BUSINESS NEWS DIGEST | Legislation targets Big Oil, OPEC

Legislation targets Big Oil, OPEC

WASHINGTON

U.S. Sen. Sherrod Brown introduced Wednesday the Close Big Oil Tax Loopholes Act, which would aim to end more than $4 billion in tax deductions, subsidies and royalty relief given to the five biggest oil companies each year.

Brown also has announced support for the No Oil Producing and Exporting Cartels Act, which would give the U.S. attorney general authority to take action against OPEC countries that manipulate the price of oil.

“It’s bad enough that Ohioans have to pay more than $4.00 a gallon at the gas pump when the oil prices rise due to price-fixing by OPEC countries or speculation by Wall Street investors,” Brown said. “They shouldn’t need to subsidize the biggest and most profitable oil companies through the tax code as well. Big Oil is reaping huge profits while working- and middle-class Ohioans struggle to make ends meet. It’s about time this corporate welfare meets its end.”

Howard Hanna near top of US rankings

CLEVELAND

Howard Hanna Real Estate Services remained the fourth-largest real-estate brokerage firm in the U.S., based on the number of closed transactions, according to the 2010 REALTrends 500 residential brokerage rankings.

Howard Hanna also is the seventh-largest real- estate company in the nation, ranked by 2010 sales volume.

The company recorded 30,493 closed transactions and had a sales volume of $5,336,538,713.

Staff reports