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 slipped 10 points, or 0.1%, to 16,086.41 on Friday. The Standard & Poor’s 500 index ended down one point, or 0.1%, to 1,805.81. The NASDAQ composite rose 15 points, or 0.4%, to end at 4,059.89. Benchmark U.S. crude for January delivery rose 42 cents to close at $92.72 a barrel Friday on the New York Mercantile Exchange.

S&P 500 GAINS FOR 8TH STRAIGHT WEEK
NEW YORK (AP) — The U.S. stock market fizzled Friday at the end of a holiday-shortened trading day, but still logged its longest streak of weekly gains in a decade. Investors watched for early trends in holiday sales as the busiest shopping day of the year, Black Friday, got underway. Retailers were one of two industry groups in the S&P 500 to rise. Stocks overall have surged this year as the economy maintains a slow but steady recovery and corporations keep earnings growing. Demand for stocks also has been bolstered by Federal Reserve policies that have held down interest rates, making bonds less attractive investments than stocks.

MEXICAN DRUG CARTELS NOW EXPORTING ORE
MEXICO CITY (AP) — Mexican drug cartels looking to diversify their businesses long ago moved into oil theft, pirated goods, extortion and kidnapping, consuming an ever larger swath of the country’s economy. This month, federal officials confirmed the cartels have even entered the country’s lucrative mining industry, exporting iron ore to Chinese mills. Such large-scale illegal mining operations were long thought to be wild rumour, but federal officials confirmed they had known about the cartels’ involvement in mining since 2010, and that the Nov. 4 military takeover of Lazaro Cardenas, Mexico’s second-largest port, was aimed at cutting off the cartels’ export trade. That news served as a wake-up call to Mexicans that drug traffickers have penetrated the country’s economy at unheard-of levels, becoming true Mafia-style organizations.

EUROZONE INFLATION RISE EASES PRESSURE ON ECB
LONDON — Welcomed news on inflation and unemployment came Friday that will ease pressure on the European Central Bank to act again next week to shore up the 17-country Eurozone economy. But they do little to ease longer-term worries over the recovery. Eurostat, the EU’s statistics office, said unemployment was down for the first time since early 2011 and that inflation edged higher in November, dampening fears that the Eurozone is about to face a debilitating period of falling prices, also known as deflation.

JAPAN SEES GAINS IN PRICES, INDUSTRIAL OUTPUT
TOKYO (AP) — Japan’s economy is gaining momentum, data for October showed, with consumer prices excluding food and energy rising 0.3% from a year earlier, the biggest gain since 1998. However, household spending remained tepid, as incomes slipped from the same month a year before. The slew of indicators released Friday suggests that the ultra-loose monetary policy and stimulus strategy of Prime Minister Shinzo Abe is helping end a long bout of deflation for the world’s No. 3 economy.

INDIAN GROWTH EDGES UP, STILL WEAK AT 4.8%
MUMBAI, India (AP) — India says its economic growth has risen to 4.8% in the Q3 ending September. It is an improvement over the previous quarter’s dismal figure but still far below what it needs to pull millions out of poverty. Asia’s third-largest economy had averaged a healthy 8% expansion for the last decade but recently has been faltering. The previous quarter’s growth of 4.4% was the lowest in 10 years. India’s government estimates it needs 8% growth to provide jobs for the 13 million people entering the workforce each year out of a population of 1.2 billion. Friday’s figures for the July-September quarter were dragged down by a weak manufacturing expansion of just 1.0%.

SOUTH KORIEA TO START TALKS ON JOINING US-LED TRADE PACT
SEOUL, South Korea (AP) — South Korea said Friday it will start negotiations to join a U.S.-led trade pact covering a dozen Pacific and Asian nations. The finance ministry said in a statement that officials will explore the possibility of joining the Trans-Pacific Partnership through the preliminary negotiations. The move is a first step and doesn’t commit South Korea to becoming part of the agreement but the trade ministry has been talking up its benefits for the economy. Export-reliant South Korea has free trade deals with the U.S. and European Union. It is negotiating a free trade deal with China, which is not part of the U.S.-led pact. The Trans-Pacific Partnership is not in effect yet but the U.S. and other countries hope for an agreement by the end of this year. Apart from reducing trade barriers, the pact also requires its members to meet environmental, labor and intellectual property protection standards.

HIGHLIGHTS OF HEALTHCARE.GOV
WASHINGTON – Highlights of the Obama administration’s update Sunday on the status of HealthCare.gov, the website that people in 36 states were supposed to use beginning on Oct. 1 to sign up for new health insurance coverage. After much work on the troubled site, the government claimed in a new report:
System: Site supports 50,000 concurrent users; users spend an average of 20 minutes to 30 minutes on the site; based on usage trends, the site will support more than 800,000 consumer visits per day.
Site capacity: “Stable at its intended level.”
Performance: Activity levels show the site is “working for consumers.”
Response time: Average system response time is lower than a second.
Error rate: Consistently below 1 per cent, down from 6 per cent earlier this fall.
System stability: Hardware upgrades and software fixes to keep the website up and running more than 90 per cent of the time.
Rapid response team: 24/7 monitoring and operations centre and team in place to watch system performance and to respond to glitches and unplanned downtimes.
Software fixes: More than 400 bug fixes and software improvements have been made.
Hardware upgrades: Improvements increased some capabilities fivefold.

US STEEL PLANT TO BE SOLD FOR $1.55 BILLION
German steel company ThyssenKrupp has agreed to sell its U.S. steel plant business to two competitors for $1.55 billion. Following extended speculation over the deal, ArcelorMittal and Nippon Steel & Sumitomo Metal Corp. said Friday that they will jointly acquire the ThyssenKrupp Steel USA. The steel processing plant in based in Calvert, Alabama. The deal adds U.S.-based finishing facilities for the two companies, which are headquartered in Luxembourg and Japan, respectively. It also is expected to benefit the buyers by expanding their energy and auto industry businesses. ThyssenKrupp was looking for a buyer after a fall in steel prices led to losses for the company and large write-downs for the reduced value of the plant.

QUEBEC GOVERNMENT – $4.3 MILLION OVER 3 YEARS TO WINE INDUSTRY
MONTREAL – Premier Pauline Marois’ government is giving Quebec vintners $4.3 million over the next three years to help boost the province’s wine industry. “Our wine industry is still young and it needs to hit new levels to reach its full potential,” Marois told a news conference Friday. Some of the money will go to improving a program to allow vintners to obtain a reserved designation. There will also be more money — up to $300,000 from $125,000 — for wine producers to boost their output. ”For customers to choose Quebec wines, there needs to be a large quantity of bottles on the shelves at all times,” said Sylvain Simard, head of the Quebec Liquor Corp.’s board of directors. ”There’s no secret there.” Currently, Quebec-produced wine accounts for 0.5% of the shelf space at liquor outlets. ”Just last year, the sale of Quebec wine increased by 40% at the government owned, Quebec Liquor Corp.,” said Simard. He said that in the long term some wines currently available may be withdrawn in favor of Quebec wines.

Business Matters 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 stock market to save you time. You might find anything here for a quick read and tidbit of knowledge. We also call it the reading candy store.

The Dow Jones Industrial average rose 26.45 points, or 0.2%, to close 14,802.98. The NASDAQ composite fell 17.06 points, or 0.5%, to 3,677.78. The S&P 500 index gained 0.95 points, or 0.1%, to 1,656.40. On Day Nine of the Government Slim Down.

DG OPENS 11,000^th STORE

Goodlettsville, Tenn. — Dollar General Corp. has opened its 11,000^th store, marking itself as the retailer with the most stores in the United States. The store is located in Murfreesboro, Tenn. Dollar General said it anticipates opening 650 new stores in 2013, with plans to create 6,000 new jobs. “The opening of our 11,000^th store is another exciting milestone for Dollar General. I would like to thank our more than 100,000 employees for all they do every day to serve our customers as we continue to grow,” said Rick Dreiling, Dollar General’s chairman and CEO.

Colliers: Fifth Avenue has highest retail rent, at $3,052 per square foot

Seattle – According to Colliers International 2013 Global Retail Highlights Report, the global retail real estate market rebounded in the first half of the year, with international and luxury brands expanding to new markets and high street properties growing in popularity. Fifth Avenue in Manhattan claimed the highest rental rate, at $3,052 per square foot, followed by Hong Kong’s Queen’s Road Central ($2,086) and Canton Road, Tsim Sha Tsui ($1,993), London’s Old Bond Street ($1,520) and Manhattan’s Madison Avenue ($1,325). The popular retail destinations in major U.S. metro areas are seeing big increases in rents. In New York, rents on Fifth Avenue increased by 11% from the previous year. In Las Vegas, rents on the Boulevard increased by 25%. Philadelphia’s Walnut Street had the fastest-rising rent, growing nearly 34% in the past year

Desert Classic Golf Tournament at Sewailo Golf Club in Tucson, Nov 6th

EXPO AIGA, the Southwest’s Foremost Gaming & Business Summit and Trade Show, tees up on Wednesday, November 6, 2013 with the Desert Classic Golf Tournament at Sewailo Golf Club in Tucson, Arizona. Shotgun start is at 9 a.m. Sewailo Golf Club is located on over 200 acres of pristine desert on the southwest side of Tucson, Arizona, directly adjacent to the 4 Diamond rated Casino Del Sol. Sewailo Golf Club and Casino Del Sol are enterprises of the Pascua Yaqui Nation. The name, “Sewailo”, means flower world in the Yaqui language. The new 72-par Sewailo Golf Club was designed by Ty Butler and Notah Begay III and is owned by the Pascua Yaqui Tribe. The course is managed by Troon Golf. “We are ready for golfers to come out here for the Desert Classic Golf Tournament,” announced Dan LaRouere, General Manager of Sewailo Golf Club. “The course condition right now is spectacular and it will be in top condition in November.”  LaRouere describes Sewailo as a blend of a traditional and desert golf. “The scenery is gorgeous and the fairways are generous. We do have quite a bit of water. We have water on seven different holes and a mile of streams run through the property.”  Golfers can register as individuals, pairs and foursomes by visiting www.azindiangaming.org or calling (602) 307-1570 (602) 307-1570. The tournament fee is $225.00 per golfer and includes 18-holes of scramble format golf, range balls, breakfast and the awards luncheon.  Bank of America, Merrill Lynch and Visit Tucson are sponsors for the golf tournament.  Additional sponsorship opportunities are still available.  See the website for details.  Advance registration rates for EXPO AIGA close October 31, 2103.

DDR CLOSES ON $1.46 BILLION TRANSACTION WITH BLACKSTONE

Beachwood, Ohio — DDR Corp. has closed a previously announced acquisition of a portfolio of 30 power centers from a joint venture with Blackstone Real Estate Partners VII L.P. and settled its forward equity sale. DDR acquired Blackstone’s 95% share. The company funded the investment through a combination of proceeds from the issuance of new common equity and unsecured debt, preferred equity and mezzanine loan repayments and the assumption of existing mortgage debt.

KW RELEASES BENEFITS MARKETPLACE JUST IN TIME FOR OBAMACARE

Franchisor Keller Williams Realty Inc. has selected ConnectedHealth as its e-commerce benefits platform, which will allow U.S.-based Keller Williams associates to shop for health care through a co-branded version of ConnectedHealth’s Web platform in time for the launch of “Obamacare.” The KW Wellness Benefits Marketplace is expected to launch in December, the companies said, helping Keller Williams associates navigate the new complexities of health benefits. Associates logging onto the platform will be able to determine whether they are eligible for a government subsidy, and can shop and apply for subsidy-eligible insurance. Associates that don’t qualify for government subsidies can access a range of medical and ancillary insurance with national and regional companies. By selecting ConnectedHealth’s consumer-focused solution, “Keller Williams Realty provides their associates the support and guidance to feel confident that they have selected the right coverage for themselves and their families,” the companies said. Beginning Jan. 1, the Patient Protection and Affordable Care Act — “Obamacare” — requires that all individuals have minimum health coverage, or pay a penalty (officially called a “shared responsibility payment”) that will be phased in over the next few years. The penalty will be phased in over the next few years.

FORMER ZILLOW BROKER REP DUANE FOUTS JOINS WEST USA REALTY

Duane Fouts, who left his consulting position with Zillow in August after a year of leading the portal’s efforts to strengthen its relationship with brokers, has joined Phoenix-based brokerage and franchisor West USA Realty Inc. as managing broker and head of its “Internal Broker Alliance” program. Before joining Zillow in April 2012, Fouts owned and ran Phoenix-based Dan Schwarz Realty Inc. for 14 years and has served as president and vice president of the Arizona Association of Realtors. West USA Realty, which maintains five offices in Arizona and claims to have 2,000 real estate agents affiliated with the brand nationwide, was the 17th-largest brokerage in 2012 with 13,389 transaction sides, according to Real Trends.

YELLEN OBAMA’S CHOICE TO SUCCEED BERNANKE

WASHINGTON – Capping a lengthy and politically charged search, President Barack Obama will nominate Janet Yellen, the Federal Reserve’s vice chair, to be chairman of the nation’s powerful central bank, succeeding Ben Bernanke at a pivotal time for the economy and the Fed’s monetary policies. If confirmed by the Senate, Yellen would be the first woman to head any country’s major central bank anywhere in the world. She also would be the first Democrat chosen to lead the Fed since Paul Volcker was picked by President Jimmy Carter in 1979. France’s Christine Lagarde heads the International Monetary Fund. Obama was scheduled to make the announcement Wednesday with Yellen and Bernanke at his side in the White House’s ornate East Room.

FED NOW UNLIKELY TO SLOW BOND BUYING BEFORE 2014

WASHINGTON – The Federal Reserve’s decision last month to maintain the size of its economic stimulus was a shocker. Just about everyone expected a pullback in its bond purchases, which have helped keep loan rates low. And now? Thanks to the government’s partial shutdown, many analysts don’t think the Fed will reduce its stimulus before next year. And with the White House’s choice of the like-minded Janet Yellen to succeed Ben Bernanke as chairman next year, the Fed will likely be cautious about any pullback in early 2014. Bernanke and the Fed may also now look a bit wiser to those who questioned their stance last month. After all, a key reason Bernanke gave for maintaining the pace of the Fed’s stimulus was Washington’s budget impasse. It posed a risk to the economy and financial markets, he suggested.

SHUTDOWN MEANS NO NEW BEER FROM CRAFT BREWERS

MILWAUKEE – The federal government shutdown could leave America’s craft brewers with a serious hangover.Stores will still offer plenty of suds. But the shutdown has closed an obscure agency that quietly approves new breweries, recipes and labels, which could create huge delays throughout the rapidly growing craft industry, whose customers expect a constant supply of inventive and seasonal beers.

WALMART SPLITS FROM INDIA PARTNER; RETAIL ON HOLD

MUMBAI, India – Walmart Stores said Wednesday it is splitting from its Indian business partner and suspending plans for its own retail stores in India because strict government regulations on sourcing from local small businesses make it impossible. The move by the world’s largest retailer represents a blow to India’s attempts to attract foreign investment in the huge but underdeveloped retail sector. Walmart already runs a wholesaling joint venture in India and will continue that business, buying out partner Bharti Enterprises. Despite a potential market of 1.2 billion people, no large foreign chains have formally applied to open supermarkets and other multibrand stores since the government changed the law last year to allow them to invest more in the $400 billion sector previously reserved mostly for Indian companies. The new law allows international companies to open multibrand retail stores with 51% ownership and an Indian minority partner.

MEN’S WEARHOUSE GIVES BRUSH OFF TO JOS. A. BANK’S $2.3 BILLION

NEW YORK – Nothing like getting the brush-off. Jos. A. Bank proposed to acquire its bigger rival Men’s Wearhouse in a $2.3 billion deal that could create a men’s wear juggernaut with close to 2,000 stores. But the leaders at Men’s Wearhouse — which sent the company’s founder packing last summer — rejected the offer about two hours after the proposal was publicly disclosed, calling it opportunistic and inadequate. Jos. A. Bank Clothiers disclosed Wednesday that it had made the unsolicited proposal in September to buy Men’s Wearhouse for $48 per share in cash, a 42 per cent premium at the time.  Men’s Wearhouse said in rejecting the deal Wednesday that it wasn’t in the best interest of its shareholders or the company.