NEW YORK, NY (CNN) - CNN Money's Maribel Aber has the latest business and financial news for Friday, June 13.
Fort Smith will hold a special election Aug. 12 to decide a millage increase to benefit the city's public library. On Tuesday, Fort Smith's city directors voted 5-1 in favor of the special election instead of putting the issue on the ballot in November. The library requested Aug. 12 as the date for the special election. If the ordinance passes, the property tax millage designated for the library will increase from one to three. Library officials said the public library receives $1.4 million in millage. Director Jennifer Goodson said the millage increase would represent a tax increase of $20 to $60 for every $100,000 of property value.
Summer drivers beware: Prices at the pump could climb higher in coming weeks if the conflict in Iraq continues. "There is an excellent chance that U.S. gasoline prices may rise to new 2014 highs in the next week or so," said Tom Kloza, chief oil analyst at OPIS and GasBuddy.com. As violence in Iraq escalated on Thursday, oil futures climbed to $106 per barrel -- a 2% increase and the highest level since September 2013. The price of gas typically rises about 2 to 2.5 cents per gallon for every dollar that crude rises, says Peter Schork, editor of industry newsletter, The Schork Report.
Starbucks is about to offer its customers a charge beyond the caffeine in its drinks. The coffee retailer will team with Duracell to offer wireless recharging of some smartphones. The system, Duracell Powermat, allows phones and tablets to be charged by simply laying them on pads, which will be installed in Starbucks counters and tables. But only limited number of smartphones have the technology that works with the charging spots today. For most device owners, they will have to have a special case, costing about $20 to $30, in order to work with the wireless charging system.
People who live in these nine states have a reason to sing the economic blues: Nevada, Florida, Arizona, Connecticut, Michigan, Maine, Georgia, New Jersey and Illinois. These states have yet to recover from the recession. The first five states on that list are in a particularly bad funk with their economies far below where they were back in 2007. Call it the lingering curse of the housing bubble burst. Many of these states are still trying to restart their real estate and construction industries, and it's a road block to economic daylight.