Monday Evening Business Brief
August 18, 2014, 6:24 PM
- A bidding contest between Dollar General and Dollar Tree for discount retailer Family Dollar and easing concerns about Ukraine have helped send U.S. stock indexes higher. The Dow Jones industrial average, Standard & Poor's 500 index and the Nasdaq composite all gained about 1 percent today. The Dow was up 175 points to close at 16,838.74. The S&P gained 16 to 1971.74, and the Nasdaq added 43 to 4508.31.
- Mexico says it expects to put out for bid $4.9 billion in electrical generation and natural gas pipeline projects as part of the opening of the nation's state-run energy sector. The Federal Electricity Commission wants to build several power plants, but didn't set a date for the opening of bidding.
- Steve Ballmer has introduced himself to Los Angeles Clippers fans at a rally celebrating his new ownership of the NBA team. The former Microsoft CEO made his way through the crowd inside Staples Center, exchanging high-fives and clapping furiously as he took the stage today. Ballmer paid a record $2 billion for the team in a sale that was confirmed by a judge last week.
- Iceland has raised its alert level for the risk of a possible volcanic eruption to orange -the second-most severe level. The warning comes amid swarms of earthquakes that have taken place since Saturday in a subglacial stratovolcano located under Iceland's largest glacier. In 2010 the ash from a volcanic eruption in Iceland caused major air traffic disruptions that stranded 10 million travelers around the world.
- Pacific Gas & Electric Co. has pleaded not guilty today to charges in a new indictment that accuses the utility of lying to federal investigators looking into a fatal pipeline explosion in a San Francisco Bay Area neighborhood. The blast killed eight people. An attorney for the company entered the plea in court to all 28 counts in the indictment, including obstruction of justice.
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