IN BRIEF
NEW YORK
Gasoline prices rise nationally, locally
The national average price for gasoline rose for the 11th straight week, a government report released Monday shows.
The U.S. Energy Information Administration said drivers paid an average of $2.876 for a gallon of regular gasoline in the week ended April 16, up 7.4 cents from a week ago and up 9.3 cents from a year ago.
Over the past 11 weeks, the national average price has surged 71.1 cents, or 33 percent, from $2.165 on Jan. 29.
Some of this week’s sharpest gains were in the Lower Atlantic region of the East Coast, which stretches from West Virginia to Florida. Prices there gained 10.3 cents in the week to an average of $2.841.
The nation’s highest average prices, though, remain on the West Coast at $3.195 per gallon, up 5.7 cents from the prior week.
In Nevada, the price of a gallon of self-serve regular unleaded gasoline averaged $3.057 on Monday, up from $3.05 a day earlier, AAA said in its Daily Fuel Gauge report. A month ago, Nevada gasoline prices averaged $2.809.
In Las Vegas, prices were $3.015 Monday, up from $3.005 a day earlier, AAA said. A month ago, Las Vegas gasoline prices averaged $2.725.
Wynn’s compensation near $10 million in ’06
Steve Wynn, the chief executive of casino company Wynn Resorts Ltd., received compensation worth nearly $10 million in 2006, a year in which the company’s revenue doubled, its stock price surged 71 percent, and it opened a casino in Macau.
Wynn’s compensation included $2.8 million in salary, $6.9 million in nonequity incentive plan compensation and $262,915 in other compensation, mostly for personal use of company aircraft and life insurance premiums, a proxy statement the company filed Monday with the Securities and Exchange Commission shows.
The Associated Press’ calculations of total pay include executives’ salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock and option awards granted during the year.
Wynn was not granted any stock or options in 2006 and continued to own a 24.05 percent stake in the company.
Bally Technologies extends lottery deal
Las Vegas based slot maker Bally Technologies announced Monday it signed a contract extension with the New York Lottery, keeping the company’s 6,300 statewide revenue-sharing slot machines in operation through at least Dec. 31, 2010.
Financial figures were not released. According to the company, Bally said it is the highest-performing vendor on a per-machine win basis statewide, covering eight gambling halls.
Bally recently added 1,400 games to the Gotham Palace section of Empire City at Yonkers Raceway in suburban New York City.
NEW YORK
Citigroup profits drop 11 percent in quarter
First-quarter profit at Citigroup dropped 11 percent as the nation’s largest financial institution took a charge to cover a massive restructuring designed to cut costs and improve earnings. Still, the results announced Monday beat Wall Street expectations.
The New York-based bank said net income was $5.01 billion, or $1.01 per share, in the January-March period, down from $5.64 billion, or $1.12, a share, a year earlier.
Revenue rose 14.9 percent to a record $25.5 billion from $22.2 billion.
WASHINGTON
Interest rates decline in Treasury auction
Interest rates on short-term Treasury bills fell in Monday’s auction with three-month bills dropping to the lowest level since mid-December.
The Treasury Department auctioned $14 billion in three-month bills at a discount rate of 4.865 percent, down from 4.88 percent last week. Another $12 billion in six-month bills was auctioned at a discount rate of 4.865 percent, the same as the three-month rate. The six-month rate had been 4.89 percent last week.
SAN JOSE, Calif.
Apple chief’s salary just a buck in 2006
Apple Chief Executive Steve Jobs received a salary of $1 last year, according to documents filed Monday with the Securities and Exchange Commission.
Since returning in 1997 to the helm of the company he co-founded and catapulting Apple to record profits, the legendary Silicon Valley executive has opted to get only a token paycheck.
As of March 20, Jobs still owned more than 5.4 million in restricted shares, worth about $490 million at Friday’s closing stock price. The award is part of what’s left of 10 million in split-adjusted restricted shares the company gave Jobs in March 2003.
NEW YORK
Bond prices slip ahead of inflation report
Treasury bond prices ended higher Monday, with heftier gains in the longer end of the curve, as investors positioned for today’s key inflation report.
At 5 p.m. EDT, the 10-year Treasury note was up $2.19 per $1,000 in face value, or 0.22 points, from its level at 5 p.m. Friday. Its yield, which moves in the opposite direction, fell to 4.74 percent from 4.77 percent.
The 30-year bond rose 0.63 points. Its yield fell to 4.89 percent from 4.93 percent.
