U.S. automakers improve reliability

U.S. automakers improved the reliability of their products last year, but Hyundai Motor Co. and other Asian companies still make the most trouble-free vehicles, according to a survey released Monday by Consumer Reports magazine.

Customers reported an average of 17 problems per 100 vehicles for 2004 models from DaimlerChrysler AG’s Chrysler Group, Ford Motor Co. and General Motors Corp., the magazine said. That was down from 18 problems per 100 in 2003.

Japanese and Korean automakers had a rate of 12 problems per 100 vehicles — unchanged in the magazine’s last three surveys. European automakers, some of whom have battled quality issues in recent years, had 21 problems per 100 vehicles. That’s up from 20 a year ago.

Economy

Consumers boost borrowing in January

Buyers increased their borrowing on credit cards, auto loans and other types of consumer debt at an annual rate of 6.6 percent in January, the fastest pace in three months, the Federal Reserve reported Monday.

That represented an increase of $11.5 billion in borrowing from December, which was double what many economists had been expecting.

The 6.6 percent rate of increase in January compared to a 5 percent rise in December and was the fastest advance since consumer debt rose by 8.2 percent in October.

Utility

Aquila posts loss

Aquila Inc. on Monday reported a larger fourth-quarter loss than a year ago, blaming warm weather, increased fuel costs, a number of asset write-downs and the termination of a long-term gas supply contract.

For the three months that ended Dec. 31, the Kansas City, Mo.-based utility said its net loss increased to $81 million, or 21 cents per share, from $34 million, or 18 cents per share, during the same period a year ago. Revenue for the quarter increased 8 percent to $500 million.

Analysts surveyed by Thomson First Call had expected a loss of 11 cents.

Aquila shares were down 17 cents a share, or 4.1 percent, to $3.95 in early trading Monday on the New York Stock Exchange.

For the year, Aquila said its loss declined to $292.5 million, or $1.13 per share, from $336.4 million, or $1.73 per share, a year ago. Revenue for the year increased 2 percent to $1.71 billion.

Analysts had expected an annual loss of 75 cents per share on revenue of $1.69 billion.

Energy

Oil prices on rise

Crude oil futures ended slightly higher Monday, inching closer to $54 a barrel.

Light, sweet crude for April delivery rose 11 cents to settle at $53.89 a barrel on the New York Mercantile Exchange.

Oil prices are roughly 45 percent higher than a year ago, up sharply in recent weeks because of a combination of colder weather, the declining value of the dollar and fears that OPEC could rein in production to head off a seasonal drop in demand.