Fed chief says banks’ credit role shrinking

Banks play an important, though perhaps somewhat diminished, role in providing credit as consumers and businesses increasingly turn to other financial players, Federal Reserve Chairman Ben Bernanke said Friday.

A copy of Bernanke’s remarks was made available in Washington.

The United States’ financial landscape has changed over the past decades. A company, for instance, can turn to a venture capitalist or Wall Street firm to tap financial capital. A prospective homeowner can turn to various mortgage providers — other than a traditional bank — to get a home loan.


Pearson tries to rally bid for Dow Jones

Pearson PLC, publisher of the Financial Times, is trying to rally partners for a possible bid to rival Rupert Murdoch’s $5 billion offer for Wall Street Journal publisher Dow Jones & Co., the Journal reported Friday.

Pearson, based in the United Kingdom, has approached media company Hearst Corp. as well as General Electric Co. about a possible joint offer, the Journal reported, citing unnamed people familiar with the matter.

Spokesmen for Pearson didn’t respond to messages for comment. A GE spokesman declined to comment, but GE’s chairman and CEO, Jeff Immelt, said recently that GE wasn’t interested in Dow Jones. Hearst spokesman Paul Luthringer responded in an e-mailed statement: “We don’t respond to speculation on such topics.”

NY Merc exploring sale to NYSE Euronext

The New York Mercantile Exchange, the world’s largest energy market, is exploring a sale to NYSE Euronext, Deutsche Boerse AG or Chicago Mercantile Exchange Holdings Inc., said two people involved in the discussions.

Nymex Holdings may be valued at $155 a share or $14.3 billion, 11 percent more than yesterday’s closing price, said one of the people, who asked not to be identified because the talks are confidential. Top Nymex executives have met with their counterparts at the three suitors, the people said. Nymex’s board has been informed of the discussions.

Vista complaint baseless, exec says

Microsoft Corp. Chief Executive Officer Steve Ballmer called Google’s complaint about its new operating system “baseless” and said his company was obeying a government antitrust settlement.

“We are complying with the consent decree,” Ballmer said in response to an audience question after a Friday speech in Novi, Mich. “We think all claims to the contrary are baseless.”

Google, the owner of the most used Internet search engine, complained that its desktop search program doesn’t perform properly on Microsoft’s Vista, the latest version of the Windows operating system that runs about 95 percent of the world’s personal computers, Microsoft said earlier this week.

U.S. officials are studying whether Microsoft violated the consent decree approved in 2002 that settled a government antitrust suit against Microsoft, Connecticut Attorney General Richard Blumenthal said June 11.


IPhone sales limited to Apple, AT&T stores

Customers clamoring to get their hands on Apple’s highly anticipated iPhone better make sure they’re at the right store.

The combination cell phone, media player and wireless Web device will only be sold at stores owned by Apple and AT&T, which has an exclusive deal to offer service for the device when it’s launched June 29. It will also be available at launch on Apple’s Web site.

The device goes on sale at 6 p.m. local time in each U.S. market.

Wynn Resorts grows size of Macau loan

Wynn Resorts Ltd. increased the size of a loan for its casino in Macau, the world’s biggest gambling market, by 24 percent to $1.55 billion, said three people with direct knowledge of the matter.

The company, controlled by developer Steve Wynn, boosted borrowings from $1.25 billion after more than 50 banks and funds offered to lend more than it sought, said the people, who declined to be identified because details aren’t public. Bank of America Corp., Deutsche Bank AG and Societe Generale SA are arranging the financing, they said.

Wynn entered Macau in September after China in 2002 ended Stanley Ho’s 40-year casino monopoly in the former Portuguese enclave.

The loan will trim Wynn’s interest costs and finance an expansion that will more than double the size of the 110,000 square-foot Wynn Macau.


Toyota offering more incentives on Tundras

Toyota Motor Corp., coming off its most successful sales month in the United States, said Friday that it is offering another round of incentives on its full-size Tundra pickup trucks.

The incentives offered through July 31 include a choice of zero-percent financing for five years, rebates of up to $3,500, or reductions of $500 on down payments on three-year leases. The monthly payment on the leases remains $259, but the down payment drops to $2,499 from $2,999.

Japan’s Toyota passed Ford Motor Co. for the No. 2 sales spot in the U.S. in May, when its sales increased 9.7 percent over year-earlier levels. General Motors Corp. remains No. 1.


Winnebago earnings slip in third quarter

Motor home manufacturer Winnebago Industries reported Friday its earnings fell 14.4 percent in the third quarter as higher materials and labor costs hurt its profit margins.

Winnebago earned $11.3 million, or 35 cents a share, in the three months ended May 26 versus $13.2 million, or 40 cents a share, a year ago.

Sales rose 5.2 percent to $231.7 million from $220.3 million.

Analysts polled by Thomson Financial expected 49 cents a share on sales of $245.5 million.


Inflation news sends bond prices higher

A tame consumer inflation report boosted U.S. Treasury bond prices Friday.

At 5 p.m. EDT, the 10-year Treasury note was up $5 per $1,000 in face value, or 0.5 points, from its level at 5 p.m. Thursday. Its yield, which moves in the opposite direction, fell to 5.16 percent from 5.23 percent.

The 30-year bond rose 0.78 points. Its yield fell to 5.25 percent from 5.3 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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