Published: Thursday, April 2, 2009
Construction slows again in February
Construction spending fell for a fifth straight month in February, but the results were better than expected and, along with other economic reports, suggested contraction may be nearing an end. The Commerce Department said Wednesday that February construction activity dropped 0.9 percent, less than the 1.5 percent decline economists had forecast. Total construction has been falling since October. The level of activity is at the slowest pace in nearly five years. Meanwhile a trade group’s measure of the health of the manufacturing sector contracted for the 14th straight month in March, but at a slower pace than expected. Home builders have cut back sharply, but face a rising glut of unsold homes as record mortgage foreclosures dump more properties on the market.
Refinancing rises for mortgage loans
Mortgage applications continued to rise last week, as low interest rates encouraged borrowers to refinance their home loans. The Mortgage Bankers Association said Wednesday its weekly application index climbed 3 percent for the week ended March 27. The index came in at 1,194.4, up from 1,159.4 a week earlier. On an unadjusted basis, the index rose 2.9 percent compared with the previous week, the trade group said. Nearly 80 percent of applications came from borrowers seeking to refinance home loans at lower rates, rather than purchase homes.
Macy’s CEO pay mostly in stock
Macy’s Inc.’s Chief Executive and Chairman Terry Lundgren received compensation valued at $14.82 million in 2008, much of it in stock compensation, according to an Associated Press calculation of figures disclosed in a regulatory filing. That was up 3 percent from 2007. Lundgren received a base salary of $1.5 million, up slightly from $1.49 million in 2007, according to a proxy statement filed with the Securities and Exchange Commission. He also received a performance-based cash bonus of $900,000, something he didn’t receive in 2007. Lundgren also received various perks totaling a little over $496,000, including about $117,000 for use of the corporate jet, $297,958 in use of a car and driver service, and $28,542 in additional merchandise discounts. But the bulk of Lundgren’s compensation came in the form of restricted stock and option-based awards valued at more than $11.9 million.
Conficker worm not big problem
The malicious Conficker Internet worm got more aggressive about trying to reach its creators Wednesday, but computer security researchers appeared correct in their predictions that the effects would be muted. The worm’s programming included a change in tactics on April 1: The estimated 3 million to 12 million computers infected by Conficker were told to step up their attempts to phone for commands. But that seemed to be the only sign of life.
From Herald news services
Refinancing rises for mortgage loans
Mortgage applications continued to rise last week, as low interest rates encouraged borrowers to refinance their home loans. The Mortgage Bankers Association said Wednesday its weekly application index climbed 3 percent for the week ended March 27. The index came in at 1,194.4, up from 1,159.4 a week earlier. On an unadjusted basis, the index rose 2.9 percent compared with the previous week, the trade group said. Nearly 80 percent of applications came from borrowers seeking to refinance home loans at lower rates, rather than purchase homes.
Macy’s CEO pay mostly in stock
Macy’s Inc.’s Chief Executive and Chairman Terry Lundgren received compensation valued at $14.82 million in 2008, much of it in stock compensation, according to an Associated Press calculation of figures disclosed in a regulatory filing. That was up 3 percent from 2007. Lundgren received a base salary of $1.5 million, up slightly from $1.49 million in 2007, according to a proxy statement filed with the Securities and Exchange Commission. He also received a performance-based cash bonus of $900,000, something he didn’t receive in 2007. Lundgren also received various perks totaling a little over $496,000, including about $117,000 for use of the corporate jet, $297,958 in use of a car and driver service, and $28,542 in additional merchandise discounts. But the bulk of Lundgren’s compensation came in the form of restricted stock and option-based awards valued at more than $11.9 million.
Conficker worm not big problem
The malicious Conficker Internet worm got more aggressive about trying to reach its creators Wednesday, but computer security researchers appeared correct in their predictions that the effects would be muted. The worm’s programming included a change in tactics on April 1: The estimated 3 million to 12 million computers infected by Conficker were told to step up their attempts to phone for commands. But that seemed to be the only sign of life.
From Herald news services
Comments
(