September 18, 2008

Bulletins ; – Companies

GE googles electricity grid: General Electric Co., the world's third-largest company, said yesterday it is working with Google Inc. to develop a so-called smart electrical grid that can make better use of power derived from renewable energy. The companies will jointly lobby U.S. lawmakers and collaborate on technologies to make alternative energy sources, such as wind, geothermal and solar, commercially successful. The partnership was unveiled at a conference at Google's offices in Mountain View, Calif. With a "smart" grid, people would be able to monitor individual energy use, sell energy back to utilities from electric car batteries and program appliances to turn on at times when electricity is least expensive, Google spokeswoman Niki Fenwick said in an e-mail. (Associated Press)

Bean to open in China: L.L. Bean said yesterday it is ready to open the first of five stores in China. The store in the Solana Mall in Beijing, which opens on Sept. 27, will be operated through a joint venture between the Maine outdoors outfitter and Youngone Corp. of Korea. Chief Executive Officer Chris McCormick says he believes L.L. Bean's store will benfit from a growing interest among the Chinese in the outdoors and outdoor activities. The 3,000- square-foot store will feature natural light and weathered timbers reminiscent of the company's flagship store in Freeport. The China stores will be privately held L.L. Bean Inc.'s first international stores outside of Japan, where it has 15 stores. (Associated Press)

- Markets

Dollar retreats: The dollar fell against major currencies yesterday in New York, ending at 105.24 Japanese yen, down from Tuesday's close of 105.82 yen. The euro closed at 3:30 p.m. at $1.4376, up from $1.4156.

Metals soar: Gold for current delivery closed at $846.60 a troy ounce on the New York Mercantile Exchange, up from Tuesday's close of $776.50. Silver closed at $11.620 an ounce, up from $10.462.

Fuels jump: October light, sweet crude oil rose $6.01 to $97.16 a barrel on the New York Mercantile Exchange. October heating oil rose 10.5 cents to $2.8247 a gallon. October gasoline rose 6.22 cents to $2.463 a gallon. October natural gas rose 63.6 cents to $8.195 per 1,000 cubic feet.

Associated Press

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