Economy

Caelus Energy said it’s made a major oil discovery on the North Slope, at Smith Bay. The company estimates the oil under its current state leases at 6 billion barrels and says as much as 10 billion may lie under the shallow bay.

Congress last week agreed to spend more than half a billion dollars on military construction projects in Alaska. Most of the projects are in Fairbanks, to prepare Eielson Air Force Base for the arrival of F-35 aircraft. The short-term spending bill Congress passed also has $155 million for a new radar system at Clear Air Force Station, and $47 million for a drone hangar at Fort Wainwright.

A Cessna 208 caravan was traveling from Quinhagak to Togiak with two Hageland pilots and one passenger on board when it crashed. An emergency locator signal was received just before 1:30. Two state troopers in Dillingham took a helicopter to the scene shortly after. Sgt. Luis Nieves supervises the region.

It’s the time of year when many businesses around Haines are limiting their hours or closing their doors for the winter. But one local restaurant owner is just getting started.

The City and Borough of Sitka voted to use license fees charged to prospective marijuana businesses to pay for student travel.

Documents obtained and published by The New York Times suggest the presidential candidate’s $916 million declared business losses in 1995 may have allowed him to legally avoid paying income taxes.

The Southeast Alaska Food Bank expanded its warehouse to meet a 30-40 percent increase in people looking for food. The expansion cost was largely discounted by local businesses.

Naknek Electric Association is investigating the alleged theft of hundreds of thousands of dollars by a former employee.

The governor’s Asia trip came as the state’s lead partners are backing out of the Alaska LNG megaproject the state is preparing to take over.