LAX plan to go before city council
LOS ANGELES “”mdash; Mayor James K. Hahn’s sweeping, nearly
$10 billion modernization plan for Los Angeles International
Airport goes before the city council this week.
The vote is expected to be close over the proposal, a decade and
$130 million in the making. And opponents ““ including county
government and several Southern California cities ““ are
prepared to fight it in court if the council approves the plan.
The proposal was apparently doomed until Hahn ally Councilwoman
Cindy Miscikowski proposed adopting the plan but yellow-lining the
most controversial aspects ““ tearing down terminals and
building an off-site arrival-departure center ““ for final
approval later.
“It is one of the most significant things facing the city.
We have been at this a long time, and I want to see us move ahead
on it,” Hahn said.
Greenspan optimistic about riding out oil
prices
WASHINGTON “”mdash; Shoppers rediscovered their urge to splurge
in September, catapulting retail sales up by the largest percentage
gain in six months. Industrial activity was restrained, meanwhile,
partly because of hurricanes.
The fresh batch of economic reports, released Friday, suggest
that the economy continues to move forward even as energy prices
soar, analysts said.
But oil prices now surging close to $55 a barrel are raising
uncertainties.
This year’s oil price surge will not be a replay of the
oil shocks of the 1970s and 1980s that sent the United States into
a series of recessions, Federal Reserve Chairman Alan Greenspan
said Friday.
Greenspan delivered a generally upbeat assessment of the
economy’s ability to withstand this year’s spike in oil
prices, but he added a significant qualifier.
He spoke on a day when crude oil prices climbed further into
record territory with the price in New York trading hitting $54.93,
up 17 cents from Thursday’s record close.
But Greenspan said the economy will be able to weather the high
prices, although it could be bumpy.
Compiled from Bruin wire services.