Ribbon-cuttings set

Ribbon-cuttings set

YOUNGSTOWN

The Youngstown/Warren Regional Chamber is hosting three ribbon-cuttings this week.

The first is Wednesday at O’Reilly Auto Parts, 2320 Parkman Road, Warren at 10 a.m. The second is Thursday at 10 a.m. at Great Clips, 8254 Market St., Howland. The final ribbon-cutting for the week is Friday at 2 p.m. at Fitness Together at 6541 Clingan Road, Poland.

Simon is biggest real-estate company

INDIANAPOLIS

The nation’s largest shopping-mall operator, Simon Property Group Inc., now is also the world’s largest real-estate company.

Indianapolis-based Simon Property this month is listed at No. 1 on the FTSE EPRA/NAREIT Global Real Estate Index. John Barwick of the National Real Estate Investment Trust said Monday that’s based on the company’s market capitalization of $45.9 billion as of May 4. The market cap is the total market value of a company’s outstanding shares.

Yahoo! Finance recently estimated Simon’s enterprise value at $65 billion, the Indianapolis Business Journal reports. Simon says that’s a low estimate and it’s really worth about $85 billion, including unconverted ownership units and debt Simon has issued recently. Enterprise value includes additional factors besides market capitalization.

The IBJ reports Simon is the only real-estate company listed on the Standard & Poor’s 100 Index, a listing of the nation’s largest and most-established companies.

Among Simon’s properties are Southern Park Mall in Boardman, Aurora Farms Premium Outlets in Aurora and Grove City Premium Outlets in Grove City, Pa.

Oil price drops to lowest point of year

NEW YORK

The price of oil dropped Monday to its lowest level of the year after elections in Europe created uncertainty over the region’s plan for recovery.

In afternoon trading, benchmark U.S. crude lost $1.10 to $97.39 per barrel in New York. It fell as low as $95.34 per barrel earlier in the day, 10 cents below the previous low set Feb. 2.

Oil prices declined after voters in France and Greece rejected incumbent leaders who supported austerity measures to fix the region’s struggling economy.

Analysts warned that the election results could derail the eurozone’s plan for recovery. That could further disrupt an economy that consumes 18 percent of the world’s oil.

Markets recover

NEW YORK

Stock markets recovered around the world after an early stumble caused by election results in France and Greece that appeared to jeopardize Europe’s plans for fighting its debt crisis.

Investors on Monday worried that the shifting political landscape in Europe could undermine the region’s long battle to keep its shared currency intact and restore the faith of global investors. European markets slumped early on but closed higher after worries about the political changes dissipated and investors focused on Hollande’s pledges to encourage economic growth.

Vindicator staff/wire reports