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Fourth of July travelers are paying the highest prices ever for a gallon of gasoline this week, according to AAA Texas.

In Texas, the average price for regular self-serve gasoline hit $3.96 a gallon, up 3 cents from last week. Nationally, the average price gained 3 cents to a new record of $4.10 a gallon.

The average price rose to $3.95 a gallon in both Dallas and Fort Worth, up 2 cents in Dallas and nearly 3 cents in Fort Worth.

The highest price was in Beaumont, where it jumped 6 cents to a record $3.99 a gallon. Both Houston and Galveston City tied for the cheapest fuel at $3.93 a gallon, up nearly 2 cents and 3 cents, respectively.

Prices averaged $3.95 a gallon in Austin and $3.93 a gallon in San Antonio, up 3 cents for both cities payday advance lenders cash till payday.

"Despite the record high fuel prices, almost 2.8 million Texans are expected to venture out for the holiday," said AAA Texas spokeswoman Rose Rougeau. "Although down 2 percent compared to last year, that is still a great deal of travelers."

Web site: www.aaa-texas.com

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European confidence dropped more than economists forecast this month and retail sales plunged, signaling that economic growth is continuing to cool even as the European Central Bank prepares to lift interest rates to a seven-year high to tackle inflation.

An index measuring sentiment in the euro area fell to 94.9, the lowest since May 2005, from 97.6 the previous month, the European Commission in Brussels said today. Separate reports showed European retail sales plummeted, while inflation accelerated in Germany and Spain.

Stocks fell in Europe today as oil climbed to a record above $140 a barrel and Carrefour SA, Europe's biggest retailer, scaled back its earnings forecast. With soaring food and energy prices boosting inflation, ECB President Jean-Claude Trichet has said the bank may raise the benchmark rate next week by a quarter point to 4.25 percent.

“The economy has hit the wall,'' said Ken Wattret, senior economist at BNP Paribas SA in London. ECB officials “run the risk of tipping the euro area into a recession'' as the inflation outlook increases the risk that the central bank “may need to go beyond one rate rise.''

Confidence among the manufacturing, construction and retail industries across the 15 nations that share the euro declined this month, as did consumer sentiment, according to today's commission report.

The Bloomberg retail index, based on a survey of more than 1,000 executives compiled by Markit Economics, fell to 44 this month from 53.1 in May. A reading below 50 indicates contraction. Europe's manufacturing and services industries also contracted this month.

Export Growth

The euro has increased 17 percent against the dollar in the last 12 months, threatening export growth, and was at $1.5770 today. The Dow Jones Stoxx 600 index fell 1.3 percent to 284.67 as of 11:29 a.m. in Brussels.

Separate figures today showed France's economy expanded less than initially estimated in the first quarter as household spending, the driving force of growth, stagnated. U.K. first- quarter growth was revised lower today.

ECB council member Miguel Angel Fernandez Ordonez said today a July rate increase is not a certainty.

“Nothing is inevitable in life,'' Ordonez told reporters in Rome today. “What we said was that the increase is not certain, but possible.''

Still, the ECB remains focused on consumer-price growth, according to ECB Executive Board member Juergen Stark. He said yesterday the bank sees its primary aim as being to “firmly anchor inflation expectations.''

16-Year High

Euro-area inflation reached a 16-year high of 3.7 percent in May fast cash advance loan paydayloans.com. In Spain, inflation accelerated to 5.1 percent this month, the fastest on record, according to data today. Inflation in four German states also accelerated this month.

Oil prices have doubled in a year and Libyan National Oil Corp. Chairman Shokri Ghanem said yesterday that $150 a barrel may be “around the corner.''

Companies expect to raise prices more than previously anticipated to recover soaring costs, the commission report showed. A gauge of companies' selling-price expectations rose to 18 in June from 16 in May, which compares with an average reading of 6 over the last 18 years. Consumers also expect prices to rise more sharply than they did last month.

The “worrying combination'' of falling confidence and rising price expectations, “will add to fears of stagflation in the euro zone,'' said Martin van Vliet, an economist at ING Group in Amsterdam.

`Remain Elevated'

“Inflation is likely to remain elevated for a longer period than we initially expected,'' EU Monetary Affairs Commissioner Joaquin Almunia said in London today. It “should only begin to show a significant deceleration around the end of this year, although further possible rises in the price of oil and agricultural products cannot be ruled out.''

Europe's largest companies are feeling the pressure. Paris- based Carrefour SA, Europe's biggest retailer, yesterday scaled back its earnings forecast, saying operating profit will increase at about the same pace as sales this year. In May, it said profit would exceed the pace of revenue growth.

Ryanair Holdings Plc, the region's biggest discount airline, on June 3 said it expects to break even this year, having previously predicted net income of as much as 500 million euros ($788 million).

Recent data show few signs of a recovery yet. A gauge of manufacturing orders within a monthly survey of purchasing managers fell in June, dropping further below a 50-point level that signals contraction. In the services industry, new business also declined this month.

The jobs outlook may also be deteriorating after unemployment fell to a record low 7.1 percent this year. UniCredit SpA, Italy's biggest bank, yesterday said it plans to cut 9,000 jobs, or 5 percent of its workforce. Aviva Plc's Irish unit and Belgium's Bekaert NV also announced plans to shed jobs this week.

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Acknowledging the impact of higher gas prices on businesses and individuals, the Internal Revenue Service this week said it will raise its automobile mileage deduction rate for the second half of 2008.

The agency will boost the optional standard rate, used to compute deductible operating costs for vehicles, to 58.5 cents a mile, beginning July 1, up from 50.5 cents, the rate used since January.

The IRS normally updates the mileage rates once a year in the fall, but it has come under pressure to adjust rates sooner.

Regular gasoline prices on Tuesday averaged $4.07 a gallon nationwide, according to information from AAA no fax payday loans http://abc-cashadvance.com. In Fort Lauderdale, it averaged $4.13; in Miami, it was $4.12; and in West Palm Beach/Boca Raton, it was $4.14.

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Ontario's retail sector continues to grow, despite the loss of cross-border shoppers to Western New York.

A new Statistics Canada report says that Ontario's retail sales grew by 0.7 percent between March and April. That was slightly better than the nationwide increase of 0.6 percent.

It marked the second straight increase in retail activity in Ontario, essentially wiping out February's sharp decline. Ontario's retail sales have generally been on the upswing since hitting a low point in mid-2007.

That coincides with the period in which the Canadian dollar reached parity with the American dollar, inspiring Ontario bargain hunters to do more of their shopping on the New York side of the Niagara River payday loans quick payday loans.

Total retail sales amounted to $12.7 billion (Canadian) in Ontario in April — and $35.6 billion (Canadian) in all of Canada.

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The Green Bay Packers recorded net income of $23.3 million in its 2008 fiscal year, a 5.9 percent increase from 2007, but it was not as much as team officials had hoped for.

In fact, the team saw its profits from operations fall to $21.4 million in 2008, a drop of 37 percent from $34.2 million in 2007, mostly due to rising player costs. Total operating expenses jumped from $184 million to $220 million during the past fiscal year, which ended March 31.

With the team going 13-3 and hosting two playoff games, including the NFC Championship Game, at Lambeau Field, team officials had hoped for better financial results.

"We had a good year, but not as strong as you might have anticipated," said Mark Murphy, Packers president. "There are some trends that are really concerning us."

Most notably, player costs rose from $110 million in 2007 to $124 million in 2008, which Murphy said was caused by bonus payments paid to veteran players.

Revenue increased 10 percent to $241 million, with national revenue making up $135 million of that total. Included in that figure is $87.5 million from the National Football League’s national television contract, which is split among the 32 teams.

Packers vice president of finance Vicki Vannieuwenhoven said the team ranked 11th among NFL teams in local revenue last season, and expects to remain in the same range when the league calculates new rankings later this year. In 2006, the Packers ranked seventh in team revenue.

Larry Weyers, Packers treasurer, said local revenue totaled $105 million. About $50 million in revenue came from a record year in the Packers Pro Shop, marketing and other corporate sponsorships.

Weyers said the $295 million renovation of Lambeau Field, which was completed in 2004, was still paying off for the Packers. With national revenue being evenly divided among the teams, local revenue is very important, he said payday loan credit reports.

"In order to be successful in this league, you have to depend on local revenue," he said "That is a way to gain an advantage."

NFL owners voted in May to opt out of their collective bargaining agreement with the players union. The current agreement remains in effect through the 2010 season, but owners are hoping to negotiate a new deal that would allow them to keep a bigger share of the money the league and teams make.

Murphy said a new collective bargaining agreement was very important to the Packers, who play in the smallest market in the NFL.

"It is extremely important that we protect the mechanisms the NFL has in place today," he said. "The salary cap is very important and it allows us to compete against team in much larger markets. The system does need to be tweaked a bit and that is what we are working on."

Weyers said the team was able to add $2 million to the Packers Preservation Fund, putting the total in the corporate reserve that was set up in 2005 at $127.5 million.

In addition, the team purchased 15 acres around Lambeau Field this past year. The Packers have not determined how the land will be used, but Murphy said they are talking to municipalities about development possibilities, including retail, entertainment or a mixed-use project.

"We’re looking at ways to generate additional revenue," he said. "We knew (buying the land) would be a good investment as we look to the future."

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Janitors that clean some of Sacramento's largest buildings are poised for a strike vote Saturday to protest stalled contract negotiations with local building maintenance companies.

Service Employees International Union Local 1877 has also organized a rally at noon Thursday at Cesar Chavez Park to attract support for local janitors who earn $8.50 an hour cleaning big office buildings on Capitol Mall and elsewhere in the region.

Contract negotiations for about 2,000 janitors employed by 13 unionized janitorial firms that do business in Sacramento kicked off in March. Their contract expired May 31, but both sides approved a two-week extension that ends Saturday.

There's been general agreement on non-economic issues, leaving the big items — wages and benefits — on the table, a union spokesman said.

Local 1877 represents more than 20,000 janitors in the state whose contracts expired this spring. The union has already reached agreement with employers in the Bay Area, Orange County, Los Angeles and San Diego payday loans bad credit payday advance. Bay Area janitors won a $2.40 per hour wage increase over four years.

Many Bay Area janitors earn $17 an hour, twice as much as a their counterparts in Sacramento.

"Our negotiating team is focused on the economic issues that make the difference between janitors providing for their families and merely surviving," said Mike Garcia, president of SEIU Local 1877. "We are fighting to improve janitors' wages and securing health care for more of their family members. There is no doubt we can reach a fair deal here, just as we have in the Bay Area and Southern California, with many of these very same companies."

A representative for the unionized building maintenance companies could not be reached for comment.

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US Airways Group Inc. no longer will offer snacks on its domestic flights, starting June 1.

The Tempe, Ariz.-based airline says the cost-cutting measure stems from rising fuel costs.

In addition to charging travelers for checking a second bag and for premium seating in coach, US Airways is evaluating other fees for services.

US Airways (NYSE: LCC) operates 3,800 flights a day to more than 230 destinations in the Americas and Europe americashadvance $500 payday loan. It is the No. 10 carrier at Honolulu International Airport, carrying more than 472,000 passengers to or from the region in 2007.

Sacramento Business Journal

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Hawaii residents can breathe easier — their lawmakers are on the case.

The Hawaii House of Representatives has formed a special committee to study the effects of air pollution from the Kilauea volcano.

House Speaker Calvin Say on Wednesday named eight lawmakers to the committee, most of them from the Big Island, where Kilauea has been erupting steadily since 1983.

In recent weeks the volcanic emissions, called vog, have blanketed much of the state, helped by a lack of strong trade winds. As a result, hospitals have reported an increase in respiratory problems.

The House committee will examine the vog's effects on public health and safety, agriculture, water quality, pets and other animals, and other areas.

"What is occurring is a natural disaster, but unlike a tsunami, hurricane, twister or major earthquake, it is not viewed as one," said Rep guaranteed cash advance loan payday loans. Robert Herkes, D-Puna, N. Kona, committee chairman. "The Legislature needs to focus on the impacts on Hawaii residents such as health and safety, loss of agricultural crops or the impact on tourism and jobs, and explore all avenues of relief."

Hawaii residents should not expect immediate results from the committee, which is expected to issue a report in time for the Legislature's 2009 regular session, which begins in January.

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IHOP Corp. has reached an agreement for a $347 million sale-leaseback of company-owned real estate from its Applebee’s unit.

A new group affiliated with Drawbridge Special Opportunities Fund LP, Drawbridge Real Assets Fund LP and others reached a purchase agreement for 187 company-owned restaurant real estate parcels, according to a Tuesday release from IHOP (NYSE: IHP), based in Glendale. Drawbridge funds are affiliated with Fortress Investment Group LLC (NYSE: FIG), an alternative asset manager that oversees about $34.2 billion.

The $347 million represents proceeds before taxes from the deal, which is expected to close by June 16. IHOP said it will use the money to pay down funded debt.

The purchase price could be adjusted based on final results of restaurant sales for the 12 months that ended April 30, but the price will be finalized by June 1, the release said. The buyers also could cancel the purchase of as much as 15 percent of the Applebee’s restaurants and adjust the price accordingly if they find material defects in the properties faxless cash advance cash advances.

IHOP plans to franchise most Applebee’s restaurants and will be able to transfer the leases to franchisees.

The deal went through despite challenges from a weak credit market. In a first-quarter earnings report, IHOP CEO Julia Stewart warned that the credit market could affect the timing of IHOP’s plans to complete a sale-leaseback of 191 company-owned Applebee’s restaurants in the second quarter.

IHOP bought Applebee’s International Inc. for $2.04 billion on Nov. 29. The sale of Applebee’s real estate and franchising of company-operated restaurants were to help finance the purchase.

A call to IHOP was not immediately returned.

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As if high fuel prices aren’t enough, airlines and passengers are getting pinched by rising taxes as the U.S. government demands a bigger piece of the pie.

About 20% of the price of a $300 domestic round-trip ticket goes to taxes and fees, according to the Air Transport Association, compared with 13% in 1992 and 7% in 1972.

"When the government decides to throw another tax on passengers, that is greatly hurting an already financially hurting industry," said ATA spokesman David Castelveter. "We’ve long said that we are one of the most overtaxed industries, and we now are dealing with record-level fuel increases. The airline industry is in a worse financial situation than it was on 9/11."

Rick Seaney, chief executive of online ticket vendor Farecompare.com, estimated that the U.S. government reaped $40 billion in airline ticket taxes in 2007.

Seaney broke down the price of a $300 domestic round-trip flight:

• $146.15: Roundtrip airfare
• $93.02: Fuel surcharge
• $18.00: Passenger facility charge toward airport improvements
• $14.00: Federal flight segment tax to Federal Aviation Administration projects
• $10.00: Sept. 11 security fee to the Transportation Security Administration
• $11.85: Federal sales tax (7.5%) on airfare
• $ 6.98: Federal sales tax (7.5%) on fuel surcharge.

Seaney said airlines also pay a 4.4% federal excise tax on jet fuel, and an additional sales tax on fuel that varies depending on the city and state of purchase. Those costs are factored into the price of airfare.

"Where is the money going, and why isn’t air travel any easier after collecting billions and billions of dollars?" he asked, noting that passengers are still dealing with cancellations and delays.

Chris White, a spokesman for the TSA, said that Sept. 11 fees are used to fund security for airports and airlines. Brian Turmail, a spokesman for the Department of Transportation, said the federal flight segment tax is used to fund the air traffic control system, while the passenger facility charge is used for airport maintenance.

On top of taxes, the industry is dealing with soaring fuel prices payday loan quick payday. Fuel cost is now 36.5% of the price of a ticket, compared to 15% in 2000, according to the ATA, which estimates that jet fuel costs will rise to a record-breaking $59.5 billion in 2008, compared with $41.2 billion in 2007.

Seaney of Farecompare.com said if fuel prices continue to rise, and the government continues to add fees, "the combination of the two could be lethal."

"The last thing the government needs to do is pile on [more fees]," he said, suggesting that legislators suspend some or all of the fees until fuel costs drop dramatically.

This would not be unprecedented, said Seaney, since the government lifted the Sept. 11 security fee during the summer of 2003 as part of the Emergency Wartime Supplemental Appropriations Act.

The funding is set by the FAA reauthorization bill, which passes through Congress every five years and makes it possible for the DOT to operate the FAA, according to Turmail. The Senate failed to pass the FAA reauthorization bill on May 6, and its fate is still to be decided in Congress.

Turmail said the current bill proposes a shift in the federal flight segment tax from passengers to the airlines, as well as to corporate and private jets, to "put less of a burden on air travelers." The airlines could pass that tax onto passengers through higher airfares, he said, but that depends on whether they can successfully raise ticket prices.

The most recent widespread fare increase occurred May 8, when Delta Air Lines (DAL, Fortune 500), United Airlines (UAL) and American Airlines (AMR, Fortune 500) added $20 to the price of a round-trip ticket. ATA president James May said in a Tuesday press conference, that another fare increase during the summer is "inevitable," and rising fuel prices are to blame.

May said fewer people will travel this summer, partly because of the poor economy. But for this reason, some analysts believe airline prices have already neared their peak.

"They will try to raise fares, but the question will be whether they can succeed in doing so in a weak economy," said Phillip Baggaley, a fixed income analyst for Standard & Poor’s. 

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