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| Oversupply in way of reaching housing market's bottom NEW YORK — More than 800,000 vacant homes for sale stand between the housing recession and the bottom. And that glut is driving down home prices, slowing sales and turning consumer psychology against the market. |
| Global Aircraft realigns top execs Global also announced it anticipates a loss in the second quarter of 2008. |
| Raytheon partners with Lockheed Martin The joint venture will make the missiles and launch units for the United Arab Emirates and Oman. |
| New study: Arizona lost jobs to China Arizona lost 43,300 jobs to China between 2001 and 2007, according to study. |
| Hot Broadway property to open with Linens-N-Things' closure Home goods retailer Linens-N-Things will close its East Broadway location in the next few months. |
| Providence Service stock rebounds after hard fall Tucson-based Providence Service Corp. shares rebounded about 19 percent at midday, a day after the social service provider's stock plunged following a company announcement that earnings for the second quarter of 2008 would be lower than expected. |
| Hurricane Motors target of state fraud lawsuit The state has filed a consumer-fraud lawsuit against North Side used-car dealer Hurricane Motor Sales Attorney General Terry Goddard announced today. |
| Ariz. tribal gaming contributions dipped 7.5% last quarter Contributions to the state from tribal gaming revenue dropped 7.5 percent in the past three months compared with a year ago, according to the Arizona Department of Gaming. |
| Last Territory restaurant ends run Last Territory at the Hilton Tucson El Conquistador Golf & Tennis Resort will serve its last steak dinner on Saturday. |
| Historic Downtown building sold A historic building at 116 E. Congress has been sold to apartment management firm Morrison, Ekre & Bart Management Services Inc. for $1.09 million. |
| Sheriff's Dept. warns of sweepstakes scam The Pima County Sheriff's Department is warning people about a new scam. |
| RTA wants '06 ballots held for recount The Regional Transportation Authority wants to conduct its own unofficial recount of the ballots from the 2006 election, and wants a judge to require the county to keep the ballots until that happens. |
| Mervyns, Bennigan's enter bankruptcy The tough economy is taking its toll on retail businesses, as Mervyns LLC and the owner of Bennigan's restaurants on Tuesday became the latest casualties to wind up in bankruptcy court. |
| Service agency's stock plunges Tucson-based social service provider Providence Service Corp. saw its stock price plunge by nearly 50 percent Tuesday after the company slashed its earnings forecast for the second quarter. |
| Biotech firm expands its Oro Valley campus to nearly 60 acres Oro Valley-based Ventana Medical Systems is beefing up its campus, part of the company's long-term growth following a recent takeover by a global drug maker. |
| Appellate court backs workers in bias suit against Bashas' PHOENIX — Current and former workers of the Bashas' food chain may be able to pursue their claims of pay discrimination together, a federal appeals court ruled Tuesday. |
| Olympic pollution controls costly BEIJING — Factory shutdowns and other industrial restrictions intended to help reduce Beijing's eye-searing smog for the Summer Olympics are making business more complicated — and costly — for Chinese providers of steel, pharmaceuticals and other goods and services. |
| Humberto Cruz: We must rein in 'debt culture' I don't normally take sides on "policy" issues, such as what to do about taxes or Social Security. I find it more useful to write about the way things are, not how we wished they were. |
| Bush signs housing bill to provide mortgage relief Wed, 30 Jul 2008 08:15:04 MST Massive housing bill aimed at providing mortgage relief for 400,000 struggling homeowners. |
| State casino revenues down 7.5% Wed, 30 Jul 2008 11:15:50 MST Industry views downturn as a "bump in the road." |
| Biltmore plans $300 mil face lift Wed, 30 Jul 2008 00:00:00 MST Aims to draw on heritage, add modern touches. |
| Court reverses Bashas discrimination ruling Wed, 30 Jul 2008 10:39:44 MST A U.S. 9th Circuit Court of Appeals panel on Tuesday reversed a lower court decision that Hispanic workers at Food City did not qualify as a class in a 2003 pay discrimination lawsuit. |
| APS parent co. reports 69% profit increase Wed, 30 Jul 2008 11:23:52 MST The parent company of Arizona Public Service Co. said today that resolving a tax issue and selling its Hayden Ferry Lakeside development in Tempe helped profits rise 69 percent from April to June. |
| Bush blames Congress for gas prices inaction Wed, 30 Jul 2008 09:51:56 MST WASHINGTON - President Bush, on a campaign to open offshore waters to oil drilling, said Wednesday that the Democratic-run Congress was letting down the American people by refusing to allow votes on the matter. |
| R.H. Johnson, former chief of Del Webb, dies Tue, 29 Jul 2008 19:22:37 MST Johnson's development helped fuel America's interest in retirement communities. |
| Limelight prepares to stream Olympics Tue, 29 Jul 2008 17:36:35 MST Microsoft picks company to stream Beijing games. |
| Homeowner bill not a cure-all debt plagued Tue, 29 Jul 2008 13:21:59 MST Consumer advocates say the act doesn't go nearly far enough to help troubled homeowners. |
| Kona Grill posts loss, blames rising labor costs Tue, 29 Jul 2008 18:55:07 MST Kona Grill Inc. on Tuesday reported a second quarter loss of $535,000, and the company blamed the drop in profit on higher labor and operating costs and on fewer people dining out. |
| Labor woes send profits at Grupo Mexico down Tue, 29 Jul 2008 18:45:59 MST Labor woes send profits at Grupo Mexico down |
| Insight will write off $313 million in goodwill Tue, 29 Jul 2008 18:49:58 MST The Tempe computer products reseller said it has been performing an interim period goodwill-impairment test given the decline in the company's stock price. |
| Honeywell unit will help create polysilicon plant Tue, 29 Jul 2008 18:52:21 MST Honeywell unit will help create polysilicon plant |
| Who qualifies for mortgage help; how to get it Tue, 29 Jul 2008 13:21:57 MST Questions and answers about the Hope for Homeowners Act of 2008, passed by Congress last weekend to try to steer as many as 400,000 struggling homeowners away from foreclosure: |
| Obama meets Treasury chief Tue, 29 Jul 2008 14:15:37 MST Candidate explores shoring up faltering economy. |
| Bad economy halts all state land sales Tue, 29 Jul 2008 10:48:47 MST The State Land Department has halted almost all land sales ''for quite some time,'' a state official said. |
| Chandler, still hiring, flooded with job applications Tue, 29 Jul 2008 11:48:13 MST The sagging economy is sending a flood of experienced job applicants to Chandler, boosting the city's efforts to hire skilled workers, said Carmen Wentz, human resources analyst. |
| Americans seek hope in economic slump Tue, 29 Jul 2008 10:10:32 MST Outlook has brightened but most remain gloomy. |
| Ariz. to get 1st wind-power farm Tue, 29 Jul 2008 00:00:00 MST Energy project could be operating by late next year. |
| Investors renew fight for checks Tue, 29 Jul 2008 00:00:00 MST Motion asks Mortgages Ltd. to pay its investors. |
| GM to cut 15 pct of US, Canadian salaried workers DETROIT (AP) -- General Motors Corp. plans to cut 15 percent of its U.S. and Canadian salaried work force - or around 5,100 jobs - by Nov. 1 as part of a plan to slash billions of dollars and help the automaker ride out a slump in U.S. sales.... |
| Conn. sues 3 credit rating agencies HARTFORD, Conn. (AP) -- Connecticut sued three of the nation's leading credit rating firms Wednesday, alleging they gave artificially low credit ratings to cities and towns that ultimately cost taxpayers millions of dollars in unnecessary insurance and higher interest payments.... |
| Pax fined for failure to screen investment funds BOSTON (AP) -- Pax World Management Corp. has agreed to pay a $500,000 fine because it failed to follow its own socially responsible investing criteria over a five-year period, when two of its mutual funds invested in off-limits industries such as gambling and liquor, and oil and gas exploration.... |
| Fed takes steps to break through credit clogs WASHINGTON (AP) -- Focused on getting the nation's credit gears smoothly working again, the Federal Reserve is letting Wall Street firms draw emergency loans into next year and giving financial companies more options to help them overcome credit problems.... |
| Court overturns convictions of NYSE specialists NEW YORK (AP) -- A federal appeals court dealt what was likely to be the final blow to the ill-fated prosecution of 15 New York Stock Exchange specialists Wednesday by overturning the securities fraud convictions of two of the floor supervisors.... |
| Nissan offering buyouts to Tennessee employees NASHVILLE, Tenn. (AP) -- Nissan North America Inc. said Wednesday it will offer buyouts to about 6,000 employees at the company's two Tennessee plants and eliminate a night shift at one plant because rising fuel prices and the economic downturn have slowed sales of trucks and sport utility vehicles.... |
| Phoenix lights -- for the runway Wed, 30 Jul 2008 11:43:25 -0700
That's why Sky Harbor and other airports are slated to get special warning lights. The lights turn red when an airplane could roll into the path of another aircraft. Nationally, the number of these incidents is going down, the FAA says: In 2006, there were as many as 53 serious runway incursions in the U.S. Roughly half of those, 26, involved commercial aircraft. Since then, that number has plummeted. Through June 30 of FY 2008, there were just 19 serious incursions in the U.S., the agency reports. At Dallas/Forth Worth International Airport, a test site for the runway status lights, there were 10 runway incursions before the lights were installed two and a half years ago, said Ian Gregor, FAA spokesman. After the lights were installed, that number dropped to three, he said. Crashes are rare, the FAA says. Nationally, there were no on-the-ground collisions in 2007 and a passenger would have to board nearly 4 million flights before there would be a probability of serious runway incursion, aviation officials say. The runway status lights are part of a broader strategy to keep those numbers low. Federal officials are also using better radar technology, pilot outreach and other method to decrease risk, the agency says. |
| Downtown light rail meeting expected to draw a crowd Tue, 29 Jul 2008 13:50:20 -0700
On Tuesday, Aug. 5 Mayor Phil Gordon and Valley Metro Rail CEO Rick Simonetta plan talk to the business community about the project. Light rail service starts at the end of December. Usually, the mayor's monthly gatherings attract 50 to 75 attendees, depending on the topic, said Patty Johnson a consultant who helps to coordinate the events. So far, 100 people have RSVP'ed for next week's event, which will run from 8 a.m. to 9 a.m., she said. In fact, they’ve moved the gathering from Royal Coffee Bar at 209 W. Jackson Street, to a larger venue. Mi Amigo’s, a restaurant in the Arizona Center is the new location, but Royal Coffee Bar will still provide coffee for the event, Johnson said. The $1.4 billion, 20-mile light rail line will link Mesa, Tempe and Phoenix.This month, Valley Metro began testing cars in downtown Phoenix. The Aug. 5 talk will probably be popular because there is a lot of public anticipation about light rail, Johnson said. "People are excited about light rail, and this is an opportunity to get (future) riders' perspective," she said. Also, as word spreads about the mayor's monthly coffee gatherings, more people come, the consultant added. The mayor's event could attract a few critics, too. While several downtown businesses expect to benefit from the train system when it's complete, many have been hit hard by light rail construction. The transit project ripped up miles of city streets for months and many customers stayed away to avoid traffic headaches, merchants have said. And some shop owners near light rail construction have reported a sharp drop in business. If you'd like to attend, send an email to mayor.rsvp@phoenix.gov. |
| SBA opening 'entrepreneurship education' office Tue, 29 Jul 2008 17:53:14 -0700 The U.S. Small Business Administration said today that it is "re-launching" its Office of Entrepreneurship Education, which focuses on financial education. The office is a division of the SBA's Office of Entrepreneurial Development, which specializes in counseling and training small businesses. The new office will combine the SBA's online education programs and business and community initiatives under one roof. Outreach to youth will be key duty. The revamping comes when the SBA, a federal agency that provides resources to small-business owners, is facing heat from critics over its management of certification and contracting programs. Recent investigations have uncovered large corporations receiving federal contracts under the guise of being small. Other reports have highlighted the SBA's alleged mismanagement of programs aimed to assist minority-owned and disadvantaged firms. An Arizona consulting firm run by Paradise Valley Mayor Vernon Parker was the subject of such findings with the release of a report about two weeks ago that said Parker mislead the SBA to get his company certified for a contracting program. The report also said the SBA failed to verify the accuracy of Parker's application. Such news has prompted some critics to question whether the SBA is needed. Some have called for Congress to phase out the agency. I've met business owners who credit SBA officials in the agency's Phoenix office with helping it find crucial financing to start and grow their companies. Other's have also grown internationally with the agency's assistance. What do you think? Does the SBA still serve an important purpose? Should it continue revamping its program offerings as it is doing with the Office of Entrepreneurship Education? Or could its services be provided more effectively by other entities? |
| Housing slump: Getting back to location, location, location Tue, 29 Jul 2008 10:54:26 -0700 According to a newly updated price survey, the residential real estate slump is no longer a nationwide downturn. In other words, location is staring to matter more. "Our national housing crisis is morphing into a series of regionalized crises," writes Jack Ablin, chief investment officer at Harris Private Bank in Chicago. And some regions are doing better than others. He cited new figures for the S&P/Case-Shiller housing-price index. While the overall index was down about 0.8 percent in May from April, and15.8 percent from May 2007, prices are firming in seven of the 20 cities covered. Boston, Dallas, Charlotte and Denver enjoyed gains at or near 1 percent in May from April, while Atlanta, Minneapolis and Portland were up by a lesser amount. The bad news is home prices are still falling in the other 13 cities tracked. Phoenix prices lost 2.5 percent on average in May from April, making it the worst city tracked other than bottom-dwelling Miami and runner-up Las Vegas. Those 13 cities still aren't showing any signs of recovery, say economists at Northern Trust, also in Chicago. Ablin thinks several recent and ongoing moves will help things, including Congress' move to grant up to $300 billion in FHA guarantees of refinanced mortgages to help borrowers in jeopardy.
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| Berliners loved Obama, but what does it mean for us? Tue, 29 Jul 2008 18:51:26 -0700 Barack Obama's speech in Berlin was a phenomenal event. For a U.S. presidential candidate to draw a crowd of over 200,000 in a foreign country to hear him speak is truly remarkable. So, Europe likes Obama and Berliners loved his speech. In the United States, however, the question is what does what Obama said in Berlin mean for us and for the direction of his leadership should he become president? There were two significant points about the speech. The first is that it wasn't apologetic. There is a strong consensus in Europe that the United States is too backward to wield the power and influence it has in the world. So, U.S. power and influence need to be constrained and directed by Europe. Most American liberals tend to defer to the European judgment, at least implicitly. Obama didn't. Obama anchored his speech in the Berlin airlift, when the exercise of American power prevented free Berlin from being swallowed up by the Soviet Union. Rather than concede European criticism, Obama asserted that “just as American bases built in the last century still help to defend the security of this continent, so does our country still sacrifice greatly for freedom around the globe.” And toward the end of his speech, he gave a rousing tribute to American pluralism – of which, as he acknowledged in his opening, he is a living emblem. The left tends to blame President Bush for rising anti-American sentiment across the globe. And certainly much of the world has resented the actions and Texas swagger of this president and administration. However, rising anti-Americanism considerably predates Bush and Obama resisted the temptation to lay the blame for trans-Atlantic stresses on him. The only swipe was raising the question of whether “we,” a pronoun of ambiguous antecedent in this section of Obama's speech, “will reject torture and stand for the rule of law?” However, Obama seemed to go out of his way to say that trans-Atlantic issues would not be resolved simply by a change of leadership in Washington. Obama is an eloquent speaker and a compelling persona. As president, he could be a powerful voice for and defender of the American story and its values and interests. He seems inclined to be so. The second point that stands out is the way Obama introduced himself not only as a “citizen” of the United States, but also of the world. Now, hyperbole is a standard tool of politicians and allowances have to be made for imprecision and exaggeration in their rhetoric. Nevertheless, the speech left the sense that Obama was not speaking merely metaphorically when he described himself as a “citizen” of the world. What it means to be a citizen of a country is pretty clear. You are a member of that country's polity with the same rights and obligations as your fellow citizens. Your membership as a citizen of a particular country is a measure of self-identification and distinguishes you from citizens of other countries. But what does it mean to be a “citizen” of the world? There are some problems, such as global warming, that can only be solved through coordinated global action. There are many problems, such as containing terrorism, that benefit enormously from significant coordination and interaction among nation-states. However, Obama's view of “global citizenship,” another term he used in the speech, seems to extend considerably beyond the tactical need for coordinated action among nation-states on matters of mutual interest. Instead, he seems to see trans-national obligations on such things as income distribution, education, poverty, disease and violence. What this means in practical terms is unclear. This is an undeveloped part of Obama's foreign policy perspective. Nevertheless, it is a powerful impulse within him, finding expression frequently in sentiment if not yet in policy when discussing America's role in the world. John McCain sees the world in terms of traditional power politics interactions between nation-states. The goal of American foreign policy, in his view, should be to advance American interests and increase American power and influence. Obama seems to see a larger calling and obligation in international affairs. Although this is all a bit nebulous, I think it has the potential to be a meaningful backdrop to the presidential election. Obama seems to see himself as a citizen of the world in ways that many Americans do not. (column for 7.30.08) |
| A teachable moment on gas speculators Tue, 29 Jul 2008 09:35:12 -0700 Congressional Democrats are trying to rein in speculators, claiming they are significantly responsible for the run-up in gas prices. Republicans are holding their anti-speculation legislation hostage to more drilling. But perhaps the Republicans should treat this as a teachable moment. Let the Democrats pass their anti-speculation measures and see what happens to gas prices. |
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