BUSINESS BRIEFS
Tesoro to buy four Kaua'i outlets
Advertiser Staff and News Services
Tesoro Corp. said yesterday it is buying four gasoline stations on Kaua'i.
The current owner, privately held Kauai Petroleum Corp., also is selling its petroleum terminal and trucking assets to Tesoro. The price was not disclosed. The deal requires the approval of Kauai Petroleum's shareholders and is subject to a due diligence review by Tesoro.
Tesoro currently operates a 94,000 barrel per day refinery in Kapolei.
FARM STATES FIGHT TARIFF REMOVAL
WASHINGTON — Farm-state lawmakers say they're prepared to fight vigorously any attempt to remove the 54-cent tariff on imported ethanol even though demand for the additive is growing as refiners use more of it in gasoline.
President Bush made clear his desire to boost ethanol supplies — and to try to generate more imports — at a meeting on energy with a bipartisan group of lawmakers this week.
BUFFETT DEALS FOR 80% OF ISCAR
OMAHA, NEB. — Berkshire Hathaway Inc., the investment vehicle run by billionaire Warren Buffett, said yesterday it will acquire an 80 percent stake in Iscar Metalworking Cos. in a $5 billion deal.
The announcement to acquire the privately held group puts to rest speculation that Buffett might announce another acquisition during the company's annual meeting today. Berkshire Hathaway said Iscar will be managed by its current team, including members of the Wertheimer family who will still own the remaining 20 percent stake.
AMERICANS SLOW BORROWING PACE
WASHINGTON — Americans increased their borrowing in March at the slowest pace in four months as people cut back on their credit card charges.
The Federal Reserve reported yesterday that consumer borrowing rose at an annual rate of just 1.4 percent in March. That was down from a 2.5 percent pace in February and represented the smallest increase since November when consumers actually sliced their borrowing. That moderation in March was led by a cutback in borrowing on credit cards.
EXPO TO UNVEIL VIDEO UPDATES
DALLAS — The Electronic Entertainment Expo in Los Angeles next week will be a feast for video gamers, as new software and hardware will be unveiled.
But while players will bask in an extravaganza, game companies such as Microsoft Corp. and GameStop Corp. will be calculating revenue projections, console launch dates and hardware allocations.
That's because 2006 is a delicate year for game companies, with Microsoft's Xbox 360 hopefully finding its balance and new consoles from Nintendo Co. and Sony Corp. hitting the market this fall.
