Ford Motor said to plan 4,200 more job cuts

Ford Motor Co. has said that it wants to cut its blue-collar work force by another 4,200 employees, according to a person briefed on a presentation to union officials.

The automaker is offering buyout and early retirement packages at manufacturing operations in Ohio, Michigan, Kentucky and Indiana as it continues efforts to trim its factory ranks to match lower demand for its products.

Ford has declined to publicly state a target number, but Joe Hinrichs, group vice president of global manufacturing, told union officials the company has 4,200 more blue collar workers than it needs, according to the person briefed on the presentation.

The meeting with top local officials of the United Auto Workers union took place Tuesday and Wednesday.


Hurricane Ike causes spike in gasoline costs

The wholesale price for gasoline produced on the Gulf Coast jumped about 30 percent on the spot market Thursday as Hurricane Ike churned toward Texas and its massive petroleum refining infrastructure.

The wholesale price for a gallon of gasoline rose about $1 to $4.25 on Thursday morning, topping the high price five years ago when hurricanes Katrina and Rita raked the Gulf Coast, said Tom Kloza, publisher of the Oil Price Information Service in Wall, N.J.

The average national retail price of a gallon of regular unleaded gasoline was at $3.671 on Thursday, up a couple of cents in the past two days, auto club AAA, the Oil Price Information Service and Wright Express reported.

That all changed on the wholesale market Thursday, Kloza said, from concerns about the potential damage Ike may cause to refineries along the Texas coast.


Banks borrow more from Fed program

Banks borrowed more over the past week from the Federal Reserve’s emergency lending program, while Wall Street firms took a pass for the sixth week in a row.

A Fed report released Thursday said commercial banks averaged $19.8 billion in daily borrowing over the past week. That compared with a daily average of $18.98 billion in the previous week.

For the week ending Sept. 10, Wall Street firms didn’t take out any loans. Their borrowing, however, averaged as high as $38.1 billion a day over the course of a week in early April.

Zions Bancorporation raises $250 million

Zions Bancorporation, the holding company for Nevada State Bank and banks in other Southwestern states, said Thursday that it raised $250 million through the sale of additional shares.

It issued 7.2 million shares at an average price of $34.75.

Zions shares rose $1.04, or 3.19 percent, Thursday to close at $33.62 on the Nasdaq National Market.


Lawsuit against AIG’s former execs settled

Attorneys for a Louisiana pension fund reached a $115 million settlement Thursday in a shareholder lawsuit against former executives of insurance giant American International Group Inc.

The settlement was reached just days before trial was to begin in a lawsuit challenging hundreds of millions of dollars in commissions paid by AIG to C.V. Starr & Co., a privately held affiliate controlled by former AIG Chairman Maurice “Hank” Greenberg and other AIG directors.

In a complaint filed in 2002, attorneys representing the Teachers Retirement System of Louisiana alleged that New York-based AIG could have done the work for which it paid Starr, and that the commissions were simply a mechanism for Greenberg and other Starr directors to line their pockets.

Attorneys for the plaintiffs said the settlement includes a $29.5 million payment from Greenberg and three other individual defendants, with the remaining $85.5 million covered by liability insurance.


Falling oil prices push dollar up against euro

The dollar rose to its highest level in nearly a year against the euro Thursday, even as the U.S. trade deficit for July soared. Falling oil prices helped support the buck.

The 15-nation euro fell to $1.3951 in late New York trading from $1.4033 the night before. Europe’s common currency dropped as low as $1.3881 for the session, a point not seen since late September 2007.

The U.S. Commerce Department reported on Thursday that the country’s trade deficit shot up in July to the highest level in 16 months, offsetting strong export growth. The deficit with China climbed to its second-highest level on record.

Gold fell below $750 an ounce, marking the longest slump in eight years, as the dollar’s surge reduced demand for the precious metal as an alternative investment. Gold fell $16.60 to close at $741.30.


Bakery company wants more time and money

The maker of Hostess Twinkies and Wonder Bread is asking a bankruptcy judge to grant it more time and money as it seeks to reach a deal with a potential investor.

The Kansas City-based Interstate Bakeries filed a motion Wednesday seeking to borrow an additional $79 million under its debtor-in-possession financing.

The current financing package is worth $250 million and is set to expire Sept. 30.

Interstate Bakeries, which operates a Wonder Bread-Hostess bakery in Henderson, also wants to push back the deadline to Feb. 7.

A hearing on the request is scheduled for today.


Yahoo preparing to tweak parts of site

Yahoo Inc. is preparing to tweak several popular sections of its Web site, including its home page, during the next few months to accommodate more material from rival services as the Internet company tries to polish its tarnished franchise.

Yahoo plans to open up more with the first major redesign of its home page since May 2006. The changes will enable Yahoo users to plant more mini-applications known as “widgets” on personalized versions of the home page, said Ash Patel, executive vice president of the company’s audience product division.

Patel declined to specify when the redesigned page will be unveiled.


As stocks bounce back, Treasury prices mixed

Government bonds ended narrowly mixed Thursday, giving up moderate gains after a big comeback in the stock market.

In late trading, the benchmark 10-year Treasury note slid 0.09 points to 102.94. Its yield edged up to 3.64 percent from 3.63 percent late Wednesday, according to BGCantor Market Data.

Nevada's venture capital money doesn't stay in state
Zach Miles, associate vice president for economic development for UNLV, said there’s venture money in Southern Nevada, “but trying to find the right groups to tap into for that money is different.” According to a 2017 report from the Kauffman Foundation, Las Vegas ranked number 34 out of 40 metropolitan areas for growth entrepreneurship, a metric of how much startups grow. With a lack of growing startups in Las Vegas, investment money is being sent outside of state borders. The southwest region of the U.S. received $386 million in funding in the second quarter, with about $25.2 million in Nevada. The San Francisco area alone received about $5.6 billion. (source: CB Insights)
Neon wraps can light up the night for advertising
Vinyl wrap company 5150 Wraps talks about neon wraps, a new technology that the company believes can boost advertising at night. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Nevada on the forefront of drone safety
Dr. Chris Walach, senior director of Nevada Institute for Autonomous Systems, talks to a reporter at NIAS's new Nevada Drone Center for Excellence of Public Safety, located inside the Switch Innevation Center in Las Vegas. K.M. Cannon Las Vegas Review-Journal @KMCannonPhoto
Motel 8 on south Strip will become site of hotel-casino
Israeli hoteliers Asher Gabay and Benny Zerah bought Motel 8 on the south Strip for $7.4 million, records show. They plan to bulldoze the property and build a hotel-casino. Motel 8 was built in the 1960s and used to be one of several roadside inns on what's now the south Strip. But it looks out of place today, dwarfed by the towering Mandalay Bay right across the street.
Project billed as one of the world's largest marijuana dispensaries plans to open Nov. 1
Planet 13 co-CEO Larry Scheffler talks about what to expect from the new marijuana dispensary, Thursday, July 19, 2018. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Oasis Biotech opens in Las Vegas
Brock Leach, chief operating officer of Oasis Biotech, discusses the new plant factory at its grand opening on July 18. (Bailey Schulz/Las Vegas Review-Journal)
UNLV Tech Park innovation building breaks ground
Construction on the first innovation building at the UNLV Tech Park is underway. (Bailey Schulz/Las Vegas Review-Journal)
Caesars Forum Meeting Center
Caesars broke ground Monday on its $375 million Caesars Forum Meeting Center (convention center) just east of the High Roller observation wheel. (Caesars Entertainment)
Technology reshapes the pawn shop industry
Devin Battersby attaches a black-colored device to the back of her iPhone and snaps several of the inside and outside of a Louis Vuitton wallet. The device, installed with artificial intelligence capabilities, analyzes the images using a patented microscopic technology. Within a few minutes, Battersby receives an answer on her app. The designer item is authentic.
Recreational marijuana has been legal in Nevada for one year
Exhale Nevada CEO Pete Findley talks about the one year anniversary of the legalization of recreational marijuana in Nevada. (K.M. Cannon/Las Vegas Review-Journal)
Young adults aren't saving for retirement
Financial advisors talk about saving trends among young adults. (Bailey Schulz/Las Vegas Review-Journal)
President Trump’s tariffs could raise costs for real estate developers, analysts say
President Donald Trump made his fortune in real estate, but by slapping tariffs on imports from close allies, developers in Las Vegas and other cities could get hit hard.
Las Vegas business and tariffs
Barry Yost, co-owner of Precision Tube Laser, LLC, places a metal pipe into the TruLaser Tube 5000 laser cutting machine on Wednesday, June 20, 2018, in Las Vegas. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Nevada Film Office Connects Businesses To Producers
The director of the Nevada Film Office discusses its revamped locations database and how it will affect local businesses. (Bailey Schulz/Las Vegas Review-Journal)
Opendoor isn't the typical house flipping company
Unlike most house flippers, the company aims to make money from transaction costs rather than from selling homes for more than their purchase price.
The Venetian gondoliers sing Italian songs
Gondolier Marciano sings a the classic Italian song "Volare" as he leads guests through the canals of The Venetian in Las Vegas. (K.M. Cannon/Las Vegas Review-Journal)
Building In Logandale
Texas homebuilder D.R. Horton bought 43 lots in rural Logandale. (Eli Segall/Las Vegas Review-Journal)
Indoor farming in Southern Nevada
Experts discuss Nevada's indoor farming industry. (Bailey Schulz/Las Vegas Review-Journal)
Former Fontainebleau could have become a Waldorf Astoria
Months after developer Steve Witkoff bought the Fontainebleau last summer, he unveiled plans to turn the mothballed hotel into a Marriott-managed resort called The Drew. But if Richard “Boz” Bosworth’s plans didn’t fall through, the north Las Vegas Strip tower could have become a Waldorf Astoria with several floors of timeshare units. (Eli Segall/Las Vegas Review-Journal)
LVCVA CEO Rossi Ralenkotter announces plans to retire
Rossi Ralenkotter, CEO of the LVCVA, on Tuesday confirmed a Las Vegas Review-Journal report that he is preparing to retire. Richard N. Velotta/ Las Vegas Review-Journal
Cousins Maine Lobster to open inside 2 Las Vegas Smith’s stores
Cousins Maine Lobster food truck company will open inside Las Vegas’ two newest Smith’s at Skye Canyon Park Drive and U.S. Highway 95, and at Warm Springs Road and Durango Drive. Cousins currently sells outside some Las Vegas Smith’s stores and at Fremont Street and Las Vegas Boulevard. (K.M. Cannon/Las Vegas Review-Journal)
Las Vegas home prices to continue to rise, expert says
Lawrence Yun, chief economist at the National Association of Realtors, gives homebuyers a pulse on the Las Vegas housing market. (Eli Segall/Las Vegas Review-Journal)
NV Energy announces clean energy investment
The company is planning to add six solar projects in Nevada, along with the state's first major battery energy storage capacity. Bailey Schulz/Las Vegas Review-Journal
3 Mario Batali restaurants on Las Vegas Strip to close
Days after new sexual misconduct allegations were made against celebrity chef Mario Batali, his company announced Friday that it will close its three Las Vegas restaurants July 27. Employees of Carnevino Italian Steakhouse, B&B Ristorante and Otto Enoteca e Pizzeria, all located in The Venetian and Palazzo resorts, were informed of the decision Friday morning. Bastianich is scheduled to visit the restaurants Friday to speak to employees about the next two months of operation as well as how the company plans to help them transition to new positions.
Nevada has its first cybersecurity apprenticeship program
The Learning Center education company in Las Vegas has launched the first apprenticeship program for cybersecurity in Nevada. It was approved by the State Apprenticeship Council on May 15. (K.M. Cannon/Las Vegas Review-Journal)
Las Vegas union members voting to authorize the right to strike
Thousands of Las Vegas union members voting Tuesday morning to authorize the right to strike. A “yes” vote would give the union negotiating committee the power to call a strike anytime after June 1 at the resorts that fail to reach an agreement. (Todd Prince/Las Vegas Review-Journal)
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