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Business/Economy

  • New business concept opens in White Rock

    William is an inventor. Janet is a crafter. Bill is a sales rep.  Jonathon operates a business from his home.  Alejandro is a lab researcher who is developing a technology idea in his spare time.  Luann is the president of an active club.  

    One thing they all have in common is that they can now find services at White Rock’s newest business – The Hive.  

  • Consumer spending still sputters

    WASHINGTON (AP) — Consumers are giving a modest lift to the economy. They spent more on autos, electronics and building supplies in October to boost retail sales for the fifth straight month.

    Stronger economic growth helped calm fears that the economy could slide back into a recession. Still, growth would need to be nearly double the third-quarter rate — consistently — to make a significant dent in unemployment.

    The gains provide an encouraging start for the October-December quarter just as separate reports show wholesale prices are flattening and U.S. shoppers are spending more at Wal-Mart, the world's largest retailer.

  • Positron Enters Radioisotopes Market With Acquisition of Manhattan Isotopes

    Positron Corporation (OTCBB:POSC), a molecular imaging company specializing in the field of nuclear cardiology announced today that on Friday Nov. 11, Positron and Manhattan Isotope Technology LLC. (MIT LLC) entered into a binding Letter of Intent to acquire MIT LLC. The transaction will close January 2, 2012 upon execution of final transaction documents.

  • Supercommittee Dems present secret offer to cut deficit by $2 trillion

    WASHINGTON (AP) — Democrats on Congress' supercommittee secretly presented Republicans with a revised deficit-cutting proposal earlier this week that calls for a blend of $1 trillion in spending cuts and $1 trillion in higher tax revenue over the next decade, officials in both parties said Wednesday night, adding that compromise talks remain alive though troubled.

    The previously undisclosed offer scaled back an earlier Democratic demand for $1.3 trillion in higher taxes, a concession to Republicans. At the same time it jettisoned a plan to slow the growth in future cost-of-living increases in Social Security benefits, a provision liberal Democrats oppose.

  • NM biofuels projects gets loan guarantee

    COLUMBUS, N.M. (AP) — The federal government is issuing a loan guarantee to a company that plans to build a $135 million plant in southern New Mexico to produce biofuel from algae.

    The U.S. Department of Agriculture announced the guarantee Monday. It has been in the making since December 2009, when the agency first issued a conditional commitment for an 80 percent guarantee on a $54.5 million loan.

    The financing will help Sapphire Energy, Inc., build and operate an integrated algal biorefinery in Columbus. Federal officials say it's all part of an effort to provide renewable commercial-scale biofuels.

  • Poverty rate hits new all-time high

    WASHINGTON (AP) — The ranks of America's poor are greater than previously known, reaching a new level of 49.1 million — or 16 percent — due to rising medical costs and other expenses that make it harder for people to stay afloat, according to new census estimates.

    The numbers released Monday are part of a first-ever supplemental poverty measure aimed at providing a fuller picture of poverty. It is considered experimental and does not replace the Census Bureau's official poverty formula, which continues to determine eligibility and distribution of billions of dollars in federal aid for the poor.

  • Employers add only 80K jobs in October, rate dips to 9 pct.--video extra

    WASHINGTON (AP) — Hiring slowed even more in October as employers faced more uncertainty over future economic growth.

    The Labor Department says the economy added just 80,000 jobs last month, the fewest in four months and below September's revised total of 158,000. The unemployment rate, however, dipped to 9 percent.

    Businesses added 104,000 jobs, below September's total. Government shed 24,000 jobs.

    The report included some positive signs. The government revised August and September's figures upward by 102,000. Average hourly earnings rose. And the unemployment rate fell for the first time since July, because a separate survey of households showed more people found work.

  • Los Alamos ranks at top of magazine's millionaires list

    Los Alamos, already tagged as the sixth richest county in the U.S., now has another distinction after being ranked number one in terms of “Where Millionaires Live in America.”

    The article published in the November edition of Kiplinger takes a look at a report produced by Phoenix Marketing International, a company that keeps tabs on wealthy households. The firm also ranks 942 towns and cities by the concentration of millionaires.

  • Fed foresees far weaker growth than it had earlier

    WASHINGTON (AP) — The Federal Reserve sketched a bleaker outlook Wednesday for the economy, which it thinks will grow much more slowly and face higher unemployment than it had estimated in June.

    The Fed's gloomier forecast shows that the recovery from the recession has continued to fall short of expectations. Some economists said it makes the Fed more likely to act further to try to boost the economy, though probably not until early next year.

    One option would be a program similar to the Fed's $600 billion in Treasury bond purchases, which it completed in June. Some economists think the Fed could buy mortgage-backed securities instead, which could more directly support the depressed housing market by lowering loan rates.

  • Bank of America backs down on $5 debit card fee--video extra

    NEW YORK (AP) — Bank of America Corp. is scrapping its plan to charge a $5 monthly fee for debit card purchases after outraged customers threatened an exodus.

    The about-face comes as customers across the country petitioned the bank and mobilized to close their accounts in favor of credit unions and community banks. The outcry prompted other major banks, including JPMorgan Chase & Co. and Wells Fargo & Co., to cancel trial tests of their own debit card fees.