IN BRIEF

Homeowners sue over defective drywall

Attorneys for a group of homeowners have filed a potential class action lawsuit against homebuilders in Nevada, claiming the companies installed and used defective Chinese drywall. The complaint names US Home Corp., Greystone Nevada LLC, Lennar Nevada, Georgia-Pacific Gypsum LLC and Georgia-Pacific LLC.

The lawsuit, filed Thursday in U.S. District Court, seeks more than $10,000 in damages and class action certification.

Between 3,000 and 5,000 local homeowners may be eligible for the class, said Eric Fuller, a nonattorney spokesman for the plaintiffs’ La Jolla, Calif.-based Fuller Jenkins law firm.

Lawyers for the plaintiffs are claiming negligence, product and strict liability, breach of contract and breach of implied warranty. They allege their clients suffered from a variety of medical problems as a result of the defective drywall, also known as Chinese-Manufactured Drywall.

Wynn tip-pooling case reconvening in October

The Wynn Las Vegas tip-pooling hearing in front of state Labor Commissioner Michael Tanchek will reconvene in October, the commissioner’s office said Friday.

The commissioner has set aside two more weeks in October beginning Oct. 5, but could continue for a third week beginning Oct. 19.

Tanchek has been hearing testimony this week, beginning Tuesday, on a series of wage claims filed against the resort when it changed its tip-pooling policy in September 2006 to include floor supervisors, called casino service team leads.

The dealers believe the policy breaks state labor laws. Wynn Las Vegas dealers are asking Tanchek to find the resort’s tip-pooling policy illegal under state law and award $35 million in back pay and penalties to nearly 500 dealers.

Attorneys for Wynn maintain the policy follows state law by sharing the dealers’ tips with other front-line employees, similar to the relationship between busboys, bartenders and waiters in a restaurant.

This week’s hearing is a continuation of three days of hearings in early July.

WASHINGTON

Feds search broadly for buyers for banks

The federal government is casting more broadly as it seeks buyers for a growing number of failed banks, including entertaining bids from foreign firms and seeking to attract new investors to the industry by easing restrictions.

The results were on display Friday, as regulators seized Guaranty Bank of Texas and immediately sold its branches, deposits and most of its assets to Spain’s Banco Bilbao Vizcaya Argentaria.

The failure of Guaranty, with $13 billion in loans and other assets, was the 10th-largest in U.S. history and the fourth-largest since the financial crisis began last year.

The resulting spike in failures appears at odds with other signs that the economy is starting to mend, but analysts say the failures actually are an important step toward recovery. The seizure of a bank is in many ways the end of a problem, as the federal government absorbs the losses before selling the healthy parts to a new owner, setting the stage for renewed lending.

BERLIN

Talks between GM, government bog down

Talks between General Motors Corp. and the German government over which two bidders will take control of GM’s Opel unit have run into “serious challenges,” according to a person with knowledge of the discussions.

GM’s board, in a telephone conference call meeting Friday, made no decision between bids from a consortium led by Canada’s Magna International Inc. and Brussels-based investor RHJ International SA.

The board instead questioned the aid package offered by the German government in the deal because it only included an option to fund the Magna group, said the person, who didn’t want to be identified because the talks are ongoing.

The government has been clear it wants the Magna group, which includes Russian lender Sberbank, to gain controlling interest in Opel. GM has said it would prefer RHJ because the Magna-Sperbank bid raises the possibility of GM patents and other intellectual property falling into competitors’ hands.

A German government official said the government “regrets” that the board didn’t make a decision and said talks will continue next week.

NEW YORK

Oil prices climb to reach 10-month high

Oil prices jumped Friday to a new high for the year after Federal Reserve Chairman Ben Bernanke said that the U.S. economy is nearing a recovery and other economic data backed him up.

Benchmark crude for October delivery rose 98 cents to settle at $73.89. After Bernanke spoke at an annual Fed conference in Jackson Hole, Wyo., prices briefly neared $75.

SEATTLE

Apple denies rejecting Google voice program

Apple Inc. told federal regulators Friday that it blocked the Google Voice program from running on the iPhone because it alters important functions on the device — yet Apple denied that it has rejected Google’s application outright.

The FCC is looking into Apple’s block on the Google Voice app as part of a bigger examination of the consumer implications of practices in the wireless industry. It sent questions to Apple, Google and AT&T Inc., the only wireless carrier to offer the iPhone in the United States.

There is widespread speculation that Apple and AT&T saw a Google Voice app for the iPhone as a potential competitor that would keep users from eating up minutes on their cell phone plan.

Airline to add bag fee on international flights

American Airlines, the world’s second-biggest carrier, will charge $50 to check a second bag on most international flights to help increase revenue as travel declines and fuel prices rise.

The change, effective for tickets starting Sept. 14, applies on trans-Atlantic flights to, from or through India, England, Belgium, France, Germany, Ireland, Italy, Spain and Switzerland and to U.S. territories. Those flights represented about 16 percent of American’s capacity this year through July.

The checked-bag charge for the AMR Corp. unit is its first on international routes, and follows increases last month in the fee to check bags on domestic flights.

NEW YORK

Dow Jones index could get new name

The Dow Jones industrial average could get a new name.

The Wall Street Journal reported Friday that its publisher, Dow Jones & Co., is considering selling its stock-market indexing business and has reached out to potential buyers. A sale of the unit would open the door for the new owner to rename the 125-year-old Dow Jones industrial average, one of the world’s best-known stock-market benchmarks.

The Journal, citing unnamed sources, said the process is still preliminary, and could result in a joint venture or no sale at all.

Dow Jones & Co. is owned by Rupert Murdoch’s News Corp. In an e-mail message, Dow Jones spokesman Howard Hoffman said, “We’re not commenting on speculation of this sort.”

The sale of a prime Dow Jones asset would be among the first since News Corp. bought the publisher in 2007 for $5.7 billion after a long effort to persuade the families that controlled Dow Jones & Co.

ad-high_impact_4
Business
Technology reshapes the pawn shop industry
Devin Battersby attaches a black-colored device to the back of her iPhone and snaps several of the inside and outside of a Louis Vuitton wallet. The device, installed with artificial intelligence capabilities, analyzes the images using a patented microscopic technology. Within a few minutes, Battersby receives an answer on her app. The designer item is authentic.
Recreational marijuana has been legal in Nevada for one year
Exhale Nevada CEO Pete Findley talks about the one year anniversary of the legalization of recreational marijuana in Nevada. (K.M. Cannon/Las Vegas Review-Journal)
Young adults aren't saving for retirement
Financial advisors talk about saving trends among young adults. (Bailey Schulz/Las Vegas Review-Journal)
President Trump’s tariffs could raise costs for real estate developers, analysts say
President Donald Trump made his fortune in real estate, but by slapping tariffs on imports from close allies, developers in Las Vegas and other cities could get hit hard.
Las Vegas business and tariffs
Barry Yost, co-owner of Precision Tube Laser, LLC, places a metal pipe into the TruLaser Tube 5000 laser cutting machine on Wednesday, June 20, 2018, in Las Vegas. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Nevada Film Office Connects Businesses To Producers
The director of the Nevada Film Office discusses its revamped locations database and how it will affect local businesses. (Bailey Schulz/Las Vegas Review-Journal)
Opendoor isn't the typical house flipping company
Unlike most house flippers, the company aims to make money from transaction costs rather than from selling homes for more than their purchase price.
The Venetian gondoliers sing Italian songs
Gondolier Marciano sings a the classic Italian song "Volare" as he leads guests through the canals of The Venetian in Las Vegas. (K.M. Cannon/Las Vegas Review-Journal)
Building In Logandale
Texas homebuilder D.R. Horton bought 43 lots in rural Logandale. (Eli Segall/Las Vegas Review-Journal)
Indoor farming in Southern Nevada
Experts discuss Nevada's indoor farming industry. (Bailey Schulz/Las Vegas Review-Journal)
Former Fontainebleau could have become a Waldorf Astoria
Months after developer Steve Witkoff bought the Fontainebleau last summer, he unveiled plans to turn the mothballed hotel into a Marriott-managed resort called The Drew. But if Richard “Boz” Bosworth’s plans didn’t fall through, the north Las Vegas Strip tower could have become a Waldorf Astoria with several floors of timeshare units. (Eli Segall/Las Vegas Review-Journal)
LVCVA CEO Rossi Ralenkotter announces plans to retire
Rossi Ralenkotter, CEO of the LVCVA, on Tuesday confirmed a Las Vegas Review-Journal report that he is preparing to retire. Richard N. Velotta/ Las Vegas Review-Journal
Cousins Maine Lobster to open inside 2 Las Vegas Smith’s stores
Cousins Maine Lobster food truck company will open inside Las Vegas’ two newest Smith’s at Skye Canyon Park Drive and U.S. Highway 95, and at Warm Springs Road and Durango Drive. Cousins currently sells outside some Las Vegas Smith’s stores and at Fremont Street and Las Vegas Boulevard. (K.M. Cannon/Las Vegas Review-Journal)
Las Vegas home prices to continue to rise, expert says
Lawrence Yun, chief economist at the National Association of Realtors, gives homebuyers a pulse on the Las Vegas housing market. (Eli Segall/Las Vegas Review-Journal)
NV Energy announces clean energy investment
The company is planning to add six solar projects in Nevada, along with the state's first major battery energy storage capacity. Bailey Schulz/Las Vegas Review-Journal
3 Mario Batali restaurants on Las Vegas Strip to close
Days after new sexual misconduct allegations were made against celebrity chef Mario Batali, his company announced Friday that it will close its three Las Vegas restaurants July 27. Employees of Carnevino Italian Steakhouse, B&B Ristorante and Otto Enoteca e Pizzeria, all located in The Venetian and Palazzo resorts, were informed of the decision Friday morning. Bastianich is scheduled to visit the restaurants Friday to speak to employees about the next two months of operation as well as how the company plans to help them transition to new positions.
Nevada has its first cybersecurity apprenticeship program
The Learning Center education company in Las Vegas has launched the first apprenticeship program for cybersecurity in Nevada. It was approved by the State Apprenticeship Council on May 15. (K.M. Cannon/Las Vegas Review-Journal)
Las Vegas union members voting to authorize the right to strike
Thousands of Las Vegas union members voting Tuesday morning to authorize the right to strike. A “yes” vote would give the union negotiating committee the power to call a strike anytime after June 1 at the resorts that fail to reach an agreement. (Todd Prince/Las Vegas Review-Journal)
Small businesses struggle to find qualified candidates
A 2018 survey found that over two-thirds of small businesses in Nevada find it somewhat to very difficult to recruit qualified candidates. Bailey Schulz/Las Vegas Review-Journal
Nevada secretary of state website offers little protection against fraudulent business filings
Property developer Andy Pham tells how control of his business was easily seized by another person using the secretary of state website.
Caesars may be going solo in its marijuana policy
Several Southern Nevada casino companies aren’t following Caesars Entertainment’s lead on marijuana testing.
How much is the Lucky Dragon worth?
Less than a year-and-a-half after it opened, the Lucky Dragon was in bankruptcy.
Gyms and discount stores take over empty retail spaces
Grocery stores used to draw people to shopping centers. But many large retail spaces have been vacant since 2008. Discount stores like goodwill and gyms like EOS Fitness are filling those empty spaces, and helping to draw shoppers back in. K.M. Cannon/Las Vegas Review-Journal
Funding source of Las Vegas stadium for the Raiders is sound, expert says
The stadium is funded in part by $750 million of room taxes, the biggest such tax subsidy ever for a professional sports stadium. Robert Lang, executive director of Brookings Mountain West and The Lincy Institute at UNLV, says that is a good use of public funds. (Richard Velotta/Las Vegas Review-Journal)
Las Vegas needs light rail, expert says
Robert Lang, executive director of Brookings Mountain West and the Lincy Institute said he is afraid of a "congestion mobility crisis." Las Vegas needs a light rail system, he said, to accommodate the city's growing number of attractions. (Richard Velotta/Las Vegas Review-Journal)
Three takeaways from Wynn Resorts' Earnings Call
Matt Maddox came out swinging in his first earnings conference call as Wynn Resorts chief executive officer, boasting of record Las Vegas quarterly revenues and applicants lining up for work.
Star Wars VR Comes to Las Vegas
Sneak peak at the new "Star Wars: Secrets of the Empire" VR experience at the Grand Canal Shoppes.
Elaine Wynn continues her fight to change Wynn Resorts board
Elaine Wynn, the largest shareholder of Wynn Resorts Ltd., is seeking to kick a friend of her ex-husband Steve Wynn off the company’s board of directors. (Todd Prince/Las Vegas Review-Journal)
Zillow is getting into house flipping in Las Vegas
Las Vegas Review-Journal real estate reporter Eli Segall says flipping houses has waned in popularity after the housing bubble burst.
Ellis Island Buys Mt. Charleston Lodge
Ellis Island, which operates a casino, brewery and hotel just off the Strip, purchased the Mt. Charleston Lodge in early April.
TOP NEWS
News Headlines
Add Event
Home Front Page Footer Listing
Circular
You May Like

You May Like