IN BRIEF

New director named to tourism commission

The Nevada Commission on Tourism has a new director.

On Tuesday Gov. Jim Gibbons named Dann Lewis to the position.

Lewis previously was director of tourism for the Maine Department of Economic and Community Development.

He is a graduate of Dartmouth College where he earned his bachelor's degree and attended the International Marketing Institute at Harvard Business School.

Most recently he had a job conducting tourism-related research for the Maine department of transportation.

The Nevada Commission on Tourism is the agency responsible for promoting tourism in the state's rural areas. The Las Vegas and Reno areas, which account for most of the state's tourism, have their own visitor and convention authorities.

COLUMBUS, Ohio

Retail gasoline prices continue to increase

Retail gasoline prices rose again overnight and are now up nearly 40 percent from the start of the year, while the price for crude on Tuesday topped $60 a barrel for the first time since early November.

Crude wavered after hitting $60.08 early Tuesday, but still closed up 35 cents at $58.85 a barrel on the New York Mercantile Exchange. That's more than 80 percent above prices in December.

Prices at the pump rose 2.2 cents to $2.248 a gallon overnight, according to motor club AAA, Wright Express and Oil Price Information Service. While the cost for a gallon has risen less than a quarter in the past month, most of that increase, 16.9 cents, has occurred in just the last week.

In Las Vegas, a gallon of regular self-serve gasoline averaged $2.217 on Tuesday, AAA said in its Daily Fuel Gauge report. That price is up 3.8 percent from $2.136 a month ago, but down 39.6 percent from $3.67 a year ago, AAA said.

DETROIT

Ford shares plunge after news of stock sale

Shares of Ford Motor Co. tumbled nearly 18 percent Tuesday after the automaker said it will sell 300 million common shares to help fund its health care trust for retired autoworkers and general operations.

Shares of Dearborn, Mich.-based Ford fell $1.07, or 17.6 percent, Tuesday to close at $5.01 on news of the stock sale. Analysts noted that share value generally falls once a large offering is disclosed as existing investors shrink positions before they can be diluted.

Ford said late Tuesday that it agreed to sell the 300 million shares at the discounted price of $4.75 each for total proceeds of about $1.4 billion. That amount would cover a $1.2 billion cash payment due Dec. 31 to Ford's Voluntary Employee Beneficiary Association. Ford has the option to make a $610 million payment -- also due on that date -- in cash or stock.

The company owes $13.1 billion to its association by 2022, of which $6.5 billion can be paid in stock, cash or a combination of both.

Western Alliance plans sale of common stock

Western Alliance Bancorporation, the holding company for Bank of Nevada, said Tuesday that it expects to sell $150 million in common stock in a public offering through Keefe, Bruyette & Woods and D.A. Davidson & Co.

The proceeds would be used for general corporate purposes, for growth, to provide additional capital and to improve liquidity.

The company didn't disclose when the transaction is expected to occur.

Western Alliance shares fell 67 cents, or 7.67 percent, Tuesday to close at $8.06 on the New York Stock Exchange.

Real estate trust posts loss for first quarter

Vestin Realty Mortgage II, a $197.3 million asset real estate investment trust, on Tuesday reported a net loss for the first quarter, reversing year-earlier income.

The REIT said it lost $6.4 million, or 36 cents per share, for the first quarter ended March 31, reversing net income of $3.3 million, or 22 cents a share, a year earlier.

Revenue fell 70.8 percent to $2.1 million from $7.2 million.

The Las Vegas company reported 34 loans for a principal amount of $189.4 million, of which 15 loans totaling $107.1 million were nonperfoming.

NEW YORK

Treasurys hardly move as Fed buys more debt

Treasurys ended little changed Tuesday after strong gains a day earlier, as the Federal Reserve bought more government debt and economic data came in better than expected.

The benchmark 10-year Treasury note ended flat at 99.56. Its yield was unchanged at 3.17 percent.

The 30-year bond rose 0.34 points to 101.5, while its yield fell to 4.16 percent from 4.18 percent late Monday.

The British Bankers' Association said the London Interbank Offered Rate, or Libor, on three-month loans in dollars fell 0.01 percentage point to 0.91 percent.