U.S. now world's biggest oil producer
The United States is pumping record amounts of oil, vaulting over Russia to become the world's biggest producer of crude.
The Energy Information Administration said Thursday that the U.S. produced more than 11.3 million barrels a day in August, a 4 percent increase over the old record set in July.
Russia's energy ministry estimates that country pumped 11.2 million barrels a day in August. OPEC reports Saudi Arabia pumped 10.4 million barrels a day.
It's the first time since 1973 that the U.S. leads the world in oil production.
Several states hit record production in August, including Texas, which accounts for about 40 percent of U.S. crude. The energy agency says pipeline bottlenecks in Texas and New Mexico are causing more use of trucks and rail cars to haul oil.
-- The Associated Press
OK Foods exec put on chicken council
The National Chicken Council has appointed Trent Goins, the president and chief executive of Fort Smith-based OK Foods, to the secretary-treasurer post of the Washington, D.C., group.
This is the first time Goins, 40, of Fort Smith, has held an officer role with the National Chicken Council, a nonprofit advocacy group for the broiler chicken industry, a news release said this week.
He took the reins of OK Foods in 2014 after holding various sales and management positions in the company. Before joining the family business, Goins worked on agriculture and trade policy under U.S. Rep. Marion Berry of Arkansas' 1st Congressional District.
Along with his appointment, an executive of Koch Foods (Mark Kaminsky) and Wayne Farms (Clint Rivers) have been selected as the chicken council's chairman and vice chairman, respectively. Officers serve one-year terms.
OK Foods was founded in 1933 by Collier Wenderoth Sr., whose son (Goins' grandfather) helped expand and transition the feed manufacturer into poultry processing in the 1950s, according to the company's website. A Mexican food firm, Industrias Bachoco S.A.B. de C.V, bought the Fort Smith processor in 2011. More than 3,000 people work there.
Goins is the chairman of the Fort Smith Chamber of Commerce, vice president of 64.6 Downtown, a nonprofit, and co-founder of two music festivals in the area.
-- Nathan Owens
Worker accepts pared Monsanto verdict
SAN FRANCISCO -- A Northern California groundskeeper said Wednesday that he will accept a judge's reduced verdict of $78 million against Monsanto after a jury found that the company's weedkiller caused his cancer.
DeWayne Johnson's attorney formally informed the San Francisco Superior Court that he would not contest the judge's decision to reduce a jury's original $289 million award.
Johnson could have demanded a new trial.
A jury unanimously decided in August that Monsanto's Roundup weedkiller caused Johnson's cancer. His doctor testified that the 46-year-old has less than three years to live.
Johnson's spokesman Robin McCall says his attorney disagrees with the judge's settlement reduction but will accept the lower amount in hopes of achieving "a final resolution within his lifetime."
Monsanto spokesman Daniel Childs did not immediately return a phone call. He previously said the company planned to appeal every adverse verdict. The company is facing 8,000 similar lawsuits across the country.
-- The Associated Press
September construction spending flat
WASHINGTON -- Spending on U.S. construction projects was essentially unchanged in September, the weakest showing since June, as an increase in home construction was offset by a slide in spending on government projects.
The Commerce Department said Thursday that the flat reading for September followed a 0.8 percent rise in August.
The strength last month was driven by a 0.6 percent increase in residential construction and a smaller 0.1 percent increase in nonresidential activity, which pushed this category to an all-time high. However, these gains were offset by a 0.9 percent drop in spending on government projects.
The increase in residential construction featured an 8.7 percent jump in apartment construction, which offset a 0.8 percent drop in single-family homes.
Apartment construction can be volatile from month to month. Overall, the home sector has struggled for much of this year as builders have had to cope with rising costs for land, lumber and labor. Part of the increase in lumber prices stemmed from the higher tariffs the Trump administration has imposed on Canadian softwood lumber.
-- The Associated Press
Southwest drops in-flight movie fees
Southwest Airlines Co. is giving up on charging for in-flight movies, bowing to feedback from passengers accustomed to not paying on rival carriers.
Free films will be rolled out to most customers by the end of the week, Southwest said in a statement. That makes the Dallas-based discounter the last of the four biggest U.S. carriers to stop charging for movies.
The offerings build on Southwest's push to ramp up in-flight entertainment over the past year, after customer surveys showed that it could "greatly influence" a decision to fly on the airline in the future, said Ryan Green, chief marketing officer. Since May, the carrier -- which heavily promotes passenger perks such as free checked bags and flight changes -- has added music streaming, podcasts and messaging at no cost.
-- Bloomberg News
Bids submitted for Tribune Publishing
Donerail Group and newspaper publishers McClatchy Co. and AIM Media have submitted bids for Tribune Publishing Co., according to people familiar with the matter.
Tribune's board is scheduled to meet early next week after bids for the assets were due Thursday, said the people, who asked to not be identified because the matter isn't public.
A representative for Tribune Publishing declined to comment. Representatives for McClatchy, Donerail and AIM didn't respond to requests for comment.
Potential buyers have been circling Tribune for several months. The company owns publications including the New York Daily News, Baltimore Sun and Hartford Courant.
Tribune's shares rose more than 4 percent, to $15.72 on Thursday, giving the Chicago-based company a market value of about $557 million. Its shares are down almost 11 percent so far this year.
-- Bloomberg News
Business on 11/02/2018