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ENERGY: Gas prices expected to fall 21-08-2010 11:44 pm

Americans can expect gasoline prices to drop as school buses start rolling through neighborhoods across the country.

With most family vacations wrapping up and teen drivers going back to class, gasoline demand will wane and prices should fall after Labor Day. One expert says prices could drop as much as 15 cents a gallon.

The average retail price for a gallon of unleaded regular gasoline was $2.724 a gallon Friday, according to AAA, Wright Express and Oil Price Information Service. It has dropped about 4.6 cents in the past week but is still 10 cents more than it was a year ago.

Over the next month, motorists could see prices fall 10 cents to 15 cents a gallon unless there's a sudden increase in oil prices and in investors' confidence in the global economy, predicted Tom Kloza, chief oil analyst at Oil Price Information Service. Oil prices have dropped about $7 per barrel over the past two weeks as economic data signal a slowing economic recovery.

BANKS: Regulators shut 4 more institutions

Regulators have shut down a big community bank based in Chicago that has been known for its social activism but racked by financial troubles in recent months. It was the 114th U.S. bank to fail this year.

The Federal Deposit Insurance Corp. on Friday took over ShoreBank, with $2.16 billion in assets. Urban Partnership Bank, a new institution based in Chicago, agreed to assume ShoreBank's deposits and nearly all its assets.

The FDIC also seized Community National Bank at Bartow, in Bartow, Fla., and Independent National Bank of Ocala, Fla. The FDIC also seized Imperial Savings and Loan Association of Martinsville, Va.

AVIATION: Delta adds fancier fare at LaGuardia

Forget about greasy french fries, soggy pizza or that sandwich that's been sitting out for hours. Filet mignon, crispy duck confit and crab cakes are taking off at the airport.

Delta Air Lines is putting 13 new restaurants, bars and cafés in its New York LaGuardia Airport terminal by next summer, opening the first four this morning.

With travelers waiting longer because of more extensive security checks and flight delays, airports across the country are swapping out fast-food joints for sit-down restaurants. It's part of a trend of airlines serving their customers before they board their flights, experts say.

TECHNOLOGY: Yahoo eyes sizable stake in Hulu

Yahoo may buy a considerable stake in Hulu if the video Web site pursues an initial public offering, according to Stifel Nicolaus.

Hulu, owned by three of the biggest U.S. broadcast networks, is preparing a share sale as early as this year that may value the company at more than $2 billion, a person with knowledge of the plan said Monday.

MEDIA: Tribune's reorganization unravels

The Tribune Co.'s plan to emerge from bankruptcy has unraveled in the wake of an independent report concluding that talks leading up to the company's 2007 leveraged buyout bordered on fraud, attorneys said Friday.

The report released last month by a court-appointed examiner forced Tribune and its creditors to rethink a settlement agreement that formed the basis of its reorganization plan.

FOOD: Hormel's net income gains 11%

Hormel Foods said strong sales of its grocery products such as Hormel Chili helped its net income rise 11% in the third quarter despite higher commodity costs.

The maker of Spam, Dinty Moore and other foods on Friday raised its earnings guidance for the year on the results, but the CEO said the company continues to face rising costs, especially for pork.

Smucker's aided by lower costs

J.M. Smucker's net income rose 5% during its fiscal first quarter on lower costs, though the company was squeezed by higher coffee bean prices and price competition on store shelves.

The maker of Jif peanut butter, Folgers coffee and other foods said Friday that it earned $102.9 million, or 86 cents per share, for the quarter. That's up from $98.1 million, or 83 cents per share, earned in the same quarter last year.



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