CORRECTION ON 05/02/07 — A brief in the Business section of Tuesday’s Review-Journal incorrectly identified the Nevada secretary of state. Ross Miller is secretary of state.

Secretary of State arrests local resident

The Secretary of State’s Securities Division has said it arrested Peter "Tahiti Pete" Douglas Ortman, a 52-year-old Canadian living in Las Vegas.

The defendant, who was arrested Friday, is charged with sale of unregistered securities, sale of securities without a license and securities fraud.

The state said Ortman sold stock stocks issued by Starfish Capital Partners, made false statements and withheld material information from investors.

Starfish is a holding company for business such as a travel company, cigar company and Internet travel company. Secretary of State Steve Miller said an estimated $100,000 in investors’ money was lost.


Mine near Kingman to get $200 million boost

A booming precious metals market has sparked the revival and expansion of a northern Arizona copper mine that once employed more than 300 people before shutting down in 1980.

Mercator Minerals is investing $200 million to increase production at the Mineral Park Mine 12 miles north of Kingman.

Mercator President Mike Surratt said the company could recover its equipment investment in less than one year if the strong market holds. He said its strength is sustained by heavy demand for steel products in China and other foreign markets.

Surratt said the mine should produce about 56 million pounds of copper, 10 million pounds of molybdenum and 600,000 ounces of silver per year when the expansion is completed in the first quarter of 2009.


Kellogg profits rise by 17 percent in quarter

Kellogg Co.’s first-quarter earnings climbed 17 percent, boosted by stronger snack sales and a tax benefit.

Revenue rose 9 percent to $2.96 billion in the three months ended March 31, up from $2.73 billion during the first quarter of 2006, Kellogg said.

The maker of Rice Krispies cereal, Eggo waffles and Keebler cookies earned $321 million, or 80 cents per share, up from $274 million, or 68 cents per share. The latest results also included a $40 million tax benefit.

Excluding the tax benefit, earnings were 70 cents per share. Wall Street analysts polled by Thomson First Call expected a profit of 68 cents per share excluding one-time items on sales of $2.85 billion.

Kellogg shares fell 17 cents, or 32 cents per share, Monday to close at $52.91 on the New York Stock Exchange.


Verisign to push for disposable passwords

A leading provider of digital-security services wants to make disposable passwords easier for consumers to accept by squeezing the technology into the corner of a regular credit or ATM card.

Fran Rosch, vice president for authentication services at VeriSign, said the one-time passwords haven’t taken off in the United States partly because consumers need to carry a small device that generates passwords on the fly. That barrier is removed, he said, by having the technology built into cards consumers already carry.

VeriSign was expected to announce a deal Tuesday with Innovative Card Technologies to outfit banks and e-commerce sites with cards that work with VeriSign’s password system.

With the card, consumers logging on to an online bank account, for instance, would type in their regular username and password, along with a six-digit code that appears on the card’s display window. That code constantly changes, meaning the customer needs to have possession of the card to access the account.


General Growth profits rise tenfold in quarter

General Growth Properties, the second-largest owner of U.S. shopping malls by market value, said first-quarter earnings rose tenfold on a change in the tax treatment of some properties.

Net income increased to $230.2 million, or 94 cents a share, from $23 million, or 10 cents a share, a year earlier, the Chicago-based company said today in a statement.

Revenue fell 12 percent to $728.8 million from $828.6 million.

Revenue in last year’s first quarter was boosted by $18.7 million in lease-termination fees that wasn’t repeated this year, Chief Financial Officer Bernie Freibaum said.

In Las Vegas, General Growth Properties operates the Fashion Show, Meadows and Boulevard malls, the Grand Canal Shoppes in The Venetian and the forthcoming Summerlin Center the Shoppes at the Palazzo.

General Growth Properties shares fell $1.24, or 1.91 percent, Monday to close at $63.85 on the New York Stock Exchange.


Vestin chief to buy more shares of trust

Vestin Realty Mortgage II, a real estate investment trust managed by the Las Vegas company of the similar name, announced on Monday that Michael Shustek, chairman and chief executive, intends to spend $2 million buying additional shares over the next 13 months.

Shustek said he only owns about 200,000 shares in the REIT and considers it undervalued with its market price 25 percent below the value on accounting books. At the current price, the REIT is yielding 11.5 percent with no debt, Shustek said.

Vestin announced the company planned to buy back $10 million in shares of the REIT.

Shares in Vestin II closed at $5.32 on Monday, down 7 cents or 1.3 percent.


Bond prices increase after inflation report

Treasury bond prices gained Monday after a report suggested inflation pressures are waning, reducing the threat of additional rate increases from the Federal Reserve.

At 5 p.m. EDT, the 10-year Treasury note was up $5.63 per $1,000 in face value, or 0.56 points, from its level at 5 p.m. Friday. Its yield, which moves in the opposite direction, fell to 4.62 percent from 4.70 percent.

The 30-year bond rose 1.06 points. Its yield fell to 4.81 percent from 4.88 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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