IN BRIEF

RENO

Nevada gasoline prices reach another record

Gasoline prices in Nevada have reached record highs and are expected to keep rising, AAA Nevada said Tuesday.

The statewide average for a gallon of self-serve unleaded soared to $3.29, up 29 cents (9.7 percent) from last month and 55 cents (20.1 percent) from a year ago.

Nationally, the price averaged $3.23, also a record high.

"Spring is always the time of year when we see price increased," said Michael Geeser, spokesman for AAA Nevada. "But prices so far this spring in Nevada are starting at a level anywhere from 40 to 60 cents higher than a year ago.

In Nevada, the largest increase was in Sparks, where the average price jumped 43 cents to $3.38 since February.

The average price rose 30 cents in Las Vegas to $3.23; 38 cents in Reno to $3.37; and 16 cents in Elko to $3.27.

CINCINNATI

Kroger earnings fall 16 percent in quarter

Kroger Co.'s quarterly profit tumbled 16 percent and its sales rose a slim 2 percent as it battled rising costs and tougher grocery competition.

The fourth-quarter results Tuesday still beat Wall Street estimates, but the 2008 forecast from the nation's largest traditional grocery store chain fell short of analysts' expectations.

The Cincinnati-based company said it earned $322.9 million, or 48 cents per share, for the quarter ended Feb. 2, down from $384.8 million, or 54 cents, a year earlier.

Revenue rose 2.2 percent to $17.23 billion from $16.86 billion.

Kroger operates Smith's and Food 4 Less supermarkets in Southern Nevada.

DALLAS

Three Southwest workers put on leave

Southwest Airlines Co., which is accused of operating planes that had missed key safety inspections, said Tuesday it has placed three employees on leave and hired an outside expert to review its maintenance procedures.

The airline, which serves about 40,000 passengers a day at McCarran International Airport, also said it has promised federal regulators that it will fix any shortcomings in its system of tracking maintenance work.

Last week, the Federal Aviation Administration proposed a $10.2 million civil penalty -- the largest ever against an airline -- after finding that Southwest had missed safety inspections for dozens of planes, then kept flying some of them before they could be examined.

Southwest shares rose 33 cents, or 2.73 percent, Tuesday to close at $12.40 on the New York Stock Exchange.

WASHINGTON

U.S. trade gap grows larger during January

The United States' trade deficit grew larger in January as imports -- including crude oil prices -- zoomed to all-time highs.

The latest snapshot of trade activity, reported by the Commerce Department on Tuesday, showed that the country's trade gap increased to $58.2 billion. That was up from a trade shortfall of $57.9 billion in December and was the highest since November.

Imports of goods and services climbed to a record high of $206.4 billion in January. The United States' voracious appetite for imported crude oil, where prices skyrocketed to the loftiest on record, figured into the increasing demand for overall imports.

The trade gap widened even as exports of U.S.-made goods and services totaled a record high of $148.2 billion in January.

MIAMI BEACH, Fla.

High fuel costs don't scare cruise industry

The cruise industry's outlook is positive this year despite economic pressures such as high fuel costs, the weak dollar and the struggling housing market, leaders of the world's largest cruise lines said Tuesday.

While not immune to a weakening economy, the industry has proven it is "recession resistant" because the all-inclusive nature of its vacations provide value for travelers who may be cutting down on discretionary spending, said Dan Hanrahan, marketing committee chairman for Cruise Lines International Association.

Examples of the industry's resilience are an average of 105 percent occupancy for ships belonging to association cruise lines, and in the results of internal surveys of travel agents that predicted this year's bookings and sales would as good or better than they were in 2007, Hanrahan said.

NEW YORK

After news of Fed plan, Treasurys head down

Treasury prices sold off sharply Tuesday after the Federal Reserve and other major central banks unveiled a plan to offer up to $200 billion in Treasurys to cash-starved financial institutions.

The benchmark 10-year Treasury note fell 1.25 to 99.22 with a yield of 3.60 percent, up from 3.46 percent late Monday, according to BGCantor Market Data. Prices and yields move in opposite directions.

The 30-year long bond lost 1.03 to 97.47 with a yield of 4.53 percent, down from 4.47 percent.

The 2-year note gave up 0.56 points to 100.53 with a yield of 1.73 percent, up from 1.49 percent.