
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.
On Monday, the Dow Jones industrial average slid 96.53 points, or 0.5%, to close at 17,640.84. The Standard & Poor’s 500 index lost 16.55 points, or 0.8%, to 2,028.26. The NASDAQ composite lost 39.36 points, or 0.8%, to 4,664.71.
U.S. crude losing $2.29 to settle at $46.07 a barrel. Brent lost $2.68 to $47.43. Wholesale gasoline fell 4.8 cents to close at $1.275 a gallon. Heating oil fell 4.9 cents to close at $1.654 a gallon. Natural gas fell 15.1 cents to close at $2.795 per 1,000 cubic feet.
ENERGY SECTOR LEADS A DECLINE IN US STOCKS AS OIL FALLS
NEW YORK (AP) — Energy companies are leading a decline on the stock market as crude oil continues to tumble. The price of oil dropped another 5% Monday to $46 a barrel. That’s far below its recent peak of more than $100 a barrel last June. The slump means much lower profits for energy companies, even though consumers benefit by paying less for gas. The steep drop in oil prices over recent months has investors second-guessing expectations for the quarterly earnings season. Monday marked the unofficial start to the fourth-quarter earnings season as Alcoa turned in its latest results after the closing bell. The aluminum producer reported stronger earnings and revenue than Wall Street expected, pushing the stock up in extended trading.
WHAT CLUES BLACK BOXES CAN OFFER IN THE AIR ASIA CRASH
NEW YORK (AP) — Investigators trying to figure out why AirAsia Flight 8501 crashed into the Java Sea might now have the tools they need. On Monday the flight’s data recorder was pulled up from the bottom of the shallow sea. The cockpit voice recorder was also located but not yet surfaced. It could take up to two weeks to analyze all the data on the so-called black boxes. Based on past crashes, the information retrieved could be vital. The two separate devices — actually orange boxes designed to survive extreme heat and pressure — should provide investigators with a second-by-second timeline of the plane’s flight.
OBAMA: WITH TECH ADVANCES COME PRIVACY RISKS FOR US
WASHINGTON (AP) — President Barack Obama on Monday proposed strengthening laws against identity theft by requiring notification when consumer information is hacked and protecting students’ private data. Obama also called for more free access to all consumer credit rating services. He applauded those companies for offering the service and called on more to do so. The president said identity theft is a growing problem and that the age of technology and digital innovation has created enormous vulnerabilities for the U.S., citing the recent hack on Sony Pictures Entertainment as an example.
GOT HELP PAYING FOR HEALTH CARE? WATCH YOU MAILBOX
WASHINGTON (AP) — If you’re among the millions of consumers who got financial help for health insurance last year under President Barack Obama’s law, better keep an eye on your mailbox. The administration said Monday it has started sending out tax reporting forms necessary for your 2014 return. They are for people who got health insurance tax credits provided under the law. Because this is the first time Americans will experience the complex connections between the health care law and taxes, there’s concern that some people may not realize the new forms are important, and that they do need to open that envelope.
AMERISOUCE BERGEN EXPANDS INTO ANIMAL HEALTH WITH $2.5B DEAL
AmerisourceBergen Corp. will stretch its reach into veterinary medicine by spending about $2.5 billion to acquire MWI Veterinary Supply. The pharmaceutical distributor said Monday that it will pay $190 in cash for each share of MWI, a premium of 8% to the closing price of MWI shares on Friday. The deal value includes $76 million in MWI Veterinary Supply debt. AmerisourceBergen distributes prescription drugs and also provides pharmaceutical consulting. MWI Veterinary Supply Inc., based in Boise, Idaho, sells animal health products in the United States and United Kingdom.
FEDERAL ANALYSIS: ARTS, CULTURE ADD $700B TO US ECONOMY
WASHINGTON (AP) — Creative industries contribute more to the U.S. economy than previously thought, the government said Monday in its first official analysis of the arts and culture sector’s economic value. The report from the National Endowment for the Arts and U.S. Bureau of Economic Analysis shows arts and culture contributed more than $698 billion to the economy — about 4.32% of U.S. goods and services. The study is based on 2012 data, the most recent figures available, and includes non-profit, for-profit and government-funded programs. Six industries account for the bulk of arts and culture production — broadcasting, movies and videos, publishing, retail sales, performing arts and advertising.
2 STOCK EXCHANGES PAYING $14M TO SETTLE SEC CASE ON ORDERS
WASHINGTON (AP) — Two securities exchanges will pay a total of $14 million to settle charges of giving inaccurate information to trading firms about their buy and sell orders. The Securities and Exchange Commission announced the settlement Monday in the civil case with the EDGA and EDGX exchanges. The SEC said it was the largest penalty it had imposed on a U.S. stock exchange. The exchanges shared information with some, but not all, trading firm members about their ranking of orders by price and other data. The information ultimately could have given an advantage to high-frequency firms and put other investors at a disadvantage.
GM’s NEW ELECTRIC COULD UPSTAGE TESLA – AND ITS OWN VOLT
DETROIT (AP) — General Motors’ introduction of an electric car that can go 200 miles on a single charge may create a showdown with Tesla and potentially upstage a car of its own. GM on Monday unveiled the Chevrolet Bolt, a $30,000 concept car that will probably go on sale in about two years. The range will make it attractive to many buyers who would not consider a fully electric car for fear of running out of juice. The rollout also eclipsed GM’s unveiling of a revamped Chevy Volt at the Detroit auto show.
2 AIRLINES TARGETS OF ATTEMPT TO STEAL CUSTOMER’S MILES
DALLAS (AP) — Thieves have broken into customer accounts at American and United airlines and in some cases booked free trips or upgrades. The airlines say the incidents happened in late December. American began notifying affected customers by email on Monday. United Airlines said thieves booked trips or made mileage transactions on up to three dozen accounts. The airline said it would restore miles to anyone who had them stolen. American Airlines said that about 10,000 accounts were affected. The company has learned of two cases in which somebody booked a free trip or upgrade without the account holder’s knowledge.
CHINA ARRESTS DOZENS FOR SELLING PORK FROM DISEASED PIGS
BEIJING (AP) — Police in China have arrested more than 110 people on suspicion of selling pork from diseased pigs in the country’s latest food safety scandal. The Public Security Ministry said Monday that more than 1,000 tons of contaminated pork and 48 tons of cooking oil produced from the meat have been seized in the operation that began last year. The suspects belonged to 11 different syndicates who purchased pigs that died of disease from farmers at cut-rate prices then illegally processed them into bacon, ham and oil.
NATURAL GROCERS ON TRACK TO OPEN 18 STORES IN 2015
TUCSON -- Natural Grocers by Vitamin Cottage, will open its first store in Tucson, its fourth in Arizona, on Jan. 20. The family-run company was built on the premise that "consumers should have access to affordable, high-quality foods and dietary supplements, along with nutrition knowledge, to help support their own health."
"We are excited to become the newest 'neighbor' in a community such as Tucson, which is very food- and health-oriented," said Kemper Isely, co-president of Natural Grocers and a member of the founding family. Currently, Natural Grocers has 91 stores in 15 states. It expects to open 18 stores in fiscal year 2015.
JANUARY 8TH MEMORIAL FINALISTS TO SHOW PROPOSALS
TUCSON - The four architectural firms recently selected as finalists to develop a design for the January 8th Memorial at El Presidio Park in Downtown Tucson will make presentations tomorrow to gather public input on their plans. The presentations will begin at 5:30 p.m. at the Arizona History Museum (949 E. Second St.) near the University of Arizona. After that, the architects will create a design concept and return to Tucson by spring to formally submit their plans. A selection panel will choose the final design after a 30-day public comment period. Letters, cards and photographs have been digitized and await their permanent home downtown. January 8th Memorial Foundation: https://bit.ly/K20pxv
MEDIAN ART UNVEILED NEAR AIRPORT
TUCSON - The First Impressions project art pieces along South Tucson Boulevard, just north of Tucson International Airport (TIA), were unveiled to the public Friday. The Tucson Metro Chamber and its project partners formally dedicated the project to beautify about a half-mile of medians leading from TIA. The sculptures represent lifestyle, culture, history, and community in Southern Arizona. Six sponsors each contributed an art piece to the display that collectively tells a unique story about Tucson. Five of the pieces are displayed, while a sixth awaits installation. The stretch of roadway is widely seen by public and private groups as being vital to economic development. It also was the first road resurfaced under the Road Recovery bond program. Road Recovery: https://1.usa.gov/1y5er9U; Tucson Metro Chamber: https://bit.ly/1KCHPI1
SHARE YOUR THOUGHTS ABOUT ONLINE DATA FROM CITY DEPARTMENT
TUCSON - The City of Tucson's Planning and Development Services Department (PDSD) is holding a "listening session" this week to discuss what permitting data neighborhoods would like to have available online. The meeting will be held Wednesday from 6-7 p.m. at the Ward 6 Council Office, 3202 E. 1st Street.PDSD: https://pdsd.tucsonaz.gov/pdsd