Business briefs

2013-02-12T00:00:00Z 2013-02-12T21:02:38Z Business briefsFrom Wire Reports From Wire Reports Arizona Daily Star
February 12, 2013 12:00 am  • 

ARIZONA

Courts upholds $28M award in Skywalk case

FLAGSTAFF - A federal court has upheld a $28 million judgment against a business arm of the Northern Arizona tribe that owns the Grand Canyon Skywalk.

The ruling Monday by U.S. District Judge David Campbell rejected arguments by the Hualapai Tribe that the award isn't enforceable.

The American Arbitration Association awarded Las Vegas businessman David Jin the money in August. His attorneys went to federal court to enforce it.

Jin invested $30 million to build the Skywalk, a glass bridge that gives visitors a view of the Colorado River from the Hualapai Reservation.

The award applies only to the assets of the tribal business arm, which argued that the arbitration association lacked jurisdiction. It also argued that arbitration was unnecessary because the tribe has severed Jin's interests in the Skywalk.

NATION

Mills leaving as Obama's small-business chief

WASHINGTON - Karen Mills is leaving her post as head of the Small Business Administration, opening another Cabinet-rank job for President Obama to fill at the start of his second term.

Obama says Mills played a leading role supporting startup businesses and entrepreneurs.

Boeing completes second 787 battery test flight

Boeing conducted a second test flight of its 787 on Monday as it looks for the cause of battery problems that have grounded the planes.

It said no more tests are currently planned. Boeing said Monday's flight of one hour and 29 minutes was uneventful.

Maker's Mark bourbon cuts the alcohol volume

LOUISVILLE, Ky. - The producer of Maker's Mark bourbon is cutting - likely permanently - the amount of alcohol in each bottle to stretch every drop of the famous Kentucky whiskey. The alcohol volume is being lowered from its historic level of 45 percent to 42 percent - or 90 proof to 84 proof.

The brand has struggled to keep up with demand that more than doubled the past seven years. .

PepsiCo introduces new Kickstart breakfast drink

PepsiCo Inc. is rolling out a new breakfast drink called Kickstart this month that has Mountain Dew flavor but is made with 5 percent juice and Vitamins B and C, and an extra jolt of caffeine.

WORLD

Russia becomes world's biggest gold purchaser

MOSCOW - When Vladimir Putin says the United States is endangering the global economy by abusing its dollar monopoly, he's not just talking. He's betting on it.

Not only has Putin made Russia the world's largest oil producer, he's also made it the biggest gold buyer. His central bank has added 570 metric tons of the metal in the past decade, a quarter more than runner-up China, according to IMF data compiled by Bloomberg. The added gold is also almost triple the weight of the Statue of Liberty.

"The more gold a country has, the more sovereignty it will have if there's a cataclysm with the dollar, the euro, the pound or any other reserve currency," said Evgeny Fedorov, a lawmaker for Putin's United Russia party.

Gold, coveted by Russian rulers including Tsar Nicholas II and the Bolshevik leader whose forces assassinated him, Vladimir Lenin, has soared almost 400 percent in the period of Putin's purchases.

The Associated Press; Bloomberg News

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