Business News

Ports Reopen After Weekend Shutdown

Ports along the west coast were temporarily shut down Saturday in light of continued union slowdowns. The Pacific Maritime Association announced that weekend vessel loading and unloading operations would be temporarily suspended, as they would no longer pay union workers overtime for their slow productivity. (LA Times)

RadioShack operates a dense retail network that more closely resembles a drugstore chain than an electronics retailer. As part of its bankruptcy, the company plans to shut down nearly half of its roughly 4,000 stores. Seven of those closings are in Oregon – all on the I-5 corridor.  All three Central Oregon stores are slated to stay open. (Wall Street Journal)

Consumers increased their borrowing in December by $14.8 billion, pushing consumer debt to a record $3.31 trillion. It could be a sign that consumer spending will accelerate as strong jobs gains give shoppers more confidence about taking on debt. Total debt is up 6.9% in the past year. The category covering auto and student loans is up 8.2%, while the credit card category has risen 3.5%. (Associated Press)

The S&P 500 is down 6 and the NASDAQ is down 12.  The MSCI International Index was down 1.25% Friday.

Oil is up 78 cents at $52.47 a barrel. OPEC sharply raised its forecast of demand for its own oil in 2015, saying the fall in prices would slow production in the U.S. and other countries faster than previously thought. (Reuters)

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