Russia gains WTO approval

December 17, 2011 at 12:00a.m.

GENEVA

After nearly two decades of trying, Russia gained approval Friday to join the World Trade Organization, a move likely to boost its economy and that of its biggest trading partner, the European Union, at a time of global financial turmoil.

The vote by international trade ministers also provides a measure of victory for Russian Prime Minister Vladimir Putin, who faces popular discontent after allegations of fraud in recent parliamentary elections.

Russia, the sixth-largest economy in the world with a population of 143 million, has been the only member of the Group of 20 leading world economies still outside the 153-nation WTO.

Consumer prices unchanged in Nov.

WASHINGTON

Consumer prices stayed flat in November, further evidence that inflation has cooled off.

Energy costs dropped for the second-straight month, which offset higher prices that Americans paid for food, clothes and medical services.

Milder inflation offers some relief to consumers, who were hit earlier this year with a surge in gas and food prices. It also gives the Federal Reserve leeway to act further to boost the economy without fanning inflation.

“This is more good news for the consumer,” said Jim Baird, chief investment strategist at Plante Moran Financial Advisors. “The pace of inflation has clearly moderated in recent months.”

Oil prices retreat on Europe’s woes

Europe’s financial woes pushed oil prices lower Friday for a third-straight day.

The eurozone region continues to wrestle with a mountain of debt, and the only cure at hand appears to be a wave of severe spending cuts and pleas for more international aid. European Union leaders have hammered out a new plan for more central financial control and requirements for balanced budgets, but experts say those measures will do little to reduce current debts.

“That plan was a real bust,” independent oil analyst and trader Stephen Schork said. “There’s talk of real weakness now.”

From wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .66, 21.57 +0.06

Avalon Holdings,2.75+0.11

Clear Channel, .65 60.57 +0.44

Cortland Bancorp, 7.000.00

Farmers Nat.4.50 —0.23

First Energy, 2.20, 43.43—0.88

FirstMerit Corp., .64,14.59 +0.28

First Niles Financial, .32,7.98+1.28

First Place Fin., 0.46—0.08

FNB Corp., .48,10.96+0.12

General Motors,20.15+0.05

General Electric, .60,17.01+0.22

Motors Liquidation, 0.04220.00

Huntington Bank, .16, 5.09+0.01

JP Morgan Chase, 1.00,31.89+0.13

Key Corp, .12,7.18+0.06

LaFarge, 8.21 —0.01

Macy’s, .40, 31.03—0.44

Parker Hannifin, 1.48, 75.02—0.66

PNC, 1.40,55.09+1.19

RTI Intl. Metals,22.18+0.43

Simon Prop. Grp.,3.20,123.34+1.09

Stoneridge 8.75 +0.13

United Community Fin. 1.09—0.10

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