IN BRIEF

PARIS

Pressure mounts for ouster of bank’s boss

Societe Generale’s CEO faced down mounting pressure for his resignation Wednesday over a trading scandal that cost billions, but his reprieve was swiftly followed by questions from the central bank about why operational “malfunctions” were ignored.

The company’s board rebuffed calls by President Nicolas Sarkozy for top executives to face the “consequences” of the huge losses resulting from the unauthorized trading, giving Chairman and CEO Daniel Bouton and co-Chief Executive Philippe Citerne its universal backing.

Bouton had offered to resign as the trading crisis unfolded last week, when the bank said it had lost 4.82 billion euros (U.S. $7.09 billion) in unwinding trades by 31-year-old futures trader Jerome Kerviel. The board refused his offer.

Transport Workers starts gaming division

The Transport Workers Union of America has established a separate gaming division within its structure to oversee the organizing and obtaining of contracts for casino dealers, the union announced Wednesday.

Las Vegas Dealers Local 721 operated as an affiliate of the union before the creation of the new division.

The announcement was made by officers of the New York City-based union during a special union meeting of Las Vegas dealers.

Union President James Little led the meeting.

Transport Workers Union international organizer Joseph Carbon, who led recent organizing efforts at the Wynn Las Vegas and Caesars Palace, will head the new division.

The Transport Workers Union is affiliated with the AFL-CIO and represents 130,000 workers across the country in mass transportation, airlines, railroads, utilities, higher education and municipalities.

BLOOMFIELD HILLS, Mich.

Pulte Homes reports wider quarterly loss

Home builder Pulte Homes on Wednesday said its fourth-quarter loss widened dramatically as the housing market worsened.

For the three months ended Dec. 31, net income fell to $874.7 million, or $3.46 per share, compared with a loss of $8.4 million, or 3 cents per share, a year earlier.

The most recent quarter included $543.3 million of charges for inventory, land and goodwill impairment.

Revenue fell 3.4 percent to $2.9 billion from $4.39 billion.

DETROIT

Isuzu will stop selling cars in North America

The company that developed one of the first mid-sized sport utility vehicles and brought you an ad campaign with a fibbing salesman says it will stop selling new passenger vehicles in North America.

Isuzu Motors Ltd. said Wednesday it will end distribution of its sport utility vehicles and pickup trucks starting Jan. 31, 2009.

The Japanese company blamed the move on General Motors Corp. ceasing production for Isuzu of the Ascender sport utility vehicle and i-290 and i-370 pickup trucks.

Isuzu spokesman Chip Letzgus would give no more details about the decision Wednesday.

At investors’ behest, Altria to spin off unit

Altria Group, the world’s largest tobacco company, will spin off its overseas unit on March 28, bowing to U.S. investors demanding higher dividends and share buybacks.

Shareholders will get one Philip Morris International share for each Altria share, the New York-based company said Wednesday in a statement. The company also reported that fourth-quarter profit from continuing operations fell 9.1 percent because of falling U.S. cigarette shipments and a year-earlier gain.

Chief Executive Officer Louis Camilleri will take charge of the Lausanne, Switzerland-based overseas division

NEW YORK

After Fed rate cut, Treasurys finish lower

Treasurys reversed losses in after-hours trading Wednesday as the stock market gave back a big advance prompted by the Federal Reserve’s widely expected interest rate cut.

During regular trading, the benchmark 10-year Treasury note fell 0.75 points to 104 with a yield of 3.76 percent, up from 3.68 percent late Tuesday, according to BGCantor Market Data. Prices and yields move in opposite directions.

ad-high_impact_4
Business
Bellagio, MGM Resorts International’s luxury hotel turns 20
The more than 3,000-room Bellagio hotel is situated on the site of the former Dunes Hotel. The Dunes was imploded in 1993, and construction of the Bellagio started in 1996. It cost $1.6 billion to build, making it the most expensive hotel in the world at the time. The Bellagio was former Wynn Resorts Ltd. Chairman and CEO Steve Wynn’s second major casino on the Strip after The Mirage. MGM Resorts International acquired the property from Steve Wynn in 2000. (Tara Mack/Las Vegas Review-Journal)
Facial recognition software at G2E – Todd Prince
Shing Tao, CEO of Las Vegas-based Remark Holdings, talks about his facial recognition product. (Todd Prince/Las Vegas Review-Journal)
Former NBA player, Shaquille O'Neal, speaks about his new Las Vegas chicken restaurant
Former NBA player, Shaquille O'Neal, speaks about his new Las Vegas chicken restaurant. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Bobby Baldwin to leave MGM
MGM Resorts International executive and professional poker player Bobby Baldwin is set to leave MGM.
Caesars has new armed emergency response teams
Caesars Entertainment Corp. has created armed emergency response teams. They are composed of former military and law enforcement officials. "These teams provide valuable additional security capabilities,” Caesars spokeswoman Jennifer Forkish said. Caesars is hiring Security Saturation Team supervisors, managers and officers, according to LinkedIn. The company did not say how many people it plans to hire for the units. (Las Vegas Review-Journal)
Las Vegas, airlines prepare for CES
CES in January is expected to attract more than 180,000 attendees. (Las Vegas Review-Journal)
AGS partners with Vegas Golden Knights
AGS is the nation’s second-largest manufacturer of Class II slot machines used primarily in tribal jurisdictions. It announced a marketing partnership with the Vegas Golden Knights NHL team. (Las Vegas Review-Journal)
Lehman Brothers bet big on Las Vegas
Lehman Brothers collapsed 10 years ago, helping send the country into the Great Recession.
Fremont9 opens downtown
Fremont9 apartment complex has opened in downtown Las Vegas. (Marcus Villagran/Las Vegas Review-Journal) @marcusvillagran
Ross & Snow launches in Las Vegas
Luxury shoe brand Ross & Snow has opened in Las Vegas, featuring "functional luxury" with premium shearling footwear. (Bailey Schulz/Las Vegas Review-Journal)
Remote Identification and Drones
DJI vice president of policy and public affairs discusses using remote identification on drones. (Bailey Schulz/Las Vegas Review-Journal)
Drones and public safety in Nevada
Two representatives in the drone industry discuss UAV's impact on public safety. (Bailey Schulz/Las Vegas Review-Journal)
Frontier Airlines to launch flights from Las Vegas to Mexico
Frontier, a Denver-based ultra-low-cost carrier, will become the first airline in more than a decade to offer international service to Canada and Mexico from Las Vegas when flights to Cancun and Los Cabos begin Dec. 15. (Rick Velotta/Las Vegas Review-Journal)
MGM Resorts International CEO Jim Murren addresses Oct. 1 lawsuits
MGM Resorts International Chairman and CEO Jim Murren addresses criticism his company has received for filing a lawsuit against the survivors of the Oct. 1 shooting. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International opens the doors on MGM Springfield
Massachusetts’ first hotel-casino opens in downtown Springfield. The $960 million MGM Springfield has 252 rooms and 125,000-square-feet of casino. (K.M. Cannon/Las Vegas Review-Journal)
MGM Resorts International prepares to open MGM Springfield
Las Vegas-based MGM Resorts International gave news media and invited guests a preview of the $960 million MGM Springfield casino in Massachusetts. The commonwealth's first resort casino will open Friday, Aug. 24. (K.M. Cannon/Las Vegas Review-Journal)
A Walk Through Circus Circus
It only takes a short walk through Circus Circus to realize it attracts a demographic like no other casino on the Strip: families with young children. (Todd Prince/Las Vegas Review-Journal)
Morphy Auctions, a vintage slot machines seller, wants gaming license
Vice president Don Grimmer talks about Morphy Auctions at the company's warehouse located at 4520 Arville Street in Las Vegas on Thursday, Aug. 16, 2018. (Rick Velotta/Las Vegas Review-Journal)
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)
TOP NEWS
News Headlines
Add Event
Home Front Page Footer Listing
Circular
You May Like

You May Like