IN BRIEF

DETROIT

UAW leader credits GM for agreement

United Auto Workers President Ron Gettelfinger credited General Motors Corp. on Monday for a tentative wage-concession deal with Delphi Corp. meant to help the struggling auto supplier emerge from bankruptcy and avoid a strike.

Meanwhile, Gettelfinger continued to criticize Delphi’s leaders, who he said wanted to drag out the bankruptcy and put the Troy-based Delphi in foreign hands.

“If it weren’t for (GM Chief Financial Officer) Fritz Henderson and his team … this agreement never would have come about,” Gettelfinger said in an interview with a Detroit radio station.

Delphi spokesman Lindsey Williams said the company would not respond to Gettelfinger’s comments.

Gettelfinger wouldn’t give details of the agreement, signed Friday by Delphi and UAW leadership.

The deal still must be approved by the 17,000 UAW members and a federal bankruptcy judge in New York.

Longtime Nevada law firms to merge Aug. 1

One of Nevada’s oldest law firms will merge with Phoenix-based Lewis & Roca effective Aug. 1. Pending a lengthy conflict review, all 34 Beckley Singleton attorneys will join Lewis & Roca’s 24-member Nevada operation. Beckley Singleton has served clients for 45 years, briefly becoming the state’s largest firm in 1989.

Dan Polsenberg, a longtime Beckley Singleton partner, said every attorney in the firm agreed to join Lewis & Roca after a six-month “courtship.”

“We are doing this all together. We didn’t want to go our separate ways,” he said.

Tom Ryan, Lewis & Roca’s chief Nevada partner, said that in addition to the merger, the firm plans to add six or seven attorneys to its Nevada offices this year.

CHICAGO

Walgreen says profits up nearly 20 percent

Drugstore Walgreen Co. said Monday that an increase in prescription sales, especially among profitable generic medications, helped its third-quarter profit climb nearly 20 percent.

The nation’s biggest pharmacy chain by revenue reported a profit of $561.2 million, or 56 cents per share, in the quarter that ended May 31. During the same period last year, the company posted earnings of $469.2 million, or 46 cents per share.

Revenue climbed nearly 13 percent to $13.7 billion from $12.2 billion last year, but fell short of Wall Street forecasts. Analysts polled by Thomson Financial expected a profit of 54 cents on revenue of about $13.8 billion.

DETROIT

Pilot shortage blamed for canceled flights

The Northwest Airlines pilots union said Monday that a pilot shortage is to blame for a recent flurry of cancellations that have stranded travelers on hundreds of flights nationwide.

The airline canceled 193 flights Sunday and 163 flights as of late Monday, according to the Airline Pilots Association and www.flightstats.com. The union said at least 450 cancellations have occurred since Saturday.

Northwest spokesman Dean Breest blamed the cancellations on weather-related disruptions due to scheduling.

Other airlines, however, are not reporting similar problems.

WASHINGTON

Compromise urged in patent dispute

A judge suggested a possible compromise in a patent dispute between Internet phone carrier Vonage and Verizon Communications that would allow Vonage to continue signing up new customers while it modifies its technologies.

Judge Timothy Dyk, part of the three-judge panel of the U.S. Court of Appeals for the Federal Circuit, made the remark during arguments Monday.

The panel is considering Vonage’s appeal of a March jury verdict that found Vonage infringed on three Verizon Communications patents in constructing its Internet phone system. The jury in awarded Verizon $58 million, plus future royalties for continued patent infringement.

WASHINGTON

Interest rates rise on Treasury bills

Interest rates on short-term Treasury bills rose in Monday’s auction with six-month bills climbing to the highest level since early May.

The Treasury Department auctioned $14 billion in three-month bills at a discount rate of 4.685 percent, up from 4.490 percent last week; and $14 billion in six-month bills at a discount rate of 4.810 percent, up from 4.715 percent last week.

The three-month rate was the highest since three-month bills averaged 4.710 percent three weeks ago. The six-month rate was the highest since 4.815 percent on May 7.

NEW YORK

Bond prices claim additional gains

Treasury prices made further gains Monday, as investors continued to favor U.S. government bonds amid concerns about spillover from the subprime mortgage market and broad credit quality concerns.

At 5 p.m. EDT, the 10-year Treasury note was up $4.06 per $1,000 in face value, or 0.41 points, from its level at 5 p.m. Friday. Its yield, which moves in the opposite direction, fell to 5.08 percent from 5.14 percent.

The 30-year bond rose 0.69 points. Its yield fell to 5.20 percent from 5.25 percent.

ad-high_impact_4
Business
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)
TOP NEWS
News Headlines
Add Event
Home Front Page Footer Listing
Circular
You May Like

You May Like