Economy Briefs

GASOLINE

Futures tumble as demand slides

NEW YORK - Gasoline futures tumbled almost 8 percent Wednesday after a government report showed the strongest evidence yet that higher pump prices are forcing Americans to drive less. Oil also dropped back below the $100 mark.

The Energy Information Administration said that U.S. gasoline demand dropped 2.4 percent last week, the largest drop in seven consecutive weeks of demand declines. Analysts said motorists are buying less gas with pump prices close to a national average of $4 per gallon.

Analysts now expect that, at best, motorists will use about as much gasoline this summer driving season as they did in 2010.

Decline in demand at the pump has helped offset a variety of operating problems that idled numerous refineries around the country over the past few months.

COMMERCE

Trade deficit widens in March on pricier oil

U.S. companies in March sold the most goods and services overseas in nearly two decades. But a big jump in oil prices pushed the nation’s trade deficit higher.

The trade deficit rose 6 percent to $48.2 billion, the Commerce Department said Wednesday. That’s the highest level since June 2010.

Exports increased to $172.7 billion, the most on records dating back to 1992. A weaker dollar has made U.S. goods cheaper overseas. Exports have also risen because of rapid growth in developing countries. U.S. companies exported more autos, chemicals and agricultural goods in March.

The U.S. reported its trade deficit one day after Beijing announced a big $11.4 billion trade surplus for April. The disparity will likely escalate pressure on Beijing to let its currency rise to help narrow the trade gap.

TECHNOLOGY

Google-powered laptops to go on sale June 15

SAN FRANCISCO - The first laptops running on a Google-designed software system will go on sale in the U.S. and six other countries June 15.

The release date announced Wednesday means the lightweight laptops will hit the market nearly two years after Google Inc. began working on an operating system based on its Chrome Web browser.

Since then, Apple Inc.’s iPad and other tablet computers have become hot sellers. The growing popularity of tablets has raised questions about how interested consumers will be in buying Google-powered laptops specifically tailored for Web surfing.

Samsung and Acer are making the first “Chromebooks” with prices ranging from $329 to $499.

The Chromebooks also will be sold in Britain, France, Germany, Netherlands, Italy and Spain.

RECALL

J&J’s HIV drug recalled over musty odor

TRENTON, N.J. - Johnson & Johnson is again recalling a prescription drug because of an odd musty odor likely caused by a chemical on shipping pallets.

J&J said Wednesday that it’s recalling five lots of its HIV medicine Prezista at the wholesale and pharmacy level in four foreign countries: Austria, Germany, Ireland and the United Kingdom. The company is discussing with Canadian regulators whether a recall is needed there as well. Fewer than 2,000 bottles of the pills are thought to still be in the marketplace in those countries.

Patients should not stop taking the medication, according to Johnson & Johnson, which will replace any affected bottles. No cases of serious patient harm have been reported, but four consumer reports of the musty, moldy odor led to the recall.

PORTUGAL

Deal struck on Portugal bailout

HELSINKI - Finland’s finance minister said Wednesday he has secured support for the country’s approval of a Portugal bailout, removing a major hurdle for European plans to help the debt-stricken nation.

Jyrki Katainen’s conservative National Coalition Party, which won the national election last month, agreed with Finland’s second largest party, the Social Democrats, regarding the bailout. With the earlier support of outgoing Prime Minister Mari Kiviniemi’s Center Party, that means the rescue package for Portugal has enough backing in Parliament to be approved with a clear majority.

Mr. Katainen said the agreement includes conditions that call for Portugal to sell off assets in order to repay loans from EU countries and to begin talks with creditors over support mechanisms.

The European Union and the International Monetary Fund have promised Portugal $112 billion in rescue loans, but EU rules require approvals from all 17 eurozone member nations. That approval was threatened by internal Finnish politics after a surge in support for the nationalist, anti-bailout True Finns party in the country’s April 17 election.