Donating furniture

Donating furniture

YOUNGSTOWN

PNC Bank will donate all unused furniture from its old office space to the local nonprofit community.

All donated furniture will be available at the Sheet Metal Workers Local 33, 200 McClurg Road, Boardman, starting from noon to 4 p.m. today and continuing throughout the next several days.

PNC recently moved its Youngstown branch to the City Centre One Building.

Business filings rise

COLUMBUS

Ohio added 7,656 new business entities in February, according to Secretary of State Jon Husted.

The figures increased compared with February 2011, when 6,330 new entities filed with the secretary of state. The secretary of state’s office has assisted with 14,596 new business filings to date in 2012.

There were 13,640 new business filings at this time last year.

Builders betting on brighter market

WASHINGTON

U.S. builders are betting that the housing market is finally on the path back to health.

They requested 5 percent more permits in February to build single-family homes and apartments in the coming months. That increased the annual rate to a seasonally adjusted 717,000 permits, the Commerce Department said Tuesday.

Though that’s still half the rate considered healthy by most economists, it’s the highest since October 2008.

Builders have grown more confident over the past six months after seeing more people express interest in buying a home.

The rise in permits suggests builders see that interest translating into sales over the next 12 months. That’s how long it typically takes to build a home after a permit is obtained.

Economists cautioned that construction levels remain depressed and the housing market has a long way to go before it is back to full health.

Oil prices fall

NEW YORK

The price of oil fell after Saudi Arabia promised to keep markets well-stocked with petroleum. Concerns about economic growth and fuel demand in China also weighed on prices.

Oil prices have risen more than 9 percent this year as a standoff over Iran’s nuclear program has threatened to disrupt oil supplies from the Middle East. High prices for oil and gasoline can dampen global economic growth.

The Saudi government said Tuesday that it aims “to provide adequate supplies of petroleum, stabilize oil markets and return oil prices to fair levels for producers, consumers” and the oil industry. Saudi Arabia produces about 10 million barrels a day and says it has the ability to quickly raise that to 12.5 million barrels a day.

Iran exports more than 2 million barrels of oil a day. It has threatened to stop oil shipments through the strategically important Strait of Hormuz. A fifth of the world’s oil supplies passes through the strait at the edge of the Gulf. The ruler of Kuwait was quoted Tuesday by the state news agency as saying that Iran has assured its neighbors that it won’t block the vital waterway. He also said his country is increasing production.

Vindicator staff/wire reports