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Maria van der Hoeven said Wednesday that the release was a success but there would be no more.

It was the largest sale of crude ever from world strategic reserves.

SURVEY

Fed: 12 regions grew this summer

Despite the turmoil that shook the financial markets last month, the Federal Reserve says its 12 bank regions grew this summer because consumers spent more in many parts of the country.

The Fed said five of its regions reported modest or slight growth in late July and August. Those regions included St. Louis, Minneapolis, Kansas City, Dallas and San Francisco.

The seven other regions described growth as subdued, slow or sluggish.

The survey, released Wednesday, is known as the Beige Book and offers mostly anecdotal information on economic conditions across the country. Its findings were a slight improvement from the previous survey, which said growth had slowed in eight of the 12 regions in June and early July.

AUTO

Saab finally seeks bankruptcy protection

STOCKHOLM | The owner of cash-strapped car maker Saab filed for bankruptcy protection on Wednesday in a last-ditch attempt to salvage a brand crippled by production stoppages, withheld salary payments and mounting debt.

Swedish Automobile, formerly known as Spyker Cars, said the move would buy it time to receive funding from Chinese investors, currently awaiting regulatory approval, and avoid bankruptcy.

The company, led by Dutch businessman Victor Muller, has so far failed to revive the loss-making Swedish brand since taking it over last year from General Motors, which was in the process of dismantling it.

The Saab factory in Trollhattan, southwestern Sweden, has been at a standstill for most of the year as the company struggles to pay suppliers. Since June it hasn’t been able to pay many of its 3,700 workers on time, testing the patience of labor unions that have threatened to put the company in bankruptcy.

CREDIT RATING

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