Davos forum ends

Davos forum ends

davos, switzerland

Europe’s crippling debt crisis dominated the world’s foremost gathering of business and political leaders, but for the first time the growing inequality between the planet’s haves and have-nots became an issue, thanks largely to the Arab Spring uprisings, the Occupy movement and other protests around the globe.

The mood at the end of the five-day meeting in Davos was somber, and more than 2,500 VIPs headed home Sunday concerned about what lies ahead in 2012.

Despite guarded optimism about Europe’s latest attempts to stem the eurozone crisis, fears remain that turmoil could return and spill over to the rest of the world. And there were no answers to the widening inequality gap, but a mounting realization that economic growth must include the poor, that job creation is critical, and that affordable food, housing, health care and education need to part of any solution.

In $3.9B deal, Exxon to sell subsidiary

Exxon Mobil Corp. is selling its Japanese refining and marketing business to partner TonenGeneral Sekiyu K.K. in a deal valued at $3.9 billion.

TonenGeneral Sekiyu will buy 99 percent of the shares of Exxon Mobil Yugen Kaisha, which refines and sells fuel and lubricants, the Japanese refiner said. Exxon Mobil’s stake in TonenGeneral will drop to 22 percent from 50 percent.

Exxon Mobil said the deal, announced Sunday, will result in a refining and marketing business “better positioned to meet Japan’s energy needs.”

Associated Press

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .66, 22.05 —.03

Avalon Holdings,3.58.04

Clear Channel, .78 63.50 1.10

Cortland Bancorp, 7.00.26

Farmers Nat.5.20 .00

First Energy, 2.20, 42.26—.46

FirstMerit Corp., .64,15.84 .03

First Niles Financial, .32,7.30.00

First Place Fin., .68.10

FNB Corp., .48,11.53—.04

General Motors,24.37—.35

General Electric, .68,19.03—.04

Motors Liquidation, .0422.00

Huntington Bank, .16, 5.70.06

JP Morgan Chase, 1.00,37.21—.28

Key Corp, .12,8.01.13

LaFarge, 10.44 —.10

Macy’s, .40, 33.82.55

Parker Hannifin, 1.48, 81.50.00

PNC, 1.40,59.08.18

RTI Intl. Metals,24.77—.25

Simon Prop. Grp.,3.60,136.69.16

Stoneridge 9.59 .20

United Community Fin. 1.25—.01

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.