UPI NewsTrack Business

Published: July 8, 2008 at 11:30 AM

U.S. markets up slightly Tuesday morning

WASHINGTON, July 8 (UPI) -- U.S. stock indexes rose Tuesday in New York as oil prices continued to fall from the record set Friday.

Oil prices have dropped more than $5.50 per barrel from Friday's record of $145.27, trading at $139.66 Tuesday morning on the New York Mercantile Exchange.

In midmorning trading Tuesday, the Dow Jones industrial average was up 17.99 points to 12,249.95, up 0.16 percent. The Standard and Poor's 500 index rose 0.25 points to 1,252.56, up 0.02 percent. The Nasdaq composite index rose 9.11 points to 2,252.43, up 0.41 percent.

The 10-year U.S. Treasury note fell 3/32 to yield 3.919 percent.

The euro traded at $1.5674 from Monday's $1.5719, while the dollar traded at 107.36 yen from Monday's 107.15 yen.

In Tokyo, the Nikkei index lost 326.94 points to 13,033.10, off 2.45 percent.


Gas stations protest credit card fees

IRVING, Calif., July 8 (UPI) -- As gas prices rise, some U.S. gas stations are taking a proactive stance against fees they pay credit card companies, observers said.

In Irvine, Calif., recently, about 100 gas station owners rallied in protest of credit card fees they say cut into their profits, USA Today reported Tuesday.

Some station owners are offering cash-paying customers gifts, such as a free cup of coffee, to encourage more to pay with cash, USA Today reported Tuesday. Others are giving discounts of 5 to 8 percent to those who pay with cash, the report said.

But many customers are strapped for cash these days, the report said.

The offer of free drinks hasn't convinced many to pay with cash at Jodeco, a gas station in Stockbridge, Ga, the report said.

"We have only a few people take us up on it," station owner Richard Bell told the newspaper.

But, credit card fees are "only one small piece in the chain of gasoline price," Sharon Gamsin, a spokeswoman for MasterCard, told USA Today.

The chief executive officer of the American Bankers Association said credit cards saved stations money by reducing the number of employees needed to handle cash transactions, the report said.


Illegal workers have their day in court

WASHINGTON, July 8 (UPI) -- Illegal immigrant workers seeking wages owed by employers have notched a few surprise successes in U.S. courts, observers say.

Although it is illegal to hire an illegal immigrant, the federal Fair Labor Standards Act does not discuss the issue of immigration status, The Washington Post reported Tuesday.

Those surprised by favorable rulings include the illegal workers themselves, as many do not realize they are entitled to sue for wages, The Washington Post reported.

Day laborers are a vulnerable group. After surveying day-labor sites in 25 states, the National Day Labor Organizing Network in Los Angeles said 50 percent of all day laborers had been underpaid or not paid on at least one occasion.

Illegal workers also fear deportation by revealing their status in court. Some judges are also unsure if laws apply to them.

When a Washington superior court judge questioned whether an illegal worker was entitled to legal protection on wages in a recent case, however, attorney Laura Varela showed the judge federal statutes that showed all workers were protected.

The worker from El Salvador, whose full name was withheld due to his illegal status, won the case, the Post reported.


Magazines turn to Internet for flexibility

NEW YORK, D.C., July 8 (UPI) -- Time Inc. plans to put the Internet to use to cater subscriptions to magazine readers' changing needs and tastes, the company said.

With the launch of Maghound Enterprises in September, subscribers will be able to pay a monthly fee for subscriptions and change subscriptions as frequently as they like, USA Today reported Tuesday.

Maghound will list as many as 300 titles with customers paying about $5 per month for three magazines and up to $10 per month for seven, the report said.

Although select magazines may cost a little more, customers receiving a magazine for its football coverage, for example, can use Maghound's Web site to change to a different magazine after the football season ends, the report said.

Switching magazines may not take effect immediately, but Maghound Enterprises President Dave Ventresca said consumers will be able to track their subscriptions on the Web site, ending confusion over when they last paid for a subscription.

Patrick Taylor, spokesman for Meredith, publishers of Better Homes and Gardens and Ladies' Home Journal said it was a "great concept."

"We're always looking for innovative ways to test our magazines with readers," Taylor said.

© 2008 United Press International, Inc. All Rights Reserved.
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