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Business/Economy

  • Protests against Wall Street spread across US--video extra

    NEW YORK (AP) — Protests against Wall Street entered their 18th day Tuesday as demonstrators across the country show their anger over the wobbly economy and what they see as corporate greed by marching on Federal Reserve banks and camping out in parks from Los Angeles to Portland, Maine.

    Demonstrations are expected to continue throughout the week as more groups hold organizational meetings and air their concerns on websites and through streaming video.

  • LANL Announces Venture Acceleration Fund Recipients

    Los Alamos National Laboratory (LANL) has selected two New Mexico companies to receive an infusion of capital as part of the lab's technology transfer initiatives.

    Ideum and OnQueue are the latest recipients of awards from the Los Alamos National Security, LLC Venture Acceleration Fund (VAF).

    “Our VAF program provides much-needed capital to these promising companies, reducing their risk without the strings typically attached to equity investments,” said David Pesiri, the Laboratory’s Technology Transfer Division leader“Further, our team of experts is working closely with both companies to connect them with other resources—like mentors, customers, and contacts—to help make them sustainable and successful.”

  • US stock futures fall as global rout continues

    U.S. stock futures dropped Friday as spreading recession fears power a global sell-off in all investments that carry risk.

    Markets in Asia closed sharply lower. The broad STOXX 50 index of European shares was down 1 percent. U.S. markets have fallen for four straight sessions, driving the Standard & Poor's 500 index down more than 7 percent this week.

    Treasury yields remain near record lows as traders amass lower-risk bets. Demand for Treasurys drives their prices higher and their yields lower.

    At 8:40 a.m. Eastern time, S&P 500 futures fell 14, or 1.3 percent, to 1,109. Dow Jones industrial average futures lost 120, or 1.1 percent, to 10,530. Nasdaq 100 futures slid 26, or 1.2 percent, to 2,149.

  • LANB expands Albuquerque office

    Los Alamos National Bank is moving its 600 square-foot Albuquerque loan production office into a 1,600-square-foot facility at 6801 Jefferson NE.
    LANB has maintained the loan production office for four years in Albuquerque’s Uptown sector and this move will allow the bank to provide additional lenders as well as teller and deposit services, President Steve Wells said.
    “We believe in New Mexico and we believe lending to small business is the solution to economic recovery and we think there’s a lot of opportunity for lending in Albuquerque,” Wells said.
    Ten onsite and eight auxiliary employees will service the bank’s Albuquerque customers when the doors to the new facility open Nov. 14.

  • Apps for unemployment benefits dip; job growth remains elusive

    WASHINGTON (AP) — The number of people applying for unemployment benefits fell last week, though the decline isn't enough to signal improvement in the job market.

    Weekly applications dropped by 9,000 to a seasonally adjusted 423,000, the Labor Department said Thursday.

    The four-week average, a less volatile figure, rose slightly for the fifth straight week to 421,000.

    Applications typically need to fall below 375,000 to signal sustainable job growth. They haven't been that low since February.

    "September is shaping up to be another difficult month for the job market," said Ryan Sweet, an economist at Moody's Analytics.

  • Forecasts point to modest holiday growth

    NEW YORK (AP) — Retailers just got an early Christmas gift: Americans are expected to spend more than they did last year during the holidays.

    Retail revenue in November and December is expected to be up 3 percent during what is traditionally the biggest shopping period of the year, according to research firm ShopperTrak said Tuesday.

    The sales prediction, which matches the outlook from the International Council of Shopping Centers on Friday, would be below last year's 4.1 percent spike — and the 5-plus percent gains during boom economic times. But it's still above the 2.6 percent average gain over the last 10 years and is considered respectable growth given the down economy.

  • Dow falls 391 on worldwide fears about economy--video extra

    NEW YORK (AP) — Investors began giving in to fears Thursday that a global recession is already under way, and stock markets shuddered around the world. Selling started in Asia, picked up speed in Europe and sent Wall Street near its worst finish of the year.

    The Dow Jones industrial average lost 391 points and at one point was down more than 500, a return to the volatility that gripped the market this summer.

    One financial indicator after another showed that investors are losing hope that the global economy can keep growing. The price of oil and metals such as copper, which depend on economic demand, fell sharply. Traders bought Treasury bonds and the dollar for safety.

  • Feds declare LA disaster area

    Eight northern New Mexico counties that suffered economic devastation by this summer’s Las Conchas Fire are eligible for assistance from the U.S. Small Business Administration.

    The SBA acted under its own authority to declare the region a disaster area following a Sept. 9 request from Gov. Susana Martinez. The federal disaster declaration enables the SBA to offer low-interest, federal disaster loans to local small businesses and private, non-profit organizations that were economically impacted by the fire, which officially burned from June 26-Aug. 3.  

  • Obama admin reworked Solyndra loan to favor donor--video extras

    WASHINGTON (AP) — The Obama administration restructured a half-billion dollar federal loan to a troubled solar energy company in such a way that private investors — including a fundraiser for President Barack Obama — moved ahead of taxpayers for repayment in case of a default, government records show.

    Administration officials defended the loan restructuring, saying that without an infusion of cash earlier this year, solar panel maker Solyndra Inc. would likely have faced immediate bankruptcy, putting more than 1,000 people out of work.

    Even with the federal help, Solyndra filed for Chapter 11 bankruptcy protection earlier this month and laid off its 1,100 employees.

  • Stocks rally on support plan for European banks

    NEW YORK (AP) — Stocks rallied Thursday after central banks in Europe and the U.S. announced a joint move to support European banks. Markets in Europe soared. Gold dropped and Treasury yields rose as traders moved out of the safest investments.

    The European Central Bank, the U.S. Federal Reserve and three other central banks said Thursday they would provide European banks with dollars in three loan installments.