Business briefing for Nov. 6

• Published November 06, 2008

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Entertainment

IMAX theater set to open Friday on Martin Way

LACEY — Regal Entertainment Group, which operates the nation's largest theater chain, will open a large-format IMAX theater — the first in Thurston County — at its Martin Way megaplex Friday.

Regal converted one of the 16 theaters to show IMAX movies. It also can show IMAX 3D movies.

A ticket for an IMAX movie will cost $13.75 for an evening showing, compared with $9.75 for a conventional film.

Loans

Falling revenue takes toll on GMAC Financial

NEW YORK — GMAC Financial Services said Wednesday its third-quarter loss widened to $2.52 billion, as the ongoing woes of the global credit industry resulted in steep losses at its mortgage division.

For the year-earlier period, GMAC had a loss of $1.6 billion. Revenue tumbled 24 percent in the latest quarter to $1.72 billion from $2.25 billion.

The New York-based company said economic and market conditions made things tough for the lending industry overall during the quarter.

Pharmaceutical

Consolidation, job cuts coming to drugmaker

TRENTON, N.J. — British drugmaker GlaxoSmithKline PLC is restructuring its U.S. operations, starting with reducing its U.S. sales force by 1,000, following many of its top competitors in eliminating sales jobs.

The world's No. 2 drugmaker by revenue also will switch from having dual U.S. headquarters, in Philadelphia and in Research Triangle Park, N.C., to operating just the North Carolina headquarters.

Energy

Oil prices fall more than 7 percent for December

HOUSTON — Oil prices dipped Wednesday as investor sentiment once again seemed to shift to the growing global economic malaise and its potential effect on energy demand. Light, sweet crude for December delivery fell $5.23 to settle at $65.30 a barrel on the New York Mercantile Exchange, while gasoline prices continued to tumble.

A day after oil staged an Election Day rally, even indications that OPEC was acting on an earlier pledge to pull 1.5 million barrels of crude a day from the market failed to support prices.

Communications

Cable company beats Wall Street estimates

NEW YORK — Time Warner Inc. reported third-quarter profits Wednesday that beat Wall Street expectations, even as its AOL online unit continued to weigh down the company with a 6 percent decline in advertising revenue.

The media conglomerate saw growth in its cable-access and cable-network businesses.

The Olympian, news services