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Business/Economy

  • NM income gap continues to grow

    ALBUQUERQUE (AP) — The gap between wealthy households and low-income families continues to grow in New Mexico, and the difference between their incomes is now the largest in the nation, according to a study released this week.
    From 2008 to 2010, the richest 5 percent of households had average incomes that were nearly 17 times higher than the bottom 20 percent of households, according to the report from the Washington, D.C.-based groups Center on Budget and Policy Priorities and the Economic Policy Institute. That’s a jump from two years earlier, when the difference was around 14 times.
    In addition, household income for the richest 20 percent of households in New Mexico was 9.9 times greater than for the poorest 20 percent, the report said. That’s the highest ratio in the nation.
    Arizona had the second highest ratio, at 9.8-to-1, followed by California, with a ratio of 9.5-to-1.
    Across all states, the average income of the richest fifth of households was eight times higher than the poorest fifth, the study showed.
    Elizabeth McNichol, a fellow at the Center on Budget and Policy Priorities and a co-author of the report, said growing inequality in New Mexico follows a trend that began in the 1970s and has gotten progressively worse as the state’s economy struggles.

  • Plaza concept dies hard

    The fence around the property at 2201 Trinity Dr. has been taken down.

    The Los Alamos Lodge, situated in the back of the property, now sits vacant. The door to the front desk of the lodge is bolted shut and there is a note on the window stating it is no longer in business.

    All guests of the lodge were asked to vacate the premises at the beginning of the month after First Judicial District Judge Barbara Vigil threw out Los Alamos Plaza’s LLC bankruptcy filing on the property Oct. 31.

    Realtor Denise Lane, who is marketing the property said, “The Special Master then issued a deed to the investment group that originally foreclosed on the property on Nov 1.  The investment group, Los Alamos Investors LLC now has the property listed for sale at $3 million.

    “The hotel ceased operation on Nov 5. The property is currently being winterized. We are working to contribute all of the furniture in the hotel to various shelters in Northern New Mexico.”

  • Farmington bookstore adjusts to digital economy

    FARMINGTON, N.M. (AP) — A local bookstore is teaming up with a major wholesaler to sell books online.

    Andrea Kristina's Bookstore & Kafé, at 218 W. Main St. in downtown Farmington, is selling books through a website backed by wholesaler Baker & Taylor.

    The bookstore and restaurant receives revenue from any books bought through Andrea Kristina's website at andreakristinasbookstorekafe.com.

    The books are shipped from Reno, Nev., and delivered to the customer's door in about three days.

    "I make the same profit whether they buy here or online," said Claudia Anderson, bookseller at Andrea Kristina's.

    The site also sells e-books along with movies on DVD and music — items not sold in the brick-and-mortar store.

    "It increases my inventory reach by a factor of not hundreds, but thousands," Anderson said.

  • Stocks plummet on news of Obama re-election

    Wall Street greeted a second Obama term the way it greeted the first.

    Investors dumped stocks Wednesday in one of the sharpest sell-offs of the year. With the election only hours behind them, they focused on big problems ahead in Washington and across the Atlantic Ocean.

    American voters returned a divided government to power and left investors fretting about a package of tax increases and government spending cuts that could stall the economic recovery unless Congress acts to stop it by Jan. 1.

    In Europe, leaders warned that unemployment could remain high for years, and cut their forecasts for economic growth for the rest of this year and 2013. The head of the European Central Bank said not even powerhouse Germany is immune.

    The Dow Jones industrial average plummeted as much as 369 points, or 2.8 percent, in the first two hours of trading. It recovered steadily in the afternoon, but remained down 279 points with a half-hour of trading to go.

  • Chamber hosts 'Free Money Fair'

    Los Alamos Commerce and Development Corporation Executive Director Kevin Holsapple said that business owners often ask where they can access grants and other resources that might help boost their enterprises. The LACDC decided to answer that question by organizing a Free Money Fair. The inaugural event takes place Wednesday.
    Los Alamos Small Business Development Center Business advisor Katie Stavert researched available opportunities and organized the fair.
    “Katy’s done a great job of really talking to and bringing together a variety of different sources for what truly is free money, if your business situation or your organization matches up to the particular program,” Holsapple said.
    Representatives will give brief orientations about eight different opportunities, including eligibility requirements and the application process, which should help participants hone in on which programs might be a good fit for their businesses.
    After the orientation, participants can talk individually with presenters to get further clarification about whether their business might qualify for the programs.
    Holsapple believes any business, organization or entrepreneur can find something of interest at the fair.

  • Balloon Fiesta attendance off from prior year

    ALBUQUERQUE, N.M. (AP) — Officials say attendance at Albuquerque International Balloon Fiesta fell from last year.

    Albuquerque International Balloon Fiesta organizers announced Monday that estimated attendance at this year's nine-day event last month was more than 714,000. Officials say the number is down slightly from 2011's estimated 737,466 visits.

    Organizers blamed the declined on poor weather which forced the cancellation of some events that historically have been the most attended.

    Officials say the event attracted balloons from 19 countries.

  • 112-year-old US Apparel Maker in Pa. to Close
  • Look for special coupons in Sunday’s newspaper

    News America Marketing, a division of News Corporation, announced that the Sunday issue of its widely distributed SmartSource Magazine coupon insert is dedicated to Wounded Warrior Project’s Believe in Heroes campaign.  
    Believe in Heroes broadens awareness for the work today’s veterans have done for the country. Some 56 brands have pledged their support for this cause and are offering high value coupons in this special insert, with a total value of more than $50.
    The Sunday SmartSource Magazine will feature a special Believe in Heroes insert that will be distributed to over 53 million households in honor of Veterans Day. The insert will feature coupons from dozens of household brands. Consumers will be directed to woundedwarriorproject.org, where the 56 coupons will be available for printing. The site will also provide the opportunity to make a donation to Wounded Warrior Project, a chance for shoppers to donate a portion of the available $50 in savings back to the organization.

  • Unemployment rate ticks back up to 7.9 percent in October

    WASHINGTON (AP) — U.S. employers added 171,000 jobs in October and hiring was stronger over the previous two months than first thought. The unemployment rate inched up to 7.9 percent from 7.8 percent in September because some workers who had given up re-entered the search for jobs.

    The Labor Department's last look at hiring before Tuesday's election sketched a picture of a job market that is searching for any momentum after nearly stalling in the spring.

    Since July, the economy has created an average of 173,000 jobs a month, up from 67,000 a month from April through June.

    Still, President Barack Obama will face voters with the highest unemployment rate of any incumbent since Franklin Roosevelt. The rate ticked up because more people without jobs started looking for work. The government only counts people as unemployed if they are actively searching.

  • Hurricane Sandy grounds thousands of flights

    NEW YORK (AP) — Hurricane Sandy grounded thousands of flights in the U.S. northeast Monday and upended travel plans across the globe, stranding passengers from Hong Kong to Europe. The massive storm threatens to bring a near halt to air travel for at least two days in a key region for both domestic and international flights.

    Major carriers such as American Airlines, United and Delta cancelled all flights into and out of three area airports in New York, the nation's busiest airspace. According to the flight-tracking service FlightAware, nearly 10,000 flights had been canceled for Monday and Tuesday, almost all related to the storm.

    Delays rippled across the U.S., affecting travelers in cities such as San Francisco to Chicago. Disruptions spread to Europe and Asia, where airlines canceled or delayed flights to New York and Washington from cities that are major travel hubs including London, Paris, Tokyo and Hong Kong.

    About one-quarter of all U.S. flights travel in or out of New York airports each day. So cancellations here can dramatically impact travel in other cities.