OPEC to pump up output; critics say more is needed
OPEC members plan to boost oil output by 2 percent, but analysts say the move is largely symbolic and will do little to reduce prices for consumers.
The Organization of Petroleum Exporting Countries is taking the step to meet its oft-stated pledge to raise output if the average price of seven OPEC crudes remains above $28 a barrel for 20 consecutive trading days. This price stood at $30.91 on Friday the 20th day on which it exceeded the OPEC ceiling.
As a result, OPEC plans to pump 500,000 more barrels a day starting today in an effort to bring down the chronically high price for crude.
Rain slows wheat planting
Rain across the state hindered progress on winter wheat planting, the Kansas Agricultural Statistics Service reported Monday.
KASS reported that 86 percent of the crop is planted, up only 2 percentage points from last week. It also is behind last year's figure of 98 percent and a five-year average of 97 percent.
The wheat has emerged on 64 percent of acreage, behind the 85 percent emergence that would be normal for this point in the year.
Corn harvest is complete, compared with 90 percent normal for this time of year. KASS also reported that:
Milo harvest is 97 percent finished, compared with 78 percent for the average.
Soybean cutting is 96 percent done, compared with 84 percent for the average.
Audit unveils problems
The Federal Aviation Administration found "systemic" problems with the design and production process at seven Boeing Co. aircraft engineering and manufacturing facilities but concluded passenger safety was not compromised.
The problems were found in Boeing operations in Washington state and Oregon; none were in Wichita, where the company has more than 16,000 employees.
The FAA conducted the audit from December to February after what it called a "series of high-visibility production breakdowns" at Boeing last fall. The audit found 107 problems 87 in production and 20 in engineering.
PepsiCo to swallow soft drink company
PepsiCo Inc. is adding Lizard Fuel, Karma, Zen Blend and about 27 other SoBe brand beverages to its roster of soft drinks led by Pepsi and Mountain Dew, in a bid to capture more of the fast-growing market for alternatives to fizzy sodas.
The owner of the nation's second-largest soft drink company said Monday it has agreed to buy South Beach Beverage Co.