IN BRIEF

WASHINGTON

Job openings remain close to record lows, survey reveals

Job openings are at rock-bottom levels, according to government and private surveys released Tuesday, a trend that could keep the unemployment rate high even as layoffs slow.

There are about 6.1 unemployed workers, on average, competing for each job opening, a Labor Department report shows. That’s down slightly from 6.2 last month, the most since the department began tracking job openings nine years ago.

It’s a sharp increase from only 1.7 workers per opening when the recession began in December 2007.

The department’s Job Openings and Labor Turnover survey said employers advertised about 2.5 million job openings at the end of September, up slightly from the previous month. That’s down from a peak of 4.8 million openings in June 2007.

ATLANTA

Beazer Homes posts first quarterly profit since 2006

Beazer Homes USA Inc. reported its first quarterly profit since 2006 on Tuesday and credited more stable home prices and cost cuts for a marked improvement in the homebuilder’s gross margins.

Beazer said net income for the period ended Sept. 30 was $33.8 million, or 84 cents per share, reversing a loss of $473.9 million, or $12.29 per share, a year earlier. Excluding discontinued operations, earnings amounted to 87 cents per share.

Revenue fell 42 percent to $376.3 million as completed sales tumbled 24 percent.

NEW YORK

Bear Stearns executives who ran hedge funds acquitted

Two Bear Stearns executives who ran hedge funds that collapsed after betting heavily on the shaky subprime mortgage market were acquitted Tuesday of lying to investors — a defeat in the government’s bid to punish fraud exposed by the financial crisis.

A jury in federal court in Brooklyn deliberated about eight hours over two days before finding Ralph Cioffi and Matthew Tannin not guilty of conspiracy and other charges in an alleged scheme that cost 300 investors about $1.6 billion and nearly caused the demise of Bear Stearns itself. The firm avoided bankruptcy in a rescue buyout by JPMorgan Chase & Co.

Both men had been charged with three counts of securities fraud and two counts of wire fraud. Cioffi was also charged with insider trading.

Median home prices plunge in Las Vegas, Realtors group says

The National Association of Realtors on Tuesday said median home prices in Las Vegas fell almost 35 percent year over year in the third quarter, part of a trend in which prices fell in eight out of every 10 U.S. cities. Heavily discounted distressed sales made up 30 percent of all deals.

Las Vegas median prices fell to $138,500, the group said.

Median sales prices of existing homes fell in 123 out of 153 metropolitan areas compared with the same period a year ago. Prices rose in the other 30 cities.

The national median price was $177,900, or 11 percent below the third quarter last year.

Prices in Fort Myers, Fla., had the nation’s biggest median-price drop, plunging 40 percent to $98,000 from a year ago.

The largest price gain, by contrast, was in Cumberland, Md., where prices jumped 19 percent to $122,100. Davenport, Iowa, followed with an increase of 14 percent to $115,600.

Although median prices slid, sales climbed, with quarterly sales outpacing the second quarter and the previous year’s figures, the association said.

Oil prices decline after storm misses deep-sea platforms

Oil prices fell Tuesday as workers headed back to deep-sea platforms that were bypassed by a rapidly weakening storm in the Gulf of Mexico.

Ida, once a Category 1 hurricane, was downgraded to a tropical storm Monday and then lost even that status Tuesday as its winds lost their punch.

Producers like Royal Dutch Shell and Anadarko reported no damage to facilities and said flights bringing workers back to abandoned platforms and rigs would begin Tuesday.

Benchmark crude for December delivery fell 38 cents to settle at $79.05 a barrel on the New York Mercantile Exchange.

Prices at the pump slid overnight, falling 0.6 cents to $2.658 a gallon, auto club AAA, Wright Express and Oil Price Information Service report.

Cosmopolitan developers face accusations from condo buyers

Developers of Deutsche Bank AG’s $3.9 billion Cosmopolitan in Las Vegas modified interior designs more than 10 times and must pump around the clock to contain groundwater, condominium buyers allege in a lawsuit.

Cosmopolitan’s developers also misled apartment buyers about completion delays, added units, insufficient parking and changes to the builder contract, an amended complaint filed in Nevada shows. The car park and “underground facilities are under the existing water table, requiring 24-hour pumps and containment walls,” it alleges.

Nevada Property 1 LLC, the Deutsche Bank unit that took over the Cosmopolitan in a foreclosure, is offering buyers of West Tower units 74 percent of their deposit principal to walk away, documents show. The tower has 1,353 condo units and the settlement offer doesn’t apply to the other tower.

Many Wal-Marts to stay open overnight on Thanksgiving

Wal-Mart Stores Inc. will leave most of its 833 U.S. discount stores open overnight on Thanksgiving to avoid crowds gathering to get specials the following morning after an employee was trampled to death a year ago.

Most of those stores will remain open after their regular closing hour of 11 p.m., letting customers stay inside to wait for the “Black Friday” special prices that start at 5 a.m., company spokesman David Tovar said Tuesday.

Wal-Mart developed plans for its stores to manage the flow of customers as they get in, seek merchandise, check out and leave on “Black Friday.” The store in Valley Stream, N.Y., where Jdimytai Damour, a temporary worker, was trampled on Nov. 28, 2008, is among those staying open overnight, Tovar said.

ad-high_impact_4
Business
Bellagio, MGM Resorts International’s luxury hotel turns 20
The more than 3,000-room Bellagio hotel is situated on the site of the former Dunes Hotel. The Dunes was imploded in 1993, and construction of the Bellagio started in 1996. It cost $1.6 billion to build, making it the most expensive hotel in the world at the time. The Bellagio was former Wynn Resorts Ltd. Chairman and CEO Steve Wynn’s second major casino on the Strip after The Mirage. MGM Resorts International acquired the property from Steve Wynn in 2000. (Tara Mack/Las Vegas Review-Journal)
Facial recognition software at G2E – Todd Prince
Shing Tao, CEO of Las Vegas-based Remark Holdings, talks about his facial recognition product. (Todd Prince/Las Vegas Review-Journal)
Former NBA player, Shaquille O'Neal, speaks about his new Las Vegas chicken restaurant
Former NBA player, Shaquille O'Neal, speaks about his new Las Vegas chicken restaurant. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Bobby Baldwin to leave MGM
MGM Resorts International executive and professional poker player Bobby Baldwin is set to leave MGM.
Caesars has new armed emergency response teams
Caesars Entertainment Corp. has created armed emergency response teams. They are composed of former military and law enforcement officials. "These teams provide valuable additional security capabilities,” Caesars spokeswoman Jennifer Forkish said. Caesars is hiring Security Saturation Team supervisors, managers and officers, according to LinkedIn. The company did not say how many people it plans to hire for the units. (Las Vegas Review-Journal)
Las Vegas, airlines prepare for CES
CES in January is expected to attract more than 180,000 attendees. (Las Vegas Review-Journal)
AGS partners with Vegas Golden Knights
AGS is the nation’s second-largest manufacturer of Class II slot machines used primarily in tribal jurisdictions. It announced a marketing partnership with the Vegas Golden Knights NHL team. (Las Vegas Review-Journal)
Lehman Brothers bet big on Las Vegas
Lehman Brothers collapsed 10 years ago, helping send the country into the Great Recession.
Fremont9 opens downtown
Fremont9 apartment complex has opened in downtown Las Vegas. (Marcus Villagran/Las Vegas Review-Journal) @marcusvillagran
Ross & Snow launches in Las Vegas
Luxury shoe brand Ross & Snow has opened in Las Vegas, featuring "functional luxury" with premium shearling footwear. (Bailey Schulz/Las Vegas Review-Journal)
Remote Identification and Drones
DJI vice president of policy and public affairs discusses using remote identification on drones. (Bailey Schulz/Las Vegas Review-Journal)
Drones and public safety in Nevada
Two representatives in the drone industry discuss UAV's impact on public safety. (Bailey Schulz/Las Vegas Review-Journal)
Frontier Airlines to launch flights from Las Vegas to Mexico
Frontier, a Denver-based ultra-low-cost carrier, will become the first airline in more than a decade to offer international service to Canada and Mexico from Las Vegas when flights to Cancun and Los Cabos begin Dec. 15. (Rick Velotta/Las Vegas Review-Journal)
MGM Resorts International CEO Jim Murren addresses Oct. 1 lawsuits
MGM Resorts International Chairman and CEO Jim Murren addresses criticism his company has received for filing a lawsuit against the survivors of the Oct. 1 shooting. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International opens the doors on MGM Springfield
Massachusetts’ first hotel-casino opens in downtown Springfield. The $960 million MGM Springfield has 252 rooms and 125,000-square-feet of casino. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International prepares to open MGM Springfield
Las Vegas-based MGM Resorts International gave news media and invited guests a preview of the $960 million MGM Springfield casino in Massachusetts. The commonwealth's first resort casino will open Friday, Aug. 24. (K.M. Cannon/Las Vegas Review-Journal)
A Walk Through Circus Circus
It only takes a short walk through Circus Circus to realize it attracts a demographic like no other casino on the Strip: families with young children. (Todd Prince/Las Vegas Review-Journal)
Morphy Auctions, a vintage slot machines seller, wants gaming license
Vice president Don Grimmer talks about Morphy Auctions at the company's warehouse located at 4520 Arville Street in Las Vegas on Thursday, Aug. 16, 2018. (Rick Velotta/Las Vegas Review-Journal)
Nevada's venture capital money doesn't stay in state
Zach Miles, associate vice president for economic development for UNLV, said there’s venture money in Southern Nevada, “but trying to find the right groups to tap into for that money is different.” According to a 2017 report from the Kauffman Foundation, Las Vegas ranked number 34 out of 40 metropolitan areas for growth entrepreneurship, a metric of how much startups grow. With a lack of growing startups in Las Vegas, investment money is being sent outside of state borders. The southwest region of the U.S. received $386 million in funding in the second quarter, with about $25.2 million in Nevada. The San Francisco area alone received about $5.6 billion. (source: CB Insights)
Neon wraps can light up the night for advertising
Vinyl wrap company 5150 Wraps talks about neon wraps, a new technology that the company believes can boost advertising at night. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Nevada on the forefront of drone safety
Dr. Chris Walach, senior director of Nevada Institute for Autonomous Systems, talks to a reporter at NIAS's new Nevada Drone Center for Excellence of Public Safety, located inside the Switch Innevation Center in Las Vegas. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
Motel 8 on south Strip will become site of hotel-casino
Israeli hoteliers Asher Gabay and Benny Zerah bought Motel 8 on the south Strip for $7.4 million, records show. They plan to bulldoze the property and build a hotel-casino. Motel 8 was built in the 1960s and used to be one of several roadside inns on what's now the south Strip. But it looks out of place today, dwarfed by the towering Mandalay Bay right across the street.
TOP NEWS
News Headlines
Add Event
Home Front Page Footer Listing
Circular
You May Like

You May Like