Real Estate Daily News Buzz is designed to give news snippets to readers that our (yet to be award winning) editors thought you could use to start your day. They come from various business perspectives, real estate, government, the Fed, local news, and the stock markets to save you time. Here you will find the headlines and what the news buzz for the day will be.
The Dow Jones industrial average fell 77.64 points, or 0.5%, to 16,008.77 on Monday. The Standard & Poor’s 500 index dropped 4.91 points, or 0.3%, to 1,800.90. The NASDAQ composite fell 14.63 points, or 0.4%, to 4,045.26. Benchmark U.S. crude for January delivery rose $1.10, or 1.2%, at $93.82 a barrel on the New York Mercantile Exchange.
SUPREME COURT WON’T STAND IN WAY OF NY’S INTERNET TAX
WASHINGTON (AP) — On perhaps the busiest online shopping day of the year, the Supreme Court refused to wade into a dispute over state sales taxes for purchases on websites like Amazon.com, an outcome likely to prompt more states to attempt to collect taxes on Internet sales. Monday’s court action means “it might be the last Cyber Monday without sales tax,” said Joseph Henchman of the Washington-based Tax Foundation. It’s all part of a furious battle — also including legislation in Congress — among Internet sellers, millions of buyers, aggrieved brick-and-mortar stores and states hungry for billions of dollars in extra tax revenue. The high court turned away appeals from Amazon.com LLC and Overstock.com Inc. in their fight against a New York court decision forcing them to remit sales tax the same way in-state businesses do. This could hurt online shopping in that state, since one of the attractions of Internet purchasing is the lack of a state sales tax. That makes some items a little cheaper than they would be inside a store on the corner.
AMERICANS POWER UP AND SHOP ON CYBER MONDAY
NEW YORK (AP) — Millions of Americans took advantage of online deals ranging from free shipping to hundreds of dollars off electronics and half-price clothing Monday, which was expected to be the busiest online shopping day of the year. The spending surge on so-called Cyber Monday came after a disappointing holiday weekend in stores. And it showed that Americans are increasingly comfortable buying items on tablets and smartphones. Early results showed online shopping was up 18.7 per cent compared with the same time last year, according to figures by IBM Benchmark. Mobile traffic, which includes smartphones and tablets, accounted for 30 per cent of all online traffic.
HILTON ONE OF BIFFEST IPOs COULD RAISE $2.4 BILLION
NEW YORK (AP) — Hilton Worldwide Holdings Inc. said Monday that it could raise as much as $2.37 billion, making it one of the year’s biggest IPOs. The hotel operator said in a regulatory filing that the offering of 112.8 million shares is expected to price between $18 and $21 each. Hilton is offering about 64.1 million shares, and selling shareholders are offering 48.7 million shares. Selling additional shares to banks could put the IPO’s proceeds at as much as $2.72 billion. The initial public offering comes as the hotel industry has started to recover over the past two years from its battering during the recession and as the IPO market heats up. Roughly 200 companies have gone public in 2013 as markets hit record highs.
AMAZON.COM SEES DELIVERY DRONES AS FUTURE
NEW YORK (AP) — Amazon is working on a way to get packages to customers in 30 minutes or less — via self-guided drone. Consider it the modern version of a pizza delivery boy, minus the awkward teenager. Amazon.com Inc. says it’s working on the so-called Prime Air unmanned aircraft project but it will take years to advance the technology and for the Federal Aviation Administration to create the necessary rules and regulations.
PILOT USE OF AUTOMATION EYED IN AIR CRASHES
WASHINGTON (AP) — Pilots are becoming so reliant on computer systems that do most of the flying in today’s airliners that on the rare occasions when something goes wrong, they’re sometimes unprepared to take control, according to aviation safety experts and government and industry studies. Increasing automation has been a tremendous safety boon to aviation, contributing to historically low accident rates in the U.S. and many parts of the world. But automation has changed the relationship between pilots and planes, presenting new challenges.
US MANUFACTURING GREW AT FASTEST PACE IN 2 1/2 YEARS IN NOVEMBER
WASHINGTON (AP) — U.S. manufacturing grew in November at the fastest pace in 2 1/2 years as factories ramped up production, stepped up hiring and received orders at a healthy clip. The Institute for Supply Management said Monday that its index of manufacturing activity rose to 57.3. That was up from 56.4 in October and was the highest since April 2011. A reading above 50 signals growth. One component of the index, a measure of hiring, rose to its highest level in nearly 18 months. And a gauge of export orders reached its highest level in nearly two years. Overseas demand is benefiting from modest recoveries in Europe, Japan and China.
US CONSTRUCTION SPENDING UP 0.8% IN OCTOBER
WASHINGTON (AP) — U.S. developers boosted construction spending in October at the fastest pace in more than four years, propelled by a surge in government projects. But spending on home construction and commercial projects both fell. Overall construction spending increased 0.8% in October to a seasonally adjusted annual rate of $908.4 billion, the Labor Department said Monday. That’s up from September, when spending fell 0.3%. The October pace was the best since May 2009 and was driven by a 3.9% surge in public spending. Federal spending increased 10.9 per cent, suggesting the 16-day partial government shutdown had little impact on public projects.
DOW CHEMICAL LOOKING TO SPIN OFF, SELL 40 PLANTS
MIDLAND, Mich. (AP) — Dow Chemical is looking to spin off or sell about 40 manufacturing plants from its business as it continues to move away from cyclical commodity products. The company said Monday that it expects those deals to happen within the next one to two years. Almost 2,000 workers will be affected by the moves. The businesses generate up to $5 billion of total annual revenue.
FOREST LABS TO CUT 500 JOBS IN $500 MILLION RESTRUCTURING
NEW YORK (AP) — Forest Laboratories says it plans to cut about 500 jobs as part of a plan to trim $500 million in costs over the next two years. The drugmaker also plans to buy back at least $400 million in company stock and agreed to pay $240 million for the U.S. marketing rights to Saphris, a Merck & Co. drug used to treat schizophrenia and bipolar mania. The moves come less than three months after former Bausch & Lomb leader Brenton Saunders replaced longtime CEO Howard Solomon at the helm of Forest Laboratories Inc.
BLACKBERRY HEAD SAYS COMPANY IS ‘VERY MUCH ALIVE’
TORONTO (AP) — BlackBerry’s interim chief executive said Monday that reports of the death of the company “are greatly exaggerated.” Former Sybase CEO John Chen said in a letter to customers that BlackBerry is returning to its roots, refocusing on delivering devices and services to business users. Chen was brought in as the interim chief executive and executive chair after talks to sell the company collapsed last month.
PUBLIC MEETINGS SCHEDULED FOR PIMA COUNTY COMPREHENSIVE PLAN
Pima County is inviting residents to attend one of the upcoming public meetings to give input to the 10-year update of the County’s Comprehensive Plan. There are seven schedules for December and more public meetings are to follow in January. The County anticipates a draft to be ready by late Spring. The first meeting, held Monday evening was attended by about a dozen people and almost as many County staff member there who answered questions and facilitated getting comments. These meetings are opportunities to give ideas on creating a vibrant future for our region. Please plan to attend one of these community meetings to learn more and share your ideas:
- Monday, Dec. 2
6-7:30 p.m. at Nanini Library, 7300 N. Shannon Road - Tuesday, Dec. 3
6-7:30 p.m. at Empire High School Library, 10701 E. Mary Ann Cleveland Way - Thursday, Dec. 5
10 a.m.-noon at Cow Palace Restaurant, 28802 S. Nogales Highway (Interstate 19 and 48W exit) - Thursday, Dec. 5
5:30-7 p.m. at The Journey, an Evangelical Free Church, 4700 N. Swan Road - Monday, Dec. 9
5:30-7 p.m. at Sam Lena – South Tucson Library, 1607 S. Sixth Ave. - Tuesday, Dec. 10
6-7:30 p.m. at Tanque Verde Lutheran Church, 8625 E. Tanque Verde Road - Wednesday, Dec. 11
5:30-7 p.m. at Drexel Heights Baptist Church, 2802 W. Mossman Road
For more information, or for individuals with disabilities who require special accommodations, please contact Lindsey at 520-885-9009 or Lindsey@kaneenpr.com. You can also share your ideas and join the conversation about Pima County’s future online. Click on the “Sign up to participate”.