IN BRIEF

Judge sees no malice in Plaza name case

Owners of the Plaza Hotel in New York City weren’t malicious toward owners of the Plaza hotel-casino in downtown Las Vegas when the former group sought to build a hotel of the same name on the Strip, a judge ruled.

The ruling Tuesday by Clark County District Judge Elizabeth Gonzalez means Tamares Las Vegas Properties, owners of the local Plaza, won’t get punitive damages from Elad Group, owners of the New York Plaza as part of a trademark dispute.

But the question of whether Elad can use the Plaza name in Las Vegas over Tamares’ objection will be left to a jury.

The ruling is part of a court case in which Tamares sued Elad alleging that a proposed Plaza on the former site of the New Frontier would infringe on the trademark of the downtown Plaza.

A spokesman for Elad says company officials believe the ruling reinforces the strength of their overall case to use the Plaza name on the Strip.

A spokesman for Tamares did not respond to a request for comment.

NEW YORK

Buffett will invest in Goldman Sachs

Wall Street giant Goldman Sachs Group Inc. got a much-needed seal of approval Tuesday from billionaire investor Warren Buffett.

Buffett’s Berkshire Hathaway Inc. agreed to invest $5 billion in the investment bank by way of a purchase of preferred stock, Goldman announced after the stock market closed Tuesday. Berkshire also will get warrants to buy as much as 10 percent of Goldman’s common stock at a discount price of $5 billion.

Goldman said it also would raise $5 billion in a public offering of common shares.

The legendary investor’s move amounts to a huge show of support for Goldman.

“You’ve got the most renowned investor of the 20th century putting money into Goldman,” said Scott Schubert, an investment banker at Jefferies Putnam Lovell in New York. “It’s a vote of confidence in Goldman and in Wall Street in general.”

DETROIT

General Motors will close plant, sell brand

General Motors Corp.’s treasurer said Wednesday that the automaker is planning to put its Strasbourg, France, manufacturing operation and its Hummer truck brand up for sale, and it may announce more asset sales later this year.

Company Treasurer Walter Borst said in a slide presentation at the Deutsche Bank Leveraged Finance Conference that the company expects to distribute marketing materials for both operations in October.

The slides posted on GM’s Web site Wednesday say the assets under review are worth $2 billion to $4 billion. The presentation also says GM continues to review other asset sales and will make more announcements in the fourth quarter.

Cerberus asks Daimler to buy Chrysler stake

Cerberus Capital Management LP, the buyout firm that owns most of Chrysler LLC, approached Daimler AG about acquiring the rest of the money-losing U.S. automaker.

Cerberus and Stuttgart, Germany-based Daimler confirmed they discussed a sale of the 19.9 percent holding in Chrysler, without giving a timetable or value for any deal.

A sale would end Daimler’s equity stake in Chrysler after acquiring the third-largest U.S. automaker in 1998 for $36 billion. Even after New York-based Cerberus bought an 80.1 percent stake 13 months ago, Chrysler remains a drag on Daimler’s earnings, erasing 373 million euros ($546 million) from second-quarter profit.

PORTLAND, Ore.

Quarterly profit sinks 10.4 percent for Nike

Nike Inc. said Wednesday that its profit fell in the fiscal first quarter from a year earlier, when it benefited from a one-time tax gain. Excluding that item, profit rose in the quarter on sales growth around the globe.

The Beaverton, Ore.-based athletic shoe and apparel company said its net income decreased to $510.5 million, or $1.03 per share, from $569.7 million, or $1.12 per share, a year earlier.

But the 2007 quarter included a special item that increased earnings per share by 20 cents. If adjusted for the tax benefit, net income would have grown 10 percent.

Revenue jumped 17 percent to $5.43 billion.

Analysts surveyed by Thomson Reuters, on average, had expected the company to earn 92 cents per share on sales of $5.19 billion.

Nike shares fell $1.56, or 2.56 percent, Wednesday to close at $59.27 on the New York Stock Exchange.

NEW YORK

Production concerns push oil prices lower

Oil prices ended a choppy session slightly lower Wednesday, falling below $106 a barrel as weak U.S. fuel demand and a stronger dollar outweighed concerns over a reduction in global crude output.

Light, sweet crude for November delivery fell 88 cents to settle at $105.73 a barrel on the New York Mercantile Exchange after rising as high as $109.50. On Tuesday, the contract fell $2.76 to settle at $106.61.

Crude prices have risen about $15 in the past week as investors funnel money back into commodities on worries that a proposed $700 billion bailout of financial firms will undercut the dollar and boost inflation.

But analysts said signs of weak U.S. demand for fuel have taken some of the momentum out of the rally.

Bailout concerns drive Treasury prices down

Growing concerns that the government’s bank bailout plan might meet obstacles in Congress sent Treasury prices lower on Wednesday.

The benchmark 10-year Treasury note slipped 0.13 points to 101.5, and its yield was at 3.81 percent, up from 3.80 percent late Tuesday.

And the 30-year Treasury bond fell 0.44 points to 101.38. Its yield rose to 4.42 percent from 4.38 percent late Tuesday.

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Business
MGM Grand Plans To Add Retail And Dining To Its Strip Facade
MGM Grand President and Chief Operating Officer Scott Sibella said executives are “discussing redeveloping that entire frontage of the building out to the Las Vegas Strip.” (Todd Prince/Las Vegas Review-Journal)
Boyd Gaming planning new corporate campus
Casino operator Boyd Gaming Corp. has filed plans to build a new corporate campus. The plans call for two 10-story office buildings and a six-level parking garage in the southwest Las Vegas Valley. Boyd Gaming operates The Orleans, the Suncoast, downtown's California Hotel and other properties. The new headquarters would be just a mile from its current main office building.
Bellagio Conservatory transformed to celebrate Year of the Pig
The Bellagio Conservatory Team transformed the 14,000 square foot conservatory to commemorate Chinese New Year, the holiday that marks the end of the coldest days of winter. (Rachel Aston/Las Vegas Review-Journal)
CES 2019: Intro uses sound to connect people
Intro, a startup that is part of the Future Worlds Accelerator in the UK, has an app that uses ultrasonic sound to find people and companies nearby.
CES 2019 Video: CES wraps up another year
Time-lapse video of the action at CES 2019 in Las Vegas. (Mat Luschek/Las Vegas Review-Journal)
CES 2019: Create your own beauty products
Beauty Mix by BeautyByMe is a product that lets you create your own cosmetics and beauty products. (Mat Luschek/Las Vegas Review-Journal)
CES 2019: Picobrew’s home brew machine
Picobrew brings automation to homebrewing. (Mat Luschek/Las Vegas Review-Journal)
CES 2019: Surviving CES
What it's like to spend four days working the mammoth tech convention. (Jason Bracelin/Las Vegas Review-Journal)
Haier’s smart home
Haier presented smart home technology at CES 2019.
CES 2019 VIDEO: Foldimate makes laundry day easy
Foldimate has created a machine that will fold your laundry for you. Just feed it anything you need folded and it will do the rest. (Mat Luschek/Las Vegas Review-Journal)
CES 2019: Opte device corrects skin spots
Opte from Proctor and Gamble is a device for correcting spots and freckles from skin. It analyzes the area for spots and then covers them with a serum of matching skin tone. (Mat Luschek/Las Vegas Review-Journal)
Circa hotel-casino in downtown Las Vegas unveiled
Derek Stevens reveals Circa hotel-casino in downtown Las Vegas. He plans open by the end of 2020. (K.M Cannon/Las Vegas Review-Journal)
Circa, new casino coming to Fremont Street
Casino owner Derek Stevens announces his new property Circa, coming to Fremont Street in downtown Las Vegas in late 2020. (Michael Quine/Las Vegas Review-Journal)
Dreenk My Oeno makes wine suggestions
At CES 2019 in Las Vegas, the Dreenk My Oeno tells you all about wine.
Polaroid One Step Plus camera unveiled at CES 2019
Polaroid has moved into the digital age with its One Step Plus camera with Bluetooth. With the connected app, it turns your smartphone into a remote for the camera, along with filters and features.
Amazon is everywhere at CES 2019 in Las Vegas
Seemingly everything works with Amazon Alexa
LG Smart Mirror helps you dress snazzy
LG’s Smart Mirror is less of a mirror but more of an assistant to help get you looking snazzy. It takes your image and recommends clothes for you or matches existing clothes with new clothes, which can be purchased right from the mirror. (Mat Luschek/Las Vegas Review-Journal)
Underwater robots make waves at CES 2019 in Las Vegas
Robosea is a company dedicated to underwater robotics. They produce consumer robots for underwater filming as well as commercial products which can be used for underwater research. (Mat Luschek/Las Vegas Review-Journal)
CES 2019 - Victrola record players spin in Las Vegas
A new spin on an old favorite, Victrola record players are meeting a demand for retro products. The brand is also making furnitures with built-in speakers.
CES 2019: Slamtec robots ready to serve
Slamtec is a robotics company out of China whose goal is to provide solutions for laser localization mapping and navigation. They have created two autonomous robots that can be used in areas such as bars, restaurants and malls. (Mat Luschek/Las Vegas Review-Journal)
Mixologiq drink maker appears at CES 2019 in Las Vegas.
This is the Mixologiq drink maker.
CES 2019: Veritable smart garden
Let’s face it; not all of us have green thumbs. And herbs are particularly difficult to grow, considering their constant need for sunshine. Enter the Veritable smart garden from Exky, which does it all for you. (Heidi Knapp Rinella/Las Vegas Review-Journal)
Bonnie Springs Ranch near Las Vegas being sold to developer
Bonnie Springs Ranch near Las Vegas is being sold to a developer, set to close in March. Bonnie Springs, west of Las Vegas off State Route 159 — next to Spring Mountain Ranch State Park — spans more than 60 acres and was on the market for $31 million. The developer and his project partner are under contract to buy the ranch and plan to chop it up mostly into custom-home lots. The plans includes a 25-room motel, a restaurant and a 5,400-square-foot event barn.
Bone-conduction headphones form Aftershokz
Aftershokz offers bone-conduction headphones - headphones that don’t go in the ear.
CES Happy Hour party at Hangover Suite at Caesars Palace
Conventioneers mingled during the Hardware Massive CES 2019 Happy Hour Bash at The Hangover Suite at Caesars Palace in Las Vegas. (K.M. Cannon/Las Vegas Review-Journal) @KMCannonPhoto
Autonomous Cars and Futuristic Aircraft Rule CES
Day two of CES was dominated by autonomous cars and futuristic aircraft in the North Hall of the Las Vegas Convention Center.
TekNekSavr fights neck problems caused by smart phones
Atiya Syverson invented the TekNekSavr to help fight neck and head problems caused by strains while typing on smart phones. (Mat Luschek/Las Vegas Review-Journal)
New eyeglasses know if you fall and call for help
The French company Abeye has created eye glasses that will detect if the wearer falls and call for help. (Mat Luschek/Las Vegas Review-Journal)
Company that creates vibrator-like device claims genders bias against CES
Lora DiCarlo is a women-run start-up that creates a vibrator-like device designed for female pleasure called the Osé. This year they were awarded the CES Innovation Award in the Robotics and Drone Category, but a month later the Consumer Technology Association, which runs CES, rescinded the award and their booth. Haddock and her team believe it is a reflection of gender bias and sexism in an industry with a long history of male domination.
CES-Wagz has new pet products
Wagz has three new products to help create better lives for your pets in a digital world. One is a collar with LTE tracking and an HD camera. Also a smart pet door that only lets your pet in and out. Lastly, a device to humanely keep Fluffy out of certain areas of your home. (Mat Luschek/Las Vegas Review-Journal)
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