Results tagged “Business” from News 24/7
Union Bank N.A. has named Stuart Bernstein market president for Inland Empire and Orange County retail banking, according to a news release.
"As part of a comprehensive realignment of its retail banking group, Bernstein's position represents the addition of five new regional market presidents throughout California, as well as Union Bank's geographic expansion of its retail markets to five, from three," according to the release.
Bernstein has nearly two decades of banking experience. He previously worked as a market president for Wells Fargo and was an executive vice president at Countrywide Financial Corp.
Read more at The Bizz.
matthew.wrye@inlandnewspapers.com
"As part of a comprehensive realignment of its retail banking group, Bernstein's position represents the addition of five new regional market presidents throughout California, as well as Union Bank's geographic expansion of its retail markets to five, from three," according to the release.
Bernstein has nearly two decades of banking experience. He previously worked as a market president for Wells Fargo and was an executive vice president at Countrywide Financial Corp.
Read more at The Bizz.
matthew.wrye@inlandnewspapers.com
NEW YORK (AP) -- Wall Street's March rally gained momentum on Thursday -- this time, thanks to surprisingly good earnings from some major consumer brands.
Strong demand for government debt at the Treasury Department's latest auction also lifted stocks. Investors had been nervous about the government's ability to fund its economic stimulus and financial bailout programs.
According to preliminary calculations, the Dow jumped 174.75, or 2.3 percent, at 7,924.56, its highest close since Feb. 12.
The Standard & Poor's 500 index rose 18.98, or 2.3 percent, to 832.86, and the Nasdaq composite index rose 58.05, or 3.8 percent, to 1,587.00.
Strong demand for government debt at the Treasury Department's latest auction also lifted stocks. Investors had been nervous about the government's ability to fund its economic stimulus and financial bailout programs.
According to preliminary calculations, the Dow jumped 174.75, or 2.3 percent, at 7,924.56, its highest close since Feb. 12.
The Standard & Poor's 500 index rose 18.98, or 2.3 percent, to 832.86, and the Nasdaq composite index rose 58.05, or 3.8 percent, to 1,587.00.
Continue reading Stocks rise on relief over earnings, debt auction.
NEW YORK (AP) -- Wall Street has managed a moderate gain after an attack of nerves had investors giving back a big early advance and then barreling back into the market right before the close.
Trading was extremely erratic -- the Dow Jones industrials rose as much as 203 points in early trading in response to upbeat economic data, then fell nearly 110 during the afternoon before closing up 90. Analysts said weak demand during an auction of government debt stirred up worries about how easily Washington will be able to raise money to fund its economic rescue program. The fear in the market is that the government might not be able to easily raise the hundreds of billions of dollars it needs.
The Dow closed up 89.94, or 1.17 percent, at 7,749.81, while the Standard & Poor's 500 index rose 7.63, or 0.95 percent, to 813.88 and the Nasdaq composite index rose 12.43, or 0.82 percent, to 1,528.95.
Two stocks rose for every one that fell on the New York Stock Exchange, where volume came to 1.77 billion shares.
Trading was extremely erratic -- the Dow Jones industrials rose as much as 203 points in early trading in response to upbeat economic data, then fell nearly 110 during the afternoon before closing up 90. Analysts said weak demand during an auction of government debt stirred up worries about how easily Washington will be able to raise money to fund its economic rescue program. The fear in the market is that the government might not be able to easily raise the hundreds of billions of dollars it needs.
The Dow closed up 89.94, or 1.17 percent, at 7,749.81, while the Standard & Poor's 500 index rose 7.63, or 0.95 percent, to 813.88 and the Nasdaq composite index rose 12.43, or 0.82 percent, to 1,528.95.
Two stocks rose for every one that fell on the New York Stock Exchange, where volume came to 1.77 billion shares.
Continue reading Stocks manage moderate gain after erratic session.
NEW YORK (AP) -- A stock drop is never reassuring -- except when it could have been worse.
The Dow Jones industrial average shed 115 points, or 1.5 percent on Tuesday. But it also held onto 382 of the 498 points it racked up a day earlier.
According to preliminary calculations, the Dow fell 115.49, or 1.5 percent, to 7,660.37. The Standard & Poor's 500 index fell 16.55 points, or 2 percent, to 806.37. The Nasdaq fell 37.11 points, or 2.4 percent, to 1,518.66.
Anyone with a 401(k) would have liked to see the rally continue. Market analysts said, though, that a pullback was expected given the massive gains Wall Street logged the day before when the government released plans lift bad loans off banks' books.
"We'll take that trading pattern any time," said Arthur Hogan, chief market analyst at Jefferies & Co. He said he came into work anticipating the Dow to drop between 1 to 2 percent Tuesday after its 6.8 percent jump Monday.
Furthermore, the Dow was up more than 1,000 points from hitting nearly 12-year lows on March 9, and there was little in a way of positive economic or corporate data Tuesday to lift stocks further.
If Wall Street gets more good news, stocks could resume their rise. But if it doesn't, the rest of Monday's rally -- and then some -- could get wiped out. Later this week, investors will be facing some big economic reports: durable goods for February, a revised fourth-quarter gross domestic product number, and personal income and spending for February. And next month, first-quarter earnings reports start pouring in.
Thomas J. Lee, a stock market analyst at JPMorgan, said the market's ability to hang onto most of its rally was encouraging, but "this has definitely been a show-me market."
The Dow Jones industrial average shed 115 points, or 1.5 percent on Tuesday. But it also held onto 382 of the 498 points it racked up a day earlier.
According to preliminary calculations, the Dow fell 115.49, or 1.5 percent, to 7,660.37. The Standard & Poor's 500 index fell 16.55 points, or 2 percent, to 806.37. The Nasdaq fell 37.11 points, or 2.4 percent, to 1,518.66.
Anyone with a 401(k) would have liked to see the rally continue. Market analysts said, though, that a pullback was expected given the massive gains Wall Street logged the day before when the government released plans lift bad loans off banks' books.
"We'll take that trading pattern any time," said Arthur Hogan, chief market analyst at Jefferies & Co. He said he came into work anticipating the Dow to drop between 1 to 2 percent Tuesday after its 6.8 percent jump Monday.
Furthermore, the Dow was up more than 1,000 points from hitting nearly 12-year lows on March 9, and there was little in a way of positive economic or corporate data Tuesday to lift stocks further.
If Wall Street gets more good news, stocks could resume their rise. But if it doesn't, the rest of Monday's rally -- and then some -- could get wiped out. Later this week, investors will be facing some big economic reports: durable goods for February, a revised fourth-quarter gross domestic product number, and personal income and spending for February. And next month, first-quarter earnings reports start pouring in.
Thomas J. Lee, a stock market analyst at JPMorgan, said the market's ability to hang onto most of its rally was encouraging, but "this has definitely been a show-me market."
WASHINGTON (AP) -- The Federal Reserve should play an expanded, "central role" in preventing future financial crises like the one now gripping the country, the U.S. central bank and the Treasury Department said Monday.
The joint statement from the agencies now leading the United States' efforts to end the crisis and lift the country out of recession came as the Obama administration and Congress seek to overhaul the nation's financial structure to avoid future meltdowns.
The Fed -- already the lender of last resort to troubled financial companies -- could end up with a much larger role once a regulatory revamp is finalized.
The joint statement from the agencies now leading the United States' efforts to end the crisis and lift the country out of recession came as the Obama administration and Congress seek to overhaul the nation's financial structure to avoid future meltdowns.
The Fed -- already the lender of last resort to troubled financial companies -- could end up with a much larger role once a regulatory revamp is finalized.
Continue reading Fed should play 'central role' to prevent crises.
SACRAMENTO (AP) -- The state Assembly on Monday passed a bill to extend unemployment benefits in California, as lawmakers here took the first steps in drawing billions of dollars from the federal stimulus package.
The bill was passed 76-0, and would extend unemployment benefits by 20 weeks. It now moves to the Senate.
Assemblyman Joe Coto, D-San Jose, said the measure would allow California to qualify for up to $3 billion in federal money without a cost to the state. California is among 13 states with high unemployment rates that needs to change their laws to qualify for extended benefits.
The bill was passed 76-0, and would extend unemployment benefits by 20 weeks. It now moves to the Senate.
Assemblyman Joe Coto, D-San Jose, said the measure would allow California to qualify for up to $3 billion in federal money without a cost to the state. California is among 13 states with high unemployment rates that needs to change their laws to qualify for extended benefits.
Continue reading Calif. Assembly passes extended jobless benefits.
NEW YORK (AP) -- Wall Street got the news it wanted on the economy's biggest problems -- banks and housing -- and responded with a rally that hurtled the Dow Jones industrials up nearly 500 points.
Investors added rocket fuel Monday to a two-week-old advance, cheering the government's plan to help banks remove bad assets from their books and also welcoming a report showing a surprising increase in home sales. Major stock indicators surged more than 6 percent, including the Dow.
According to preliminary calculations, the Dow rose 497.48, or 6.8 percent, to 7,775.86. That was the biggest point gain for the blue chips in more than four months.
Broader stock indicators also surged. The Standard & Poor's 500 index rose 54.38, or 7.1 percent, to 822.92, crossing the psychological milepost of 800. The Nasdaq composite index rose 98.50, or 6.8 percent, to 1,555.77.
The Russell 2000 index of smaller companies rose 33.61, or 8.4 percent, to 433.72.
More than 10 stocks rose for every one that fell on the New York Stock Exchange, where volume came to 1.9 billion shares.
Investors added rocket fuel Monday to a two-week-old advance, cheering the government's plan to help banks remove bad assets from their books and also welcoming a report showing a surprising increase in home sales. Major stock indicators surged more than 6 percent, including the Dow.
According to preliminary calculations, the Dow rose 497.48, or 6.8 percent, to 7,775.86. That was the biggest point gain for the blue chips in more than four months.
Broader stock indicators also surged. The Standard & Poor's 500 index rose 54.38, or 7.1 percent, to 822.92, crossing the psychological milepost of 800. The Nasdaq composite index rose 98.50, or 6.8 percent, to 1,555.77.
The Russell 2000 index of smaller companies rose 33.61, or 8.4 percent, to 433.72.
More than 10 stocks rose for every one that fell on the New York Stock Exchange, where volume came to 1.9 billion shares.
Continue reading Stocks surge on bank plan, rise in home sales.
NEW YORK (AP) -- Wall Street's mid-March rally is on hold, but the market still managed its first two-week gain in close to a year.
After starting Friday mixed, stocks veered lower in the afternoon as financial stocks fell and investors collected profits from the advance that saw the Dow Jones industrial average rise 14 percent over seven trading days. One reason for the market's pause after such a big surge: It ran out of upbeat economic and corporate news the past two days.
According to preliminary calculations, the Dow industrials fell 122.42, or 1.7 percent, to 7,278.38.
Broader stock indicators also lost ground. The S&P 500 index fell 15.50, or 2 percent, to 768.54, and the Nasdaq composite index fell 26.21, or 1.8 percent, to 1,457.27.
The Russell 2000 index of smaller companies fell 13.15, or 3.2 percent, to 400.11.
After starting Friday mixed, stocks veered lower in the afternoon as financial stocks fell and investors collected profits from the advance that saw the Dow Jones industrial average rise 14 percent over seven trading days. One reason for the market's pause after such a big surge: It ran out of upbeat economic and corporate news the past two days.
According to preliminary calculations, the Dow industrials fell 122.42, or 1.7 percent, to 7,278.38.
Broader stock indicators also lost ground. The S&P 500 index fell 15.50, or 2 percent, to 768.54, and the Nasdaq composite index fell 26.21, or 1.8 percent, to 1,457.27.
The Russell 2000 index of smaller companies fell 13.15, or 3.2 percent, to 400.11.
Continue reading Stocks fall, but stocks log second week of gains.
LOS ANGELES (AP) -- President Barack Obama on Thursday announced that California will receive $145 million to help communities hard-hit by the foreclosure crisis.
The president, speaking to about 1,000 people at a town hall-style event in downtown, said the Department of Housing and Urban Development funds will be used to purchase and rehabilitate vacant, foreclosed homes and resell them with affordable mortgages.
The president says the funds will also provide mortgage assistance and rehabilitation loans for low-income and middle-income families.
The president, speaking to about 1,000 people at a town hall-style event in downtown, said the Department of Housing and Urban Development funds will be used to purchase and rehabilitate vacant, foreclosed homes and resell them with affordable mortgages.
The president says the funds will also provide mortgage assistance and rehabilitation loans for low-income and middle-income families.
Continue reading Obama targets foreclosures in Calif..
Friends and family gathered Thursday at Sunrise Church to celebrate the life of a big-hearted entrepreneur who made it big-time in the mixed martial arts world.
Charles David Lewis Jr., the co-founder of TapouT, a multi-million dollar clothing line marketed to mixed martial arts athletes and fans, was killed March 11 in a car collision in Newport Beach.
He was 45.
Charles David Lewis Jr., the co-founder of TapouT, a multi-million dollar clothing line marketed to mixed martial arts athletes and fans, was killed March 11 in a car collision in Newport Beach.
He was 45.
Continue reading Mourners in Rialto remember TapouT mogul.
NEW YORK (AP) -- Investors doused a two-week-old stock rally Thursday on worries about fallout from the Federal Reserve's plan to pump more than $1 trillion into the financial system.
According to preliminary calculations, the Dow Jones industrial average fell 85.78, or 1.2 percent, to 7,400.80.
The broader Standard & Poor's 500 index fell 10.31, or 1.3 percent, to 784.04, while Nasdaq composite index fell 7.74, or 0.5 percent, to 1,483.48.
Declining issues narrowly outnumbered advancers on the New York Stock Exchange, where volume came to 2 billion shares.
According to preliminary calculations, the Dow Jones industrial average fell 85.78, or 1.2 percent, to 7,400.80.
The broader Standard & Poor's 500 index fell 10.31, or 1.3 percent, to 784.04, while Nasdaq composite index fell 7.74, or 0.5 percent, to 1,483.48.
Declining issues narrowly outnumbered advancers on the New York Stock Exchange, where volume came to 2 billion shares.
Continue reading Stock rally fades as investors assess Fed moves.
NEW YORK (AP) -- The Federal Reserve is keeping Wall Street's big rally alive -- and giving the Treasury market a boost as well.
The Fed said Wednesday it will start buying Treasurys to help open up tight credit markets and help the economy start growing again. The central bank will purchase up to $300 billion of longer-term Treasury securities over the next six months. The decision sent both government bonds and stocks soaring as investors expected the move to drive down borrowing costs for everything from mortgages to credit cards.
According to preliminary calculations, the Dow Jones industrial average rose 90.88, or 1.2 percent, to 7,486.58.
Broader stock indicators jumped, too. The Standard & Poor's 500 index added 16.23, or 2.1 percent, to 794.35, and the Nasdaq composite index rose 29.11, or 2 percent, to 1,491.22.
The Fed said Wednesday it will start buying Treasurys to help open up tight credit markets and help the economy start growing again. The central bank will purchase up to $300 billion of longer-term Treasury securities over the next six months. The decision sent both government bonds and stocks soaring as investors expected the move to drive down borrowing costs for everything from mortgages to credit cards.
According to preliminary calculations, the Dow Jones industrial average rose 90.88, or 1.2 percent, to 7,486.58.
Broader stock indicators jumped, too. The Standard & Poor's 500 index added 16.23, or 2.1 percent, to 794.35, and the Nasdaq composite index rose 29.11, or 2 percent, to 1,491.22.
Continue reading Stocks jump after Fed says it will buy Treasurys.
SAN DIEGO (AP) -- The parent company of The San Diego Union-Tribune said Wednesday that it has agreed to sell its flagship newspaper to a private equity firm for an undisclosed price.
Copley Press Inc. agreed to sell the dominant newspaper in the nation's eighth-largest city to Platinum Equity, based in Beverly Hills, the newspaper reported on its Web site. Copley put the newspaper up for sale in July 2008.
Louis Samson, a principal at Platinum Equity, called the newspaper "a good fit."
"The Union-Tribune is more than a business. It's an institution in San Diego," Samson said.
Copley Press Inc. agreed to sell the dominant newspaper in the nation's eighth-largest city to Platinum Equity, based in Beverly Hills, the newspaper reported on its Web site. Copley put the newspaper up for sale in July 2008.
Louis Samson, a principal at Platinum Equity, called the newspaper "a good fit."
"The Union-Tribune is more than a business. It's an institution in San Diego," Samson said.
Continue reading San Diego Union-Tribune being sold to equity firm.
NEW YORK (AP) -- Investors restarted Wall Street's rally Tuesday, buying financial and homebuilder stocks following a surprisingly upbeat report on home construction.
Major market indicators jumped more than 2 percent, including the Dow Jones industrial average, which rose 179 points. The technology-heavy Nasdaq surged more than 4 percent after sliding Monday.
According to preliminary calculations, the Dow rose 178.73, or 2.5 percent, to 7,395.70.
Broader stock indicators also advanced. The Standard & Poor's 500 index rose 24.23, or 3.2 percent, to 778.12, while the Nasdaq composite index rose 58.09, or 4.1 percent, to 1,462.11.
The Russell 2000 index of smaller companies rose 17.23, or 4.5 percent, to 403.59.
Four stocks rose for every one that fell on the New York Stock Exchange, where volume came to a light 1.49 billion shares. Light volume indicates less conviction behind the market's moves.
Major market indicators jumped more than 2 percent, including the Dow Jones industrial average, which rose 179 points. The technology-heavy Nasdaq surged more than 4 percent after sliding Monday.
According to preliminary calculations, the Dow rose 178.73, or 2.5 percent, to 7,395.70.
Broader stock indicators also advanced. The Standard & Poor's 500 index rose 24.23, or 3.2 percent, to 778.12, while the Nasdaq composite index rose 58.09, or 4.1 percent, to 1,462.11.
The Russell 2000 index of smaller companies rose 17.23, or 4.5 percent, to 403.59.
Four stocks rose for every one that fell on the New York Stock Exchange, where volume came to a light 1.49 billion shares. Light volume indicates less conviction behind the market's moves.
Continue reading Wall Street resumes rally following housing report.
SACRAMENTO (AP) -- Republican lawmakers have rejected the state's first federal stimulus-related bill to extend unemployment benefits by 20 weeks.
The bill, which fell short by one vote in the Assembly on Monday night, would have pulled as much as $3 billion from the federal government.
Lawmakers are expected to take up the bill again.
California must make changes to its unemployment program in order to qualify for federal stimulus money.
Republicans say they could not vote on a bill that contained language they had not read.
Democrats say that unless the bill passes soon, nearly 300,000 Californians will start losing their unemployment benefits starting April 12.
The bill, which fell short by one vote in the Assembly on Monday night, would have pulled as much as $3 billion from the federal government.
Lawmakers are expected to take up the bill again.
California must make changes to its unemployment program in order to qualify for federal stimulus money.
Republicans say they could not vote on a bill that contained language they had not read.
Democrats say that unless the bill passes soon, nearly 300,000 Californians will start losing their unemployment benefits starting April 12.
San Bernardino will be able to serve the management of Flesh Showgirls, but not all the employees, with a 2007 court order, following a court hearing Monday.
The club, formerly known as the Flesh Club, reopened Friday as an "eating place" with food, drinks and topless dancing, after a judge ordered it temporarily closed in 2007 and the City Council late last year wouldn't let it open as a bar with topless dancing.
Before the club opened Friday, city employees tried to get all the club's employees to review the 2007 order, but the management refused.
The club, formerly known as the Flesh Club, reopened Friday as an "eating place" with food, drinks and topless dancing, after a judge ordered it temporarily closed in 2007 and the City Council late last year wouldn't let it open as a bar with topless dancing.
Before the club opened Friday, city employees tried to get all the club's employees to review the 2007 order, but the management refused.
Continue reading UPDATE: Split decision in San Bernardino's Flesh hearing.
LOS ANGELES (AP) -- The deadline for General Growth Properties Inc.'s plea for an extension on more than $2 billion in debt expired Monday, but it wasn't immediately clear whether the troubled mall operator convinced any of its bondholders to give it more time to regain its financial footing.
The Chicago-based real estate investment trust, struggling to stave off a Chapter 11 bankruptcy filing, asked holders of $2.25 billion worth of bonds last week to put off calling in payments until the end of this year while it tries to refinance its debt load.
The consent solicitation, launched by its Rouse Company LP unit, expired at 5 p.m. EDT on Monday, although the terms included the possibility of an extension.
The Chicago-based real estate investment trust, struggling to stave off a Chapter 11 bankruptcy filing, asked holders of $2.25 billion worth of bonds last week to put off calling in payments until the end of this year while it tries to refinance its debt load.
The consent solicitation, launched by its Rouse Company LP unit, expired at 5 p.m. EDT on Monday, although the terms included the possibility of an extension.
Continue reading General Growth forbearance request deadline passes.
NEW YORK (AP) -- Wall Street broke a four-day advance Monday as a rally in financial stocks fizzled and dragged the market lower.
According to preliminary calculations, the Dow slipped 7.01, or 0.1 percent, to 7,216.97. The blue chips rose as much as 169 points during the session.
The Standard & Poor's 500 index fell 2.66, or 0.4 percent, to 753.89, while the tech-heavy Nasdaq composite index fell 27.48, or 1.9 percent, to 1,404.02.
More stocks rose than fell even as the major indicators lost ground. Advancing issues outnumbered decliners by about 3 to 2 on the New York Stock Exchange, where volume came to a moderate 1.9 billion shares.
According to preliminary calculations, the Dow slipped 7.01, or 0.1 percent, to 7,216.97. The blue chips rose as much as 169 points during the session.
The Standard & Poor's 500 index fell 2.66, or 0.4 percent, to 753.89, while the tech-heavy Nasdaq composite index fell 27.48, or 1.9 percent, to 1,404.02.
More stocks rose than fell even as the major indicators lost ground. Advancing issues outnumbered decliners by about 3 to 2 on the New York Stock Exchange, where volume came to a moderate 1.9 billion shares.
Continue reading Stocks give up gains after 4-day rally.
FRESNO (AP) -- Labor Secretary Hilda Solis wants to rethink rules issued by the Bush administration that changed the nation's guest farmworker program.
Bush's overhaul to the program was intended to make it easier for farmers to hire foreign field workers.
Solis announced Friday she plans to suspend the new rules for the program for nine months so her department can review and reconsider them.
Farmworker advocates have argued the changes would lower wages in the fields and erode labor protections. Growers criticized the fix too, saying it doesn't streamline the process or provide the comprehensive immigration reform they've been looking for.
The proposal to suspend the rule will be made official on Tuesday, and is open to public comment for 10 days.
Bush's overhaul to the program was intended to make it easier for farmers to hire foreign field workers.
Solis announced Friday she plans to suspend the new rules for the program for nine months so her department can review and reconsider them.
Farmworker advocates have argued the changes would lower wages in the fields and erode labor protections. Growers criticized the fix too, saying it doesn't streamline the process or provide the comprehensive immigration reform they've been looking for.
The proposal to suspend the rule will be made official on Tuesday, and is open to public comment for 10 days.
NEWPORT BEACH (AP) -- Prosecutors charged a man Friday with vehicular manslaughter in the death of a mixed martial arts promoter known as "Mask" who co-founded an international clothing line and appeared in a reality TV show about the sport.
Jeffrey David Kirby, 51, of Costa Mesa was charged with one felony count of vehicular manslaughter with gross negligence and one felony count of driving under the influence causing bodily injury.
Prosecutors are also seeking sentencing enhancements for fleeing the scene and causing bodily injury to more than one person.
Jeffrey David Kirby, 51, of Costa Mesa was charged with one felony count of vehicular manslaughter with gross negligence and one felony count of driving under the influence causing bodily injury.
Prosecutors are also seeking sentencing enhancements for fleeing the scene and causing bodily injury to more than one person.
Continue reading Man charged in death of mixed martial arts figure.
Recent Comments