Cost of heating oil in Maine rises 9 cents in two weeks

Energy officials say the average price for home heating oil in Maine has jumped 9 cents a gallon in two weeks.

The Governor’s Office of Energy Independence and Security said Monday that the statewide average price is $3.07 per gallon. The office did not report heating oil prices during the week of Dec. 27.

Around the state, western Maine had the lowest price of $2.89 per gallon while the central part of the state had the highest price of $3.25.

State Energy Director John Kerry says oil prices began to increase near the end of 2010 and continued to rise on the first day of trading in 2011 with expectations of a sustained economic recovery.

U.S. factory activity grows for 17th consecutive month

Manufacturers produced more goods and booked more orders last month, leading to the fastest growth in factory activity since May.

The Institute for Supply Management said Monday that its index of manufacturing activity rose for the 17th straight month in December, to 57 from 56.6 in November.

Any reading over 50 indicates growth. The latest is well above the recession’s low of 32.5, hit in December 2008. But it’s below the reading of 60.4 in April, the highest level since June 2004.

A separate report Monday showed that construction spending rose 0.4 percent in November, the third straight monthly increase. Builders began work on more homes and the government boosted its investment in construction projects to lift spending to $810.2 billion, the Commerce Department said. Still, that’s only 2.3 percent above August’s figure, which was the lowest level in a decade.

 

Motorola completing split into two companies today

Motorola Inc.’s formal split into two companies today will mark the final step in the breakup of a consumer electronics industry pioneer.

Motorola began selling car radios in the 1930s and expanded into TVs in the ’40s and cell phones in the ’80s. The company has become increasingly diverse, and the breakup that began in 2008 is motivated by a desire to present two simple businesses to investors rather than one complicated one.

Motorola is splitting its consumer-oriented side, which makes cell phones and cable set-top boxes, from the professional business of selling police radios and barcode scanners to government agencies and large companies. The new companies will be called Motorola Mobility and Motorola Solutions.

  

Fiat says share of Chrysler could hit 51 percent in 2011

Italy’s Fiat is edging closer to becoming a global carmaker. It has split off its farm equipment and truck business to focus on automobiles, and says it could take control of Chrysler this year.

The transformation at Fiat comes as Chrysler boosts sales, introduces new cars and prepares to take its stock public again after last year’s bankruptcy.

The split with Fiat Industrial – which includes CNH agriculture and construction vehicles and Iveco trucks – is a key step toward achieving a goal of creating a global automotive player with Chrysler to build 6 million cars a year by 2014.

Fiat took a 20 percent share in Chrysler LLC in 2009, gaining effective control after Chrysler emerged from bankruptcy.

 

Chinese company buys landmark Universal Hotel

The Sheraton hotel that looms over Universal City’s studios and theme park in Los Angeles is being purchased by Chinese real estate firm Shenzhen New World Group Co., a company official said Monday.

The Sheraton Universal Hotel’s purchase by Shenzhen New World is set to close on Wednesday, said Daniel Teng, an executive with the company’s U.S. operation.

He would not discuss the sale price. The 20-story hotel and its surrounding property was last assessed at $123.3 million, according to county records.

 

 

 

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