Bernanke offers no new steps but leans on Congress

JACKSON HOLE, Wyo. (AP) — Federal Reserve Chairman Ben Bernanke has a message for Congress: Do more to stimulate hiring and growth — or risk delaying the economy’s return to full health.

Bernanke held out the prospect Friday that the Fed may take further steps later to help the economy. But he offered no new plans for now.

At a time when Congress has focused on shrinking budget deficits, Bernanke agreed that doing so is important for the long term. But he warned lawmakers not to "disregard the fragility of the current economic recovery."

Investors had hoped Bernanke would use his much-anticipated speech at an economic conference in Jackson Hole to unveil some aggressive measure to jolt the economy.

He didn’t. But he did say the Fed’s September policy meeting will be extended to two days, instead of the scheduled one, to permit a "fuller discussion" of the central bank’s options.

Refinery near Tripoli to restart, says official

ZAWIYA, Libya (AP) — The largest refinery in Libya’s gasoline-starved west is set to restart operations within a day or two, an official at the facility said on Saturday.

Mohammed Aziz, an operations manager at the huge refinery in Zawiya, 19 miles (30 kilometers) from Tripoli, said the complex will soon start refining crude oil again and producing gasoline and diesel fuel.

Aziz, speaking at the refinery’s gas pump as rebels lined up to receive fuel for free, said the refinery will start processing stored crude first, and should start receiving new supplies from the southern oil fields in two days.

In Tripoli in recent days, the cost of a 20-liter (about 5-gallon) can of gas has risen to about 120 dinars ($100) and higher, some 28 times the price before fighting broke out months ago.

The refinery has a capacity of 120,000 barrels per day, the second largest in the country after the eastern complex in Ras Lanouf, which was only recently recaptured and is believed to have been damaged in the fighting.

Tiffany 2nd-quarter profit soars, raises full-year outlook

NEW YORK (AP) — Tiffany & Co.’s net income jumped 30 percent in the second quarter, propelled by strong growth across all regions as high-income shoppers continued to be drawn to its jewelry and other goods.

The New York company’s results handily beat Wall Street’s expectations, and it raised its full-year profit forecast again due to the better-than-expected performance.

Tiffany’s stock surged $5.90, or 9.3 percent, to close at $69.01 while the broader markets ended the session up less than 2 percent.