Declaring “good news” in the midst of an economic meltdown, President Barack Obama on Thursday urged families to take advantage of near-record low mortgage rates by refinancing their home loans. “We are at a time where people can really take advantage of this,” Obama said, seated with a handful of homeowners who have already lowered their bills. But he also warned people to watch out for scam artists seeking money upfront to help modify a mortgage. Rates on 30-year mortgages inched up this week but remain near the lowest level in decades, allowing borrowers with strong credit and stable jobs to save money if they refinance. The average rate on a 30-year fixed-rate mortgage rose to 4.87 percent this week, up from 4.78 percent last week.
Satellite to expand U.S. cell coverage
The vast, thinly populated expanses of the country that still lack cell phone coverage could be getting an interesting option next year: ordinary-looking cell phones that connect to a satellite when there’s no cell tower around. In June, a rocket is scheduled to lift the largest commercial satellite yet into space. In orbit 22,000 miles above the Earth, the satellite will unfurl an umbrella of gold mesh 60 feet across and aim it at the U.S. That gigantic antenna will let the satellite pick up signals from phones that are not much larger than regular cell phones. That satellite, from TerreStar Corp., is due to be followed by two even larger ones by the company next year.
Amgen to cut 100 workers in Bothell
An Amgen Inc. spokeswoman confirmed Thursday that the drugmaker is cutting 100 jobs at its Bothell clinical drug manufacturing site. Carol Pawlak says the cutbacks are not part of any larger companywide reductions. The biotechnology company has 17,000 employees worldwide. Pawlak said Thursday the company is merging the clinical drug trial work in Bothell with operations at its company headquarters in Thousand Oaks, Calif. She said laid-off employees can reapply for other positions in the company. The cutbacks leave about a reported 70 employees in Bothell, and nearly 900 total in Washington state.
3M offers retirement to 3,600 workers
3M Co. is offering early retirement packages to 3,600 employees, or 11 percent of its U.S. work force, to reduce costs. The voluntary buyout offers follow the manufacturer’s recent moves to cut 3,600 jobs, defer merit pay raises and adjust vacation allowances. Company spokeswoman Jacqueline Berry said eligible nonunion employees — either at least 59 years old with five or more years of service, or at least 55 years old with 30 years or more of service — were notified of the package Thursday. They will have until May 31 to decide. 3M did not say how many people it expects to take the retirement offer or the number of cutbacks it’s hoping to make..
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