Israeli medical-laser maker to close Bothell operations
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SEATTLE — Lumenis, an Israeli maker of medical lasers, said yesterday it is shutting down two manufacturing plants and five sales offices around the world, including a facility in Bothell. Lumenis didn't say how many jobs were affected, and officials couldn't be reached for comment.
The company changed its name from ESC Medical Systems to Lumenis in September. In 1997, the company bought Bothell-based Luxar for $93 million. At that time, Luxar had about 150 employees.
Lumenis stock rose $1.12, or 6 percent, to $19.70 a share yesterday. The stock has increased 63 percent this year.
Domestic demands offset export weakness for China
BEIJING — China's economy is estimated to have grown by 7.3 percent in 2001, with domestic demand offsetting weak export growth in a slowing world economy, state media said yesterday.
The growth rate is down from 8 percent reported in 2000. Chinese officials have said 7 percent is the minimum needed to create jobs for millions of workers laid off by state industry in market-oriented economic reforms.
Total economic output for the year was estimated at $1.2 trillion, the state Xinhua News Agency and state newspapers said, citing an announcement by the State Statistics Bureau.
The government pumped money into the economy in 2001 by spending heavily on highways and other public works, financed by the sale of bonds worth $18 billion.
Gasoline prices on rise again but still way below last year
WASHINGTON — Average U.S. retail gasoline prices rose for a second week, gaining 2.4 cents to $1.096 a gallon, a Department of Energy survey found.
Pump prices had fallen steadily since the end of the summer driving season, reaching a 2-1/2-year low of $1.059 two weeks ago, as gasoline declined because of the falling value of crude oil.
The price of regular self-serve gasoline still is 31 cents lower from a year ago, according to the survey of about 900 filling stations, and is down from a record $1.713 reached in May. The survey was for the week ended yesterday.
Service-station prices have rebounded recently along with futures prices for crude oil and wholesale gasoline as the Organization of Petroleum Exporting Countries agreed to its fourth production cut in a year. The rally in oil prices sought by OPEC may fall flat, analysts said, unless the world economy grows at a faster pace.
Crude oil on the New York Mercantile closed at $19.84 a barrel last week. Prices are up from a 2-1/2-year low of $16.70 on Nov. 19, though they're still down 26 percent on the year as a whole.
Compiled from Seattle Times business staff, Bloomberg News and The Associated Press.