Published: Saturday, November 28, 2009
Gasoline prices up for holidays across the U.S.
Gasoline prices dipped slightly as the Thanksgiving travel season began, but are still significantly higher than they were a year ago and are expected to remain so into the new year. Locally the average price for regular unleaded gas was $2.856 Friday and $2.052 a year ago, an 80-cent difference, according to AAA. Nationally, the average price was $2.636 this week, more than 75 cents higher than the year-ago price of $1.885. “It should be status quo for the near future,” said AAA spokesman Brian Newbacher.
India’s Tata Motors makes a profit
India’s Tata Motors said Friday that it swung to profitability on a consolidated basis for the September quarter after months of deep losses, thanks to aggressive cost-cutting and reviving sales of its Jaguar and Land Rover brands in the United Kingdom. “We see signs of stabilization and improvement,” said Chief Financial Officer C. Ramakrishnan. “Cost-reductions at Jaguar Land Rover should benefit us in the coming quarters.” Net profit for the quarter that ended in September was 217.8 million rupees ($4.7 million), up from a loss of 9.4 billion rupees ($201.7 million) during the same period last year. During the April to June quarter, the company suffered a loss of 3.29 billion rupees ($70.4 million), on a consolidated basis.
Bank borrowing rose this week
Banks borrowed slightly more from the Federal Reserve’s emergency lending program over the past week. The Fed said Friday that commercial banks averaged $19.9 billion in daily borrowing over the week that ended Wednesday. That’s up $139 million on average from the previous week. However, it is still $73.7 billion lower than the borrowing pace set a year ago at the peak of the financial credit crisis. Banks’ use of the program has been declining for the last several months, reflecting more stability in the banking system. Banks pay just 0.50 percent interest to take advantage to the emergency, overnight loans.
Las Vegas gambles on hotel complex
Sin City is pinning its biggest bet ever — $8.5 billion — on a 67-acre, six-tower complex of striking hotels, gourmet restaurants, swank shops and a single casino that starts opening Tuesday in the heart of the Las Vegas Strip. Many watching the high-stakes roll of the dice shudder at the thought that nearly 5,900 rooms in three hotels will be awaiting guests when CityCenter’s crown jewel — the 4,004-room Aria Resort & Casino — opens Dec. 16. That will increase Las Vegas’ already saturated inventory by more than 4 percent at a time when fewer visitors are coming and room prices have fallen 25 percent from last year. CityCenter’s debut might pull rates even lower, but state leaders hope the complex leads Nevada out of two years of economic misery that has hit the state with record unemployment, foreclosures and bankruptcies.
From Herald news services
India’s Tata Motors makes a profit
India’s Tata Motors said Friday that it swung to profitability on a consolidated basis for the September quarter after months of deep losses, thanks to aggressive cost-cutting and reviving sales of its Jaguar and Land Rover brands in the United Kingdom. “We see signs of stabilization and improvement,” said Chief Financial Officer C. Ramakrishnan. “Cost-reductions at Jaguar Land Rover should benefit us in the coming quarters.” Net profit for the quarter that ended in September was 217.8 million rupees ($4.7 million), up from a loss of 9.4 billion rupees ($201.7 million) during the same period last year. During the April to June quarter, the company suffered a loss of 3.29 billion rupees ($70.4 million), on a consolidated basis.
Bank borrowing rose this week
Banks borrowed slightly more from the Federal Reserve’s emergency lending program over the past week. The Fed said Friday that commercial banks averaged $19.9 billion in daily borrowing over the week that ended Wednesday. That’s up $139 million on average from the previous week. However, it is still $73.7 billion lower than the borrowing pace set a year ago at the peak of the financial credit crisis. Banks’ use of the program has been declining for the last several months, reflecting more stability in the banking system. Banks pay just 0.50 percent interest to take advantage to the emergency, overnight loans.
Las Vegas gambles on hotel complex
Sin City is pinning its biggest bet ever — $8.5 billion — on a 67-acre, six-tower complex of striking hotels, gourmet restaurants, swank shops and a single casino that starts opening Tuesday in the heart of the Las Vegas Strip. Many watching the high-stakes roll of the dice shudder at the thought that nearly 5,900 rooms in three hotels will be awaiting guests when CityCenter’s crown jewel — the 4,004-room Aria Resort & Casino — opens Dec. 16. That will increase Las Vegas’ already saturated inventory by more than 4 percent at a time when fewer visitors are coming and room prices have fallen 25 percent from last year. CityCenter’s debut might pull rates even lower, but state leaders hope the complex leads Nevada out of two years of economic misery that has hit the state with record unemployment, foreclosures and bankruptcies.
From Herald news services
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