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Business/Economy

  • Smith's exec meets local retailers on development

    In the lead-up to council’s approval of the Trinity Site contract, one hotly debated issue was whether having a Smith’s Marketplace as the anchor store would prove to be a benefit for local retailers or drive them out of business.

    Those fears intensified when the North American Development Group backed out and Smith’s/Kroger assumed the contract.

    As Smith’s/Kroger officials prepare to present design plans for county approval, it is working to alleviate those fears. To that end, Vice President of Public Affairs Marsha Gilford met last Wednesday with those who could be most impacted by the development.

    “Our approach, and our true philosophy, is that there is so much business that’s leaking out to Santa Fe and Albuquerque that this store will keep a lot of that business and retail shopping activity in Los Alamos. And if we can do that, then all the smaller businesses are going to thrive as well,” Gilford said.

    “We don’t expect that we’re going to have everything that people need and want. We think we’ll have a great selection and we intend to make this just an exciting store for the Los Alamos customers. We have a lot committed to this store and want it to be fabulous.

  • Will smart machines create a world without work?

    EDITOR'S NOTE: Last in a three-part series on the loss of middle-class jobs in the wake of the Great Recession, and the role of technology.

    WASHINGTON (AP) — They seem right out of a Hollywood fantasy, and they are: Cars that drive themselves have appeared in movies like "I, Robot" and the television show "Knight Rider."

    Now, three years after Google invented one, automated cars could be on their way to a freeway near you. In the U.S., California and other states are rewriting the rules of the road to make way for driverless cars. Just one problem: What happens to the millions of people who make a living driving cars and trucks — jobs that always have seemed sheltered from the onslaught of technology?

    "All those jobs are going to disappear in the next 25 years," predicts Moshe Vardi, a computer scientist at Rice University in Houston. "Driving by people will look quaint; it will look like a horse and buggy."

  • Practically human: Can smart machines do your job?

    EDITOR'S NOTE: Second in a three-part series on the loss of middle-class jobs in the wake of the Great Recession, and the role of technology.

    WASHINGTON (AP) — Art Liscano knows he's an endangered species in the job market: He's a meter reader in Fresno, Calif. For 26 years, he's driven from house to house, checking how much electricity Pacific Gas & Electric customers have used.

    But PG&E doesn't need many people like Liscano making rounds anymore. Every day, the utility replaces 1,200 old-fashioned meters with digital versions that can collect information without human help, generate more accurate power bills, even send an alert if the power goes out.

    "I can see why technology is taking over," says Liscano, 66, who earns $67,000 a year. "We can see the writing on the wall." His department employed 50 full-time meter readers just six years ago. Now, it has six.

  • AP IMPACT: Recession, tech kill middle-class jobs

    EDITOR'S NOTE: First in a three-part series on the loss of middle-class jobs in the wake of the Great Recession, and the role of technology.

    NEW YORK (AP) — Five years after the start of the Great Recession, the toll is terrifyingly clear: Millions of middle-class jobs have been lost in developed countries the world over.

    And the situation is even worse than it appears.

    Most of the jobs will never return, and millions more are likely to vanish as well, say experts who study the labor market. What's more, these jobs aren't just being lost to China and other developing countries, and they aren't just factory work. Increasingly, jobs are disappearing in the service sector, home to two-thirds of all workers.

    They're being obliterated by technology.

  • Feds clamp down on LANB

    The Los Alamos National Bank is once again under regulatory restrictions by the Office of the Comptroller of the Currency, the federal agency that regulates the federal banking system.

    The bank had just came out of a similar regulatory agreement this spring, which was entered in 2010.

    “The Comptroller has found unsafe or unsound banking practices relating to management and board supervision, credit underwriting, credit administration and deficiencies in internal controls,” according to the agreement

    According to bank President Steve Wells, the OCC was concerned that LANB overextended itself on $5.5 million in loans that were spread out amongst seven customers. The bank extended the loans into 2012. The OCC’s opinion was that the bank should have called in the loans in 2011. Wells said the bank has about $1.2 billion in total loans.

    “They have requested us to recognize our risks in the time that it should be recognized and we don’t disagree with that,” Wells said. “We understand the intricacies of the regulations and that we weren’t in alignment.”  

    Wells also noted that the OCC “is one of the toughest regulators out there” and that part of the problem was the two entities have two different viewpoints when it comes to community banking.

  • Despite deal, taxes to rise for most Americans


    WASHINGTON (AP) — While the tax package that Congress passed New Year's Day will protect 99 percent of Americans from an income tax increase, most of them will still end up paying more federal taxes in 2013.

    That's because the legislation did nothing to prevent a temporary reduction in the Social Security payroll tax from expiring. In 2012, that 2-percentage-point cut in the payroll tax was worth about $1,000 to a worker making $50,000 a year.

    The Tax Policy Center, a nonpartisan Washington research group, estimates that 77 percent of American households will face higher federal taxes in 2013 under the agreement negotiated between President Barack Obama and Senate Republicans. High-income families will feel the biggest tax increases, but many middle- and low-income families will pay higher taxes too.

  • What's Exactly in 'fiscal Cliff' Plan
  • House won't vote before midnight on 'cliff' deal

    WASHINGTON (AP) — The House will miss the midnight Monday deadline lawmakers set for voting to avoid the "fiscal cliff."

    House Republicans notified lawmakers that the chamber will vote Monday evening on other bills. They say that will be their only votes of the day.

    President Barack Obama and Senate Republican leader Mitch McConnell said Monday they are near a deal to avoid wide-ranging tax increases and spending cuts — the fiscal cliff — that take effect with the new year.

    Both men said they were still bargaining over whether — and how — to avoid $109 billion in cuts to defense and domestic programs that take effect on Wednesday.

  • Stores look to week after Christmas for sales

    Bargain-hungry Americans will need to go on a post-Christmas spending binge to salvage this holiday shopping season.

    Despite the huge discounts and other incentives that stores offered leading up to Christmas, U.S. holiday sales so far this year have been the weakest since 2008, when the nation was in a deep recession.

    So stores now are depending on the days after Christmas to make up lost ground: The final week of December can account for about 15 percent of the month's sales, and the day after Christmas is typically one of the biggest shopping days of the year.

    Stores, which don't typically talk about their plans for sales and other promotions during the season, are known for offering discounts of up to 70 percent after the holiday. This year, they're hoping to lure more bargain hunters who held off on shopping because they wanted to get the best deals of the season.

  • Gas prices on the decline

    Just in time for the holidays, some local gas stations in Los Alamos are charging less than $3 per gallon.