IN BRIEF

Amalgamated Bank opens valley branches

Amalgamated Bank, which claims to be the only U.S. bank owned by labor unions, on Tuesday opened three branches in the Las Vegas Valley.

The $4.9 billion for-profit bank also will make loans to small- and mid-size businesses, and will participate in some large bank loan syndications to casinos and other businesses.

The bank established three branches in Food 4 Less supermarkets in Las Vegas at 3250 E. Flamingo Road and 4001 S. Decatur Blvd., as well as 2255 Las Vegas Blvd. North in North Las Vegas.

Cable installer to pay back wages, damages

A cable installer in the Las Vegas area has agreed to pay $350,000 in back wages and damages to more than 100 current and former workers.

Cox Communications subcontractor Pratt Communications was found to have failed to pay employees the minimum wage or overtime for more than 40 hours worked in a week.

After an investigation, the U.S. Labor Department ordered Pratt to pay 106 workers from $70 to $20,220 in back pay.

The work was performed from June 1, 2003, to Feb. 15, 2007.

SAN JOSE, Calif.

Apple earnings jump 57 percent in quarter

Apple blew past Wall Street's bullish expectations in the first quarter with a 57 percent jump in profit, but a dramatically lower forecast sent shares plunging on fears about slowing consumer spending on electronics.

The Cupertino-based company's report, released after the market closed Tuesday, reinforced investors' worries that even a hot company like Apple isn't immune from sluggishness in the U.S. economy.

Apple's net profit was $1.58 billion, or $1.76 per share, for the three months ended Dec. 29, up from $1 billion, or $1.14 per share, a year earlier.

The latest results were 14 cents higher than the average estimate of analysts polled by Thomson Financial.

Sales rose 35 percent to $9.61 billion from $7.12 billion.

CHARLOTTE, N.C.

Major banks report slumping profits

The credit crisis all but wiped out fourth-quarter earnings at Bank of America Corp. and Wachovia Corp., but the banks did make some money -- something that can't be said for Citigroup and some other Wall Street financial firms.

Profits fell 95 percent at Bank of America and 98 percent at Wachovia. The numbers, worse than analysts expected, show that the global credit squeeze is still causing customers to fall behind on their bills and banks to lose money on securities they own.

Bank of America earned $268 million, or 5 cents per share, in the three months ended Dec. 31, down from $5.26 billion, or $1.16 per share, a year ago.

Revenue fell 31 percent to $12.67 billion.

Crosstown rival Wachovia said its fourth-quarter profit fell to $51 million, or 3 cents per share, from $2.3 billion, or $1.20 per share, a year earlier.

Revenue fell 16.5 percent to $7.2 billion.

CHICAGO

United Airlines in place to merge, chief says

United Airlines parent UAL Corp. is in "very good position" to pair up with another carrier despite a money-losing fourth quarter, CEO Glenn Tilton said Tuesday.

Tilton wouldn't tip his hand about the status of talks widely reported to be under way with Delta Air Lines, which is looking at potential combinations with either United or Northwest Airlines Corp.

But he did nothing to dampen speculation that the nation's second-biggest airline is pushing hard to team up with Delta or, if those talks fail, another carrier such as Continental Airlines.

WASHINGTON

Interest rates decline in Treasury auction

Interest rates on short-term Treasury bills fell in Tuesday's auction with rates on six-month bills dropping to the lowest level since late 2004.

The Treasury Department auctioned $21 billion in three-month bills at a discount rate of 2.37 percent, down from 3.08 percent last week. Another $19 billion in six-month bills was auctioned at a discount rate of 2.4 percent, down from 2.95 percent last week.

NEW YORK

Treasurys rally after Fed cuts interest rates

Short-term Treasurys rallied sharply, sending a signal that investors expect further rate cuts, after the Federal Reserve on Tuesday reduced the overnight bank lending rate to 3.5 percent.

The 10-year note rose 0.28 points to 106.31 with a yield of 3.49 percent, down from 3.63 percent late Friday.

U.S. financial markets were closed Monday for Martin Luther King Jr. Day.

The 30-year bond gained 0.28 points to 112.88 with a yield of 4.23 percent, down from 4.28 percent late Friday.