IN BRIEF
Pair of law firms announce merger plan
The Denver law firm of Holland & Hart announced Tuesday that it plans to merge with Nevada firm Hale Lane Peek Dennison and Howard.
Financial terms weren't disclosed.
Holland & Hart, with 365 attorneys in seven Western states, is the largest law firm based in the Mountain West. Postmerger, the firm will have 415 attorneys companywide and 63 attorneys in Nevada, making it one of the four largest firms in the Silver State.
The combined firm will carry the Holland & Hart name, and it will have offices in Las Vegas, Reno and Carson City.
Hale Lane Peek Dennison and Howard opened in 1971, and today practices in areas including business litigation, natural resources, estate planning and tax issues.
NEW YORK
Oil prices dip on sense of lessened demand
Oil prices dropped below $129 a barrel Tuesday, falling sharply on a growing sense that soaring gasoline and oil prices have cut demand for fuel during the normally busy summer driving season.
At the pump, meanwhile, retail gasoline prices rose, but only slightly, leading to renewed speculation that gasoline may follow the normal seasonal pattern of peaking around Memorial Day and then declining over the summer.
Light, sweet crude for July delivery fell $3.34 to settle at $128.85 a barrel on the New York Mercantile Exchange, but fell as low as $128.18 in after-hours electronic trading. It was oil's biggest one-day decline since March 31. Prices peaked at $135.09 a barrel Thursday.
Last week's surge in oil prices drove gasoline prices sharply higher just before the long Memorial Day holiday weekend. But those increases appear to be tapering off. The average national price of a gallon of regular gasoline rose 0.1 cent overnight to a record $3.937, a survey of stations by AAA and the Oil Price Information Service shows.
In Las Vegas, the average price of a gallon of self-serve regular gasoline was a record $3.865 Tuesday, AAA said in its Daily Fuel Gauge report. The price is up 7.6 percent from the month-ago price of $3.591 and up 20.6 percent from the year-ago price of $3.204, AAA said.
PARIS
Bank chief defends response to scandal
Societe Generale SA Chairman Daniel Bouton on Tuesday defended the French bank's response to one of the world's largest trading scandals, which caused a massive loss.
Bouton said the alleged fraud that the bank has blamed on former trader Jerome Kerviel was an "isolated" event -- and does not reflect the heart of the bank's trading activities.
"All the investigations have shown that the positions of the trader from which the losses stem were concealed," he told more than 1,600 shareholders at the annual meeting near the bank's headquarters in Paris' business district.
ALBANY, N.Y.
Judge decides Dell's advertising deceptive
A New York judge concluded Tuesday that Dell engaged in repeated false and deceptive advertising of its promotional credit financing and warranties.
State Supreme Court Justice Joseph Teresi ordered the computer retailer to more clearly disclose that most customers don't qualify for free financing or get "next day" repair service.
New York Attorney General Andrew Cuomo sued Dell last year. Teresi gave him until Dec. 1 to identify all consumer claims for third-party repairs, new computers or higher interest payments than they would have paid otherwise.
NEW YORK
JetBlue plans to slow growth of its fleet
JetBlue Airways Corp. plans to significantly slow its fleet growth, saying Tuesday it will put off buying 21 new Airbus jetliners for four to five years as it struggles to cope with soaring fuel costs.
The A320 planes, which were originally scheduled for delivery between 2009 through 2011, will now be delivered in 2014 and 2015. By delaying delivery, JetBlue will be able to hold off paying for the planes and will save on the additional operating expenses they would bring.
Spokeswoman Alison Eshelman wouldn't say how much the Forest Hills, N.Y.-based airline expected to pay for the aircraft, or how much it hoped to save by deferring delivery. The planes carry a list price of $76.9 million, but carriers typically negotiate steep discounts for larger orders.
JetBlue shares rose 21 cents, or 5 percent, Tuesday to close at $4.41 on the Nasdaq National Market.
WASHINGTON
Interest rates increase in Treasury auction
Interest rates on short-term Treasury bills rose in Tuesday's auction to the highest levels in three months.
The Treasury Department auctioned $25 billion in three-month bills at a discount rate of 1.87 percent, up from 1.855 percent last week. Another $23 billion in six-month bills was auctioned at a discount rate of 1.92 percent, up from 1.885 percent last week.
NEW YORK
Treasury prices decline as stocks head higher
Treasury prices slid Tuesday as stocks moved higher and investors were unable to shake their inflation worries despite a drop in oil prices.
As the stock market rose, the benchmark 10-year Treasury note fell 0.63 points to 99.60 and yielded 3.92 percent, up from 3.85 percent late Friday, according to BGCantor Market Data. Bond prices move in the opposite direction of yields.
