the 30-year bond fell 4.38 points to 114.34 and yielded 3.70 percent, up from 3.46 percent -- the lowest yield since the government started issuing the bond in 1977.