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The oil market was also hit by turbulence in the U.S. financial sector, which aggravated expectations that a global economic slowdown will suppress demand.

Light sweet crude for October delivery was down $5.39 at $95.79 a barrel on the New York Mercantile Exchange, after going as low as $94.13 overnight.

The contract had settled Friday at $101.18 after dipping to $99.99 — the first time Nymex crude had traded below the $100 mark since April 2.

“Now that Ike has come and gone, initial reports indicate no real damage to the oil infrastructure in the Gulf coast area,” said Victor Shum, an energy analyst with consultancy Purvin & Gertz in Singapore.

Federal officials said the storm destroyed at least 10 oil and gas platforms and damaged pipelines in the Gulf of Mexico — a small proportion of the 3,800 production platforms in the Gulf. Three years ago, back-to-back hurricanes knocked out more than 100 platforms.

However, power outages were slowing efforts to restart refineries.

“Hurricane-related problems on the region’s electricity grid appear to be the biggest hurdle to a prompt restart of operations,” wrote analysts from JBC Energy in Vienna, Austria.

Investors are now turning their attention toward falling oil demand in the U.S., Europe and Japan as slowing economic growth threatens to undermine consumer spending.

“Market sentiment is decidedly bearish, with all these concerns about developed countries going into recession or a serious slowdown impacting oil demand,” Shum said.

Oil fell despite reports that militants launched another attack on Nigeria’s oil infrastructure in a third day of violence.

The Nigerian military in the southern oil delta region said militants in speedboats attacked troops at a Royal Dutch Shell PLC oil-pumping station early Monday how to get a free credit report. The fighters arrived in about 10 boats and detonated dynamite and other explosives during the battle

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China has the cash and ambition to be a major player in the world’s biggest sale of financial assets in half a century, but politics, a lack of expertise and an aversion to risk will relegate it largely to the sidelines.

Nationalistic worries about how state-owned Chinese firms might behave if they had a controlling stake in a major foreign bank are probably Beijing’s biggest obstacle, but there are others almost as daunting.

“Chinese financial institutions are not mature enough to make a large overseas acquisition,” said Zhao Xiao, an economics professor at the Beijing University of Science and Technology.

“They must gain experience helping China’s thriving manufacturers to move overseas … and in five years they may be ready,” said Zhao.

China’s cautious regulators are also reluctant to approve such acquisitions due to volatile markets, recent losses from earlier financial stakes and a lack of experience.

“The Chinese may have that ambition .. fast cash advance. but that would just not be allowed,” said Glenn Maguire, Hong Kong-based chief Asia economist for Societe Generale.

“Politically, it is very sensitive,” said Maguire, pointing to rising protectionist sentiment in the United States in a presidential election year.

China’s financial stakes in Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) and Blackstone (BX.N: Quote, Profile, Research, Stock Buzz) have also soured as the credit crisis has spread, offering painful lessons in market volatility to investors accustomed to uninterrupted double-digit economic growth. 

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China’s wholesale inflation in July accelerated to its highest rate in 12 years, adding to the government’s headaches as it tries to rein in surging consumer prices, according to data reported Monday.

The producer price index was up 10% in July over the same month last year, the highest rate since 1996, the Xinhua News Agency said, citing the government’s statistics bureau. The index measures the price of goods as they leave the factory.

Analysts have warned that rising costs for energy and raw materials would push up Chinese wholesale prices, squeezing thin profit margins for companies and adding to pressure for retailers to raise consumer prices. The government is due to announce July consumer inflation on Tuesday.

The July rise in the producer price index, or PPI, exceeded analysts’ expectations and was a sharp jump over June’s 8.8% rate.

"It is perhaps still too early to conclude that PPI growth has peaked," Sherman Chan, an economist for Moody’s Economy.com, said in a report to clients.

"The sharp acceleration in producer price inflation seen in recent months is a concern to policymakers, as this poses a strong upside risk to CPI (consumer price index) growth," Chan said faxless payday loans. "In the next few months, the authorities will likely further tighten monetary policy and impose price curbs to deal with this inflation risk."

Beijing has been trying for a year to control surging consumer inflation. It is trying to raise farm output to bring down food costs and imposed price controls on basic goods. Consumer inflation eased in June to 7.1%, a decline from a peak of 8.7% in February but well above the official target of 4.8% for the year.

The price rises initially were blamed on shortages of grain and pork, but costs for labor, energy and a wide range of goods also are climbing. The government boosted state-set fuel prices in June to curb rising demand, adding to producer costs.

Producer prices for raw materials, fuel and power rose 15.4% in July over the same month last year, up from June’s 13.5% rate, Xinhua said. 

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Connecticut sued Countrywide Financial Corp. on Wednesday, becoming the latest state to take the mortgage lender to court over its lending practices.

State Attorney General Richard Blumenthal alleges that Countrywide (CFC, Fortune 500) misled borrowers into taking on risky home loans they could not afford. California, Illinois, Florida and the city of San Diego have made similar claims in their own lawsuits against the company.

Countrywide, once the nation’s largest mortgage originator before a jump in bad loans ravished its business, has been blamed for helping to cause the nation’s mortgage meltdown.

The lawsuit was filed in Hartford Superior Court on Wednesday, and the company was served with the legal papers earlier in the day, Blumenthal said.

Blumenthal’s office and Connecticut’s departments of Banking and Consumer Protection are the plaintiffs in the lawsuit. They’re alleging that the company violated state consumer protection and banking laws and charged unjustified fees to homeowners who defaulted.

"Countrywide conned homeowners into mortgages they simply could not afford," Blumenthal said, adding that hundreds, possibly thousands, of Connecticut homeowners were affected.

Countrywide, based in Calabasas, Calif., said in a statement Wednesday that it cannot comment on pending litigation.

But the company noted that it had previously announced its commitment to responsible lending practices, including an effort to keep an estimated 265,000 customers in their homes by modifying at least $40 billion in troubled mortgages.

"We will respond to the AG in due course," the company said, referring to Blumenthal.

Countrywide’s shareholders approved a takeover by Charlotte, N.C.-based Bank of America (BAC, Fortune 500) in June.

"Since taking ownership of Countrywide in July, Bank of America has been involved in a detailed review of Countrywide’s operations," Countrywide’s statement said cash advance now. "Practices that established Bank of America’s positive reputation and record in home lending are an illustration of how we will operate the combined company."

Like Connecticut, the other states suing Countrywide want the company to pay restitution to borrowers who lost their homes or paid excessive fees.

Blumenthal said Wednesday that when homeowners defaulted on their Countrywide loans, the company "bullied" them into repayment plans known as "workouts" with excessive fees that made it nearly impossible for consumers to dig out of the debt.

"Countrywide stacked the deck and the deal against its customers," Blumenthal said. "Our goal is to unstack the deck and undo the deals, restoring fairness and fiscal sense to mortgages."

Countrywide, which faces numerous other lawsuits related to its lending practices, has also been under scrutiny by federal authorities.

A federal grand jury has been investigating Countrywide, New Century Financial Corp. and IndyMac Bancorp Inc. — a sign that prosecutors are looking into whether fraud and other crimes might have contributed to the mortgage crisis that led to the demise of all three California-based lenders.

Washington state Gov. Chris Gregoire also has accused Countrywide of discriminatory and predatory lending practices that targeted minority borrowers, and of cheating Washington state out of $5 million in fees.

That state’s Department of Financial Institutions is seeking to revoke Countrywide’s license and impose a $1 million penalty for predatory lending practices. 

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Nissan Motor Co. will soon sell cars that push back when drivers try to put the pedal to the metal.

The Japanese carmaker Monday announced its new "ECO Pedal" system, which makes the gas pedal press upward when it senses motorists are speeding up too quickly.

Nissan (NSANY) said in a press release the system, which will be available next year, can help drivers improve fuel efficiency 5% to 10%.

It calculates the most efficient rate of acceleration in a vehicle based on how fast fuel is being burned and other factors, and causes the gas pedal to push back to alert overzealous drivers no fax payday loans. A special meter on the dashboard flashes and changes colors to help drive the message home.

Nissan says the system is designed to help drivers become more fuel efficient behind the wheel. Part of the company’s strategy for reducing carbon dioxide emissions is modifying driving behavior.

Drivers can also opt to switch the system off. 

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Marvel Entertainment Inc is expected to post a 26 percent rise in second-quarter profit on the strength of its licensing business, which is expected to benefit from merchandising related to its successful “Iron Man” movie.

Tuesday’s second-quarter report will be the first quarter after the comic-book publisher started releasing its first self-produced films.

But analysts are really tuned to the third and fourth quarters, when most expect Marvel to reap the rewards from its first movie titles, and will be looking for potential outlook comments.

Marvel is expected to possibly increase its outlook for the year and give more clarity about when revenue from its films will be reflected on its income statement.

“The story really is about the film business cheap payday loans. Everything else is the same old Marvel,” Wedbush Morgan Securities analyst Michael Pachter said.

In April, Marvel entered Hollywood film-making with “Iron Man,” its first self-produced film, that had the second-biggest non-sequel box office opening in history.

“Iron Man,” which was distributed by Viacom Inc’s Paramount Pictures, has made $315.7 million in domestic box office so far, according to Box Office Mojo.

The movie was followed by “The Incredible Hulk,” far-less successful, but still expected to bring in a moderate profit. 

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Marcus Brauchli was named executive editor of The Washington Post on Monday, three months after resigning under pressure from the top newsroom job at The Wall Street Journal.

Brauchli, 47, is to succeed Leonard Downie Jr., who has led the Post for 17 years and will retire Sept. 8 at the age of 66. Brauchli will be in charge of both the Post’s print and online editions.

Brauchli’s appointment is part of a broader leadership change at The Washington Post, which named Katherine Weymouth, 42, publisher in February. Weymouth is a member of the Graham family, which controls The Washington Post Co (WPO).

Weymouth said in a statement that Brauchli’s broad experience would help the newspaper "navigate the new world of media," building on the standards set by Downie and his predecessor, Ben Bradlee.

At the Journal, Brauchli oversaw the integration of the newspaper’s print and online operations. At the Post, both washingtonpost.com executive editor Jim Brady and the newspaper’s managing editor, Phil Bennett, will report to Brauchli. Bennett was seen as a potential candidate for executive editor.

Shortly after announcing his retirement last month, Downie told AP that the Post needed a new, younger editor to lead the paper’s next phase of change as it adapts to the new realities of the journalism business being wrought by the Internet.

Like many other newspapers, The Washington Post is struggling with revenues declining due to the nation’s economic slump and to advertising dollars flowing online. The Post recently went through its third round of job cuts and reported an 11% decline in print advertising revenues for its first quarter.

Online news readership is growing, but revenue from online advertising hasn’t grown nearly enough to replace the losses in revenue from print advertising.

Brauchli (whose name is pronounced BROCK’-lee), became managing editor of The Wall Street Journal in May 2007, shortly after Rupert Murdoch’s News Corp freecreditscore. (NWS, Fortune 500) mounted a bid to acquire the Journal’s parent company, Dow Jones & Co.

Brauchli left that post in April.

A native of Boulder, Colo., Brauchli started his career at Dow Jones in 1984 as a copy reader for its news service and was soon posted to Hong Kong. He later served as Scandinavia correspondent for The Wall Street Journal’s European edition, reported for the Journal from Tokyo and became China bureau chief. He moved to New York in 1999 as a news editor and became national news editor the following year.

Brauchli left the top newsroom job at the Journal just four months after News Corp. closed its acquisition of the paper, saying he had come to believe the paper’s new owners should have an editor of their own choosing.

News Corp. had moved quickly to shake up the Journal shortly after buying it, bringing in more political stories and reorganizing the paper’s layout. It also installed a news executive above Brauchli - Robert Thomson, former editor of The Times of London. Thomson’s title was publisher but he had broad editorial oversight of the Journal and other Dow Jones properties.

Brauchli did not return phone or e-mail messages seeking comment Monday evening.

Downie joined The Washington Post as a summer intern in 1964 and later served as investigative reporter, a metro reporter, London correspondent and national editor. He oversaw the paper’s Watergate coverage as its deputy metro editor.

Downie, who said he will turn his focus to writing projects, will stay on as a vice president at large at The Washington Post Co., a title that Bradlee also holds.

The Washington Post Co. also owns Newsweek magazine and Kaplan Inc., a major education company. 

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There's no single solution to high oil prices, and lawmakers need to take an “ecumenical'' approach to drafting legislation and policy, according to Daniel Yergin, chairman of Cambridge Energy Research Associates.

“We ought to really get beyond `either-or' and the notion that there's only one thing to do,'' said Yergin, the Pulitzer Prize-winning author of “The Prize,'' a history of the oil industry. “It doesn't work that way in a $14 trillion economy.''

Changes to oil policy, renewable fuels, alternative energy sources and improving fuel efficiencies can all be part of a solution, Yergin said in an interview with Bloomberg Radio.

Oil futures rose 48 percent in the first half of the year amid declines in the dollar and concern that supplies won't be able to keep pace with demand, particularly from developing countries. Unrest in Iraq and Nigeria and speculation that Israel may bomb Iran have also supported prices.

Crude oil for August delivery rose 97 cents, or 0.7 percent, to $140.97 a barrel yesterday on the New York Mercantile Exchange. Futures have almost doubled from a year ago. Oil touched a record $143.67 on June 30. The price climbed 38 percent between April and June, the biggest quarterly increase in nine years.

The oil market “really reflects the success of globalization and hundreds of millions of people rising out of poverty,'' Yergin said. “Demand isn't stagnant.''

U.S. gasoline use may have peaked in 2007, Yergin told a congressional panel June 25. Consumption for the week to June 20 slipped 5 percent from its peak of 21.3 million barrels a day on Jan. 4, data from the Energy Department shows.

Supply Concerns

The International Energy Agency said yesterday that global supplies may not keep up with demand through 2013 and that spare capacity from the Organization of Petroleum Exporting Countries will shrink by 2013, keeping the market “tight.''

“I think there is a kind of shortage mentality that is particularly strong in the financial markets that believes in three to five years from now we're in an oil crunch because of a lack of timely investment,'' he said cash til payday loan. “We still have this very sort of old-fashioned view that price matters and supply and demand do work, even with delays.''

Yergin cautioned Senators Barack Obama and John McCain, the Democratic and Republican contenders for U.S. president, to “have a basic confidence in the ability of markets and don't overdo it in terms of interference and regulation'' when they plan energy policy. “Be careful what you do.''

Congressional Action

The U.S. House of Representatives last week approved a bill calling on the Commodity Futures Trading Commission to use its emergency powers to “curb immediately the role of excessive speculation'' in any market it oversees where energy futures or swaps are traded. The measure, which passed 402-19, must be approved by the Senate and be signed by the president to become law.

As biofuels such as ethanol become more important in the global transportation mix in the next three to four decades, oil isn't likely to become irrelevant or disappear, Yergin said. Still, “oil is not going to have the almost totally dominating position in transportation that it had kind of until now.''

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Yahoo Inc CEO Jerry Yang ordered up a draft press release rejecting a Microsoft Corp takeover bid months before January’s unsolicited bid, company documents unsealed on Monday show.

Selective details from Yahoo board minutes and other confidential company documents in an investor suit, unsealed by a Delaware Chancery Court judge on Monday, paint a picture of how Yahoo has rebuffed Microsoft’s courtship since early 2007.

Attorneys working on behalf of Yahoo investors aiming to force the company to drop its anti-takeover defenses — opening the way to a Microsoft deal — got the papers from the company and were allowed by a judge to make them public on Monday.

Minutes of Yahoo’s board meeting last October said directors discussed “the likelihood that a third party would make an offer to purchase the company.” Yang then obtained approval to reject any offer, drawing up a standby press release for an offer that only arrived late in January 2008. The suit alleges the “third party” was Microsoft.

While many events described in the shareholder complaint have enjoyed wide media coverage over the past year-and-a-half — dating back to reports of Yahoo’s decision to reject a Microsoft offer of $40 per share in January 2007 — the new disclosures bring to light Yahoo’s resistance to a merger.

In notes from a phone conversation between Yang and Microsoft Chief Executive Steve Ballmer held the day before Microsoft made public its takeover bid for Yahoo, Yang sought to delay Microsoft, but Ballmer said he would wait no longer.

“You don’t lose anything by waiting a week,” Yang is cited as saying, according to notes taken by an unidentified Yahoo participant and released in the shareholder suit on Monday.

Ballmer responded with words to the effect that “If you really don’t want to sell the biz, then (I) don’t want to wait” according to the previously undisclosed notes of the call no fax payday loan. Ballmer also encouraged Yang to make a counterproposal and said Microsoft would forego making its bid public if Yahoo did so. 

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Shares of General Motors Corp (GM.N: Quote, Profile, Research) hit a 26-year low and Ford Motor Co (F.N: Quote, Profile, Research) also tumbled on Friday as investors reacted to disclosures from the leading U.S. automakers about the toll from a slumping auto market and from recent strikes against GM and one of its key suppliers.

Shares of GM dropped almost 5 percent to their lowest level since 1982 after the No. 1 U.S. automaker detailed the drag on its earnings from just-ended strikes at two of its own plants and at American Axle & Manufacturing Holdings.(AXL.N: Quote, Profile, Research)

Meanwhile, shares of Ford extended a two-day slump following Thursday’s announcement that the No. 2 U.S. automaker was slashing truck production and giving up on its goal of returning to profitability by 2009.

Ford shares were down 4 percent, hitting a six-week low. The stock has now lost 22 percent from its late-April high when it reported a surprise first-quarter profit. The decline has wiped out investor gains for the year.

GM shares have now lost 30 percent since the start of the year, touching a low of $17.38 on Friday — their lowest level since February 1982.

On Thursday, Ford surprised investors with a warning that its turnaround was stalling because of high gas prices and the related collapse in sales of trucks and SUVs, a segment Detroit automakers have dominated.

For GM, the latest bolt of bad news was the price of a three-month-old strike against American Axle by the United Auto Workers and local strikes at two of its own plants.

GM said on Friday the strikes had reduced its earnings by a total of $2.8 billion creditreport. That includes about $2 billion in lost earnings for the second quarter because of an unplanned cut in production of about 263,000 vehicles, including some 33,000 of GM’s better-selling sedans and crossovers. 

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