Consumer debt grows to $15.9 billion
WASHINGTON — U.S. consumers increased their borrowing in September with gains in credit card debt and auto and student loans.
The Federal Reserve says overall borrowing rose $15.9 billion following a $14 billion gain in August and a $22.8 billion July increase. The gains have pushed total consumer debt to a record level of $3.27 trillion.
The category that includes credit cards showed a $1.44 billion increase in September after having dropped by $201 million the previous month. The auto loans and student loans category increased $14.48 billion after a $14.23 billion increase in August.
Grynberg faces $46,772 in civil penalty •CHEY- ENNE — A Colorado oilman who once filed scores of lawsuits against energy companies claiming that they all had underreported natural gas production on federal lands now faces a civil penalty of his own from the federal government alleging he failed to report gas production.
The Office of Natural Resources Revenue, a division of the Department of Interior, this week announced it has assessed a civil penalty of $46,772 against Jack J. Grynberg.
The penalty follows a noncompliance notice Grynberg received in 2011 alleging he failed to report production on federal leases in Wyoming, Colorado and New Mexico.
Profit at Berkshire Hathaway declines. Warren Buffett’s Berkshire Hathaway reported a 9 percent drop in third-quarter profit versus the same period a year ago, when the company had large investment gains.
Berkshire said Friday it earned $4.62 billion, or $2,811 per Class A share. That’s down from $5.05 billion, or $3,074 per share, last year. Revenue grew 10 percent to $51.2 billion.
Sears considering REIT •NEW YORK — Sears Holdings’ stock soared Friday after the struggling retailer said it’s considering selling about 200 to 300 of its buildings to boost its liquidity.
The move would entail the company forming a real estate investment trust, or REIT, that would hold the stores.
Sears stock shot up more than 31 percent to close at $42.81.
AT&T buying Iusacell. AT&T is buying Mexican wireless company Iusacell for $1.8 billion and plans to grow in Mexico.
The Dallas company said Friday that Iusacell has 8.6 million subscribers under the Iusacell and Unefón brand names. AT&T had 116.6 million subscribers as of June 30.
AT&T values the deal at $2.5 billion when debt is included.
JPMorgan cutting 3,000 jobs •NEW YORK — JPMorgan is cutting 3,000 more jobs this year than previously planned in its card and mortgage business units. The bank said in February that it was planning to eliminate about 2,000 jobs this year. Denver Post wire reports
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