Oil futures fell to their lowest point this year as it was confirmed that Saudi Arabia has cut the price of its oil for July by 40 cents a barrel. The July contract for West Texas Intermediate, the benchmark grade of U.S. crude oil, fell 46 cents to $16.68 on the New York Mercantile Exchange.
Whirlpool signed an agreement with Matsushita Electric of Japan to form a joint venture to produce vacuum cleaners. The venture will own and operate the Whirlpool vacuum cleaner plant in Danville, Ky.
Coors is buying its first brewery outside the Rocky Mountains, a Memphis facility owned by Stroh. The Memphis brewery can produce 5.5 million barrels a year, which will increase Coors's production capacity by nearly a third. The price was not disclosed.
The House approved an amendment making it easier for U.S. companies to engage in joint production. The measure would require that the production plants be located in the United States and would not apply to ventures controlled more than 30 percent by foreign interests.
Gulfstream Aerospace is developing a device to reduce jet engine noise. Company Chairman Allen E. Paulson said he has filed for a patent on the device, which he said could be in production within two years.
The Treasury sent Congress a bill that would take control over stock index futures away from the Commodity Futures Trading Commission and give it to the SEC. The bill also would give the SEC control over margins on purchases of index products traded in the Chicago futures markets.
The House adopted a stock market reform bill that would give the SEC power to require disclosure of large trades, assess the financial health of brokerage firms and adopt rules to curb abusive program trading.