Entergy to refund $58M in Louisiana
BATON ROUGE -- Entergy Louisiana's 1 million customers will receive refund credits on their electric bills, the Louisiana Public Service Commission said.
The commission voted Wednesday to approve a plan for returning the roughly $58 million over January, February and March, news outlets reported quoting a statement from the commission.
The refunds are the result of a lawsuit that the commission won over Entergy, the statement said.
The commission in 2009 said Entergy Corp. violated an agreement involving the sale of less expensive power from its Arkansas subsidiary.
The commission sued Entergy at the Federal Energy Regulatory Commission, and the federal commission ordered Entergy Arkansas to pay $135.6 million plus interest to Entergy customers in Louisiana and other states. Entergy Louisiana customers received $58.6 million.
-- The Associated Press
CORRECTION: In 2009, the Louisiana Public Service Commission said Entergy Corp. violated an agreement involving the sale of less expensive power from its Arkansas subsidiary. An earlier version of this story incorrectly described the agreement.
Long-term mortgage rates hold steady
WASHINGTON -- U.S. long-term mortgage rates held steady this week, after falling for six straight weeks to reach their lowest levels in nine months.
Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year, fixed-rate mortgage was unchanged from last week at 4.45 percent.
Rates remain far above last year's levels, however. The key 30-year rate averaged 4.04 percent a year ago.
The average rate for 15-year fixed-rate loans edged down to 3.88 percent from 3.89 percent last week.
The recent easing of rates has come amid steep declines in the stock market and tumbling interest rates on the 10-year U.S. Treasury note -- which influences long-term mortgage rates. The decline in rates could help boost home sales, which stumbled last year as higher borrowing costs eroded affordability.
-- The Associated Press
Sears creditors challenge plan to buy
A group of Sears creditors is challenging company Chairman Eddie Lampert's hedge fund's winning bid to buy the business in a bankruptcy auction, and wants to sue the billionaire and his hedge fund.
That's according to a court filing Thursday in which the creditors contend that Lampert has painted himself as the savior of the company, but has instead made a series of moves over the years that have benefited himself and his hedge fund ESL.
Sears confirmed early Thursday that ESL had won tentative approval for a $5.2 billion plan to buy 425 stores and the rest of the company's assets, staving off a liquidation of the iconic brand.
The move would preserve 45,000 jobs, but it is still subject to approval by a bankruptcy judge on Feb. 1.
ESL says in a statement that all transactions were done in good faith and were approved by the company's board, including independent directors.
-- The Associated Press
Jobless claims decline to 5-week low
Filings for U.S. unemployment benefits unexpectedly fell to a five-week low, even amid a partial federal government shutdown. Jobless claims declined by 3,000 to 213,000 in the week that ended Saturday, below economist forecasts, Labor Department figures showed Thursday. The four-week average, a less-volatile measure, declined to 220,750.
The latest decline in claims, which remain near a historically low level, is in line with a tight labor market as indicated in the monthly jobs report for December. At the same time, the partial federal government shutdown -- which affects one-quarter of agencies and is now the longest in U.S. history -- is likely to cause some filings to increase in coming weeks.
Initial filings by federal employees jumped to 10,454 on an unadjusted basis in the week ending Jan. 5, reflecting the second week of the shutdown that's caused the furlough of thousands of workers. That's up from 4,760 in the week ending Dec. 29 and a previously reported 929 in the week ending Dec. 22.
-- Bloomberg News
Google to spend $40M for watch tech
Google agreed to acquire smartwatch technology and employees from Fossil Group Inc. in a bid to boost the search giant's nascent efforts in the category.
The Alphabet Inc. unit will pay $40 million for Fossil intellectual property, according to a statement from the companies. Additionally, an unspecified number of Fossil's research and development employees will join Google. Fossil said 200 people will remain with that division.
For several years, Google has provided free software, called Wear OS, that other companies can use to make their own Internet-connected watches. But sales of those devices have lagged well behind the Apple Inc.'s Watch. Google does not sell its own smartwatch, but it has a growing hardware division making Pixel smartphones and other devices.
-- Bloomberg News
Hyundai, Kia recalling 168,000 vehicles
DETROIT -- Despite a government shutdown, Hyundai and Kia are moving ahead with a recall of about 168,000 vehicles to fix a fuel pipe problem that can cause engine fires. The problem stems from improper repairs during previous recalls for engine failures.
The affiliated Korean automakers have been dogged by fire and engine failure complaints from across the nation. They're both under investigation by the U.S. National Highway Traffic Safety Administration, which has been trying to figure out whether initial recalls covered enough vehicles. But the agency is mostly closed because of the government shutdown.
Agency employees who do safety investigations and recall notifications are not at work. Under normal circumstances, the agency would review the recalls to make sure they are adequate and post details on the agency website. It also would monitor notices to customers and make sure customers could check to see if their vehicles are included.
Kia says it has six reports of fires among the vehicles being recalled for possible fuel leaks, while Hyundai says it has no fire reports. Neither company had any reports of injuries.
-- The Associated Press
Business on 01/18/2019