Features

OPEC set to trim crude oil production in February 

VIENNA, Austria — OPEC announced Wednesday that it will trim its official crude oil production by 5 percent next month — a move likely to anger the cartel’s biggest customers but one that won’t necessarily hurt consumers at the gasoline pump. 

The cuts, to take effect Feb. 1, are aimed at keeping crude prices firm ahead of an expected slowdown in U.S. economic growth and diminishing seasonal demand for refined products such as heating oil. Delegates of the Organization of the Petroleum Exporting Countries approved details of the cuts during a formal meeting at the cartel’s headquarters in Vienna, Austria. 

The 1.5 million-barrel-a-day decrease in production is sure to disappoint the governments of many oil-importing nations. 

CNN cuts 400 jobs,  

refurbishes structure 

NEW YORK — In its biggest shake-up since being founded 21 years ago, CNN is revamping its newsgathering structure, cutting some 400 jobs and appointing three senior news executives. The network has been struggling with a ratings slump and is gearing up for life under the newly created AOL Time Warner Inc. media empire. 

The shake-up announced Wednesday, which comes less than a week after CNN parent Time Warner closed its merger with America Online, will concentrate CNN’s sprawling news operations under a central authority to coordinate coverage for its various TV outlets and associated Web sites. 

Proposal for biotech food information on the Net 

WASHINGTON — Seeking to ease public anxiety about genetically engineered food, the government proposed a mandatory review process for new biotech products that will include posting scientific data on the Internet. 

The Food and Drug Administration relies on biotech companies for voluntary consultation with the agency before the release of new biotech crops. 

In addition to the proposal Wednesday for mandatory review, the FDA also is proposing voluntary labeling guidelines for foods that claim either to be nonbiotech or to have special biotech ingredients. 

Companies would have to notify FDA of new biotech products at least four months before they are to be put on the market. 

Class-action suit brought against Verizon Wireless 

WASHINGTON — Verizon Communications is being sued by customers frustrated when it took weeks or months to get their high-speed Internet access installed. The class-action effort is an attempt to stop Verizon from signing new subscribers as well as to force compensation of existing customers. 

The complaint, filed this week in Superior Court for the District of Columbia, alleges that Verizon was aware that it would be unable to provide high-speed service as promised and knew that its customers would experience significant disruptions and significant delays in obtaining technical support. 

The claim alleges that Verizon signs up over 3,000 new customers per day while knowing that the company cannot support so many. 

— The Associated Press 

WASHINGTON (AP) — The Federal Communications Commission on Wednesday approved WorldCom Inc.’s acquisition of Intermedia Communications Inc. — a deal that seeks to boost the data and Internet operations of the nation’s No. 2 long-distance carrier. 

The merger, which received clearance from antitrust authorities last year, still awaits approval by regulators in some states. 

WorldCom announced its plans to acquire Intermedia for $3 billion not long after antitrust regulators scuttled WorldCom’s planned merger with rival Sprint Corp. last year.