Daugherty Chevrolet on Fulton Avenue in Sacramento is closing its doors today and is expected to open next week as Kuni Chevrolet.
Kuni is the longtime owner of Hubacher Cadillac and Roseville Volkswagen.
Check this site later for more information.
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Yahoo Japan Corp. said on Tuesday that it will begin to switch over to Google Inc.'s search and advertising technology in the future.
The move is expected to give Google and the Japanese company that is 35 percent owned by Yahoo Inc. (NASDAQ:YHOO) a near monopoly on search in Japan. Microsoft Corp. (NASDAQ:MSFT) has only about 3 percent of the search market in the world's second largest economy, with Yahoo Japan ( 57 percent) and Google (38 percent) making up the rest.
The Japanese telecom company Softbank Corp. owns 40 percent of Yahoo Japan.
Company officials said they began to contemplate a switch to Google (NASDAQ:GOOG) last year after Yahoo announced a partnership with Microsoft in which it is switching to the software giant's Bing search technology Low fee payday loans.
"We looked at this from many angles, but in the end we determined that Google was the better choice," Yahoo Japan CWO Masahiro Inoue said at a briefing in Tokyo.
Yahoo Japan also announced earnings, saying its net income rose 12.6 percent to $248 million in the three months ended June 30.
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The Office of Thrift Supervision and U.S. Small Business Administration are among sponsors of two upcoming information-sharing sessions for small business owners and lenders.
The sessions, scheduled for July 14, will be held at BlueCross BlueShield building at 257 West Genesee Street in downtown Buffalo.
The first is for lenders and will run from 8:45 a.m. to 12:30 p.m. Participants will learn how to enhance small business lending, risk mitigation, alternate sourcing of business financing and about government programs. The second session starts at 1:00 p.m. and is geared toward small business owners. Among the topics it will cover are accessing credit, government-sponsored programs and tax issues. Lenders will be on hand to work with small business owners.
“We want to focus on best practices that financial institutions have in terms of lending to small businesses that typically do not qualify for banks’ regular small business programs,” said Office of Thrift Supervision spokesman Francis Baffour payday loans guaranteed no fax.
Other sponsors include New York State Banking Department, Federal Reserve Bank of New York and the Office of the Comptroller of the Currency.
“What we are trying to do is encourage institutions to become SBA guaranteed lenders,” Baffour said.
For more information, visit the Office of Thrift Supervision Web site at http://www.ots.treas.gov/index.cfm?p=InteragencySmallBusinessLendingForumWorkshop.
ATHENS, Greece — Moody’s Investors Service slashed Greece’s credit rating to junk status Monday in a new blow to the debt-ridden country that is under international scrutiny after narrowly avoiding default last month.
A Moody’s statement said it was cutting Greece’s government bond ratings by four notches to Ba1 from A3, with a stable outlook for the next 12-18 months. It was the second of the three major agencies to accord Greek bonds junk status. Standard & Poor’s did the same in late April.
The downgrades reflect concern that the country could fail to meet its obligations to cut its deficit and pay down its debt — which the Greek government says is out of the question.
Finance Ministry officials in Athens had no immediate reaction to the rating cut, which came as a delegation from the International Monetary Fund and the European Union started an interim review of the country’s efforts to pull itself out of a major debt crisis.
After amassing a vast public debt and overspending that sent its budget deficit spiraling to 13.6 percent of gross domestic product last year, Greece was saved from defaulting on its loans in May by the first installment of a joint EU and IMF bailout no credit check payday loans. It is to receive the second in September, pending implementation of a major austerity program that has sparked strong union reaction and a series of damaging strikes.
"The Ba1 rating reflects our analysis of the balance of the strengths and risks associated with the Eurozone/IMF support package," said Sarah Carlson, Moody’s lead analyst for Greece.
"The package effectively eliminates any near-term risk of a liquidity-driven default and encourages the implementation of a credible, feasible and incentive-compatible set of structural reforms, which have a high likelihood of stabilizing debt service requirements at manageable levels.
"Nevertheless, the macroeconomic and implementation risks associated with the program are substantial and more consistent with a Ba1 rating."
Just over 3,000 homeowners in the Albany, N.Y., region have received a bank notice since mid-February telling them they are at risk of foreclosure, according to a report.
The data is based on notices mailed under a new law requiring lenders to give homeowners 90-day notice of a possible foreclosure.
The information was compiled by the New York State Banking Department and a group of housing assistance agencies based in Albany called the HomeSave Coalition.
HomeSave is sponsoring a free legal clinic June 9 to help homeowners avoid being scammed by companies promising to help those facing foreclosure.
The clinic will be held at 5:30 p.m. at Stuyvesant Plaza on Western Avenue. To attend or for more information, contact the HomeSave Coalition at 518-434-1730.
A total of 3,009 home owners in Albany, Columbia, Fulton, Greene, Montgomery, Rensselaer, Saratoga, Schenectady, Schoharie and Washington counties received the notices since Feb. 13.
That represents just under 1 percent of all owner-occupied homes in the 10 counties.
The highest per-capita ratio was in rural Montgomery County, where 1.27 percent of owner-occupied homes received a pre-foreclosure notice. The lowest ratio was in Saratoga County, 0.79 percent.
The per-capita figures for the Albany region are in line with data compiled by RealtyTrac, an online seller of distressed properties that reports on the number of foreclosure notices filed in county clerk’s offices nationwide.
Unlike RealtyTrac, however, the new report tracks the number of homeowners at risk of a foreclosure action, not those that have already received a foreclosure filing. The foreclosure process takes months to complete and involves several procedural steps in court.
Under the new state law, which took effect in February, lenders must sent notices to homeowners at least 90 days before starting a foreclosure action.
Lenders must also file certain information with the state Banking Department about the pre-foreclosure notices. The Banking Department, in turn, shares that with nonprofit groups that help people in danger of losing their home.
The HomeSave Coalition is responsible for outreach in the 10-county region surrounding Albany.
The top three mortgage service companies that sent the notices were Wells Fargo, HSBC and Citi Mortgage/ABN Amro Mortgage.
Treasury prices fell for a second day on Thursday as stocks soared and the euro firmed.
What prices are doing: The benchmark 10-year note fell 2/32 to 101-4/32, pushing the yield up to 3.37%, from 3.19% on Wednesday. Bond prices and yields move in opposite directions.
The 30-year bond lost 4/32 to 102-29/32 and yielding 4.3%. The 5-year note edged lower by 1/32 to 99-21/32, yielding 2.21%, while the 2-year note fell less than 1/32 to 99-24/32, yielding 0.89%.
What’s moving the market: Treasury prices were pressured Thursday as demand for riskier investments increased and stocks recovered losses from the previous session.
Treasurys are viewed as low-risk investments since they are backed by the U.S. government; therefore, they are particularly attractive during times of economic uncertainty.
Confidence in the euro zone was also boosted on Thursday and the euro strengthened versus the dollar after China’s government called Wednesday’s reports that it may reduce its holdings of euros "groundless."
"There’s been some significant pickup in risk appetite today," said Kim Rupert, a fixed-income analyst at Action Economics. "Some of the fears that dogged the market late yesterday have been assuaged a bit, and that has revived confidence in the market payday advance lenders."
In the last of the week’s auctions, the Treasury Department auctioned $31 billion in 7-year notes on Thursday, receiving bids totaling $89 billion.
Economy: Economic reports from the government sent mixed signals Thursday.
The Commerce Department said the economy didn’t grow as much as originally reported, with the gross domestic product rising at an annual rate of 3% in the first quarter, compared with the 3.2% rate the government had previously announced.
Meanwhile, the Department of Labor said initial jobless claims fell to 460,000 last week from 474,000 in the previous week, beating the drop to 455,000 expected by economists.
Outlook: While Treasurys may pare losses as investors prepare for a long holiday weekend, trading is likely to remain volatile, she said.
"I think we’re going to stay choppy," Rupert said. "Markets have been very vulnerable to news headlines, and I think we’ll remain susceptible to this kind of trading pattern for some time."
Faisal Shahzad lived on the downslope side of affluence in the small Connecticut hamlet of Shelton. On Monday, while Shahzad sits in a jail cell in downtown New York City, a judge is scheduled to foreclose on his home, clipping Shahzad’s last attachment to the American dream.
Like many other homeowners across the U.S., he used his house as a piggy bank. Shahzad, who is accused of trying to detonate a Nissan Pathfinder in the center of Times Square last week, took out a second mortgage on the home just months before he left the country for what prosecutors say was a stretch of bomb-making training in Waziristan, Pakistan.
That second mortgage gave him access to a $65,000 credit line, secured by the tidy three-bedroom suburban house he bought in July 2004 for $273,000. Though the frothy real estate market was flinging around cheap money, Shahzad put down the traditional 20%, financing a mortgage balance of $218,400 at a 4% interest rate.
The 30-year-old had a steady job as a financial analyst at Affinion in Norwalk, Conn. He was trading up from a condo he had recently sold. He seemed like a good risk.
And for years, he was. Sure, he repeatedly tried to sell the house, listing it for the boom-time price of $399,000 just one year after buying it — but who didn’t try to hit the real-estate jackpot? And while others were draining their homes of equity, Shahzad stayed away from extra mortgages and loans for the first few years he owned the house. He married Huma Mian, added her name to the deed in December 2007, and kept mailing off his mortgage checks each month.
So when he approached Wachovia Bank in January 2009 for a $65,000 loan secured by his home, no red flags were raised. They approved the money, and he suddenly had a line of credit. Wachovia, now Wells Fargo, did not return calls requesting comment.
Three months later, Shahzad would become a U.S. citizen. Four months later he would leave his job. Five months later he would stop paying his mortgage and leave for Dubai and, eventually, Pakistan.
The house sat empty after he left. In September 2009, Chase (JPM, Fortune 500) initiated foreclosure proceedings, saying Shahzad owed them $200,673.49. Chase, and its local attorney, declined to comment on the case instant payday loan no telecheck.
Connecticut state marshal Mark Pesiri served the papers on the abandoned home, in accordance with Connecticut procedures.
"I don’t get too many up there," Pesiri said.
It’s true. There’s hardly a For Sale sign or foreclosure notice to be seen along the three-mile stretch of Long Hill Avenue that Shahzad lived on. His 7-year-old, grey-sided house is the noticeable exception. There’s a lockbox on the front door at #119, where the lawn is erratically mowed and trash has accumulated in front of the garage door.
Two days after the foreclosure papers were delivered, Chase hired appraiser Scott Iadarola to inspect the property. He valued it at $245,000, putting Shahzad $20,673.49 under water — meaning Shahzad owed the banks that much more than his property was worth.
Shahzad — listed as Faisal "Zhahzad" in the legal filings — never responded to any of these notices and or court actions. He was in Pakistan, where he has told investigators he was studying bomb making. When he returned in February 2010, without his wife or children, he didn’t make up his missing mortgage payments, or try to execute a short sale, or even return the keys. Instead, he rented an apartment 13 miles away in Bridgeport, Conn.
Two months later, he would allegedly drive a Nissan Pathfinder loaded down with fertilizer, propane tanks, gas cans, fireworks, clocks and wiring, and leave it smoking on a street in Times Square.
Meanwhile, the interest meter on his Shelton home kept ticking. And, as many American homeowners now understand far too well, home prices kept falling. When Shahzad house was reappraised on March 15, 2010, Iadarola declared the property to be worth just $240,000 — 12% less than Shahzad paid for it six years ago.
And so on Monday, when Shahzad’s case is scheduled to appear before a judge in Connecticut Superior Court, he will be just one more of the millions of American homeowners who hasn’t paid his mortgage in more than a year and is sitting on a debt — in this case, $37,870.38 — that outstrips the value of the home buried beneath it.
One of the nation’s top banking regulators has taken a swipe at what has become a signature piece of Senate Democrats’ Wall Street reform package: cracking down on complex financial products.
Federal Deposit of Insurance Corp. Chair Sheila Bair said she’s concerned that the Senate bill goes too far, in a letter sent Friday to the authors of the measure, Sens. Christopher Dodd, D-Conn., and Sen. Blanche Lincoln, D-Ark.
Bair is taking aim at a provision that blocks all banks from trading complex financial contracts called derivatives. The bill would force banks to spin off the desks that trade derivatives, known as swaps desks.
"One unintended outcome of this provision would be weakened, not strengthened, protection of the insured bank and the Deposit Insurance Fund, which I know is not the result any of us want," Bair wrote in the letter.
The provision in question is among key controversial hang-ups for lawmakers debating the Wall Street overhaul on the Senate floor this week.
Congress generally wants to get tougher on these complex financial products that are currently traded with no oversight, which were responsible for the taxpayer bailout at American International Group (AIG, Fortune 500). But lawmakers disagree about how much to regulate them.
The measure banning bank swaps goes farther than the so-called Volcker rule, named for former Federal Reserve Chairman Paul Volcker, which only blocks some banks from doing such trades for their own purposes and accounts, called "proprietary trading." The Dodd-Lincoln proposal blocks banks from all derivatives.
In the letter, Bair argued that banks have legitimate uses for derivatives, especially when it comes to locking in an interest rate in their financial dealings. She said that if Congress were to pass the legislation, such trading would continue "but in less regulated and more highly leveraged venues," according to the letter.
Many companies and Wall Street banks use derivatives, whose value is derived from another financial product, to cut the risk that they’ll lose money on a deal. Derivatives are also used to lock in the price of a commodity, the way farmers do with the corn they hope to sell after a harvest.
A House bill that passed in December would allow all banks to trade derivatives in a more transparent way. However that bill also allows some trades between some banks and certain companies, such as airlines, to continue without regulation.
But Senate Democrats are tougher on derivatives, in the aftermath of fraud charges that the Securities and Exchange Commission levied against Goldman Sachs (GS, Fortune 500) for selling a complex mortgage-related derivative to investors while failing to tell them that a hedge fund was betting against the product.
The bill says that banks can no longer make such complex financial trades and have access to emergency government-backed loans when they get in trouble.
However, Bair said in the letter that she believes that the Volcker rule goes far enough in accomplishing the same goal, ensuring that taxpayers won’t be stuck supporting unnecessarily risky bets.
"To be sure, there are certain activities, such as speculative derivatives trading, that should have no place in banks or bank holding companies," she wrote. "We believe the Volcker rule addresses that issue."
Spokesmen for Dodd and Lincoln didn’t return requests for comment on Monday.
Stocks ended mixed after a choppy session Wednesday, as differing profit reports from Apple and Yahoo weighed on the tech sector and investors remained wary following strong quarterly reports from Morgan Stanley and Wells Fargo.
The Dow Jones industrial average (INDU) added 8 points, or less than 0.1%, to end at 11,124.92. The S&P 500 index (SPX) fell 1 point, or 0.1%, to settle at 1,205.93, and the Nasdaq composite (COMP) rose 4 points, or 0.2%, to close at 2,504.61.
"As we get beyond earnings, attention is going to turn right back to the housing and job markets," said Dave Hinnenkamp, chief executive of KDV Wealth Management. "The downturn has left a really big scar, and investors who got burned will be cautious for some time."
Stocks finished Tuesday’s session in positive territory, thanks to better-than-expected earnings from Goldman Sachs and several consumer companies.
"Investors were holding their breath for this earnings season, and it looks like it’s going to be decent," Hinnenkamp said. "This makes people comfortable saying we’re in a recovery process, but it’s going to be a slow one."
Tech earnings: Late Tuesday, iPod and Mac maker Apple (AAPL, Fortune 500) posted a record quarter that blew past Wall Street’s estimates. Apple shares ended more than 6.1% higher.
Yahoo (YHOO, Fortune 500) also delivered earnings that beat expectations, but its sales came in below estimates. Shares closed down 4.9%.
"The tech sector leads out of the recession," Hinnenkamp said. "After that we’ll be looking for the industrial and material sectors to rise — and once we move forward, attention will turn to the energy sector."
Financial earnings: Earlier Wednesday, Morgan Stanley (MS, Fortune 500) said it swung to a $1.8 billion profit in the first quarter Wednesday before the bell, as strong trading revenue boosted the Wall Street firm’s latest results. Shares of Morgan ended 4.2% higher.
Wells Fargo (WFC, Fortune 500) reported a $2.5 billion profit before the bell, beating Wall Street expectations. The company said that credit conditions have "turned the corner" from the weakness of the financial crisis. Still, Wells shares fell almost 2% by the end of trading.
Overall, the finance sector ended 10.8% higher Wednesday.
"We’re not unreasonably priced at these levels, considering earnings," Hinnenkamp said, "but it’s not a deep-value market, either."
Other corporate results: In addition to banks, investors digested quarterly results from several Dow components:
– AT&T (T, Fortune 500) beat estimates on a boost from strong sales of Apple’s iPhone;
– Boeing (BA, Fortune 500)’s profit and revenue dropped amid fewer airplane deliveries;
– McDonalds (MCD, Fortune 500)’ earnings rose above predictions as sales rose across all its markets, especially Europe and Asia;
– United Technologies (UTX, Fortune 500) also beat estimates.
Also, Chrysler announced that it earned its first operating profit since exiting bankruptcy on June 10, 2009. The profit follows nearly $4 billion of losses logged by the automaker during that time.
The results continued after the markets closed, with Starbucks (SBUX, Fortune 500) and other major names reporting results after the bell. The coffee chain handily beat profit and sales estimates, and the company lifted 2010 guidance. Shares were up 2% in after-hours trade.
In other company news, General Motors announced Wednesday morning that it had made a final payment of $5.8 billion late Tuesday to the U.S. and Canadian governments, paying off the last of its $6.7 billion in loans.
Outlook: "Psychological issues will continue to drive the markets," said KDV’s Hinnenkamp.
He expects a slow but continued higher trend, with the S&P around 1,200 in the coming weeks, and the Dow around 11,250.
"The economy is improving, but slowly," Hinnenkamp said. "Thus recovery wont come as quickly hoped for, and a sustained bounceback can come only once housing and jobs kick in."
But even negative news outside of the real estate and employment sectors could put a damper on the uptick, Hinnenkamp added.
"Any piece of bad news, people worry there’s an Armageddon," he said. "But there’s always good and bad news out there — it depends where you choose to focus."
World markets: European shares, including the FTSE 100 in Britain, France’s CAC 40 and Germany’s DAX, ended lower.
Asian markets ended the session mixed. Japan’s Nikkei rallied 1.7% and the Shanghai Composite surged 1.8%. The Hang Seng in Hong Kong lost 0.5%.
Other markets: The dollar edged higher against the euro but remained weak versus the Japanese yen and the U.K. pound.
The price of oil fell 17 cents to settle at $83.68 a barrel. Wednesday marked the first day of the June contract.
COMEX gold for June delivery prices rose $9.60 to settle at $1,148.20 an ounce.
Treasury prices were higher, with the yield on the benchmark 10-year note at 3.78%. Bond prices and yields move in opposite directions.
The University of Houston and the Dublin Institute of Technology in Ireland have signed a five-year memorandum of understanding to explore new methods of cooperation in research, instruction and academic exchange in a variety of areas with a focus on energy.
The university said it has been in talks with DIT for the past two years.
As part of the MOU, the two schools will examine opportunities for credit transfer, faculty collaboration and joint funding.
DIT has about 20,000 students and provides technology education to the doctoral level.
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