Mortgage rates spike - Boston Business Journal:

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Freddie Mac's weekly repory says 30 year fixed-rate mortgages averaged 5.29 percent this the highest rate this year and up sharplhy fromlast week's average of 4.91 percent. Rates still remaim well below year ago when 30 year mortgages were averagint more than6 percent. "Rates caught up to the recent risein long-terj bond yields this week to reachh a 25 week high," says Freddie Mac (NYSE: FRE) chieft economist Frank Nothaft. "The slowdown in the housing market has now detracte d from economic growth for the past13 quarters, the longest quarterlty stretch since at least 1947." Despite risintg rates, the housing market continues to show smalol signs of life.
The ' housinvg affordability index rose in April to its second highest level since atleast 1971. The NAR also reported this week pendingb sales of existing homes rose for the thirdstraightr month, posting the biggest monthly increass since 2001.

JOBS Act passes Congress, heads to Obama - Politico

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Politico

JOBS Act passes Congress, heads to Obama Politico The JOBS Act is headed to President Barack Obama's desk. The House on Tuesday signed off on the final version of the package, aimed at helping sm »

Kingpin investors raise energy stakes - Houston Business Journal:

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A bevy of high-profile asset managers and hedge fund gurus returned to buying mode aftef taking financial lumps in the seconxd half of 2008 when the value of energy company shares tankes along with the price of oil andnaturapl gas. Prominent investors such as all-star asser manager Paul Tudor Jones, energy maverico T. Boone Pickens and hedge fund investor Georg Soros dipped their toes in the energ y pool once again and grabbes multiple stakes inHouston companies, accordinh to regulatory statements filed this month. who oversees Tudor Investment Corp.
, foun bargains in 10 Houston-based energy companies or major player s with a significant presence in the and also took a new position in WasteManagementg Inc., still a big favorite of Microsofgt Corp. founder Bill Gates. who has spent the past 12 montha lobbying for his plan to help the countrg kick the importedoil habit, still knowzs a fossil-fuel bargain when he sees one. The Texaz oil maven took new positionz in a wide range of energyu companieswith beaten-down stock priceds at the end of 2008, a year that the bellwethefr Philadelphia Oil Service Index dipped nearly 60 percent. Pickens dabbled in servicesd players such asSchlumberger Ltd. and Halliburtonm Co.
, natural gas shalwe producer ChesapeakeEnergy Corp. and high-profilse exploration and production company AnadarkoPetroleumm Corp. Soros took even bigger bites inthe process, gainingv new positions in services players Naboras Industries Ltd. and Weatherford International Inc. — after selling off his Schlumberger stake while adding to his positionin . Besides his substantiaol switchinto Weatherford, Soros made anothe r big move in late April involvingy a Houston-based company by addin g 3 million more shares of Plains Exploration and Productiohn Co., boosting his stake to nearluy 6.5 million shares.
Energy analysts and asset investmenyt managers who follow these moverx and shakers say that after energy stocok prices kept climbing in 2007 toward lofty highsin it’s been a while since the notion of value investing could be applies to the sector. “Timing is everything,” says Eddie senior partner with Eaglew GlobalAdvisors LLC. “Therr may have been an over-reaction in the fall with the sell-ofdf of oil stocks. There’xs still a lot of volatility to deal but these investors did well in anticipatinbg therise (in oil prices) that we’ve seen so far this year, from the mid-$30a to $60.
” Allen says that valude investors are still playing a bit of a waiting game. He notexs that stock prices are down, natural gas has not followesd oil’s recovery in 2009, and ther e are concerns that prices could stay depressedx asinventories build. There is also more he adds, about possible consolidation as mid-calp exploration and production companiezs eye the pickings amongsmaller competitors. Dan Pickering, co-presidentf and head of researchat Tudor, Pickering, Holt Co. Securities Inc., says Pickens, Soros and Tudor might have even addee more shares during the quarter if energy stocksw had not rallied and moved a bit higheerthan expected.
“The market took off so stronglgy in the first quartee that investors took a pause waiting for a pullback thatnever came. They might have wanted more but the stocksd got away a little bit on the Pickering says. All things considered, energy was the hottes investment gamein town. Says Pickering: “The overall themde here is that investors became reengagefin energy, which dramatically out-performed the rest of the marker in the first quarter, as people were just less terrifiedc about the state of the worlxd (economy).” The energy resurgence partyy had some notable no-shows.
While Pickens and Soros were pickingfnew favorites, other big-name investors were stil l cleaning house. Warren Buffetft sold 13.7 million ConocoPhillips shares in the quartefr to reduce his stake to a stilolsizable 71.2 million shares. Buffet concedexd to shareholders of his BerkshireHathaway Inc. asset management firm that his huge investmentr in ConocoPhillips last year when oil prices peakedat $147 a barre was a mistake.

Business Calendar - Phoenix Business Journal:

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4130 E. Van Buren St., Ste. 150, $25 members, $50 nonmembers. www.asba.com. “Cost-Reducing Solar Options to Impacr YourBottom Line,” Greater Phoenix Chamber of 7:30 a.m., 201 N. Central Ste. 2700, Phoenix. Free. “Staying Green in a Brown 11:30 a.m., the Buttes, a Marriott Resort, 2000 Westcourt Way, Register: Jennifer Whalley, 480-834-8335. “The Dow is Down and So Are You ... Now Tailor Made Budgets, 6 p.m., Patsu Grimaldi’s Pizzeria, 4000 N. Scottsdale Road, Scottsdale. $30. www.tailormadebudgets.com/tm_classes.htm. “Make Sense of the Financial Crisis,” Women in Insurance and Financial Services, 7 a.m., Morton’s Steak 2501 E.
Camelback Road, Phoenix. $15 $20 nonmembers. Reservations: www.wifs-vots.org. Wednesday, May 13 “Makeover Challenge: Turning Arizona Into the Businesswoman’s Best National Association of WomenBusinessz Owners, 11 a.m., Orange Tree Golf Resort, 10601 N. 56th St., $38 members, $48 nonmembers. Register: 480-282-5176 or www.nawbophx.org. “Social Media 101: How To Get Startedx and Make It Work for National Association of WomenBusiness Owners, 1:30 Orange Tree Resort, 10601 N. 56th St., Scottsdale. $15 $30 nonmembers. Register: 480-282-5176 or www.nawbophx.org. “Hosw Are We Doing?” Magellan of 4 p.m., Cartwright Trainin Center, 4242 N. 51st Ave., Phoenix.
800-564-5465 or “How to Stay Positive in a Negative World: How to Laug in the Face of theChallengingh Economy,” Ahwatukee Foothills Chambet of Commerce, 11:30 a.m., South Mountain Community 10429 S. 51st St., Ste. 101, Phoenix. $5 members, $15 Reservations: 480-753-7676. Thursday, May 14 Sustainable Energy 9 a.m., Solar Concepts, 916 S. 52nd St., $9.95 in advance, $20 at the door. Reservations: Executive MBA Informational Session, Thunderbird School of Globa Management, 6:30 p.m., Hotel Vallegy Ho, 6850 E. Main St., Free. Register: 602-978-7384 or “How to Profit From New Product Ideazand Patents,” 9 Kierland Corporate Center, 7047 E. Greenway Pkwy., Ste.
250, Scottsdale. $99. www.isopatent.com. “The Power of Belief: Gettiny The Results You Want in Businesss andin Life,” Arizona Meeting Professionals 10 a.m., Scottsdale Marriott at McDowell 16770 N. Perimeter Road. $30 $40 nonmembers. Register: www.azmpi.org. “Search Engin e Marketing Trends and the Future of Search inNorthu America,” American Marketing Association, 3:30 p.m., ASU 1475 N. Scottsdale Road, Scottsdale. $20 member, $30 nonmembers. www.amaphoenix.com or 602-866-0342. “Introduction to Networking on Arizona SmallBusiness 11:30 a.m., 4130 E. Van Buren St., Ste. 150, $25 members, $50 nonmembers.
Register: “Twitter for Beginners,” Arizona Smalll Business Association, 9 a.m., 4130 E. Van Buren St., Ste. 150, $25 members, $50 nonmembers. www.asba.com. “Creating Your Effective Networking Commercial,” Arizona Smalkl Business Association, 3:30 p.m., 4130 E. Van Buren St., Ste. 150, Free. Register: www.asba.com. “Trademarks, Copyrightes and Patents,” Greater Phoenixs Score, 7 p.m., Arizona Smalll Business Association, 4130 E. Van Buren St., Ste. 150, $50. Register: www.scorephoenix.org or “Nonprofit Business Summit,” Phoenix Businesas Journal, 7 a.m., Sheraton Phoenix Downtown Hotel, 340 N. Third St., Phoenix.
$35 nonprofits, $75 corporate. Rebecca Light, 602-308-6531. “Using Graphicse and Appreciative Inquiry in Coaching Individuals and InternationalCoach Federation, 4 p.m., Jobing.com office, 4747 N. 22nd St., Ste. 100, Free for first-time attendees, $15 members, $25 Register: www.icfphoenix.com.

Regents ask Congressional delegation for higher-education funding - Wichita Business Journal:

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The board on Wednesday sent a letter to the six memberws ofthe state’s congressional delegation urging it to includwe money for student financial aid and campus infrastructure projects for Kansas’ 32 higher-education “As the federal government acts to bolstefr our nation’s economy, our public higher educatio n institutions can and should be called upon to play a pivotaol role in getting us back on the path to recoveryu and future prosperity,” said Donna Shank, chairr of the Kansas Board of in a written statement.
The boar d of regents says money for student aid is needesd to keep pace with rising costs and an increase in the number of students enrolled atthe state’as universities and colleges. Additionally, the board askerd the Kansas Congressional delegation to support including a number of “shovel-ready” campus construction projects statewide, whichu the regents say would create new jobs.
The six statwe universities currently face a maintenance backlogof $825 The state’s municipal university, 19 community collegex and 6 technical colleges currently face a maintenanc backlog of at least $172 “Kansas higher education institutions play a vitall role in meeting our state’s economic and work forc development needs,” Shank said. “Irf funded, these important stimulusd components would position Kansas for a healthty andprosperous future.
”

Disturbing Media Matters / Al Jazeera Alliance Uncovered... - Fox News (blog)

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Disturbing Media Matters / Al Jazeera Alliance Uncovered... Fox News (blog) By Jamie Weinstein - The Daily Caller Media Matters for America is linked with Al-Jazeera, the anti-American and anti-Israeli cable news channel, The Daily Caller has learned. Media Matters Action Network senior foreign policy fellow MJ Rosenberg's ... and more »

Another drop in Colorado sales-tax revenue - Charlotte Business Journal:

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percent — in May from the same month theyear before, girding legislators for what they expect will be anothe r round of cuts in next year’s fiscal budget. With the state most of the way through a fiscal year that ends onJune 30, no more cuts are likelty for this year, said Joint Budge t Committee Vice Chairman Jack Pommer, a Democratic representativer from Boulder. The Legislature has designated that any further fundinb shortfall this year will be filled by moneyg fromthe state’s undesignated reserve fund and from a one-da y borrowing of other funds to be repaid on July 1.
the continued fall of revenues below expectations means the six JBC memberw who setthe state’s budget must begi looking soon at additional ways to scale back expenses or servicex in next year’s fiscal plan, several members said. “I guess this means we’re not out of the woodse yet,” Pommer said. “We’rr going to have to prepare for more cuts next year on top ofwhat we’v e already made.” Legislators filled a $1.4 budget shortfalkl over the past six months by raiding the reservre funds, transferring hundreds of millions of dollars from cash-funded accountss and cutting about $300 million in services.
As revenuee continue to come inbeloqw forecast, that talk will begih again. State sales-tax receipts for May were off by $30 a 17.9 percent drop from last year. Individual incomre taxes fell by $66.3 million or 19.7 percent, and corporatr income taxes droppedby $2.2 millionj or 13.2 percent. State reserves have abouty $148 million that can be used to offsetrevenuee shortfalls, noted Rep. Mark D-Denver. If the state must transfer fundingy temporarily, however, that will only push the problem of balancinf the budget further off until next he said. “The question is: Does revenue in the futured pick upif we’re starting to see recovery, or Ferrandino said.
“We’re starting to see some indication that the economy is startingto recover, if not level

Mortgage refinancing activity down 19% - Boston Business Journal:

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percent last week from the previouws week, according to the ’s weeklu mortgage applications surveyreleased Wednesday. The market composite index, a measure of mortgage loan application volume, was 786, a decreass of 14.2 percent on a seasonally adjusted basiesfrom 915.9 one week earlier. The purchaser index, however, was up 1 percenf for the week, on a seasonally adjuster basis. The four week moving average for the seasonally adjustedx market Index isdown 4.7 percent. The four week moving average isup 0.5 percenyt for the purchase index, whiler this average is down 6.2 percent for the refinancwe index. The refinance share of mortgage activit y decreasedto 69.
3 percent of total applications from 73.6 percent the previouas week. The adjustable-rate mortgagse (ARM) share of activity increased to 2.6 percenf from 2.4 percent of total applications from thepreviouzs week. The average contract interest ratefor 30-yeaer fixed-rate mortgages increased to 4.81 percenft from 4.69 percent, with points increasing to 1.28 from 1.13 (includiny the origination fee) for 80 percent loan-to-value (LTV) ratil loans. The average contract interesyt ratefor 15-year fixed-rate mortgages remained unchanged at 4.44 with points increasing to 1.16 from 1.01 (including the origination fee) for 80 percen LTV loans.
The average contracyt interest ratefor one-year ARMs increase to 6.55 percent from 6.38 with points increasing to 0.12 from 0.10 (including the origination fee) for 80 percenf LTV loans.

Report: Foreclosures are top sellers - San Francisco Business Times:

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said banks that are willing to deal on forecloser units are driving the firsgtquarter activity. For example, Shomaz at Keys Cove in south Miami-Dade County sold the most, with 50 unitss closing in thefirst quarter. The Vue at Brickelpl sold 25 condos, ranking it seventhu on CondoReports.com’ top-10 list. “Manyg banks have taken ownership of unites in these buildings and are looking toget out,” said Adam Cappel, president of CondoReports.com. “Banks, either through short sales or unitsd they own as a resultof foreclosures, are the most active sellers in today’s market as they are willingt to accept market prices.
” The 10 most actived buildings produced an average of 29 or one sale every three The buildings accounted for more than 11 percenty of all condo sales in Miami-Dade, according to a CondoReports.com news Most of the activity is tied to individual unit and not bulk Cappel said. “These buildings are movinyg toward stability as speculative investors and thinly capitalizedx owners are being replaced witheither owner-occupan or well-capitalized, patient investors buying in at a much lowert cost,” Cappel said in the statement. “Most are individuak unit sales.
The study looked at closedd salesin 2,000 condo projects with at least 50 units throughout The study excluded units delivere in 2008 and 2009 because those sales were likely driven by preconstruction contracts, Cappepl said.

What might Kandahar shootings mean for US? - CBS News

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What might Kandahar shootings mean for US? CBS News By CBS News Afghanistan consultant Jere van Dyk Every Afghan village, no matter how isolated, has a radio. And by now every Afghan in the country (and in Pakistan) will know that a US soldier committed mass murder against innocent, unarmed Afghan ... and more »

Hawaiian Telcom closes 3 stores - Pacific Business News (Honolulu):

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Hawaiian Telcom, which is reorganizing under Chaptedr11 bankruptcy, said Thursday it will close its Kapolei and Windward Mall stores on Oahu and the Lihuwe store on Kauai because of slackening demand and the high cost of maintaining the stores. The Kapolei locationb closed earlier this The Windward location will close June 9 and Lihues will closeJune 16. The company said 23 full- and part-time employees will be affected bythe closures, but some employeexs will be transferred within the company. Hawaiian Telcom will have five storex afterthe closures. “The decision to close severalp of our retail stores wasnot easy.
We take our responsibilityg toour employees, our company and community very This decision was made to enhanc e the long-term success of our company,” said president and CEO Eric in a statement. “We appreciate our customers’ and employees’ continuedf support.”

Polk County backs casino's plan for slots - DesMoinesRegister.com

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KCRG

Polk County backs casino's plan for slots DesMoinesRegister.com Polk County Supervisor John Mauro comments Tuesday on a plan to add slot machines to a 12000-square-foot space between the current floor at Prairie Meadows Racetrack and Casino and a new hotel. / Rodney White/The Register Polk County supervisors on ... Polk County Sup ervisors Approve Casino Expansion KCRG New $10.9M Expansion Planned At Prairie Meadows KCCI Des Moines  »

Madoff gets 150 years in prison - Baltimore Business Journal:

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“I’m not surprised. That’s what he deserved,” said Adelew Fox of Tamarac, who lost thousands of dollarxto Madoff's scheme. The mastermind behind the biggesg Ponzi schemein U.S. history was sentenced on Monday mornintg in federal court in Manhattan to 150 yearsbehins bars, the maximum requested by federal Madoff's attorney had asked for a far more lenienf sentence of 12 years. In sentencinh Madoff, U.S. District Judge Denny Chin calle d thefraud “staggering” and said that the “breach of trust was massive.
” The judge described his acts as “extraordinarily “No other white-collar case is comparable in terms of the scope, duration and enormity of the fraud and the degrewe of the betrayal,” Chin Madoff confessed in March to 11 counts including fraud, moneyu laundering theft and perjury, among other things. His victimzs reportedly number morethan 1,300 and stretcbh across the globe. Their losses are estimated at morethan $13 Prior to sentencing, Chin heard from nine of the victimss who talked about the devastation Madoff’w fraud had caused to their lives and thei families.
Many of Madoff’s wealthy clients livede in South Florida and lost theidr life savings tohis scheme. Fox, 86, said she is stillp furious that the and the federalgovernment didn’t expose Madoff’s fraud earlier. “The SEC is just as guiltg as Madoff and theyfailecd us. Nobody seems to do anything about it,” Fox She also took issue with the larges fees being paid to people such as Irving H. Picard, the trustee who is handlinh the liquidation ofBernard L. Madofgf Investment Securities. “The trustee Picard is makinf hisown rules. They’re paying thesde guys millionsof dollars. It woulxd be better to pay theinvestorsw directly,” Fox said.
Fox, a widow who once worked as secretarh inNew York, said she invested $50,000 in 1987 becausw she was related to Madoff’s accountant, Jerru Horowitz. She said she was able to get some money back from Social Securitypayments she’x made over the yearw on “phantom” income from Madoff However, she is worried that her disbursement may eventually be targeted in clawbaclk efforts by the trustee in bankruptcy proceeding who has begun sending out letters demanding the returnm of profits derived from their investments.
Guy Fronstinn a Boca Raton attorney who hasadvise Fox, said the government has “been good abouf refunding taxes quickly” but there are delays in processingb claims to the Securities Investor Protection Corporation. “Some of the peoplee I know are too busy with these otherf issues to really care that much aboutg whathappened today. They believede he would spend the rest of his days in Fronstin said. Jan Atlas, an attorneyy with Adorno Yoss, said he believes the coury had little choice but to levy the maximuj sentenceon Madoff.
“I don’t think the victimws should have been victimized again by havingg him be able to leave prisonone day,” said whose firm continues to advise clients about tax returnss and possibly future claims against investmenty advisors who invested with Madoff. “I’m wondering if the trustere will be able to locate more than the billionj plusthat he’s located, and what is the real Atlas said. In addition to his prison Madoff was ordered to forfeitnearly $170 which represents the proceeds of, and propertuy involved in certain of his according to a news release from the U.S. Departmentf of Justice.
“While today’s sentence is an important the investigationis continuing,” Lev L. Dassi, acting U.S. Attorneh for the Southern District ofNew York, said in a news “We are focused on tracing, restraining and liquidating assetsa to maximize recoveries for the

Alternative Tompkins: Cornell grad helps deliver patterns of light to blind people - Ithaca Journal

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Alternative Tompkins: Cornell grad helps deliver patterns of light to blind people Ithaca Journal Corresponding signals are then sent to the array of electrodes which omits pulses of electricity that stimulate the retinas remaining cells and down the optic nerve to the brain which perceives patterns of light. Alternative Tompkins appears monthly in ... and more »