What you might have missed from the weekend in business



What you might have missed from the weekend in business

From: http://www.bostonglobe.com/

BATH, Maine — The Navy is taking steps to build another destroyer at Bath Iron Works, good news for a shipyard scrambling to keep its workforce busy. The Navy announced an initial procurement contract for an amphibious transport dock to be built at Ingalls Shipbuilding in Mississippi. Under a longstanding agreement, the Navy agreed to build a sixth Arleigh Burke-class destroyer at Bath Iron Works. ‘‘Consistent with the ‘swap agreement,’ the Navy will award Bath Iron Works a corresponding DDG-51 ship. This ship would be in addition to the currently contracted multiyear ships, subject to congressional authorization and appropriation,’’ said Captain Thurraya Kent, a Navy spokeswoman. Bath Iron Works is in the midst of early negotiations with its union. The company says it needs concessions to place a competitive bid for Coast Guard cutters in the new year. Without it, the company has warned of workforce cuts of more than 1,000 jobs. The shipyard currently has about 6,000 workers. Maine’s congressional delegation has been lobbying for the extra ship for Bath Iron Works under a ‘‘memorandum of understanding’’ that dates to 2002. The agreement calls for the Navy to award a destroyer to the Maine shipyard for each San Antonio-class amphibious ship built at Ingalls. While the Navy got the ball rolling on the new ships, Congress must come up with the funding.

ASSOCIATED PRESS

ENTERTAINMENT

For sale: blueprints of a Disney park that never was

JIM YOUNG/REUTERS/FILE

ST. LOUIS — A half-century ago, Disney drew up plans for an indoor theme park in downtown St. Louis before giving up in a dispute over money and turning to Florida. St. Louis’s loss was the Orlando area’s gain: Walt Disney World became one the world’s top tourist attractions. On Thursday, one of the few remnants of the plan goes on the auction block: 13 pages of 1963 blueprints for ‘‘Walt Disney’s Riverfront Square’’ in St. Louis. ‘‘I believe this is the only complete set of plans,’’ said Mike Fazio, a consignment specialist working with Disney. ‘‘It’s amazing how many people don’t even know that they were going to build a park in St. Louis.’’ Disneyland opened in Anaheim, Calif., in 1955, and by the early 1960s, Walt Disney was looking to expand. St. Louis seemed a good choice — it was booming at the time. St. Louis isn’t blessed with California-like weather, so Disney’s plan called for a five-story indoor park on two city blocks. Legend is that the plan was thwarted because Anheuser-Busch beer baron August A. Busch Jr. insisted the theme park sell beer, and Disney refused to do so. But in a 2013 account for the Disney History Institute, Todd James Pierce wrote that money was the issue. Disney was willing to pay for the rides and attractions, but wanted the St. Louis redevelopment corporation to pay for the building. The corporation declined to do so. The blueprints are expected to sell for $5,000 to $10,000.

ASSOCIATED PRESS

COMMODITIES

Average gasoline price at 10-month low

NEW YORK — The average price for regular gasoline fell to the lowest level in more than 10 months as crude oil dropped, according to Lundberg Survey Inc. Gas slid 3.59 cents in the two weeks ended Dec. 4 to $2.10 a gallon, the lowest since Jan. 23. The survey is based on information from about 2,500 US filling stations. West Texas Intermediate crude, the US benchmark, ended at $39.94 a barrel in New York Wednesday, the lowest since August. It closed at $39.97 Friday. Oil has dropped 25 percent this year on concern rising production will deepen a global glut. The average retail price is 61.6 cents lower than a year ago. The highest price for gasoline in the lower 48 states among the markets surveyed was in Los Angeles, at $2.73.

BLOOMBERG NEWS

FOREIGN EXCHANGE

Argentina set to unify currency exchange rates

NEW YORK — Argentina may create a single exchange-rate regime as soon as next week after the new government takes power, incoming Finance Minister Alfonso Prat-Gay said, according to the newspaper La Nacion. The decision would take place Dec. 14 unless certain conditions aren’t satisfactory, La Nacion reported on its website Sunday. “We are going to fulfill this promise as soon as possible and as clearly as possible,” Prat-Gay said, according to La Nacion. In order to lift foreign-exchange controls, the incoming government wants new management at the central bank, Prat-Gay said, because its goals differ from the decisions implemented by current policy makers. “The unification of the exchange market will be the first signal for the economy to start normalizing,” he said. President-elect Mauricio Macri, who takes office Dec. 10, has pledged to remove import restrictions and currency controls and let the peso float freely. Argentina’s international reserves fell $24 million on Dec. 4 to $25 billion, the central bank reported. Argentina is currently in default on about $28 billion of foreign-currency bonds after US District Judge Thomas Griesa blocked the country from making payments on the debt until it settles with a group of hedge funds including Paul Singer’s Elliott Management and Aurelius Capital Management. Argentina’s official exchange rate closed at 9.7275 per dollar on Friday, compared with the implied exchange rate, known as the blue-chip swap, at 15.32.

BLOOMBERG NEWS


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