Saudi Arabia boosts oil production

Saudi Arabia boosts oil production

NEW YORK

Saudi Arabia’s still the boss when it comes to oil.

The world’s biggest oil exporter plans to increase production to 10 million barrels per day, the highest level in 30 years, according to a Saudi Arabian newspaper. Analysts see this as a bold step by the Saudis to reassert their dominance over OPEC after the 12-member group this week denied its request to increase production.

Oil prices sank 2.6 percent Friday. Benchmark West Texas Intermediate crude for July delivery lost $2.64 to settle at $99.29 per barrel on the New York Mercantile Exchange. That erased most of the gains that followed OPEC’s meeting Wednesday.

If Saudi Arabia follows through, the country will increase production 13 percent from May. This will add 1.14 million barrels per day to the market, helping to close a shortfall in supply. OPEC says world demand will exceed supply by 1.45 million barrels per day in the third quarter. The U.S. Energy Information Administration puts the shortfall at 1.81 million barrels per day.

Pa. court upholds Wal-Mart verdict

HARRISBURG, Pa.

A $188 million class-action verdict against Wal-Mart Stores Inc. and Sam’s Club over payment to employees for rest breaks and off-the-clock work was upheld Friday by a Pennsylvania appeals court.

A three-judge Superior Court panel said there was sufficient evidence at trial to conclude there had been a breach of contract, unjust enrichment and violations of state labor laws.

The judges also ruled in a 211-page opinion that the presiding Philadelphia judge erred in determining some of the plaintiffs’ legal fees and sent that part of the case back for recalculation.

Obama to nominate Gruenberg for FDIC

WASHINGTON

A White House official says President Barack Obama will nominate Martin J. Gruenberg to become chairman of the Federal Deposit Insurance Corp.

Gruenberg would replace Sheila Bair who, as one of the nation’s top banking regulators, helped craft the government’s response to the 2008 financial crisis. Bair has announced plans to leave the post July 8.

The Senate must confirm Gruenberg’s nomination. He has been the FDIC’s vice chairman since August 2005.

Merck revises labels to prevent errors

TRENTON, N.J.

Drugmaker Merck & Co. soon will be shipping many of its top medications to pharmacies in containers with labels redesigned to prevent dispensing errors.

The U.S. Food and Drug Administration approved the revamped container labels late Friday. They have a new standardized format to make them easier to read and make it easier to distinguish among drugs and dosage strengths.

Merck spent about three years working with several FDA divisions to revamp the layout and content of the medicine containers shipped to pharmacies.

Associated Press