| Is retail real estate about to crash?
The stock of Boeing—the largest commercial aviation company—has held up comparatively well through the worst crisis in commercial aviation history. There is a good reason for this. While airlines seeking post-9/11 aid have had to pay a steep price for government-backed loan guarantees, Boeing is benefiting from what amounts to a stealth government bailout. Boeing is both the world's largest commercial jet manufacturer and the second-largest U.S. defense contractor. But in the past few years the company has come to rely far more on the taxpayer-funded work. In 1999, when the company delivered 620 commercial planes, these jets accounted for two-thirds of Boeing's $58 billion in revenues. Military Aircraft and Missiles Systems, and Space and Communications—the two divisions now united as Integrated Defense Systems—accounted for the other third.
Low prices, high risk: A Wal-Mart patron faces fire like a leader
You can yell back, "You're on your own!" and bolt for the exits. You can mosey on over for a look-see, knowing you'll be shooed outside the minute the firefighters arrive. Or, you can grab a fire extinguisher and pitch in to put out the flames. Modesto's Christie Sipes took the latter option last week when fire broke out in the menswear section of the Ceres Wal-Mart. She'd been in the store that night, Jan. 21, browsing at the jewelry counter when the blaze began at about 10 p.m. "A manager came running over and had the employee in the jewelry department call Code Red over the intercom," Sipes said. "I knew what that meant, plain and simple. Fire." Sipes, 40, is a student in the Emergency Medical Technician program at Modesto Junior College.
'Girls Gone Wild' founder alleges torture while in Oklahoma jail
How considerate of your victim's civil rights were you? Very simple and most Americans see the sanity in that. Sounds like we need to expand the Tulsa model. I'd love for jailbirds to finally see jail as something other than an extension of the welfare system. .
Tully's Coffee weighing options on IPO filing
Tom O'Keefe, founder and chairman of Tully's Coffee, said the company is weighing whether to update its securities filing for a public offering. The filing was made in April, but Tully's indefinitely postponed the offering in August because of stock-market turmoil. It might cost less to allow the filing to expire and refile again later, O'Keefe said, after speaking Tuesday at a conference at the Washington Athletic Club presented by Staples and the Greater Seattle Chamber of Commerce. Washington Mutual Optimistic update gives shares a lift Washington Mutual said Tuesday that higher-than-expected net interest income in 2008, along with its exit from subprime loans and a renewed focus on bank-branch customers, will help carry the thrift through what promises to be a difficult year.
Urban lifestyle big draw for luxury-condo buyers
What's the economic value of bars, restaurants and nightlife? Consider the case of downtown Scottsdale, where two luxury condominiums just sold for $2 million each in one of the worst real-estate markets in years. Since 2002, about 1,200 of the more than 1,500 condo units that have been built in the area have sold, according to Keith Mishkin of Cambridge Properties. By contrast, downtown Phoenix has seen 587 units come on line since 2000, and 495 have sold, he pointed out. "Scottsdale and Tempe at the moment are further along in creating a 24/7 lifestyle. They already had it and now it's about adding residential," Mishkin said, adding that Phoenix continues in more of a 12/5 environment. .
IMNZ Independent Album Chart January 2008
IMNZ Chair Mark Kneebone is currently at the MIDEM music trade show in Cannes, where music business execs from over 90 countries are gathering. Independent label bodies the Worldwide Independent Network (WIN) and MERLIN are hosting meetings with their delegates from all over the world, making MIDEM a crucial forum for setting the agenda for indie activities in 2008. For Kiwis in London longing for some homeland vibes, Spacific.net - the UK website dedicated to New Zealand music - are hosting their annual Waitangi Day event at Cargo on Feb 6th, with performances by London’s Maori club Ngati Ranana, Adi Dick and Precious Clark, as well as DJ sets from Tubbs, Horace and Big K. Warm Earth records has signed to MGM/Planet for the distribution of Te Vaka in Australia; their latest album ‘Olatia’ will be released in Australia on February 16th.
Developer takes unusual condo approach to Kirkwood
A developer who has converted several local apartment complexes into condominiums is eyeing a similar project in Kirkwood.
Bruce Mills, chairman and chief executive of Clayton-based Mills Properties, is awaiting approval from the city's planning and zoning commission for a $120 million, 10-year condominium project. If plans go through, Mills said, he'll resort to his usual business model: lease units until buyers arrive.
In the gloomy national housing market, developers are among the ranks of professionals — including real estate agencies and investors — scrambling for ways to buoy their businesses. Mills' strategy centers on rehabilitating apartment complexes one building at a time based on demand and selling the units as condos. Units in buildings that aren't rehabilitated are rented out.
Nov. home prices fall, but remain costly
U.S. home prices plunged by a record 8.4 percent in November, marking two years of slowing returns, according to a key index released Tuesday. However, housing is only slightly more affordable for many American workers, a separate study found. The decline in the Standard & Poor's/Case-Shiller 10-city composite home price index was the biggest year-to-year drop since a 6.7 percent decrease in October. The November performance was the 11th straight monthly decline. The index tracks prices of existing single-family homes in 10 metropolitan areas. "Nothing in these numbers suggest a bottoming out. The numbers universally are disappointing," said David Blitzer, S&P's managing director and chairman of the index committee. "Maybe when we get into the spring/summer home-buying season and with lower interest rates, maybe it will all come together." The broader 20-city composite index also was down year-over-year, falling 7.7 percent in November.
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