Business Briefing

In a court hearing in U.S. District Court in Brooklyn, Assistant U.S. Atty. Patrick Sinclair said "the government is indeed contemplating additional charges."

He did not provide any details, but said the government was working to make a final decision about bringing additional charges in the next few months.



Lake Las Vegas files Chapter 11

The owners of the Lake Las Vegas Resort, a 3,592-acre residential and resort development in southern Nevada, have filed for Chapter 11 bankruptcy protection.

The filing in U.S. Bankruptcy Court in Las Vegas came about six months after LLV Holdco, a subsidiary of Las Vegas-based Atalon Group, took over ownership and management of the luxury community in Henderson from owners who defaulted on $540 million in loans.

The new owners cited "poor liquidity, substantial debt service, [and] extremely challenging real estate market conditions" as reasons for seeking protection under Chapter 11, which allows a business to continue operations while it reorganizes.



Lease2Own must refund payments

California settled a lawsuit with Lease2OwnHomes over claims that the company, which provided home leases with options to buy, illegally seized consumers' down payments for missing monthly rent payments.

Under the agreement, Lease2OwnHomes, based in Elk Grove, Calif., must refund customers as much as $150,000 for down payments seized by the company, state Atty. Gen. Jerry Brown said.

ENERGY

Fuel demand falls 3% in first half

U.S. fuel consumption fell 3% in the first half of 2008, the biggest decline for the period in 17 years, as high prices and a slowing economy curbed demand, an oil industry report showed.

Deliveries of petroleum products declined to an average 20.08 million barrels a day through June, the American Petroleum Institute said. Gasoline deliveries fell 1.7%, the first "significant" decline in 17 years.

Fuel demand fell as prices for crude oil, gasoline and heating oil futures reached records. The higher prices helped send the U.S. economy to its weakest six months of growth in five years, according to the Commerce Department.

AIRLINES

American to trim maintenance unit

American Airlines said it would cut 1,500 jobs in its maintenance division as it reduces its fleet of aircraft.

The largest carrier in the world has about 14,000 employees in its maintenance division, including management and support staff.

INTERNET

Google to buy Russian ad firm

Google Inc. agreed to buy a Russian advertising company controlled by Rambler Media Ltd. for $140 million to tap growth in the country's online ad sales.

Google will buy 100% of ZAO Begun, Moscow-based Rambler said. Rambler, which runs Russia's third-largest Internet search engine, agreed to pay $69.9 million to Bannatyne Ltd. for its 49.9% stake in Begun.

From Times Wire Services