- - Tuesday, July 31, 2012

FUEL

Gasoline is at $3.50 per gallon for the first time this summer after a sharp run-up in July.

The price of gas this month gained 17 cents per gallon, or 5.1 percent. It was the first monthly increase since March. The nationwide average was last at $3.50 per gallon on June 19.

Drivers enjoyed a long stretch of declining prices at the pump as oil fell from more than $100 per barrel in March to less than $78 by late June. The average price at the pump fell by 60 cents per gallon in about three months, but oil rose 13 percent from its June low on renewed concerns of supply disruptions in the Middle East and the usual increase in demand in the warmer months. Oil ended July at $88.05 per barrel.

FCC

Verizon settles probe into ‘tethering’ block

NEW YORK — In the first move of its kind, the Federal Communications Commission said Tuesday that it is accepting a $1.25 million settlement from Verizon Wireless to end an investigation into whether the company asked Google Inc. to withhold so-called “tethering” software for Internet sharing.

Until recently, phone companies charged extra fees to allow tethering, or sharing, of Internet access between devices.

Applications stores, such as those run by Google and Apple Inc., have worked with carriers and restricted apps that try to circumvent those fees. But Verizon’s LTE network, which went live in late 2010, uses a slice of the airwaves that carries special conditions — the carrier is not allowed to block any lawful applications from devices on the network.

REAL ESTATE

Midtown Manhattan Penthouse is listed for $100 million

NEW YORK — What will $100 million buy you in New York City’s real estate market? Apparently, a really good view.

An exclusive listing is offering an octagon-shaped penthouse in midtown Manhattan that boasts three floors of living space, panoramic views of the city, six bedrooms, nine bathrooms and a wine room for 1,000 bottles.

The 8,000-square-foot apartment on West 56th Street also has its own elevator and wraparound terraces on three floors. It is possible to see nearly all of the city’s bridges from its 135 windows.

The penthouse is being sold by Long Island real estate developer Steven Klar, who purchased it for $4.5 million in 1993 and spent at least as much renovating it.

Mr. Klar told the New York Times that he has decided to sell it because his 5-year-old son “could potentially get out on the terraces.”

LAYOFFS

Media General lays off 75in Virginia corporate offices

RICHMOND — Media General Inc. has cut 75 positions at its corporate offices in Richmond.

The reductions, announced Tuesday, amount to about a third of its headquarters staff. They were made a month after the company completed the sale of 63 of its newspapers and publications in Virginia, North Carolina, South Carolina and Alabama to Warren Buffet’s Berkshire Hathaway Inc. The $142 million deal left Media General with 18 television stations and digital media operations.

Company spokeswoman Lou Anne Nabhan told the Richmond Times-Dispatch that the cuts affected every department, leaving the company with about 140 corporate employees. The Times-Dispatch was one of the publications sold in the deal.

• From wire dispatches and staff reports

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