IN BRIEF
RENO
Nevada shown to lead in geothermal projects
A new report shows Nevada has more geothermal projects under way than any other state in the nation.
The report released by the Washington D.C.-based Geothermal Energy Association at a convention in Reno this week shows 144 geothermal projects are under way in 14 states.
Sixty-four of those are in Nevada, mostly in Northern Nevada. California is a distant second with 37.
If all Nevada's projects were operational, officials say, they would generate an estimated 3,473 megawatts of electricity -- more than enough to meet existing demand statewide.
Consumer Acquisition conversion plan backed
The shareholders and warrant holders of Global Consumer Acquisition Corp. of New York have approved the company's plan to convert into a bank holding company.
The company is changing its name to Western Liberty Bancorp. Shares in the company will trade with the symbol WLBC.
Because of securities regulations, Western declined to comment further on Wednesday.
Western Liberty earlier signed a letter of intent for the acquisition of Service1st Bank, a privately held Las Vegas bank with $204 million in assets. It also had a agreement to acquire 1st Commerce Bank, a North Las Vegas institution with $45 million in assets.
Insurance company gets conservation order
Golden State Mutual Life Insurance Co., which has 1,000 life insurance policies and 370 annuity policies in Nevada, has been served with an order of conservation by the California Department of Insurance.
The conservation order means that California is concerned about Golden State's operating losses and has taken over insurance company management to prevent continuing financial deterioration, Nevada Insurance Commissioner Scott Kipper said in a statement Wednesday.
The policies remain in force and the company will pay claims, but consumers must continue to pay premiums to keep their policies in force, Kipper said.
PITTSBURGH
Cost-cutting, rising sales help Alcoa report profit
Painful cost-cutting and rising sales to automakers helped the nation's largest aluminum producer return to profitability for the first time in nine months.
Alcoa Inc. on Wednesday also forecast an 11 percent increase in worldwide aluminum demand for the rest of the year. The lightweight metal is used in everything from airplanes to cars to houses.
Alcoa earned $77 million, or 8 cents per share, for the three months ended Sept. 30. That compared with profit of $268 million, or 33 cents per share, a year earlier.
Revenue tumbled 34 percent to $4.62 billion from the same period year, but was up 9 percent from the second quarter of 2009.
Shares rose 21 cents, or 2.2 percent, to close at $14.20 on the New Yorks Stock Exchange. They rose 80 cents more, or 5.6 percent, to $15 in after-hours trading.
DETROIT
General Motors says U.S. sales chief leaving
Less than a week after reporting a sharp drop in September sales, GM said its U.S. sales chief is leaving as the automaker struggles to prop up its falling share of the market.
General Motors Co. CEO Fritz Henderson announced the departure of Mark LaNeve on Wednesday during a conference call with media and investors. LaNeve, 50, is taking a job at a firm outside the auto industry effective Oct. 15, GM spokesman John McDonald said.
Although LaNeve's replacement has yet to be determined, his exit gives the company an opportunity to bring in fresh talent and a different view on sales, Henderson said. But that doesn't mean a successor automatically will be brought in from outside.
NEW YORK
Used-vehicle prices hit high in September
Used vehicle prices rose to an all-time high in September, spurred by falling used car inventories.
The Manheim Used Vehicle Value Index jumped 6.9 percent to an all-time high of 188.5 in September. In the index, 100 represents January 1995's used vehicle prices.
The index reflects wholesale vehicle values, or trade-in values. But Tom Webb, chief economist with Manheim Consulting, says retail used vehicle prices rose "in lockstep."
Webb says that's because used vehicle inventories remain low. As fewer people buy new cars, they trade in fewer used cars, pushing prices higher.
WASHINGTON
Consumers reduce borrowing in August
Consumers reduced their borrowing for the seventh straight month in August, as households worked to pay off debt and banks reduced credit card limits.
Americans are saving more and borrowing less as widespread job losses, stagnant wages and dwindling home values have spurred a move to greater frugality.
While that's a positive trend in the long run, economists say, it can weaken the fledgling recovery as consumer spending powers about 70 percent of the economy.
The Federal Reserve said Wednesday that total consumer debt outstanding fell in August by $12 billion, a 5.8 percent annual rate. Wall Street economists expected a $10 billion decline.
That follows a downwardly revised drop of $19 billion, or 9.1 percent, in July, the largest decline in dollar terms on records dating from 1943.
July's decrease was the steepest percentage drop since a 16.3 percent decline in June 1975.
Wynn Resorts to offer room-and-flight deal
Casino operator Wynn Resorts Ltd. is betting its Las Vegas guests don't enjoy commercial flying, and will spring more money for a package that includes a private flight.
The Las Vegas-based casino operator has introduced a package starting at $780 per person for two people that includes three nights at Wynn Las Vegas or Encore on the Strip, plus a round-trip flight from one of two private terminals in Southern California.
Wynn says guests will have their hotel keys before the flight, limousine service to and from the hotel, and bags in their room once they arrive.
