Gasoline prices rising in Las Vegas Valley
Las Vegas gasoline prices are rising steadily and are already more than 5 percent higher than a month ago.
In its Daily Fuel Gauge report, AAA said the valleywide price of a gallon of self-serve unleaded regular averaged $3.111 Friday.
Local gasoline prices are 5.2 percent higher than a month ago, when, AAA said, they averaged $2.958 per gallon, and 23.4 percent higher than a year ago, when they averaged $2.522 per gallon.
Statewide, gasoline prices averaged $3.175 on Friday. A month ago, Las Vegas gasoline prices averaged $2.997, AAA said; a year ago, they averaged $2.608.
Global Cash Access' profits sink 87 percent
Global Cash Access Holdings, a provider of cash machines to casinos, said fourth-quarter profit fell 87 percent on higher operating expenses and a weakening economy.
Net income for the quarter ended Dec. 31 dropped to $730,000, or 1 cent a share, from $5.55 million, or 7 cents a share, a year earlier, the company said Thursday.
Sales rose 1.5 percent to $144 million, below the average $153.2 million estimate of four analysts, Bloomberg data show.
Operating expenses rose 56 percent to $25.8 million because of non-cash compensation and costs related to an internal investigation. Scott Betts, who became chief executive officer in October, said the economy is "softening."
ST. GEORGE, Utah
St. George mayor says city against coal plant
The mayor of St. George said the city opposes a coal-fired power plant 32 miles away in Nevada.
Hundreds of people attended a public hearing Wednesday night at Dixie State College. The Toquop power plant is in the hands of Nevada regulators, but Utah officials held a hearing in response to demands from residents.
St. George Mayor Dan McArthur said the growing region needs electricity. But he believes the power plant should be built away from a metro area.
"It is our position a plant of this size should be sited where the possible negative impacts and the prevailing winds do not directly affect neighboring communities," McArthur said.
Trading halted for Citadel Broadcasting
Citadel Broadcasting Corp., the third-largest U.S. radio company, stopped trading on the New York Stock Exchange after triggering a rule that halts transactions when a stock falls below $1.05.
Citadel last traded down 27 cents to $1.09 after falling 26 percent to $1, an all-time low. The Las Vegas-based company reported a wider fourth-quarter loss on costs to reflect the shrinking value of its stations.
The company took a writedown of $857 million because of "a continued deterioration in the radio marketplace" and a decline in the stock price. Excluding the acquisition of ABC Radio last year, revenue fell, particularly at stations in San Francisco, Washington, Chicago, Atlanta, New York, Dallas, Los Angeles and Birmingham, Ala.
Strike will force GM to idle more truck plants
General Motors Corp. said it will idle three more North American pickup-truck plants as the effect of a strike at supplier American Axle & Manufacturing Holdings widens.
Production of GMC Sierra and Chevrolet Silverado large pickups will be stopped indefinitely after the second shift at factories in Flint, Mich.; Fort Wayne, Ind.; and Oshawa, Ontario, spokesman Tom Wickham said. GM halted output of the trucks Thursday at a Pontiac, Mich., plant. The four plants together have about 12,000 employees.
GM, the world's largest automaker, is vulnerable because American Axle is its biggest supplier of axles. About 3,650 workers represented by the United Auto Workers went on strike Tuesday at Detroit-based American Axle after contract talks failed to resolve wage, health-care and pension issues.
Treasury prices rally as stocks plunge
Treasury prices rallied Friday, benefiting from a sharp decline in equity markets as investors reacted to downbeat economic reports and corporate earnings.
The benchmark 10-year benchmark advanced 1.13 to 107.67 with a yield of 3.52 percent, down from 3.67 percent late Thursday, according to BGCantor Market Data. Prices and yields move in opposite directions.
The 30-year long bond gained 1.28 to 99.34 with a yield of 4.42 percent, down from 4.52 percent late Thursday.