IN BRIEF

SAN FRANCISCO

Google-powered phone ready for marketplace

T-Mobile USA unveiled on Tuesday the first Google-powered handset, a stylish device that mimics many of the iPhone’s features and adds a few new wrinkles.

The G1 smart phone, produced by Taiwanese manufacturer HTC, features a touch screen and a fold-out keyboard. It also incorporates Wi-Fi connectivity, works internationally and offers features such as a scanner that lets consumers read product bar codes.

The device will become available through T-Mobile in the United States beginning Oct. 22 for $179 with a two-year voice and data contract. Monthly plans start at $65 a month.

The cost of the device is $20 less than the iPhone, part of an effort by T-Mobile to lure customers and lock them into long-term plans.

CHICAGO

Longs rebuffs new offer from Walgreen

Longs Drug Stores Corp. rebuffed a renewed takeover push by Walgreen Co., while Longs’ largest shareholder said it was willing to take the risk a deal with Walgreen could bring, to get the best price.

Longs agreed to be bought by CVS Caremark Corp. for $71.50 per share, or $2.57 billion, in August. Walgreen swooped in with a bid of $75 per share a month later.

Longs has repeatedly said the Walgreen offer risks regulatory hurdles, particularly concern over the two chains’ concentration of stores in California, that could delay a closing by as much as 12 months.

On Tuesday, Longs said shareholders should still prefer its deal with CVS, despite a warning from Walgreen the day before that it may take its rival bid hostile if Longs refused to negotiate.

Investors will get to air ideas on name change

Sierra Pacific Resources on Tuesday said it will ask stockholders to approve a name change to NV Energy Inc.

The utility holding company on Monday said it decided to rename its utility subsidiaries, Nevada Power Co. of Las Vegas and Sierra Pacific Power Co. of Reno, as NV Energy without including “Inc.” But it needs shareholder approval to change the holding company name.

The meeting will run at 10 a.m. Nov. 19 at the Nevada Power building at 6226 W. Sahara Ave.

Sierra Pacific Resources shares fell 23 cents, or 2.35 percent, Tuesday to close at $9.57 on the New York Stock Exchange.

Treasury prices increase amid market tension

The credit markets grew tenser Tuesday, boosting demand late in the day for both short- and long-term government maturities amid doubts on Wall Street about Washington’s ability to solidify plans for a $700 billion bailout of the nation’s banks.

The benchmark 10-year Treasury note rose 0.38 points to 101.59. Its yield was at 3.80 percent, down from 3.85 percent late Monday.

The 30-year Treasury bond, meanwhile, rose 0.56 points to 101.94. Its yield fell to 4.38 percent, down from 4.42 percent late Monday.

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