IN BRIEF

CARSON CITY

Panel set to consider tax rate Nevada employers must pay

The state Employment Security Council will weigh Nevada’s dismal economy against rising debt to pay jobless claims when it considers how much employers should pay into Nevada’s unemployment trust fund.

The council last year recommended leaving the rate unchanged — about 1.33 percent on the first $27,000 in wages — as the recession gripped Nevada’s economy. It meets to day in Carson City to consider the rate for next year.

But the state’s trust fund is broke, and with the highest unemployment rate in the nation, Nevada has been relying on money borrowed from the federal government to pay benefits — money it will eventually have to repay, possibly with interest.

The federal stimulus bill provided states with interest-free loans for unemployment claims through 2010.

After that, the law provides for an interest rate of 4.6 percent on any outstanding balances.

So far the state has borrowed $450 million, a state official said Monday.

RENO

NV Energy says net income doubled in second quarter

NV Energy reported net income for the second quarter ending June 30 doubled from the same period last year.

Nevada’s main electricity provider on Monday said net income totaled $36.9 million, or 16 cents per share, compared with $18.4 million, or 8 cents per share, for the same quarter in 2009.

NV Energy is the holding firm for the utilities in Southern and Northern Nevada.

NV Energy had quarterly earnings for $29.7 million, up from $12.5 million last year. Earnings for Sierra Pacific dropped from $14.8 million in 2009 to $11.3 million.

Bank of America slashes
CD rates; others may follow

Bank of America slashed rates on CD rates last week, the Wall Street Journal reported on its website.

The Charlotte, N.C., bank cut the rate on its five-year CD by half of a percentage point, from 2.25 percent to 1.75 percent. Its four-year CD went from 1.75 percent to 1.45 percent and its three-year CD went from 1.5 percent to 1.1 percent, the Journal reported.

Other banks typically follow the nation’s largest bank by assets and cut long-term rates.

On its website, the Journal reported that two-year Treasury yields hit a record intraday low Friday of 0.539 percent. Nationally, money market rates have fallen to 0.75 percent.

NEW YORK

Annual fees less common
in wake of new legislation

It’s been nearly six months since a sweeping law changed how credit card companies are able to hike interest rates, charge over-the-limit fees and apply payments.

Annual fees are now less common in the wake of The Credit Card Accountability Responsibility and Disclosure Act of 2009. According to marketing consultant Mintel Comperemedia, 28 percent of mailed offers in the second quarter had annual fees, down from 33 percent a year ago.

There’s also been little change in rewards programs, which still come with 80 percent of card offers, Mintel found.

Short-term introductory rates, commonly called teaser rates, have increased to 56 percent of offers, from 37 percent a year ago. Many of these offers are made at zero percent, and in some cases that rate lasts for as long as 16 months.

Pizza company opens
seventh Las Vegas location

Cici’s Pizza will open its seventh Las Vegas location today at 2415 E. Tropicana Ave.

The store, which is about 4,000 square feet, will open at 11 a.m.

Store operator Mike Haskins said about 60 workers will be hired. The family-oriented restaurant is known for its low-cost pizza buffet.

The company is based in Texas and opened its first store in Plano in 1985. The company has more than 650 restaurants in 35 states.

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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)
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