Issue link: https://www.epageflip.net/i/25655
4A – Daily News – Wednesday, February 23, 2011 Libya unrest rattles markets NEW YORK (AP) — Stocks had their worst drop this year and oil prices surged Tuesday after Libyan leader Moammar Gadhafi clung to power in the face of mounting protests. The capital of the oil-rich country has plunged into chaos. That’s causing to concerns that the unrest that has already toppled dictators in two of Libya’s neighbors, Tunisia and Egypt, could spread to other countries in the region like Iran and disrupt the flow of oil. Oil prices jumped 6 percent to $95 a barrel. Libya is the world’s 15th largest exporter of crude, accounting for 2 per- cent of global daily output. It also has the largest oil reserves in Africa. The Dow Jones industrial average sank 178.46 points, or 1.4 percent, to close at 12,212.79. It was the biggest drop since Nov. 16. Bond prices rose as investors sought safety. Gadhafi vowed to fight to his ‘‘last drop of blood’’ and roared at his supporters to take to the streets against protest- ers demanding his ouster. A violent crackdown in Tripoli has resulted in wild shooting and bodies in the streets. Pro- testers backed by defecting army units claimed control over the eastern half of Libya’s Mediterranean coast. The Standard & Poor’s 500 index fell 27.57, or 2 per- cent, to 1,315.44. It was the S&P’s worst day since Aug. 11. The Nasdaq fell 77.53, or 2.7 percent, to 2,756.42. The main worry among traders is that unrest will spread to other oil-rich countries in the Middle East and North Africa. Protests are continuing in Yemen and Bahrain. Jim Ritterbusch, an energy analyst, said a ‘‘fear premi- um’’ has added about $10 a barrel to oil prices in recent days. Prices could tumble once the region settles down, he said. Oil producers rose with the prospect of a drop in oil sup- ply. Chevron Corp. gained 1.6 percent, the largest gain among the 30 large companies that make up the Dow Jones industrial average. Exxon Mobil Corp. rose 1 percent. Higher fuel costs hurt airline stocks. Delta Air Lines Inc., American Airlines parent AMR Corp., United Continental Holdings Inc. and US Airways Group Inc. all dropped by 5 percent or more. Investors drove into the relative safety of Treasurys, pushing their prices higher and lowering their yields. The yield on the 10-year Treasury fell to 3.46 percent from 3.59 percent late Friday. Brian Bethune, an economist at IHS Global Insight, said a $10 rise in the price of oil subtracts roughly 0.4 percent- age point from economic growth. An increase to $150 or $160 a barrel could knock the economy into a recession, Bethune and other economists say. Higher oil prices also pinch U.S. consumers by pushing up the price of gas. ‘‘This puts a damper on consumer opti- mism, which is really critical at this stage of the recovery,’’ said Alan Gayle, senior investment strategist for Ridge- Worth Investments. Wal-Mart Stores Inc. fell 3 percent after revenue at stores open at least a year fell for the seventh straight quarter. That raised worries about the company’s ability to turn around its U.S. business this year. Falling stocks outnumbered rising nine to one on the New York Stock Exchange. Volume was 5.5 billion shares. First-time fundraiser a big hit Courtesy photo Among the servers at the Tehama County Celebrity Soup Kitchen Friday were, from left, Red Bluff Mayor Pro-tem Forest Flynn, Channel 12’s Linda Watkins-Bennet and Suzie Champion. Special to the DN For a first-time event, Friday’s Tehama County Celebrity Soup Kitchen held at the Red Bluff Elks Lodge was a huge success. The lodge showed its generous support of the Tehama County Retired and Senior Volunteer Program with the donation of the use of the facility for the event. There were some 230 in atten- dance, along with the 13 celebri- ty servers and the numerous musical entertainers. The Retired and Senior Volun- teer Program, sponsored by Golden Umbrella, raised nearly $3,000. This would not have been pos- sible without the fantastic sup- port of the community. Soups that were served were donated by 2 Bud’s BBQ, Mary’s Pizza Shack in Anderson, Iron Skillet, M & M Ranch House, Rolling Hills Casino, Cozy Diner, Shari’s Restaurant, Pronto Market, CR Gibbs and Shasta Estates. The salad was donated and served by St Elizabeth Home Health and Hospice and the bread was donated by Rosser’s Bakery and Rainbo Bakery. Celebrity servers, in no partic- ular order were Red Bluff Mayor Bob Carrel, Mayor Pro Tem For- rest Flynn, County Chief Admin- istrator Bill Goodwin, Red Bluff-Tehama County Chamber of Commerce President Dave Gowan, Superintendent of Schools Larry Champion and his wife Suzie, District 3 Supervisor Dennis Garton, Representative for Assemblyman Jim Nielsen, Jerry Crow, Sgt. Rod Dougherty of the Tehama County Sheriff’s Department, Linda Watkins-Ben- nett of Channel 12 News, John and Linda Alger of Alger Vine- yards and Winery in Manton and Daily News Editor Chip Thomp- son. The musical entertainment started with the Shingletown SOUTH BEND, Ind. (AP) — A northern Indiana restaurant that erected billboards referring to the 1978 Jon- estown cult massacre in which more than 900 people died has removed the signs following complaints that the signs were offensive. Jeff Leslie, vice president of sales and 1921 ~ 2011 APRIL 15, 16, 17, 2011 visit us at: www.redbluffroundup.com also on facebook (530) 527-1000 • 1-800-545-3500 marketing at Hacienda, acknowledged that the billboards were a mistake. He said the South Bend-based company ordered the signs removed less than two weeks into Hacienda’s new advertising campaign. ‘‘Our role is not to be controversial or even edgy. We want to be noticed — and there’s a difference,’’ Leslie told the South Bend Tribune. ‘‘We have a responsibility to (advertise) with care, and that’s why we’re pulling this ad. We made a mistake and don’t want to have a negative image in the community.’’ The billboards included the state- ment, ‘‘We’re like a cult with better Kool-Aid,’’ over a glass containing a mixed drink, as well as the phrase ‘‘To die for!’’ Bound young fiddlers led by Nicki Carlisle, followed by the Skillman family, and was fin- ished off by The Ice Cream Social. The latter, who were cut a lit- tle short on time, provided the sound system for the event. Without the work and exper- tise of the kitchen work, which was handled by the owners of Mary’s Pizza Shack, Charles and Kathy Byerly and employee, Clint Cronic, Red Bluff’s Shari’s Restaurant General Manager Daniel Lockwood and District Manager Leslie Hewitt. In addition to businesses and servers, organizers wanted to thank all who purchased dinner and raffle tickets in support of the event and of the senior volun- teers that are a part of the Tehama County Retired and Senior Volunteer Program, said Patti Anglin, volunteer support specialist for Tehama County. Eatery pulls billboards with cult references In November 1978, more than 900 members of Jim Jones’ People’s Temple drank cyanide-laced, grape-flavored punch in a mass murder and suicide in the group’s compound in Guyana. Patricia Barbera-Brown of South Bend, who lives a few blocks away from one of the billboards, said she was so shocked when she initially read the mes- sage that she drove around the block. ‘‘I thought perhaps I had misread the sign,’’ she recalls. ‘‘It brought back quite a few horrible images and memories, and the very notion that a local restau- rant would trivialize such a worldwide tragedy to simply increase their sales of cocktails is outrageous to me, and it offended me to the core.’’ She sent an e-mail to Hacienda’s executive telling them the billboards weren’t ‘‘funny at all,’’ calling them ‘‘extremely offensive and very irrespon- sible marketing.’’ Hacienda executives responded in writing, apologizing for offending her and informing her that the billboards would be taken down. RODEO AMERICA’S ORIGINAL EXTREME SPORT! TICKET OFFICE NOW OPEN FOR BEST SELECTION CALL NOW!!!