Industry news and industry widget

Colonial BancGroup Inc., which was heavily delved in the the beleaguered Florida market, reported is third consecutive earnings loss this year. (CNB)

The Flamingo Restaurant on Kapiolani Boulevard will close Sunday.

Pinnacle Real Estate Advisors LLC, a Denver commercial real estate brokerage firm, has started a retail group that will work with buyers and sellers of retail properties, the company said Wednesday.

Venezuelan president Hugo Chavez said Wednesday that his nation could withstand the global financial crisis even if the oil price falls to $55 a barrel.

Oil rose on Thursday ahead of an emergency OPEC meeting expected to consider supply cuts after a 45% drop in prices from record highs hit in July.

Major international oil companies may emerge from the current financial turmoil and the sharp drop in oil prices strengthened as they cherry-pick reserves from smaller companies that run into trouble.

Eager to rein in what it terms an alarming slide in oil prices, OPEC is likely to cut production at its emergency meeting this week but questions remain over how deep the decrease should be.

MMS reported that personnel from 72 production platforms in the Gulf of Mexico are still evacuated, and 32.3% of oil production is currently shut-in.

Nido has confirmed the discovery of oil at the Tindalo-1 well in Service Contract 54, located in the Palawan Basin offshore the Philippines.

Fox Sports Tennessee will broadcast 10 Memphis Grizzlies games in high definition during the 2008-09 NBA season, starting with the Grizzlies home opener Oct. 31 against the Orlando Magic at 7 p.m.