Tuesday morning headlines
Stocks edge higher: Some decent economic news keeping investors in a buying mood. Dow is up 25 points.
Retail sales rebound: July’s 0.8 percent increase was the largest in five months, with cars, furniture and electronics leading the way. (AP)
Gas update: L.A.-area pump prices rose nearly a dime overnight, with an average gallon of regular at $4.103, according to the Auto Club. That’s almost 40 cents higher than a month ago.
Chevron considered replacing pipe: The possible cause of last week’s refinery fire had been inspected and ultimately cleared for more use. From the SF Chronicle:
Chevron officials examined both the line that failed and a larger companion line linked to it, company officials said. Both pipes were fed from a 16-inch connection to the crude oil unit’s distillation tower and served to route hot hydrocarbons away for cooling and processing. The October inspection found unsafe levels of corrosion in the larger, 12-inch line, and officials designated it, along with its smaller companion line, for replacement, sources close to the investigation told The Chronicle. But after reviewing inspection and other operation data, Chevron deemed the smaller, 8-inch-diameter line – the one tied to the leak and fire – fit to remain in service for five more years, the safety standard in U.S. regulations. Both pipes date to construction of the crude refining unit in the 1970s.
Home Depot’s bullish outlook: The home-improvement retailer reported a 12 percent increase in quarterly net income as the housing market shows signs of stabilization. (AP)
July tax coffers disappoint: State revenues were $475 million below projections contained in the budget. As of July 31, the cash deficit is being covered with temporary loans from special funds. (California’s Capitol)
Final tally on Olympics: NBC averaged 31.1 million viewers during the 17 days of prime time coverage, 12 percent better than four years ago in Beijing and 26 percent better than eight years ago in Athens. (NYT)
Disney worker files suit: Imane Boudlal alleges that she was discriminated against and harassed for her religious beliefs – and that she unfairly lost her job after refusing to remove her head scarf at work. Disney says it offered to make accommodations, but that Boudlal refused. From the LAT:
After weeks of discussions with company officials, the lawsuit says, Boudlal received initial approval to wear a Disney-designed scarf, but she was told it would need corporate approval before she could wear it to work. Not wanting to wait to mark Ramadan, Boudlal wore her own hijab to work Aug. 15, 2010, when she says she was told she could either remove the scarf, cover it with a hat or work in a job out of public sight. She refused and, after a few additional meetings with Disney, filed a complaint with the U.S. Equal Employment Opportunity Commission. The agency awarded Boudlal a notice of right to sue earlier this month, opening the door for litigation.
