IN BRIEF

NEW YORK

Oil futures rise to record after report

Oil futures prices rose sharply Wednesday, briefly climbing above a record $80 a barrel after the government reported a surprisingly large drop in crude inventories and declines in gasoline supplies and refinery activity.

The report from the Energy Department’s Energy Information Administration suggested oil supplies are tightening as demand remains strong. That’s why oil prices are rising despite OPEC’s decision on Tuesday to boost crude production by 500,000 barrels per day this fall, analysts said.

Despite Wednesday’s jump, oil is still well below inflation-adjusted highs hit in early 1980. Depending on the adjustment, a $38 barrel of oil in 1980 would be worth $96 to $101 or more today.

Light, sweet crude for October delivery rose $1.68 to settle at a record $79.91 on the New York Mercantile Exchange after rising as high as $80.18 earlier. October gasoline rose 3.49 cents to settle at $2.016 a gallon.

Target may sell its credit-card portfolio

Target Corp., the discount retailer pressured by investors to boost its shares, may sell its $7 billion credit-card portfolio and increase share buybacks.

Target hired Goldman, Sachs & Co. to help evaluate a potential sale. Any decisions, including a review of its use of debt, will be made by December, the Minneapolis-based company said in a statement.

PITTSBURGH

Alcoa sells stake in China aluminum maker

Alcoa, the biggest U.S. aluminum producer, has sold its nearly 7 percent stake in China’s largest aluminum maker for $2 billion.

Pittsburgh-based Alcoa said Wednesday it will continue to invest in the aluminum industry in China, where it first opened offices in 1993 and currently manufactures foil, fasteners, automotive components and other products.

Alcoa had been an investor in Aluminum Corp. of China Ltd., also known as Chalco, since the Chinese company’s initial public offering in 2001. Its initial investment was less than $200 million.

The company sold its interest for the equivalent of $2.23 a share, a 15 percent discount to Wednesday’s closing price on the Hong Kong Stock Exchange.

OMAHA, Neb.

Union for meatpackers to sue authorities

A union representing workers at six Swift & Co. meatpacking plants sued federal immigration authorities Wednesday, alleging agents violated the workers’ rights during raids by roughly handling even those not suspected of crimes.

The United Food and Commercial Workers International Union and the eight workers named as plaintiffs in the lawsuit seek unspecified damages and an order to stop U.S. Immigration and Customs Enforcement from conducting what the union says are illegal raids.

ICE officials investigating identity theft arrested 1,297 workers at the plants in December, but union officials have said that more than 12,000 workers were detained against their will during the raids. Swift has estimated the financial impact at up to $50 million.

MONTPELIER, Vt.

Judge gives states win in gas-emissions fight

Vermont and several other states scored a victory on Wednesday in their battle to get automakers to comply with rules aimed at reducing global warming.

A federal judge ruled that states can regulate greenhouse gas emissions from vehicles, rejecting automakers’ claims that federal law pre-empts state rules and that technology can’t be developed to meet them.

The limits, slated to start phasing in 2009, would require a 30 percent reduction in carbon dioxide emissions from cars and trucks by 2016, a standard the carmakers have maintained would require average fuel economy standards for cars and the lightest category of trucks of 43.7 miles per gallon.

Washington Mutual will shutter division

Washington Mutual, the largest U.S. savings and loan, will shutter one division that bought mortgages from other home lenders and another that financed mortgage companies.

The closures will result in about 1,000 firings, spokesman Alan Gulick said. The Seattle-based company also plans to hire about 1,000 loan officers in the next few months in its mortgage and bank branches, bringing the total to about 3,000, he said.

Washington Mutual has been shrinking its mortgage business for more than three years after the peak of a record refinancing boom in 2003. Between June 30 and a year earlier, the staff at its home-loans group fell to 12,735, from 15,560, Gulick said.

NEW YORK

Treasury prices decline as stocks stay static

Treasury prices fell Wednesday, their recent sharp run-up interrupted by rising stock prices and a return of buyers to the long-dormant corporate bond market.

The benchmark 10-year Treasury note closed down 0.28 points at 102.72 with a yield of 4.41 percent, up from 4.36 percent in late trade Tuesday. Prices and yields move in opposite directions.

The 30-year long bond fell 0.47 points to 105.03 with a 4.69 percent, against 4.65 percent late Tuesday.

ad-high_impact_4
Business
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)
Small businesses struggle to find qualified candidates
A 2018 survey found that over two-thirds of small businesses in Nevada find it somewhat to very difficult to recruit qualified candidates. Bailey Schulz/Las Vegas Review-Journal
Nevada secretary of state website offers little protection against fraudulent business filings
Property developer Andy Pham tells how control of his business was easily seized by another person using the secretary of state website.
Caesars may be going solo in its marijuana policy
Several Southern Nevada casino companies aren’t following Caesars Entertainment’s lead on marijuana testing.
How much is the Lucky Dragon worth?
Less than a year-and-a-half after it opened, the Lucky Dragon was in bankruptcy.
Gyms and discount stores take over empty retail spaces
Grocery stores used to draw people to shopping centers. But many large retail spaces have been vacant since 2008. Discount stores like goodwill and gyms like EOS Fitness are filling those empty spaces, and helping to draw shoppers back in. K.M. Cannon/Las Vegas Review-Journal
Funding source of Las Vegas stadium for the Raiders is sound, expert says
The stadium is funded in part by $750 million of room taxes, the biggest such tax subsidy ever for a professional sports stadium. Robert Lang, executive director of Brookings Mountain West and The Lincy Institute at UNLV, says that is a good use of public funds. (Richard Velotta/Las Vegas Review-Journal)
Las Vegas needs light rail, expert says
Robert Lang, executive director of Brookings Mountain West and the Lincy Institute said he is afraid of a "congestion mobility crisis." Las Vegas needs a light rail system, he said, to accommodate the city's growing number of attractions. (Richard Velotta/Las Vegas Review-Journal)
Three takeaways from Wynn Resorts' Earnings Call
Matt Maddox came out swinging in his first earnings conference call as Wynn Resorts chief executive officer, boasting of record Las Vegas quarterly revenues and applicants lining up for work.
Star Wars VR Comes to Las Vegas
Sneak peak at the new "Star Wars: Secrets of the Empire" VR experience at the Grand Canal Shoppes.
Elaine Wynn continues her fight to change Wynn Resorts board
Elaine Wynn, the largest shareholder of Wynn Resorts Ltd., is seeking to kick a friend of her ex-husband Steve Wynn off the company’s board of directors. (Todd Prince/Las Vegas Review-Journal)
Zillow is getting into house flipping in Las Vegas
Las Vegas Review-Journal real estate reporter Eli Segall says flipping houses has waned in popularity after the housing bubble burst.
Ellis Island Buys Mt. Charleston Lodge
Ellis Island, which operates a casino, brewery and hotel just off the Strip, purchased the Mt. Charleston Lodge in early April.
Casinos to be penalized for allowing drug-impaired customers to gamble
Nevada Gaming Commission Chairman Tony Alamo talks about an amendment making casinos subject to the same disciplinary standards of preventing people to gamble if impaired by drugs as they are for letting them play while intoxicated by alcohol.
Terrible Herbst to open large travel center in Southern Nevada
The 50,000-square-foot commercial travel center will include 96 fuel pumps and the third White Castle restaurant in Southern Nevada. Wade Tyler Millward reports.
Art Bell’s Top 10 Shows
A selection of radio host Art Bell’s most popular shows.
Hooters owner talks about room upgrades at his hotel-casino
George Ruff, founder and senior principal of Trinity Hotel Investors L.L.C., owner of Hooters Hotel and Casino in Las Vegas, talks about recent room upgrades at the hotel. K.M. Cannon/Las Vegas Review-Journal
Passengers Discuss Allegiant Air
Allegiant Air passengers voice their views on the airline at McCarran International Airport on April 16, 2018. (Bailey Schulz/Las Vegas Review-Journal)
Longtime Las Vegas attorney John Momot dies at age 74
Criminal defense attorney John Momot, who represented mob figures and even played himself in the movie “Casino,” has died.
TOP NEWS
News Headlines
ad-infeed_1
ads_infeed_2
Local Spotlight
Home Front Page Footer Listing
Circular
You May Like

You May Like