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Verizon posts record loss on pension adjustment

Jan. 22, 2013 @ 11:00 PM

NEW YORK — Verizon strengthened its position as the top dog of the wireless industry in its latest quarter by raking in new subscribers and selling millions of iPhones, but also posted a record loss.

The loss of $4.23 billion, or $1.48 per share, for the fourth quarter was mainly due to adjustments to the value of its pension funds and obligations, an annual routine for Verizon Communications Inc.

But even excluding the pension effects, the New York-based phone company missed Wall Street's earnings expectations when reporting Tuesday because of the cost of repairs after Superstorm Sandy and "aggressive" advertising and price cuts on smartphones.

Verizon's loss for the October to December period compared with a loss of $2.02 billion or 71 cents per share, a year ago.

Gas prices in Ohio continue to increase

COLUMBUS, Ohio -- Ohio gas prices are still creeping up.

The average price for a gallon of regular gas in Ohio was $3.29 in Tuesday's survey from auto club AAA, the Oil Price Information Service and Wright Express. That's 8 cents higher than a week ago.

Experts say prices are rising because of solid economic recovery in China and the U.S. and other factors.

Ohio's prices are slightly below the national average of $3.31, which is a penny higher than last week.

The lowest average price in Ohio Tuesday was $3.26 in the Akron area.

Buffalo Wild Wings, NCAA agree to sponsorship deal

MINNEAPOLIS -- Buffalo Wild Wings has reached a sponsorship deal with the NCAA to be the "official hangout" of the March Madness men's basketball tournament.

The agreement announced Tuesday also includes various rights for all 89 NCAA championships through 2016.

The Minneapolis-based restaurant chain has locations in Huntington, Ironton, Gallipolis and Portsmouth.

Oilfield Trucking Solutions set to relocate in W.Va.

BUCKHANNON, W.Va. -- A Chesapeake Energy trucking affiliate is moving its operations from Upshur County to the Northern Panhandle.

Oilfield Trucking Solutions plans to close its facility in Buckhannon and move the operations to Beech Bottom by the end of February. The Buckhannon facility employs 31 workers.

Oilfield Trucking Solutions provides oilfield-related fluid transportation in the Marcellus and Utica shale fields in West Virginia, Ohio and Pennsylvania.

President Chris Broussard tells The Inter-Mountain that companies are focusing on developing sites in the Northern Panhandle. He says Oilfield Trucking Solutions needs to be located near these sites.

He says most of the Buckhannon facility's employees have been offered the opportunity to relocate to Beech Bottom. The others were given a severance.

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