IN BRIEF

NEW YORK

Task force to talk with GM, Delphi officials

Officials from Delphi Corp. and its former parent General Motors Corp. will meet with representatives from President Barack Obama’s auto task force on Monday for talks that could get the struggling auto supplier out of bankruptcy protection.

The talks also will involve Delphi’s lenders and creditors.

U.S. Bankruptcy Judge Robert Drain on Thursday approved a timetable for the parties to reach some kind of deal, setting a deadline of April 17 for Troy, Mich.-based Delphi to submit its plan.

NEW YORK

Rite Aid loss doubles during fourth quarter

After Rite Aid Corp.’s loss doubled in its fiscal fourth quarter, the drugstore operator is planning to close as many as 117 stores over the next year as it tries to cut costs.

About 70 of the stores slated for closure used to be part of the Brooks Eckerd chain. Rite Aid bought 1,850 of those stores in June 2007 for $2.36 billion, but they have not done as well as Rite Aid’s older stores, a trend continued in March.

Rite Aid had 4,901 stores in 31 states at the end of February. The retailer plans 20 store openings and 55 relocations in fiscal 2010, which ends Feb. 28. Rite Aid closed 200 stores in fiscal 2008, cutting its store count by 158. Twenty-eight of them were in Southern Nevada.

The Camp Hill, Pa.-based drug retailer said its quarterly net loss widened to $2.29 billion, or $2.67 a share, from $952.2 million, or $1.20 a share, a year earlier.

Revenue fell 1.6 percent, to $6.71 billion from $6.82 billion, as the retailer closed stores.

TORONTO

Research in Motion profits rise, top outlook

Shares of BlackBerry maker Research in Motion Ltd. said its profit jumped in its fiscal fourth quarter, surpassing analysts’ expectations.

The company said it earned $518.3 million, or 90 cents per share, for the quarter ended Feb. 28. That was up 26 percent from the year- earlier period.

Analysts polled by Thomson Reuters had expected a profit of 84 cents per share.

Sales rose 84 percent, to $3.46 billion from $1.88 billion.

Waterloo, Ontario-based RIM said it added roughly 3.9 million BlackBerry subscriber accounts during the quarter, bringing the total to 25 million.

WASHINGTON

Payday loan industry lobbies for survival

The payday loan industry, threatened by Congress with extinction, has deployed well-connected lobbyists and hefty sums of campaign cash to key lawmakers to save itself.

The strategy has paid off.

Now a top Democrat who once tried to ban the practice is instead pushing to regulate it — a result, he says, of the industry’s lobbying clout.

The lawmaker, Rep. Luis Gutierrez, D-Ill., says his bill does have crucial protections for borrowers and represents the best deal he can manage in the face of the industry’s aggressive lobbying. Consumer groups are condemning the bill as a loophole-riddled gift to the industry.

Payday loans are small, very short-term loans with extremely high interest rates that are effectively advances on a borrower’s next paycheck. Finance charges typically amount to annual interest rates in the triple digits, around 400 percent, and can go as high as double that.

WASHINGTON

Ex-chief says he didn’t mismanage insurer AIG

The man who built insurance giant American International Group Inc. from a startup to a global behemoth said he didn’t mismanage the company — but the government did.

Following weeks of public and congressional outrage over largest corporate failure in U.S. history, Maurice “Hank” Greenberg, AIG’s chief executive until March 2005, said taxpayers got a raw deal in the largest bailout of the financial crisis.

In his first testimony since the government stepped in with the first of four bailouts for AIG, Greenberg told the House Oversight and Government Reform Committee on Thursday that his leadership team had “nothing to do” with failures that so far have cost taxpayers more than $182 billion.

But he spread blame across virtually every other party involved in the company and its rescue — including subsequent management, federal regulators and ratings agencies.

NEW YORK

Intel, GE will invest in health care gadgets

Intel Corp. and General Electric Co. are jointly investing $250 million over the next five years to develop personalized home health care devices.

The companies envision products that will cut health care costs and help aging baby boomers and people with chronic illnesses remain in their homes by allowing doctors to monitor patients remotely.

Announcing the agreement Thursday, Intel Chief Executive Paul Otellini and GE CEO Jeffrey Immelt said their cooperation will help them jump quickly into a market they estimate will grow to $7.7 billion by 2012, from $3 billion this year.

PITTSBURGH

Plant’s $1 billion redo put off by U.S. Steel

United States Steel Corp. said Thursday it is delaying indefinitely a $1 billion upgrade of a coke plant near Pittsburgh to cut costs as the global economic downturn saps demand for steel.

The Pittsburgh-based company has said the project at the Clairton plant was expected to create more than 600 construction jobs and ensure thousands of existing jobs.

The improvements were meant to reduce environmental emissions at the plant, the country’s largest production facility for coke — coal that’s baked and used as a fuel in steel making.

NEW YORK

Treasury prices decline as stocks head higher

Treasury prices fell Thursday as stocks extended their rally.

The benchmark 10-year Treasury note fell 0.91 points to 99.91. Its yield rose to 2.75 percent from 2.65 percent late Wednesday.

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Business
Holiday Parade Lights Up Downtown Summerlin
Holiday parade lights up Downtown Summerlin every Friday and Saturday night through Dec. 22.
Nevada's solar industry on the rebound
In 2015, the Nevada Public Utilities Commission voted in favor of a new tariff structure that reduced net energy metering buyback rates and increased fix fees for residential solar customers.
Apartment complexes selling fast in Las Vegas
Las Vegas’ apartment vacancy rate is among the smallest in the country, and rents are climbing faster than the national average. (LVRJ)
Aristocrat Opens $45M Campus In Summerlin
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Sunrise Hospital celebrates 60 years
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Maya Cinemas to open soon in North Las Vegas
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Holiday shopping and returns make this the busiest time of year for UPS
The UPS Las Vegas South facility is the company's busiest pre-load operation in the country, and it's even busier this time of year. (K.M. Cannon/Las Vegas Review-Journal)
Primm’s outlet mall has fallen on hard times
The mall, attached to Primm Valley Resort, opened in 1998. Back then, it was a “textbook, perfect outlet-center location." But now, Primm’s outlet mall has fallen on hard times. Las Vegas Boulevard has endless shopping spots. And there are other outlet malls that don’t require a hefty drive to the state line. Its mortgage-holder foreclosed on the mall in late September.
Miltary auction at Ritchie Bros. Auctioneers
Humvees, ammo cans, construction equipment, field gear and more is on the auction block Friday and Saturday at Ritchie Bros. Auctioneers. About 10,000 items in all are for sale in what GovPlanet bills as the largest auction of its kind.
Las Vegas residents discuss avoiding holiday scams
Las Vegas residents discuss their donation habits and how they avoid giving money to scam charities during the holiday season. (Bailey Schulz/Las Vegas Review-Journal)
Tesla’s Nevada Gigafactory ahead of economic impact expectations
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Land sales near the Las Vegas Raiders stadium
Land around the Las Vegas stadium site has been selling for high prices. A few months before the stadium’s groundbreaking, Global Trust Group acquired a 2.5-acre parcel just north of the stadium site. The property sold for $7.25 million, or $2.9 million an acre. Osprey Real Estate Capital and Huntington Hotel Group acquired a 2-acre industrial site just west of the stadium site in late November. The property sold for $6.5 million, or $3.15 million per acre. That's roughly 12 times the average price of land in the valley this year as tracked by Colliers International.
T-Mobile Tech Experience Truck parks in Toshiba Plaza at T-Mobile Arena
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Steve Siegel, CEO of the Siegel Group, speaks about helping families and other needy residents
Steve Siegel, CEO of the Siegel Group, speaks about helping families and other needy residents to keep them from teetering off into homelessness. Bizuayehu Tesfaye/Las Vrgas Review-Journal @bizutesfaye
Crowds camp out for Chick-fil-A opening
Dozens of customers camped out 24 hours ahead of the 6 a.m. Thursday opening of the new Chick-fil-A on Rainbow Blvd.
Cheapest listings for sale in Las Vegas
Listed for $39,990, 585 S. Royal Crest Circle, Unit #9 is one of the cheapest homes currently listed for sale in Las Vegas. (Caroline Brehman/Las Vegas Review-Journal)
MGM's sports betting deals
MGM Resorts International signed a sports betting sponsorship agreement with the NBA in July It was the first professional sports league to have official ties with a legal sports betting house. The deal came just two months after the U.S. Supreme Court overturned a law prohibiting sports betting in most states. In October, MGM became the first gaming company to sign a sports betting partnership with the NHL. In November, MGM became the first gaming company to sign a sports betting partnership with the MLB. Financial terms of Tuesday’s deal and earlier partnerships have not been announced.
Terry Miller discusses Convention Center
Project Manager Terry Miller explains the phases of Convention Center construction.
Zappos treats their team members on Cyber Monday
Zappos rolls out a variety of food, drinks and special activities for all team members at their downtown Las Vegas headquarters for Cyber Monday. (K.M. Cannon/Las Vegas Review-Journal)
Team Hybrid at the 2019-Model Motor Trend International Auto Show
Among the companies showing off the 2019 model cars, Team Hybrid shows off its modified cars. Las Vegas resident David David talks about the team, which is in its ninth year exhibiting at the show, and his show car.
Black Friday Shoppers at downtown Summerlin and at the Arsenal
Black Friday shoppers at downtown Summerlin and at the Arsenal. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfYe
Black Friday shopping in Las Vegas
Black Friday sale shopers express their shopping experience. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Las Vegas Livestock recycling Strip food waste
Las Vegas Livestock collects and recycles food from many Las Vegas Strip companies. (Nicole Raz/Las Vegas Review-Journal)
Black Friday at Fry's
Shoppers line up for deals early on Black Friday at Fry's Electronics on Las Vegas Boulevard South. (Mat Luschek/Las Vegas Review-Journal)
Black Friday shoppers at Best Buy at 5 am
Black Friday shoppers at Best Buy at 5 am on Nov. 23. (Mat Luschek/Las Vegas Review-Journal
Black Friday - 1am Closing Time
Quiet night.
Black Friday - 12:30am - Best Buy Arroyo Crossing
Sam's Town Holiday Lighting Ceremony
On Wednesday, Nov. 21, 2018, Mystic Falls Park opened with its annual tree lighting ceremony, hosted by Boyd Gaming Executive Chairman Bill Boyd. The attraction features a Winter Wonderland theme and holiday-inspired laser light show, available daily Nov. 23 to Jan. 1. (Mat Luschek/Las Vegas Review-Journal)
What Is A Smart City?
George Karayannis, vice president of CityNow, Panasonic’s smart-city arm, explains. (Nicole Raz/Las Vegas Review-Journal)
Walmart uses virtual reality to train employees
Walmart Academy Facilitator demonstrates the VR training program being used by Walmart stores across the country.
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