Unions for Northwest, Delta fail to agree

Delta Air Lines’ pilots union has told company executives it has been unable to agree on seniority issues with its counterpart at Northwest Airlines, raising serious doubts about the prospect of a combination of the two companies.

The disclosure was made Monday afternoon in a letter from the head of the pilots union at Delta, Lee Moak, to rank-and-file Delta pilots.

The letter does not mention Northwest, but describes the union that Delta’s pilots had been negotiating with as the only one they were focused on talking with. Multiple officials close to the talks have said in recent months that the other company was Northwest Airlines Corp.


New York Merc bought for about $9.5 billion

CME Group agreed to buy the New York Mercantile Exchange for about $9.5 billion Monday, a $2 billion discount over the originally announced price due to a dramatic decline in the stock of both futures markets.

“We can’t control the price of the stock market, however we both see stable companies with growth,” Nymex Chairman Richard Schaeffer said.

The merger would add energy and metals futures to the CME Group’s existing portfolio of financial and agricultural instruments, adding depth to its product line and improving the appeal of its contracts in the Middle East and Asia.

International Paper buys units from rival

International Paper Co., the world’s largest forest-products maker, agreed to buy packaging, recycling and containerboard units from Weyerhaeuser Co. for $6 billion to expand in North America.

The cash transaction includes 72 box-making factories, nine containerboard mills, 19 recycling plants and other sites that employ a total of 14,300 workers, Memphis, Tenn.-based International Paper said in a statement. Five banks have “fully committed” financing for the deal, Chief Financial Officer Timothy Nicholls said on a call with investors.

International Paper Chief Executive Officer John Faraci said the deal makes his company the world’s largest maker of containerboard and corrugated boxes.

Billionaire to purchase division of H&R Block

Billionaire Wilbur Ross agreed to buy the mortgage-servicing unit of H&R Block, including facilities in Las Vegas, for about $1.1 billion, creating the second-largest U.S. firm that collects payments on subprime loans.

WL Ross & Co. would handle records for about $95 billion of subprime mortgages, behind only Countrywide Financial Corp., Ross’ New York-based private equity firm said Monday in a statement.

Ross is known for picking up distressed assets at bargain prices. He bought the servicing arm of bankrupt American Home Mortgage Investment Corp. in October for about $500 million. Servicing businesses, which collect fees from the owners of mortgages, can gain value during housing slumps because borrowers are less likely to move or refinance.

Besides Las Vegas, other facilities included in the sale are in Irvine, Calif.; Jacksonville, Fla.; and Pune, India, Ross said. The deal is expected to close by May 30.

New Jersey tracks given casino subsidies

The New Jersey Senate on Monday approved a bill granting the state’s struggling horseracing industry $90 million in casino subsidies over three years to supplement purses, after the Assembly passed it last week.

The legislation, approved 38-1, expands tax deductions for casinos in return for the subsidies. It would also continue a moratorium on the installation of slot machine-like video lottery terminals at the state’s horse tracks.

Gov. Jon Corzine earlier this month said the subsidies will protect the state’s $1.1 billion horseracing and breeding industry. His spokesman Jim Gardner said Monday there is no date set for the signing.


Plan for casino complex by Disneyland scrapped

A developer has withdrawn its proposal for a condo-hotel complex close to Disneyland, effectively ending a long-running political battle over whether homes should be built in the theme park area, an Anaheim city official said Monday.

Newport Beach-based Renaissance Pacific Properties LLC last week pulled its plan to build 191 condominiums and a 102-room hotel on a 4.8-acre site by a road leading to the theme park complex, planning director Sheri Vander Dussen said.


Interest rates decline in Treasury auction

Interest rates on short-term Treasury bills fell in Monday’s auction to the lowest levels in nearly four years.

The Treasury Department auctioned $24 billion in three-month bills at a discount rate of 1.1 percent, down from 1.42 percent last week. Another $22 billion in six-month bills was auctioned at a discount rate of 1.31 percent, down from 1.45 percent last week.


Treasurys rise on fears over Bear Stearns sale

Treasury prices rallied Monday on concerns that the sale of Bear Stearns Cos. to JPMorgan Chase & Co. may be followed by further unraveling in the financial system.

The benchmark 10-year Treasury note rose 1.16 to 101.66 with a yield of 3.30 percent, down from 3.42 percent late Friday, according to BGCantor Market Data. Prices and yields move in opposite directions.

The 30-year long bond gained 0.91 points to 101.66 with a yield of 4.29 percent, down from 4.35 percent.

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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