Official report favors US-Canada pipeline

Official report favors US-Canada pipeline

washington

The Obama administration on Friday removed a major roadblock to a planned $7 billion oil pipeline from western Canada to the Texas coast, saying in a report that the project is unlikely to cause significant environmental problems during construction or operation.

The thousand-page report by the State Department says the proposed 1,700-mile Keystone XL pipeline would have no significant environmental impacts on most natural resources in its six-state path.

Calgary-based TransCanada wants to build a massive pipeline to carry crude oil extracted from tar sands in Alberta to refineries in Texas. Supporters say it could significantly reduce U.S. dependence on Middle Eastern oil.

US tobacco crop up

shelbyville, ky.

It’s harvest time in much of the nation’s tobacco patches and this year’s harvest is expected to be among the smallest in at least a decade.

Farmers are expected to produce 726 million pounds of tobacco, the U.S. Department of Agriculture said. That’s up 1 percent from 2010, but down nearly 28 percent from a decade ago when more than 991 million pounds made its way into cigarettes and other products.

Tax increases, bans, health concerns and social stigma have driven a decline in cigarette sales, but the drop is less stark outside the U.S. Growing markets such as Asia are offsetting worldwide declines and contributing greatly to U.S. exports.

FAA clears way for 1st Boeing 787 flight

new york

The Federal Aviation Administration has cleared the way for the new Boeing 787 to take its first commercial flight.

Both the FAA and European regulators certified the plane for flight Friday. Boeing completed flight tests on the 787 this month.

Boeing plans to deliver the first 787 to Japan’s All Nippon Airways in September. The airline plans to fly it for the first time as a charter on Oct. 26 and begin regular service Nov. 1.

Plagued by various production problems, delivery is about three years late. The Chicago airline maker has orders from 55 customers for more than 800 of the planes. They will cost $185.2 million to $218.1 million apiece.

Economy grew at slower rate in spring

washington

The U.S. economy grew at a meager 1 percent annual pace this spring, slower than previously estimated. The downward revision stoked fears that the economy is at risk of another recession.

Fewer exports and weaker growth in business stockpiles led the government to lower its growth estimate for the April-June quarter from the initial 1.3 percent rate.

The economy expanded only 0.7 percent in the first six months of the year, the Commerce Department said Friday.

Nine of the past 11 recessions since World War II have been preceded by a period of growth of 1 percent or less, economists note.

Vindicator wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .62, 21.62 .35

Avalon Holdings,2.79.03

Clear Channel, .63 54.15 —.44

Cortland Bancorp, 7.16.00

Farmers Nat., .12, 4.15 —.10

First Energy, 2.20, 42.53—.20

FirstMerit Corp., .64,11.99 .13

First Niles Financial, .32,7.25.00

First Place Fin., .67—.05

FNB Corp., .48,8.68.15

General Motors,22.87.57

General Electric, .60,15.54.09

Motors Liquidation, .0422.00

Huntington Bank, .04, 4.90.08

JP Morgan Chase, 1.00,36.21.49

Key Corp, .12,6.42.10

LaFarge, 9.92 —.02

Macy’s, .40, 24.90.45

Parker Hannifin, 1.48, 67.701.91

PNC, 1.40,46.84.26

RTI Intl. Metals,24.19.83

Simon Prop. Grp.,3.20,115.161.82

Stoneridge 7.56 .13

United Community Fin. 1.00—.04

Selected prices at 4 p.m. Friday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.