Thursday, July 1, 2010
Teen charged as an adult following knife threat
ALLENWOOD -- A 16-year-old male is being charged as an adult after threatening two adults. Police say around 10:20p.m. Wednesday, Martin Pertusio threatened a 36-year-old male and 36-year-old female with a butcher knife at a home along Bridge Avenue in Allenwood. The teen is charged with aggravated assault, burglary, terroristic threats, simple assault and harassment. He was arraigned before District Judge Jeffery Mensch and is in Union County Prison on $50,000 bail. (Sara Bartlett)
PennDOT lifts I-80 lane restriction following crash
UNDATED -- Traffic was back up at least ten miles at one point following a crash on I-80 westbound in Columbia County Thursday. The accident happened just after 10:00a.m. on the Susquehanna River bridge between the Mifflinville and Lime Ridge/Berwick exits. Traffic was detoured for about two hours, but lengthy backups were reported for hours after the detour was lifted.
Construction work in the area and a lane restriction didn't help the flow of traffic, but PennDOT did lift the lane restriction and says now, both westbound lanes in that are area open to traffic through the holiday weekend. No word yet on who was involved in the accident, injuries reported or the cause. (Sara Bartlett)
Gordner says budget is reflective of the times
HARRISBURG -- For the first time in eight years, Pennsylvania's state budget has been passed on time. State Senator John Gordner (R-27th, Berwick) says the $28 billion budget is reflective of the times. This year's budget is less than a 1% increase over last year's budget.
Gordner says it contains no tax increases and there are many challenging tough cuts. He says libraries do not make out well with this budget. $250 million more was budgeted to basic education and Gordner says school districts in our area will see 3%-6% in state funding.
Gordner says this budget relies on $850 million in federal funding that the state hasn't received yet. He says if the state doesn't receive the money, there will be $850 million worth of cuts in the budget between now and January. The deal includes an agreement to enact a tax on gas extraction from the Marcellus Shale formation by October 1st. (Sara Bartlett)
State Senator talks about cuts made in state budget
HARRISBURG -- Although there were tough decision in this budget process, according to State Senator Gene Yaw (R-23rd, Williamsport), passing it on time was the right thing to do because of the economy. Yaw says he knows not everyone is pleased with cuts that were made to form the $28 billion budget, but they key was to look at what programs that need to be funded are critical to government.
The recently passed state budget includes an agreement to enact a tax on Marcellus Shale gas extraction by October 1st, but Yaw says there is nothing planned for what that tax will look like. He says the big question is, who will benefit? He says his concern is that Pennsylvania is just adding one more tax on top of other taxes already in place. He also says he is concerned about what benefits, if any, local municipalities will see. Yaw says the drilling industry is expecting that there will be some sort of severance tax in Pennsylvania. He says it will be a challenge to work out the benefits to the tax.
Yaw says the budget isn't something that was agreed on in the last few weeks; it took months and months of negotiations. He says this year it was truly a cooperative effort between the caucuses and the governor.
One in serious condition after crash
NEW BERLIN -- Three injuries were reported after a crash in New Berlin Saturday. Police say around 10:15a.m., 64-year-old Patricia Long, of Shamokin, was driving on Vine Street when she lost control of her vehicle and struck an utility pole. Long and an 8-year-old male passenger from Trevorton sustained a minor injury and were taken to Geisinger Medical Center by ambulance. 58-year-old Deborah Domanski of Coal Township sustained injuries and was taken by Life Flight to Geisinger. She is listed in serious condition. (Sara Bartlett)
Sellersville man hurt in Montour County, I-80 crash
VALLEY TWP -- A Sellersville man sustained major injuries after a crash along I-80 in Valley Township, Montour County Wednesday night. Around 6:30p.m. 39-year-old Dean Alderfer was driving eastbound on I-80 when police say he apparently blacked out due to a medical condition. He struck an embankment and a tree. He was taken to Geisinger Medical Center and is listed in critical condition. (Sara Bartlett)
Legislature passes $28 billion budget bill -- Most area lawmakers voted for the budget.
HARRISBURG, Pa. (AP) - A belt-tightening $28 billion budget bill is on its way to Gov. Ed Rendell's desk following passage by the state House. The 117-to-84 vote on the appropriations bill in the waning hours of the fiscal year Wednesday means the state is poised to enact the first on-time budget of Rendell's eight years in office.
The bill passed the state Senate earlier by a vote of 37 to 13. The deal boosts spending over 2009-10 by less than 1 percent. It wasn't immediately known how soon the Democratic governor would sign the legislation. Most area lawmakers voted for the budget (Russ Fairchild [R-85th, Lewisburg] did not).
Budget agreement leaves unanswered questions
HARRISBURG, Pa. (AP) - Pennsylvania's state budget agreement may be a prelude to a protracted debate over the state's finances that drag well into the fall. The deal making its way to Gov. Ed Rendell's desk Wednesday postpones decisions on how to tax the state's growing natural gas industry and how to respond if a huge chunk of federal funding falls through.
The $28 billion spending plan is built on nearly $3 billion in federal stimulus aid, but $850 million of that has failed to get through Congress. Plus, the deal requires the enactment of a natural gas tax by Oct. 1, but there is broad disagreement in the Legislature over how to structure it. The House and Senate approved the general appropriations bill, but those unanswered questions prompted some votes against it.
Yaw says budget bill a fair one
HARRISBURG – The budget bill passed by the State Senate Wednesday keeps core government services intact, while holding the line on spending and broad based tax increases. That’s the view of State Senator Gene Yaw (R-23rd, Williamsport), who voted in favor of the measure that now goes to the governor’s desk, along with a companion spending bill passed by the House.
Yaw notes the senate bill is $1 billion dollars less than what the governor requested in February, and was passed on time. He also says the senate bill reduced state spending to below what it was two years ago. (Matt Farrand)
Weekend patrols to look for boating, driving under the influence
SUNBURY – Police will be looking for impaired boaters as well as motorists this holiday weekend. Waterways Conservation Officer Steven Boughter of the Fish and Boat Commission says piloting a motorboat requires good judgment, which is the first thing that suffers when a person is under the influence.
Boughter says officers will be on patrol on Lake Augusta and elsewhere this weekend, pulling boaters over for safety inspections as needed. They also caution against driving a motor vehicle under the influence with a boat trailer, once they’ve come ashore. A similar safety effort will be underway on local highways, according to Officer Tim Bremigen of the Shamokin Dam Police Department.
He says their efforts will be focused on the Routes 11& 15 strip, where there is a lot more traffic, and where pulling someone over can serve as a safety reminder for a greater number of other drivers. PennDOT says there were 17 traffic fatalities during last year’s Fourth of July Holiday period. 33 died on state roads as a result of impaired drivers during the same time period in 2008. (Matt Farrand)
Ground broken for National Beef expansion
HUMMELS WHARF -- Ground was broken Wednesday for an 11,000 foot expansion at a Hummels Wharf facility. The expansion at National Beef, along the Old Trail, will help increase production, as well as provide additional storage and office space.
New jobs will be created as well as construction at the site will begin soon. National Beef if the 4th larges beef provider in the nation. They opened the Hummels Wharf facility in 2001. (Sara Bartlett)
Winds capsize Lake Augusta sailboat
SHAMOKIN DAM – A Shamokin Dam man swam nearly 50 feet to shore after his sailboat overturned in the Susquehanna River near the Northumberland Boat Club Wednesday. A first emergency responder on the scene says 63-year old Bill Abers was able to make it out of the water himself. The river response was dispatched at about around 2p.m.
Abers was sailing when the wind toppled his boat. He was able to swim to shore and sustained a minor injury to his foot and treated at the scene. Rescue crews from Upper Augusta Township, Sunbury, and Shamokin Dam, along with local ambulance, and a rescue boat responded to the scene.
Pine-o-topia comes to Pineknotter Days
NORTHUMBERLAND -- Pineknotter Days in Northumberland starts Monday, and a new event will help kick off the weeklong activities. It's called Pine-o-topia and Gretchen Walberg, who helped organize the event, says it lets people be part of the art. It is an outdoor, family fun art show. Walberg says all of the displays will be interactive so people can touch them, climb on them or take pictures with them.
For example? The Statue of Liberty holding a pinecone. People will be able to put their face into the statue and 'becoming' the statue. Or, to represent the Priestley-Forsyth Library, there will be big books on display where people can act as bookends. More information here
Art is still being accepted and anyone interested in submitting an entry can call 473-3003. There are prizes for artists. Pine-o-topia will be held July 5th at the corner of King Street Park and will kick off at 10:00a.m. with a painted pinecone hunt for kids. There will also be pinecone crafts. Pineknotter Days in King Street Park begins the 5th and will continue through July 9th. (Sara Bartlett)
More charges for man accused of molesting young girls
MIDDLEBURG -- A New Berlin man accused of molesting young girls on a school bus is facing additional charges. 53-year-old Harry Miller Jr. is accused of inappropriately touching four young girls over a five-year period on his bus route for the Midd-West School District.
Miller now faces charges of endangering the welfare of children and reckless endangerment in addition to the assault charges. He was scheduled for a hearing this week, but it was postponed. Miller had been employed as a bus driver in the district for 15 years. (Ali Stevens)
Bake-off during this year's River Festival in Sunbury
SUNBURY –The Sunbury Elm Street Neighborhood Group is sponsoring the first annual Sunbury Neighborhood Bake-Off at Sunbury River Festival in August, where area neighborhoods will compete in two baking competitions.
There will be an apple pie competition and a fan favorite cookie competition. Neighborhoods in Sunbury will pick someone to bake a pie for their entry and judges will choose the best pie. In the cookie competition, those who attend River Festival can pay a dollar to try submitted cookies and choose their favorite. She hopes these competitions will become a special tradition and an annual event.
Prizes include a $25 cash prize for the winning baker and $10 dollars for the two runners up. Also the winning neighborhood will get a $100 gift certificate to a local nursery for a beautification project. Find out more about all the events at Sunbury River Festival Saturday August 21st at www.sunburyriverfestival.com. (Ali Stevens)
More than 500 new parking spaces added at Geisinger Medical Center
DANVILLE – Parking just might be a little easier July 7th at Geisinger Medical Center. They will open a new 5-story parking garage which will have more than 500 parking spaces. The parking addition is a result of the 32 percent increase in patients and visitors at Geisinger.
Robert Davies, Vice President, System Services says this one-year, $14.75 million project is all part of the goal to continue to expand and provide accessible and convenient parking to help the overcrowding that exists in their parking lots today.
The garage will be open 24-hours and connected to the Hospital for Advanced Medicine with a glass enclosed walkway, elevator, and lobby to ensure safety. Patients will be able to park in the garage for free with a receipt from their appointment and visitors will be charged $1 an hour or $10 maximum per day. (Stephanie Klock)
People concerned about identity theft can do some free shredding
LEWISBURG -- It is a day to celebrate getting rid of the clutter in file cabinets around the valley coming up in Lewisburg. A community shredding party is taking place Friday, July 16. Keystone Mobile Shredding will be there with a portable unit to shred old personal and financial documents free of charge. The location is the Home Instead Senior Care parking lot on 130 Buffalo Road in Lewisburg.
Karen Metz, a Certified Identity Theft Management Specialist, will be there to provide the community with more ways to prevent these scams. She says shredding old documents is important to prevent identity theft. For more information on this event call 522-6533. They say this is for people without shredders, no businesses please.
Latest Pennsylvania news, lottery, entertainment and business
HARRISBURG, Pa. (AP) - Gov. Ed Rendell says he hopes to sign Pennsylvania's new state budget into law on Tuesday, but he may have to veto it if lawmakers can't settle disputes over companion legislation. Rendell said Thursday provisions in the pending bills include about $1 billion in revenues that are required in order for the budget to be balanced as required under the state constitution. The General Assembly passed the major budget bill Wednesday, but members aren't in agreement about authorizing a new legislative budget oversight office. The governor also says June state revenues came in $58 million higher than estimates last month, thanks largely to better-than-expected returns from a tax amnesty program.
HARRISBURG, Pa. (AP) - State officials misfired in a bid to catalog chemicals used by the drilling industry to extract natural gas from the rich Marcellus Shale reserve underneath Pennsylvania. A Department of Environmental Protection spokesman said Thursday that a list of chemicals provided to The Associated Press included all chemicals used at well sites, not just those injected into wells. The AP wrote about the list of chemicals earlier this week. Department spokesman Tom Rathbun now says the list includes chemicals that have other purposes, such as cleaning drilling equipment. Environmental advocates worry the chemicals are poisoning underground drinking water sources. However, department officials say they know of no examples in Pennsylvania or elsewhere. Industry officials say many of the chemicals are present in consumer products and are heavily diluted by water.
STATE COLLEGE, Pa. (AP) - Another Penn State University review has cleared a leading climate scientist of a research misconduct allegation stemming from leaked e-mails about global warming. The report said professor Michael Mann did not seriously deviate from accepted academic practices for proposing, conducting or reporting research. A university inquiry in February dismissed three related allegations and recommended further investigation on a fourth. A five-member panel of professors dismissed that allegation outright in the report Thursday. Mann has long been criticized by skeptics of man-made global warming theories. The review came after computer hackers obtained messages between U.S. and British scientists in November.
HARRISBURG, Pa. (AP) - What the ...? A federal judge has ruled that a Pennsylvania law banning blasphemy from the names of corporations is unconstitutional. Filmmaker George Kalman of Downington had applied to call his company "I Choose Hell Productions" but was turned down by state officials. U.S. District Judge Michael Baylson said Wednesday that the 1977 law violates the First Amendment by leaving it up to the individual religious beliefs of state employees to determine what constitutes blasphemy. Kalman was allowed to name his company I.C.H. Productions, using the initials of the words he originally proposed.
HARRISBURG, Pa. (AP) - A belt-tightening $28 billion budget bill is on its way to Gov. Ed Rendell's desk following passage by the state House. The 117-to-84 vote on the appropriations bill in the waning hours of the fiscal year yesterday means the state is poised to enact the first on-time budget of Rendell's eight years in office. The bill passed the state Senate earlier by a vote of 37 to 13. The deal boosts spending over the old year by less than 1 percent. It wasn't immediately known how soon the Democratic governor would sign the legislation.
HARRISBURG, Pa. (AP) - Pennsylvania's state budget agreement may be a prelude to a protracted debate over the state's finances that drag well into the fall. The deal postpones decisions on how to tax the state's growing natural gas industry and how to respond if a huge chunk of federal funding falls through. The $28 billion spending plan is built on nearly $3 billion in federal stimulus aid, but $850 million of that has failed to get through Congress. Plus, the deal requires the enactment of a natural gas tax by Oct. 1, but there is broad disagreement in the Legislature over how to structure it. The House and Senate approved the general appropriations bill, but those unanswered questions prompted some votes against it. Governors push for more health care money
WASHINGTON (AP) - Governors from several cash-strapped states warn that unless Congress gives them more money to help pay for health care for the poor, their states could face layoffs and cuts in services.
The governors, including Pennsylvania's Ed Rendell, New York's David Paterson and Michigan's Jennifer Granholm, said Wednesday that their states need the money to avoid cutbacks that could hurt some of their most vulnerable citizens. A deficit-weary Congress recently rejected billions of dollars in additional aid to states. The federal stimulus program enacted last year expires in December. Congress was poised to extend some funding to states, including $16 billion for Medicaid, the public health care program for the poor. But the measure died in the Senate.
NEWPORT, Pa. (AP) - Officials say a woman from our region was bitten and scratched by a bear while walking her dog in a wooded area. Game commission officials say the unidentified woman was treated after being bitten Tuesday morning in Newport, Perry County. Spokesman Jerry Feaser says the woman was treated for a bite to her leg and scratches on her back. Officials say the woman's dog ran away and was uninjured. Feaser says the game commission is setting traps for the bear.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
Updates on the latest in business:
Dow: 9,672.03, down -101.99
S&P 500: 1,027.37, down -3.34
NASDAQ: 2,101.36, down -7.88
NEW YORK (AP) - Stock prices are lower, but they've bounced off their lowest levels of the session. Investors now look ahead to tomorrow's unemployment report and a long holiday weekend.
DETROIT (AP) - Most automakers saw their U.S. sales drop from May to June. That's raising concern this year's slow recovery in the industry may be stalling. Sales of General Motors, Ford and Chrysler Group cars and trucks fell between 12 and 13 percent from May.
NEW YORK (AP) - It is a sign that home sales in future months may fall further. The National Association of Realtors says pending home sales dropped 30 percent in May. The level was the lowest since the trade group began keeping track in 2001.
NEW YORK (AP) - Homebuyers worried about closing their house purchases by the tax credit cutoff can relax after the government extended the deadline. Congress has sent President Barack Obama a plan to give homebuyers an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring. He's expected to sign it into law.
SEATTLE (AP) - Amazon.com Inc. is introducing a new version of its higher-end Kindle at a lower price as competition among electronic-book readers intensifies. The new version of its Kindle DX has a better screen that will display sharper images. It will sell for $379.
Pennsylvania Lottery Numbers
HARRISBURG, Pa. (AP) - These Pennsylvania lotteries were drawn Thursday:
Mega Millions
Estimated jackpot: $25 million
Midday Big 4
2-9-7-0
Midday Number
4-6-4
Midday Quinto
8-8-4-6-9
Powerball
Estimated jackpot: $41 million
Treasure Hunt
06-09-11-23-30
HARRISBURG, Pa. (AP) - These Pennsylvania lotteries were drawn Wednesday:
Big 4
6-5-3-7
Cash 5
05-13-33-40-43
Daily Number
0-2-7
Evening Quinto
4-5-9-4-5
Midday Big 4
5-6-9-0
Midday Number
9-0-0
Midday Quinto
4-2-2-4-8
Powerball
06-38-43-47-48, Powerball: 27, Power Play: 5
Treasure Hunt
06-10-11-24-26
(Copyright 2010 by The Associated Press. All Rights Reserved.)
Eclipse sets more records
LOS ANGELES (AP) -- "Eclipse" has followed its record-setting midnight showing with another record set in daylight. It made more than $68 million dollars on its first day. That's the best showing ever for a Wednesday. It's $6 million more than the record set last year by "Transformers: Revenge of the Fallen." That movie made $200 million in its first five days, a record for a movie opening on a Wednesday. At the rate it's going Eclipse could break that record, too. But it didn't beat the all-time best opening day set by "New Moon." The second "Twilight" movie made nearly $73 million, $5 million more than "Eclipse," which is showing on a record number of theaters and will add even more screens this weekend.
Trash bag fines
SCOTTDALE, Pa. (AP) -- A Pennsylvania man complains that he's being made out to be an "international criminal" because of the way he insulates his organic vegetables. Thomas Zeller uses hundreds of trash bags filled with leaves to insulate the ground where he says he grows 350 varieties of medicinal herbs and vegetables. A judge had given Zeller a month to clean up the bags, but when he didn't, he was fined $600. Zeller is appealing the fine.
Bad speller stays in jail
PADUCAH, Ky. (AP) -- His mom can't spell, so her son will have to stay in jail. Katrina Wolfrey of West Paducah, Ky. handed over a letter to officials that she said was written by Wagner Moving and Storage. She knew the bond for her son Kyle Zervas would be lowered if he had written proof of a job. Officials investigated after noticing that the company name was misspelled. The mother was thrown in jail on a charge of tampering with evidence. Her son is in jail for allegedly receiving stolen property.
Researcher: Ozzy seeking health clues from DNA map
ST. LOUIS (AP) - Alcohol and drug abuse has killed too many rock stars to mention, but at 61, Ozzy Osbourne is going strong. Now DNA researchers in St. Louis say they're part of a team working to determine why decades of substance abuse didn't take down the Prince of Darkness. Jon Armstrong is chief marketing officer for St. Louis-based Cofactor Genomics. He said Wednesday that Osbourne has asked a Massachusetts human genomics company to map his DNA. Cofactor is partnering in the effort. Armstrong says the mapping may not offer definitive answers about the longtime Black Sabbath front man's relative longevity. But it could help understanding of the relationship between DNA and the environment. Osbourne didn't return messages seeking comment left with his agent and his wife's management company.
Feds recall more kid jewelry due to toxic cadmium
LOS ANGELES (AP) - Federal consumer product safety regulators are announcing another recall of children's jewelry that contains high levels of the toxic heavy metal cadmium. This time it's nearly 70,000 charm bracelets and rings that were distributed for free at some doctor and dentist offices over the past five years. The U.S. Consumer Product Safety Commission said Thursday that parents should immediately throw away the "Children's Happy Charm Bracelets" and football-shaped rings. The recall is the latest involving cadmium, a naturally occurring metal that is a known carcinogen and that over time can weaken bones and kidneys. The charm bracelets have colorful beads and a single metal charm shaped like a butterfly, moon or sun.
'Eclipse' howls past midnight record
LOS ANGELES (AP) - A lot of teen girls were out late last night. The latest movie in "The Twilight Saga" took in more than $30 million from midnight screenings around the country. That tops the previous midnight record set on opening day last November by the film's predecessor in the vampire romance series. The huge start for "Eclipse" put the latest chapter in the vampire-romance series on track for one of the biggest opening days ever. "New Moon" also holds that record, taking in $72.7 million in its first day.
'Chair parade' precedes Pa. town's real 4th parade
CANONSBURG, Pa. (AP) - There's a small Pennsylvania town where the annual Fourth of July parade is preceded by a quirky tradition. Canonsburg residents have been setting out chairs along the parade route for days now. The practice goes back years and ensures people get a front-row spot along the mile-long parade route that draws tens of thousands of people every year. There's also a $100 prize for the best decorated chair. This year's parade is July 3, and chairs started appearing Saturday along the city's main street. Since then, hundreds have been placed along the street, often tied to street lamps or some weighed down with bricks. Parade organizers say many are put up by regulars, who came to the parade as children and now bring their own children or grandchildren.
American Idols live tour kicks off, including Aaron Kelly
BURBANK, Calif. (AP) - Aaron Kelly and Katie Stevens are bringing a little bit of home with them on the "American Idols Live" tour, which starts today. Both are bringing family with them. It's because they're both 17 - and required to have chaperones. Kelly has chosen his mom to come with him. And, Stevens' 20-year-old brother is coming with her. But, because the girls travel on one bus and the guys on another, Kelly's mom will be with the girls and Stevens' brother will be with the guys. The Idols tour starts in Auburn Hills, Michigan tonight.
Aretha Franklin to perform with Condoleezza Rice
PHILADELPHIA (AP) - Aretha Franklin's latest collaborator is former Secretary of State Condoleezza Rice. They will perform July 27 in Philadelphia. Rice will accompany Franklin on piano for "Say A Little Prayer," "Natural Woman," selections from Mozart and other songs. Franklin calls Rice "a consummate classical pianist."
(Copyright 2010 by The Associated Press. All Rights Reserved.)
Update on the latest in business
WALL STREET
Further declines seen as quarter ends
NEW YORK (AP) - Adding insult to injury, the stock market
rounded out the second quarter with more losses. The Dow fell 96
points to 9,774. The S&P lost nearly 11 points and the Nasdaq shed
26 points. For the quarter, the S&P was down about 12 percent.
It was the market's worst quarterly performance since the
financial crisis.
WORLD MARKETS
Asian stocks down on worries over Europe
BANGKOK (AP) - Asian stock markets lost ground for a third
straight day Thursday over new concerns about Europe's economic
outlook after Moody's Investors Service warned it may downgrade
Spain's debt rating.
Japan's benchmark Nikkei 225 stock index declined 2 percent.
South Korea's Kospi index shed 0.7 percent, and Australia's S&P/ASX
200 was down 1.5 percent.
The Shanghai Composite Index was down 1 percent. Markets in
Singapore, Malaysia and Taiwan also fell. Hong Kong's Hang Seng
Index was closed for a public holiday.
OIL PRICES
Oil falls
SINGAPORE (AP) - Oil prices fell below $75 a barrel Thursday in
Asia as falling global stock markets dragged down the confidence of
crude investors.
Benchmark crude for August delivery was down 80 cents to $74.83
a barrel in electronic trading on the New York Mercantile Exchange.
The contract fell 31 cents to settle at $75.63 on Wednesday.
DAY AHEAD-ECONOMY
Busy day for reports ahead
WASHNGTON (AP) - Today brings a virtual treasure trove of
economic reports, just ahead of Friday's monthly jobs report.
The Labor Department releases weekly jobless claims, for a fresh
snapshot of the job market. The Institute for Supply Management
weighs in with its reading on the manufacturing sector, expected to
show further expansion.
Readings on pending home sales and monthly auto sales are also
due.
FINANCIAL OVERHAUL
House OKs sweeping bank rules; Senate vote awaits
WASHINGTON (AP) - The House has passed a sweeping overhaul of
financial regulations, setting the stage for a final vote in the
Senate, where votes for the bill remain in flux.
Wednesday's party-line vote came after Democrats backed down
from a $19 billion tax on major banks and hedge funds in hopes of
securing Senate Republican votes.
At least one key Republican senator remained uncommitted,
however. The Senate delayed its vote to mid-July, denying President
Barack Obama a victory before Independence Day.
The legislation creates a new federal agency to police consumer
lending, sets up a warning system for financial risks, forces
failing companies to liquidate and lays out new rules for financial
instruments that have been largely unregulated.
HOMEBUYER TAX CREDIT
Congress approves home tax credit extension
WASHINGTON (AP) - Congress has sent President Barack Obama a
plan to give homebuyers an extra three months to finish qualifying
for federal tax incentives that boosted home sales this spring.
The legislation would give buyers until Sept. 30 to complete
their purchases and qualify for tax credits of up to $8,000. Under
the current terms, buyers had until April 30 to get a signed sales
contract and until June 30 to complete the sale.
The bill only allows people who already have signed contracts to
finish at the later date.
The House approved the measure on Tuesday.
Legislation in the Senate, sponsored by Majority Leader Harry
Reid, was approved last night by unanimous consent.
MANHATTAN HOUSING
Home prices rise in Manhattan in 2Q; sales soar
NEW YORK (AP) - Manhattan home prices edged up in the second
quarter as sales surged from their lows last year.
A handful of reports released today shows the Big Apple's
housing market in recovery, though headwinds like high
unemployment, tight credit and shadow inventory still linger.
Low mortgage rates and relatively affordable prices helped to
lift sales of condominiums and co-op units by as much as 81 percent
from last year, depending on the report. Sales activity is now at
levels averaged over the last decade.
The median price for an apartment ranged from $800,000 to
$899,000, an increase of 3 percent to 8 percent from last year, the
reports showed.
A Brown Harris Stevens report says sellers received 96.6 percent
of their asking price, up from 92.6 percent in the same quarter
last year. And fewer sellers offered price cuts this quarter, and
some even asked for more, according to StreetEasy.com's report.
Still, there are 6,500 units that are complete or near
completion waiting to come on the market that could dampen the
rebound.
NONPROFIT RECOVERY
Nonprofits see investment returns jump in 2009
SEATTLE (AP) - There's some good news for charitable foundations
and nonprofit organizations. They saw double-digit returns on their
investments last year.
An organization that studies charities, however, says the
nonprofits still face tough times. Donations were down at many
nonprofits over the past two years, and some organizations took out
loans to meet their commitments in 2009.
Commonfund says private and community foundations as well as
charities are reporting the highest investment returns they've seen
in years. They averaged 21 percent for the year ending Dec. 31,
2009, that after a 26 percent drop in fiscal 2008.
But the investments of both charities and foundations are still
about 10 percent below their peak at the beginning of 2008.
One researcher says it take several years of small market
returns to get the nonprofits back to the financial health they had
in 2008.
JAPAN-TOYOTA-RECALL
Toyota says 270,000 vehicles have faulty engines
TOKYO(AP) - Toyota says about 270,000 vehicles sold worldwide,
including luxury Lexus sedans, have potentially faulty engines. It
does not say whether it will recall the vehicles.
Japan's top-selling daily Yomiuri says in its evening edition
that Toyota will inform the transport ministry of a recall on
Monday. The paper cites no sources.
Toyota spokesman Hideaki Homma says the company is evaluating
measures to deal with the problem of defective engines that can
stall while the vehicle is moving. He would not confirm a recall
was being considered.
Of the 270,000 vehicles, around 180,000 were sold overseas and
the rest in Japan. They include the popular Crown and seven models
of luxury Lexus sedans.
Toyota says it has received around 200 complaints in Japan over
faulty engines. Some drivers told Toyota that the engines made a
strange noise.
Homma said there have been no reports of accidents linked to the
faulty engines.
The automaker has been working to patch up its reputation after
recalling more than 8 million vehicles worldwide because of
unintended acceleration and other defects.
ARENA PHARMACEUTICALS-DEAL
Arena Pharmaceuticals in deal for obesity drug
UNDATED (AP) - Arena Pharmaceuticals says it has an agreement
with Japan's Eisai in a deal worth potentially more than $1.3
billion to fund commercialization of an obesity drug that could
become Arena's first product.
Arena's lorcaserin is part of a wave of potential new treatments
for a tough-to-treat problem that's become an epidemic in developed
countries.
San Diego-based Arena said Eisai will pay $50 million upfront
for rights to sell lorcaserin in the U.S. In addition, Arena could
get as much as $160 million in payments for reaching certain
development targets and getting the drug approved by regulators,
plus a $1.16 billion one-time payment in the future based on the
level of annual sales.
Arena will manufacture the drug and Eisai will distribute it in
the U.S.
Arena keeps the rights in other countries.
BOEING-ARGON
Boeing buying Argon for $775M
UNDATED (AP) - Boeing is buying combat engineering firm Argon
for about $775 million. The deal reflects a shift by defense
contractors seeking to capitalize on the Pentagon's desire for
high-tech intelligence tools.
The Pentagon is cutting some big weapons meant for conventional
wars while it shops for technology better suited to fight against
shadowy insurgent groups in places like Iraq and Afghanistan.
Virginia-based Argon develops a variety of systems used in
surveillance and combat. That includes reconnaissance equipment
mounted on planes, sensors meant to warn of an approaching enemy
and special sights to help troops locate snipers in urban warfare.
Its primary customers are the Air Force, Navy, and Department of
Homeland Security.
AMAZON-WOOT
Amazon buys Woot
SAN FRANCISCO (AP) - There's a deal in Internet commerce.
Amazon.com Inc. has purchased deal-a-day website Woot.com.
Financial terms were not disclosed. Amazon spokesman Craig
Berman says the Seattle-based online retailer expects to finalize
the deal by the end of September.
Woot, based in Carrollton, Texas, started out in 2004 as a site
that sold one heavily discounted item every day -- usually consumer
electronics such as printers.
Over the years, Woot has added several different discount sites,
including one that sells wine and another that offers T-shirts.
(Copyright 2010 by The Associated Press. All Rights Reserved.)