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Tuesday, July 28, 1998
IN BRIEF
Wells Fargo, Norwest
may sell branches
Wells Fargo Bank and Norwest Bank acknowledged that government anti-trust requirements will force them to sell deposits, loans and branches in the Las Vegas area and six other cities.
The other metropolitan areas are Carson City, Fallon, Elko, Winnemucca, Yerington and Reno.
David Downs, regional president for Norwest Bank, said he doesn't have information about which locations must be sold to comply with government regulations or the amount of assets that must be sold.
Treasury rates
fall slightly
WASHINGTON -- Interest rates on short-term Treasury securities fell in Monday's auction.
The Treasury Department sold $5.8 billion in three-month bills at an average discount rate of 4.92 percent, down from 4.95 percent last week. An additional $7.32 billion was sold in six-month bills at an average rate of 5.015 percent, down from 5.045 percent.
The three-month rate was the lowest since Sept. 22, when the bills sold for 4.9 percent. The six-month rate was the lowest since July 6, when the average was 5.01.
The new discount rates understate the actual return to investors -- 5.053 percent for three-month bills, with a $10,000 bill selling for $9,875.60, and 5.216 percent for a six-month bill selling for $9,746.50.
In a separate report, the Federal Reserve said Monday that the average yield for one-year Treasury bills, the most popular index for making changes in adjustable rate mortgages, was 5.36 percent last week, the same as the previous week.
Planet Hollywood
names new president
ORLANDO, Fla. -- Planet Hollywood International Inc. said it named William H. Baumhauer president, replacing Robert Earl, a week after the 90-restaurant chain hired advisers to explore options.
Baumhauer, 50, replaces Earl, 47, as president and assumes the new post of operating chief, though Earl will continue as Planet Hollywood's chief executive. Baumhauer will take over day-to-day management. The Orlando, Fla.-based company's stock price has fallen 79 percent since it peaked at $28.50 on Sept. 25, 1996.
Baumhauer has been chairman, president and chief executive of Danvers, Mass.-based Unique Casual Restaurants Inc., the owner, franchiser and operator of 27 Champps Americana and more than 200 Fuddruckers restaurants.
The company's revenue fell 5 percent to $96.5 million in the first quarter from $101.6 million a year earlier. Planet Hollywood last week said it hired Goldman, Sachs & Co. and Bear Stearns & Co. to help boost its shares.
Planet Hollywood operates a restaurant at the Forum Shops at Caesars and plans to open a music-themed hotel and casino at the site of the new Aladdin in partnership with Aladdin Gaming LLC.
Apartment to house
downtown workers
Construction has begun on Campaige Place, a 320-unit single room occupancy apartment complex at the corner of 8th Street and Stewart Avenue.
The apartment units will provide affordable housing for downtown hotel service industry workers with annual median incomes between $9,000 and $18,000. Rents will start at $495 a month.
The project is being developed by the San Diego-based Tom Hom Group. Prudential Southwest Realty facilitated the land acquisition and U.S. Bank approved $8.5 million in credit to finance the project.
Cooperative adds
10,000th member
Valley Electric Association, a nonprofit electrical power cooperative based in Pahrump, added its 10,000th member in early July.
The association, which serves mostly residential customers in Pahrump, Sandy Valley, Amargosa Valley, Beatty, Mountain Springs Summit and Fish Lake Valley, increased its membership by 9 percent in 1997, adding 893 members.
Power use in the cooperative has climbed from 95 million kilowatt hours in 1987 to nearly 417 million kilowatt hours in 1997, an increase of 338 percent.
VEA has maintained the same power rates since April 1995 and has issued power bill credits of $2.7 million over the past three years.
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