Local gas prices hit record
It took less than two months for gasoline prices in Western Pennsylvania to break the previous record high. The average price of a gallon of self-serve regular unleaded at local pumps reached $2.224 this week, beating the previous record of $2.218 set April 12, AAA East Central reported yesterday. A week ago, the average price at area pumps was $2.208. The national average for unleaded regular was at $2.223 yesterday, AAA said.

Treasury bills at 4-year high
Interest rates on short-term Treasury bills rose in yesterday's auction to the highest level in nearly four years. The Treasury Department auctioned $16 billion in three-month bills at a discount rate of 3.145 percent, up from 3.08 percent last week. Another $14 billion in six-month bills was auctioned at a discount rate of 3.325 percent, up from 3.22 percent last week. The new discount rates understate the actual return to investors -- 3.214 percent for three-month bills with a $10,000 bill selling for $9,920.50 and 3.429 percent for a six-month bill selling for $9,831.90.

McDonald's seeks hip look
McDonald's Corp., fresh from a makeover of everything from its menu to its ads, now wants to upgrade its restaurant staff uniforms to make them hipper and more befitting of the MTV generation, according to Reuters news service. A former record executive consulting on the project said talks were under way with clothing labels such as Sean "P. Diddy" Combs' Sean John label, Polo Ralph Lauren Corp., Giorgio Armani and Marshall-based American Eagle Outfitters Inc., among others.

China rebuffs Congress
China demanded yesterday that Congress "correct its mistaken ways" and stop interfering in the proposed takeover of the Unocal oil corporation by China's state-owned CNOOC Ltd. U.S. politicians had warned the $18.5 billion takeover bid announced last month could pose risks to U.S. national security and called for a full review by the Bush administration. The Chinese company's officials have welcomed a security review and denied that CNOOC was acting on behalf of China's government, which is in the midst of a multibillion-dollar campaign to secure foreign oil and gas supplies to power its booming economy. CNOOC is bidding against Chevron Corp. for Unocal. The Chinese company has argued that its offer would benefit the United States by paying Unocal shareholders more and causing fewer job losses.

Chrysler, Kia safety issues
DaimlerChrysler AG's Chrysler unit and Kia Motors Corp. face U.S. safety investigations and potential recalls of about 353,000 vehicles because of engine fires. The inquiries include about 300,000 of Chrysler's 1999 and 2000 Dodge Stratus, Chrysler Cirrus and Plymouth Breeze cars and 52,824 of Kia's 2003 Sedona minivans, the National Highway Traffic Safety Administration said on its Web site yesterday. The agency said it received 24 complaints of fires in the Chrysler cars and five in the Kia vans. Both investigations are preliminary evaluations, the initial step in the Washington-based agency's process. About 20 percent of such inquiries advance, and the rest are closed with a finding of no defect. Investigations that are upgraded lead to recalls about 70 percent of the time, according to NHTSA.

Also in business ...
Minnesota Power said it had agreed to supply U.S. Steel's Minntac and Keewatin Taconite iron plants with electricity through October 2013. U.S. Steel's operations in northeastern Minnesota account for about 12 percent of the annual revenue of Allete, Minnesota Power's parent company ... Computer engineering software firm Ansys Inc. has been ranked for the second time in Fortune Magazine's annual list of the 100 Fastest Growing Small Companies. The company was ranked No. 90 ... PDG Environmental Inc. announced a private placement of $7 million in common and convertible preferred stock. The company will issue 1.67 million shares of common stock with a total value of $1.5 million and $5.5 million of convertible preferred stock. The funds will be used for an acquisition and expansion plans.