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Business Highlights

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Record Powerball result of changes to boost sales

DES MOINES, Iowa (AP) â¿¿ The historic Powerball jackpot boosted to $500 million on Tuesday was all part of a plan lottery officials put in place early this year to build jackpots faster, drive sales and generate more money for states that run the game.

Their plan appears to be working.

Powerball tickets doubled in price in January to $2, and while the number of tickets sold initially dropped, sales revenue has increased by about 35 percent over 2011.

Sales for Powerball reached a record $3.96 billion in fiscal 2012 and are expected to reach $5 billion this year, said Chuck Strutt, executive director of the Des Moines, Iowa-based Multi-State Lottery Association, the group that runs the Powerball game.

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Hong Kong car park investment craze raises bubble fear

HONG KONG (AP) â¿¿ Investors looking for new places to park their cash in Hong Kong are driving up prices for parking spaces, sparking fears of a bubble in the Asian financial center.

Prices for parking spots in Hong Kong are nearing historic highs, the side effect of government curbs to cool the housing market amid worries of overheating following the latest round of monetary stimulus in the U.S. last month.

Over the weekend, a developer sold about 500 parking spots at a new suburban apartment complex at prices of up to 1.3 million Hong Kong dollars ($167,000) per space.

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As Great Lakes plummet, towns try to save harbors

ONEKAMA, Mich. (AP) â¿¿ For more than a century, easy access to Lake Michigan has made Onekama a popular place for summer visitors and a refuge for boaters fleeing dangerous storms. Now the community itself needs a rescue, from slumping lake levels that threaten its precious link to open water.

The Great Lakes, the world's biggest freshwater system, are shrinking because of drought and rising temperatures, a trend that accelerated with this year's almost snowless winter and scorching summer. Water levels have fallen to near-record lows on Lakes Michigan and Huron, while Erie, Ontario and Superior are below their historical averages. The decline is causing heavy economic losses, with cargo freighters forced to lighten their loads, marinas too shallow for pleasure boats and weeds sprouting on exposed bottomlands, chasing away swimmers and sunbathers.

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