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| Albrecht to lead economic group Barry Albrecht will head a Pinal County-based economic development group. |
| Non-stop Delta flight to L.A. will be ended Delta Air Lines will no longer fly non-stop from Tucson to Los Angeles. |
| Home builder makes bankruptcy filing Tucson-based builder T.F. Robertson Cos. filed for Chapter 11 reorganization. |
| Move afoot to revive spring training bill PHOENIX — Although the attempt to salvage spring training in Tucson hit a foul ball at the Legislature last week, business leaders involved hope it's not the end of the ballgame. |
| SE AZ builders hit snag The green and gold hills of the 530-acre Campstone property in Huachuca City ripple into the distance, surrounded by mountains and few signs of civilization other than an occasional plane from nearby Fort Huachuca. |
| Ranks of July 4th travelers in U.S. expected to be thinnest in 3 years WASHINGTON — The fewest Americans in three years will travel over the July 4th weekend as record gasoline prices and a slowing economy force consumers to curb spending. |
| Four-day workweek for government workers to get a trial run in Utah SALT LAKE CITY — Starting next month, it will be "TGIT" for Utah state employees. As in: "Thank God It's Thursday." |
| KLA-Tencor to close plant here A company that makes manufacturing controls and test products used by computer-chip makers plans to close its Tucson facility and consolidate operations at its headquarters in Milpitas, Calif., and in Singapore. |
| Chuck Jaffe: Investment strategist's advice not so original CHICAGO |
| Torque wrench will tighten lug nuts properly Q A little while back, I had a flat tire, which was changed along the road by AAA. I then had the flat tire fixed by a gas station and put back on the car. |
| Honda's fuel-efficient models help it buck auto-industry slide DETROIT — When consumers astonished the U.S. auto industry two months ago by quickly shunning trucks and going for gas mileage, the biggest beneficiary ended up being Honda Motor Co. |
| Sol Casinos hires Jonilonis Two months after his hasty exit from Fire: An Arizona Bistro, Tucson chef Jason Jonilonis was named executive chef of Sol Casinos. |
| Corporate types jump ship Thu, 03 Jul 2008 19:39:22 MST Entrepreneurs with impressive backgrounds are running mom-and-pop businesses in Chandler. |
| Job cut surge keeps wage growth low Thu, 03 Jul 2008 17:03:37 MST Recent job cuts may actually help the economy in a roundabout way. And no, that isn't a misprint. |
| Gas-station owners upset over fines Thu, 03 Jul 2008 16:52:34 MST Rules increased per pump civil penalty to $1,000. |
| Kroger beef recall in 20 states, Arizona Thu, 03 Jul 2008 15:19:05 MST First it was the tomatoes. Now it's the ground beef. |
| Dollar stores gain favor in slumping economy Sat, 05 Jul 2008 00:00:00 MST In the down economy, budget shoppers aren't the only fans of dollar stores. Wall Street loves them too. |
| Arizonans brace for summer mortgage resets Sun, 06 Jul 2008 00:00:00 MST The number of adjustable-rate mortgage resets is expected to peak this month in Arizona. |
| Electric cars could be poised for comeback Thu, 03 Jul 2008 16:52:32 MST Despite the early demise of the Electric Ranger and most other models, electric cars are about to get a second chance from a variety of manufacturers, some with gas motors, and some without. |
| Pinched Arizonans opt for 'staycations' Thu, 03 Jul 2008 00:00:00 MST Residents stay closer to home for holiday weekend. |
| New Douglas call center to hire 700 Thu, 03 Jul 2008 08:24:51 MST Center will be largest private employer in the area. |
| 9 convicted in Austria fraud case VIENNA, Austria (AP) -- Nine people, including a prominent executive who fled to France in an attempt to elude justice, were convicted Friday of criminal charges in a major Austrian bank fraud case linked to the 2005 collapse of New York-based commodities brokerage Refco Inc.... |
| UBS may post small loss for 2Q ZURICH, Switzerland (AP) -- UBS AG, Switzerland's largest bank, said Friday it expects its second-quarter results to be "at or slightly below break-even" due to a tax credit that will at least partly offset investment losses. It also said it won't need to ask for more capital when it reports the results next month.... |
| Companies begin quest for oil, gas off Florida PENSACOLA, Fla. (AP) -- Oil companies once viewed drilling in the deep waters off Florida as cost prohibitive. Politicians feared even the slightest sign of support would be career suicide.... |
| Smooth sailing for yacht builders despite economy NEW ORLEANS (AP) -- Fuel prices are soaring and credit markets tightening, but the super-rich are still lining up to pay tens of millions of dollars for mega yachts.... |
| Travel experts: US share of foreign tourists slips LAS VEGAS (AP) -- Despite the weak U.S. dollar, a boom in international travel around the world hasn't translated into an explosion of foreign tourists to the United States.... |
| BHP, China's Baosteel agree iron ore price hike SYDNEY, Australia (AP) -- BHP Billiton Ltd. said Friday that China's Baosteel, negotiating on behalf of the Chinese steel industry, agreed to price hikes of up to 96.5 percent for iron ore supplies this year following protracted negotiations.... |
| Happy Fourth of July Thu, 03 Jul 2008 19:22:01 -0700 I'll be off for a few days.... and so will this blog. Look for new posts on July 10. |
| Do you invest like a millionaire? Thu, 03 Jul 2008 14:38:58 -0700 Millionaires spread their money around - and don't shy away from risky stuff. Those are two observations from a new survey of people with more than $1 million in financial assets from Merrill Lynch and Capgemini. The survey uncovered 10.1 million households around the globe with that much wealth, excluding their personal residences, collectibles, furnishings, belongings and so on. A related study estimates 64,000 millionaire households in the Valley. In general, millionaires had their portfolios positioned as follows in 2007: ' Stocks/stock funds, 33 percent ' Bonds, fixed income, 27 percent ' Cash, deposits, 17 percent ' Investment real estate, 14 percent ' Alternatives (hedge funds, currencies, collectibles and the like), 9 percent. Compared to 2006, millionaires reduced their real estate holdings from 24 percent, reflecting price weakness. They boosted their combined fixed income and cash holdings by roughly the same amount. |
| Feral cats a problem we can all help solve Thu, 03 Jul 2008 11:46:52 -0700 I did something this week to help the homeless in Chandler. Before we go any further, a confession: I'm talking about animals, not people, so it's not that great of a deed. Still, in one small way, it was a good thing. This week our family welcomed a new addition by adopting a kitten we've decided to name Mooch. This particular kitten was part of a litter of feral cats born on our street under (we think) a neighbor's deck. Two months ago the neighbors started to see a mother cat carrying kittens around outside. Because feral cats left to roam make more feral cats and compound the problem, a small contingent of neighbors captured the kittens and turned them over to a Sun Lakes woman who does cat rescue. Carol Grehn takes in animals, arranges to have them spayed or neutered, then finds homes for them with the blessing of the Petco at Fulton Ranch Towne Center in south Chandler, where she sets up “adoption shop” on weekends. The three kittens from this litter all got homes, thanks to Grehn, who fostered Mooch for a few weeks until we were able to take him. To help the mother cat, my neighbor contacted a man who specializes in trapping feral cats, then arranges to get them spayed before releasing them. Feral adult cats often can't be socialized, but having them sterilized at least helps break the cycle. He trapped the cat, had it fixed and then brought it back — at which point my neighbor realized it was a different feral cat. So, Mooch's mom is still on the lam, but her three kittens now have homes. And at least one other cat won't be contributing to the problem. It was a tiny step in a big problem — but sometimes that's the way things get done. |
| Pre-foreclosure settlement in Phoenix Thu, 03 Jul 2008 12:22:11 -0700 A civil settlement has been reached in The U.S. Attorney's Office of Arizona has worked out a deal for Wells Fargo to pay $4 million, and Ticor to pay $265,370, though both firms deny the government's allegations. The government contends it suffered losses of $2.1 million from 70 false claims to the FHA. That housing agency's pre-foreclosure sales program sometimes allows homeowners with federally-insured loans to avoid foreclosures by selling their homes for less than what is owed. Then the lender can submit an insurance claim to FHA for the balance of the loan. The investigation leading to the settlement was conducted by the U.S. Department of Housing and Urban Development and the Office of Inspector General. |
| Obama, patriotism, and terrorism Thu, 03 Jul 2008 13:34:01 -0700
Barack Obama doesn't want his patriotism questioned. Liberals believe that their patriotism is being unfairly maligned all the time. There is some justification for this. There are those on the right who openly equate liberalism with treason. However, there is more going on here than that. Liberals don't only object to direct attacks on their patriotism, which are objectionable. Liberals also tend to regard any criticism of their positions on national security issues as an attack on their patriotism. Here what is objectionable is their attempt to hide behind patriotism to shield themselves from such criticism. The liberal logic goes something like this: Protecting the country is patriotic. Criticizing my national security positions is saying that I won't protect the country. Therefore, it is an attack on my patriotism. When Republicans raise national security issues, Democrats accuse them of trying to use scare tactics to divide the country and impugn the patriotism of those who disagree. The implication of the liberal position is that national security issues should not be discussed in political campaigns. That's nuts. Elections are where policy choices are made. And there are no more important policy choices than about how to best protect the country. Moreover, the threat of international terrorism is scary. And, although neither Obama nor John McCain is offering it, the country needs a new consensus about how best to protect it against terrorist attacks. A new book by the Brookings Institution's Benjamin Wittes, Law and the Long War, offers a useful start on such a new consensus. Wittes' basic contention is that protecting this country against international terrorism doesn't fit comfortably within the framework of either war or criminal justice. Congress in essence declared war against al-Qaida after 9/11. And some of the effort to protect the country against terrorism involves military action. The effort also depends heavily on the use of law enforcement tools to detect, disrupt and incapacitate terrorists. But terrorists are a national security threat in a way that a burglar is not. Wittes believes that the country needs new laws in the areas of surveillance, interrogation and detention to fit the unique nature of terrorism and its threat. These would be created by Congress and not rely on the inherent war powers of the president. As Wittes points out, extraordinary presidential authority during wartime is acceptable in part because of the assumption that the authority will be wielded for a relatively defined and short period of time. The fight against terrorism, however, is less defined and without an obvious conclusion. In such circumstances, the American tradition of checks and balances needs to come more into play. So, Wittes would grant to the government greater authority to protect the country against terrorist attacks than exists in criminal law. But with checks and balances that don't exist in the prosecution of a war. Institutional reform is also needed. As Richard Posner has pointed out, in his book Uncertain Shield and other writings, the post 9/11 reforms were badly botched. A bureaucratically sluggish Department of Homeland Security was created. For intelligence agencies, reform added a new layer of bureaucracy at the top and confused reporting relationships throughout. Worst, domestic intelligence was left primarily with the FBI, rather than put in a separate agency devoted exclusively to that function. We need a first-rate crime-solving capability in the federal government. And we need a first-rate domestic intelligence capability to protect the country against terrorist attack. As Posner observes, it defies everything we know about both the tasks involved and organizational theory to believe that the same federal agency can be both. Moreover, a separate organization would help ensure that the additional authority Wittes advocates to protect the country against terrorism doesn't leak into other areas. The best time to forge this new consensus was after 9/11. Not doing so is the Bush administration's greatest failure. Instead, the Bush administration asserted unchecked authority that contravened the nation's traditions and laws. The next president is likely to have a honeymoon of some sort, in which there will be some deference given to his policies. This is shaping up as a domestic policy election, so the temptation will be to use this political capital for the issues that win the election. And that's understandable. However, there might also be an opportunity for the new president to attempt to forge a new consensus on protecting the country against terrorism. Not doing so wouldn't be unpatriotic. But doing so would serve, and might immeasurably better protect, the country. (column for 7.4.08) |
| No to Najeh Thu, 03 Jul 2008 07:31:06 -0700 Running back Najeh Davenport, released earlier this week by the Steelers, told Sirius NFL Radio that he is targeting the Lions and Cardinals as potential new employers. Cardinals GM Rod Graves said via text message this morning that the Cardinals have no interest. In other news, I'm using my final vacation days of the year over the next two weeks. Much of it will be spent on bleachers watching my 16 year old son playing hoops. I'm not complaining, although he might be after spending so much time with me. If something happens in Cardinal land, I'll try to weigh in, via the blog. Have a safe and fun Fourth of July.
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| State Builders Group taps McCracken for CFO [Nashville Business News - Local Nashville News | The Na Thu, 03 Jul 2008 14:29:43 -0500 Alan McCracken has been named chief financial officer at State Builders Group. |
| Family Dollar 3Q earnings up 7% Wed, 02 Jul 2008 20:18:17 GMT Family Dollar Stores Inc. reports a 7 percent increase in earnings for its third fiscal quarter ended May 31. (FDO) |
| Baird analyst: Fifth Third has enough capital Wed, 02 Jul 2008 15:25:38 GMT A Robert W. Baird & Co. analyst has raised his rating on Fifth Third Bancorp's stock in the wake of the bank holding company's major moves to raise capital - a move that sent shares up modestly on Wednesday. (FITB) |
| SEC ends inquiry, says WSB Financial Group Tue, 01 Jul 2008 21:09:50 GMT An SEC investigation is over, according to WSB Financial Group Inc. (WSFG) |
| BofA completes Countrywide acquisition Tue, 01 Jul 2008 19:42:43 GMT Bank of America Corp. has completed its acquisition of California mortgage lender Countrywide Financial Corp. The deal makes Charlotte-based BofA the country’s largest mortgage lender. (BAC) |
| BofA completes purchase of Countrywide Tue, 01 Jul 2008 16:21:27 GMT Bank of America Corp. has completed its acquisition of California mortgage lender Countrywide Financial Corp. The deal makes Charlotte, N.C.-based BofA the country's largest mortgage lender. (BAC) |
| TierOne Bank to close Charlotte loan-production office Tue, 01 Jul 2008 14:08:33 GMT TierOne Bank will close its nine loan production offices across the country, including its facilities in Charlotte and Raleigh. (TONE) |
| Wachovia eliminates pick-a-pay loan product Tue, 01 Jul 2008 12:34:15 GMT Wachovia Corp. is making changes to its controversial “pick-a-payment” mortgage loans and eliminating loans that can lead to higher loan balances over time for borrowers. (WB) |
| GenCorp Q2 income drops Mon, 30 Jun 2008 21:56:46 GMT GenCorp Inc.’s second-quarter earnings dropped by $5.6 million, while revenue increased a modest $3 million from a year ago, the defense company announced Monday. (GY) |
| IndyMac addresses Schumer's concerns Mon, 30 Jun 2008 21:44:18 GMT IndyMac Bank has responded on its internal blog to the release of a critical letter sent late last week to federal banking regulators by Sen. Charles Schumer of New York. (IMB) |
| Wachovia eliminates pick-a-pay loans Mon, 30 Jun 2008 21:14:09 GMT Wachovia Corp. is making changes to its controversial “pick-a-payment” mortgage loans and eliminating loans that can lead to higher loan balances over time for borrowers. (WB) |
| Wachovia ends risky mortgage program Mon, 30 Jun 2008 20:27:49 GMT Wachovia said Monday that it's immediately waiving all prepayment penalties on its Pick-A-Pay residential mortgage loans, giving borrowers more flexibility to refinance out of the controversial loans. (WB) |
| Riverside closes 3 bank branches Mon, 30 Jun 2008 04:00:00 GMT Riverside National Bank of Florida will close three Central Florida branches in August in an effort to cut unprofitable lines of business. |
| Niche SBA loan program aids military veterans Mon, 30 Jun 2008 04:00:00 GMT Russ Freund spent years battling the elements high above the ground as a chief line mechanic with the former Niagara Mohawk Power Corp. |
| Net interest margins drop at most community banks Mon, 30 Jun 2008 04:00:00 GMT At banks in St. Louis, net interest margins, a key measurement akin to gross profit, continue to deteriorate. |
| CitiMortgage lays off 51, Beckmann departing Mon, 30 Jun 2008 04:00:00 GMT CitiMortgage President Bill Beckmann is leaving the O'Fallon, Mo.-based subsidiary of Citigroup after serving in the role since 2005. |
| Survey: Small business owners curtail spending Mon, 30 Jun 2008 04:00:00 GMT Small business owners are saving and spending less, as consumer goods and fuel costs top records levels, according to the latest Wells Fargo/Gallup Small Business Index survey. |
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