IN BRIEF
Memorial on tap for Claudine Williams
Veterans of the Las Vegas gambling industry will gather Saturday to mourn one of their own.
Claudine Williams, the first female executive of a major casino, will be remembered during a memorial at Harrah's.
Williams, who died May 13 at age 88, operated the Holiday casino, now Harrah's, from her husband's death in 1977 until 1983, when she sold to Harrah's.
But she had been an active leader in the local hospitality industry since 1965, when she and her husband, Shelby, moved from Texas to Las Vegas and bought the Silver Slipper.
The couple sold to Howard Hughes in 1969 and used the proceeds to buy the Holiday.
After selling the Holiday, Williams remained active in the community as chairwoman of the board for American Bank of Commerce and the first woman to be president of the Las Vegas Chamber of Commerce, among other charitable and community endeavors.
The memorial will be from 11 a.m. to 12:30 p.m. at the second floor ballroom at Harrah's.
NEW YORK
Oil prices near $73 as energy rallies
Oil prices hit an eight-month high as the dollar fell and a series of reports suggested that consumers and business may be more willing and able to spend money on energy.
Benchmark crude for July delivery rose $1.35 to settle at $72.68 on the New York Mercantile Exchange. Prices hit $73.23 at one point.
Crude prices rose sharply in the morning after the federal government announced a drop in first-time jobless claims last week. Another report said retail sales grew in May for the first time in three months, in part because of spiking gasoline prices.
Gasoline prices are following crude upward, even though most energy experts can find no solid basis for either.
DETROIT
AP source: GM near deal to sell Saab unit
General Motors Corp. is nearing a deal to sell its Saab unit, but nothing has been completed, a person briefed on the negotiations said Thursday.
The news came as Swedish broadcaster SVT reported that Swedish luxury sports car maker Koenigsegg Automotive AB and Norwegian investors are planning to buy Saab.
The person would not identify the final bidders for Saab but said news could come "shortly," perhaps as early as today.
WASHINGTON
CEO: Feds pushed Merrill Lynch purchase
House lawmakers on Thursday accused federal regulators of a gross misuse of power in orchestrating a "shotgun wedding" between Bank of America Corp. and Merrill Lynch & Co. that cost U.S. taxpayers $20 billion.
They also took aim at Bank of America Chief Executive Officer Kenneth Lewis, questioning whether he played dumb last fall as Merrill's financial losses mounted and threatened not to go through with the merger to squeeze money from the government.
In his testimony, Lewis said publicly for the first time that his job was threatened after he expressed second thoughts about the merger. Lewis said then-Treasury Secretary Hank Paulson and federal regulators made clear that if the bank reneged on its promise they would force his and board members' ouster.
Two accused of plot to sell fake IGT games
Two men were arrested this week in connection with a scheme to produce and sell knock-off video games produced by the International Game Technology brand, according to the U.S. Department of Justice.
Rodolfo Rodriguez Cabrera 43, a Cuban national, and Henry Mantilla, 35, of Cape Coral, Fla., were charged with conspiracy, trafficking counterfeit goods, trafficking counterfeit labels and criminal copyright infringement.
The two allegedly conspired to produce unauthorized copies of IGT video gaming programs and placed bogus labels with IGT's registered trademark on the programs. Cabrera owned a Latvia-based company called FE Electronic, and Mantilla owned a company called Southwest Gaming Inc. The men allegedly sold the programs without IGT's permission through their own companies.
If convicted the men will be forced to forfeit $5 million in proceeds from the activity, according to the government.
MGM Mirage says tender offer expires
Casino operator MGM Mirage said Thursday that its tender offer for approximately $1.05 billion senior notes has expired.
The company, majority controlled by billionaire Kirk Kerkorian, is dealing with about $14 billion of debt and plans to use about $2.5 billion in capital to help pay off some of its debt.
MGM said that Mandalay Resort Group noteholders validly tendered $122.3 million of the $226.3 million notes; its own noteholders validly tendered $762.6 million of the $820 million notes the casino operator was willing to buy back.
The tender offer expired on Wednesday. MGM Mirage's stock fell 6 cents, or 0.85 percent, to close at $6.98.
NEW YORK
Investors move back into Treasury market
Beaten-down Treasurys are looking like a good deal again.
Investors moved back into the Treasury market Thursday after a surprisingly strong auction of 30-year bonds, pulling yields down from multimonth highs.
Treasury yields are closely tied to interest rates on mortgages, and both have been rising for weeks as investors worried about inflation. Freddie Mac said the average rate for a 30-year fixed home loan rose to 5.59 percent this week, the highest in seven months.
The 30-year bond rose in afternoon trading, sending its yield down to 4.69 percent. Ahead of the auction, its yield rose as high as 4.84 percent, its highest since October 2007.
The 10-year note also gained in price. Its yield -- which is most closely linked to mortgage rates -- fell to 3.86 percent after hitting 4.01 percent in earlier trading, the highest level since October.
