Nevada mortgage division fines companies for violating rules
State mortgage division fines companies for violating rules
The Nevada Division of Mortgage Lending said Friday that it disciplined two licensees that violated Nevada Revised Statute 645B.
In a statement, the division said it found, after an investigation, that Las Vegas-based mortgage broker Superior Estates Corp., doing business as First American Mortgage, failed to adequately oversee its agents, engaged in unlicensed activity, and failed to pay previously imposed fines and expenses.
The division fined First American Mortgage $10,000 fine, plus $570 in administrative costs, and revoked the company's mortgage broker license.
Meanwhile, Las Vegas-based mortgage broker South Wind Financial Inc. entered a stipulated settlement agreement with the division after the division found that one of the company's agents was involved in unlicensed mortgage activity.
South Wind Financial was fined $2,500, plus $250 in investigative costs, and agreed to halt any further unlicensed activity.
Delaware governor signs bill to let track add table games
Delaware's governor didn't any waste time signing into law a bill that allows the state's three racetrack casino add table games.
State lawmakers approved the legislation Thursday afternoon. Gov. Jack Markell added has signature that evening.
A spokesman for the governor thought table games could be in place by the summer at Delaware Park, Dover Downs and Harrington Raceway, which currently only offer slot machines.
One gaming analyst told the Press of Atlantic City newspaper that Delaware and Pennsylvania could combine to drive down the Atlantic City Boardwalk's table game revenue by as much as 15 percent.
However, he said that the revenue decline likely won't be as large because of the scheduled 2011 grand opening of the $2.5 billion Revel casino in Atlantic City and an expected uptick in the regional economy.
Cox sues rival CenturyLink, says ads about Web are false
Cox Communications is suing local rival phone and Internet provider CenturyLink, claiming CenturyLink advertisements about its high-speed Internet service are false and misleading. In the federal lawsuit filed late Friday, Cox requested a temporary restraining order to halt the CenturyLink ads.
The Cox lawsuit also charges CenturyLink committed consumer fraud and interfered with Cox's economic advantage. The dispute arose in part from the CenturyLink ads, which according to the lawsuit claim, "Unlike Cox, it's (Century Link High Speed Internet Service) consistently fast no matter how many people are online."
Cox attorneys allege such ads make false claims that Cox's Internet Service is not consistently fast.
Cox spokesman Juergen Barbusca declined to comment on the pending litigation. CenturyLink could not be reached for comment late Friday.
NEW YORK
Electric car manufacturer Tesla plans to offer stock to public
Electric car manufacturer Tesla Motors Inc. said Friday it plans to sell stock to the public.
The company, based in Palo Alto, Calif., did not disclose in a filing with the Securities and Exchange Commission specifically how much it plans to raise though it listed $100 million as a placeholder figure. The actual amount it raises could be higher.
Tesla also did not give a date for when it plans to launch the IPO, nor did it say how many shares it would sell or at what price.
A Tesla IPO has been widely expected. The company has garnered attention for its high-end Roadster, an all-electric sports car that retails for $109,000.
The two-door Roadster is the only model Tesla sells now, but the company plans to start selling a four-door sedan, the Model S, in 2012. The Model S, which is slated to go for $49,900 when including a federal tax credit, is designed to travel as far as 300 miles on a three- to five-hour charge.
The company has not been profitable. Since its founding in 2003, it has lost $236.4 million, according to its filing.
MORRIS TOWNSHIP, N.J.
Oil giant Chevron reports 37 percent dip in profits
Chevron Corp. said Friday its fourth-quarter profit fell 37 percent as higher crude prices led to huge losses in its refining business.
Chevron's fourth-quarter earnings were $3.1 billion, or $1.53 per share, for the quarter ended Dec. 31, down from earnings of $4.9 billion, or $2.44 per share, a year earlier. Revenue rose 10.3 percent to $47.6 billion.
As a result, Chevron has been scaling down its refining operations. CEO John Watson said in a conference call that Chevron would cut spending by $1 billion this year on its downstream business, which includes refining, marketing and transportation.
NEW YORK
Barbie going strong at 50 -- and has sales to prove it
Barbie proves there is life after 50, especially if you're willing to keep reinventing yourself.
Sales of Mattel Inc.'s famed doll, which celebrated five decades last year, rose for the first time in almost two years, helping put some holiday cheer into Mattel's fourth-quarter earnings report Friday.
That and cost cutting helped the No. 1 U.S. toy maker's fourth-quarter profit jump 86 percent on a 1 percent sales increase.
Sales of Barbie -- who turned 50 last year -- rose 12 percent in the quarter, including a 9 percent rise in the U.S. and a 14 percent jump internationally.
