JPMorgan reiterated that it had discovered that some traders may have tried to conceal the size of losses from a soured bet. The "London Whale" trades involved complicated hedging strategies intended to reduce the bank's risk, but actually increased it when they backfired.
Gas prices rise; officials wait to enter refinery
SAN FRANCISCO (AP) â¿¿ A fire at one of the nation's largest oil refineries helped push West Coast gas prices close to $4 a gallon Thursday, as the same federal team that investigated the Gulf Coast spill waited to inspect the unit that was knocked out by the blaze.The U.S. Chemical Safety Board team was standing by with state and company inspectors to do structural and environmental tests to see if it was safe to enter the unit and determine when production might resume after the Monday night fire. In all, five separate investigations will be done. ___ Wendy's transformation push starts to take hold NEW YORK (AP) â¿¿ The Wendy's Co.'s push to transform itself as a higher-end hamburger chain is showing early signs of taking hold. The Dublin, Ohio-based fast food company says a key sales figure rose 3.2 percent in the second quarter, helped by renovated restaurants, new menu items such the Spicy Guacamole Chicken Club sandwich and a new TV ad campaign. Sales at restaurants open at least 15 months is a key gauge because it strips out the impact of newly opened and closed locations. ___ Nordstrom 2nd-quarter profit down 11 percent NEW YORK (AP) â¿¿ Nordstrom is reporting an 11 percent decline in second-quarter net income, as results were affected by the timing of the biggest sale of the year. But the Seattle-based upscale retailer is also increasing its full-year earnings guidance and accelerating growth plans for its Rack chain. Sales have rebounded since late 2009 for Nordstrom and many other luxury retailers as well-heeled shoppers have gotten more comfortable with splurging again.
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