PARIS >> Oil production from OPEC nations hit a record last month, according to an international energy group, highlighting the cartel’s challenge in trimming output to drive up prices.
The International Energy Agency said Tuesday that production from the Organization of the Petroleum Exporting Countries hit a record high in September of 33.64 million barrels a day.
Last month, OPEC agreed to reduce daily output to between 32.5 million and 33 million barrels. The price of crude has gained about 15 percent since that proclamation.
Consumer watchdog structure struck down
WASHINGTON >> The U.S. consumer watchdog agency, enmeshed in partisan politics since its creation after the financial crisis, now has had its structure ruled unconstitutional because it gives too much power to a single agency director.
A federal appeals court ruled Tuesday that the way the Consumer Financial Protection Bureau is organized violates the Constitution’s separation of powers by limiting the president’s ability to remove the director who heads the agency.
The ruling came from a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit. It will not affect the protection bureau’s operations, but the president’s power over the director would be expanded.
Lower prices hurt Alcoa’s performance
NEW YORK >> Alcoa, which is posting its last quarterly earnings report before its split, announced softer-than-expected third-quarter results, stung partly by lower alumina prices.
The company also lowered revenue forecasts for some segments of Arconic, which will become the new company.
Alcoa Inc. has been on a long quest to shrink its aluminum-smelting business, which has been hurt by stubbornly low prices. The company is splitting that segment off and creating a new public company to make and sell specialty lightweight products for aerospace, autos and other industries. Alcoa said Tuesday that the separation is set to take effect before the market opens on Nov. 1.
For the period ended Sept. 30, the company earned $166 million, or 33 cents a share. A year earlier Alcoa earned $44 million, or 6 cents a share.
Revenue dropped to $5.21 billion from $5.57 billion, as shipments of aluminum products declined.
Alcoa’s results are watched closely as a barometer of the economy because its products are used in so many industries.
Ronald McDonald keeping a lower profile
NEW YORK >> McDonald’s says Ronald McDonald is keeping a low profile with reports of creepy clown sightings on the rise.
McDonald’s Corp. said Tuesday that it is being “thoughtful in respect to Ronald McDonald’s participation in community events” as a result of the “current climate around clown sightings in communities.” The company did not provide any other details about how often its red-haired mascot makes appearances, and how that will change.
A rash of pranks around the country have involved eerie clown sightings that have sometimes forced police action.
Battery failure found in heart devices
WASHINGTON >> Medical device maker St. Jude Medical is warning doctors and patients about a rare battery defect in some of its implantable heart devices that can cause them to fail much earlier than expected.
The company said Tuesday that two deaths have been linked to the problem and 10 more patients fainted because the devices stopped working.
St. Jude said the batteries should be replaced immediately after patients receive an electronic, vibrating alert from the device. Normally patients have up to three months to have batteries replaced. But the company said a small subset of its heart-shocking defibrillators can fail within 24 hours of the alert.
Retailer hhgregg to close for Thanksgiving
NEW YORK >> Consumer electronics chain hhgregg Inc. has become the latest retailer to take a stand against Thanksgiving shopping and plans to be closed that day.
The Indianapolis-based chain with 220 stores in 19 states says it’s important for its associates to be home with their families on Thanksgiving. Its stores will reopen at 7 a.m. on the Friday afterward.
ON THE MOVE
Xerox Hawaii has named Bradley Chong as a marketing representative. He has 10 years of sales experience, including serving as an internet sales consultant with New City Nissan as well as a business development manager in the banking and finance sector in Singapore.
Coldwell Banker Pacific Properties has announced the following two new independent agents for the firm’s Leeward office:
>> Brandan Afungia has 10 years of sales and customer service experience in the hospitality and automotive industries, including serving as an agent at a major insurance company.
>> David Maurer has more than 10 years of customer service and sales experience in the specialty retail, hospitality and recruiting industries, including serving as a Realtor-associate with Keller Williams Honolulu.
